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Trade and International Payments

The Society offers a number of services to assist clients in sending and receiving foreign currency payments. These services are:

    • International Funds Transfers
    • Trade Finance Facilities
    • Letters of Credit
    • Foreign Bank Guarantees
    • Foreign Cheque Clearances
    • Documentary Collections
    • Exchange Control Advisory Services
    • Money Transfers/Diaspora Remittances:-  Mukuru.com ; Hello Paisa (South Africa); Mama Money (South Africa); Express Links (UK)

SWIFT/Telegraphic Transfers (TT)

A SWIFT/Telegraphic transfer is an electronic method of sending or receiving international and regional payments via a secure international payments network called SWIFT (Society for Worldwide Interbank Financial Telecommunications), through the use of correspondent banks authorised to operate in a clearing area for the desired payment currency. Banks on the SWIFT network are identified by unique Bank Identifier Codes (i.e. BIC Codes, also referred to as SWIFT Codes)

Corporate SWIFT/Telegraphic Transfers:

  • Our USD, GBP, and EUR Correspondent Bank is EBI SA Groupe, Ecobank France(SWIFT Code: ECOCFRPP).
  • CABS SWIFT code is CABSZWHA

N.B. Please note that Ecobank, France only handles transactions for companies/organisations (i.e. ordering customer and final beneficiary must be registered companies ororganisations).The bank does not therefore accept transactions in which any of the parties is an individual.

Our correspondent banks for ZAR and BWP are as follows:

  • ZAR - FirstRand Bank Limited (SWIFT Code: FIRNZAJJ)
  • BWP - FNB Botswana (FIRNBWGX)

Individual Telegraphic Transfers:

  • Currently CABS is not able to process SWIFT/Telegraphic Transfers, both incoming and outgoing, for individuals in USD, GBP and EUR.
  • We are however able to process SWIFT/Telegraphic transfers for individuals in ZAR (South African Rand) or in BWP (Botswana Pula).  
  • Individual customers are in this regard, advised to use the option of making payments to South Africa, and any other SADC countries in South African Rand (ZAR), through the SADC Regional Electronic Settlements System (SIRESS), which CABS is a member of. The countries that are currently on this regional payment platform are South Africa, Namibia, Zimbabwe, Zambia, Malawi, Lesotho, Swaziland, Mauritius,Tanzania and Seychelles.
  • Also note that in cases where the beneficiary banks outside SADC countries are willing to accept ZAR, payments to such beneficiaries can also be processed in ZAR and will be converted to the destination country’s currency on receipt, as the ZAR is an internationally convertible currency.
  • Engagements are underway as a matter of priority to set up alternative payment channels for individual transactions in USD, GBP and EUR, and details will be communicated in due course.

CABS SWIFT/TELEGRAPHIC TRANSFER HANDLING FEES

CURRENCY

HANDLING FEES

MINIMUM HANDLING FEE CHARGE

MAXIMUM HANDLING FEE CHARGE

USD TT’s

0.5% of Amount

USD20.00

USD110.00

ZAR TT’s

0.5% of Amount

ZAR150.00

ZAR800.00

EUR TT’s

0.5% of Amount

EUR15.00

EUR100.00

GBP TT’s

0.5% of Amount

GBP15.00

GBP100.00

BWP TT’s

0.5% of Amount

BWP150.00

BWP800.00

N/B:An additional Foreign Bank Charge can be added over and above the CABS Handling Fee, should the remitter choose to incur the charge at source. The amount ranges from the equivalent of US$10.00 up to a maximum of US$50.00, depending on the amount paid.

For more information please contact the CABS International Banking team on 04 – 883823-60 or emailcabstradepayments@cabs.co.zw