Where can I exchange my money? How much is the commission? Where are the banks? Is it safe? Questions tourists find themselves asking while arriving to Zanzibar. Buying Tanzanian shillings in Europe or America can be difficult,that’s why most of the travellers buy local currency on arrival in Tanzania or Zanzibar. Don’t you worry,we got you covered. Everything you need to know about money before arriving in Zanzibar,you can read about here.
Local currency in Zanzibar
The local money currency in Tanzania and Zanzibar is tanzanian shilling or shorter “TZS” or “Tsh”.
Tanzanian shillings come in form of banknotes of 1000 TZS, 2000 TZS, 5000 TZS and 10000 TZS. Coins come in form of 50 TZS,100 TZS, 200 TZS and 500 TZS.
What currency to use on Zanzibar?
A lot of hotels are giving you the option or requesting you to pay with US Dollars, when settling the bill for accommodation, food, drinks, and tours or activities. You can even pay taxi drivers with dollars.
But if you plan to eat street food, fill up your car, or shop at local markets, you need Tanzanian shillings.
Keep in mind that if you want to pay a tour in dollars, it will be more expensive than paying in shillings.
Most of the local places don’t accept credit cards but most big hotels, car rentals and restaurants provide an option to pay with credit card (keep in mind the 5% surcharge!)
Where to exchange money?
There are various options for money exchange in Zanzibar
At the bank
The People’s Bank of Zanzibar – Makunduchi
Equity Bank – Stone Town
Exim Bank – Stone Town
At the Post office, Shangani – Stone Town
They usually have the best exchange rate and you can even order the currency online and get it delivered to your home, which is very practical. The post office has more information about this service.
At the airport
The best thing about them? They are available 24/7.
You can find CRBD exchange bureau in the parking lot of the airport. For the best rates, I suggest bringing 50 or 100 dollar bills. Until recently it was requested for the notes to be in a good condition and printed after 2006 but the latest report says it is necessary for the notes to be printed after 2013.
At local bureaus located across the island
Where to find an ATM in Zanzibar?
There are only few places with ATMs on Zanzibar.
Stone Town
Two of them are located in the airport parking lot and few of them are in the center of Stone Town.
East Coast
Out of Stone Town, you can find multiple ATM in Paje. An ABSA ATM is located at the UP petrol station close to the police checkpoint and the NMB ATM is at the Petro Petrol station. There are also two more: Exim and Moja/PBZ located at the roundabout. ATM’s refill money on Tuesday! Keep that in mind.
North
In Nungwi you can find A Barclays ATM that is close to the UP petrol station,on the main road.
Center
The NMB ATM is located between Dunga and Koani (central Zanzibar).
Maximum withdrawal ATM Zanzibar
The maximum withdrawal of money is 400 000 TZS which is around $172. Most of the ATMs take a withdrawal fee, except for the KCB bank near the ferry terminal in Stone Town which has an ATM and is not charging any extra fees.
You can use a Credit Card (VISA, Mastercard,… ) multiple times until you reach your daily withdrawal limit. You might have to visit different ATMs because often they run out of money fast. The NMB ATM at the airport accepts both debit and credit cards!
If you plan to travel to the mainland, then I suggest you withdraw money at the ATM in Arusha, Moshi or Dar es Salaam.
Do you have any additional tips or tricks for money withdrawal in Zanzibar? Let us know!