Standard Bank has announced the launch of a zero-charge offer on sales of all foreign currencies to customers.
The offer became effective on April 3 and according to the bank’s Head of Global Markets, Mclewen Sikwese, it will be valid for the next three months.
Previously, Standard Bank was charging a commission of 2.5 percent on sales of foreign currency.
“As a result of the support from our customers, Standard Bank continues to receive excellent ratings as Africa’s leading foreign currency service provider. But we also recognise the role of the local customer in contributing to that success, and this offer is a token of our appreciation,” he said.
He said the offer is open to all Standard Bank customers who want to purchase foreign currency cash of any amount through the bank’s branches backed by valid travel documents.
“This offer aims to make the dollar and other major trading currencies easily accessible in cash to our customers at no extra cost and without hassles or stress. We have made it easier than before for customers to buy from us without stressing about the charge. What is quoted as the exchange rate is all that will be charged,” Sikwese said.
For customers looking to access an equivalent of up to $3,000 for travel purposes, the bank will require a valid passport and an additional provision of a bus or air ticket but which will not be mandatory.
“Customers travelling on business and wishing to buy foreign currency in excess of $10,000 or its equivalent will, however, be required to bring a letter from their employers or companies clearly motivating as to the need for the amount applied for,” he said.
Standard Bank has for the past four years been declared Africa’s best foreign currency provider and Sikwese attributed the success to the bank’s ability to provide timely solutions.
“Standard Bank is guaranteeing a quick turn-around time of 15 minutes for all purchases of foreign currency cash at all its branches,” he said.
Sikwese said the bank is best positioned to offer the green buck and other foreign currency solutions to personal and business customers in Malawi.
“We have availability of foreign currency cash in all our branches across the country and our staff eagerly await customers wishing to purchase the cash for holiday and business travel,” he said.
The Global Finance Magazine, a leading business and financial monthly magazine has consistently rated Standard Bank as Africa’s Best Foreign Currency service provider for four consecutive years.
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