Here are all the latest bank charges for ZiG and USD transactions and services in Zimbabwe (2024)
With the coming of Zimbabwe's new ZiG currency I am sure some of us would like to know how much banks will he charging to do certain transactions or use certain services. In this article I will be covering both the USD and ZiG charges for the top 10 banks in Zimbabwe.
Banks in Zimbabwe have charges for a number of services and we will list them all. NB: Premium or business accounts might have different fee structures compared to standard personal accounts.
1. Cash Withdrawal Charges
This refers to fees that a bank may impose on its customers for withdrawing cash throught various methods:
- from an Automated Teller Machine (ATM) owned and operated by the same bank.
- from an Automated Teller Machine (ATM) owned and operated by the same bank. or by another bank
- "OTC Cash Withdrawal Charges" refer to fees imposed by banks when customers withdraw cash "over the counter" (OTC) at a bank branch.
| Bank | Same Bank | Different Bank |
|---|---|---|
| Banc ABC | 3% | 3% |
| CABS | 2.5% | 3% |
| CBZ | 3% | 3% |
| FBC | 3% | 2.5% |
| First Capital | 3% | 3% |
| NBS | 2.5% | 2.5% |
| Nedbank | 2% | 2% |
| NMB | 3% | 3% |
| POSB | 3% | 3% |
| Stanbic Bank | 2% | 2% |
| Standard Chartered | 3% | 3% |
| Steward Bank | 3% | 3% |
| ZB Bank | 3% | 3% |
2. VISA or Mastercard Charges
| Bank | Card Type | Transaction Charges |
|---|---|---|
| Banc ABC | Prepaid VISA Card | 1% ($1 min) |
| CABS | Prepaid Mastercard | 2.65% ($3.50 min) |
| CBZ | VISA Gold Card | N/A |
| FBC | Prepaid Mastercard | 3% $3.50 min |
| First Capital | VISA Classic Card | $2 (<$20) |
| NBS | Debit Mastercard | $1.50 min |
| NMB | Classic VISA Card | 3% |
| POSB | Prepaid MasterCard | 3.25% |
| Stanbic Bank | VISA Debit Card | 3.7% |
| Steward Bank | VISA Card | 1.85% ($2.50 min) |
| ZB Bank | Classic VISA Card | N/A |
For some banks you can avoid account maintainance fees by:
- Keep your account balance above the required minimum
- Select an account type that suits your banking needs and has lower or no maintenance fees.
- Some banks waive maintenance fees if you set up direct deposits to your account.
3. Swipe or POS Charges
This refers to fees that banks or payment processors may impose on transactions made using a debit or credit card at a point of sale (POS) terminal. These charges can apply to both the cardholder and the merchant, although they are more commonly associated with merchant fees.
Check with bank business conditions files to get a full overview as some charges differ depending on if its on the the same bank or the total amount of the transaction.
| Bank | On Same Bank | On Other Banks |
|---|---|---|
| Banc ABC | 2% | N/A |
| CABS | 1% + 2% IMT tax | N/A |
| CBZ | 1% | 1.5% |
| FBC | 1% | 2% |
| First Capital | 2.5% | N/A |
| NBS | 1.5% | 2% |
| NMB | 1% | 2% |
| POSB | 1.5% | 1.5% |
| Stanbic Bank | 0.5% (USD) | 1% (USD) |
| Steward Bank | 1.5% | 1.5% |
| ZB Bank | 1% | 1.5% |
4. Bank Transfer Charges
| Bank | ZiG Transfer | Internal Transfer |
|---|---|---|
| Banc ABC | 2.5% | N/A |
| CABS | 1% | 1% |
| CBZ | 2% | 2% |
| FBC | 2% | 2% |
| First Capital | 1% | 1% |
| NBS | 1% | 1% |
| NMB | 1.5% | 1% |
| POSB | 1% | 0.5% |
| Stanbic Bank | 1% | 0.5% |
| Standard Chartered | 1% | N/A |
| Steward Bank | 2% | 1% |
| ZB Bank | 1% | 1% |
5. Basic Services Charges
Because of rate flactuations and the recent new ZiG introduction some of these figures are calculated estimates.
| Bank | Balance enquiry | Bank statement |
|---|---|---|
| CABS | $0.17 | $0.17 |
| CBZ | $0.58 | $0.58 |
| FBC | N/A | $0.58 |
| First Capital | $0.23 | $0.23 |
| NBS | N/A | $0.23 |
| NMB | N/A | N/A |
| POSB | $0.23 | $0.23 |
| Stanbic Bank | $0.05 | $0.05 |
| Standard Chartered | $0.29 | $0.58 |
| Steward Bank | N/A | $0.12 |
| ZB Bank | N/A | N/A |
