Connect with us

Local News

Ecocash Forex Charges Slashed

Published

on

Ecocash Forex Charges Slashed

EcoCash, Zimbabwe’s largest mobile money platform, has slashed its US dollar transfer charges following the government’s reduction of the Intermediated Money Transfer Tax (IMTT) to 2%, down from 4% effective from January 01, 2023.

The development means EcoCash’s customers now enjoy lower tariffs when transacting on its platform.

US dollar transfers are done via the EcoCash US dollar wallet, accessible by dialling *153# on an EcoCash registered Econet line on a mobile phone. The wallet allows users to cash in, cash out, send money, receive money, make payments and buy airtime in US dollars.

In a notice to its customers, EcoCash said the 2% tax only applies to transactions higher than US$5. It also said all cash-in transactions were free.

Advertisement

Read Also: Company Defrauds FBC Bank $28 Million

According to the new schedule, a registered EcoCash customer will pay a total of US$0.33 (US$0.20 IMT tax, and US$0.13 EcoCash fee) when sending US$10 to their friends or loved ones. At the same time, those cashing-out the US$10 will only be charged US$0.17 in transaction charges.

Sending US$50 now attracts a 2% tax of US$1.00 and a US$0.65 transaction charge, bringing the total transfer fees to US$1.65, while those cashing-out US$50 will be charged US$0.85.

Customers intending to send US$100 will part with US$3.30 – made up of US$2 in tax and US$1.30 in transaction fees. A cash out of US$100 attracts US$1.70 in charges.

Advertisement

“The beauty about the EcoCash USD wallet is that there is no need to register a new wallet, as all existing registered EcoCash customers have the USD wallet by default on their profile, which is accessible by simply dialling *153#,”said a company spokesman.

Cash in, which is free, can be done at Econet Shops, OK Supermarkets and Steward Bank branches throughout the country, or at over 500 EcoCash branded merchant outlets across the country. Herald

Advertisement
Click to comment

Check out Entertainment

TikTok Star Mya Jesus Trolled For Marying Older Man After Dating For 5 Days TikTok Star Mya Jesus Trolled For Marying Older Man After Dating For 5 Days
Celebrities2 days ago

TikTok Star Mya Jesus Trolled For Marrying Older Man After Dating For 5 Days

A 22-year-old Ghanaian socialite and TikTok star, Mya Jesus is making social media waves after she disclosed her marriage to...

Gqom queen, Babes Wodumo saw herself trending for all the wrong reasons again after multiple video clips of her dancing at her mother-in-law’s funeral. Gqom queen, Babes Wodumo saw herself trending for all the wrong reasons again after multiple video clips of her dancing at her mother-in-law’s funeral.
Celebrities2 days ago

Babes Wodumo “Celebrates” Mampintsha’s Mother In Dance Before Her Coffin

Gqom queen, Babes Wodumo saw herself trending for all the wrong reasons again after multiple video clips of her dancing...

"My Journey Becoming A Sangoma": Tendai Ndoro's Ex-Wife Zinhle Ngwenya "My Journey Becoming A Sangoma": Tendai Ndoro's Ex-Wife Zinhle Ngwenya
Celebrities2 days ago

“My Journey Becoming A Sangoma”: Tendai Ndoro’s Ex-Wife Zinhle Ngwenya

Art seems to be mimicking TV actress Zinhle Ngwenya who plays the role of a prophetess on eTV telenovela House...

Zimbabwean Actor Chrispen Nyathi Receives Praise In SA For His Role On DiepCity Zimbabwean Actor Chrispen Nyathi Receives Praise In SA For His Role On DiepCity
Celebrities2 days ago

Zim Actor Chrispen Nyathi Shines In SA Film Industry

Chrispen Nyathi, a 28-year-old Zimbabwean actor living in South Africa and originally from Bulawayo, has been colouring the small screen...

Babes Wodumo dances in front of her mother-in-law casket (Image Credit: Daily Sun/ News24) Babes Wodumo dances in front of her mother-in-law casket (Image Credit: Daily Sun/ News24)
Celebrities3 days ago

Babes Wodumo Filmed Dancing Before Her Late Mother-In-Law’s Coffin

Controversial Gqom musician Babes Wodumo is trending once again on social media after another video of her dancing “ivosho” at...

Mabrijo Shuts Down Internet WIth Latest Picture Mabrijo Shuts Down Internet WIth Latest Picture
Celebrities4 days ago

Mabrijo Shuts Down Internet WIth Latest Picture

DJ Towers’ ex-girlfriend Bridget Sibanda popularly known as Mabrijo has taken to her social media to share with her followers...

Amapiano Artists Breaks Up DBN Gogo, Focalistic Relationship Amapiano Artists Breaks Up DBN Gogo, Focalistic Relationship
Celebrities4 days ago

Amapiano Artists Breaks Up DBN Gogo, Focalistic Relationship

South African Amapiano power couple DBN Gogo and Focalistic have apparently separated following a private yet adventurous relationship. On Valentine’s Day...

Chrisean Rock Filmed Fighting Two Women Chrisean Rock Filmed Fighting Two Women
Celebrities4 days ago

Chrisean Rock Filmed Fighting Two Women

Chrisean Rock was filmed fighting two women shortly after announcing she is pregnant with Blueface’s child.   Chrisean was said...

Watch: Connie Ferguson Glamourous Entrance For Kings Of Joburg Season 2 Premiere Watch: Connie Ferguson Glamourous Entrance For Kings Of Joburg Season 2 Premiere
Celebrities4 days ago

Kings Of Joburg: Connie Ferguson’s Glamourous Entrance

It was all glitz and glamour at the premiere of Kings Of Joburg Season 2. The much-anticipated hit series Kings...

Zimbabwe Mourns Mbuya Stella Chiweshe Zimbabwe Mourns Mbuya Stella Chiweshe
Celebrities7 days ago

Zimbabwe Mourns Mbuya Stella Chiweshe

ZIMBABWE has been plunged into mourning following the death of internationally acclaimed  Mbira musician, legendary Mbuya Stella Chiweshe. Stella Chiweshe...

Advertisement

Trending