Steward Bank - guaranteed forex cash pick-up and/or favorable rates for Diaspora Remittances
Following the ban by the government on the use of Foreign Currency for local transacting, one of the largest banks in Zimbabwe, Steward Bank, has clarified that diaspora remittance customers can still pick up their money in forex.
Steward Bank advised that recipients of money remitted from the diaspora through its remittances partners can still be cashed out in forex throughout its branch network, and this is guaranteed.
There is more than a single way of redeeming your remittances through Steward Bank, as explained by the bank. Recipients can also have their money deposited into an FCA Nostro account or changed into Zim dollars at a negotiated interbank rate.
Said Revesai Nyahasha, Diaspora Banking Manager:
It’s surprising how the changes on the policy side regarding currencies has been misinterpreted to mean that recipients of remittances cannot collect their cash in forex. This is an unfortunate information gap and we’re glad to say that at Steward Bank we have not stopped providing USD cash to recipients of remittances from the diaspora. If you need the money in your local account, we even go an extra mile to give favorable rates to our clients. Why not when the options are open to them.
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Anyone in the country (not just existing Steward Bank customers) can collect forex sent from the diaspora using any of the following partners of Steward Bank:
- Cassava Remit
- Cassava Fintech
- World Remit
- MamaMoney
- Small World
- Hello Paisa
- MoneyGram
