In Tanzania, the currency used is the Tanzanian Shilling (TZS). Here’s an overview of currency and banking in Tanzania for travelers:

Currency:

• Tanzanian Shilling (TZS):
  • Symbol: TSh
  • Notes: Common denominations include 500, 1000, 5000, 10,000, and 20,000 TZS.
  • Coins: Denominations include 50, 100, 200, and 500 TZS.

Banking and ATMs:

• Banking Hours: Banks in Tanzania generally operate from Monday to Friday, from 8:30 AM to 3:00 PM. Some branches may close earlier on Fridays.
• ATMs: ATMs are widely available in major cities and towns, accepting international debit and credit cards such as Visa and MasterCard. They dispense Tanzanian Shillings.
• Currency Exchange: Foreign currency can be exchanged at banks, currency exchange bureaus, and some hotels. US dollars are widely accepted for exchange.
• Credit Cards: Major credit cards like Visa and MasterCard are accepted in larger hotels, restaurants, and shops catering to tourists. However, smaller establishments and rural areas may prefer cash payments.

Traveler’s Checks and Currency:

• Traveler’s Checks: Traveler’s checks are less commonly accepted in Tanzania. It’s advisable to carry cash or use ATMs for convenience.
• Currency Exchange Tips: Exchange currency at official bureaus or banks to ensure fair rates. Avoid street money changers to prevent scams.

Banking Services:

• Services: Banks offer typical services such as currency exchange, international money transfers, and traveler’s checks. Some may require identification, such as a passport, for transactions.

Tips for Handling Money in Tanzania:

• Cash Preference: Cash is widely used for daily transactions, especially in rural areas and local markets.
• Safety: Exercise caution when carrying large amounts of cash and use hotel safes or secure compartments for storage.
• Tips: Tipping is customary in Tanzania for services like guides, drivers, and hotel staff. It’s polite to tip in Tanzanian Shillings or US dollars.

Understanding the currency and banking system in Tanzania ensures travelers can manage their finances effectively during their visit, whether exploring national parks, climbing Mount Kilimanjaro, or relaxing on the beaches of Zanzibar.