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More than 30,000 Australians were born in Zimbabwe, and with a large Zimbabwean expat community in Sydney and Western Australia, there are plenty of reasons why you might need to send money to Zimbabwe from Australia.
Azimo sends money directly to a bank account or over 280,000 cash pick-up points. It also has fast transfers to 50+ countries.
Depending on your financial institution, you may be able to send funds to Zimbabwe through your bank. However, banks don’t typically offer an affordable service when it comes to international money transfers, as they charge high fees and less than ideal exchange rates.
You can usually get a better deal if you utilise the services of a specialist money transfer company. These providers offer simple and convenient online transfers and better exchange rates than the banks. They also charge lower fees and will sometimes waive their fees when you transfer more than a specific amount.
| Bank | Money transfer company | |
|---|---|---|
| Exchange rate | 1 AUD = 0.70 USD | 1 AUD = 0.73 |
| Transfer fee | $20 | $4 |
| Transfer method | Bank account deposit | Bank account deposit |
| Processing time | 2-4 business days | 2-4 business days |
| Amount received (in USD) | $700 | $730 |
As Heath’s example shows, a small difference in the exchange rate can add up to an additional $30 that he can send to his parents, while the transfer fee charged by the specialist money transfer company is also favourable.
Today's exchange rate AUD to USD
Following a period of instability and hyperinflation, the Zimbabwean Dollar is currently being phased out and will no longer be accepted as legal tender by the end of 2015. Currencies including the South African Rand, Botswana Pula, British Pound Sterling, Indian Rupee, Euro, Japanese Yen, Australian Dollar and the United States Dollar are now acceptable forms of payment in Zimbabwe.
This has several implications when you need to send money to Zimbabwe. While some banks and money transfer providers exclude Zimbabwe from the list of countries they send funds to, a range of popular currencies are now accepted as legal tender. This means that there are options available when you need to send money to Zimbabwe.
Some of the banks and providers that allow you to send money from Australia to Zimbabwe include Commonwealth Bank, WorldRemit, Western Union and MoneyGram.
If you need to send an emergency transfer to Zimbabwe, be mindful that you will have to pay extra to get your funds to your recipient as soon as possible.
Not only will higher transfer fees apply but you will usually also have to contend with an exchange rate lower than what you might be able to get for an ordinary transfer. This is why you should always take the time to read the fine print and make sure you’re fully aware of exactly how much your transaction will cost.
Western Union and MoneyGram are the proud owners of the two largest money transfer networks in the world, each boasting hundreds of thousands of agent locations across the globe. When you send funds for cash collection through one of these providers, make sure your recipient has the transaction reference number and photo ID on hand when they go to pick up the cash.
Here are a few popular cash pickup locations in Zimbabwe:
As theft is a common occurrence in certain areas of Zimbabwe, you should be cautious when you pick up cash. Take someone along with you for added protection and avoid any areas that are known for being unsafe.
Keep your cash and your wallet concealed so that you don’t advertise your wealth to thieves, and deposit the cash with your bank as soon as you can.
Whichever option you choose for your money transfer from Australia to Zimbabwe, you’ll usually have to sign up for an account with the provider before you can send your funds. This will involve providing:
Once you’ve lodged a transfer you will usually be given a receipt or a reference number that you can use to monitor the progress of your funds.
MasterRemit allows you to transfer your money quickly in a range of currencies.
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