Frequently asked questions on Domestic Foreign Currency Accounts (DFCA)
Q: What is a Domestic FCA?
A: This is an account specifically opened by the Bank for clients to house foreign currency in any of the currencies that are authorised within the basket of currencies under the multicurrency system e.g, USD, ZAR , BWP, GBP etc, and funding is through cash deposits.
Q: Why is it important to have the DFCA account opened?
A: The Reserve Bank of Zimbabwe through the recent Monetary Policy Statement pronounced by the Governor on 1 October 2018 advised that this move is to strengthen the multicurrency system, enhance business viability, improve market confidence and requested Banks to separate locally generated funds and foreign currency deposited by clients. This move will therefore enable the customers to keep proper track of their funds in actual currency of their choice, which assures them access to those funds in the currency of deposit when required. To add on, opening a DFCA ensures that your funds are safe and secure from the perils of life.
Q: Is it mandatory for one to open the DFCA?
A: No, it is not mandatory. The account is to safeguard or guarantee customers with hard currency under this multicurrency regime of their funds on demand from Banks without having to be told of cash unavailability when they want to utilise them. Therefore, a customer who does not earn foreign currency through remittances or without access to hard currency does not need to open one.
Q: Am I guaranteed that I will get my funds in the currency of deposit if I place them in the DFCA?
A: Yes, that is the point of separating the locally generated funds from the DFCA cash deposits to ensure that funds are readily available and not mixed with locally generated deposits.
Q: Can I fund my DFCA from RTGS FCA?
A: No, the account can only take deposits in hard currency (Cash).
Q: Does the DFCA earn interest?
A: No, the purpose of the account is to safekeep your cash
Q: Are there any withdrawal and monthly maintenance costs on the DFCA?
A: Yes, like any other local currency account charges are incurred as per bank’s conditions of service. The account will attract cash withdrawal fees which are as per bank’s conditions of service although there will be no monthly ledger fees.
Q: Can I open a DFCA for other currencies apart from the USD?
A: Yes, one can open a Rand DFCA or any other currency that is within the basket of acceptable currencies in Zimbabwe such as the British Pound, Euros and Pula.
Q: Can I transfer my funds to another Bank?
A: No. You can only withdraw cash out of the account and if you want to pay someone through an account you can then go and do a deposit into the recipient’s account provided they have a DFCA(DTMFI) or Nostro FCA (Authorised Dealers).
Q: Can I transfer money outside the country from my DFCA?
A: No. Since withdrawals are only in the form of cash, it follows therefore that transactions will be by way of cash unless one makes arrangements with Authorised Dealers with such transacting facilities.
Q: Can I receive my funds through transfers from outside the country?
A: No. Receipts into the DFCA are only by way of cash.
Q: Is there a maximum withdrawal limit?
A: Yes, for security reasons the bank will enforce withdrawal limits as per terms and conditions although exceptional cases will always be entertained through normal channels.
Q: Do I need to pay a deposit on opening a DFCA?
A: Yes, account opening deposit is USD5 or its equivalent in order to activate the account.
Q: What are the account opening requirements?
A: Existing clients just need to advise the bank in writing and the KYC on file will be used to open the account. New clients will however need to fill in an account opening form, pay USD5 or its equivalent and provide copy of ID.
Q: Can I get a debit or Visa card for my DFCA?
Q: If I am an accountholder already with the Bank do I need to fulfil new account opening requirements?
A: No, although you need to advise the bank in writing.
Q: What are the benefits for opening a DFCA?
A: Keeping your money in the bank is more secure than under your pillow where it could be stolen or damaged.
Q: What are the charges applicable to the DFCA?
A: Cash withdrawal charges only as per bank’s terms and conditions and these change from time to time.
Q: Can one open a transactional DFCA?
No. There is no need since access is only by way of cash withdrawal.
Q: Can one make DStv payments from a DFCA?
A: No. The bank has not made any arrangements for such a facility at the moment.