Money
You are better off bringing
with you all the money you will need (even to Mali in
general). Bring it in cash, large denomination bills
preferably in Euro. For a list of banks in Timbuktu their
locations and hours see below
Travellers checks are complicated. Even banks
don’t like to deal with them. The BNDA (Banque National
D’Agriculture) and BIM (Banque International du Mali) will
change them. You should have your receipts of purchase with
you (be sure to carry them separately from the traveler’s
cheques--you aren’t supposed to have to present these as
there are only incase of loss or theft but... banks here
are complicated and may ask for this proof) If the cashier
is unable to help you ask to see the director of the bank,
he at least should know what to do.
$USD In
Timbuktu the BNDA is the only bank in Timbuktu that can
change US dollars if it is in $20, $50 or $100 bills. The
exchange rates fluctuate and are never very good. Even in
Bamako only the ECO bank changes USD and usually only $20
or higher denomination bills of the newest variety that
means the ones with the big heads AND colour added. At the
“black market” shops on the street that change money the
rate may or may not be better but will give you a lesser
rate for $20's than for $50's or $100's.
Euro is
easily changeable at the BNDA, BIM, or BDM banks or in many
shops around the market. Hotels will likely accept payment
in euro if you are low on CFA. The official exchange rate
at the bank is 655 CFA to the €. Most shops will give you
650 even. This amounts to 500 francs less per 100€, which
seems hardly worth the bother of going all the way down to
the bank and waiting in line especially since the banks
will take a commission that at least equals the difference
in the rates.
All Other Currencies It is basically impossible to
change currencies other than USD and Euro in Mali unless
you find other travellers willing to trade.
Cash Advances At the BDM (Banque de
Developement du Mali) and the, you can sometimes get cash
advances on VISA card. I have never heard about MasterCard
or American Express being used in West Africa. The advance
works with varying degrees of success, though it is
supposed to have improved recently. Expect to spend a long
time at the bank. If the tellers are having trouble ask to
speak with the director.
Cash
Machine (ATM) One has been installed in at
the BDM, the BIM and the BMS where you should be able to
withdraw cash directly from your VISA card. It has a
separate entry from the bank so that you can access it even
if the bank is closed. Many visiters have sucessfully
withdrawn cash from this machine. There have been times
when travellers have found the machine empty of cash and
have had to wait until the bank refilled it to withdraw
funds. Some other visitors have complained of limits on the
amount permitted to be withdrawn a time. I do not know
enough about these machines to know if this is normal, a
condition of certain banks or, a problem with the machine.
I have no experience of the fees charged for such
transactions, ask your bank or VISA provider for more
information.
PLEASE
NOTE: Let
your bank know when you are planning to travel out of your
home country. A list of the countries you intend to visit
and the general time frame should be included. Many banks
will block transactions on a credit card that is in an
unexpected place.
Wiring money The BDM and BIM have Western
Union money transfer that is easy and fast. The person
sending the money needs your full name as it appears on the
ID you will be presenting to collect. Then needs to let you
know the 10 digit code and a test question/answer. Money
will be paid out in CFA. The BNDA and BMS have MoneyGram.
The procedures are basically the same. There are fees
involved for the sender only. On Saturdays BDM is open from
8h00 until 11h30 for western union and BIM from 9h00 to
11h30 and 13h15 to 16h00.
Credit Cards To my knowledge NO business in
Timbuktu has the capacity to take payment by credit card.
There are five Banks in Timbuktu as follows:
BDM
- Banque de Developement du Mali Located on the road heading
south out of town on the pavemement known as the Route de
Kabara past the Stadium. There is a big sign white with
blue lettering on the east side of the road (left if you
are coming from town). Hours are: Monday - Thurday: Friday:
Saturday open for Western Union only 8 am to 11h30
BHM
Banque de l’Habitat du Mali In the same building as the
post office From the place d’independance go south on the
Route de Kabara on the east side of the road past the City
Hall and the SOTELMA offices. It is the last building
before the paved road that goes east towards the hospital
etc. It does not offer services usefull to tourists.
BIM
Banque International du Mali also known as AlWafiya. South
of town on the route de Kabara past the BDM on the west
side of the road it has a huge sign in red and yellow; the
tall plastic kind that can be lit up inside. Its hours are
Monday to Thrudsay 7h30-11h30 and 13h15-15h00; Friday 7h30
-11h30; Satuday 9h00 - 12h00. It is open for western union
only for longer hours Mon-Thursday untill 17h30, Friday
afternoons from 13h15-15h00 and Satudays untill 12h30 in
the morning and untill 16h00 in the afternoon.
BMS
Banque Malian de Solidarite Located just a little ways
south of the Maison des Artisans or just north of the Hotel
Columbe. It has a cash machine in the south end and does
money gram transfers
BNDA
Banque National D’Agriculture The farthest bank south on the
Route de Kabara past the BHM, BDM and BIM and keep going.
It is on the east side of the road and you have passed it
if you get to the LybiaGas fuel station the signs are green
on white It is the only bank that changes US dollars and it
does money gram transfers. It may also have recently
installed a cash machine but I have yet to confirm
this.