Zimbabwe and regional technology news and updates
Following up on the article we posted on local currency swipe limits, we thought it would be interesting to compare all the major banks’ local (ZWL$) currency charges.
The following is for the basic or entry-level personal accounts only. Charges are also for local currency accounts and where transactions are concerned the IMTT or 2% tax is assumed.
The service fee that you are charged per month on your account.
Bank fees for withdrawing local currency over the counter at the bank branch.
Point-of-Sale or swipe charges are differentiated from ones where you use that bank’s card on its POS machines and swiping your bank’s card on another bank’s POS machine.
There appears to be a different fee (with some banks) for Real-Time Gross Settlement (RTGS) transfers depending on whether you did the operation in the bank or on mobile/internet banking platforms.
Charges for paying ZESA, internet, school fees using your local currency bank account (the assumption is that this is mainly for mobile and or internet banking platforms)
Local currency account bank charges for checking your balance, the bank charges here would be for each enquiry you make.
Wow, thanks guys. I have been requesting for this and you finally answered. Keep it up. Standard Chartered should fear God! That bank maintenance charge compared to competitors is ridiculous.
Fantastic information — thank you thank you. Any way of printing this out so that all figures show?
Stanbic kuchipa kurikwegs here kana kuti kuvandira
But stanbic charges 100rtgs per transaction on everything I have noticed
Very true …i bought $100 airtime and they charged me $100 for that
Stanbic OTC withdrawal is 3%, whilst ATM is 2.5%. On their website, they habitually do not update their tariff schedules, only updating the new tariffs notice. I think they do it intentionally. 🤷🏾♂️
Banking is expensive now in Zimbabwe compared to 21 years ago
Bank charges seem to be primary sources of income now.
Kakara kunu a kudya kamwe. Tapera vanhu we. Vakuru vakataura.
Then expect the country to progress from 4th world to first world? With these leaches firmly stuck into our flesh?
Banks should profit from interest income. That’s how economies grow, when you lend to inspire production, not this free meal mentality of ZPF and their co-hots all competing to fleece citizens.
Blockchain is our future banks,cryptocurrency is our future money.
Ko nezipit? Is the same ne RTGS?
Now we need an article on service delivery. This one am sure will unearth a lot of rot, especially NMB Bulawayo Branch I surrend. They have only one branch in BYO and yet only 2 tellers will be working . Lord help us
Its criminal in such a depressed society. I suspect “greed” without any form of regret. Reprehensible.
Thank you so much,been in search of these charges
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