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First Capital Bank launches remittance service – Zimbos can receive money from 150+ countries

Cash Crisis in Zimbabwe, US Dollars, Hard Currency
   
2 comments

First Capital Bank has announced the opening of a money transfer service. The bank partnered with Money Transfer agents RIA Financial Services, the 3rd largest remittance company in the world.

Under what they are describing as an “exciting partnership” First Capital Bank will take advantage of RIAs 160 country & 385 000 location network. People from these countries will be able to remit funds which can be collected at any First Capital branch. First Capital’s branch network is made up of 24 locations.

I asked First Capital for the charges associated with using the remittance service and they explained that the fees will be charged on the senders end and not for the recipient which makes sense;

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Good day, thank you for the interest in our exciting new product. All charges associated with the money transfer from the diaspora will be charged directly to the sender. Hence the receiver can collect their cash in full.

First Capital support via Twitter

How much will the sender get charged? When I pressed First Capital to share more information regarding charges they said the details are only provided once the money sending process has been initiated;

These details are provided to the sender upon initiating the transaction.

First Capital support via Twitter

At the time of writing since Zimbabwe is yet to be listed on the RIA site making it impossible for us to calculate any charge to have an idea of the region within with the charges will be.


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Comments 2

M2
a month ago

Based on the weak exchange rate alone at riamoneytransfer.com, I will not be using this service. From my location, the cheapest online money remittance service for receiving USD1000 in Zimbabwe (inclusive of exchange rate and service fee) is MoneyGram
1. MoneyGram (sender is charged/loses USD15.65)
2. Western Union (sender is charged/loses USD47.20)
3. World Remit (sender is charged/loses USD60.86)

The bulk of money remittance charges are hidden in the skewed exchange rate which is always forced upon you. Even if you have your own US dollars and the receiver is getting USD you will always be debited in the local currency forcing you to change the USD to local money which is then converted to USD at skewed exchange rates.

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    Comment
    a month ago

    Wow you are charged that much. Thought you only pay a small percentage of the amount you are sending

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