koolkat

Hi all,

I’ve got a job and moving to Dar Es Salam for the first time in a couple of weeks as an expat. The only thing that confuses me is the money and banks.

I’m getting paid in US dollars with no tax and have to choose which bank account its gets put into. I opened an offshore bank so I don’t have to pay local tax and also don’t have to declare tax in my home bank. So was thining of getting paid into that.

I can chose to get some paid into a local Tanzania account but I don’t think I will bother. I was thinking of getting paid all of it into my offshore and just use an atm, or transfer money to my local account online. This should be less than an 3 % transaction fee on atm instead of a rough 20 % tax on local salary. I plan to open a Citi Bank account when I get there because I opened an offshore one and one in my home town so I thought transferring money would be easier. However the more I research online the more less convinced I am.

Has anyone got any suggestions on what is best and what expats generally do with their wageto save minimum charges on fees for transfers and withdrawals etc. Basically I want the bulk of my wealth offshore.

Much appreciated

Cheers
K

Mike_11

Hi koolkat,

Where are you moving from?? If you are looking to transfer money I wouldn't use the banks as they charge you fees for everything and offer you very poor exchange rates.

Mike

koolkat

Moving from Australia but I'm British. Any suggestions on best exchange rates. I thought citibank were ok as no currency conversion fee.

Mike_11

Yes sure.
Any questions you need to know on currency go to our forum.

http://britishexpats.com/forum/forumdisplay.php?f=199

What's the date that you are moving???