Ugandan monies1/6/2024 Even without a smartphone, you can send and receive money via SMS. Every SIM card is tied to its own account. Users can send, store, receive payments using their mobile phones. Money money is like an electronic wallet. One surprising thing you’ll find in Uganda and Kenya is the ubiquitousness of mobile money. Mobile Money and multi-currency e-wallets In addition to costs, paying with your credit card open you up to risks of fraud and theft.īut instead of traditional methods, why not do as the locals do and tap into booming fintech solutions? We present to you: the faster, cheaper, safer solution: 4. Unless you’ve found the rare gem without! Some may not actually take cards. On the day-to-day, avoid credit cards as they charge a foreign transaction fee. Make sure to bring a credit card, as hotels and rental car companies often need a card on record and won’t take debit. You’ll also need to notify your bank before you travel to avoid fraud alerts! 3. The card issuer also has a mark up on the interbank rate, but it’s usually much cheaper. That is usually a lot worse than the interbank rate! This tricks you as people usually choose to pay in a more familiar currency, and they make profit. When you choose to pay in your own currency, the ATM provider instead of your card issuer applies their own exchange rate. Life hack: Always choose to withdraw in the local currency. When you do find one, there are a few charges involved.Ģ) Your card issuer’ or the ATM’s cut from the exchange rate It might take a while before you find one that works. Connecting to foreign banks may also fail hence declining your transaction. ATMs may run out of cash fast, and some aren’t actually operating. Check what you have before you go.įirst off, don’t expect all ATMs to work. Most Kenyan and Ugandan ATMs will take Visa, but not MasterCard. This depends on your card-issuer and what the ATM accepts. If you’re opting for this though, don’t count on the destination airport to have an operating currency exchange point. Only use as last resort and change only enough to last the first 24 hours of your trip (for the cab to the hotel or food kiosks). It’s convenient, but they charge exorbitant administration fees and terrible exchange rates thanks to the lack of competition and your desperation.Įven if it says there’s “no commission / service fees,” the exchange rate alone means you get a lot less bang for your buck.
0 Comments
Leave a Reply.AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |