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Standard Chartered Bank Changes RTGS Account Numbers With Immediate Effect

Standard Chartered Bank has with immediate effect changed all RTGS account numbers for its customers. The bank says nothing else has changed except the account numbers.

The first 2 digits on the account number were 87 and after this change they are 01. The example they gave is that if one’s account were 8700211111000, it changes to 0100211111000. Nostro accounts have not changed though.

The bank told its customers to notify employers, business associates and others that may send them money. The old account numbers don’t work anymore completely.

Standard Chartered Bank statements will now reflect the currency as RTGS$ with ZWL as the currency code.

It’s madness what banks have to go through because of abrupt policy shifts and now a lot of money will go around in circles because not everyone is going to notify all people that need to pay them in time. Stan Chart better beef up their call centre capacity for the next few weeks or months even.

RTGS DollarsRTGSNostro Account

Zimbabwe RTGS Dollars are a Zimbabwean currency introduced on 20 February 2019 by the Reserve Bank of Zimbabwe. At introduction, the currency consisted of existing RTGS balances in bank accounts, Bond Notes cash and Bond Coins. The introduction of the RTGS Dollars was announced by… Read More About RTGS Dollars

Real-time Gross Settlement (RTGS) is a fund transfer system where the transfer of money takes place from one bank to any other bank on a “real time” and on a gross basis. Settlement in “real time” means a payment transaction is not subjected to any… Read More About RTGS

Not to be confused with the global meaning of Nostro Account In Zimbabwe, a Nostro account is the USD foreign currency account held by local customers of banks in the country. The account is essentially a foreign currency account introduced in October 2018 by the… Read More About Nostro Account

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