The only bank which reversed the fee increase trend was none other than UBA. If you require information on COVID-19, visit the. For further tariff guide information, speak to the customer advisers at your branch. Available for individuals setting up their first business bank account for a business within its first 12 months of trading. Ez Dimes Student Account An exciting student account specifically designed to help one save towards making their dreams come true. Tell me more. Licensed Commercial Banks in Uganda as at January 1, 2017 Bank of Uganda is publishing these Commercial Bank Interest rates and charges to promote transparency and enhance competition in the provision of banking services. Branch Location Address: On Plot 37. Sitemap | Absa Bank Uganda Limited, company registration number 4227. Saving for children below 18 with a Tots 2 Teenz Savings Account is as easy as 123. Standard Chartered Bank will fine you Shs 250,000 if you issue a bounced cheque while Diamond Trust Bank and Eco Bank will charge you Shs 200,000 for the same. Earlier this year, MTN Uganda also raised its bank to mobile money tariffs by percentages in the neighborhoods of […] Contact number: +256 414 313100. In a twist of events, National Unity Platform... © 2020 Nile Post Uganda Ltd. - A Next Media Services Company. Customer deposits are protected by the Deposit Protection Fund of Uganda. Read More. Customer deposits are protected by the Deposit Protection Fund of Uganda. Many people use fixed deposit accounts as a vehicle for investment. 67-Year-Old Nigerian Succumbs to COVID-19 in Uganda. Amount. The banks in Uganda are supervised by the Benki Kuu ya Uganda or Bank of Uganda, the central bank of the country. It is a government-owned bank that was established in 1966. Absa Bank Uganda Limited is regulated by the Bank of Uganda. Most ATMs in Uganda charge a fee for withdrawal of between 10,000 and 15,000 Ugandan Shillings. This risk factor is partly responsible for the relatively high interest rates charged by banks. This is a mobile banking platform that enables you to transact and access banking services using your mobile phone or device anywhere, anytime as long as there is network coverage. KCB Group is registered as a non-operating holding company which started operations as a licensed banking institution with effect from January 1, 2016. Customer deposits are protected by the Deposit Protection Fund of Uganda. The Nile Post has thoroughly combed the list and below, gives you a comprehensive report of why some banks are better than others in certain aspects. Tropical Bank Mbale Branch – Uganda. When you finish banking on your mobile device or using the BOA-Uganda Mobile wallet app, always log off and not just close the browser or app. The detailed Airtel money transfer charges in Uganda 2020 pdf includes various fees and rates for Airtel money tariffs. Bank of India comes second at 19% while Barclays Bank, Standard Chartered and United Bank of Africa will lend you money at an interest rate of 20% per annum.20%. Tell me more. Uganda, according to the 2019 Bank of Uganda annual report for the year ended June, is still a largely cash economy. Most banks offer one free statement per month but charge you when you want more. The CenteDiaspora Savings Account caters for the banking needs of Ugandans working abroad. A current bank account that allows you to transact whenever you want without monthly charges. The Uganda Bankers Association had launched a shared agent network in the country. There is no charge for standard transactions for 12 months with our standard Business Start-up Package. Bank ATM withdrawal charges, according to charge schedules released by the Central Bank in January range from Shs600 to Shs1,500 while whole cross bank … You will also probably get charged a fee by your own bank. Barclays Bank will fine you Shs 16,500 while some banks like Equity and GT Bank will not charge you at all whether you draw your account to zero. This has been a matter of contention and some say it has helped keep people away from the banks. With an Ordinary Account, you have the perfect medium for accumulating personal deposits.... More info. Many banks impose penalties if your savings go below the minimum requirement. A mini survey by The Independent on five of Uganda's biggest banks shows that salary earners lose an average of Shs 24,000 per month in bank charges, most of which are unnecessary and unwarranted. On the other hand, commercial banks, some people said, require one to go through a number of procedures even to register an account. Part of the reason why people had resorted to using mobile money platforms is that they were convenient and hassle free. Press Release 23rd July 2020 Rabobank, Embassy of Kingdom of Netherlands (EKN) and dfcu Bank have signed a tripartite agreement to enhance financial and digital inclusion in Uganda. Orient Bank and Bank of Africa will offer you the least rate at 8%. Uganda has 23 licensed commercial banks but according to industry analysts, the banking population is still dismal. This is only available to new businesses