Money transfer
The 3 million of us living in the diaspora have sent many millions of US dollars to Zim using various means. Business opportunities have therefore emerged, but not all are equal. Unfortunately, a number of us are being ripped off.
Exchange rates: There are some atrocious exchange rates out there, especially with some of the so called “no fee” transfers.
Security: Sorry, we just don’t know how this one can be ascertained.
Who do we recommend?
We recommend you first consider the tried and tested providers, who have great reputations, and offer transparent and secure money transfers. Providers with worldwide operations and names to protect. Providers who offer open market competitive exchange rates. Those that satisfy this description include Western Union and Travelex.
Don’t just use a service because they tell you they have the ‘best rates’ or that they ‘don’t charge a fee’. First, compare them with the big players. There are so many rip-off companies out there prying on the innocent. They are small companies, and to survive, they must beat the established. Sorry, this is not unpatriotic. Rip offs have no place here. They survive by ripping you off – so don’t support them. We are happy to hear from the good guys – if they exist.
Western Union
To save money, go to an agent and use the next day (alternative) service – it is much cheaper. Money will be available next day (rather than in minutes). In fact, the immediate service doesn’t always provide cash on the same day in Zimbabwe – sometimes the receiver is advised to come back the following day!
I visit the local agent in the evening – some stay open late (even after 10pm). That way, the recipients get to collect the money first thing in the morning (gives me a same day feeling)!
The Western Union online service is just as expensive as their same day service (including the telephone transfers).
Travelex
- If you plan to send large sums of money, or to make small regular transfers between different, have a look at Travelex. They are a very well known name, and offer a secure service. They also offer better rates than your bank, at no fee.
You bank: bank to bank transfer
- Unfortunately, they offer terrible rates, often charge high fees, and transfers take lengthy periods. Use Travelex instead.
You can also use the following
- Moneybookers: An online service that allows you to transfer money worldwide for just € 0.50. Your recipients get to receive the money for free. This service uses bank transfers at either end.
- Paypal: Very popular and used by giants like Ebay. The service uses bank transfers at either end.
