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OpenEcoCash Lowers Its US Dollar Transfer Charges
EcoCash has reduced its US dollar transfer charges following the government’s reduction of the Intermediated Money Transfer Tax (IMTT) to 2%, down from 4% effective from 1 January 2023.
In a notice to its customers, EcoCash said the 2% tax only applies to transactions higher than US$5. It also said all cash-in transactions were free.
EcoCash US dollar transfers are done via the EcoCash US dollar wallet, accessible by dialling *153# on an EcoCash registered Econet line.
The EcoCash wallet allows users to cash in, cash out, send money, receive money, make payments and buy airtime in US dollars. A company spokesperson said:
The beauty about the EcoCash USD wallet is that there is no need to register a new wallet, as all existing registered EcoCash customers have the USD wallet by default on their profile, which is accessible by simply dialling *153#.
Cash-in can be done at Econet Shops, OK Supermarkets, and Steward Bank branches throughout the country, or at over 500 EcoCash branded merchant outlets across the country.
Following the reduction in transfer charges, a registered EcoCash customer will pay a total of US$0.33 (US$0.20 IMT tax, and US$0.13 EcoCash fee) when sending US$10.
Those cashing out US$10 will be charged US$0.17 in transaction charges.
Sending US$50 now attracts a 2% tax of US$1.00 and a US$0.65 transaction charge, bringing the total transfer fees to US$1.65, while those cashing out US$50 will be charged US$0.85.
Sending US$100 will cost US$3.30 – made up of US$2 in tax and US$1.30 in transaction fees. Cashing out US$100 attracts US$1.70 in charges. | The Herald
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