We contacted Standard Chartered (StanChart) this morning and we can confirm that its online Visa service can no longer be used to make online international payments. Stanchart joins a growing list of banks that are restricting the use of Visa and Mastercard systems to make both online and physical card international payments.
Many banks which are still allowing the use of Visa and Mastercard services require their customers to pre-fund their accounts with physical US dollars. But Stanchart’s case is different and more radical, its Visa online service is not working even if a customer’s offers to pre-fund their account with physical US dollars. I wonder why they are going to such lengths. One customer emailed us saying:
I tried to buy something online last week with my Stanchart Visa and could not succeed.First i thought my account had some issues.So today i visited their Bulawayo branch and complained about the issue,only to be told that their Visa online service is no longer working anymore.I had to ask them if i could come with my physical USD so i could deposit and pay online,but the customer service agent said Stanchart Visa card cant be used for online payments anymore
Whatever their motive in taking the service altogether, I expect their Visa service to come back with a new requirement that enables customers to use it, most probably the pre-funding option that many banks are currently using.
The move follows last year’s cancellation of making payments outside Zimbabwe using Visa cards citing that the action was taken to “ensure the best use of the increasingly scarce foreign currency resources” due to the poor funding of the bank’s Nostro accounts.
The depletion of banks’ Nostro accounts has created serious settlement problems for international payments, resulting in most banks having a backlog for telegraphic transfers. As such Stanchart’s online Visa service has most likely been taken down to further limit the outflow of forex from its Nostros.
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14 comments
How is any Party going or want to sort this money problem out? I don’t really think anyone cares. We are a nation with zero progress, we where to suppose to be rich in every sector but little has ever been to show this. While other once poorer countries have lovely shopping malls with brand names we 38 years later have nothing to show. How can anyone be proud of our country? Disgusting.
How come l managed to pay for my dstv just now?Please verify your source before making people do impulse buying.l had to pay my dstv account for three months hurriedly without budgeting yet the were still working.l guess this message is a hoax
Our source was a Stanchart Support agent…
Its all lies,just bought something on Aliexpress right now.The card still works online.
We contacted StanChart before we reported this and they confirmed that it’s not working. If we were lying I’m sure they would have contacted us but they haven’t.
But the truth is the service is working,l can even send you my screen grabs for the payment l did at 11.02 today on Aliexpress
Wow you guys are slow. this happened around beginning of March.
Any way, i’ve decided as soon as things change in Zim for the better, im dropping ALL my bank accounts. This is the 2nd time we’ve been taken for a ride by them and there won’t be a 3rd.
Good luck to the banks actually having customers in the future.
you might be waiting a LOOONG time for things to change for the better, especially with the 2 clowns chinamasa and mangudya still around !!!
You guys are smoking something really bad!Kindly verify yo facts before rushing to post stories.l have just bought 2 items in Aliexpress using my Stanchart Visa Card.
Guys, I think you have to verify your facts. Actually, just now on 29 May, I paid for my regular Dropbox subscription without issues. However, what I can confirm though is that some payments with Paypal are the ones that I am having issues with. Otherwise, you can still pay online using the Standchard card.
Please kindly send me your screen grab for the payment cause i want to buy a xiaomi phone by end of this week .\
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