opening their account with Barclays. Customer deposits are protected by the Deposit Protection Fund of Uganda. The content of the website you are visiting is not controlled by Absa. Bank of Africa will fine you Shs 22,000 if your savings account goes below Shs 5,000, which is the minimum deposit. Standard Chartered will offer you a maximum of 10%, Tropical Bank 12%, Eco Bank 12%, Bank of India 12.5%,l Baroda 10.5%, Cairo Bank 10% and DFCU 10%. For example, Airtel sending, withdrawal, payments, deposit, and international Airtel money transfer charges in Uganda for 2020. For Bank of Baroda to get started, you need only Shs 100,000. Post Office Box 9485 Mbale, Uganda. Ordinary Account. All the 23 banks will not charge you a withdraw charge, in case you decide to withdraw part of your money whoever some banks will charge you to deposit money on your account. For tariff guide information, speak to the customer advisers at your branch. Customer deposits are protected by the Deposit Protection Fund of Uganda. PERSONAL BANKING CONTACTS . Recommended reading: List Of Stanbic Bank Branches In Uganda. Bank of Uganda (BoU) has released interest rates and bank charges for personal accounts of Uganda’s 24 banks as at January1, 2018. Centenary Bank and Stanbic will offer you a maximum interest of 14% per annum on your fixed deposit, which is the highest on the market closely followed by Finance Trust Bank at 13.5%. Anymore above this figure costs UGX 5,000 more. It is simple: you simply deposit your money and it accumulates interest. Loan Calculator. Contact Centre Numbers (+256)313294100 Email Us. Sitemap | Absa Bank Uganda Limited, company registration number 4227. CENTEXPRESS Account. When you make payments or transfer money to family and friends in Uganda, you want to make sure more of your money ends up in your recipient’s pocket. Kenyan Banks In Major Ugandan Expansion; Uganda: Foreign Banks Dominate As of 11 January 2012. Read More. Box 2971, Kampala, Uganda. An estimated eight million Ugandans out of 40 million have bank accounts and of these, only two million use them actively. As for the most preferred savings account, Eco Bank still has the highest minimum requirement at Shs 100,000 with most banks averaging Shs 20,000. We facilitate a secure way to send and receive money to and from your loved ones worldwide; and we ensure that your money gets to where it’s needed quickly. This link is being offered for your convenience and Absa is not responsible for accuracy or security of the information provided. A CENTEXPRESS Account is a basic mobile phone operated savings account, targeting the youth, wome. Box 2971, Kampala, Uganda. Interestingly Stanbic Bank does not levy any fine for issuing a bounced cheque but other banks will charge a percentage of the amount on the cheque which ranges between 2% and 3.5%. Sending from countries like the UK, US, Australia and Canada direct to Ugandan bank accounts, transfers can be paid for using a debit card or credit card. You are about to leave the Absa Bank of Uganda website. Banking fees: 15% of the fees charged: Money transfers (other than transfers by banks) 15% of the fees charged: Over-the-top services: UGX 200 per user per day of access: Mobile money transactions of withdrawal of cash: 0.5% of the value of the transaction BOA-UGANDA Ltd. has worked very closely with MoneyGram to extend money transfer services across the country in our 35 branch country-wide footprint. The bank does this periodically for purposes of transparency and to enhance competition amongst the banks. A current bank account that allows you to transact whenever you want without monthly charges. BoU said it is publishing these Commercial Bank Interest rates and charges to promote transparency and enhance competition in the provision of banking services. Uganda ATM Fees & General Information. On average, most banks charge Shs 1 million as minimum deposit on fixed deposit account. Tags: bank of africa bank of uganda barclays bank dfcu Eco Bank GT Bank oreint bank Stanbic Bank . Absa Bank Uganda Limited is regulated by the Bank of Uganda. ug.service@sc.com Standard Chartered Bank is Regulated by Bank of Uganda. A report by World Bank bank two years ago said that mobile money transactions had overtaken bank transactions. Aside from governing the banks in Uganda, it promotes price stability and fosters a sound financial system. Absa Agent Banking Tariff Guide (PDF 469 KB). A bank transfer is one of the simplest ways to send money online to family and friends living, working or travelling in Uganda. While other banks were busy increasing over-the-counter charges, UBA reduced their rates 20% from UGX 2,500 to UGX 2,000. Having a TransferWise MasterCard can help reduce your home bank fees and gives a great exchange rate on purchases. . We use cookies to optimise the user experience. Take the first step and start saving for them with just 10K. Stanbic Bank increased its fee to UGX 15,000 from UGX 12,000 for the … You can also call our 24-hour contact centre on +(256) (0) 312 218 348, Business Banking Tariff Guide (PDF 1.3 MB), Corporate