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Telegraphic Transfers FAQs

  1. What is a Telegraphic Transfer( TT)

  • A Telegraphic Transfer (TT) is a payment method used to send or transfer funds in foreign currencies (usually the major four currencies) to any destination in the World.

  1. What do I need to send a TT?

  • There is a form you need to complete at a Zanaco Branch nearest to you. You also need to provide details of the beneficiary such as;

    • Account name

    • Account number

    • Beneficiary Bank

    • Beneficiary swift code

    • Beneficiary Country

    • Purpose of sending the funds

  1. How much can I send

  • Any amount, however, if the transfer is in excess of $ 5,000 equivalent, you need to add supporting evidence in form of an invoice or quotation. For personal remittances you may need to write the purpose and sign

  1. How much will I be charged to send a TT?

  • The fee structure is 1% of the value you are sending, with a minimum charge of $ 15 and maximum of $ 60 per transaction.

  1. What can I pay for using a TT?

  • You can pay for university fees, vehicles bought online, imported goods, professional subscriptions, medical bills abroad, legal fees, shipment coming from abroad or indeed allowances for people in the diaspora.

  1. Do I need to use my account for this transfer?

  • Yes, you need to first have an account for you to make this transfer. It can only be facilitated through debiting your bank account.

  1. What account do I need to hold to be able to send TT? Do I need a Dollar, Pound, Rand or Euro account?

  • You can hold any currency account. It does not necessarily have to be a Dollar, Pound, Rand or Euro. You can hold a Kwacha account and still be able to send money abroad.

  1. How do I send Dollars or Pound if I only have a kwacha account?

  • Using your Kwacha account, we will convert to US Dollar, or any currency you want to send to and debit your kwacha account at the ruling selling rate.

  1. I have a business account and pay for my expenses or invoices abroad, can I also enjoy the same rates?

  • No, this is strictly for personal transactional accounts such as Private, Preferred Current Account, and Aspire Account etc.  However, you cannot use investment accounts to transfer money abroad.


The following terms and conditions apply to customer’s looking to send money abroad.

  • Customers must have an active Zanaco personal account, such as: Private Account, Preferred Savings Account, Preferred Current Account and Aspire Account.

  • Customer’s account must have funds for the transfer to be effected

  • The customer must complete the instruction form available in our branches

  • Only transfers to sanctioned countries will be effected

  • Transfers abroad are limited to the following currencies: US Dollar, British Pound, South African Rand and Euro.

  • Amounts in excess of USD $5000 will need to be supported by an invoice/quotation.

  • The charge on the transfers will be 1% of the transfer amount with a minimum charge of USD $15 and maximum charge of USD $60 or the kwacha equivalent amount based on the prevailing US Dollar rate. This fee does not apply to holders of business accounts.