Money transfers in Zimbabwe.

Position:Brief Article

Money transfers, which allow people working outside of their country of origin to send money back home are an important source of finance for developing countries. The practice is important also for the fact that remittances usually go straight into the pockets of consumers, increasing their disposable income. So the cost of money transfers is likewise important.

In Zimbabwe, money transfer agencies are regulated by the country's central bank, the Reserve Bank of Zimbabwe (Reserve Bank). Relatives and friends abroad can also transfer money to Zimbabwe via bank transfer but both the sender and the recipient are charged for the service.

Competition among money transfer agencies in Zimbabwe is based on price and convenience. Although agencies in the country do not charge recipients, senders are charged by agency partners in foreign countries, and these charges differ. Convenience also differentiates local agencies, again...

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