According to our friends over at CashTalk, CABS individual account holders were recently informed by the bank that they can no longer do more than 10 transfers per day. Ostensibly this is an effort by the bank, and not part of the RBZ’s FIU crackdown, to clamp down on illegal foreign currency trading.
Dear Valued Customer,
We wish to advise you that the limit for internal transfers on individual accounts is now 10 transfers of any value per day.
We encourage you to ensure that your transactions are limited to the purposes for which you opened your account.
The bank glibly reminds customers to use the accounts for the purposes for which they opened them. Well, that’s now impossible thanks to the government and the banks complicit action. For most people the accounts they have used to be USD accounts, now they come with the RTGS/ZWL label after a series of orders from the government and central bank.
Even those with good intentions cannot in good conscience keep money in those accounts. The only way to save is to buy something and often that something is illegal USD. Not doing anything will see your savings wiped away.