Everything About Money in North Macedonia
North Macedonia is a beautiful country with rich history and culture. But, if you're planning a trip to North Macedonia, it's essential to know everything about managing money while you're there. In this article, we'll cover everything you need to know about money in North Macedonia, including currency, payment methods, taxes, and budgeting tips.
Everything About Money in North Macedonia
Currency:
The official currency of North Macedonia is the denar (MKD). It's best to have some local currency on hand, as many businesses, especially in rural areas, only accept cash. Banknotes come in denominations of 10, 50, 100, 200, 500, 1000, 2000, and 5000 denars. Coins come in denominations of 1, 2, 5, 10, and 50 deni.
Withdrawing Money:
ATMs are widely available throughout North Macedonia, and most accept international cards. However, it's always a good idea to check with your bank before you travel to ensure that your card will work in North Macedonia. You may also want to let your bank know that you'll be traveling to North Macedonia to avoid any issues with fraud prevention.
Cash Exchanges:
You can exchange currency at banks, exchange offices, and some hotels. It's recommended to exchange money at official exchange offices or banks to avoid scams. Exchange rates may vary, so it's best to compare rates before exchanging.
Banks:
Banks in North Macedonia operate from Monday to Friday, from 08:00 to 16:00. You can exchange currency, withdraw cash, and use other banking services at branches.
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ATMs:
ATMs are widely available throughout North Macedonia, and most accept international cards. However, it's always a good idea to check with your bank before you travel to ensure that your card will work in North Macedonia. You may also want to let your bank know that you'll be traveling to North Macedonia to avoid any issues with fraud prevention.
Paying with Cards:
Credit and debit cards are becoming more widely accepted in North Macedonia, especially in larger cities like Skopje and Ohrid. However, it's always a good idea to have some local currency on hand, as many businesses still prefer cash.
Income Tax for Foreigners:
If you work in North Macedonia as a foreigner, you'll need to pay income tax. The amount of tax you pay depends on your income and your tax status. You'll also need to file a tax return at the end of the year.
Taxes for Foreign Companies:
Foreign companies doing business in North Macedonia are subject to corporate income tax. The tax rate is 10%, and it applies to all companies, regardless of their legal form or ownership structure. Companies must file a tax return and pay their tax liability within 60 days of the end of the fiscal year.
Conclusion:
Managing money in North Macedonia doesn't have to be complicated. By understanding the currency, payment methods, taxes, and budgeting tips, you can make the most of your trip without worrying about financial issues. Remember to have some local currency on hand, check with your bank before you travel, and compare exchange rates before exchanging currency. With a little bit of planning, you can have an enjoyable and stress-free trip to North Macedonia.