TeleCash slashes mobile money fees

AUGUST 28,2014.


Telecash customers can now send money for free to other registered telecash subscribers, following a revision of telecash charges that came into effect last Friday, 22 August 2014.

The new tariffs show that it costs nothing to send cash through telecash to a registered telecash subscriber, no matter how much money is being sent. This is the first time that anyone using a mobile money service has been able to send money to someone else free of charge.

There is no charge for depositing money (cash in) in one's telecash account.

Registered telecash customers who receive money via telecash pay a cash out fee ranging from 10 cents for an amount of up to two dollars to $4,90 for an amount of between $400,01 and $500, which is the maximum amount that can be sent. The fees include the mandatory five cents money transfer tax.

The cost of sending money to someone who is not a registered telecash subscriber varies from 10 cents for sending two dollars or less to $5.40 for sending from between $400,01 and $500, which is the maximum transaction amount. These fees also include the five cents money transfer tax.

However, the recipient non-telecash customer pays nothing to cash out the money from a telecash agent.

Chief Commercial Officer Nkosinathi Ncube pointed out that this latest move by Telecel was a first in the market.

"This development brings real value to telecash subscribers as they now can send money for free. There is no charge at all for sending money to a registered telecash subscriber. Cash-in is free. Non-registered cash-out is free.