The Reserve Bank Of Zimbabwe has altered procedures for diaspora remittances to bank accounts in Zimbabwe.

The changes are outlined in the below announcement from the London based company, Worldremit:

 
Important changes to sending bank transfers to Zimbabwe

Dear Sender

If you’re sending money to a bank account in Zimbabwe, your transfer will need to follow new regulations set out by the Reserve Bank of Zimbabwe (RBZ).

To send money to anyone in Zimbabwe, your recipient will now need to have a Nostro foreign currency account (FCA). This is so that your money is guaranteed to be credited in US dollars.

If your recipient doesn’t have a Nostro FCA, it’s no problem! All they need to do is visit their bank in order to open one – it’s really important that they do this, because you won’t be able to send money to them without it!

Don’t worry, nothing else has changed about our service. All you’ll need to do is have your recipient’s Nostro FCA details to hand, ready for when you send your transfer with us.

Here’s a recap on what you need to do:

1) Make sure your recipient has a Nostro FCA before sending.

2) Make a note of their Nostro FCA number ready for when you make your transfer.

3) Send your transfer with us online or through our app!