This morning BancABC launched a local remittance service which allows people to send US dollars locally. The service,aptly named City Hopper, will see people being able to send US dollars to anywhere in Zimbabwe where BancABC has a branch or outlet.
Both BancABC account holders and non-account holders will be able to use City Hopper. To put it differently, anybody can use City Hopper to send US dollars in anywhere in Zimbabwe regardless of whether you have a BancABC account or not.
How BancABC’s City Hopper works
A sender merely needs to walk in a BancABC branch or outlet with an ID and fill out a form where you provide your address, phone number and the amount you wish to send. The minimum amount to send is US$10.
The funds will be instantly sent to the receiver, who only needs to produce an ID and a reference number to collect their US dollars at a BancABC branch.
How much do I get charged?
You will be charged a 2% fee of the money to be received whilst the minimum fee charged is $2 and the maximum fee charged is $10.
The growing use of US dollars in Zimbabwe coupled by the ongoing lockdown validates the relevance of a local remittance service in the form of City Hopper.