What Currency Should I Use in Rwanda Safely?

Comprehensive information on the currency in Rwanda which is commonly used .Rwanda, known as the “Land of a Thousand Hills,” is a breathtakingly beautiful country in East Africa. Its vibrant culture, rich history, and rapid economic development make it a popular destination for tourists, business travelers, and expatriates alike. Whether you are visiting Rwanda for a safari, a business trip, or cultural exploration, understanding the currency system and knowing how to use money safely is essential. This article will provide you with comprehensive information on the currency used in Rwanda, the safest ways to carry and exchange money, and tips to avoid financial pitfalls while in the country.

The Official Currency of Rwanda

The official currency of Rwanda is the Rwandan Franc (RWF). The franc is abbreviated as RWF and is the only legal tender used for transactions within the country. Banknotes come in denominations of 500, 1000, 2000, 5000, and 10,000 francs, while coins are available in 1, 5, 10, 20, 50, and 100 francs.

Although Rwanda is becoming increasingly cashless, especially in urban areas, cash transactions still dominate in many parts of the country. It is important to have Rwandan francs when shopping in markets, using public transportation, or making small purchases, as some vendors may not accept card payments.

Can You Use Foreign Currency in Rwanda?

While some businesses in major cities like Kigali, Musanze, and Rubavu may accept US dollars (USD), Euros (EUR), or British pounds (GBP), it is not advisable to rely on foreign currency for everyday transactions. Foreign currencies are mainly accepted in high-end hotels, international restaurants, and some tour operators. However, you will often receive change in Rwandan francs, and the exchange rate applied may not be favorable.

If you plan to use foreign currency, it is best to carry small denominations of USD or Euros, as these are the most widely accepted. Make sure your USD bills are from 2009 or later, as older notes may be rejected due to counterfeiting concerns.

Safest Ways to Exchange currency in Rwanda

If you are carrying foreign currency, you will need to exchange it into Rwandan francs for local transactions. Here are the safest ways to exchange money in Rwanda:

1. Authorized Forex Bureaus

Forex bureaus, also known as “Bureau de Change,” are the safest and most reliable places to exchange your money. They offer competitive rates and are regulated by the government. Some of the best forex bureaus can be found in Kigali, Musanze, and other major towns. Always compare rates at different bureaus before making an exchange.

2. Banks

Major banks in Rwanda, such as Bank of Kigali, I&M Bank, and Equity Bank, provide currency exchange services. Although banks tend to offer slightly lower rates compared to forex bureaus, they are secure and trustworthy. Banks also operate within standard working hours (Monday to Friday, 8 AM to 5 PM, and limited hours on Saturdays), so plan your exchanges accordingly.

3. ATMs

If you prefer withdrawing local currency directly, ATMs are a convenient and safe option. Many ATMs in Rwanda accept international cards such as Visa and Mastercard. However, note that ATM withdrawal fees can be high, so check with your bank before using this method. Also, ensure that you use ATMs in secure locations, such as inside banks, malls, or reputable hotels.

4. Hotel and Airport Exchange Services

Most high-end hotels and Kigali International Airport offer currency exchange services. While this is a convenient option, the exchange rates at airports and hotels tend to be less favorable compared to forex bureaus and banks. If you must exchange money at the airport, consider exchanging only a small amount to cover immediate expenses and then visit a forex bureau for the rest.

How to Use Credit and Debit Cards Safely in Rwanda

Credit and debit cards are widely accepted in Rwanda, particularly in urban areas. Many hotels, restaurants, supermarkets, and shopping malls allow card payments. However, it is essential to take certain precautions to use your cards safely:

1. Use Cards at Secure Locations – Avoid using your card at small or unknown businesses, as card fraud can occur. Stick to reputable establishments.
2. Inform Your Bank Before Traveling – Notify your bank that you will be using your card in Rwanda to prevent them from blocking transactions due to suspected fraud.
3. Check for Extra Fees – Some businesses charge an additional fee for card payments. Always confirm before making a transaction.
4. Use ATMs in Safe Areas – Choose ATMs located in well-secured areas such as inside banks, malls, or major hotels to avoid theft or fraud.

Mobile Money: A Popular and Safe Alternative for currency in Rwanda

Rwanda has a robust mobile money system, which is widely used for transactions. The two most popular mobile money services are MTN Mobile Money (MoMo) and Airtel Money. Mobile money is a safe and convenient way to pay for goods and services, transfer money, and even withdraw cash at mobile money agents.

To use mobile money, you need a local SIM card registered in your name. Tourists can purchase a SIM card from authorized telecom providers upon arrival and register with a passport. Once registered, you can load money onto your mobile wallet and use it for transactions.

Tips to Handle Safely currency in Rwanda

To ensure financial security while in Rwanda, follow these best practices:

1. Carry Small Denominations

Always have small Rwandan franc denominations for daily transactions, especially in rural areas where vendors may not have change for large notes.

2. Avoid Carrying Large Amounts of Cash

While cash is widely used, carrying large sums of money increases the risk of theft. Use ATMs, mobile money, or card payments where possible.

3. Beware of Counterfeit Notes

Although rare, counterfeit currency exists. When receiving change, inspect the banknotes for authenticity by checking security features such as watermarks and holograms.

4. Use Secure Currency Exchange Services

Avoid exchanging money with street vendors or unregulated individuals, as they may offer fraudulent notes or unfavorable rates.

5. Store Your currency in Rwanda Securely

Use a money belt or a secure travel wallet to keep your cash and cards safe. Always be aware of your surroundings, especially in crowded areas.

6. Know the Exchange Rate

Stay updated on the latest exchange rates to ensure you get a fair deal when converting currency. You can check online or ask at different forex bureaus.

7. Be Cautious with Public Wi-Fi

If you use online banking or mobile money services, avoid accessing them over public Wi-Fi networks to prevent hacking or fraud.

The Rwandan Franc (RWF) is the primary currency used in Rwanda, and it is recommended to use it for most transactions. While some businesses accept US dollars or Euros, relying on foreign currency is not ideal due to limited acceptance and unfavorable exchange rates. The safest ways to handle money in Rwanda include using authorized forex bureaus, banks, ATMs, and mobile money services. By following the tips mentioned above, you can ensure a secure and hassle-free financial experience during your visit to Rwanda. Whether you are exploring the scenic landscapes, engaging in business, or enjoying local cuisine, being financially prepared will enhance your overall experience in this beautiful country.