USD business account in Tanzania
A Tanzanian company can hold US dollars in a foreign currency account at a Tanzanian bank, and exporters must receive their dollar proceeds into an account at their own bank within 90 days. Two Bank of Tanzania instruments shape everything else: the Foreign Exchange Regulations 2022, which bar residents from operating bank accounts outside Tanzania without permission, and the 2025 rules that require domestic prices and payments in shillings. This guide compares the options, the rules, documents and the position of stablecoins.
- Under the Foreign Exchange Regulations 2022 (GN 294), export proceeds must be received within 90 days into an account at the exporter's own bank, and export documents must reach the bank within 7 days of customs clearance.
- A resident of Tanzania may not operate a bank account outside Tanzania unless the Governor of the Bank of Tanzania permits it, apart from accounts for settling securities in the EAC or SADC.
- Since 28 March 2025, the Regulations on the Use of Foreign Currency (GN 198 of 2025) require goods and services in Tanzania to be priced and paid in Tanzanian shillings, with a 12 month deadline to convert existing foreign currency contracts.
- Current account payments and transfers in Tanzania are free of restrictions, according to the US International Trade Administration.
- Wise and Airwallex do not list Tanzania among their supported countries, so most Tanzanian companies hold dollars at a Tanzanian bank.
- Tanzania has no licensing framework for crypto businesses; the Bank of Tanzania cautioned against virtual currency in 2019, while the High Court held in December 2024 that trading cryptocurrency is not illegal.
USD business account options in Tanzania: the short answer
A Tanzanian business can hold and receive US dollars in three main ways: a foreign currency account at a Tanzanian bank, a USD account outside Tanzania, which for a resident needs the permission of the Governor of the Bank of Tanzania (BoT), or a separate US company with its own US account. The first is the standard route, and it is the one the BoT's rules on export proceeds are written around.
Tanzania is open on payments for trade. The US International Trade Administration (ITA) describes current account payments and transfers as completely free of restrictions and notes that Tanzania has accepted the IMF's Article VIII obligations, which commit a country not to restrict payments for current international transactions. The controls that matter for a business sit elsewhere: where accounts may be held, how quickly export proceeds must arrive, and in which currency domestic deals may be priced.
This guide covers the Foreign Exchange Regulations 2022, the 2025 rules on the use of foreign currency, what to give a US payer, foreign providers' own statements on Tanzania, the US company route, documents, the position of stablecoins such as USDC and USDT, and where a Helm account fits.
The options compared
The table compares the option types. It is not a ranking: most Tanzanian trading companies hold a shilling account and a dollar account at the same Tanzanian bank.
| Option | Account name and location | How US payers pay it | Main rules and limits |
|---|---|---|---|
| USD account at a Tanzanian bank | Company's own name, bank licensed by the BoT | International wire (SWIFT) through the bank's US correspondent | Export proceeds within 90 days; foreign currency sold only to the bank holding the account |
| USD account outside Tanzania | Company's own name or a pooled account, held abroad | ACH, Fedwire or SWIFT, depending on the provider | Residents need the BoT Governor's permission to operate an account abroad |
| US company with a US account | A new US company's name, US bank or fintech | ACH and Fedwire as a US business | Separate company; resident investment outside the EAC and SADC needs BoT approval |
| Mobile money (individuals and small traders) | Individual's or merchant's own name | Through a licensed remittance channel | Mobile money operators may remit within the EAC and SADC up to set limits |
| Stablecoin wallet | Wallet address, not a bank account | USDC or USDT on a blockchain | No licensing framework; BoT 2019 caution |
Sources: PKF summary of the Foreign Exchange Regulations 2022 (GN 294); Bowmans via Afriwise (13 May 2025). As published on 29 October 2026.
SWIFT is the international network banks use to send cross-border payments, identified by an 8 or 11 character bank code. ACH is the low-cost US domestic bank transfer system, and Fedwire is the Federal Reserve's same-day system for large US dollar payments. The EAC is the East African Community and SADC the Southern African Development Community, the two regional blocs Tanzania belongs to.
How to choose: an exporter of gold, cashew nuts, coffee or tourism services needs the dollar account at its Tanzanian bank, because the 2022 Regulations send export proceeds there. An importer can hold dollars there between orders and pay suppliers through the bank, as the Regulations require for imports above $10,000. A service firm billing US clients can also use its Tanzanian dollar account; holding a dollar account abroad needs the Governor's permission first.
