We've got news for you.

Register on BusinessLIVE at no cost to receive newsletters, read exclusive articles & more.
Register now

Wealthy Zimbabweans with Visa or MasterCard bank cards face a fresh hurdle when they travel abroad - restrictions on how much money they can withdraw or spend with their cards. As Zimbabwe moves to preserve scarce cash resources in an increasingly struggling economy, local banks have started to limit ATM withdrawals for customers using Visa when outside the country at $500 (about R7,200). Point of sale transactions on Visa while outside Zimbabwe are curbed at $2000. Zimbabweans are not allowed to take more than $1000 in cash when they travel outside the country. There are growing calls for the rand to be accepted as currency in Zimbabwe as a way of coping with the liquidity crisis. CBZ Bank, the biggest finance institution in Zimbabwe, said in a notice to depositors this week: "In line with market conditions, CBZ Bank has revised limits on international and local Visa card transactions with effect from November 1 2016." The bank has already imposed Visa withdrawal limits from cash m...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as articles from our international business news partners; ProfileData financial data; and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.

Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now