Standard Bank account holders now have cheapest and fastest way to send money to Zimbabwe

Standard Bank and Stanbic Zimbabwe have teamed up with OK Zimbabwe Limited to offer person-to-person money transfers in real time from South Africa to Zimbabwe.

This means people residing in South Africa can send money instantly to that country via Standard Bank's secure, cost-effective, uncomplicated and easily accessible Instant Money International transfer system.

Using the Instant Money International money transfer system developed by Standard Bank South Africa, Zimbabwean residents can receive and collect their money at any of OK Zimbabwe's 55 stores nationwide. The recipient in Zimbabwe does not need to have a bank account to receive their money.

The service is currently available online to Standard Bank's Internet Banking customers; but will be expanded to Standard Bank's more accessible Access Point network in future.

Prior to the launch of Standard Bank's Instant Money International in Zimbabwe, money transfers systems to that country have been scarce and costly. Limitations include delays in the recipient receiving the funds, additional fees payable by the recipient as well as a scarcity of accessible cash-out points.This has resulted in recipients having to travel long distances to retrieve their funds.

Instant Money International is just that – instant – and at a cost of R50 per transaction, is the quickest and most cost-effective way to send money to Zimbabwe. It is incomparably safer and more reliable than most informal methods, such as using a friend or taxi driver, to carry money on their behalf.

"There is huge potential for a successful and widespread uptake of the Instant Money International service, with five million Zimbabweans living and working in South Africa, and having family based in their home country," said Ngoni Simelane, Head: Technology and Innovation: Beyond Payments Division, Standard Bank South Africa.

Standard Bank is already working to expand Instant Money International to other Southern African countries and will be making announcements in this regard in the not too distant future.