Remittances continue to be on the rise even though there is a global pandemic. Last year money transferred to Zimbabwe through money transfer agents was just over US$1 billion. Now, there are a number of services both for Zimbabweans in the Diaspora to send money back home as well as for locals to send money between cities and towns. We thought it would be interesting to look at the fees remittance services charge for their services as this year is set to eclipse last year by some distance.
Inbound remittance services fees
| Countries Served | Service Fees to Zimbabwe | Pick up points | |
| EcoCash Cassava Remit | South Africa (also works with Western Union Moneygram and World Remit for other territories) | 1.7% (for the equivalent in Rands of US$100) | Steward Bank and Econet Shops |
| Senditoo | United Kingdom | GBP 2.99 | BancABC Branches, Pick’n’Pay BancABC, NMB, CABS, NBS |
| MoneyGram | 33,000 locations worldwide | Fees differ depending on the region: To send US$100 from the United States to Zimbabwe carries a US$4.99 fee The same transaction from the united Kindom (GBP73.48) carries a charge of GBP2.99 which is approx US$4.07 | FBC, POSB, ZimPost, CBZ, EcoBank, Stanbic Bank and more |
| Western Union | Half a million agent locations worldwide | 6% | CBZ, POSB, AgriBank and agents (location links here) |
| Shumba Money | Botswana, Australia, UK and Canada | none to Zimbabwe | Shumba Money Newlands Branch |
| Uhuru Wallet | South Africa, Zimbabwe | There is no fee for sending tokens already purchased. However, deposits into a wallet to buy tokens carry a 5% fee of the sum and there is a 1% charge for withdrawals | Eastgate Mall Shop G11 |
| Mukuru | Botswana Ghana Malawi. Nigeria Pakistan Rwanda South Africa Zambia | 10% | OK, POSB, MBCA Bank, Metro Peech, Ecobank, CBZ, MetBank, Orange Booths, NMB, Spar and more |
| Access Forex | United Kingdom and South Africa | 8.5% from South Africa to Zimbabwe GBP2.90 plus the rate of the day from the UK | ProFeeds, ZimPost Branches Nationwide, Access Forex Branches |
| Hello Paisa | 31 countries | US$5 fee to send US$100 | Lion Cash and Carry, BJ Service Station, and more agents |
| Xoom (PayPal) | Anywhere where PayPal operates | Minimum US$10 – US$599 = US$9.99 US$600 – US$999 = US$12.99 US$1000 above US$15.99 | ZB Bank, Terra Payment Services |
| World Remit | 130 countries | Fees vary depending on the location. US$100 will cost someone in the USA US$7.99 and the equivalent in the UK will be GBP2.99 | Steward Bank, CBZ, ZB Bank, POSB, NMB Bank, NBS GetBucks, CABS Conticash, BancABC, Econet |
| Mama Money | South Africa | 5% | Steward Bank, ZimPost, OK, Pick n Pay, Fidelity Life Centre, CBZ, EasyLink, POSB, Agribank, and Ecobank branches |
Domestic remittance services fees
| Limit | Fees | |
| BancABC City Hopper | US$250 for non-BancABC customers US$500 for BancABC customers | 3% |
| Access Forex | – | 3% |
| Mukuru | US$1000 | 7% |
| NBS InstaCash | – | 3% |
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8 comments
Why the heck are ppl using mukuru…they way out priced…I think that needs an article
I think it’s because of their Popularity..City Hopper is good locally and Cheaper , Gaining traction slowly, soon the sheer competition will drive prices down…Many remittance services popping up with attractive rates..
I have enjoyed using Access Forex, for both listed services, it’s quite quick and effective, they are also found at Edgars and Spar so my options are plenty for recipients.
Old habits die hard for Zimbabweans. I have also discovered that WorldRemit and EcoCash Remit are cheaper than Mukuru from SA but Zimbas can’t use the other two. If course they do only online payments but I found even those with bank accounts will lie to you that they have hidden costs (which is a lie). Mukuru has a wider collection network though but people.
I have also found cash24 to be quite good but they don’t seem to do much marketing /pr to be known out there.
Mama Money should be on this list, less than 5% in fees and great exchange rate for dollars.
Can pick up cash at any Western Union agent, Steward Bank, Post Office, OK Stores, Pick n Pay, Fidelity Life Centre, Direct Connect, CBZ, EasyLink, POSB, Agribank, and Ecobank branches plus more. You can find more info at http://www.mamamoney.co.za
Mama Money should be on this list, less than 5% in fees and great exchange rate for dollars.
Can pick up cash at any Western Union agent, Steward Bank, Post Office, OK Stores, Pick n Pay, Fidelity Life Centre, Direct Connect, CBZ, EasyLink, POSB, Agribank, and Ecobank branches plus more. You can find more info at http://www.mamamoney.co.za
Is it not possible for people to calculate their return when sending Usd? Clearly its obvious who is offering good return. Further groceries and other commodities are not cheap in Zimbabwe. ARE YOU AWARE THAT ITS CHEAPER TO BUY GROCERIES THAN TO SEND MONEY @MALAICHA.COM?