Last week, Ecocash introduced the Foreign Currency Wallet which you can use to receive US dollars, cash out US Dollars or even to make forex payments. However, we left you hanging as we didn’t break down how you can get started with the Foreign Currency Wallet. Hers is how you can go about it;
First off, dial *151# to enter your Ecocash password. After you enter your password, you are presented with a Menu. Then choose option 7, “Wallet services”
Choose option 5, “ Multicurrency”
Choose option 2, “Change Currency”
There is only one option, so enter 1
Confirm your selection by entering 1, “Confirm”
You would have successfully changed your wallet into the EcoCash Foreign Currency Wallet
If you want to be sure (extra) sure that you have successfully changed your wallet into the EcoCash Foreign Currency Wallet you can start again to enter the *151# to go to your Menu. After entering your password you will be presented with this Menu;
As you can see, the EcoCash Foreign Currency Wallet Menu is different from the normal Menu (local currency) wallet as there are no EcoCash diaspora, EcoCash Save services etc.
17 comments
so where do i get the forex from if i want to cash out
Why can’t a single bank in Zimbabwe offer a Textacash type of a Lite FCA account without monthly charges for those with small amounts and who do once off transactions or a few transactions a year
These services exist!! They are called prepaid Visa/MasterCards. Steward, FBC, CABS and BancABC all have these.
Good
So you do this everytime to change between wallets? So lame.
So what happens to the money that’s currently in my wallet? Will this be converted to USD? At what rate?
And does this mean that the wallet is either local or USD, and we can’t use both currencies?
Is it possible to transfer money from FCA accounts to local accounts?
The policy of banks is that you can transfer your money from FCA to Local RTGS bond account but you cannot do the reverse. Once you transfer your Forex into RTGS; it’s now RTGS forthwith.
What happens if I want to use bond or local currency
Still more questions unanswered, Techzim. What’s the meaning of “change currency.”
Does that imply your old local account is now dead or you must keep flip flopping between the 2, which is dumb.
you can revert back to your old wallet anytime
at last, we can now buy Bitcoins online
This is a scary idea. We already have ecocash digital bond ”money” with no matching physical notes. You will most likely give your US dollars to Econet and you will probably never see them again the same way Econet is failing to cash out your bond notes. More worrisome is the loss of your US dollars through government ubiquitous taxes that seem to pop up at the whims of our erstwhile voodoo economics professor Mthuli. No banking arrangement in Zimbabwe pays out interest on bank balances so unless you have lots of US dollars you are much better off keeping the US dollars under your pillow.
I attempted to make a USD Cash In today only to be told that the service is not yet up and running
Ummmm. Be careful
not for me… not long ago when ecocash started i had usd in my wallet, now its said to contain local currency (although it always states Balance USD XX.XX) on top of that i cant even cashout the bonds without extra charges and yet here you come talking about FCA.. These are all failed systems, just a matter of time.
Since the introduction of the new FCA system , you begin to realise that it was designed for maximum confusion, a way to hoodwink people. The term FCA is just thrown all over the place, i really donot understand what kind of money is in my account right now. It is like code obfuscation, process of writing code in manner that makes it difficult to read and understand.
All this to hide the “house of cards” that our financial system has become.
No thanks at this stage definitely better off keeping your hard cash USD in that form no guarantees of getting it out of any of the systems offered, (off topic) had a torrid time trying to cash out from Western Union.