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[Updated]:Answers To Your Burning Questions About Individual Foreing Currency Accounts (FCA)

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ZimSwitch (ZIPIT) enabled card placed on top of USD in cash

What has just happened?

In the morning we had written the following:

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If you have a foreign currency account (FCA), you can nolonger withdraw your forex to buy or pay some stuff in Zimbabwe. That means when you go to the bank to withdraw your money in the FCA you will receive Zim dollars (RTGS dollars- RTGS money, bond notes and coins).

But if you want to use the money in the FCA to pay for some stuff in a foreign country then you can make the payment from your bank account.

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N.B some people are saying that they managed to withdraw forex this morning from some banks but I think soon it will be stopped.

But the Reserve Bank of Zimbabwe has u-turned their position and now it’s saying individuals can still withdraw their forex. But in the coming days it won’t be possible to withdraw the money as forex

So you can hurry to your bank now and take your precious forex.

What will be prices quoted in?

Since Zim Dollar is now the legal tender, all prices of anything that’s sold within Zimbabwe will be quoted in Zim Dollars (except for airline tickets). That’s why you are no longer required to withdraw forex because theoretically you can’t you can’t use in Zimbabwe since all things are bought and sold in Zim dollar.

What about receiving remittances (money sent by relatives and friends outside Zimbabwe)?

You can still receive your sent money as forex through Western Union, Moneygram and all the remittance companies.

I receive remittances through the FCA, does it mean that I’m withdrawing the money in Zim dollars and not forex?

No you can withdraw it as forex. There are two types of Nostro accounts for individuals. There is what’s called Nostro FCA and what’s called Individual Nostro FCA.

Nostro FCA is the one where you have to withdraw the money as Zim dollars.

But with Individual Nostro FCA, you can withdraw your money as forex.

If you have Nostro FCA and want to receive remittances in its best if you first talk to your bank and ask whether you can withdraw it as forex. Maybe you can or maybe they can ask you to open the Individual Nostro FCA.

What if I want to buy forex to use in a foreign country?

Yes, (theoretically) you can buy forex on the Interbank market to use in a foreign country. But you can only buy a maximum of $2000 on the Interbank market

Can you send and receive money locally between FCA accounts?

Not anymore. Actually you can only send and receive money between 2 FCA (if the transaction was done before 24 June) up until the end of this month. Afterwards it wont be possible. This is where the RBZ says it:

………existing Nostro FCA (Domestic) shall be allowed to receive deposits up to 30 June 2019 to enable account holders to deposit their cash holdings realised from trade undertaken before 24 June 2019.


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15 thoughts on “[Updated]:Answers To Your Burning Questions About Individual Foreing Currency Accounts (FCA)

  1. So Individual Nostro FCA, you can withdraw your money as forex. – is this more like when you are working for an NGO and our salary is deposited in that account ….

    Whats the real difference between a Nostro FCA and Individual Nostro FCA

  2. May you please answer:will a person will money in their Nostro FCA be required to liquidate to ZimDollar then buy Forex cash in order to Pay Zimra for such things as duty for a vehicle. In other, are these changes forcing people to buy their own Forex to pay Zimra for duties?

    1. No, if you want to pay Zimra forex duty then you can just make the payment using the FCA account. There’s no need to withdraw as Zim dollar and then buy forex again. By using FCA to pay Zimra, its as good as giving them forex in cash. I hope I answered you

      1. By using FCA to pay Zimra, is it not a local transaction?? I thought ZIMRA was supposed to be paid using RTGS since it’s now illegal to use forrex in Zimbabwe.

  3. You mean Nostro domestic for trading and nostro individual for free funds donations and cash deposits ???

  4. Alvin can you please answer the first question where someone asked about salaries paid by NGOs. Do people still get their cash as USD/forex? Are these accounts Individual Nostro FCA or they are just Nostro FCA?

  5. What about NGOs will it be possible for the organisation to transfer employee salaries in foreign currency to their FCA Nostro

  6. What about Visa international debit cards can they still be used if you got an individual nostro account. How will people be able to pay for they kids university fees does one have to apply to reserve bank this whole thing is not making sense it has totally caused confusion and it should of not immediately been implemented the should of introduced it in the next few months they should of told people then given them months to sort they finances out this is not going to work

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