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EcoCash Silently Increases Wallet-To-Bank Fee

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Phone showing EcoCash USSD menu

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.

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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.

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Also read: Here’s How You Can Use EcoCash To Buy $1 Airtime

Also read:EcoCash Reversals Are Much Easier Now As EcoCash Launches Self-

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6 thoughts on “EcoCash Silently Increases Wallet-To-Bank Fee

  1. If you have MyCash card its the cheaper way to load the card from Ecocash, its not wallet to bank but pay marchant.

  2. 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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