HomeBusiness DigestBanks make a killing on TCs

Banks make a killing on TCs

Conrad Dube

BANKS are reported to be making a killing on prospective travellers to South Africa who want travellers’ cheques (TCs) as Zimbabweans struggle to get the R1 000 to get a visa to South Africa.

Investigations by businessdigest revealed that most banks charge between $100 000 and $300 000 as commission for TCs. To get TCs clients are required to deposit at least R1 000 with the bank.

Stanbic Bank is charging the highest amount of $300 000 and is reported to be making good business from commissions while Kingdom Bank is charging R100 for TCs equivalent to R1 000. Standard Chartered said it was issuing TCs to foreign currency account holders but charging 0,5% of the total amount to non-foreign currency account holders.

Barclays Bank said they only give account holders while First Banking Corporation is charging 10% of the foreign amount although the TCs were not available.

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