For many of us, the most frustrating part of banking has been paying just to see our own money or to put it into the bank. Under the new RBZ measures, those days are over.
- Zero Charges for Balance Inquiries You will no longer be charged to check your account balance. This applies to:
All Banking Platforms: Including banking halls and mobile apps.
Mobile Money: Including platforms like EcoCash and OneMoney.
Currency: This is free for both ZiG and US$ accounts.
- No Fees on Cash Deposits In an effort to get more cash into the formal banking system, the RBZ has removed all fees on cash deposits. Whether you are depositing ZiG or US$, the bank is no longer allowed to take a cut of the money you are handing over to them.
New Limits on Withdrawals and Card Use While some things are now free, other common transactions have had their costs strictly capped to prevent banks from overcharging.
Withdrawal Charges Capped at 2% Whether you are at an ATM or inside a banking hall, the maximum you can be charged to withdraw cash (US$ or ZiG) is now 2% of the amount.
Point of Sale (POS) Improvements Swipe charges have long been a headache for shoppers. The RBZ has introduced three major rules for swiping:
1.5% Cap: Transaction charges for local and international cards are now capped at a maximum of 1.5%.
The $20 Limit: Even for very large purchases, the swipe fee is capped at US$20 (or the ZiG equivalent).
No Minimum Fees: Banks and shops are now expressly prohibited from imposing a "minimum charge" on POS transactions.
Cheaper Bank Cards If you need a new bank card or a replacement, the law now states that fees for these cards shall not exceed cost recovery levels. This means banks cannot make a massive profit just for handing you a piece of plastic.
Why This Matters for You These measures are a direct response to public outcries over "unrealistic charges" that often ate away at small savings. By directing banks to implement these adjustments by 31 March 2026, the RBZ is encouraging "financial intermediation"—basically, making it easier for you to trust the bank with your money.
The Reserve Bank is even encouraging banks to go a step further by offering incentives and fee waivers for depositors who maintain a minimum balance.