Zambia buy · Money and Shopping in Zambia
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Money and Shopping in Zambia
Money and Shopping in Zambia
Originally, the Kwacha ? meaning "sunrise," so-named to celebrate Zambia's independence ? was tied to the US dollar, so conversion was simple. However, in the late-90's, the kwacha was floated and devalued rapidly. Since mid 2005 the Kwacha re-appreciated strongly, due to the international debt-relief and the boost of the copper prices. As of April 2011, the Kwacha is hovering around $1 = 4755ZMK, €1 = 6924ZMK.
U.S. dollars are still commonly used for larger purchases (although it's illegal) and will be accepted by anybody dealing with tourists. It is not unusual to see all printed prices at a hotel restaurant in local currency, and then receive a bill in U.S. dollars. If you bring US$, in Zambia only the "big heads" (new notes) are accepted in banks and bureaux de change, small heads are not accepted (if you are lucky you can change them in Livingstone). U.S. $50 and U.S. $100 notes are the best to bring, for smaller nominations you will get a poorer rate at the bureaux (5-10% less).
Changing Euros is a difficult thing to do especially up country, bureaux are giving a very poor rate (25% less then the market rate!). International banks will accept, but with commission charge. Finance Bank, Arcades shopping Centre Lusaka, is known to accept Euro's at a good rate and without commission charge. Bureaux and Banks will only change a maximum of 1000 US$ (or equivalent) per person per day! Watch the rates as they can change overnight, fluctuations of 3-5% per day are common.
South African Rand are exchanged relatively easily in major centres. Other second tier currencies like the Australian dollar are not worth bothering with. Expect blank looks from the locals, and a mocking laugh from those in the tourist trade.
If you want to sound like a local, refer to 1000 kwacha as a pin, so for example 10,000K is "ten pin". In the '90's, the kwacha devalued so rapidly that the government didn't have time to produce new, larger bank notes. To pay for things, Zambians often had to bundle ? or "pin" together ? large numbers of small bills. Notes are now available in denominations of up to 50,000K, but hang on to small change if you can because there are occasional shortages.
ATMs may be found in major cities, but you should not depend on them to be functional. Most of the ATM's accept only VISA. Other international credit cards (like MASTERCARD and AMEX) are generally a problem. Maestro is definitely a problem in Zambia and very few ATM's accept Maestro. Some shops and restaurants might accept debit or credit cards, as do practically all high-end hotels and safari lodges, but surcharges of 5-10% are common. ATMs only dispense local currency.
Although using forms of payment other than cash is growing in popularity, you should not depend on credit to get around the country. Traveler's cheques are almost impossible to process in Zambia, most chance you will have in the Lusaka international banks (Stanbic, Standard Chartered), but even then you will get a very poor rate, a high commission charge and it will take you a couple of hours, if you are lucky. If you prefer to take the risk and use Traveller's cheques, the only ones who will be accepted (if you are lucky) are the ones from American Express (Thomas Cook's are currently not accepted!).
Most shopkeepers advertise fixed prices and are unwilling to negotiate, but this is not a given. On the other hand, most "freelance" salesmen ? vendors selling curios; taxi drivers; etc. ? who do not post their prices are usually willing to negotiate. As a (very) general rule of thumb, assume the first price they mention is at least double the amount they will accept. You should not be afraid to barter ? after all, Zambians bargain among themselves ? but try not to get carried away with saving a few pennies.
Tipping is not required ? indeed, it was at one point illegal ? but often expected. Porters expect US$0.50 or so per bag, and better restaurants typically add in a 10% service charge or expect an equivalent tip.
Finally, keep in mind the Zambian custom of mbasela (em-buh-SAY-la) ? giving a freebie when more than one item is purchased. If you buy a few small items, do not be shy about asking for your mbasela.
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Zambia Travel Guide from Wikitravel. Many thanks to all Wikitravel contributors. Text is available under Creative Commons Attribution-ShareAlike 3.0, images are available under various licenses, see each image for details.