After the article we posted this morning in regards to Standard Chartered bank cancelling Visa card payments outside of Zimbabwe, it has now come to our attention that this is just for the physical card, when one travels and not online payments, for now.
Confirmation has been made by both a client who banks with Standard Chartered and a phone call to the bank, that the ban does not affect online transactions.
This will prove to be somewhat of a relief to clients, albeit, by the bank’s current actions, it’s a signal of what’s to come, as clients who travel can still make their payments (asking the merchant for their online details and making the payments there instead) r by seeking approval from the bank prior.
With the country currently running out of United States dollars, the bank is probably taking measures to limit the scarce foreign currency in their Nostro accounts, though from tweets we’ve seen from clients, this actually started last year.
No data is available at the moment as to how many people are affected by this new measure, but we’d be interested to know whether you make online payments and if you do, ballpark, how much per annum do you spend.
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I use my card for fees payments to ACCA, so this is a big deal for me. Am sure a lot of Zim students make payment this way since TT are now a dream.
I use my VISA to pay ACCA as well and other online services like Netflix etc. Probably anywhere from $500 to $1000 a year. I certainly will not appreciate the day the banks stop VISA cards altogether! When that happens, we shall be straight back to the Zim dollar days where we won’t be able to use our own money outside the country without resorting to money laundering…
In light of all this just wanted to know a few things since am planning a journey to Zim
1. Can i withdraw money from an ATM using a foreign issued MasterCard if so which bank have you used?.
2. If YES to 1. Do withdrawal restrictions also apply here.
Hey there Tonde,
1. Few ATMs accept cards from other banks, so doubtful you’ll get cash.
2. If you can get cash, withdrawal limits will apply.
Also, if you do get cash, it will be in bond!!! Very painful! Experienced it when I was home for the holidays.
If you can help it and if your requirements are not that high, I would advise you to bring your USD from where you are.
If you can send money by Moneygram or Western Union or any other money transfer service, you have to get your money in USD and then bond notes as a percentage under the diaspora incentive.
The worst that they do is to say that they have no money….and linked MTAs will offer transfer that money to you Ecocash!
That violates the agreement with the MTA
I threatened the fools that said that to me not knowing that it was the proverbial equivalent of fiddling with a lions testicles… let’s just said, after all sorts of threats and escalations, I got my money.
Withdrawal restrictions first applied on SC ATMs, until they eventually stopped dispensing the money.
Don’t expect that it will be any easier, if not worse, for you.
i am already outside Zim and a student. my parents deposit Fees and upkeep funds into an account and i draw using my VISA Card. how will i be able to access upkeep money. i can not travel home just to get this sorted out.
You have to send an application to the bank attaching tickets and proof that you are in college. You should also state how much you use for your upkeep during the time you will be there.