Following up on the article we posted on local currency swipe limits, we thought it would be interesting to compare all the major banks’ local (ZWL$) currency charges.
The following is for the basic or entry-level personal accounts only. Charges are also for local currency accounts and where transactions are concerned the IMTT or 2% tax is assumed.
Bank account maintenance charges
The service fee that you are charged per month on your account.
| BancABC | CABS | CBZ | FBC | First Capital Bank | NBS | Nedbank | NMB | POSB | Stanbic Bank | Standard Chartered | Steward Bank | ZB Bank |
| Not listed | $150 | $150 | $150 | $200 | $50 | $200 | $120 | $200 | $20 | $450 | $150 | $150 |
Over the counter cash withdrawal fees
Bank fees for withdrawing local currency over the counter at the bank branch.
| BancABC | CABS | CBZ | FBC | First Capital Bank | NBS | Nedbank | NMB | POSB | Stanbic Bank | Standard Chartered | Steward Bank | ZB Bank |
| 3% min $50.00 | 3% min $50.00 | 3% Min $45.00 Max $150.00 | 3% min $50.00 | 5% min $50 | 2,5% of cash amount, minimum $60, maximum $1 000 | 3% min $50.00 | 3%; Min $35 | 3% min $75.00 | 2.25% of amount being withdrawn min $15 | 3% min $60.00 | 3%; Min $30 | 3% min $50.00 |
ATM cash withdrawal (same bank) fees
| BancABC | CABS | CBZ | FBC | First Capital Bank | NBS | Nedbank | NMB | POSB | Stanbic Bank | Standard Chartered | Steward Bank | ZB Bank |
| 3% min $50.00 | 2.5% min $20 | 3% Min $60.00 No Max | 3% min $50.00 | 3% min $30.00 | 2,5% of cash amount, minimum $60, maximum $1 000 | 2% min $40.00 | 3%; Min $35 | 3% min $50.00 | 2% of amount being withdrawn | 3% min $60.00 | 3%; Min $30 | 3% min. ZWL$30 |
ATM cash withdrawal (other banks) fees
| BancABC | CABS | CBZ | FBC | First Capital Bank | NBS | Nedbank | NMB | POSB | Stanbic Bank | Standard Chartered | Steward Bank | ZB Bank |
| 3% min $50.00 | 2.5% min $20 | 3% Min $60.00 No Max | 2.5% | 3% min $30.00 | 2,5% of cash amount, minimum $60, maximum $1 000 | 2% min $40.00 | 3%; Min $35 | 3% min $50.00 | 2% of amount being withdrawn | 3% min $60.00 | 3%; Min $30 | 3% min. ZWL$30 |
POS or swipe fees
Point-of-Sale or swipe charges are differentiated from ones where you use that bank’s card on its POS machines and swiping your bank’s card on another bank’s POS machine.
| BancABC | CABS | CBZ | FBC | First Capital Bank | NBS | Nedbank | NMB | POSB | Stanbic Bank | Standard Chartered | Steward Bank | ZB Bank |
| Not listed | CABS POS: 1% min $60 | (CBZ to CBZ) transaction 1% Min $25 Merchant POS (ZIMSWITCH) 1.5% Min $45 | 1% of the transacted amount | 0.5% of the transacted amount | 2,5% of cash amount, minimum $60, maximum $1 000 | Other POS: 1% minimum ZWL 85.00 maximum ZWL 400.00 Nedbank POS: Below $100 – $20 Above $100 – $50 | (Less than $100) ZWL5; (Above $100) 1%; Min $10; Max $300 | POSB POS: 1.5% min $40 Other POS: 1.5% min $45 | Zimswitch POS Purchase: below $100 – $5 above $100 – 1% min $30.00 Max $1500.00 Stanbic POS – 0.5% Min $1.00 | 1% min $50 | Steward POS: 1.5% Min $25.00, Max $500.00 for transactions above $100.00 Other POS: 1.5% Min $40.00, Max $500.00 for transactions above $100.00 | 1% of transacted amount |
RTGS Transfers fees
There appears to be a different fee (with some banks) for Real-Time Gross Settlement (RTGS) transfers depending on whether you did the operation in the bank or on mobile/internet banking platforms.
