Compare the best ways to send money to Uganda

The exchange rate determines how much UGX the recipient will receive.

For instance, in the past month average exchange rate between the US Dollar and the Ugand Shilling was 3,680.396 UGX.

Since USD - UGX exchange rates fluctuate based on market conditions, waiting a few days can result in a better rate and more UGX for your recipient.

If you urgently need the money in Uganda, we recommend using Wise, which has offered the best UGX exchange rates over the last 6 months.

The cheapest way to fund your transfer to Uganda is by using a Bank transfer with Regency FX, which is 0.5% cheaper than the next best option.

How you pay for your transfer impacts the cost, speed, and the amount of UGX received.

Based on a $2,000 transfer to Uganda using the last 6-months of our data, the options you have are:

• A bank transfer with Regency FX will cost you $0 in fees and a 0.17% markup

• Debit card transfer with Instarem costs $1.25 with 1.46% markup

• Credit card transfers with Instarem costs $1.94 fee and comes with 0% markup

We recommend not using Debit card when sending money to Uganda, as they tend to be the most expensive.

Credit card transfers tend to add cash advance fees and might have higher interest rates on UGX.

For example, Instarem charges $1.94 when paying by credit card, compared to $0 via a bank transfer with Regency FX.

Whenever possible, avoid sending UGX over the SWIFT network. Despite the name, UGX transfers over SWIFT are slower and come with higher fees.

Money transfer companies will often have minimum and maximum limits on how much UGX you can send.

Often, the amount will also impact the fees and the UGX rate you get.

For example, we found Wise to be the best option for sending large amounts to Uganda.

There might also be government-imposed restrictions, commercial restrictions, and many more.

This is why it’s important to compare your transfer options to Uganda.

The speed of transferring UGX to Uganda depends on several factors, including the amount being sent, the timing of the transfer, and the chosen payment method.

Usually, the quicker you need your UGX, the more it will cost you in fees.

For example, consider a transfer of $2,000 from the US to Uganda:

• Fastest provider: Among 13 companies servicing Uganda, Wise consistently offers the quickest delivery times across all deposit methods, appearing in 38.8% of our searches.

• Bank or debit card deposits: Services like Wise for bank account deposits and Wise for card deposits provide almost instant and cost-effective UGX transfers. Fees are approximately $10.77 for bank deposits and $Wise for debit card deposits, with a minimal 0% markup.

• Credit card transfers: Based on six months of our data, using Wise for sending UGX via CC can take up to a day and incur a fee of $52.24 with 0% markup. However, be mindful of potential cash advance fees.

• Urgent transfers: For the fastest possible transfers, we recommend opting for cash pickup services through providers like Western Union or Ria Money.

Avoid making UGX transfers over SWIFT

SWIFT is slower for UGX transfers due to the involvement of intermediary banks in Uganda, so it’s best to avoid it if speed is your priority.

For UGX transfers, you have the following options:

Money transfer companies

You can send Ugand Shilling via an FX broker (a managed service) or via an online-only company (self-managed).

According to the past six-month analysis, we found that Wise is the overall best way to transfer money to Uganda, appearing 77.8% of the time for UGX transfers in our search system.

App

Most money transfer services to Uganda offer mobile apps, which often provide better UGX exchange rates.

You can check our guide on the best money transfer apps to find one that fits your needs.

In-person

Cash transfers to Uganda can be made in person through services like Ria Money Transfers or Western Union.

Cash transfers are almost always instant but require the recipient to physically visit the nearest agent to collect UGX.

Bank transfers

We advise you not to use your bank to wire money to UG because of the fees but rather use it to fund your UGX transfer.

There are several ways to receive money in Uganda, including direct bank deposits, cash pickups, home deliveries, and mobile wallets.

Here are your options:

• Direct bank deposits: to deposit money into the recipient's account in Uganda, we recommend using Regency FX. They appeared in 24.3% of the searches as the cheapest option for bank transfers to Uganda.

• Cash pickup: if you need immediate access to cash in Uganda, consider using cash pickup, but check availability.

• Mobile wallets: you can receive UGX directly into your digital wallet like PayPal, but they come with limitations and higher costs compared to using Regency FX.

In most cases, UGX will arrive without any involvement from the recipient.

However, if you’re sending Ugand Shilling as cash, or in large amounts, the receiver might need the following*:

• Valid forms of ID: such as passport, or driver’s license.

• Sender's information: the full name and address.

• Transfer details: the amount of UGX to be received.

• Transfer confirmation number: the sender should give it to the recipient.

• SWIFT code / IBAN: sometimes you may need to include IBAN and/or the SWIFT code.

*The exact documents you need might vary by the company you use.

For larger Ugand Shilling transfers, money transfer companies may ask for a source of funds and proof of address. This is done in accordance with AML policies.

If you’re making a large transfer to Uganda, we recommend using Wise.

There might be tax implications and government-imposed limits when sending Ugand Shilling to Uganda.

Some UGX transfers may be subject to various taxes, including gift tax and commercial tax.

Even if there are no limits or taxation involved, certain UGX transfers need to be reported to the tax authorities in Uganda.

When in doubt, please contact a tax professional in Uganda or in your country.