Make Payments and Receive Payments in UGX - Ugandan Shilling
Pay in Ugandan Shillings (UGX)
Mondial Change allows you to make international payments in UGX (Ugandan Shilling) with ease. Manage your Ugandan Shilling beneficiaries, track your transactions in real-time, and enjoy a secure online platform. We do not charge exchange commission on your UGX operations (a spread is applied to the exchange rate, which slightly degrades the interbank rate on the currency pair traded). Your client rate is always transparently communicated before the validation of each of your transactions.
Receive Payments in UGX (Ugandan Shilling)
Mondial Change allows you to receive payments in Ugandan Shilling (UGX). Payments in UGX are received in a pool account held by one of our partners. This UGX account is provided to you free of charge. It allows you to receive payments in UGX from your clients or subsidiaries. Once the funds are received in the pool account, they are reconciled in our partner's books and credited to your Ugandan Shilling (UGX) balance. These funds can be reused to make payments in UGX or converted into EUR or any other currency of your choice and repatriated to your bank account.
Do you want to hedge your exchange risk on the Ugandan Shilling (UGX)? Visit our dedicated page for UGX currency hedging.
Mondial Change Answers All Your Questions About Payments in Ugandan Shillings (UGX)
What is the timeframe for a UGX payment to be credited to the beneficiary's account?
It generally takes between 1 and 2 business days for a Ugandan Shilling transfer to be credited to the beneficiary's account. However, please note that these timeframes are not contractual, and our partners responsible for executing and routing payments cannot be held liable if UGX payments are credited beyond 2 business days to the beneficiary's account.
What are the fees for a payment in Ugandan Shilling (UGX)?
The fees applied to Ugandan Shilling (UGX) 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 UGX exchange volume and the number of Ugandan Shilling payments made during the year.
Are there minimum or maximum amounts for payments in Ugandan Shilling (UGX)?
Mondial Change and its partners verify that your Ugandan Shilling flows are consistent with the data declared during account opening and consistent with your business volume to ensure compliance and security. If restrictions apply to transaction volumes, they will be communicated to you well in advance of your operations' validation.
What are the specific rules for executing a payment in Ugandan Shilling (UGX)?
For UGX payments via the SWIFT network, the following information is required:
• 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 Ugandan Shilling (UGX) after it has been executed?
Yes, it is possible with some of our partners to modify a payment in Ugandan Shilling (UGX) 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.
Is the Ugandan Shilling (UGX) account provided to you a bank account and is it nominative?
The Ugandan Shilling (UGX) account for which we provide you the details is a bank account opened in the name of one of our partners. It is a pool account where all UGX transfers are received. The reconciliation of funds on your UGX balance is generally done with your client account reference. You have a guarantee of segregation of your funds in our partners' books.
Is it possible to keep Ugandan Shillings (UGX) in the UGX account provided to you?
You can use this Ugandan Shilling (UGX) account to receive Ugandan Shillings. The currencies will then be credited to your UGX balance opened in our partner's books. The funds can then be reused to make payments in Ugandan Shilling or converted into other currencies.
What are the public holidays when payments in Ugandan Shilling (UGX) cannot be executed?
January 1: New Year’s Day
January 26: NRM Liberation Day
February 16: Archbishop Janani Luwum Day
March 8: International Women's Day
Variable Date: Good Friday
Variable Date: Easter Monday
May 1: Labour Day
June 3: Martyrs Day
June 9: National Heroes Day
Variable Date: Eid al-Fitr (end of Ramadan)
Variable Date: Eid al-Adha (Feast of Sacrifice)
October 9: Independence Day
December 25: Christmas Day
December 26: Boxing Day
History of the Ugandan Shilling
The Ugandan Shilling (UGX) has been the official currency of Uganda since 1987, when it was introduced to replace the old Ugandan Shilling, which was affected by hyperinflation in the 1970s-80s. The monetary reform aimed to restore public confidence in the national currency. The UGX is issued by the Bank of Uganda and used in all regions of the country for everyday transactions. It is divided into 100 cents, although these are rarely used in practice. The Ugandan Shilling has played a significant role in the country's economic recovery, particularly in the agriculture, regional trade, and microfinance sectors. It is also a symbol of the country's progressive economic stability.
Monetary Policy of the Ugandan Shilling
The Bank of Uganda is responsible for the country's monetary policy. Its primary objective is to maintain price stability and promote a stable financial system. It implements an inflation targeting policy, aiming for an annual inflation rate of around 5%. The central bank uses instruments such as the key interest rate, reserve requirements, and open market operations to regulate liquidity and manage pressure on the currency. It also monitors capital flows, exports, global commodity prices, and regional stability to adjust its monetary strategy. Uganda strives to attract investments and encourage the development of bank credit while maintaining a sound macroeconomic framework.
Features of the Ugandan Shilling
The Ugandan Shilling (UGX) is a non-convertible local currency, used exclusively within the country. It is widely used in local markets, informal trade, and regular banking transactions. The banknotes in circulation range from 1,000 to 50,000 UGX, with rare coins in 50, 100, 200, and 500 UGX. The UGX is appreciated for its relative stability in recent years despite global economic challenges. It is supported by the resilience of the agricultural sector, diaspora remittances, and tourism. The Bank of Uganda has integrated several security features into the banknotes, including raised printing, optically variable inks, and holographic strips, to ensure public confidence and combat counterfeiting.