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As the political and economic crisis deepens in Zimbabwe, things are getting tough and unbearable everyday for our relatives and friends back home. This is the time when they need the help of family members and friends in the diaspora. Given the cash shortages at banks in Zimbabwe and the continuous fall in the value of the Zimbabwean dollar, which is the best way to send money to our relatives in Zimbabwe?

There is no doubt this is the waste time to be in Zimbabwe. Things are not right, with the economic and political crisis in the country our relatives now rely on every little help we can give. Things are not easier in the diaspora either, what with the current credit crunch affecting global markets.

So how do you send your money to Zimbabwe and get more value for your money?

We tend to rely mostly on people who transfer money directly into bank accounts in Zimbabwe. Even though they may offer higher exchange rates, the problem is your relatives in Zimbabwe will struggle to withdraw the money from the bank. There are cash shortages in Zimbabwe and even though the maximum daily withdrawal limit was recently increased to $100 billion, this is far less than one(£1) British pound, which is exchanging at about $225 billion to £1. So, you can imagine how long it will take your family to withdraw the money you are sending.
And everyday your Zimbabwean dollars are in the bank, they continue to lose value because of the very high inflation in the country.

Add the costs of travelling to the bank, you can see sending Zimbabwean dollars is not the best option to help your family in Zimbabwe.

The Zimbabwean dollar is now useless…..in fact most people prefer conducting business in foreign currency. So it makes sense, if you can send hard currency to your family in Zimbabwe. They can change the money to Zimbabwe dollars when ever they want to use it. That way, they are guarded against inflation and the continuous fall of the Zimbabwe dollar.

You can send money to your relatives in Zimbabwe via Western Union and they give your relatives foreign currency. There are also other money transfer agencies who are also giving foreign currency in Zimbabwe. But once again you need to be careful who you deal with to avoid losing your money.

If ever there was a time when people in Zimbabwe needed relatives in the diaspora, it is now.Join the debate on how you are helping your family and friends in Zimbabwe by posting your comments.

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