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How To Use The EcoCash USD-Foreign Currency Wallet (FCA Wallet)

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Currency

Last week,  Ecocash introduced the Foreign Currency Wallet which you can use to receive US dollars, cash out US Dollars or even to make forex payments. However, we left you hanging as we didn’t break down how you can get started with the Foreign Currency Wallet. Hers is how you can go about it;

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First off, dial *151# to enter your Ecocash password. After you enter your password, you are presented with a Menu. Then choose option 7, “Wallet services”

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Choose option 5, “ Multicurrency”

Choose option 2, “Change Currency”

There is only one option, so enter 1

Confirm your selection by entering 1,  “Confirm”

You would have successfully changed your wallet into the EcoCash Foreign Currency Wallet

If you want to be sure (extra) sure that you have successfully changed your wallet into the EcoCash Foreign Currency Wallet you can start again to enter the *151#  to go to your Menu. After entering your password you will be presented with this Menu;

As you can see, the EcoCash Foreign Currency Wallet Menu is different from the normal Menu (local currency) wallet as there are no EcoCash diaspora, EcoCash Save services etc.

 

EcoCash

EcoCash is a mobile money transfer facility which is run by Econet Wireless Zimbabwe. The facility has grown in leaps and bounds since its inception and is arguably the largest mobile money transfer agent considering the huge sums of transactions that the platform is said... Read More About EcoCash

13 thoughts on “How To Use The EcoCash USD-Foreign Currency Wallet (FCA Wallet)

  1. Why can’t a single bank in Zimbabwe offer a Textacash type of a Lite FCA account without monthly charges for those with small amounts and who do once off transactions or a few transactions a year

    1. These services exist!! They are called prepaid Visa/MasterCards. Steward, FBC, CABS and BancABC all have these.

  2. So what happens to the money that’s currently in my wallet? Will this be converted to USD? At what rate?

    And does this mean that the wallet is either local or USD, and we can’t use both currencies?

    1. The policy of banks is that you can transfer your money from FCA to Local RTGS bond account but you cannot do the reverse. Once you transfer your Forex into RTGS; it’s now RTGS forthwith.

  3. Still more questions unanswered, Techzim. What’s the meaning of “change currency.”

    Does that imply your old local account is now dead or you must keep flip flopping between the 2, which is dumb.

  4. This is a scary idea. We already have ecocash digital bond ”money” with no matching physical notes. You will most likely give your US dollars to Econet and you will probably never see them again the same way Econet is failing to cash out your bond notes. More worrisome is the loss of your US dollars through government ubiquitous taxes that seem to pop up at the whims of our erstwhile voodoo economics professor Mthuli. No banking arrangement in Zimbabwe pays out interest on bank balances so unless you have lots of US dollars you are much better off keeping the US dollars under your pillow.

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