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This is how much your Bank charges for a bank-to-EcoCash wallet transfer

RBZ, Central bank Zimbabwe, Zimbawean Financial Institutions, Monetary Policy Committee

Banks integrated with EcoCash offer their clients a transfer facility to move money between their bank account and Ecocash mobile wallet with each bank charging its own set transaction fees for bank-to-wallet transfers whilst EcoCash charges a flat fee of $0.50 for wallet-to-bank transfers.

If you have ever wondered how much it costs to make a bank-to-wallet transfer Techzim took the liberty to find out how much each bank charges, below is a list of each Bank integrated with EcoCash and the transaction cost of making a bank-to-wallet transfer including the recently integrated POSB

NB:

  • “Flat Fee” remains constant regardless of the amount
  • The minimum fee means that all transactions will attract the minimum fee until such a point that the ” % of the amount” is higher than the “minimum fee”, thus attracting a higher transaction fee
Name of Bank Bank-to-EcoCash Transaction Fees
Stanbic Bank$0.50 (flat fee)
Steward Bank 1% of amount
CBZ $2.55 minimum, 2% of amount thereafter
BankABC $1 (flat fee)
NMB $3 (flat fee)
ZB $2 minimum, 1.25% of amount thereafter
POSB $2 (flat fee)

So, if you were to transfer $20 from your bank account to EcoCash this is what you will get charged:

Bank Transaction FeesTransaction Cost
Stanbic Bank$0.50 (flat fee)$0.50
Steward 1% of amount$0.20
CBZ $2.55 minimum, 2% of amount thereafter$2.55
BankABC$1 (flat fee)$1
NMB $3 (flat fee)$3
ZB$2 minimum, 1.25% thereafter$2
POSB $2 flat fee$2

For $100:

Bank Transaction FeesTransaction Cost
Stanbic Bank$0.50 (flat fee)$0.50
Steward 1% of amount$1
CBZ $2.55 minimum, 2% of amount thereafter$2.55
BankABC$1 (flat fee)$1
NMB $3 (flat fee)$3
ZB$2 minimum, 1.25% thereafter$2
POSB $2 (flat fee)$2

And since EcoCash has a cash-out limit of $500, here is what you get charged for it:

Bank Transaction FeesTransaction Cost
Stanbic Bank$0.50 (flat fee)$0.50
Steward 1% of amount$5
CBZ $2.55 minimum, 2% of amount thereafter$10
BankABC$1 (flat fee)$1
NMB $3 (flat fee)$3
ZB$2 minimum, 1.25% thereafter$6.25
POSB $2 (flat fee)$2

Transfers between bank accounts and EcoCash became popular once the cash crisis started affecting most informal traders operations. The informal sector adopted EcoCash as its payment option as they could then “hustle” for a cash out from any one of the many EcoCash agents.

In Zimbabwe, informal traders remain largely unbanked relying on platforms like EcoCash to transact. The transaction fees differ depending on the Bank but what was interesting is that Steward Bank failed to remain competitive as the amount transacted increased.

Steward Banks 1% flat fee works well when clients are moving around small amounts of money, offering the cheapest option, but as figures increase, its the flat fees of Stanbic, BankABC and POSB that stand out.

Nonetheless Techzim felt it was important to share this information as most people were not aware they were even being charged in the first place.

 


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14 thoughts on “This is how much your Bank charges for a bank-to-EcoCash wallet transfer

  1. What am I even still doing at Steward Bank – surely being the ECONET’S OWN BANK they should be the cheapest for all this – MXXXXXXM!

    1. That’s true. What’s the point of owning the platform when they charge more than 3rd parties….

    2. allaz thats true….the guys are sooo insane, all my friends are leaving the bank. why steward bank, a poor bank after all….

  2. I don’t agree with you on the NMB charges. I use NMB and regularly do transfer money into my wallet with my recent transfer on the 28th of December for $57.00 attracting a $0.95 charge. I don’t know what percentage that is. At one time L transferred $500.00 and was charged $4.95. Apparently I called the NMB guys at Joina City and they told me that they charge the same rates charged when you send money to someone via Ecocash. It’s quite expensive I guess.

    1. I guess NMB is cheaper for the lower amounts. The $3 fee stated there is a lie. I get charged anything from about 80c to $2+ for transfers ranging from $5-$200, which are my most frequent transfers.

  3. This is unacceptable, this used to be free and banks are now trying to milk the public. Has the RBZ sanctioned these outrageous charges?? banks should stop this form of capitalism and profiteering

  4. haaaa guys you may say other banks are bad bad steward bank is one worst bank.
    one it doesnt have many branches but they still inviting people to come and also doesnt care for its clients…..they harassed me, the one near proxy oina city…kkkk i hate to say it but the bank must be closed, i ll find another.

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