Earlier this week we reported on Access Forex getting Reserve Bank of Zimbabwe (RBZ) approval to resume domestic (city to city) remittances. During our travels at the Zimbabwe International Trade Fair (ZITF2022), we got a chance to talk to Shingai J. Koti, the Chief Marketing Officer at Access Forex. She was also kind enough to give us a tour of their stand at ZITF2022. Additionally, Access Forex debuted its mobile application at ZITF2022 on iOS and Android.
You can check out Access Forex’s booth at the Zimbabwe International Trade Fair (ZITF2022) with the player below. Alternatively, you can watch it directly on YouTube with the link here
For those who might be wondering, Access Forex charges 3% for domestic remittances and 8.5% for international money transfers. This puts them in and around what the rest of the competition is charging on both fronts.
International 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 | Cost of sending US$100 | |
| BancABC City Hopper | US$250 for non-BancABC customers US$500 for BancABC customers | 3% | US$3.00 |
| Access Forex | – | 3% | US$3.00 |
| Mukuru | US$1000 | 7% | US$7.00 |
| NBS InstaCash | – | 3% | US$3.00 |
| Steward Remit | – | 2% | US$2.00 |
| MojoMula | – | 5% | US$5.00 |
| EcoCash Remit | US$250 for unregistered users US$500 for registered customers | variable link to charges here | – |
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One response
The fees are higher than in the table when factoring in the hidden exchange rate premium. Almost all of them will deliberately charge you in a different currency than the one the recipient will get in order to create an opportunity for a hidden fee. Withdrawing cash from the Stanchart ATM is about the cheapest and most convenient international remittance service. Just keep a second Visa/Mastercard with a relative in ZW. No queues and 24×7 service. Best of all is you can buy from major established shops directly with the card (at the same price/discount as you would with physical US cash) at absolutely zero fees