Stanchart cancels use of VISA cards outside Zimbabwe

Standard Chartered Bank Zimbabwe has suspended with immediate effect the automatic use of VISA cards outside the country.

Use of the card will only possible under what the bank calls unforeseen emergencies and permission to do so must be asked 72 hours in advance.

And the reason for this?

We regret to advise that we have cancelled the automatic use of your VISA debit card outside Zimbabwe with immediate effect.

This decision has been taken to ensure the best use of the increasingly scarce foreign currency resources which is disbursed in line with the priority list issued by the Reserve Bank of Zimbabwe if and when available.

So in essence because Stanchart Zim has to remit payments outside, the fact that they cannot readily do so means they cannot offer international payment services on the go.

The cancellation will affect travelers and there is no indication that online payments will be prejudiced.

The government’s token currency system referred to as the bond note has resulted in increased cash flight it would seem. And there is no indication of the central bank being in a position to arrest this anytime soon.