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

  • Salary slips


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. 

Expat Health Insurance Partners

Aetna Global

Aetna is an award-winning insurance business that provides health benefits to more than 650,000 members worldwide. Their high quality health insurance plans are tailored to meet the individual needs of expats living and working abroad.

Get a quote from Aetna International

Bupa Global

Bupa Global's international private medical insurance offers expats direct access to some of the very best doctors and hospitals in the world. Bupa is chosen by individuals who value expertise, freedom and quality. You can choose to see your preferred doctor close to home or a specialist in another country. Their health insurance plans are designed for day-to-day healthcare needs too.

Get a quote from Bupa Global