Make Payments and Receive Payments in ZMW - Zambian Kwacha
Pay in Zambian Kwachas (ZMW)
Mondial Change allows you to make international payments in ZMW (Zambian Kwacha) with ease. Manage your Zambian Kwacha beneficiaries, track your transactions in real-time, and enjoy a secure online platform. We do not apply exchange commission on your ZMW operations (a spread is applied on the exchange rate, which slightly degrades the interbank rate on the currency pair traded). Your client rate is always communicated transparently before the validation of each of your transactions.
Receive Payments in ZMW (Zambian Kwacha)
Mondial Change allows you to receive payments in Zambian Kwacha (ZMW). Payments in ZMW are received into a pool account held by one of our partners. This ZMW account is made available to you free of charge. It allows you to receive payments in ZMW from your clients or subsidiaries. Once the funds are received in the pool account, they are reconciled in our partner's books and credited to your Zambian Kwacha (ZMW) balance. These funds can be reused to make payments in ZMW or converted into EUR or any other currency of your choice and repatriated to your bank account.
Do you want to hedge your exchange risk on the Zambian Kwacha (ZMW)? Visit our dedicated page for ZMW currency hedging.
Mondial Change Answers All Your Questions About Payments in Zambian Kwachas (ZMW)
What is the timeframe for a ZMW payment to be credited to the beneficiary's account?
It generally takes between 1 and 2 business days for a Zambian Kwacha transfer to be credited to the beneficiary's account. However, please note that these timeframes are not contractual, and our partners responsible for executing and routing payments cannot be held liable if ZMW payments are credited beyond 2 business days to the beneficiary's account.
What are the fees for a payment in Zambian Kwacha (ZMW)?
The fees applied to Zambian Kwacha (ZMW) transfers generally range from 0 to 10 euros, depending on the agreement with Mondial Change's trading room. The rate primarily depends on your annual ZMW exchange volume and the number of Zambian Kwacha payments made during the year.
Are there minimum or maximum amounts for payments in Zambian Kwacha (ZMW)?
Mondial Change and its partners verify that your Zambian Kwacha flows are consistent with the data declared during account opening and consistent with your activity volume to ensure compliance and security. If there are restrictions on transaction volumes, they will be communicated to you well in advance of the validation of your operations.
What are the specific rules for executing a payment in Zambian Kwacha (ZMW)?
For ZMW payments via the SWIFT network, the following information is required:
• Full name of the beneficiary
• Full address of the beneficiary
• Local account number
• SWIFT code of the beneficiary's bank
Is it possible to modify a payment in Zambian Kwacha (ZMW) after it has been executed?
Yes, it is possible with some of our partners to modify a payment in Zambian Kwacha (ZMW) even after it has been sent in SWIFT. If you have, for example, made an error in the beneficiary's name or account number, the correction is done through a SWIFT amendment. If the payment has not been executed via the SWIFT network, then it is not possible to make such amendments, and you must wait for the payment to be returned if applicable.
Is the Zambian Kwacha (ZMW) account provided to you a bank account, and is it in your name?
The Zambian Kwacha (ZMW) account for which we provide you with the details is a bank account opened in the name of one of our partners. It is a pool account where all ZMW transfers are received. The reconciliation of funds on your ZMW balance is generally done with your client account reference. You have a guarantee of segregation of your funds in our partners' books.
Is it possible to hold Zambian Kwachas (ZMW) in the ZMW account provided to you?
You can use this Zambian Kwacha (ZMW) account to receive Zambian Kwachas. The currencies will then be credited to your ZMW balance opened in our partner's books. The funds can then be reused to make payments in Zambian Kwacha or converted into other currencies.
What are the holidays when payments in Zambian Kwacha (ZMW) cannot be executed?
January 1: New Year’s Day
March 12: Youth Day
Variable date: Good Friday
Variable date: Easter Monday
May 1: Labour Day
May 25: Africa Freedom Day
Variable date (first Monday of July): Heroes’ Day
Variable date (Tuesday following Heroes’ Day): Unity Day
Variable date (first Monday of August): Farmers’ Day
October 18: National Day of Prayer, Fasting, Repentance, and Reconciliation
October 24: Independence Day
December 25: Christmas Day
History of the Zambian Kwacha
The Zambian Kwacha (ZMW) has been the official currency of Zambia since 2013, when it replaced the old Kwacha (ZMK) following a revaluation reform that removed three zeros. This change aimed to simplify transactions and restore confidence in the national currency. The term "kwacha" means "dawn" in several Zambian languages, reflecting hope and economic rebirth. The ZMW is issued by the Bank of Zambia and divided into 100 ngwee. It is used throughout the country for daily purchases, salaries, and institutional payments. The history of the Kwacha is closely linked to the country's economic performance, particularly its mining sector, which strongly influences the currency's value.
Monetary Policy of the Zambian Kwacha
The Bank of Zambia is the authority responsible for the country's monetary policy. Its mission is to ensure macroeconomic stability, particularly price stability and the financial system's stability. The Bank uses reference interest rates, banking reserve requirements, and open market operations to influence the money supply and control inflation. It also monitors the ZMW exchange rate, which is highly sensitive to international copper prices, the main export resource. The exchange regime is floating, exposing the ZMW to significant fluctuations. The Bank of Zambia strives to maintain a rigorous monetary framework while facilitating credit access and promoting economic growth.
Characteristics of the Zambian Kwacha
The Zambian Kwacha (ZMW) is characterized by its strong dependence on global copper markets, of which Zambia is a major producer. This dependence makes the currency vulnerable to commodity price fluctuations. The ZMW is a non-convertible currency outside Zambia. It is available in banknotes ranging from 2 to 100 ZMW, with coins in ngwee, although the latter are rarely used. The banknotes incorporate modern security features, such as watermarks, holograms, and color-changing inks, to prevent counterfeiting. The Kwacha is also increasingly used in electronic and mobile payments, as part of a national effort towards digitalization and financial inclusion.