This adjustment in charges applies to any customer taking advantage of Zimswitch interoperability and withdrawing money from a non- native ATM, which is another bank’s ATM facility.
There is no indication of where the price increase is stemming from, and it would be presumptuous to point fingers at the banks for the increase. Whichever way it’s justified, the move will comes off as another attempt by financial institutions to boost revenue, albeit at the cost of the depositor.
Its generally perceived that local financial services are overpriced, so the likely outcome will be an avoidance of these Zimswitch powered withdrawals. Unfortunately this actually defeats the whole point of Zimswitch interoperability.
It’s also not so convenient when you are using a bank that has a limited number of ATM facilities, in which case a once off withdrawal would be the best way to avoid numerous $3 penalties. The other option which is to transfer money from a bank account to a mobile money wallet for cash outs, though more convenient, will end up costing more than a Zimswitch withdrawal.
There is of course the option to make payments via Zimswitch POS terminals. This is only relevant for retailers and service providers that have the terminals in the first place, and if the Zimswitch POS transactions fees aren’t raised in the weeks or months to come.