Ugandan Banking – Be in Control of Your Finances
Ugandan banking is the ideal way to stay in control of your finances in Uganda. And as it is pretty much the world over, banking is how you will keep the tabs on your money and keep it safe.
Planning to live in Ugandan for any length of time or are you making that permanent move? Opening a bank account is the way to go as you will need to pay for your rent and any other bills. It’s easy to maintain a bank account and doesn’t cost much either and sometimes it will be totally free.
Once you have identified your favourite bank, you will need to call the bank for an appointment or simply walk into one of their branches and your adventure in opening an account will have started. Be sure to have your passport with you. And of course, you will also have to have some cash for an initial deposit. Have your proof of address in Uganda and you are all set.
If you don’t have cash, that’s okay. Transferring money from another bank in another country will take no time these days especially with the advanced technology in online banking – It certainly will be done.
If you are already a permanent resident, you will need your driving licence or identity card. To accompany these, you might also require a recommendation letter from your employer or local council chairman and or a copy of your utility bill.
For some banks, you will also need a letter of introduction – this will usually be from someone who already banks with the same bank and has been with them for a substantial period. Check with the bank to see what the requirements are for opening an account.
When you enter the bank, watch for the signs so you know where to go to – but there will also always be banking assistants to help you and feel free to ask when you need the help.
You may want to start your Ugandan banking experience with a checking account or current account as it is called! With this type of account, you can make deposits or withdrawals anytime you like. It’s the best account to have if paying bills or when you need fast cash.
A savings account is the way to go if you want to earn interest on your money and put it aside for a while. Depending on the amount you want to withdraw, you may need to give prior notice if it is much more than the allowed amount beforehand without losing interest. You will certainly have a limit on how much you can withdraw without notice – usually at the ATM machine. Different banks have different rules.
Here is Robert’s thought on opening a bank account; …before beginning your Ugandan banking experience, shop around a bit. Sometimes banks will reduce their costs or lessen rules in order to attract more customers. Take advantage of the offers with opening an account. Be wise in checking out a number of different options that banking in Uganda offers.
You may often have to transfer money from one account to another. There are usually three ways to do this. In the bank, you can fill out a form and do a regular transfer, you can set up a standing order – especially if you have to pay a regular bill, this will allow you to have a set amount to transfer each month, or you can do a direct debit – when an amount needs to be paid each month of a varying sum. Find out if the bank will be able to do all these for you as and when you need them.
Do your homework to find out the cost of maintaining an account with each individual bank before you set up your Ugandan banking accounts. Most banks will charge a monthly fee, but others are free. Some might have a one-time fee for some transactions. If you are a student in Uganda or are on a fixed income, you might want to explore and take advantage of the free options.
The thrill to almost any bank account is, of course, the bank card you get. Your bank will almost certainly issue you a card – ‘ATM card’ as it is commonly known. This you will use at the Automatic Teller Machines to withdraw money from your account. Note that you might not be able to use your card at any machine but only at the machines of your bank. Find out if your card is one of these and which other machines you can access.
If you are affectionate about using your card every where you go, you might have to start keeping some cash on you! Visa debit cards are the most common but still a few banks are giving these as opposed to the ordinary ATM cards that you can only use at the ATMs. Not many credit cards though since Uganda is just gradually transforming from a purely cash economy to taking on other services.
Again, find out which card your bank will offer you – you are safer with the VISA card to start with. The good news is that ATMs are readily available countrywide.
There are many banks in Uganda you can do business with. The list is long and the competition for customers is evident, therefore, take advantage! Some of the common ones include; Stanbic Bank, Standard Chartered Bank, Barclays Bank, Crane Bank, DFCU Bank, Centenary Bank, Bank of Baroda, Orient Bank, Bank of Africa and many more new ones with advanced technology and great services that have graced Ugandan banking.
Just like else where in the world, Ugandan banking is a smart and safer way to keep your money and yet have access to it as and when you need it. With your Ugandan bank account, you can be confident to have the control you need over your finances in Uganda and especially if you run your own Uganda business.