Banking, Money and Taxes in Mozambique
Expats moving to Mozambique will find that banking, money and taxes do not work as smoothly as they do in most countries. As the country is notably underdeveloped, the ease and accessibility of banking cannot be found in Mozambique.
Money in Mozambique
The currency of Mozambique is the Metical (MZN) divided into 100 centavos. The plural is meticais.
The first metical (MZM) was introduced in 1980, after Mozambique's independence. With the introduction of the second metical in 2006, the first metical was phased out by 2012. The currency is abbreviated to MT, which precedes the amount.
Notes: 20, 50, 100, 200, 500, and 1000 meticais.
Coins: 1, 5, 10, 20, 50 centavos and 1, 2, 5 and 10 meticais.
ATMs are not present throughout the country, and can be unreliable.
Banking in Mozambique
There are a number of banks in Mozambique. International banks include like Barclays Bank, and there are a few South African banks like First National Bank Mozambique and Standard Bank. Most of the head offices are located in Maputo, with branches spread out across the country.
Opening a bank account
Generally expats will need a number of documents to open a bank account. This includes:
Passport with the relevant visa
Proof of residency
Taxes in Mozambique
Like the South African tax system, residents in Mozambique (those who spend 180 days or more in the country) are charged Personal Income Tax if their salary exceeds a certain amount. The percentage charged is dependent on the amount of the annual income.