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#Mobile Money

EcoCash Hack: Here’s how you can pay less transaction fees

   

I went to an EcoCash Agent to withdraw the $60 I needed to buy a ticket for the Startup Weekend. I had $62 in my EcoCash wallet in my EcoCash wallet then. When I tried to make a withdrawal, I got this message:

econet-ecocash1

I didn’t realise that the transaction fee for withdrawing $60 is $2.30 so I could not only take out $59.

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econet-ecocash.2

But $59 wasn’t enough therefore not an option. So I needed to be creative and find a way to beat the system. How could I take $60 out when I have less than $62.30 in my account? The vulnerability in the EcoCash system is in it’s pricing.

tariffs

It costs $2.30 to withdraw $60. But it costs $1.50 to withdraw $50 and $0.30 to withdraw $10.

So $1.50 +$0.30=$1.80.  By cashing out $50 and then $10, I was able to take my $60 out and I still had $0.20 left in my account.

ecocash3

I can’t wait though for the day when all transactions fees will go down to a thousand satoshis


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