Using a dedicated money transfer service could let you send money to Zimbabwe more cheaply than with your bank. Use the table below to compare quotes from a range of popular transfer providers to see which could get you more dollars for your pounds.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
Please note: You should always refer to quotes you receive from transfer services themselves directly for exact amounts as they may vary from our estimates.
Here’s our simple process for sending a money transfer to Zimbabwe as a cash pickup or bank transfer – the two options are similar:
The whole process can take as little as 1 hour and all you'll need is a smartphone or computer, an internet connection, your passport or driving licence, your recipient's account details and a means of payment.
If you send to a Zimbabwean bank account, your recipient will need to wait for the funds to arrive. For a cash pick up, your recipient in Zimbabwe might be able to pick it up as soon as payment has cleared. They’ll need to show some form of photo ID in order to pick up the funds and may additionaly require a reference number and details of the sender and amount.
Jendayi is spending two years working in the UK for a clothing company, but she stays in regular contact with her elderly parents back home in Zimbabwe. Her parents need some funds to help pay off a debt to a previous landlord, so Jendayi plans to send them £2,400 from the UK.
Jendayi decides to check out an online money transfer specialist to see if it works out any cheaper than her bank
|Bank||Money transfer firm|
|Exchange rate||1 GBP = 1.17 USD||1 GBP = 1.21 USD|
|Transfer method||Bank account deposit||Bank account deposit|
|Processing time||2-5 working days||Next day|
|Amount received||2,808.34 USD||2,898.64 USD|
As you can see, while the transfer fee is slightly higher for the online money transfer company, it allows Jendayi to send an extra 90.30 USD, which is transferred straight to her parents' CBZ Bank account.
The cost of sending money to Zimbabwe from the UK depends on the GBP to USD exchange rate applied to the transfer, plus any fees incurred.
The “mid-market” or “interbank” rate is the that banks and transfer services use to trade between one another. It’s the best rate going. To cover costs and make some profit, transfer services either give consumers a slightly less preferential rate or charge a transfer fee. In a few cases, they might do both.
If you’re not in a rush, companies like TorFX let you set “rate targets” so that your transfer can be automatically executed if and when the exchange rate hits a target you set. This can translate into meaningful savings, especially on larger transfers.
Transfer fees can take the form of a flat fee (e.g. £5) or a percentage fee (e.g. 0.5% of the amount being transferred). As well as varying from brand to brand the fee at a specific brand might vary according to the service you require (a cash pick-up or a faster transfer could cost more, for example).
Some transfer services offer a discount to new customers. Ultimately you just want to look at how may Zimbabwean dollars they’re promising you for your pounds. That’s the easiest way to find the best deal.
Compared to the start of 2022, the pound is weaker against the dollar. Currently £1,400 is equivalent to $1,701.14, whereas at the start of 2022, £1,400 was equivalent to $1,889.86. That's a decrease of 9.99%.
Similarly, compared to mid-2021, the pound is again weaker against the dollar. In mid-2021, £1,400 was equivalent to $1,935.92. That's a decrease of 12.13%.
What's more important, however, is where the strength of the pound against the dollar goes from here – which is harder to call. Based on those two quick glances back, your pounds might not go as far as they would have, so shopping around for the best deal on your transfer is key.
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