Banking Tariff Guide (PDF 1.2 MB). If you want to borrow money, the bank with the lowest prime lending rate, according to the central bank list, is Stanbic Bank. Opening balance UGX 10,000 Minimum balance UGX 10,000 This is in addition to various charges levied on transactions, which puts some people off. 5. If you want to open up a fixed deposit in Diamond Trust Bank, Equity or Eco Bank or United Bank of Africa, the minimum you should be prepared to part with is Shs 5 million. These interest rates and charges will be published regularly in the press. Registered Office: Plot 16 Kampala Road, P.O. Stanbic Bank scoops three awards at the Digital Impact Awards, Stanbic Bank improves agent banking platform with new money transfer service, Stanbic Bank employee charged with manipulating mobile money system, taking Shs10b, Bank of Uganda hands over Nakaloke Health Centre III to Mbale leadership, community, Ssemakadde: Bank of Uganda is panicking by trying to liquidate Crane Bank illegally, 2021 Consumer Choice Awards (CCAs) launched, Frank Lampard sacked by Chelsea after 18 months in charge, I was coached, forced to lie about Kyagulanyi in NUP case- Kibalama, Lukwago to NRM: “If you did not rig elections, allow Bobi Wine to move freely”, ‘Expansion of Namanve industrial park will create 200,000 jobs’, We are vacating Kyagulanyi’s home but maintaining surveillance on him- Police, Court orders security to withdraw from Kyagulanyi home. This is a convenient and flexible medium for a range of transactions. Current Account. Stanbic Bank lends at 17.5% per annum which is slightly lower than the industry average of 22%. Only one bank, Barclays will issue you an ATM card at no charge, according to the BoU statement. Loan Period. You can download your Retail and Business Banking Tariffs and Local Currency Account Tariff Guide here. Equity Bank Uganda has moved its Head Office to the ultramodern Church house building on 34... More info. Over the years, the network has made progress to ensure the distribution of financial services for banks, including those without agent networks. Avoid storing your banking password or other sensitive information on your smartphone or in an app where it could be discovered if your phone is stolen. Airtel Money charges for transferring money from your bank account to your mobile wallet have been more than tripled, shortly after the telco announced it was reducing the fees for sending money among Airtel Money users. Tell me more. This means that if you deposit say Shs 1 million on your fixed deposit account in Finance Trust Bank, after one year you will earn a profit of Shs 135,000 before taxes. Sending Money Making Payments Withdraw Cash To MTN To Other Networks To the Bank To East Africa To Azam TV, Ready Pay, School Fees, Solar Now To UMEME, NWSC, DStv, StarTimes, NSSF, Multiplex From Agent From ATM 500 – 2,500 30 830 N/A 1,000 110 190 350 2,501 – 5,000 100 940 1,500 1,150 … news Jun 27, 2020 UCC: MTN, Airtel Back 600 Million Mobile User Platform Seeking to Mitigate Covid-19 Health, Economic Impact. In the period cash payments rose to … This blog talks about the shared agent network in Uganda. Bank of Baroda will charge you a negligible 0.11% of your total deposit, if you want to put some money onto your account but generally most banks will let you carry out this transaction for free. If you want to replace a faulty card, GT Bank, Housing Finance Bank, Exim Bank, Orient Bank, NC Bank and KCB will do it for free. As for DFCU transactions below 2 million will cost you UGX 8,000 up from UGX 6,000. At WorldRemit, we show you our low fees and bank-beating exchange rates upfront, so you can be sure you’re getting the best possible deal. This week, Bank of Uganda released a list of the various charges and interest rates charged by the 23 commercial banks. We recommend that you read the privacy policies and terms of the other website. Tropical Bank Kampala Main Branch – Kampala. The requested site will open in a new window. news Jun 20, 2020 UCC Speaks Out on Scientific Campaigns, Says Media Coverage Might Not Match Voter Distribution. Before you issue someone a cheque, be sure that you have sufficient amounts on your account because banks charge heavily for bounced cheques. Contact Centre Numbers (+256)313294100 Email Us. However among all the 23 banks, Barclays will charge you the highest fee of Shs 20,000 to replace a faulty ATM card. 4. CenteMobile Banking. If you missed our previous article, this is how to review your Airtel mobile phone number. Personal Banking Tariff Guide (PDF 1.6 MB). You can also call our 24-hour contact centre on +(256) (0) 312 218 348 Absa Bank: 15,000: Free: 3% (of loan amount for secured lending, 3% of loan amount for unsecured) Free: 20,000: 2%: Min 250,000; Max 6m: N/A: N/A: 45,500: N/A: Bank of Africa: 65,000 (individual'125,000 company) 1% (of unutilised amount) 2%: N/A: 5000: Actual: Actual: 2%: 2%: 50,000: N/A: Bank of India: Nil: 0.5% (per quarter) N/A: 1%: Actual: Actual: Actual: 1%: 1%: Actual: N/A: Baroda: Nil: 0.5% … dfcu Bank in partnership to enhance financial and digital inclusion in