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.