Diaspora Banking - Banking that carries you from overseas to downloaded from the Standard Bank website (www.standardbank.co.

mw)
empower you to make the right connections ‘kumudzi’
Overview of our services
You are a Unique customer, in a unique market and your needs require your
own combination of financial solutions. Although you live outside Malawi,
your dreams back home are quite big.
Standard Bank limited (Malawi) offers its hand to partner with you in
fulfilling your financial and investment aspirations in your home land
Malawi.
Practical and uncomplicated, Diaspora Banking is designed to mould
perfectly to your needs. Although your interests may be diverse, Standard
Bank limited (Malawi) has the solutions that suit all your financial needs.
This exceptional and exclusive offering integrates quality transactional
banking, investment solutions, custodial services, investor services and
credit solutions just for you.
This guide will help you get the most out of our relationship.
Please note that an FCDA requires a corresponding local currency account
(current account or a savings account) to facilitate transactability in local
currency and for the Central bank’s Know Your Customer (KYC) regulation.
1.1.Individuals/Institutions/Groups
i. Complete the FCDA opening and indemnity forms.
ii. Complete the Local currency (Lcy) Account opening forms.
iii. Scan and email the signed forms together with a copy of your valid
ID with an indication of your preferred currency to
diaspora@standardbank.co.mw
iv. You will then be advised by return email of both your savings
account number and an FCDA number.
v. Deposit an opening balance of USD 200 or its equivalent
through SWIFT.
vi. Please post all your completed forms (originals and a certified
copy of your Identification) to: The Sales Manager, Diaspora,
Standard Bank, P.O Box 30386, Lilongwe, Capital City Branch,
Malawi . This is required for Central Bank’s KYC Audits, otherwise,
your FCDA will be deactivated after 45 days.

1.2.Foreign Currency Denomination Options

1. Foreign Currency Denominated Account (FCDA) At Standard Bank we can maintain your FCDAs in any of the following
Standard Bank is committed to offering you global wealth creation and
currencies:
investments opportunities This account is maintained by Standard Bank
i. United States Dollars - (USD)
Malawi in your preferred foreign currency other than the Malawi kwacha.
ii. Canadian Dollars- (CAD)
Extra savings can be added to this account at anytime and funds are
iii. Australian Dollar (AUD)
available if and when needed. It is an easy to use account for people who
iv. British Pound Sterling - (GBP)
want to build up their savings in foreign currency at a competitive interest
v. Euro - (EUR)
rate of 2% p.a above LIBOR and the market average of 0.5% p.a.
vi. Japanese Yen - (JPY)
vii. Norwegian Krone – (NOK)
The FCDA has an opening balance of only $200 or equivalent compare to
viii.South African Rand - (ZAR)
the market average of $2000 which allows you to utilise the rest of your

forex. At Standard Bank the operation of such an account is subject to
1.3.How to deposit money into your FCDA
Exchange Control Guidelines of The Reserve Bank of Malawi.
Depending on the currency of your choice you can deposit money into your
FCDA using any corresponding bank. Please provide the corresponding
i. What can the FCDA do for you?
bank with the following information:
• Hedge your money against exchange rate fluctuations
i. Foreign Currency Denominated Account name
• Make third party payments direct from your transactional account
ii. Foreign Currency Denominated Account number
• Explore alternative forms of investment (e.g contract save account,
iii. Branch where the forex account is based (Malawi)
investor services)
iv. The standard bank SWIFT code (SBIC MW MX)
• Use your FCDA as a loan collateral for a home loan
• Earn a competitive interest rates in your home country
Please note that Standard Bank does not charge you for depositing money
• Operate your account 24/7 with Internet Banking subscription
into your FCDA.
• Save as long as you want, add money to your account any time
• Funds are immediately available
For conversion rates, payment instruction and additional information please
• Fee structure is simple and affordable
contact your Diaspora Banking consultant.
• Its easy to open
Contact details: diaspora@standardbank.co.mw
You will receive feedback within 24hrs.
ii. Who may apply for an FCDA?
• Malawians living abroad
• NGOs and Companies (regular recipients of foreign currency)
• Foreign missions
• Individuals (Residents who receive income in foreign currency)

