RBZ Forex Application Requirements Checklist

RESERVE BANK OF ZIMBABWE

FOREIGN EXCHANGE APPLICATION REQUIREMENTS CHECKLIST

For Individuals and Businesses – 2025

1. Personal Forex Application (Individuals)

Completed Form A2 (Individual Forex Application)
Copy of National ID or Passport
Proof of income (payslips, bank statements)
Tax Clearance Certificate (ZIMRA)
Supporting documents for purpose of forex:
– For education: Admission letter and fee invoice
– For medical: Doctor’s recommendation and quotation
– For travel: Air ticket and visa documentation
Processing Time: 5-7 working days for complete applications
Limit: USD 2,000 per quarter for personal use

2. Business Forex Application (Corporates)

Completed Form A1 (Corporate Forex Application)
CR6 and CR14 (Company registration documents)
Valid Tax Clearance Certificate
Audited financial statements (last 2 years)
Board resolution authorizing forex application
Proforma invoice for imports or service contract
Evidence of previous forex utilization (for repeat applicants)

3. Required Supporting Documents

Application Type Required Documents Validity Period
Raw Materials Import Bill of Entry, Supplier Invoice, Import License 30 days
Equipment Import Proforma Invoice, IDZ Approval (if applicable) 60 days
Service Payments Service Contract, Tax Compliance Certificate 30 days
Dividend Repatriation Audited Financials, Tax Clearance, Board Resolution 90 days

4. Special Cases

Diaspora Remittances: Proof of diaspora status required
NGOs: Registration certificate and project approval
Miners: Mining license and Fidelity Printers certificate
Exporters: Evidence of export earnings repatriation
Medical Cases: Specialist doctor’s recommendation

5. Compliance Requirements

All applications must be in ZiG equivalent values
Forex must be utilized within 30 days of approval
Unutilized forex must be returned to RBZ
Post-utilization report required within 14 days
False declarations may lead to 5-year application ban

6. Submission Process

Submit complete application to authorized dealer bank
Bank verifies documents and forwards to RBZ
RBZ processes within 5 working days (complete applications)
Approval communicated through applying bank
Forex released within 48 hours of approval

7. Common Reasons for Rejection

Incomplete application form
Expired supporting documents
Non-compliance with previous forex utilization
Suspicious transaction patterns
Lack of proper justification for forex need

8. Post-Approval Requirements

Submit proof of payment within 7 days of forex utilization
Retain all supporting documents for 5 years
Submit quarterly forex utilization reports (for corporates)
Declare any changes in forex usage purpose

RBZ Forex Management Department

Address: Reserve Bank of Zimbabwe, 80 Samora Machel Ave, Harare

Forex Helpdesk: +263 242 756 000

Email: forex@rbz.co.zw

Website: www.rbz.co.zw

Disclaimer: Requirements may change without notice. Always verify with your bank or RBZ before applying.

Checklist Version: 2025.1 | Last Updated:

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