CBZ Bank is proud to announce the launch of a new partnership with Western Union to offer two more remittance services. The two remittance services under the CBZ Western Union Money Transfer Agency (MTA) partnership are Domestic and Outbound remittances. These two are an addition to the current inbound remittances which facilitated the payment of United States Dollars to Zimbabweans receiving funds from abroad.
With the launch of Domestic Remittances, customers can now send and receive foreign currency within Zimbabwe. Customers will be able to send and receive funds via any registered Western Union agent in Zimbabwe. Customers can send money using CBZ that can be redeemed at another Western Union agent which is not CBZ and vice versa.
The Bank also introduced Outbound Remittances which allow customers to send foreign currency to recipients outside Zimbabwe. The daily send money limit per transaction is USD $500 per day per individual as stipulated in the Reserve Bank of Zimbabwe (RBZ) Statutory Instrument (SI) 104 OF 2015.
These exciting services are open to both CBZ and non CBZ customers and the recipients will receive United States Dollars in cash. CBZ Bank is also taking advantage of its wide branch footprint in the country hence senders of money are assured that their recipients will receive their hard currency without any hassles.
CBZ Bank is also in partnership with other leading international brands across the world to facilitate the receiving and paying out of in-bound diaspora remittances. To date the bank has partnered Western Union, World Remit, MoneyGram, Mukuru, Hello Paisa and Express Links Money transfers.
The Bank also opened Money Transfer Centres (MTCs) in Harare and Bulawayo for added convenience. The MTCs are dedicated to serve customers. These centres enable people to collect and or send their money much faster than any other banks.
These efforts of providing full remittance services by CBZ Bank are being driven by the realisation that remittances are a key source of foreign currency for the nation and Zimbabwe is one of the leading recipients of remittances in Africa.