Bank Charges Shocker: Customers Cry Foul As Steward Bank Charges US$250 Minimum For Telegraphic Transfer

Steward Bank Charges Minimum of US$250 For Telegraphic Transfer

 

Steward Bank Charges Minimum of US$250 For Telegraphic Transfer

 

Zimbabweans on social media have expressed shock after learning that Steward Bank charges customers a minimum of US$250 for a single telegraphic transfer.

Most people were shocked to learn that the charges were so astronomical and accused the bank of unsavoury banking practices.

 

What Happened?

 

The issue started when a Harare based photography & videography company called kaySIMMZpix took to social media to complain that Steward Bank was offering them only US$165 following a telegraphic transfer of US$478. They alleged that the bank had deducted US$305 as charges.  kaySIMMZpix wrote,

 

So after 4months of complaining on your timeline, and signing never-ending documents U want to give me 165USD from a telegraphic transfer of 478USD. what kind of bank charges cost 305USD. I want my money, please.

So after 4months of complaining on your timeline, and signing never-ending documents U want to give me 165USD from a telegraphic transfer of 478USD. what kind of bank charges cost 305USD. I want my money please. pic.twitter.com/mzl6CFVqF6

 

The bank promptly responded saying that US$250 was the minimum charge while the rest of the money was for sending fees which should have been catered for by the sender. Responding to the query the bank said,

Kindly note $250 is the minimum charged by the intermediary bank. The additional fees relate to sending fees ordinarily catered for by the sender. Steward bank does not charge to incoming telegraphic transfers.

When asked why they had chosen to do a telegraphic transfer when they were aware of the high charges, kaySIMMZpix said that they were unaware of the charges. They also said that that they had opened the Steward Bank account as they were desperate to receive money from outside during the national lockdown. At that time, Steward Bank was the most convenient option.

I needed to receive my salary during lockdown days via TT so steward was the only bank that offered account opening via USSD. No further information was provided except that. I was sceptical myself no lie. I think they should publish the charges or make it known to clients.

… opened the account via USSD on my phone during lockdown because It was the only option available to me at the time I couldn’t move around. My Job only receives money via TT so I was expecting a 0.7% charge then boom they take 65% of the money. This bank is not very forthcoming

 

kaySIMMZpix also said that Steward Bank had neglected to inform her of the high bank charges for Telegraphic Transfers and did not provide any documentation for such.

I opened my dura via telephone USSD during the lockdown. for a dura account,U have no bank card, you cant link it to your visa card, to check balance you have to call them, there is no customer portal for the FCA.@stewardbank  where I these terms and conditions for FCA accounts

Stop lying How can I understand you taking my 305USD. I opened my account with you because you promised no monthly fees. There is nowhere that says you charge 305USD for two transactions, a shameful lot. U just said 305 from charges show me where I said I agree?

When another social media user questioned Steward Bank on the identity of the intermediary bank that they were using that has such exorbitant charges, the bank responded with a list of their minimum charges for different currencies

Please find the charges below Foreign Bank Charges
USD 0.75% minimum USD 300.00
GBP 0.5% minimum GBP 150.00
EUR 0.5% minimum EUR 150.00
ZAR 0.5% minimum ZAR 250.00
maximum ZAR 1000.00

 

 

Steward Bank Charges Minimum of US$250 For Telegraphic Transfer
Steward Bank Charges Minimum of US$250 For Telegraphic Transfer

What is a Telegraphic Transfer?

 

A telegraphic transfer  or telex transfer, often abbreviated to TT is basically an electronic method of transferring money and is commonly used to transfer money internationally. It may also be referred to as a wire transfer or SWIFT transfer. Senders pay for the transaction at the remitting bank and provide the recipient’s name, bank account number, and the amount transferred.   A transfer charge is often charged by the sending bank and in some cases by the receiving bank.

 

What Do Other Local Banks Charge For Telegraphic Transfers?

 

According to the local tech blog, Tech Zim, here is what other local banks charge for Telegraphic Transfers:

 

 

How did Zimbabweans react to the bank charges of US$250 for Telegraphic Transfers?

 

Unsurprisingly, Zimbabweans on social media did not take the charges well and made their feelings known. Here are some of the reactions.

 

 

 


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