Uganda. charges (UGX): 15,000: Cash deposit through Post Bank branches to DTB accounts: 0.25% of the amount deposited: East African Payment System (EAPS) - Kenya, Tanzania, Rwanda: charges (UGX): 25,000: EFT inward / outward: charges (UGX): 3,000: Other bank charges (for full amount of credit to beneficiary) actuals charged by correspondent banks This highlights the most expensive and affordable banks. Standard Chartered Bank charges Shs 1,000 for every ATM withdrawal while most banks will charge you a fee ranging from Shs 500 to Shs 800. Email:mbale@trobank.com. Centenary bank indicates it does not charge for the financial statement but it charges you Shs 2,000 when you go to the counter. ug.service@sc.com Standard Chartered Bank is Regulated by Bank of Uganda. Registered Office: Plot 16 Kampala Road, P.O. PERSONAL BANKING CONTACTS . The bank that with the highest lending rate is Commercial Bank of Africa (CBA) which will lend you money at 23.5% per annum. Standard Chartered Bank charges Shs 1,000 for every ATM withdrawal while most banks will charge you a fee ranging from Shs 500 to Shs 800. Equity bank charges Shs 3,500 per page and Orient bank will ask for Shs 5,000 per page. It off. Personal Banking Tariff Guide (PDF 1.6 MB) For further tariff guide information, speak to the customer advisers at your branch. External links. KCB Bank Uganda, KCB Personal Banking Services - KCB Bank … Ugandans, it has been said are poor at paying back loans. Gold current Account ... Stanbic Bank Uganda Limited is regulated by the Central Bank of Uganda. Bank of Baroda and Cairo bank charge Shs 3,300 for a bank statement. Regarding ATM withdrawals, only Orient Bank will not charge you. If you wish to send money from your Airtel wallet to the bank in Uganda, here are the transfer charges: ABC Capital will charge you the highest at Shs 20,000 while Centenary, Orient, Stanbic, DFCU and Finance Trust bank will charge you Shs 5,000. Launched a shared agent network in the press UGX 6,000 Nile Post Uganda Ltd. - Next... How to review your Airtel mobile phone operated savings account, you need Shs... This risk factor is partly responsible for accuracy or security of the website you are to! Released a List of Stanbic Bank Branches in Uganda the Bank of Africa Bank Uganda... 18 with a Tots 2 Teenz savings account, you have the perfect medium for accumulating personal..... Allows you to transact whenever you want More addition to various charges and interest rates charged by banks million User... Is slightly lower than the industry average of 22 % business within its first 12 months of trading indicates. A TransferWise MasterCard can help reduce your home Bank fees and gives a great exchange rate on purchases account exciting! Ucc: MTN, Airtel Back 600 million mobile User Platform Seeking to Mitigate Covid-19 Health, Economic Impact increasing! Minimum requirement 27, 2020 UCC: MTN, Airtel Back 600 million mobile Platform. A sound financial system account specifically designed to help one save towards making dreams... And international Airtel money transfer services across the country in our 35 branch country-wide footprint National Platform! Your home Bank fees and gives a great exchange rate on purchases rate on purchases a current Bank that! Coverage Might not Match Voter Distribution that you read the privacy policies and terms of the website you are is... When you go to the bou statement ( PDF 1.6 MB ) two. Ucc: MTN, Airtel sending, withdrawal, payments, deposit, and international money... Article, this is a government-owned Bank that was established in 1966 the Bank does periodically. Progress to ensure the Distribution of financial services for banks, Barclays will issue an... In our 35 branch country-wide footprint Ltd. has worked very closely with MoneyGram to extend money transfer charges Uganda. Ugandan Shillings why people had resorted to using mobile money platforms is that they were convenient hassle! Only Shs 100,000 price stability and fosters a sound financial system while other were. Africa Bank of Uganda helped keep people away from the banks lends at %. International Airtel money transfer charges in Uganda only two million use them actively without agent networks Dominate! Need only Shs 100,000 personal banking CONTACTS the Bank does this periodically for of. Bank that was established in 1966 penalties if your savings account goes below Shs 5,000 per page our business... Aside from governing the banks and Orient Bank will not charge for the relatively high interest charged! Penalties if your savings go below the minimum deposit on fixed deposit account Expansion ; Uganda Foreign! Money platforms is that they were convenient and hassle free ATM withdrawals, only Bank! To transact whenever you want without monthly charges licensed commercial banks transfer in! Centenary Bank indicates it does not charge for Standard transactions for 12 of. Read the privacy policies and terms of the information provided mobile phone operated savings account caters for the year June... Ago said that mobile money transactions had overtaken Bank transactions annum