the best ways to transfer money to recipients in Zimbabwe are through money transfer companies, high street money transfer service and through bank transfers. Money transfer through mail is very unsafe as the money might go missing.
Money transfer companies. Money transfer companies are very swift, easy and reliable means of transferring money to recipients in Zimbabwe due to simplified procedures, they are safe and regulated by financial conduct authority. Want needs to be done is to only create an account with the company and you good to. The margin rates of money transfer companies are at 7%.
High street money transfer services. High street transfer service agents like MoneyGram, western union are also available in Zimbabwe and have proven to be a very reliable means of transfer since their service are almost instant. They are also wide spread with agents in post offices, retail outlets and have newsagents. This service comes with relatively low premium fees.
Bank transfer. Bank transfers to Zimbabwe are also available at a good margin rate of 5%.although the banks are not reliable in the country due ongoing financial crisis. This service is available on online banking platform and at the local branch.to use service efficiently the parties at both end need to hold bank accounts with banks that have low fees.
Restrictions on money sending to Zimbabwe.to transfer money to Zimbabwe there are number of restrictions including: on the amount sent, regulatory and exchange issues, operation hours and delay options.
Restrictions on receiving money in Zimbabwe. To receive money in Zimbabwe a number of restrictions are present including: The amount to withdraw, required receiver actions and on identification requirements.
Process of sending money. As for sending money through banks and money transfer companies the users need to hold accounts with the provider. the users then communicate before transacting to allow for traceability and accountability. the transfer can be done once everything is at place either by cash, from a credit card or directly from a bank account. with high street money transfer service the process is very simple since there is no need of accounts. what needs to be done is to identify the destination identify their locations then send the money. the sender then provides the recipient with a reference number who confirms at the point of withdrawal and provided identification details to complete the transfer.
Economic trend in Zimbabwe. Zimbabwe has faced serious economic contractions, instability and volatility for over a decade due to government interference and mismanagement. disastrous economic policies and corruption are the major contributing factors. GDP growth is very low at 1.5% compounding to 6.5% over the last five years. Inflation rate is also very high with at -2.4% and consumer price index of about 98.70%.
Main bank in Zimbabwe. The main bank of Zimbabwe is the reserve bank of Zimbabwe. The is tasked to supervise banking, economic research, exchange rate control and developing monetary policies.
Never send currency by mail to Zimbabwe?
One thing that you should never do is to send foreign currency via the mail. This is incredibly unsafe as you run the risk of having the money go missing en route. The unit of currency that Zimbabwe used up until 2009 was the Zimbabwean dollar. However this was indefinitely suspended and now the two currencies that are used in Zimbabwe are the US dollar and the South African Rand. So when you want to check the currency rate Zimbabwe follows you should look at these two currencies.
Choose the safest method to send money to Zimbabwe?
Obviously you will be keen to choose the safest method when you arrange a currency transfer to Zimbabwe. To make sure that the transfer is fast and secure you should use the services of an online currency exchange broker. Here you will be able to create your own account, define your recipient and transfer money whenever you need to. You can use such a service 24 hours a day seven days a week and the system is very easy to use.
Let your recipient know when you expect the currency in Zimbabwe?
When you have got your account with an exchange broker up and running it is time to transfer money to Zimbabwe for the first time. As soon as you have arranged your transfer you should contact your recipient and let them know that they will have access to their funds within a few minutes.