EcoCash is well known for the host of handy services that are available on their platform. On of the well known service is the Bureau de Change.
You may have or haven’t used EcoCash’s Bureau de Change but still you may be interested in knowing the following 4 things about this handy service.
Charged for quotation
You probably think its a freebie to inquire for the prevailing exchange rate on the EcoCash Bureau de Change.
A charge maybe be levied for generating a quotation.
Rate higher than Bureau de Change
Even though the EcoCash Bureau de Change is part of the interbank market, sometimes it offers a higher ‘USD to Zim Dollar’ exchange rate than other interbank participants (banks and Bureau de Changes).
As of the time of writing this article, the EcoCash Bureau de Change is offering ZWL$27.50 for US$ 1 whilst banks and other Bureau de Changes offer ZWL$25 and below for US$1.
Once you exchange your US dollars in your EcoCash FCA to Zim dollars its done – you can’t ask EcoCash to reverse the transaction even if you have mistakenly converted a lot of US dollars than you intended. In EcoCash’s words:
……..when [you] sell [your] United States Dollar e-value for RTGS Dollars (Zimbabwe dollars), the transaction is irreversible.
EcoCash may set trading hours
You probably think that you can convert your US dollars into Zim dollars anytime of the day but no, that’s not the case.
You may not be able to convert your US dollars into Zim dollars on EcoCash’s Bureau de Change as it will be closed, so to speak. In EcoCash’s words
EcoCash may set trading hours.
2% tax FCA
The government doesn’t charge the infamous 2% tax when you convert your USD dollars to Zimbabwe Dollars.