Zambia is one of a few countries that can consistently boast above 6% Real GDP growth in Africa, compared to the worldwide average of 3%. Copper is one of its main exports and Australia especially imports specialised machinery parts and electrical equipment from Zambia.
Services from Zambia have reached AUD$11m in the past, with Australia exporting AUD$26m to Zambia. The two economies have close relationships when it comes to trading merchandise. Zambia’s relationship with Australia is in the top 12 most important for merchandise imports and exports.
There are about 3,000 Zambians living in Australia and continuous reports on President Lungu, president of Zambia, that values the relationship between Australia and Zambia. He wishes to further establish and grow investment relations with Australia and sees the past economic relationship as a good foundation for going forward.
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Compare money transfer services that send to Zambia
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General money transfer companies vs. immediate money transfer services
Jenny is a businesswoman from Zambia and has recently taken up residence in Australia to make sure her father’s copper export company continuous to experience smooth sailing in Australia. She is part of about 3,000 Zambians living in Australia and has heard that many of them are businessmen and women sending money to their families in Zambia.
Since her father has a successful copper exporting company, she won’t need to send money to Zambia to support her family, but she still needs to pay off her student debt. She decides that while she is earning Australian dollars, it will be better for her financial future to tackle the debt and send money over whilst she is positioned in Australia.
She takes the time to speak to fellow Zambians and does some research before coming to the following conclusions using a benchmark of 1,000 AUD. Although there are bank options through which to send money, only money transfer companies have made it possible to calculate exchange rates for Jenny to send money to Zambia.
What criteria did Jenny use to compare transfer companies when send and receiving money between Zambia and Australia?
Exchange Rates. Jenny found that exchange rates were relatively consistent but that she could get the best rate using a money transfer company that got its rates through the bank. The drawback to this was usually the time delays in sending money.
Pickup Methods. Zambia offers a robust financial infrastructure and allows someone to receive money in their bank account, as well as cash at an agent or branch location.
Fees. Fees are much higher if Jenny wants to send her money with a quick delivery and low amounts, but are generally standard and not above 30 AUD.
Bank to Bank Benefits. There is no clear bank to bank benefit that Jenny could find through her research, but she has noticed that Citibank has branches in Zambia and that she can send money using Commonwealth Bank.
Turnaround Time. The turnaround time can range from minutes to five days in sending money to Zambia.
Transfer Methods. There are a couple of options through the services she has found including branch, bank accounts, online, phone and agent.
Transfer Options. Because Jenny wants to pay off debt, she will most probably have to look at a recurring payment solution. She also sees the value of a currency option so she can fix her rates when they are low.
Minimum and Maximum Transfer Amounts. Although some companies specify these and a minimum can be as high as 5,000 AUD, Jenny notices that the lower the transfer amount, the higher the fees can be.
Customer Service. Moneygram and Western Union have been around for years and offer vast support structures worldwide, whilst Xpress Money is newer with support features like live chat. Citibank also has a huge reach with customer support ranging across global boundaries.
How will Jenny send money to Zambia from Australia?
Money transfer services - Moneygram, Western Union, Xpress Money and WorldFirst Foreign Exchange are available to send money to Zambia.
Banks - Citibank has branches in Zambia, but requires a visit to the branch to send and receive money. Commonwealth Bank allows you to send money to Zambia and receive it. It can also be used to send money to someone with a supported bank account in Zambia.
How will Jenny receive in Australia from her father in Zambia?
Moneygram, Western Union and Xpress Money - these companies allow you to send money from Zambia to Australia with a cash pickup.
Banks - one option is to open a bank account with Commonwealth Bank and receive the money in this bank account from a supporting bank in Zambia.
For in case something happens to her father’s business, her father has placed money in Australia as a backup. This is so that Jenny has a backup for a personal emergency and when the need arises that will require her to send her father emergency cash. Because of this, she has made notes on sending money to agent locations in Zambia where her father can pick up the cash within minutes. The locations for Moneygram, Western Union and Xpress Money can be seen below.
