Remitbee Launches Remittance Service to Tanzania

Jambo! We are constantly working to expand our global reach for online money transfer services, and we’ve recently added Tanzania to the list of countries that you can remit money to. You can now use Remitbee to get some of the most competitive CAD to Tanzania shilling (TZS) exchange rates and send money quickly and securely to your loved ones. What’s more, transfers of $500 and over are free.

All about Tanzania

Tanzania is a stable East African country. The islands of Zanzibar and Pemba are part of Tanzania as well, and are located in the Indian Ocean. While politically stable, the country is economically depressed. In terms of nature, however, it is rich in a great source of natural wealth. This is due to the country housing both the Serengeti National Park and Mount Kilimanjaro, two world-famous natural wonders. The Serengeti is an ecosystem stretching over thousands of kilometres that is home to species of wildebeest, zebras, and the unique honey badger and Nile crocodile. Many visitors come to do safaris and experience the natural wonders that the park holds. Mount Kilimanjaro is also fascinating to Tanzanian tourists, and humans have tried to conquer the 20,000 foot mountain ever since the 1800s when the first recorded person reached the summit. It holds the prize for the highest mountain on the continent and the highest freestanding mountain in the world. So far, the quickest recorded time anyone has climbed the mountain is 5 hours 38 minutes and 40 seconds.

Tanzanian people

Tanzania benefits from a diverse ethnic grouping, and unlike some other African states, there is no one largest ethnic majority. The Sukuma, however, are in numbers the largest distinct group. The Hehe, Gogo, and Haya peoples are also some of the more recognisable groups. On the island of Pemba, the eponymous Pemba group dominates, along with Somali, Arab, and other groups who moved there. The Hadimu and Tumbatu are the major peoples on the island of Zanzibar. Like Kenya and Uganda, part of the history of the people of Tanzania comes from Asia. Asians, mostly Indians, immigrated during the colonial period and were traders. There has been a decline in that population since independence however, with many of these Tanzanian-Indians emigrating to make their home elsewhere in the world.

Tanzanian Canadians

In the period between 1973 and 1983, many non-black Africans left Tanzania in a steady wave of emigration to Canada. These were mostly people of Indian descent. Two factors influenced this. First, Tanzania gained independence in 1961, and Canada passed the Immigration Act in 1978 that allowed close relatives to be sponsored for immigration. The total number of recent Tanzanian immigrants in Canada as of 2016 was 20,600. The majority of immigrants from Tanzania live in the province of Ontario (11,445). There are also some in other smaller communities around Canada. After this, the largest numbers of Tanzanian immigrants live in the provinces of Alberta (4,510), British Columbia (3,020) and Quebec (1,115) respectively. Many Tanzanians in Canada still maintain ties with their home country. For Tanzania in Canada looking to exchange CAD to Tanzanian shilling (TZS), Remitbee can help. We offer high security, low and transparent fees, and a good exchange rate on Canadian Dollars to Tanzanian shilling (TZS). Our transfers also go directly to Tanzanian bank accounts.

Partner banks in Tanzania

There are a large number of banks serving the 58 million people of Tanzania, around 41 in total. The Central Bank of Tanzania issues the currency and oversees monetary policy since it was established in 1965. In terms of assets three of the largest banks hold half of all the assets in the sector. They are CRDB Bank, National Microfinance Bank (NMB) and the National Bank of Commerce (Tanzania). These three reported holding 2.526 billion US dollars (USD), 2.369 billion US dollars (USD) and 0.908 billion US dollars (USD) respectively. The rest of the sector is far behind the “big three”. Standard Chartered, Stanbic, Exim Bank, Diamond Trust Bank and Barclays round out the top bank list. Microfinance is a big part of the financial services sector in the country, and so are community banks. The six community banks are Kilimanjaro Cooperative Bank, Maendeleo Bank, Mufindi Community Bank, Mwanga Rural Community Bank Limited, Tandahimba Community Bank Limited and Uchumi Commercial Bank Limited. The microfinance banks include EFC Tanzania Microfinance Bank, Finca Microfinance Bank and Yetu Microfinance Bank.

Sending money to Tanzania for a low fee at a great exchange rate is what Remitbee is all about. We offer easy CAD to Tanzanian shilling (TZS) transfers. Your money will be sent quickly and in a secure manner directly into a Tanzanian account. Just sign up and verify your account with your family or friend's info to initiate a transfer. We’ll handle the rest.