Local banks are set to raise the cash charges on Zimswitch ATM withdrawals by 50%. This increases the charge from the current $2 to $3 per transaction starting next month.
This adjustment in charges applies to any customer taking advantage of Zimswitch interoperability and withdrawing money from a non- native ATM, which is another bank’s ATM facility.
There is no indication of where the price increase is stemming from, and it would be presumptuous to point fingers at the banks for the increase. Whichever way it’s justified, the move will comes off as another attempt by financial institutions to boost revenue, albeit at the cost of the depositor.
Its generally perceived that local financial services are overpriced, so the likely outcome will be an avoidance of these Zimswitch powered withdrawals. Unfortunately this actually defeats the whole point of Zimswitch interoperability.
It’s also not so convenient when you are using a bank that has a limited number of ATM facilities, in which case a once off withdrawal would be the best way to avoid numerous $3 penalties. The other option which is to transfer money from a bank account to a mobile money wallet for cash outs, though more convenient, will end up costing more than a Zimswitch withdrawal.
There is of course the option to make payments via Zimswitch POS terminals. This is only relevant for retailers and service providers that have the terminals in the first place, and if the Zimswitch POS transactions fees aren’t raised in the weeks or months to come.
Source: FinX
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10 comments
Increasing the cost of Zimswitch defeats the whole purpose. Have you noted that if you are accessing your balance on Zimswitch, it shows a zero balance when in fact you have money in your account. I’m one person who struggled the past three weeks checking my balance on zimswitch until i called my bankers who advised to withdraw. Zimswitch need to improve their standards for them to justify this increament.
Withdraw to see your balance? What a scam!!!
And then the banks go whining to the authorities over EcoCash. Dinosaurs, the lot of them.
Unless for other banks it’s been $2 my bank has always charged $3 for a zimswitch transaction and I’ve always withdrawn at $2 with my bank atm nothing new here, curious to know is this an official statement from the guys over at zimswitch or someone who wasnt aware of the charges.
banks needs competition
Greedy, lazzyness and corruption is the only common thing you find in among pple in Zim.
What justifies those charges besides paying some directors more bonuses?
IT infrastructure in most countries are there to reduce cost of operation, not to increase it. I would have guessed zimswitch would make the cost of banking to go down, bt someone is seeing an opportunity to milk the system and get easy money.
So basically you cant withdraw for free in zimbabwe even from your own bank machine? What a rip off
why should you withdraw for free? there is a cost. the atm, the software, the maintenance contract, the person who fills the machine, the purchasing of cash, the transporting of cash.
Is this a verified report? Techzim have you checked with ZIMSWITCH?
Wow! Seventy five more expensive than a Bitcoin transaction