Cash pickup locations in Zambia when using Moneygram, Western Union or Xpress Money
Stanbic Bank Zambia 58 4803 Commonwealth Ave Stand Lusaka, 0 2601240090 Open Monday to Friday, from 8:15am to 3:30pm, Saturday from 8:15am to 12pm, Sunday from 12am to 12pm
Zampost - Woodlands Woodlands Shopping Centre, Lusaka 211263199 Open Monday to Friday, from 8am to 6pm, Saturday from 8am to 2pm, Sunday from 12am to 12pm
Investrust Bank - Kitwe Branch 512 Blantyre road, Kitwe, 0 2229761 Open Monday to Friday, from 8:15am to 4pm, Saturday from 8:15am to 12:30pm, Sunday from 12am to 12pm
Access Bank Zambia Limited Plot 682, Cairo Road, North End, P.O. Box 35273 Lusaka, 10101 +260-211-227941 Open Monday to Friday, from 8:15am to 4pm, Saturday from 8:15am to 12pm, Sunday from 8:15am to 4pm
Chibombo Ecobank Branch Ecobank Zambia, P.O. Box 30705 Lusaka, Lusaka +260-211-250056 Open Monday to Friday, from 8am to 4pm, Saturday from 8am to 12pm, Closed on Sunday
Access Bank Kitwe Plot 493/494, Union House, P.O. Box 20033 Kitwe, Copperbelt +260-212-228673 Open Monday to Friday, from 8:15am to 4pm, Saturday from 9am to 4pm, Closed on Sunday
UAE Exchange Zambia Money Transfer Service Limited - Makeni Mall Br Shop Number 45, Makeni Mall, Kafue Road, Lusaka, Zambia +260-211274100 Open Monday to Saturday, from 8:30am to 6:30pm, Sunday from 9am to 1pm
A country that boasts a lot of public activity like Zambia means that there is danger in openly trading money in public so keep it private as far as possible. Keep your money transfer operations confined to the day as the evenings bring forth a lot more crime.
What are the steps to send money to Zambia using various services?
What will you need when picking up cash at an agent location in Zambia?
A Government issued ID.
The tracking or reference number (MTCN).
When sending money through an agent in Australia or Zambia
Visit the agent you have identified with a form of photo ID (can be passport, driver’s license, national ID, government-issued ID).
You will need to fill in an application form along with the specified amount you want to send and all necessary fees.
It is then your responsibility to contact the receiver of the money and provide them with the tracking or reference number.
Some branches may require a proof of address.
When sending cash pickup using an online profile
You will need to create a free online profile.
Choose the country (Zambia), amount (AUD/ZMW) you want to send and the delivery method (cash).
Enter the receiver’s name.
Pay using a debit or credit card.
You will receive a confirmation email with the tracking number (MTCN) that you can share with your receiver for the cash pickup.
If you are sending the money to an account overseas
Bank code, full name and address of the bank that you're transferring to
Recipient's name, address and account name
Account number or International Bank Account Number (IBAN)
Amount and currency you are sending
If you are, for example, a Commonwealth Bank client receiving money from Zambia
Bank name: Commonwealth Bank of Australia
BIC/SWIFT Code: CTBAAU2S
BSB number (log on to NetBank to view it, or call 13 2221 at any time or visit any branch)
Account number (log on to NetBank to view it, or call 13 2221 at any time or visit any branch)
IBANs are not used in Australia. However, payers in certain countries may require you to provide one. In that case, your BSB and account number should be combined. Do not include any spaces or hyphens. For example: 062 000, 11111111 (BSB and account no.)
Shirley Liu is Finder's global program manager. She was previously the publisher for banking and investments and has also written comparisons for energy, money transfers, Uber Eats and many other topics. Shirley has a Master of Commerce and a Bachelor of Media, Journalism and Communications from the University of New South Wales. She is passionate about helping people find the best deal for their needs.
Global Reach will match any competitor's exchange rates. Conditions apply.
No transfer fee when transferring more than £10,000 or equivalent. Send money in over 130 currencies. No maximum transfer amount.
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