How can I get the best exchange rate between the US dollar and the Tanzanian shilling?
Due to restrictions in place by the Tanzanian government dealing with currency, there aren’t many options for exchanging foreign currency into Tanzanian shillings outside of Tanzania — the exchange needs to happen after you arrive in the country.
The best exchange rate for cash exchanges between USD and TZS are typically found at foreign exchange offices located throughout the major cities in Tanzania. Rates there are reported to be much better than what hotels or banks will offer. New and clean looking $50 and $100 bills will get you the best rates.
Traveler’s checks are no longer accepted in Tanzania, so you’ll need to rely on either a debit or credit card, or cash. US dollars are often accepted and sometimes even preferred by the locals, but make sure you get a fair exchange rate. Many travelers also report that US dollar bills must be issued after 2006.
If you’re looking to send money from the US to someone in Tanzania, online service providers will be your best bet. Money transfer companies usually offer fair exchange rates and transparent fees with transaction times that are typically faster than banks.
The US dollar is the most traded currency in the world. The world’s unofficial reserve currency, it can be found in most major currency pairs. In forex, it’s an important benchmark and target rate for countries that fix or peg their currencies against its value. It is also used as the standard currency for oil, precious metals and other commodities.
$1, $5, $10, $20, $50, $100
1c, 5c, 10c, 25c, 50c
The shilling is the official currency of East African country Tanzania. This purchasing power of this currency tends to fluctuate along with prices for food items produced by the country, including maize, sorghum, lentils and beans.
500, 1000, 2000, 5000, 10,000 shilingi
50, 100, 200, 500 shilingi
What affects exchange rates between the US dollar and the Tanzanian shilling?
As a floating currency, the exchange rate between US dollars and Tanzanian shillings is determined by the foreign exchange market. Positive economic news coming out of Tanzania will usually boost the value of the shilling, while negative economic news will cause it to go lower when compared to the US dollar.
Mining, particularly for gold, is the most important industry for Tanzanian exports. Rising gold prices will normally contribute to a stronger shilling against the dollar. The export of agricultural products like tobacco and coffee have a big impact on keeping up the value of the shilling compared to the dollar as well.
Lastly, interest rates in both the United States and Tanzania are extremely important for the exchange rate between the two currencies. Rising interest rates in either one of the countries will usually lead to a stronger currency as well.
Send money from USD to TZS
How does the Tanzanian shilling trade against the US dollar historically?
Since 2000, the Tanzanian shilling has lost a significant amount of its buying power in terms of US dollars. From being valued at just below 800 shillings per dollar back then, it’s now dropped to a level of 2,250 shillings per one dollar in 2018.
The sharpest drop in value during this period happened between 2014 and 2015 when the exchange rate moved from 1,650 shillings per dollar to 2,100 shillings per dollar in less than a year.
US Dollar to the Tanzanian Shilling for the last 10 days
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US Dollar to the Tanzanian Shilling for the last 10 months
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US Dollar to the Tanzanian Shilling for the last 10 years
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Market rate for common transfer amounts USD to TZS
Adrienne Fuller is the head of publishing at Finder US. With a decade of experience creating guides in finance and education, she aims to deliver the accurate and transparent information she wishes she had when she made some of life's important financial decisions. For the past 3 years she has been the publisher of money transfers, helping readers save when they send money all over the globe. She has a BA from Colorado College and loves to hike with her two Catahoula dogs around her home in San Diego.
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