Bank of Tanzania rules in 2026
The Foreign Exchange Regulations 2022
The BoT's Foreign Exchange Regulations, 2022 were published as Government Notice (GN) No. 294 on 13 May 2022, replacing the 1998 Regulations. The points that matter most for a dollar account are below.
| Topic | Rule under GN 294 of 2022 |
|---|---|
| Export proceeds | Received within 90 days into an account at the exporter's own bank or financial institution |
| Export documents | Given to the bank within 7 days after customs procedures are completed |
| Selling export dollars | Only to the bank where the exporter holds its account |
| Accounts abroad | Residents may not operate a bank account outside Tanzania unless used to settle securities in the EAC or SADC, or the Governor permits it |
| Paying for imports | Through a bank or financial institution; imports up to $10,000 may use other means |
| Delivery of imports | Goods consigned to Tanzania within 90 days, or the importer notifies its bank |
| Outward remittances | Only through a bank, financial institution or mobile money operator, with the listed supporting documents |
| Foreign loans | Loans over 365 days registered with the BoT; no debt service before a Debt Registration Number is issued |
Source: PKF summary of the Foreign Exchange Regulations, 2022 (GN 294, published 13 May 2022). As published on 29 October 2026. Confirm current rules with your bank.
Shillings for domestic deals: the 2025 rules
The Regulations on the Use of Foreign Currency, 2025 were published in Government Notice No. 198 on 28 March 2025. The BoT's public notice of 2 May 2025 states that pricing and payment for all goods and services within the country must be in Tanzanian shillings, and that refusing payment in shillings is an offence.
| Topic | Rule under GN 198 of 2025 |
|---|---|
| Domestic prices and invoices | In shillings; publishing prices or invoicing in foreign currency is prohibited |
| Domestic contracts | In shillings unless an exception applies |
| Existing foreign currency contracts | To be amended to shillings within 12 months, or void unless the Minister of Finance extends them |
| Listed exceptions | Foreign currency loans from local banks, duty-free shops, diplomatic missions and certain government payments |
| Foreign visitors | Exchange money at banks or bureaux de change; may pay by card or other digital means |
Sources: Bank of Tanzania public notice (2 May 2025); Clyde & Co (31 March 2025). As published on 29 October 2026.
The 2025 rules concern domestic transactions. A Tanzanian company can still hold dollars and receive them from buyers abroad, but it should not invoice a Tanzanian customer in dollars or ask to be paid in dollars for goods or services supplied in Tanzania.
What to give a US payer for a Tanzanian USD account
A US payer sending dollars to a Tanzanian bank uses an international wire. Give the full set of details from your bank's standard settlement instructions, not just an account number.
- Beneficiary name: the company's registered name, exactly as on the account.
- Account number: the USD account number, not the shilling account.
- Beneficiary bank: the bank's full legal name, branch and SWIFT code.
- Correspondent bank: the US bank that holds your bank's dollar account, its SWIFT code and your bank's account number there.
- Reference: the invoice number, so the bank can match the receipt to your export documents within the 90 day window.
- Charge code: OUR if the contract says the payer bears all fees; under SHA, fees are shared and intermediary banks may deduct charges.
The ITA lists the US correspondents of several Tanzanian banks. Banks change correspondents, so always confirm with your own bank.
| Tanzanian bank | US correspondent listed by the ITA |
|---|---|
| CRDB Bank | Citibank N.A. (New York) and HSBC Bank USA (New York) |
| NMB Bank | Citibank |
| National Bank of Commerce (NBC) | JP Morgan Chase Bank and Citibank |
| Absa Bank | JP Morgan Chase Bank |
Source: International Trade Administration, Tanzania Country Commercial Guide, Trade Financing (last published 14 December 2022). As published on 29 October 2026.
The ITA describes Citibank Tanzania as the only US bank operating in the country. Check a bank's code with our SWIFT code lookup before putting it on an invoice, and see our guide on receiving USD from overseas buyers for payment terms and the documents a buyer expects.
Foreign USD account providers and Tanzania
Many Tanzanian businesses look for US account details so that US clients can pay by ACH. Eligibility is set by each provider, and Tanzania is missing from several well-known lists. The table records what each provider states on its own pages.
| Provider | What its own pages state |
|---|---|
| Wise | Tanzania is not on its list of countries where customers can hold money |
| Airwallex | Tanzania is not on its list of supported registration locations; unlisted locations cannot be processed |
| WorldFirst | Its Africa offering is available across Nigeria, Ghana, Kenya and Morocco; Tanzania is not named |
| Mercury | Accepts only companies formed and registered in the United States or a US territory |
Sources: the providers' own pages, linked below. As published on 29 October 2026.
