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If you need to send money to a loved one in Zimbabwe, you might find yourself confused as to what type of currency to send since the Zimbabwean dollar was disbanded in 2009. Since then, a number of currencies can be used as legal tender in Zimbabwe. This includes the US dollar, which is the official currency for all government transactions in the country.
Following a period of instability and hyperinflation, the Zimbabwean dollar was phased out and is no longer accepted as legal tender as of 2015. Currencies that can be used include the South African rand, Botswana pula, British pound, the euro and the United States dollar.
This has several implications when you need to send money to Zimbabwe. While some banks and money transfer providers exclude Zimbabwe from the list of countries they send funds to, a range of popular currencies are now accepted as legal tender. This means that there are still options available when you need to send money to Zimbabwe.
Some of the banks and providers that allow you to send money from Hong Kong to Zimbabwe include WorldRemit, Western Union and MoneyGram.
Exchange rate is an important factor for most transfers because it determines how much one currency is worth against the currency of another country. Because Zimbabwe accepts a number of currencies as legal tender, understanding the global economics that impact exchange rate is important. When a country’s currency is strong, it will yield more money when exchanging it in a country with a weak currency. Inflation and interest rates play a part in exchange rates, so be sure to look at the trends of the last month before making a transfer.
Whichever option you choose for your money transfer, you’ll usually have to sign up for an account with the provider before you can send your funds. This will involve providing your full name, address, contact details and your government-issued ID.
Here are the basic steps:
Once your transfer is complete, check back to make sure everything goes smoothly and your money is safely delivered to your recipient.
If you need to send an emergency transfer to Zimbabwe, be mindful that you will likely have to pay extra to get your funds to your recipient as soon as possible. Always read the fine print and make sure you’re fully aware of exactly how much your transaction will cost. If possible, waiting a day or two can save you money and get more cash into your recipient’s hands.
As theft is a common occurrence in certain areas of Zimbabwe, you should be cautious when you pick up cash. Take someone along with you for added protection and avoid any areas that are known for being unsafe. In addition, you should keep your cash and your wallet concealed so that you don’t advertise your money to thieves. Deposit the cash into your bank or put it somewhere safe as soon as possible.
Adrienne Fuller is the head of publishing at Finder US. With a decade of experience creating guides in finance and education, she aims to deliver the accurate and transparent information she wishes she had when she made some of life's important financial decisions. For the past 3 years she has been the publisher of money transfers, helping readers save when they send money all over the globe. She has a BA from Colorado College and loves to hike with her two Catahoula dogs around her home in San Diego.
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