Money - Malawi

Currency

The unit of currency is the kwacha (MK) which is divided into 100 tambala. There are notes of Mk100, 50, 20, 10 & 5. Coins of Mk1, and 100, 50, 20, 10, 5, 2 & 1 tambala.

Exchange Rate

You will find the exchange rate is in your favour. Visitors from North America, Australasia and Europe will find that items cost half or two thirds of what they are used to paying, and locally produced goods and food is even cheaper.

Banks

The major banks are the National Bank of Malawi and the Commercial Bank of Malawi. Both have branches in most towns throughout the country. Banks are open Monday to Friday from 08:00 to 13:00 or 14:00. In small towns they may only open two or three days a week. Traveller's cheques and major currencies can be exchanged in banks, hotels & other institutions.

In remote areas, local district commissioner's offices will cash cheques. It is strongly discouraged to change money on the black market. The chances of money changing being a scam are high - a sure sign of this is an offer of a rate 10% higher than bank rates.

Credit Cards

In the cities and major towns, credit cards are widely accepted. Major hotels also accept credit card payments. Note that US dollars, British pounds, German marks and South African rands are widely accepted.

It is advisable to always carry small change as this makes bargaining for curios easier. Your clothes, shoes and stationary can also be bartered in exchange for curios at markets and road side stalls.

Tipping

Restaurants often include a service charge of 10%, but be advised that the staff only receive about 4% of this. It is therefore appreciated that you tip extra. Civil servants in the national parks receive very poor wages and even a small tip is greatly appreciated. It is standard practice to tip your guide or scout in the parks.

Tax

Note that a tax of 30% is charged on food in mid and top range restaurants. It is suggested you check that this is included in the quoted price.

Enquire now |  Add to my enquiry