Even where a provider accepts a Tanzanian company, the 2022 Regulations decide whether a resident may operate the account: an account outside Tanzania needs the Governor's permission. Export proceeds must also reach the exporter's Tanzanian bank within 90 days. Check both points before applying.
Provider pages used: Wise country list, Airwallex eligible countries, WorldFirst Africa and Mercury eligibility.
The US company route
Some Tanzanian founders form a US company, usually a limited liability company (LLC) or a Delaware corporation, and open a US account in its name. Mercury, for example, requires the company to be formed and registered in the United States or a US territory, with existing or planned US operations, and states that founders do not need to be US citizens or residents. It also publishes a list of countries where founders cannot be supported, so check it before forming the company.
The US company needs an Employer Identification Number (EIN), the US federal tax number for a business. The IRS instructions for Form SS-4 state that applicants with no legal residence, principal place of business or principal office in the US may call 267-941-1099, from 6:00 a.m. to 11:00 p.m. Eastern Time, Monday to Friday. Applicants outside the US can also fax Form SS-4 to 304-707-9471.
On the Tanzanian side, the 2022 Regulations require BoT approval for investment by a resident outside the EAC and SADC, so forming and funding a US company from Tanzania is an investment that needs approval. The US company is a separate legal entity with its own tax filings, and goods exported from Tanzania remain subject to the 90 day rule. Take Tanzanian and US tax advice before choosing this route.
Documents you need
Banks and providers ask for a similar company file. The table is a typical checklist; each bank sets its own.
| Document | Bank in Tanzania | Foreign provider (typical) |
|---|---|---|
| Certificate of incorporation from BRELA | Yes | Yes |
| Memorandum and articles of association | Yes | Usually |
| Company TIN certificate from the Tanzania Revenue Authority | Yes | Often |
| Business license | Yes | Sometimes |
| Board resolution to open the account and name signatories | Yes | Usually |
| National ID or passport of each director and signatory | Yes | Yes |
| Details of beneficial owners | Yes | Yes |
| Proof of business address | Yes | Yes |
| BoT Governor's permission for an account abroad | No | Yes, for a resident company |
Typical requirements compiled by the Helm Editorial Team; requirements vary by bank and provider. As published on 29 October 2026.
BRELA is the Business Registrations and Licensing Agency, which registers companies in mainland Tanzania. The TIN is the taxpayer identification number issued by the Tanzania Revenue Authority. Keep the company name identical on every document, because a mismatch between the certificate of incorporation and the TIN certificate is a common cause of delay.
Stablecoins in Tanzania: USDC and USDT
Stablecoins are digital tokens designed to hold a steady value against a currency such as the US dollar; USDC and USDT are the most widely used. Tanzania's position rests on three sources that do not fully agree.
- BoT public notice, 12 November 2019. The BoT cautioned the public against trading, marketing and using virtual currency, stating that this was contrary to existing foreign exchange regulations and that the Tanzanian shilling is the only legal tender.
- High Court, 13 December 2024. In Yellow Card Tanzania Limited v. Nyamwero Michael Nyamwero, the High Court found that trading cryptocurrency is not illegal, noting that parties dealing in digital assets pay tax under the tax laws, as summarized by Bowmans.
- Finance Act 2024. From 1 July 2024, a 3% withholding tax applies to payments made by those who own a digital asset exchange platform or facilitate the exchange or transfer of a digital asset to a resident.
| Question | What the sources say |
|---|---|
| Is there a licensing regime for crypto businesses? | No; Bowmans notes there is no framework for registering or supervising virtual asset service providers |
| Is crypto legal tender? | No; the shilling is the only legal tender |
| Are digital asset payments taxed? | Yes, 3% withholding tax under the Finance Act 2024 |
| Is regulation coming? | The Citizen reported on 30 July 2026 that the BoT has completed a regulatory concept for virtual assets, including stablecoins |
Sources: Bowmans via Afriwise (13 May 2025); The Citizen (30 July 2026). As published on 29 October 2026.
For a Tanzanian company, the practical point is that the foreign exchange rules still apply to the underlying trade. Export proceeds must reach the exporter's Tanzanian bank within 90 days whatever form the buyer pays in, so take advice before accepting USDC or USDT for exports.
Where a Helm USD account fits
Helm is a financial technology company, not a bank. Accounts are held with regulated partner institutions. Helm provides USD account details in your company's own name, with a US routing and account number that receives ACH, Fedwire and SWIFT payments, alongside EUR and GBP details.