iii. How to apply

Application forms can be forwarded to the customer upon request or can be
2. Home loans
Owning your own home while in the Diapora is a dream that many people
share. Standard Bank Malawi has developed an innovative solution to turn
this dream into a reality for you. Whether you are planning to buy your first
home, renovate your existing property, or purchase an additional
property for rental purposes, we are ready to partner with you and make it
possible. Not only is our Home Loan easy to obtain but it also comes with
value added features that make it truly unique.
So what’s unique about a Standard Bank Home Loan Offer?
2.1.Its Structure
2.6.Lump sum payments
You will be allowed to make lump sum payments to reduce the
outstanding principal amount on your home loan.
2.7.Exceptional Service
A dedicated team of Customer Consultants and Personal Bankers across
our network of 8 branches, 7 Service Centres will provide you with
seamless service. The product runs on a highly advanced loan management
system capable of producing loan amortisation schedules of up to 20
years, restructuring of your loan after a lump sum payment, increasing
of facility limits and accurate recovery of monthly loan repayments and
insurance premiums.

i. Extended repayment period of up to 20 years. 2.8.How to apply for a Home Loan?

ii. Minimum loan amount of K1,200.000 Maximum loan amount of i. Contact your Diaspora Customer Consultant at
K60,000,000 diaspora@standardbank.co.mw
iii. The bank will finance up to 70% of the market valuation of the ii. Diaspora Customer Consultant connects you to our registered
Property at prime rate minus 0.75% p.a Estate Agents or you identify a house through other means
iv. The property to be financed has to be located in Blantyre, Lilongwe, iii. Customer arranges for valuation by one of the approved
Zomba or Mzuzu. valuers
v. The bank will arrange insurance for the loan on your behalf at no iv. Submits loan application form plus supporting documents in
extra cost. Lcy or Fcy
vi. Interest is calculated daily and compounded annually based v. Once facility approved the Bank facilitates ownership
on reducing balance of your home loan. transfer process.
vii.The Bank can connect you to its registered Estate Agents at no cost vi. Legal documents to be couriered to customer for sign off at
viii.Valuation of the property will be conducted by reliable Standard the customer’s cost
Bank approved valuers. vii.The customer to open both FCDA and LCY account from
ix. The loan amount can only be disbursed when the property has been which monthly repayments will be made
transferred into your name.
2.9.Required Documentation
2.2.Use of joint income or income from other investments i. Proof of income (payslip if formally employed and/or bank statements
To give you an opportunity to buy your dream home the bank allows you for a period of not less than 6 months/employment contract/tax
to combine your income with that of your spouse in order to access a returns/prospect rental incomes (optional)
bigger joint home loan facility. If your monthly salary is not enough to get ii. Scan Valid identity such as Malawian Passport and valid VISA
you your dream house, the bank may give you an opportunity to use extra or residential permit
income from other reliable investments such as rentals from an unbonded iii. Income and expenditure statement to determine affordability
house or regular income from your part time businesses. iv. Formal application for a Home Loan/Mortgage Completed account
opening forms (for both FCDA and LCY)
2.3.Further Advance v. Certify all required copied documents through an Attorney as true
A further advance allows you to access additional funds through a further copies of the original
charge on your existing home loan as long as you remain within your vi. Please scan and email your completed forms to
maximum entitlement which is based on the value in the property and your diaspora@standardbank.co.mw
financial capacity. The money could be used for home improvements or vii. Please post your completed forms (original copies are securely filed for
alterations or be invested in other revenue earning assets. Central Bank’s audits) to:
The salesManager
2.4.Loan Redraws Diaspora, Standard Bank,
After servicing your home loan to the bank’s satisfaction for 6 months P.o Box 30386,
or longer, you have an option to redraw the total sum of the repayments Lilongwe,
made providing that the original loan limit is not exceeded.

