A lot of people have been asking us about means with which they can buy online. This article is for you. For all those who would like to make online payments (yes even buy things online) and those who want to travel but do not want to travel with large sums of money you can use a prepaid Visa card/ Mastercard. Just deposit the foreign currency you want to use and you’re good to go. You can also withdraw the equivalent amount from the bank in any country that supports visa/MasterCard in that country’s currency. The following banks offer these services: Ecobank, Steward Bank, FBC, NMB, CBZ, Bancabc, Nedbank(Information to follow)
Find below the charges associated with this card and the limits for each of the banks
| Bank | FBC | Steward | NMB | Ecobank | CBZ | Bancabc |
|---|---|---|---|---|---|---|
| Cost of purchasing the card | $15 minimum amount to open $4 (actual amount) | $10 | $40 | $5 | $40.80 | $10 |
| POS and Online Purchase | 1.75% of transaction value with minimum $ 0.50 and a maximum of $50 3% minimum $3.50 | 1.5% of transaction value with minimum $ 1 and a maximum of $100 | 1.5% + $2.50 | 10c for transactions less than $ | 3% of transaction value | no charge |
| ATM Cash withdrawal | 3% minimum $3.50 | 3% minimum $3.50 | 2% + $3.00: Branch Cash Withdrawal 2% +$3.50 | 1.25% | 3% of transaction | $2.50 |
| DAILY LIMITS | ||||||
| Cash Withdrawal Local | 1 000 | 100 | – | 50 | No Withdrawal | Local Daily Limit |
| Cash Withdrawal International | 1 000 | 100 | 1 000 | 50 | 200 | 50 |
| Online Limit | 2 500 | 2 000 | 5 000 | 2 000 | 1 000 | 2 000 |
| POS/Swipe | 2 000 | 2 000 | 5 000 | 2 000 | 1 000 | 2 000 |
| Do you need to bank with them? | No but you need copy of i.d, 2 passport photos, proof or residence, payslip | No just need your i.d | Yes. You also need to have used your account for 3 months and it has to be approved. | No. Just need your i.d | Yes | No but you need copy of i.d, 2 passport photos, proof or residence, payslip |
It works great if you want to deal with small amounts because as you can see above you cannot withdraw much, swipe is better yes. And monthly limits can be as low as $3 000 (Ecobank). For Steward Bank it is $10 000.
For most of the banks you can request the statement of all transactions carried out online.
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17 comments
Thanks for the post. I was in desperate need of this info.
Recently assisted someone with opening an FBC card, cost $5. Have they increased by that much?!?!
Also, during the same process of assisting that person, when I checked with NMB, they stated that their card costed $40, have they reduced by that much?
Further, Barclays have a card, so do CABS, as well as CBZ. They all need you to bank with them, but seeing you mentioned NMB (that needs you to open an account with them) why choose to leave out the others?
Thank you will check and update
Please update and include the bancabc card.. Works well and sign-up is 10. No account needed
If you want easy sign up try the bancabc one… They don’t need to much info… Highly recommended…at William what’s the update on golix
Cbz
which of these allow for a personalized card. l have an FBC card but its not personalized which is a problem when l want to open certain accounts online.
Cbz
Hey cbz said they do so perhaps you can just check with them
With Ecobank you need to prefund the card with $100 minimum deposit at a tame, last time a checked. I think you need to add that to your comparison and find out if the others have similar requirements. I know Steward doesn’t, having used both. Also, the ability to check balances and transaction history online: Ecobank has that while Steward does not. Ecobank also sends an SMS alert after each transaction. Steward only sends an e-mail. Go back and COMPLETE YOUR ASSIGNMENT – MAPAKURA MBODZA!
…and how about document requirements when applying for a card? Those differ VASTLY between the different Banks. This is vital information for those who are trying to pick one – FBC for example nowadays wants a payslip or proof of funds and proof of residence while Steward is happy with just your ID and you $10.
nedbank also has one. u dont need to be a customer. transactions fees are 1% and paid in zim dollar when u sign up for the card which is 10. i.e if u put 1000 them u pay 10 in zim dollars for the transaction fee and when u use the card there are no charges as long as u are using the currency on the card. another currency u are charged conversion fees
Ecobank requires minimum of $50 recharge when purchasing the prepaid card. $5 will go towards the purchase of the card with the remaining $45 being available for your use.
Not directly related to the post but I was wondering whether it is possible to use a credit/debit card from another country to do local/online transactions in Zimbabwe. I remember there being issues with that a while back.
What is the cost for pos and online purchase for amounts above $1 on ecobank
Thank you for this important information particularly the comparison element, I use one of the stated banks but had not had a chance to compare costs and other product features
I use FBC Prepaid Mastercard. I then found out that there’s an app for it which shows the transactions. It seems as if I cannot get sms updates for deposits but when I check the balance from ATMs it sends the sms balance alert to my SA number.
I am impressed with it. I just wish they allow for us to personalise the card.