Some Ecocash Agents are reportedly charging about 60% for every transaction conducted by their customers. These charges are outside the system hence unofficial.
The new charges mean that if one had $100 in his or her Ecocash wallet, they would get less than $50 in cash.
It is also worth noting that the charges vary for coins and notes. The coins which are now being rejected in some shops are cheaper than notes.
ZimPrice Check recently conducted a survey and noted that the black market cashout premium continues to go up due to cash shortages.
The cashout premium rates
|Currency Type||Cashout Premium|
|Bond Coins||40% minimum|
|Bond Notes||55% minimum|
Here are some things to note:
- These are just the unofficial premiums you have to pay to get cash, you will still have to pay the actual official cashout rates found here
- This means the percentage worth of your money is actually worth even less when these charges are factored in
- Higher amounts attract higher fees
Meanwhile, the National Business Council of Zimbabwe has given Ecocash a 48-hour ultimatum to “reign in their Agents”.
More: Zim Price Check