CABS has announced that those who have local and international Visa Cards and MasterCards can now withdraw USD cash from selected CABS ATMs set aside for that purpose. They are not the first bank to do so, Ecobank announced a similar scheme last year. Standard Chartered also allows USD withdrawals from their ATMs.This is an encouraging sign.
There was a time when making a cash withdrawal was not a science. All you needed to do was find an ATM, any ATM with cash would do, insert your card, enter your pin, enter your desired amount and provided you had enough balance to cover the withdrawal, the ATM would spit out cash and give you your card back.
Then the government happened and everything went to hell. Thanks to excessive RTGS, the amount of cash in circulation in comparison to bank balances, began to shrink to the extent where banks began limiting withdrawals to their own account holders, then they started rationing cash and eventually shuttered the ATMs. The ATMs became nothing more than homes to wily urban spiders.
Banks now changing that
It seems as more and more people start using the US dollar as their preferred currency banks have started to take notice and are bringing back ATMs as a way to save costs. If the trend continues, those spiders will have to find new homes as more ATMs get back in business.
Over the past few years, we have seen banks steering people towards self-service. Led by banks such as Standard Chartered, self-service and extensive use of technology is seen as a cost-cutting measure that has been made even more timely by the current COVID pandemic.
We were talking about CABS and USD withdrawals
So back to CABS, if you want to make a withdrawal you will have to use the following ATMs:
- Central Avenue
- Park Street
- First Street
- Bulawayo: Jason Moyo
- Mutare Herbet Chitepo
- Victoria Falls.
You will be charged 1% to make a withdrawal and the withdrawal limit is US$1 000 per day.