Great Guide Sir!
One or two things though.
I don't use the CRDB Internet Banking service, but I use the card online. But, the Internet Banking Service is definately a useful service.
I am not sure if i remember the logic correctly, but I remember to have read that due to some BOT regulations, before the funds can be deducted from your account they have to be converted to TZS and then back to USD.
So kwa mfano, if you are buying a $1 item, and assuming CRDB's buying and selling price for $1 are 1300TZS and 1350TZS respectively,
then:
1. CRDB will have to deduct an amount of TZS from you account that will be enough to buy $1 and send it to your supplier.
$1 => 1350 TZS ($1==1350)
2. Since you account is in USD, you will have to buy 1350TZS using USDs in your account
1350 TZS => $1.04 ($1==1300)
So, with the above assumed exchange rate, an item costing $1 will result into $1 and 4 cents being deducted from your account. While if you had a TZS account, 1350TZS will be deducted.
So an item costing $100 will result into $104 deducted from your account.
So there probably may not be an advantage in using a USD account. Na kama income yako ni TZS halafu una-convert to USD ndipo una-deposit kwenye USD account yako, then definately utakuwa unaingia hasara. Kwa sababu conversion itakuwa inafanyika mara tatu:
Once when u deposit, and twice when you are purchasing.
Lakini kama income yako ni in USD, then kuwa na USD account ni convenient, lakini pengine haitakusaidia kuepuka multiple currency conversions.
One or two things though.
You probably don't have to.2. Secondly, and most important, you need to register for CRDB Internet Banking. Without this service, you will have nightmares using PayPal. It simply won't work.
I don't use the CRDB Internet Banking service, but I use the card online. But, the Internet Banking Service is definately a useful service.
Probably not a good idea. I read somewhere that it costs you more if you have USD account, and if the purchases are done in USD.3. Thirdly, I HIGHLY recommend a USD account. I know most of us have TSH accounts. Though TSH accounts works seamlessly with PayPal, I will bet you can't do the same with MoneyBookers. So just get one!
I am not sure if i remember the logic correctly, but I remember to have read that due to some BOT regulations, before the funds can be deducted from your account they have to be converted to TZS and then back to USD.
So kwa mfano, if you are buying a $1 item, and assuming CRDB's buying and selling price for $1 are 1300TZS and 1350TZS respectively,
then:
1. CRDB will have to deduct an amount of TZS from you account that will be enough to buy $1 and send it to your supplier.
$1 => 1350 TZS ($1==1350)
2. Since you account is in USD, you will have to buy 1350TZS using USDs in your account
1350 TZS => $1.04 ($1==1300)
So, with the above assumed exchange rate, an item costing $1 will result into $1 and 4 cents being deducted from your account. While if you had a TZS account, 1350TZS will be deducted.
So an item costing $100 will result into $104 deducted from your account.
So there probably may not be an advantage in using a USD account. Na kama income yako ni TZS halafu una-convert to USD ndipo una-deposit kwenye USD account yako, then definately utakuwa unaingia hasara. Kwa sababu conversion itakuwa inafanyika mara tatu:
Once when u deposit, and twice when you are purchasing.
Lakini kama income yako ni in USD, then kuwa na USD account ni convenient, lakini pengine haitakusaidia kuepuka multiple currency conversions.