Currency in Malawi MWK - Things to know
Foreign exchange guide to Malawi and the Malawian kwacha
What's in this Malawi currency guide?
What currency is used in Malawi?
The official currency of Malawi (country code: MW) is the Malawian kwacha, with symbol MK and currency code MWK.
Loading rates...
|
|
|
Things to know about the Malawian kwacha
The Malawian kwacha (MWK) is the official currency of Malawi, a country located in southeastern Africa. Here are a few things to know about the Malawian kwacha:
- The Malawian kwacha is abbreviated as MWK and is divided into 100 tambala.
- The Reserve Bank of Malawi is responsible for issuing and regulating the Malawian kwacha.
- The exchange rate for the Malawian kwacha is determined by supply and demand in the foreign exchange market.
- Malawi has a largely agricultural economy, with a significant portion of the population engaged in farming and livestock production. The country is also a major producer of tobacco and has a growing tourism industry.
- The Malawian kwacha has experienced significant depreciation in recent years due to economic challenges such as high inflation and a large trade deficit. In addition, Malawi has faced political instability and conflict, which have also had an impact on the value of the Malawian kwacha.
Travel money for Malawi
Save money and time by Ordering your Malawian kwacha online from Travelex, you get better rates and can pick up the MWK cash locally or even on travel day at the airport.
Another popular option is to use a Pre-paid Travel Card. Your Debit/Credit Card provider will charge you 2% from market mid-rate, but your bank may also charge an extra 3% as an “Overseas Transaction Charge” plus “Overseas ATM” fees for withdrawing cash.
For card purchases if offered a choice of currencies always select to Pay in Malawian kwacha otherwise you may get much worst exchange rates.
Travel Ideas and Money Tips for Malawi
Describe Malawi for travelers and expats
Malawi is aLakeland country in southeast Africa that was formerly known as Nyasaland. It is bordered by Zambia to the northwest, Tanzania to the northeast, and Mozambique to the west. Lake Malawi, which is also known as Lake Nyasa, is the third largest lake in Africa and the ninth largest lake in the world. Malawi is a landlocked country with a total area of 118,484 square kilometers (45,747 square miles).
Best things to do and see in Malawi
Some of the best things to do and see in Malawi include visiting the Mulanje Massif, exploring Lake Malawi National Park, relaxing on the shores of Lake Malawi, visiting Likoma Island, hiking in Nyika National Park, and visiting the capital city of Lilongwe.
Top Travel tips for Malawi
1. Most visitors to Malawi will need a visa. Nationals of certain countries may be eligible for a visa on arrival, so it is always best to check with the Malawian embassy or consulate in your home country before travelling.
2. Malaria is endemic in Malawi, so all visitors should take precautions to avoid being bitten by mosquitoes. Use insect repellent, wear long-sleeved shirts and trousers in the evening and sleep under a mosquito net.
3. The best time to visit Malawi is during the dry season, from May to October. This is when the weather is at its best and the country is at its busiest.
4. Malawi is a landlocked country, so the easiest way to get there is by flying into Lilongwe International Airport. There are direct flights from Johannesburg, which is the closest major city.
5. English is the official language in Malawi, so most people will be able to communicate with you. However, the local language, Chichewa, is also widely spoken.
6. Malawi is a relatively safe country to travel to, but it is always advisable to take precautions against crime. Don’t carry valuables with you and be cautious when walking around at night.
7. The currency in Malawi is the Kwacha. There are ATMs in most towns and cities, but it is always best to carry cash with you as well. US dollars are also widely accepted.
8. Malawi is a refreshingly friendly and welcoming country. However, it is always respectful to dress modestly, especially when visiting religious sites.
9. Malawi is home to some of the most spectacular scenery in Africa. Lake Malawi is a particular highlight, with its clear blue waters and sandy beaches.
10. When travelling in Malawi, always be careful of wildlife. There are many dangerous animals, including hippos, lions and elephants.
Is it safe in Malawi?
Malawi is a safe country to visit. The people are friendly and welcoming, and crime levels are low. However, visitors should be aware of the risk of contracting diseases such as malaria and cholera.
USD/MWK Market Data
The below interactive chart displays the USD/MWK change and UP📈 DOWN📉 trends over the past 1 Year.
Frequently Asked Questions
What currency should I use in Malawi?
The domestic currency in Malawi is the Malawian kwacha.
What is the Malawian kwacha currency code and symbol?
The three letter currency code for the Malawian kwacha is MWK — symbol is MK.
