Money and banking in Zimbabwe for UK arrivals

Two currencies, one dollar sign

The official primary legal tender in Zimbabwe is the Zimbabwe Gold (ZiG), introduced in April 2024 to replace the previous Zimbabwean dollar. US dollars remain accepted across most of the formal economy and dominate large or business-to-business transactions. Both currencies are written with the $ symbol, which means a price tag of "$5" might mean five US dollars or five ZiG depending on the vendor. Always confirm which currency a price is quoted in before you hand over notes.

The official ZiG/USD rate is set by the Reserve Bank of Zimbabwe and moves frequently. Check the current rate on The Mutapa Times FX page before any meaningful transaction.

Cash, cards and what businesses actually take

Card acceptance in Zimbabwe is more limited than UK arrivals expect. Larger supermarkets, hotels in the major chains, and formal restaurants in Harare and Bulawayo will usually accept UK-issued Visa and Mastercard. But many businesses — including, the FCDO notes, some medical providers — accept US dollars in cash only. Petrol stations, taxis, and smaller retailers are almost universally cash. Carry small US dollar notes ($1, $5, $10, $20). Larger denominations are often refused for low-value transactions because change is not available, particularly in dollars.

Money transfer: Mukuru and Western Union

The two most widely used international remittance services in Zimbabwe are:

• Mukuru — used heavily by the Zimbabwean diaspora, with a dense branch network and competitive rates for GBP-to-ZWL transfers
• Western Union — the most established and the default for one-off transfers from the UK

Wise and Revolut work to a degree for receiving funds via Zimbabwean bank accounts, but coverage is partial and rates are not always competitive against Mukuru for GBP-to-Zimbabwe specifically. Compare rates per-transaction.

Opening a Zimbabwean bank account

Documentation requirements vary by bank. The Reserve Bank of Zimbabwe publishes a current list of operational banking institutions. Expect to provide your passport, a Zimbabwean residence permit or work permit, proof of address (a utility bill or landlord letter), and in some cases a reference from your employer. Account opening on a tourist visa is generally not possible at the main retail banks.

Foreign exchange is regulated

It is illegal to exchange foreign currency in Zimbabwe anywhere other than at a licensed dealer — a bank or a registered bureau de change. The informal street-side rate is occasionally better than the official rate, but transacting on it puts you in breach of the Exchange Control Act and the consequences include fines and confiscation. For visitors and short-term residents, the practical implication is simple: change money at the airport, your hotel, your bank, or a registered bureau. Do not change money on the street.