Recently we wrote about what appears to be an emerging trend of local banks refusing to accept incoming USD (United States Dollars) international transfers into local accounts.
We also noted that the most affected would be those online soloprenuers who receive USD payments via wire transfer from various online platforms.
If this turns out to be a sustained change in the banking sector in the coming weeks and months, this will be a great deal because most platforms that one can make money online mostly pay out in USD because they are United States based.
Local banks shutting down this avenue of getting paid will only reduce the options available and make things increasingly difficult for local individuals making a living online.
It will also affect expatriate Zimbabweans who receive salaries in USD into local bank accounts.
It is not fully clear why banks that are now rejecting incoming transfers in USD into personal accounts still accept incoming USD into corporate accounts.
These same banks such as CABS seem to only accept incoming transfers into individual accounts if in South African Rand (ZAR), Botswana Pula (BW) and Euro (EUR).
In case someone out there is stranded and failing not only to receive online payments for jobs done but generally incoming transfers even as an expatriate, the following are some Zimbabwean banks still accepting international incoming transfers in USD into individual accounts.
This list is correct as at 15 July 2016
Next to each bank is the required initial deposit once new personal account application as been approved.
These banks are also doing outgoing transfers in USD but with varying lead times.
- Barclays Bank (US$300)
- MBCA – (US$20)
- CBZ – (US$20)
- Stanbic Bank (US$20)
- BancABC (US$20)
- FBC Bank (US$30)
- EcoBank (US$20)
- Standard Chartered (new accounts currently suspended)
Below are banks which no longer accept or have never accepted USD incoming transfers into personal accounts
- NMB Bank Limited
- ZB Bank
- Steward Bank