Currency in Mozambique MZN - Things to know
Foreign exchange guide to Mozambique and the Mozambican metical
What's in this Mozambique currency guide?
What currency is used in Mozambique?
The official currency of Mozambique (country code: MZ) is the Mozambican metical, with symbol MT and currency code MZN.
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Things to know about the Mozambican metical
The Mozambican metical (MZN) is the official currency of Mozambique, a country located in southeastern Africa. Here are a few things to know about the Mozambican metical:
- The Mozambican metical is abbreviated as MZN and is divided into 100 centavos.
- The Bank of Mozambique is responsible for issuing and regulating the Mozambican metical.
- The exchange rate for the Mozambican metical is determined by supply and demand in the foreign exchange market.
- Mozambique 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 coal and has a growing tourism industry.
- The Mozambican metical has experienced significant depreciation in recent years due to economic challenges such as high inflation and a large trade deficit. In addition, Mozambique has faced political instability and conflict, which have also had an impact on the value of the Mozambican metical.
Travel money for Mozambique
Save money and time by Ordering your Mozambican metical online from Travelex, you get better rates and can pick up the MZN 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 Mozambican metical otherwise you may get much worst exchange rates.
Travel Ideas and Money Tips for Mozambique
Mozambique is a beautiful and exotic country located on the southeastern coast of Africa. The country is bordered by the Indian Ocean to the east, Tanzania to the north, Malawi and Zambia to the northwest, and Zimbabwe and South Africa to the west. Mozambique has a long and varied history, and its culture is a mix of African and Portuguese influences. The official language of Mozambique is Portuguese, but there are many other languages spoken in the country, including Swahili and English. Mozambique is a popular tourist destination for its stunning beaches, wildlife, and cultural attractions. Expats living in Mozambique will find a warm and welcoming community, and a country that offers a unique and unforgettable experience.
Best things to do and see in Mozambique
Some of the best things to do and see in Mozambique include exploring the country's beautiful beaches, snorkelling and scuba diving in its crystal clear waters, and visiting the Bazaruto and Quirimbas Islands. For those interested in history and culture, a visit to the Mozambique Island and Historic Centre, a UNESCO World Heritage Site, is a must. Nature lovers will enjoy wildlife viewing in Gorongosa National Park and visiting the Niassa Reserve.
Top Travel tips for Mozambique
1. Travel insurance is essential when traveling to Mozambique. Be sure to purchase a policy that covers you for medical expenses, repatriation and evacuation.
2. Mozambique is a malaria-prone country. Be sure to take the necessary precautions to protect yourself from mosquito bites, including using insect repellent and sleeping under a mosquito net.
3. Mozambique is a cash-only economy. Be sure to bring enough US dollars to cover your expenses.
4. There is a risk of contracting HIV/AIDS in Mozambique. Be sure to practice safe sex and avoid sharing needles.
5. The best time to visit Mozambique is between May and October, when the weather is dry and cool.
Is it safe in Mozambique?
Mozambique is a safe country to visit. However, visitors should be aware of the potential for political and civil unrest, as well as crime. There is also a risk of contracting diseases such as malaria and cholera.
What is the cost of living in Mozambique?
The cost of living in Mozambique is relatively low when compared to other countries in Africa. A person can expect to live on around $2 per day.
USD/MZN Market Data
The below interactive chart displays the USD/MZN change and UP📈 DOWN📉 trends over the past 1 Year.
Frequently Asked Questions
What currency should I use in Mozambique?
The domestic currency in Mozambique is the Mozambican metical.
What is the Mozambican metical currency code and symbol?
The three letter currency code for the Mozambican metical is MZN — symbol is MT.
Which countries use the Mozambican metical?
It is the domestic currency in Mozambique.
Is the Mozambican metical a closed currency?
No, the Mozambican metical is freely available and convertible. See guide: What is a closed currency?
What are equivalent amounts of USD and MZN?
Here are some popular conversion amounts for USD to MZN (US dollar to Mozambican metical)*.
*Converted at the current USDMZN interbank exchange rate. Calculate actual payout amounts for Send Money and Travel Money exchange rates.
Send Money to Mozambique - Best Rates
To get a good (and fair) exchange rate when sending money to Mozambique 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 Mozambique
When sending money to Mozambique 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 Mozambican metical 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 MZN amount will be transfered to the recipient account you specify in Mozambique.
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 Mozambican metical deposited into the recipient bank account and less margins and fees kept by the banks!
Expat Money & Business Guide to Mozambique
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 Mozambique.
How is the expat life in Mozambique?
The expat life in Mozambique is generally good. There are many things to do and see in the country, and the people are generally friendly and welcoming. However, there are some challenges that come with living in Mozambique, such as the high cost of living and the lack of infrastructure.
Any laws in Mozambique that foreigners should be aware of?
The main laws that foreigners should be aware of in Mozambique are the customs laws, which regulate the import and export of goods into and out of the country. There are also laws governing the work of foreigners in Mozambique, as well as taxation laws.
What is doing business like in Mozambique?
Doing business in Mozambique can be challenging due to the country's infrastructure deficiencies, bureaucratic procedures, and lack of transparency. Additionally, firms operating in Mozambique may face corruption and bribery.
How is the economy in Mozambique?
The economy of Mozambique has been growing steadily since the country's independence in 1975. However, it is still one of the world's poorest countries, with a per capita income of just $1,180 in 2017. The vast majority of the population still lives in poverty, and unemployment is high.
Managing your finances in Mozambique
Here we list some key points for expats and businesses to consider when managing financial dealings in Mozambique:
Understand Mozambican metical currency exchange rates: Exchange rates can have a big impact on your finances, so it is important to keep an eye on the MZN 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 Mozambican metical bank account: A local MZN bank account can make it easier for you to manage your finances and pay bills while you are in Mozambique. It may also be more convenient to use a local MZN 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 Mozambique. 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 Mozambique. 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 Mozambique, 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.