This country uses the Ugandan shilling (USH) as its official currency.
Best Money Transfer Options
Online money transfer is the best and fastest way you can send your money to a recipient in Uganda. As long as you have an online currency exchange account, money transfer is secure and efficient. An online exchange account can be opened through a broker after which you can take full control of you online account and send money at your own convenience. Western Union and MoneyGram are other preferred money transfer options in Uganda.
How to Send Money
Once you have an online exchange account, check the current currency exchange rate. Some people prefer to send in US dollars or sterling pounds but it is better to send money in the local currency as the conversion process could be a tedious one for the recipient. The good thing about sending money to Uganda is that there is no delay. The process takes five days or less.
The Economic Trend
According to the World Bank, the Ugandan economy has declined in growth by 0.2% in the 2016/17 first quarter and this could be lower than the projected 5.8% growth rate for the year. The inflation rate is on an average of 4.7% while the shilling remains unstable with a rapid depreciation since November 2016.
Money Transfer Restrictions In Uganda
Money transfer will be rejected if the amount to be transferred exceeds the stipulated maximum amount that can be transferred. Maximum amount of transfer varies from country to country and the transfer option of choice as determined by the regulator.
The Main Bank
The Bank of Uganda (BoU) serves as the central bank of the republic of Uganda and is fully owned by the government though its not a department of the government. Its chaired by a governor and has a board of directors who are the bankâ€™s policy making organ.
Fast transfers are possible in Uganda?
As mentioned an online currency transfer is a way to get money to a recipient of your choice in Uganda instantly. As soon as you have an account with an online exchange broker you can arrange a money transfer to Uganda whenever you want. You do not even have to speak to anyone to set up this transfer as you are in control of your own online account.
Convert currency and send it to Uganda?
During the process you can look at the currency rate Uganda currency is exchange for at any given time. The currency that is used in the country is the Ugandan shilling (USH) and this is accepted everywhere in Uganda. Some people prefer to send pounds sterling or US dollars, but converting these can be a hassle for your recipient so you should send their own currency instead.
Don't accept delay in currency to Uganda?
You should never expect delays when you want to send money to Uganda. The waiting time incurred by a bank transfer can be five days which is unacceptable for many people. This is particularly case when money is needed by your recipient for an emergency, after all no one can wait five days for an emergency repair on their house for example. To get money to your recipient quickly and easily and online transfer is by far the best method to turn to. It is safe and secure and incredibly fast which is exactly what you are looking for.