Banking, Money and Taxes in Botswana
The financial sector in Botswana is a growing industry, and the country's national stock market is among the best performing in Africa. The Botswana Stock Exchange (BSE) is based in the capital city of Gaborone, and most of the biggest companies doing business in the country are listed.
A number of global entities are investing in Botswana's economy, encouraged by its lack of exchange controls and a relatively stable currency.
Money in Botswana
The currency in Botswana is the Pula, abbreviated as BWP. There are 100 thebe to one pula. US dollars and Euros are accepted in hotels and other businesses that cater to international tourists, but expats should expect to use pula for all day-to-day transactions.
Notes: 10 BWP, 20 BWP, 50 BWP, 100 BWP and 200 BWP
Coins: 1 BWP, 2 BWP and 5 BWP, and 5 thebe, 10 thebe, 25 thebe and 50 thebe
Currency can be exchanged at banks, licensed moneychangers, airport terminals and some hotels.
Bank branches are plentiful, especially near busy shopping areas. ATMs are just as widely available in Botswana's cities, and most larger stores accept debit and credit cards.
Banking in Botswana
The Bank of Botswana is the country's central bank, but a selection of local banks and various international institutions are available too. Expats living in Botswana tend to have a local account for daily expenses such as paying utility bills and buying groceries while keeping an offshore account for savings.
Expats can open a personal account at any of the Botswana banks, most of which offer a full spectrum of services that include cheque and credit cards, online banking and specialised investment services.
Banking hours in Botswana are usually 9am to 3pm from Monday to Friday, with some branches open on Saturday mornings.
Expats shouldn’t have a problem finding English-speaking tellers or consultants at banks in Botswana.
Credits cards in Botswana
Some major international credits cards are widely accepted in Botswana – these include Visa and MasterCard. Expats carrying American Express and Diners Club cards may not be able to use these. Most petrol stations and some shops outside of the cities still only accept cash, so it’s useful for expats to carry pula with them at all times.
Taxes in Botswana
The tax system in Botswana changes often and can be tricky for an expat to navigate on their own. For this reason, foreigners moving to Botswana are encouraged to a hire a specialist with a detailed knowledge of that country’s tax system.
The tax year in Botswana runs from 1 July to 30 June. Returns are due within 90 days after the end of the tax year, unless an extension is requested.
Generally, expats will have to pay taxes in Botswana if:
their permanent place of abode is in Botswana
they have been physically present in Botswana 183 or more days during the tax year
they earn an income from sources in Botswana