On Wednesday, 15th of July, 2022, WorldRemit, one of the world’s biggest money transfer providers announced that it would no longer support bank transfers to Zimbabwe. The announcement which was made via email to its customers captured conversations on social media, as people sought to understand why the company was restricting its service to Zimbabweans.
I have a question regarding the latest move by WorldRemit to stop sending money into bank accounts in Zimbabwe.
Has this happened due to sanctions against our country?
— Tariro Kamuti (@tarirokamuti) June 15, 2022
Per the message to customers, WordlRemit was restricting its service because it could no longer offer the “best possible service” to Zimbabwean residents who wanted a direct bank transfer. Although the announcement was made on the 15th of June, it won’t take effect until the end of the month. While direct bank transfers will be paused indefinitely, Zimbabwean residents can still receive funds via cash pickups, mobile money, and airtime.
With an estimated 5 million Zimbabweans living in the diaspora, this restriction by World Remit causes a challenge for people who prefer bank transfers for international transactions. Many senders and spenders prefer receiving funds as bank transfers for a couple of reasons, including:
- It’s easier to predict the value exchange
- It reduces the chances of fraud
- It reduces the chances of mistakes
- It is generally safer as the recipient doesn’t have to handle cash.
In the absence of Worldremit bank transfers to Zimbabwe, here are X companies that still offer the service:
Remitly still offers bank transfers to recipients in Zimbabwe, however, they have to bank with specific banks. Only recipients using ZB Bank and First Capital Bank can receive money via Remitly in Zimbabwe. If the recipient doesn’t bank with any of these two banks, they might have to open an account or find a trusted party who uses either bank and can act as a third party.
To open a ZB bank account, check here.
To open a First Capital Bank account, check this link.
Xe Money Transfer
Xe is a Canadian-based currency exchange platform that helps people move across borders. It is one of the only platforms to currently offer unlimited access to bank transfers into Zimbabwe for people in the diaspora.
To send money to a bank account in Zimbabwe through Xe, you will need the full name of the recipient, bank account, and the bank’s swift code. You should know that sending money via Xe doesn’t always give the best exchange rates, as it is sometimes below the mid-market rate.
As one of the world’s leading money transfer operators, Remitly’s withdrawal of the bank transfer service is a big blow to Zimbabweans who frequently receive money from other countries.
However, there are still other ways to receive funds. Mobile money wallets, cash-pickups, and debit card transfers still remain supported by several money transfer operators in Zimbabwe.
Download the zazuu app to keep updated on what money transfer providers are available in your country and the services they offer.