On Monday 12 December 2016, the Reserve Bank of Zimbabwe decreased all local banks cash withdrawal charges with immediate effect to 1% for ATM withdrawals and 1.25% for Over-the-Counter withdrawals.
According to the RBZ, the new charges are part of its financial inclusion drive which allows previously disadvantaged and low-income segments of society access to affordable financial services.
So with this news, Techzim decided to do a quick comparison between the bank charges and the next most popular form of accessing cash, mobile money.
We compared the new over-the-counter cash withdrawal charges with cash-out charges from EcoCash, TeleCash and OneWallet ( tariffs taken from each of their websites) and below is a table comparing the different cash withdrawal charges:
| Withdrawal Amount | EcoCash | TeleCash | OneWallet | Bank Over-the-Counter @ 1.25% |
|---|---|---|---|---|
| $10 | $0.30 | $0.25 | $0.15 | $0.125 |
| $20 | $0.60 | $0.50 | $0.30 | $0.25 |
| $30 | $0.90 | $0.75 | $0.45 | $0.375 |
| $50 | $1.50 | $1.25 | $0.75 | $0.625 |
| $100 | $3.00 | $2.55 | $1.50 | $1.25 |
| $200 | $3.90 | $3.60 | $3.00 | $2.50 |
| $500 | $4.95 | $4.70 | $5.55 | $6.25 |
As the table above shows the new tariff adjustments have made banking the cheapest mode of accessing cash now.
Techzim is aware that neither of the above options actually guarantee the availability of cash but in theory, your best and cheapest bet would be to access cash from the Bank especially if bond notes eventually ease the current cash crisis.
It’s yet to be seen if the RBZ eventually decreases cash withdrawal charges on mobile money platforms as well as or would allow them to stay as is to try and attract more people to formal banking practices.
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2 comments
True but getting cash from Ecocash, Telecash and one wallet is easier and convenient. You wont find a Stan Chart in Dotito or Nyika growth point
What is 1% and 1.25% of $500? Did you intentionally over look that?