Just hours after Steward Bank announced that their MasterCard Debit Cards can only be funded by USDs yet some other bad news comes. Stanbic Bank has announced that their foreign card payment limits have been revised down. Tweeted Stanbic Bank Zimbabwe,
Our foreign card payment limits have been revised to $500, $1000 & $1500 per month for Silver/ Blue, Executive & Platinum cards respectively.
The limits for the Silver/ Blue card used to be $500 per day and that was revised to $500 per week. Now the limit is now $500 per month. If the foreign currency challenges the country is experiencing persist, it is only a matter of time before further revisions are done.
These cards though can still be funded by RTGS, bond notes or whatever you want. They are not demanding pre-funding in USD like Steward Bank is but as mentioned above if the prevailing foreign currency challenges we are facing persist this will probably change too.
If after reading this you are thinking tomorrow you will wake up early in the morning and head to Stanbic Bank to open an account, think again. Stanbic has not been opening new accounts for about a year now.
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