The local banks have been updating their ZWL bank charges over the course of the last couple of months which reflects the state of the economy. In a normal country, these charges would be seldom altered for the local currency because those nations have some relative stability. In Zimbabwe, however, things are not so, mainly because of the trainwreck that has been the local economy forcing banks to make transaction fees (which are supposed to be a side hustle) into one of their biggest earners.
Banks are lenders of money and should be making most of their revenue from interest-generating sources. But in Zimbabwe, no one (aside from some corporations) bank their cash be it in local or USD. This leads to banks not having money to lend out to prospective individuals and businesses. The consequence of all of this is that banks have to make some money from every little transaction they offer in order to keep the lights on.
In light (see what I did there) of all the adjustments, here are the ZWL bank charges according to the updated business conditions for the local financial institutions.
N.B – These fees are for the base current account and the 2% Tax is assumed for applicable transactions. You can compare and contrast the new prices with those that were gazetted last year with the link here.
ZWL 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 |
| $400 | $150 | $300 | $850 | $300 | $150 | $300 | $500 | $450 | $800 | $750 | $500 | $250 |
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 $350.00 | 3% Min $45.00 Max $150.00 | 3% min $100.00 | 5% min $50 | $70 (flat fee) | 3% min $200.00 | 3%; Min $150 | 3% min $150.00 | 3% of the amount withdrawn min $150.00 | 3% min $100 | 3%; Min $70 | 3% min $50.00 |
ATM ZWL cash withdrawal (same bank) charges
| 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 $110.00 No Max | 2.5% min $100.00 | 3% min $30.00 | $70 (flat fee) | 2.5% min $100.00 | 3%; Min $100 | 3% min $100.00 | 2.5% of amount being withdrawn | 3% min $60.00 | 3%; Min $70 | 3% min. ZWL$30 |
ATM ZWL cash withdrawal (other banks) charges
| 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 $110.00 No Max | 2.5% | 3% min $30.00 | Not listed | 2.5% min $100.00 | 3%; Min $100 | 3% min $100.00 | 2.5% of amount being withdrawn | 3% min $60.00 | 3%; Min $70 | 3% min. ZWL$30 |
ZWL 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 more than $500) transaction 1% (CBZ to CBZ less than $500) – $30 Merchant POS (ZIMSWITCH more than $500) – 1.5% Merchant POS (ZIMSWITCH less than $500) – $30 | 1% of the transacted amount | 0.5% of the transacted amount | Not listed | Other POS: Below $300 – $85 Above $300 – $85 Nedbank POS: Below $300 – $50 Above $300 – $85 | 1% of transacted amount | POSB POS: 1% min $100 Other POS: 1% min $120 | 1% of transacted amount on other POS Stanbic POS – 0.5% of the transacted amount | 1% min $50 | Steward POS: 1.5% Min $60, Max $1000.00 for transactions above $500.00 Other POS: 1.5% Min $80.00, Max $5000.00 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 $350 Max $3,000.00 | 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 %500 Max $1500 Internet banking: 1%; Min %500 Max $1500 | In Bank: 1%; Min ZWL 500, Max ZWL 5,000 Internet Banking 2%; Min Max ZWL 4,000 | 1% min $400 | 1% min $500.00, max $5000.00 | 1% min $250; max $5,000 | 2% Minimum $200.00, Maximum $3500.00 | 1% of transacted amount |
ZWL Internal transfers charges
| BancABC | CABS | CBZ | FBC | First Capital Bank | NBS | Nedbank | NMB | POSB | Stanbic Bank | Standard Chartered | Steward Bank | ZB Bank |
| 1% of the transacted amount | 1% of the transacted amount | 3% Min $150.00 Max $1,500.00 | 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 | 1% minimum ZWL 100.00 maximum ZWL 1000.00 | 1%; Min ZWL 200; Max ZWL 2,000 | 0.5% min $150 | 1% min ZWL100.00, max ZWL1000.00 | $100.00 | 2% 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 |
| 2.5% min ZWL$30 no max | 2% of the transacted amount | Not listed | Not listed | 3% min $50 | 2%, minimum $40 | 1% min ZWL$150 | 2.5%; Min $100 | 2.5%, min $200 | 2% Min ZWL250.00 | 1% min 50 max 200 | Not listed | 2% minimum ZWL$50 |
Bill Payment fees
Charges for paying ZESA, internet, and 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 $150 | Not listed | 1% min $100 | Not listed | 1% min $100 max $200.00 | 2% min $75.00 + 2% IMTT Tax | Not listed |
ZIPIT ZWL Bank Fees
| BancABC | CABS | CBZ | FBC | First Capital Bank | NBS | Nedbank | NMB | POSB | Stanbic Bank | Standard Chartered | Steward Bank | ZB Bank |
| 2.5% min ZWL$85 no max | 2% | Not Listed | 3% | 1% | 2% | 1% | 2% | 2.5% min $200 | 1% min ZWL250.00, max ZWL1000.00 | 1.5% min 250 max 400.00 | 2% min $220.00 + 2% IMTT Tax | 1% Minimum $50 |
You can check out the full business conditions for your bank with the links below
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19 comments
You article left AFC Commercial Bank formerly known as Agribank
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Quite useful research.
