Standard Chartered Bank has notified customers of increases on a number of fees they levy. The bank says this has been necessitated by increases in pricing by some of their service providers.
The fee changes are for their ‘Priority Banking’ customers. Here are the fees that have changed:
| Transaction Type | Current Fee | New Fee | % Increase |
|---|---|---|---|
| Account Maintenance | $15 | $25 | 66% |
| Zimswitch POS | $0.10 for txns below $10 $0.45 for txns above $10 | $0.19 for txns below $10 $0.85 for txns above $10 | 90% |
| EcoCash Bank to Wallet | $1 for txns below $100 $2 for txns above $100 | $1.50 for txns below $100 $3.00 for txns above $100 | 50% |
| RTGS (transfer) | $4.95 | $10.00 | 102% |
| Service Fee | $0.60 per txn | $0.99 per txn | 65% |
| Outward Telegraphic Transfer | 1.55% (Min $30 and Max $160) | 2.50% (Min $30 and Max $350) | 61% |
| Cash Withdrawal (RTGS and Nostro) | 1.25% of Amount | 2.25% of Amount | 80% |
| ATM (RTGS and Nostro) | 1% of Amount | 2% of Amount | 100% |
| Deposit of Soiled USD Notes | Free | 10% of Amount Deposited | RIDICULOUS |
Headlines
- Your dirty money is gonna cost you big time. This is not as ridiculous as it sounds though, we will explore the issue of dirty money in another article.
- There is no escaping Mthuli Ncube’s tax. It only applies for non withdrawal transactions but Standard Chartered now makes sure you lose 2% of your money when you withdraw on the ATM and 2.25% when you do it at the counter. And they don’t care even if it’s hard currency.
- Price hikes in Zimbabwe are almost as funny as they are sad: 102% increase!
- It’s not their fault…
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One response
Things have gone up no doubt but their turnover and profits tell a. Different story… From the onset mthuli 2% should have been cushioned by a reduction in bank charges…I mean if bank charges were reduced by day 1% no one would have bated an eye but alas this government is determined to make us suffer… If there’s an ecocash hike then purple will set away from mobile money as well