Stanbic Forex withdrawal Charges

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Stanbic Forex withdrawal Charges

Postby FTJ » 16th August 2010, 08:46

Dear Zambia,
Recently, I had USD cash which I deposited in my USD account at stanbic. Two days later, I decided to withdraw part of my ealier deposit and to my shock, I was charged commission which according to them was 'a fee for purchase of foreign notes'. I would understand if I was drawing from my Kwacha account but to be charged for getting what I put two days earlier doesnt make sense. I speak from ignorance as a non banker but to get charged for keeping my dollars two days in a Bank is not on. I'd have been better off keeping that money at home because paying so excessively is unjustified. On my USD account alone, there is a Fixed Management fee, a variable Service fee (transactional based) and a legion of other funny charges like this one just pointed out. Are these charges rational
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FTJ
 

Re: Stanbic Forex withdrawal Charges

Postby Chuck » 16th August 2010, 14:32

Unfortunately there are so few banks in Zambia that you don't expect some competitor to exploit such weaknesses in these banks. You've stayed with Stanbic because the other alternatives are not that superior. They may even be worse.
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Chuck
 


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