Securities trading platform, C-Trade has sent out a notice to people who use its platform informing them that they too, will be reviewing banking fees on withdrawals made on its C-Trade platform. Earlier this month the Zimbabwe Stock Exchange announced that they would be putting charges on withdrawals made through their ZSE Direct platform which offers similar services.
Here is the text of the notice sent out to investors (what the company calls people who use its platform):
Following the review of tariffs for ZWL transactional accounts by the bank, we wish to advise that all withdrawal transactions effected through the C-Trade platform with effect from 26 March 2021 will be levied the following bank charges;
Internal transfers – 1% of the total amount, minimum being ZWL 100.00 and a maximum of ZWL 300.00 on each withdrawal.
Interbank Transfers – 1% of the total amount, minimum being ZWL 200.00 and a maximum of ZWL 1 000.00 on each withdrawal.
Please note that we are not able to settle withdrawals to your Ecocash account since the discontinuation of the Ecocash bulk payer by the Reserve Bank of Zimbabwe.
For any further information or clarification, kindly contact us on email@example.com
C-Trade Helpdesk| Escrow Group
Toll Free Lines:
After learning about this I got in touch with the C-Trade communications department in order to understand what was going on. According to her, the change is a result of CABS, the bank which handles C-Trade’s transactions, raising its fees. So in essence it’s not them who are increasing their fees, it’s CABS that has reviewed the fees they charge.
There is a lot of movement of funds when people deposit funds into their trading accounts, trade shares and other securities and finally make withdrawals. Zimbabwean banks make the bulk of their money by charging transactions fees. So this is nothing new.