Which countries use the Malawian kwacha?
It is the domestic currency in Malawi.
Is the Malawian kwacha a closed currency?
No, the Malawian kwacha is freely available and convertible. See guide: What is a closed currency?
What are equivalent amounts of USD and MWK?
Here are some popular conversion amounts for USD to MWK (US dollar to Malawian kwacha)*.
*Converted at the current USDMWK interbank exchange rate. Calculate actual payout amounts for Send Money and Travel Money exchange rates.
Send Money to Malawi - Best Rates
To get a good (and fair) exchange rate when sending money to Malawi you need to find and compare exchange rates for International Money Transfers (IMTs).
The available FX rates for sending money abroad can be very different to the mid-market (wholesale) rate which you see reported online and in the News.
You should especially compare your own bank's exchange rates to those available from Money Transfer specialists to see how much you can save - we make that calculation easy in the below table.
Get a better deal for foreign transfers to Malawi
When sending money to Malawi it’s important to compare your bank’s rates & fees with those we have negotiated with our partner money transfer providers. To get a better deal you should follow these 4 simple steps :
- Open an account with a BER reviewed FX provider (id docs may be required)
- You specify the local or Malawian kwacha amount you want to transfer
- Make a local currency domestic transfer for the requested amount to the provider's bank account in your country
- Once your funds are received by the provider the converted MWK amount will be transfered to the recipient account you specify in Malawi.
Use the above calculator to compare the exchange rates of FX specialist providers rates versus your bank's standard rates you can hopefully save around 5% and maybe more - end result is more Malawian kwacha deposited into the recipient bank account and less margins and fees kept by the banks!
Expat Money & Business Guide to Malawi
Managing your money effectively while living and working abroad can be challenging, but there are several steps you can take to ensure that your finances are in order.
By following these tips and managing your money effectively, you can reduce financial stress and enjoy your experience living or doing business in Malawi.
What is the cost of living in Malawi?
It is difficult to estimate the cost of living in Malawi, as it depends on many factors, including the specific location within the country, the individual's lifestyle, and the availability of goods and services. However, according to Numbeo, the cost of living in Malawi is generally low. For example, a meal at an inexpensive restaurant may cost around $2.50, and a bottle of water may cost $0.26.
How is the expat life in Malawi?
The expat life in Malawi is unique in that it is a very small and close-knit community. There are not many foreigners living in Malawi, so those who do are often very involved in the local community. There are many opportunities to get involved in volunteer work, as well as to meet other internationally-minded people. The cost of living is relatively low, and the country is safe and stable.
Any laws in Malawi that foreigners should be aware of?
There are a few things that foreigners should be aware of when travelling to Malawi. Exercise caution when travelling to rural areas as crimes such as robbery and assault are reported. Be cautious when travelling at night as there have been reports of robberies occurring. There is also a risk of contracting malaria in Malawi so it is advisable to take precautions against this.
What is doing business like in Malawi?
Doing business in Malawi is generally considered to be fairly easy and straightforward. The World Bank's Doing Business Report 2020 ranks Malawi 155 out of 190 countries in terms of ease of doing business.
How is the economy in Malawi?
The Malawian economy is heavily dependent on agriculture, with about 80% of the population engaged in subsistence farming. The economy has been growing slowly in recent years, with real GDP growth of 3.2% in 2017. The country faces significant challenges, including high levels of poverty, high food prices, and limited access to basic services.
Managing your finances in Malawi
Here we list some key points for expats and businesses to consider when managing financial dealings in Malawi:
Understand Malawian kwacha currency exchange rates: Exchange rates can have a big impact on your finances, so it is important to keep an eye on the MWK exchange rate and consider using a currency exchange service or a credit card that does not charge foreign transaction fees to get the best exchange rate.
Use a local Malawian kwacha bank account: A local MWK bank account can make it easier for you to manage your finances and pay bills while you are in Malawi. It may also be more convenient to use a local MWK bank account to make purchases and withdraw cash.
Research local laws and regulations: It is important to understand the local laws and regulations that apply to financial transactions in Malawi. This can help you avoid legal issues and ensure that you are complying with local requirements.
Consider the tax implications: It is important to understand the tax implications of living or doing business in Malawi. This can help you plan your finances and ensure that you are paying the correct amount of tax.
Seek financial advice: If you are unsure of how to manage your finances in Malawi, it is a good idea to seek the advice of a financial professional who is familiar with the local financial system. This can help you make informed decisions and avoid financial pitfalls.