Known for the Serengeti National Park, Mount Kilimanjaro, and a rich blend of cultures, Tanzania is a stunning destination to visit or call home. Understanding Tanzanian currency offers fascinating insights into the history and culture of this East African nation. It’s also invaluable for travellers to Tanzania or those sending money there from abroad.
Our team at Remitly has created this guide to the official currency of Tanzania to help you prepare for your trip or to send funds to loved ones in the country.
About the Tanzanian shilling
Tanzania, officially known as the United Republic of Tanzania, uses the Tanzanian shilling as its currency.
The Tanzanian shilling, denoted as TZS, is issued by the Central Bank of Tanzania, or the Benki Kuu ya Tanzania in Swahili.
One Tanzanian shilling is subdivided into 100 senti.
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Tanzanian Shilling Denominations
The Tanzanian shilling is available as both banknotes and coins in the following denominations:
Banknotes
- 500 TZS
- 1,000 TZS
- 2,000 TZS
- 5,000 TZS
- 10,000 TZS
Coins
- 50 TZS
- 100 TZS
- 200 TZS
- 500 TZS
History of the Tanzanian Shilling
The Tanzanian shilling is a relatively modern currency, introduced in 1966 to replace the East African shilling after Tanganyika and Zanzibar united. This union, following their respective independence from Britain, formed the Tanzania we know today.
The first Tanzanian coins were minted in 1966, featuring Julius Kambarage Nyerere, the first president of the newly established nation.
Pre-1966 currencies used in Tanzania included:
- The Zanzibari ryal (used until 1908)
- The East African rupee (used from 1906 to 1921)
- The East African florin (used only in 1921)
- The Zanzibari rupee (used from 1908 to 1936)
- The East African shilling (used from 1921 to 1966)
Essential Facts About Tanzanian Currency
Writing TZS Amounts
The Tanzanian shilling is written in a unique format: x/y. Here, x represents the number of shillings, and y represents the number of senti.
For example, 50 TZS and 40 senti would be written as 50/40.
Imagery on the Tanzanian Shilling
Tanzanian banknotes are brightly coloured and depict significant figures and animals native to the country:
- 500 TZS: Abeid Amani Karume
- 1,000 TZS: Julius Kambarage Nyerere
- 2,000 TZS: A lion
- 5,000 TZS: A rhinoceros
- 10,000 TZS: An elephant
These notes are part of the latest series introduced in 2011.
Alternative Currencies in Tanzania
While the Tanzanian shilling is the official currency, other currencies like the US dollar and euro are widely accepted, particularly in tourist areas. Travellers from the UK may find it easier to use US dollars
TZS Depreciation
At the time of writing, the Tanzanian shilling has been depreciating. This means its value has been declining, primarily due to lower international commodity prices for Tanzania’s agricultural exports.
Understanding Tanzanian Currency Exchange Rates
When exchanging British pounds or other currencies for Tanzanian shillings, always check the current exchange rate. Rates fluctuate daily, and fees can vary between service providers.
For example, if the exchange rate is 1 GBP = 3,000 TZS, exchanging £100 would yield:
100 (GBP) × 3,000 (exchange rate) = 300,000 TZS
After deducting any service fees, you’d receive slightly less.
FAQs About Using Currency in Tanzania
Can you use credit cards in Tanzania?
Visa and MasterCard are widely accepted in tourist areas, but it’s best to carry cash for rural locations. Always check your bank’s international fees before travelling.
Are there fees for using credit cards?
Yes, businesses may charge a fee of 5–7.5% for card payments, and some impose minimum purchase requirements for card use.
Can you withdraw cash from ATMs?
ATMs are widely available in cities but may run out of cash or face technical issues. Both local and UK banks may apply fees for withdrawals.
Where is the best place to exchange currencies?
Banks and hotels typically offer the best rates. Avoid street vendors, as they operate illegally and may scam tourists.
Can you use traveller’s cheques?
Traveller’s cheques are accepted at major banks and some safari providers but are less common than other payment methods.
Sending Money to Tanzania
If you need to transfer money to someone in Tanzania, you have two primary options:
- Banks: Offer wire transfers but tend to have higher fees and less favourable exchange rates.
- Money transfer services: Online platforms like Remitly often provide better rates, lower fees, and more flexibility in how funds are sent and received.
Whether sending funds in GBP, USD, or another currency, compare rates to ensure you get the best deal.