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.
EcoCash 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.
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.
“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
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