The minimum service fee charges show the amount that the bank will take from your account regardless of whether you have transacted or not. At ZW$850.00 per month, your ZW$10 200.00 deposited into your savings account at one of the banks will be finished in 12 months. The bank will call you to advise you to deposit more cash or else have your account closed for being in overdraft without arrangement. Where then can the public get confidence in such a predatory banking industry?
Tyoooo this is day light robbery, its costly to even have a bank account in Zim. How then is Zimbabwe open for business in such environment
And definitely need a bank account to run a business…kunzima
I won’t be opening a bank account anytime soon… Ecocash,textacash,mycash netelecash yangu yandisati ndamboshandisa boe zvakadaro
Hausi kuita madhiri ane mari
Crazy high bank fees…. I try & use ecocash & onemoney as much as possible. You save so much.
If I so much as think about my account, the bank deducts a loaf of bread😂
Stanbic overcharging for nothing. Their services have been poor lately.
They roughly the same no advantage
Let’s not forget the 2% on top
This idea that banks should only make income from interest is archaic and ignores the changes in bank business models and economic activities over the past two decades. Banks invest huge amounts (in forex, too) to provide us with the ability to make payments for bills and to service providers, so why shouldnt they charge for that? Ecocash, Netone charge for bill and merchant payments, so why single banks out for charging for the same services?
Business models are dynamic-change is the only constant. Decades ago, payments to merchants and for bills were made by cash and cheques, but we have moved on to more modern and convenient ways of making these payments, and banks have been part of that-you can pay these bills online, on your phone etc, so I dont see why banks are maligned for charging for these services which they have invested in providing to us? These are NOT SIDE HUSTLES for banks at all-its now part of core income from core business activities because the business model for banks has grown from just lending to being providers of payment platforms as well.
The statement that banks arent lending is also factually incorrect-just check the recently released RBZ Quarterly Banking Sector report which states that “Total banking sector loans and advances grew by 39.75% from $229.24 billion as at 31 December 2021 to $320.36 billion as at 31 March 2022 ” -banks are lending, so the sweeping statement is factually incorrect and really unfortunate coming from Techzim.
If they lending as you say then where are these ridiculous charges coming from…let’s not forget their physics branch presence and number of staff has greatly reduced. Furthermore we have the same services both locally and internationally for cheaper. There really is no excuse….
if u compare current charges to charges just when the pos become more common after the arrival of bond then u will realise we are being ripped off… we used to get charged 20c usd for any swipe transaction, but now it’s percentage based together with a minimum charge… look closer and notice how you’re being ripped off … are u saying when bond came out and pos started becoming more common banks had many other sources of income which they now dont have?? i doubt
One mustn’t forget that this is something citizens of this country have inflicted on themselves, since 1985, without so much as a whimper! It’s a tad late now, to whinge about the fact that you’ve allowed zpf to ruin your country, currency, infrastructure etc. but have done nothing whatsoever, to get yourselves out of your own self-inflicted mess! Whatever god or deity you believe in, you might want to get Him / Them onside, although I doubt very much that even they’ll know where to even start, trying to sort it out!
Very useful infor…thanm you
Hmm, great insights
some of your charges are incorrect.. especially swiping charges. for fcb u put merchant swipe costs.. instead of 2.5%.. and stanbic also incorrect… good article but most people use pos/swiping together with notification charges which all add to the cost.. please make sure ur info is 100%
Hmmm CBZ is taking much pamaTransfers @3% other banks are taking only 1%.
Very useful article. Do you have something similar for USD nostro bank accounts?