Categories: BankingMobile Money

Here’s how much your bank charges you to do a “bank to EcoCash wallet”

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Earlier on we reported on the EcoCash bank to wallet limits and I am sure you all know that the missing piece to this puzzle is how much it actually costs to do the transaction.

The following are the charges from each of the banks to do a transfer to your linked EcoCash wallet.

BankMinimun Amount (ZWL$)Charge for the transacted amount
First Capital 50.003%
ZB Bank30.002%
Agribank2%
NBS40.002.5%
POSB40.002.5%
Ecobank
FBC3%
CBZ10.005%
BancABC10.002.5%
Stanbic Bank50.002%
Steward Bank
NMB20.002.5%
CABS100.002%
Nedbank30.001.5%
We are assuming there is also the addtion of the 2% Tax

Unfortunately, we couldn’t find any info for EcoBank and Standard Chartered. However, we did a bank to wallet using Steward Bank and it didn’t charge anything when we checked the balance. We sent ZWL$50.00 (starting balance ZWL$100) to a linked EcoCash wallet and the balance in the Steward Bank account was ZWL$50.00 after the transfer.

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  • These banks are the in the business of making money through bank charges. Jumping from the pan into the fire chaiyo.

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  • Thanks for the report, short but insightful.
    Regarding 2% IMMT, if I remember well, EcoCash and bank had successfully argued that its an own account transfer which is exempt from 2%, hence if there is a bank recovering that 2% its an error. But certainly these bank charges of 3-5% are so huge that it’s becoming unsustainable for consumers. Imagine 5%...

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  • Standard Chartered Bank takes ZWL 100 for Bank to Wallet.

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Published by
Valentine Muhamba

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