WorldRemit announces Zimbabwean bank transfer closure


Joe Baker
Joe Baker
Senior Copywriter
Joe is a Senior Copywriter working on reports, news and analysis. Previously, he worked as a B2B copywriter, journalist and editor covering a broad range of topics, including technology, transport,… Read more
  • WorldRemit, a well-known provider of cross-border payments services based in the UK, has announced that it will no longer be offering bank transfers to Zimbabwe.
  • It comes after the Zimbabwean government announced a variety of new measures designed to encourage people to use the local currency.
  • “We have decided to remove bank transfers from our service in Zimbabwe. From June 29, 2022 you will not be able to send money to bank accounts in Zimbabwe,” the company said in a statement released to the press.

WorldRemit, a provider of cross-border payments based in the UK, has confirmed that it will no longer supply direct bank transfer services to Zimbabwe.

The firm said that it had moved its operations in the sub-Saharan African country to largely cash transactions.

The move comes in the context of decisions taken by the Zimbabwean government regarding the use of currency.

The country’s government has taken steps to make it more expensive to use foreign currency rather than the national currency.

This includes a money transfer tax of 4% that applies to every foreign currency transfer carried out in the country.

There was also a levy based on cash removals for sums greater than $1,000.

This has now risen to five cents, which reflects a 2% rise.

It is expected that the new move will come into practice at the end of the month.

“At WorldRemit, we pride ourselves on offering the best possible service to our customers,” the company said.

“Sometimes that means removing services where we don’t believe we can provide the best-quality service or the widest range of options for you.”

“We have decided to remove bank transfers from our service in Zimbabwe. From June 29, 2022 you will not be able to send money to bank accounts in Zimbabwe,” it said.

The company apologised for any inconvenience that the change will cause.

“The good news is that our other money transfers, including cash pickup, mobile money and airtime, will still be available. Have a look at our website and app for more information,” it added.

To get more details about the workings of the online money transfer sector, all you need to do is head over to our reviews pages and see what’s being said – you could even find your next provider.

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