| BancABC | CABS | CBZ | FBC | First Capital Bank | NBS | Nedbank | NMB | POSB | Stanbic Bank | Standard Chartered | Steward Bank | ZB Bank |
| 2.5% of transacted amount | 1% min $400 max $2000 | 2% Min $200 Max $1,000.00 | In Bank: 2% of transacted amount Internet Banking: 2% of transacted amount | In Bank: 1% min $400 max $2000 Internet Banking: 1% min $280 max $1500 | 1%, minimum $100, maximum $2000 | In Branch: 1%; Min ZWL200 Max ZWL2000 Internet banking: $80 | In Bank: 1%; Min ZWL200 Max ZWL2000 Internet 1.5%; Min ZWL150 Max ZWL10001%; Min $200 Max $2000 | 1% min $370 max $1000 | 1% Min $250.00 Max $2500.00 | 1% max $5000 | 2% Minimum $200.00, Maximum $2000.00 | 1% of transacted amount |
Internal transfers charges
| BancABC | CABS | CBZ | FBC | First Capital Bank | NBS | Nedbank | NMB | POSB | Stanbic Bank | Standard Chartered | Steward Bank | ZB Bank |
| Not listed | 1% of transacted amount | 2% Min $100.00 Max $1,000.00 | Manual: 2% of transacted amount Internet Banking: 2% of transacted amount | In Bank: 1% min $200 max $1500 Internet Banking: 1% min $100 max $1000 | 1%, minimum $100, maximum $1 000 | $150 | 1%; Min $75 Max $1000 | 0.5% min $60 max $1000 | 0.5% Min $50.00 Max $500.00 | $100.00 | 1% Min $100.00, Max $1000.00 | 1% of transacted amount |
Bank to EcoCash charges (Bank to Wallet)
| BancABC | CABS | CBZ | FBC | First Capital Bank | NBS | Nedbank | NMB | POSB | Stanbic Bank | Standard Chartered | Steward Bank | ZB Bank |
| Not listed | 2% of transacted amount | Not listed | Not listed | 3% min $50 | 2.5%, minimum $40 | 1% min ZWL$30 | 2.5%, min $20 | 2.5%, min $60 | 2% Min $10.00 | 1% min $50 max $200 | Not listed | 2% minimum ZWL$50 |
Bill Payment fees
Charges for paying ZESA, internet, school fees using your local currency bank account (the assumption is that this is mainly for mobile and or internet banking platforms)
| BancABC | CABS | CBZ | FBC | First Capital Bank | NBS | Nedbank | NMB | POSB | Stanbic Bank | Standard Chartered | Steward Bank | ZB Bank |
| Not listed | 1% min $60 max $600 | Not listed | 3% of transacted amount | 0.5% of transacted amount | Not listed | 1% min $85 | Not listed | 1% min $60 | $50.00 per transaction | 1% min $100 max $200.00 | $10.30 | $30.00 |
Balance enquiry fees
Local currency account bank charges for checking your balance, the bank charges here would be for each enquiry you make.
| BancABC | CABS | CBZ | FBC | First Capital Bank | NBS | Nedbank | NMB | POSB | Stanbic Bank | Standard Chartered | Steward Bank | ZB Bank |
| Not Listed | $15.00 | $50.00 | Not Listed | $20.00 | Not Listed | $7.00 | Not listed | $20.00 | $5 | $25.00 | Not Listed | Not Listed |
Bank statement charges
| BancABC | CABS | CBZ | FBC | First Capital Bank | NBS | Nedbank | NMB | POSB | Stanbic Bank | Standard Chartered | Steward Bank | ZB Bank |
| Not Listed | $15.00 (mini-statement) | $50.00 per page | $50.00 per page | $20.00 (mini-statement) | $20 per page | $8.00 (mini-statement) | Not Listed | $20.00 (mini-statement) | $5.00 (mini-statement) | $50 (mini-statement) $40 per page (full statement) | $11.00 (mini-statement) | Not Listed |
Airtime purchase fees
| BancABC | CABS | CBZ | FBC | First Capital Bank | NBS | Nedbank | NMB | POSB | Stanbic Bank | Standard Chartered | Steward Bank | ZB Bank |
| Not listed | ZWL$3.00 | Not Listed | Not Listed | Not Listed | Not Listed | $5.00 | Not Listed | $7.00 | 1% of amount | Not Listed | $11.00 | Not Listed |
Insufficient funds charge
| BancABC | CABS | CBZ | FBC | First Capital Bank | NBS | Nedbank | NMB | POSB | Stanbic Bank | Standard Chartered | Steward Bank | ZB Bank |
| Not Listed | ZWL$6.00 | Not Listed | Not Listed | $20.00 | Not Listed | $10.00 | $10.00 | $25.00 | $5.00 | Not Listed | Not Listed | Not Listed |
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