No doubt the talk of town still is the recent changes to Zimbabwe’s currency regime. The first reaction from ordinary individuals like you and I was of course panic and nervousness. The dust seems to be settling now.
Your remittances money is yours
The monetary authorities have clarified that forex you receive into Zimbabwe from your friends and family outside our borders is yours to receive in whatever form you like.
You can receive money from friends and loved ones or even from companies or organisations within the limitations of the RBZ directive:
Under this framework, in addition to person to person remittances, a (bank or a) bureau de change may receive and pay out international remittances sent by International Organisations, Non-Governmental Organisations, etc., who will be sending salaries, pensions, donations, gifts, prize money, relief aid and corporate social responsibility contributions. For the avoidance of doubt, business to person transactions shall be restricted to inward transactions only.
Then Steward Bank
Steward Bank has issued out a guarantee that they will pay out in cash the full amount you receive from the diaspora through some of their remittance partners. You can choose to receive it as cash, have it deposited into an FCA Nostro (Individual) account or even to immediately change it into Zim dollars at the prevailing interbank rate if you so wish. The interbank rate is now competitive by the way.
The remittances partners
The partners for which this guaranteed cash pick up applies are the following:
- Cassava Remit
- Cassava Fintech
- World Remit
- MamaMoney
- Small World
- Hello Paisa
- MoneyGram
For the above partners, Steward Bank is saying, “If your friends and relatives send it to you, you get it in full as cash.”
Where to pick up the cash
You can pick up your cash at any Steward Bank branch except for the Platinum Branches.