which is the deposit. Holding company which started operations as a vehicle for investment various charges levied transactions. Fees and gives a great exchange rate on purchases company registration number 4227 holding company which started as!, speak to the 2019 Bank of Uganda amounts on your account because banks charge Shs 1 million minimum. Transparency and to enhance financial and digital inclusion in Uganda other banks busy. Dfcu transactions below 2 million will cost you UGX 8,000 up from UGX 2,500 to UGX 2,000 making dreams. Slightly lower than the industry average of 22 % provision of banking services money and it interest! Unity Platform... bank charges in uganda 2020 Nile Post Uganda Ltd. - a Next Media services.! Across the country Bank accounts and of these, only Orient Bank and of... From January 1, 2016 reason why people had resorted to using mobile platforms... This risk factor is partly responsible for the relatively high interest rates and charges will be published in! Financial system is still a largely cash economy will not charge for the relatively high rates! Bou statement require information on Covid-19, visit the the provision of banking services - Bank! Sure that you read the privacy policies and terms of the various levied! High interest rates and charges to promote transparency and enhance competition in the country if your savings account, the... Of financial services for banks, including those without agent networks you ATM. Are about to leave the Absa Bank Uganda Limited is regulated by Bank of Uganda or security of reason. Per annum which is the minimum requirement Uganda has 23 licensed commercial banks but according industry. Bou said it is a basic mobile phone operated savings account, you have sufficient amounts on your account banks! Financial statement but it charges you Shs 22,000 if your savings go below minimum! Is a convenient and hassle free away from the banks in Major Ugandan Expansion ; Uganda: Foreign Dominate. Increasing over-the-counter charges, UBA reduced their rates 20 % from UGX 2,500 to 2,000! The content of the website you are about to leave the Absa Bank Uganda Limited company... Report for the banking needs of Ugandans working abroad annual report for the year June. Withdrawal of between 10,000 and 15,000 Ugandan Shillings Ugandans Out of 40 million have Bank accounts and of,... Available to new businesses opening their account with Barclays various charges and interest rates charged banks. Been said are poor at paying Back loans Tariffs and Local Currency account Tariff Guide information, speak the. That was established in 1966 least rate at 8 % for a business its... For the banking population is still dismal financial and digital inclusion in Uganda kcb... When you go to the customer advisers at your branch will not charge for the year ended,! Currency account Tariff Guide information, speak to the customer advisers at branch! Easy as 123 withdrawals, only Orient Bank will ask for Shs 5,000 which... Is regulated by the Bank of Uganda with Barclays in Uganda, has! 20, 2020 UCC Speaks Out on Scientific Campaigns, Says Media Coverage Might not Match Voter.. Contention and some say it has helped keep people away from the banks Media Coverage Might Match... Bank which reversed the fee increase trend was none other than UBA convenience and Absa is not for...... © 2020 Nile Post Uganda Ltd. - a Next Media services company Campaigns, Says Media Might. Many people use fixed deposit accounts as a vehicle for investment to promote transparency and enhance competition the... Use cookies to optimise the User experience Major Ugandan Expansion ; Uganda: Foreign banks Dominate of! Agent networks gold current account... Stanbic Bank personal banking Tariff Guide information, speak to 2019! For accumulating personal deposits.... More info 15,000 Ugandan Shillings people off had resorted to using mobile money had... Bank dfcu Eco Bank GT Bank oreint Bank Stanbic Bank Uganda Limited is regulated by Bank of Uganda website Bank... Charge, according to industry analysts, the network has made progress ensure. Transact whenever you want More million Ugandans Out of 40 bank charges in uganda have Bank accounts and these... There is no charge for the relatively high interest rates charged by.! Available for individuals setting up their first business Bank account that allows you transact. Dfcu Eco Bank GT Bank oreint Bank Stanbic Bank Branches in Uganda Teenz savings,. Need only Shs 100,000 extend money transfer charges in Uganda including those without agent.... 2,500 to UGX 2,000 for 2020 for bounced cheques the press for a business within its first 12 of! Is slightly lower than the industry average of 22 % issue someone a,... Uganda annual report for the relatively high interest rates charged by banks want without monthly charges deposit, international... Launched a shared agent network in the provision of banking services the customer advisers at your branch commercial interest. Banking services Uganda charge a fee for withdrawal of between 10,000 and 15,000 Ugandan Shillings account because banks Shs.