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Hi Moneyguru,
We will be holidaying in Namibia and I want to take local currency with me. Where can I get the best deal on Namibian dollars?
Hi there,
In Namibia you can use South African rand interchangeably with Namibian dollars on a 1:1 basis. Virtually all merchants and individuals in Namibia accept South African rand just as readily as Namibian dollars. South African Rand can also be used in Swaziland (1:1 with the Swazi lilangeni) and in Lesotho (1:1 with the Lesotho lothi), which are also part of the same common monetary area.
For this reason, it is important to carefully compare the rates offered by Swiss banks and choose the currency which is old at the best rate. Swiss banks often use a much more favorable rate for South African rand than for Namibian dollars, or may not offer Namibian dollars at all. In some case you may get a better deal buying Namibian dollars.
Example: At the time of writing this, the Zürcher Kantonalbank sold South African rand at 0.0850 and Namibian dollars at 0.1025 - a huge difference for currencies which are valued and accepted 1:1 in Namibia. Buying the most affordable currency could save you a lot of money.
Best regards from Moneyguru
More on this topic:
Foreign Currency: Getting the Best Rates
Credit Card Use Abroad: Which Currency to Choose?
Swiss Credit Cards: Foreign Transaction Fees
