One of the biggest banks in Zimbabwe, Standard Chartered Bank has suspended the use of the Visa debit card outside Zimbabwe. The suspension is with immediate effect.
The bank also advised that customers who may want to use the card outside Zimbabwe will now have to apply for “special consideration” before travelling.
The bank attributed the new policy to the dwindling foreign currency reserves in Zimbabwe saying
The decision has been taken to ensure the best use of the increasingly scarce foreign currency resources which is disbursed in line with the Priority List issued by the Reserve Bank of Zimbabwe, if and when available.
Here is the full Statement
To Our Valued Clients
We regret to advise that we have cancelled the automatic use of your VISA debit card outside Zimbabwe with immediate effect. However, Clients who wish to use their cards outside Zimbabwe may still apply for **special consideration prior to travel. Please note, there are NO changes to the local functionalities of the VISA Debit Card.
This decision has been taken to ensure best use of the increasingly scarce foreign currency resources which is disbursed in line with the Priority List issued by the Reserve Bank of Zimbabwe if and when available.
Once again, we regret this move and apologise for any inconvenience that this may cause. We will continue to monitor the environment and should there be any other changes, you will be notified accordingly.
How do I apply for **Special Consideration in advance of travel?
Clients who wish to use their cards outside Zimbabwe may apply for special consideration at least 72 hours before their date of departure. Customers are requested to submit evidence of all the expected expenses to be incurred whilst travelling outside the country at any Standard Chartered branch or to their Relationship Manager. Alternatively customers can send their application to email@example.com, attaching all documentation which confirms travel dates and expenses expected to be incurred.
All advance applications will be reviewed in line with the Priority List Guidelines on external payments announced by the Reserve Bank of Zimbabwe in 2016.