Can people transfer $$ out of Zimbabwe

I tried to google to find this out but no luck....

Talking about proceeds from the sale of property. Hubby and I were of the understanding the Govt had stopped $$ going out of the country, only coming in.

Anyone with an idea as to what is going on?

You haven't received an email about your dead relative's will, have you? [}]

This info help you?

Hahaha Ruth, I thought someone might pick up on that line.... do you want to share your bank account details for the transaction? :rolleyes:

Many thanks Spoook, but not quite. We have a house on the market and some people living in Auckland want to buy it, but subject to their house selling in Zimbabwe, which is pointless if they cannot get their $$ out.

I know South Africans had trouble on that score a few years back, but haven't heard that in relation to Zimbabwe, but it wouldn't surprise me given the state of the country.

Stikkibeek;501075 wrote: I know South Africans had trouble on that score a few years back, but haven't heard that in relation to Zimbabwe, but it wouldn't surprise me given the state of the country.

This was our line of thought as well.

Hi Max2,

Now, I am not a financial adviser, nor do I know anything much about the law in Zimbabwe (and you definitely want to avoid spending time in their jails...), but how would you get on if you put your funds from the property sale into a Zimbabwean bank account that comes with a widely accepted credit card (MasterCard, VISA, etc)?

Set up a direct debit or what ever they call it over there so that the credit card is automatically paid at the end of the month and bring your new credit card back here to NZ (let your bank know what you are doing so that they do not mistakenly "flag" the card for fraud when they see you using it here in NZ).

Then, because it's a foreign card here, and will attract foreign transaction fees every time you use it, only use it for your larger purchases, and not for things like buying a coffee or a pie.

So, instead of spending your hard earned NZD on buying a trolley full of groceries, filling your vehicle with fuel, paying your rates, insurance, power or telephone bill, purchasing airline tickets or hotel accommodation, etc you instead save your NZD in your kiwi bank account and use your Zimbabwean credit card to pay for these things.

If you have good trusted friends that want to buy things, you may be able to help each other out. eg say that I am your friend and I want to buy a $1500 NZD laptop, so you go to the store and buy it for me (ie give my name for the warranty) with your Zimbabwean credit card and bring it to my house and I give you $1500 NZD and we are both happy (and since you have not made any profit, ie it is not a business transaction, you might not have to report it to NZ IRD [I don't know for sure though], but it's probably a very good idea to keep records in case someone like the NZ IRD or the NZ Police asks where all the NZD coming into your NZ bank account is coming from).

With respect to:
www.iatatravelcentre.com/ZW-Zimbabwe-cus...ulations-details.htm
I suppose the big question is what actually constitutes an export of currency out of Zimbabwe? is each foreign credit card transaction considered to be a separate export (ok if under $5k?) or is it the total foreign card transactions for each month that count (since you pay the card off in full each month?). A tame bank manager in Zimbabwe might have a better idea of the rules?
If you are a couple, then would having his & her cards help as presumably the export limits are per person and not per couple?

Good Luck

Thanks for the suggestions Spark, I was reading something similar on the 'net when go*gling the issue.

Overall I don't consider it to be my ''problem'' and I am sure if the purchasers are genuine they will have people there to help them drip transfer their funds out via those means you mention however its not a risk I would take on.

I would rather keep my house on the market and if and when it is possible for them to be cashed up in NZ, then we can certainly talk further.

max2;501121 wrote:

I would rather keep my house on the market and if and when it is possible for them to be cashed up in NZ, then we can certainly talk further.

Your easy option it to accept their offer, which ties them into buying if they do get their money over, but keep the property advertised, and in the sale and agreement document you add in a cash out clause. This means that if you get an unconditional offer in the meantime, they have 1 week to go unconditional or you take the other offer. That way, they are tied into the contract but you are not. They agent would tell any interested parties about the get out clause on the offer so they are not put off.

That is how we bought the last house, we came in with a cash offer 20k less than the current offer and it was accepted. In our case it was accepted immediately as the person with the other offer said there was no way she would be able to be unconditional in a week, so there was a mutual agreement between vendor and purchaser to cancel the offer with immediate effect.

Unless it is an unconditional offer, there is no obligation to take your property off the market, even with unconditional offers, the property is usually just marked as under offer as until settlement date and the money is in your bank account nothing is 100% certain. For example should the house have a fire or an earthquake unless you can fix the damage before settlement the purchaser can pull out. Also things like people dying, divorce etc can happen or they can change their mind and just lose their deposit.

kai;501127 wrote: Unless it is an unconditional offer, there is no obligation to take your property off the market, even with unconditional offers, the property is usually just marked as under offer as until settlement date and the money is in your bank account nothing is 100% certain. For example should the house have a fire or an earthquake unless you can fix the damage before settlement the purchaser can pull out. Also things like people dying, divorce etc can happen or they can change their mind and just lose their deposit.

Yes I agree but tend to find (generally speaking from past experience) once Agents ''feel'' they have any sort of offer they drop the marketing and get on promoting elsewhere...

max2;501135 wrote: Yes I agree but tend to find (generally speaking from past experience) once Agents ''feel'' they have any sort of offer they drop the marketing and get on promoting elsewhere...

Depends on the agent, if there is any doubt as to whether it will go through, they will normally look for a back up offer as they will not get paid until settlement and if it does not settle they would like someone they get to take over asap.

I suggest you research your agent and see what their track record is also discuss it with them.