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| 3% min $100.00 | 5% min $50 | $70 (flat fee) | 3% min $200.00 | 3%; Min $150 | 3% min $150.00 | 3% of the amount withdrawn min $150.00 | 3% min $100 | 3%; Min $70 | 3% min $50.00 |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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