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ZWL Bank charges 2022: a necessary evil for the banks, a nightmare for the customer

Bank cards, Visa, MasterCard, Prepaid Card, account open local curency, bank charges ZWL

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.

BancABCCABSCBZFBCFirst Capital BankNBSNedbankNMBPOSBStanbic BankStandard CharteredSteward BankZB 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.

BancABCCABSCBZFBCFirst Capital BankNBSNedbankNMBPOSBStanbic BankStandard CharteredSteward BankZB Bank
3% min $50.003% min $350.003% Min $45.00 Max $150.003% min $100.005% min $50$70 (flat fee)3% min $200.003%; Min $1503% min $150.003% of the amount withdrawn min $150.003% min $1003%; Min $703% min $50.00

ATM ZWL cash withdrawal (same bank) charges

BancABCCABSCBZFBCFirst Capital BankNBSNedbankNMBPOSBStanbic BankStandard CharteredSteward BankZB Bank
3% min $50.002.5% min $203% Min $110.00 No Max2.5% min $100.003% min $30.00$70 (flat fee)2.5% min $100.003%; Min $1003% min $100.002.5% of amount being withdrawn3% min $60.003%; Min $703% min. ZWL$30

ATM ZWL cash withdrawal (other banks) charges

BancABCCABSCBZFBCFirst Capital BankNBSNedbankNMBPOSBStanbic BankStandard CharteredSteward BankZB Bank
3% min $50.002.5% min $203% Min $110.00 No Max2.5%3% min $30.00Not listed2.5% min $100.003%; Min $1003% min $100.002.5% of amount being withdrawn3% min $60.003%; Min $703% 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.

BancABCCABSCBZFBCFirst Capital BankNBSNedbankNMBPOSBStanbic BankStandard CharteredSteward BankZB Bank
Not listedCABS 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 amount0.5% of the transacted amountNot listedOther POS:
Below $300 – $85

Above $300 – $85

Nedbank POS:
Below $300 – $50

Above $300 – $85
1% of transacted amountPOSB 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 $50Steward 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.

BancABCCABSCBZFBCFirst Capital BankNBSNedbankNMBPOSBStanbic BankStandard CharteredSteward BankZB Bank
2.5% of transacted amount1% min $400 max $20002% Min $350 Max $3,000.00In 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 $2000In 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 $4001% min $500.00, max $5000.001% min $250; max $5,0002% Minimum $200.00, Maximum $3500.001% of transacted amount

ZWL Internal transfers charges

BancABCCABSCBZFBCFirst Capital BankNBSNedbankNMBPOSBStanbic BankStandard CharteredSteward BankZB Bank
1% of the transacted amount1% of the transacted amount3% 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 0001% minimum ZWL 100.00 maximum ZWL 1000.001%; Min
ZWL 200;
Max ZWL
2,000
0.5% min $1501% min ZWL100.00, max ZWL1000.00$100.002% Min $100.00, Max $1000.001% of transacted amount

Bank to EcoCash charges (Bank to Wallet)

BancABCCABSCBZFBCFirst Capital BankNBSNedbankNMBPOSBStanbic BankStandard CharteredSteward BankZB Bank
2.5% min ZWL$30 no max2% of the transacted amountNot listedNot listed3% min $502%, minimum $401% min ZWL$1502.5%; Min $1002.5%, min $2002% Min ZWL250.001% min 50 max 200Not listed2% 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)

BancABCCABSCBZFBCFirst Capital BankNBSNedbankNMBPOSBStanbic BankStandard CharteredSteward BankZB Bank
Not listed1% min $60 max $600Not listed3% of transacted amount0.5% of transacted amountNot listed1% min $150Not listed1% min $100Not listed1% min $100 max $200.002% min $75.00 + 2% IMTT TaxNot listed

ZIPIT ZWL Bank Fees

BancABCCABSCBZFBCFirst Capital BankNBSNedbankNMBPOSBStanbic BankStandard CharteredSteward BankZB Bank
2.5% min ZWL$85 no max2%Not Listed 3% 1% 2%1%2%2.5% min $2001% min ZWL250.00, max ZWL1000.001.5% min 250 max 400.002% min $220.00 + 2% IMTT Tax1% Minimum $50

You can check out the full business conditions for your bank with the links below


Quick NetOne, Econet, And Telecel Airtime Recharge

18 thoughts on “ZWL Bank charges 2022: a necessary evil for the banks, a nightmare for the customer

  1. 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?

  2. 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

  3. I won’t be opening a bank account anytime soon… Ecocash,textacash,mycash netelecash yangu yandisati ndamboshandisa boe zvakadaro

  4. Crazy high bank fees…. I try & use ecocash & onemoney as much as possible. You save so much.

  5. 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.

    1. 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….

    2. 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

  6. 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!

  7. 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%

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