If you're moving to Malawi, here's how to manage your money

Whether you're transferring your salary or paying local rent, banking in Malawi works differently from what you're used to.

Banking Overview in Malawi

Opening a Bank Account in Malawi

Foreigners can open bank accounts in Malawi. The process difficulty is rated as medium, which means you should expect some bureaucracy and possibly language barriers.

Required Documents

• Valid passport or national ID
• Proof of address / residence registration
• Residence permit (if applicable)
• Tax identification number (if available)
• Initial deposit (amount varies by bank)

Digital Banking Options

Wise (TransferWise)

Wise has limited availability in Malawi. While you may be able to send money to Malawi, full local account features may not be available. Check their website for the latest on Malawi-specific services.

N26

N26 is not currently available in Malawi. You may need to consider local digital bank alternatives or traditional banks.

International Transfers

When transferring money to or from Malawi, consider these factors:

• Exchange rate: The currency is MWK. Always compare the offered rate with the mid-market rate.
• Transfer fees: Transfer fees vary — compare providers like Wise for the best rates.
• Transfer speed: Bank-to-bank (SWIFT) transfers take 2-5 business days. Digital services often complete within 1-2 days.
• Regular transfers: If sending money home regularly, set up a recurring transfer to lock in better rates.

Salary and Everyday Banking

The average salary in Malawi is approximately €107 per month. Your employer will typically require a local bank account for salary deposits. Most banks offer:

• Debit card (Visa or Mastercard)
• Online banking portal and mobile app
• Direct debit setup for rent and utilities
• ATM withdrawals (check fee policies)

Tips for Expats

1. Understand tax reporting: Bank interest may be taxable. Ask your bank about withholding tax and whether they report to foreign tax authorities.
2. Use a multi-currency card: A multi-currency travel card (Wise, Revolut) saves you exchange fees during the transition period.
3. Get a local phone number first: Most banks require a local mobile number for SMS verification. Set this up before visiting the branch.
4. Set up online banking immediately: Most routine transactions can be handled online or via app, saving you queues and branch visits.
5. Carry cash for the first week: Card acceptance varies. Have enough local currency to cover taxis, meals, and small purchases until your account is active.