Uganda, it is necessary to have your money changed to the local currency to ease money transactions. Some Forex Bureaux mb trading forex demo 24 hours. The list provided below is for the prominent forex bureaux in Uganda. Currency converters, money , foreign currency, forex rates, bureaux.
Forex’ as it is normally called in Uganda refers to the exchange or foreign currency for another! We have probably all dealt with currency exchange when we travel from one country to another. Often, the rate at which certain currencies trade against others is determined by issues like political stability, level of employment, interest rates, inflation and the level of economic activities in a country. International currency such as the US Dollar, British Pound and the Euro are the base for foreign exchange in Uganda like for other countries in the world.
In Uganda the Uganda shilling is the National currency and all business will accept the shillings in both paper notes and coins. Fortunately, there are banks and a number of foreign exchange bureau or forex trader companies licensed by Bank of Uganda to handle foreign currency and exchange. You therefore do not need to worry about foreign exchange. In Uganda, the government plays a big role in influencing the inflow of foreign currency and the rates at which they trade in the market.
According to statistic, Uganda’s tourism sector is the biggest earner of foreign currency since many tourist bring in many dollars on their safari holidays. There are many foreign change bureaus in Uganda, almost on every street in Kampala, Entebbe and in major towns around Uganda. If you do not take your foreign exchange at a bank, you have to walk into one of these small forex bureaus at all costs. Check if the foreign exchange bureau has an authentic certificate that allows it to trade in foreign currency. If this certificate is not displayed in their offices, then you are at a wrong address.
Many forex bureaus will have a display of the exchange rates for the US Dollar, British Pound, Yen, Euro, Kenya Shilling, Rwandese Franc and other currencies on a white board at the entrance or have a screen where any changes in the rates will be reflected. Look out for this display board to compare the rates for different centers before you make the final decision. Look out for fraudster when making the exchange. Many bureaus could be trading in fake US Dollars or shillings. Count your money over the counter to avoid shortages and check for the validity or paper notes and coins or special features that show it is not fake money! Finally, you can also check online for some foreign exchange bureaus and banks in Uganda that have forex rates on their websites. Prior checks and information gives you an idea on what to expect on ground.