- Download our Moving to Angola Guide (PDF)
Managing banking, money and taxes in Angola can be a little challenging. While working in the country, you will probably have to get used to new ways of receiving payment, conducting your banking affairs and paying taxes.
Money in Angola
The country’s currency is the Kwanza (Kz or AOA), which is divided into 100 centimos.
The following denominations are available:
- Notes: 5 AOA, 10 AOA, 50 AOA, 100 AOA, 200 AOA, 500 AOA, 2,000 AOA, and 5,000 AOA
- Coins: 1 AOA, 2 AOA, and 5 AOA
Banking in Angola
In the past, most expats preferred to maintain only foreign accounts and have their salary paid into those accounts. As of late 2020, all workers from abroad are legally obligated to have a local bank account for their earnings to be paid into. Account holders may then transfer the money to another account, such as their overseas bank account, or they can convert the currency if they wish.
Opening a bank account as a foreign worker requires extensive documentation, including the account holder’s passport, work permit, employment contract, and visa.
ATMs
Not all ATMs in Angola allow access to offshore accounts – and when they do, fraud concerns are present, and the charges are exorbitant. You are probably better off using your local account.
Credit and debit cards
A few hotels and restaurants accept foreign credit cards in Angola, but most places don’t. You should reconsider using credit or debit cards in Angola, since safeguards against identity theft aren’t always sufficient. You may also incur additional charges when using an international card.
If you have to use a card, you should be vigilant about checking balances online and ensuring that all debits reflected on statements are accounted for.
Taxes in Angola
Income tax in Angola is calculated on a progressive scale from zero to 25 percent. Beginning in 2027, Angola is making significant reforms to the tax system. For this reason, and because expat tax is a complicated issue, we recommend hiring an experienced expat tax adviser.