For a company resident in Tanzania, a Helm account is an account outside Tanzania, so the Governor's permission under the 2022 Regulations comes first. With that permission, it fits as follows:
- Service businesses can give US clients domestic US payment details, so a client pays by ACH as it would pay a US vendor.
- Importers and trading companies can hold dollars and send international payments to suppliers by SWIFT or by local rails in the supplier's currency where available, with the rate, fee and expected arrival shown before sending.
- Exporters must still bring proceeds to their Tanzanian bank within 90 days.
- Stablecoins: Helm accounts can receive USDC and USDT and convert them to USD only where local law allows; given the BoT's 2019 notice and the absence of a framework, take advice before using this feature.
Each account has a named account manager, and review questions are answered in writing within one business day. Trade finance, such as supplier finance, receivables finance and working capital, is arranged case by case. Helm agrees pricing with each business in writing before the account opens, and shows the rate, the fee and the expected arrival before you confirm each payment.
Freelancers and sole traders
Tanzanian freelancers can hold personal USD accounts at Tanzanian banks, and the same 2022 Regulations apply to accounts abroad. Mobile money operators may remit within the EAC and SADC without supporting documents up to set limits, which suits small regional payments rather than dollar earnings from US clients. Check each online platform's own country list, because Wise and Airwallex do not list Tanzania.
Open a Helm account
USD, EUR and GBP accounts in your company's name, with a named account manager.
Open accountQuestions
Can a Tanzanian company open a USD account?
Yes. Tanzanian banks offer foreign currency accounts, and the Foreign Exchange Regulations 2022 require exporters to receive proceeds into an account at their own bank. A resident company needs the BoT Governor's permission to operate a bank account outside Tanzania.
How long do Tanzanian exporters have to receive dollar proceeds?
Under the Foreign Exchange Regulations 2022 (GN 294), export proceeds must be received within 90 days into an account at the exporter's own bank. Export documents must be given to the bank within 7 days after customs procedures are completed.
Can I price goods in dollars in Tanzania?
Not for domestic sales. Since 28 March 2025, the Regulations on the Use of Foreign Currency (GN 198 of 2025) require goods and services in Tanzania to be priced and paid in shillings, and existing foreign currency contracts had 12 months to be amended. Listed exceptions include foreign currency loans from local banks and duty-free sales.
Can a Tanzanian company hold a bank account abroad?
Only with permission. The Foreign Exchange Regulations 2022 state that a resident shall not operate a bank account outside Tanzania unless it is used to settle securities in the EAC or SADC, or the Governor of the Bank of Tanzania permits it.
Are there restrictions on paying for imports from Tanzania?
Imports must be paid through a bank or financial institution, except imports up to $10,000, which may use other means. The goods must be consigned to Tanzania within 90 days, or the importer must notify its bank.
Can a Tanzanian business open a Wise or Airwallex account?
Tanzania is not on Wise's list of countries where customers can hold money, and Airwallex does not list Tanzania as a supported registration location. Check both pages directly, because providers update their lists.
Is crypto legal in Tanzania?
Tanzania has no licensing framework for crypto businesses. The BoT cautioned against virtual currency in November 2019, but in December 2024 the High Court held that trading cryptocurrency is not illegal, and since July 2024 a 3% withholding tax applies to digital asset exchange payments.
Which US banks act as correspondents for Tanzanian banks?
The ITA lists Citibank and HSBC Bank USA for CRDB Bank, Citibank for NMB, JP Morgan Chase and Citibank for NBC, and JP Morgan Chase for Absa. Always take the current details from your own bank.
What documents does a Tanzanian company need for a USD account?
Banks usually ask for the BRELA certificate of incorporation, memorandum and articles, the company TIN certificate, the business license, a board resolution, and identity documents for directors, signatories and beneficial owners.
References
- PKF: Tanzania Foreign Exchange Regulations, 2022 (GN 294)
- Bank of Tanzania: Public notice on the Regulations on the Use of Foreign Currency, 2025 (2 May 2025)
- Clyde & Co: Tanzania's new regulations on foreign currency usage (31 March 2025)
- International Trade Administration: Tanzania Country Commercial Guide, Trade Financing
- Afriwise (Bowmans): Tanzania, court's decision on virtual assets (13 May 2025)
- The Citizen: BoT completes regulatory concept framework for crypto regulation (30 July 2026)
- Internal Revenue Service: Instructions for Form SS-4
This guide is general information for businesses, not financial, legal or tax advice. Rules, fees and timings were checked against the sources listed on the review date and may change.