Standard Chartered Bank Increases Fees, Now Charging You For Depositing Dirty USD Notes!

Standard Chartered Bank has notified customers of increases on a number of fees they levy. The bank says this has been necessitated by increases in pricing by some of their service providers.

The fee changes are for their ‘Priority Banking’ customers. Here are the fees that have changed:

Transaction Type	Current Fee	New Fee	% Increase
Account Maintenance	$15	$25	66%
Zimswitch POS	$0.10 for txns below $10 $0.45 for txns above $10	$0.19 for txns below $10 $0.85 for txns above $10	90%
EcoCash Bank to Wallet	$1 for txns below $100 $2 for txns above $100	$1.50 for txns below $100 $3.00 for txns above $100	50%
RTGS (transfer)	$4.95	$10.00	102%
Service Fee	$0.60 per txn	$0.99 per txn	65%
Outward Telegraphic Transfer	1.55% (Min $30 and Max $160)	2.50% (Min $30 and Max $350)	61%
Cash Withdrawal (RTGS and Nostro)	1.25% of Amount	2.25% of Amount	80%
ATM (RTGS and Nostro)	1% of Amount	2% of Amount	100%
Deposit of Soiled USD Notes	Free	10% of Amount Deposited	RIDICULOUS

Headlines

Your dirty money is gonna cost you big time. This is not as ridiculous as it sounds though, we will explore the issue of dirty money in another article.
There is no escaping Mthuli Ncube’s tax. It only applies for non withdrawal transactions but Standard Chartered now makes sure you lose 2% of your money when you withdraw on the ATM and 2.25% when you do it at the counter. And they don’t care even if it’s hard currency.
Price hikes in Zimbabwe are almost as funny as they are sad: 102% increase!
It’s not their fault…