Techzim today came upon a notification published in The Herald by one of Zimbabwe’s internationally owned banks, Standard Chartered, stating that the bank has cancelled the use of its Visa cards outside Zimbabwe with immediate effect.
The action has been taken to “ensure best use of the increasingly scarce foreign currency resources” due to the poor funding of all bank’s Nostro accounts, where Visa and/or Master Cards payments are drawn from.
However, it is not an outright ban, as the bank states that their clients who wish to use their cards outside Zimbabwe may apply for ‘special consideration’ prior to their travel.
Here is the statement in full:
To Our Valued Clients
We regret to advise that we have cancelled the automatic use of your VISA debit card outside Zimbabwe with immediate effect. However, Clients who wish to use their cards outside Zimbabwe may still apply for **special consideration prior to travel. Please note, there are NO changes to the local functionalities of the VISA Debit Card.
This decision has been taken to ensure best use of the increasingly scarce foreign currency resources which is disbursed in line with the Priority List issued by the Reserve Bank of Zimbabwe if and when available.
Once again, we regret this move and apologise for any inconvenience that this may cause. We will continue to monitor the environment and should there be any other changes, you will be notified accordingly.
How do I apply for **Special Consideration in advance of travel?
Clients who wish to use their cards outside Zimbabwe may apply for special consideration at least 72 hours before their date of departure. Customers are requested to submit evidence of all the expected expenses to be incurred whilst travelling outside the country at any Standard Chartered branch or to their Relationship Manager. Alternatively customers can send their application to contactus.zw@sc.com, attaching all documentation which confirms travel dates and expenses expected to be incurred.All advance applications will be reviewed in line with the Priority List Guidelines on external payments announced by the Reserve Bank of Zimbabwe in 2016.
Will other banks be following suit to limit the use of the hard to find green back? Ecocash, through their Master Card have already been reducing the amounts that their clients can transact, down from $5,000 to $1,100 and now to $500 per month.
Share
Home
20 comments
These guys are full of it. Just use Zimswitch for local transactions and save Visa & MasterCard for international and internet transactions! Anyone who uses Visa or MasterCard locally is doing us all a disfavour.
did you read the actual post – they are now going to reject their VISA cards on international transactions too unless you get prior approval which just defeats the purpose of the card ultimately.
i doubt you read and understood the article,
This is bad
These guys are full of it. Just use Zimswitch for local transactions and save Visa & MasterCard for international and internet transactions! Anyone who uses Visa or MasterCard locally is doing us all a disfavour.
it affect business,really terrible for those who are always crossing borders time and again
Anyone with infomation if the card will still work online?
No it won’t work online
Have confirmed with the bank and this does not extend to online payments (just yet). Clients who bank with them have also confirmed doing these transactions
The card will not work online either
Slowly everything is coming to a halt, l hope Mandiwanzira have an answer for this since he is a politician and our IT minister.
Can this be because of Econet externalising forex?
Welcome to Gonoland Next Generation!!
Ko maiti kutamba maeconomists achiti zim dollar yadzoka? KKKKKKKKKKKKKKKKK Seka nhamo serugare mwana wevanhu. Thank you ZANU for managing our economy in the best interest yePOVO
@William Chui thank you for the update on online payments. Appreciate your prompt response. On another note is it wise to put up your card on followup article. Your card details are visible…identify theft is real.
Thanks for the concern @Tich Morange, careful consideration on the image was made when the photo was taken (and not when it was posted).
The card is not only expired, but also for a bank account that is no longer functional, worse still, I’m always broke and so no funds will be in my bank accounts.
A bunch of morons.IDIOTS:
In light of all this just wanted to know a few things since am planning a journey to Zim
1. Can i withdraw money from an ATM using a foreign issued MasterCard if so which bank have you used?.
2. If YES to 1. Do withdrawal restrictions also apply here.
Kusvika mati sorry
Will I use my visa card in Zimbabwe from another country
This is jus not FAIR! I cant believe I will not be able to use my VISA card to pay my 2017 registration fees and…after my parents have worked very hard for that money after that. I never received any notification in my emails..you jus wake out to find out the rules have changed. #angrystudent
In 2000 I wanted to write my MSCE, I woke up to find the RBZ was dry , no US$. today I want to write my CCNA, I wake up to the idea that VISA has suspended use of these cards. Pasi Ne ZANU