Make Payments in TZS - Tanzanian Shilling
Pay in Tanzanian Shillings (TZS)
Mondial Change allows you to make international payments in TZS (Tanzanian Shilling) with ease. Manage your Tanzanian Shilling beneficiaries, track your transactions in real-time, and enjoy a secure online platform. We do not charge exchange commission on your TZS operations (a spread is applied to the exchange rate, which slightly degrades the interbank rate on the traded currency pair). Your customer rate is always communicated transparently before the validation of each of your transactions.
Receive Payments in Tanzanian Shilling (TZS)
It is currently not possible to receive payments in TZS.
Do you want to hedge your exchange risk on the Tanzanian Shilling (TZS)? Check our dedicated page for currency hedging on TZS.
Mondial Change Answers All Your Questions on Payments in Tanzanian Shillings (TZS)
What is the timeframe for a TZS payment to be credited to the beneficiary's account?
It generally takes a minimum of 2 business days for a Tanzanian Shilling transfer to be credited to the beneficiary's account. However, please note that these timeframes are not contractual, and our partners responsible for the execution and routing of payments cannot be held liable if TZS payments are credited beyond 2 business days to the beneficiary's account. External events such as processing delays by intermediary banks, public holidays, execution time, or compliance checks can significantly impact the payment reception timeframes.
What are the fees for a payment in Tanzanian Shilling (TZS)?
The fees applied to Tanzanian Shilling (TZS) transfers generally range from 0 to 10 euros, depending on the agreement with Mondial Change's trading room. The rate primarily depends on your annual TZS exchange volume and the number of Tanzanian Shilling payments made during the year.
Are there minimum or maximum amounts for payments in Tanzanian Shilling (TZS)?
Mondial Change and its partners verify that your Tanzanian Shilling flows are consistent with the data declared during account opening and consistent with your activity volume to ensure compliance and security. If restrictions apply to transaction volumes, they will be communicated to you well in advance of the validation of your operations.
What are the specific rules for executing a payment in Tanzanian Shilling (TZS)?
For TZS payments via the SWIFT network, at least the following information must be provided:
• Full name of the beneficiary
• Full address of the beneficiary
• Local account number
• SWIFT code of the beneficiary's bank
Is it possible to modify a payment in Tanzanian Shilling (TZS) after it has been executed?
Yes, it is possible with some of our partners to modify a payment in Tanzanian Shilling (TZS) even after it has been sent via SWIFT. If you have, for example, made an error in the beneficiary's name or account number, the correction is made through a SWIFT amendment. If the payment was not executed via the SWIFT network, then such amendments are not possible, and you must wait for the payment to be returned if applicable.
What are the public holidays when payments in Tanzanian Shilling (TZS) cannot be executed?
January 1st: New Year’s Day
Variable date: Good Friday
Variable date: Easter Monday
Variable date: Eid al-Fitr (end of Ramadan)
Variable date: Eid al-Adha (Feast of Sacrifice)
Variable date: Islamic New Year (Hijri New Year)
Variable date: Mawlid (Birth of Prophet Mohammed)
April 7th: Karume Day (Zanzibar mainly)
April 26th: Union Day
May 1st: Workers’ Day
July 7th: Saba Saba Day (Trade Day)
August 8th: Nane Nane Day (Peasants’ Day)
October 14th: Nyerere Day
December 9th: Independence and Republic Day
December 25th: Christmas Day
December 26th: Boxing Day
History of the Tanzanian Shilling
The Tanzanian Shilling (TZS) has been the official currency of Tanzania since 1966, when it replaced the East African Shilling previously used in several countries in the region. The TZS was introduced following the country's independence to strengthen its national economic identity. It is issued by the Bank of Tanzania, which plays a central role in regulating the monetary system. The Tanzanian Shilling is divided into 100 cents, although low-value coins are rarely used due to inflation. This currency is widely used across the country for daily transactions, commercial exchanges, and electronic payments. The TZS reflects the economic evolution of Tanzania, particularly in the agriculture, tourism, and mining sectors.
Monetary Policy of the Tanzanian Shilling
The Bank of Tanzania is the institution responsible for the country's monetary policy. Its primary objective is to maintain price stability while supporting economic growth. Tanzania operates a managed floating exchange rate regime, meaning the Bank can intervene in the foreign exchange market to limit excessive fluctuations. It uses various instruments, such as key interest rates, reserve requirements, and open market operations, to control inflation, regulate liquidity, and preserve economic stability. These monetary policies aim to strengthen the resilience of the Tanzanian economy against internal and external shocks.
Characteristics of the Tanzanian Shilling
The Tanzanian Shilling (TZS) is a non-convertible currency internationally, meaning it is primarily used within the country. Its value largely depends on the performance of agricultural exports, such as coffee, tea, and cotton, as well as tourism. Banknotes are available in denominations of 500, 1,000, 2,000, 5,000, and 10,000 TZS, and coins in 50, 100, and 200 TZS. Tanzania has modernized its currency by introducing more durable banknotes with advanced security features, such as holograms and watermarks, to combat counterfeiting. The TZS is also used for electronic payments, particularly via mobile wallets, which play an increasing role in the country's financial inclusion.