Homelink benefits senders and recipients in many ways
The Homelink system guarantees confidentiality
in line with internationally recognised best practices.
Only the international and local money transfer agencies know who the sender and recipient of the money is.
They are expected by the Reserve Bank and by international standards of practice to keep that
information confidential. |
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Zimbabwean Money Transfer Agencies are required, in terms of their licensing conditions, to ensure the security of funds transferred through them. They are required to provide the Reserve Bank with evidence of insurance cover amounting to the Zimbabwe dollar equivalent of US$25 000 or to deposit the same amount with the Reserve Bank as security for the funds channelled through it.
Funds are sent and received in a transparent manner. Money Transfer Agencies in Zimbabwe are required to adhere to international standards of transparency and corporate governance. The Reserve Bank’s Exchange Control Division supervises the MTAs to ensure adherence to these standards.
Money sent by individuals through the Homelink money transfer system is regarded as “free funds”. It is not subject to any exchange control restrictions or to taxation.
With such an efficient and reliable money transfer system in place there is no need for anyone to run the risks associated with black market transactions and the use of self-styled money changers, through whom many people have lost money in the past.
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