A better way to save time and money on money transfers to Zimbabwe this Christmas

Just one way to give an extra Christmas gift this year.. for free

WorldRemit research reveals that thousands in Zimbabwe are missing out on Christmas presents and time with loved ones this Christmas.

If more people simply switched to lower cost online channels like WorldRemit, they could make significant savings. Savings they could spend on an extra Christmas present home this year.

The high costs of sending money home mean the Zimbabwean diaspora are losing out on savings up to 7.95 percent when sending money home. The savings were highest when sending from New Zealand to Zimbabwe at $15.9, enough to buy Havaianas flip-flops or 20kg of Mealie Meal, but even a saving of $3 could buy a nice gift this year.

Five Christmas gifts the savings on sending money to Zimbabwe could buy

Switching to lower cost remittance services could mean family and friends could buy an extra Christmas present every time they transfer money home.

An Infographic showing the money you could save when sending money to Zimbabwe with WorldRemit

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But it’s not just money that can be saved. By sending money online instantly, people can save precious time, too. Traditional money transfer services mean both senders and recipients need to take time off to travel to an agent to either pay in or collect money. And that’s time that could be spent with family and friends this Christmas.

Saving the cost of travel just to pay in money twice a month from New Zealand could be enough to buy a bath hamper in Zimbabwe. Then if you consider that from Mrehwa, Domboshawa and Bindura it costs between $4-6 to travel to Harare and back by bus and takes between 1.5 to 2.5 hour. Even those living within Harare travelling from an area like Dzivarasekwa can take up to 1 hour to travel to an agent and back, costing up to $2.

By guaranteeing cash through our partnerships with Steward Bank, Kaah and Quest Financial, recipients can easily access a cash pickup point in Zimbabwe and receive cash within minutes of cash being sent.

With most WorldRemit customers who send money to Zimbabwe doing so at least three times a month, the savings across the month of December could be greater still.

In short, sending money frequently, without having to pay high costs or waste time, brings families and friends closer together, even when living hundreds of miles apart. So we hope that we can give people the precious gift of more time with family and friends this Christmas – and perhaps a few extra presents under the tree.

Notes

The savings were calculated based on sending the equivalent of $200 in the local currency of the sender country using a weighted average of pay-in and pay-out methods for the leading traditional money transfer operator compared to WorldRemit.

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