Up, up, up and everything goes up. EcoCash silently increased the wallet-to-bank charges from $1 to $2. The wallet-to-bank transaction allows EcoCash holders to move money from the mobile money platform to into their bank account.
In another words, the wallet-to-bank transaction moves money from the EcoCash ecosystem to the banking ecosystem which is not in the best interest of Econet as I once pointed out. By increasing cost of doing this transaction, EcoCash is encouraging users to keep their moolah in it’s ecosystem.
The only good news I have is that the charge is still a flat fee regardless of how much you move from EcoCash into your bank. That means that even if you want to move $3 or $500 from EcoCash into your bank account, you are still charged a flat fee of $2. By the way, the maximum amount of money you can individually move from EcoCash to into your bank account is still $500. If you want to move more than $500 then you gonna have to move it in batches. How tedious.
6 thoughts on “EcoCash Silently Increases Wallet-To-Bank Fee”
Bank to wallet was also increased
Does it include steward account?
Actually most banks are charging 2% of the value transacted banks such as Nedbank
If you have MyCash card its the cheaper way to load the card from Ecocash, its not wallet to bank but pay marchant.
what would be the merchant code for mycash account
I have to declare my interest. I am the CEO of Cambria and Paynet is our subsidiary which is promoting salary payments to EcoCash subscribers. I think it is fair to add that some banks are charging the greater if $5 or 1% of value to move funds from a bank account to a wallet. Perhaps if you do a story of this kind you should survey all charges – part of the problem is that EcoCash has to use the Postilion Switch to map accounts and this switch costs the banks US$1.8 million per switch per bank and annual upgrade fees of US$340,000 per switch per bank. I believe EcoCash is charged a significant fee – possibly in USD to conform to this per bank. Also note the $500 limit will most likely be raised significantly once the regulator approves it and that would make the percent charge less. Already customers with better documentation have higher limits.
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