2.5.Equity Release 2.10.Additional costs to be considered:

If you have an existing house which is not already charged as security to i. Valuation fee.
secure borrowings, you have the option to access a home loan and to use ii. Transfer fee.
the funds for home improvements or investment in other revenue earning iii. Security registration costs.
assets. The bank will finance up to a certain percentage of the value in iv. Loan arrangement fee of 1%.
your property.
For more detailed information we encourage you to contact our dedicated
team of Diaspora Customer Consultants as indicated
below:
Email: diaspora@standardbank.co.mw
You will receive feedback within 24hrs.
3. Custodial and Investor services
Custody is the action, right or duty of caring for and safe keeping one’s
valuables in safe custody (e.g. in a bank).
3.1.Custody offering involves the following key components
• Safekeeping of securities/instruments –Treasury Bills, RBM bills,
share certificates, title deeds etc in very secure vaults
• Settlement and registration of securities
• Corporate Action administration – searching and advising
the shareholders on any information on the company in which • Bill / company payments
they hold shares that affect them eg profit warnings,
dividends declarations, Extra ordinary general meetings (EGM)
and Annual General meetings (AGM), listings, recapitalisations
and bond issues.
• Income collections – interest and dividends
• Proxy Voting services – for listed equities only
• Full client portfolio holdings, transaction history, pending
transactions, all outstanding dividends, corporate actions and
failed trades, cash reports
• Accounting and reporting – maintaining records of all client holdings
• Cash and share reconciliation
3.2.Benefits of using Standard Bank custody
• Legal requirement e.g. unit trusts, pension funds
• Investor protection and safeguarding of assets
• Specialist skills – full responsibility for the settlement of
equities, treasury bills and RBM bills, bonds, corporate actions,
income transactions and related cash clearing.
• Fully developed cost effective systems and processes that ensures:
1. Independent checks prior to trade settlements
2. Focus on income collections to avoid delays
3. Effective management of corporate actions administration,
income collection, registration of securities, settlements etc
• Independent portfolio, trade and corporate action reporting.
• Reduction of risks in respect of security of financial instruments.
• Leading provider of custody in Malawi and Africa.
Trustee services (investor services) will be deployed based on client/market
demands.
Please contact the product owners below for more information.
Sophie Chipeta
Telephone: +265 1 820 144
Cellphone: +265 993 882 987
Email: sophie.chipeta@standardbank.co.mw
Wilson Kuyokwa
Telephone: +265 1 820 144
Cellphone: +265 888 301 903
Email: wilson.kuyokwa@standardbank.co.mw
4.Internet Banking
Internet banking gives you access to your Foreign currency and Local
Currency accounts online – anytime, anywhere. It’s the perfect way to do
your banking… overseas from home, the office or while travelling because
the service is available 24 hours a day, 7 days a week.
Internet banking gives you the freedom to choose your own banking hours
and gives you greater control of your finances. It’s secure, fast and easy to
use.
4.1.Features include:
• Inter account transfers
• Viewing of balances and mini statements
• Multiple scheduled payments
• Third party payments
4.2.Benefits
• Convenience – it can be accessed at any time and is available 7 days a
week, 24 hours a day
• It’s simple and easy to use
• Reduced transaction costs make it the cost-effective way to bank!
4.3. Fees
i.Monthly subscription fee:
• Personal customers monthly fees: MWK350
• Business customers monthly fees: MWK500
ii.Transfers and Bill Payments:
• Third-party payments within Standard Bank: MWK10
per transaction
• Third-party payments to other banks: MWK260 per transaction
iii.Viewing, printing and downloading of account balances and statements
is free.
4.4.Internet Banking functionality
Payments and transfers
You transfer between accounts, make Bill / Company payments and private
payments. You also have the option to make future and repeat payments.
There are no limits on funds transfers; on payments you have a default limit
of MWK100 000 per day.
Multiple beneficiary payments
This function allows you to pay multiple beneficiaries at once. It saves
you time because you don’t have to repeat the action for each beneficiary
separately.
Scheduled payments
Payments to beneficiaries can be scheduled daily or monthly, allowing you to
fix a payment amount to be paid either on the same day of the week or on
the same day of each month. For example, you may schedule to have your
rent payment go through on the same day of every month.
You may change the scheduled payment dates and amounts when needed
whereas, repeat payments cannot be changed.
Beneficiaries
Before you can start paying your bills you will have to load your beneficiaries’
details (the bills you want to pay) to your Internet banking profile. This area
allows you to set up private and bill/company payments and modify, delete
and view beneficiaries. To make payments you must ensure that you have
sufficient funds available .You can load up to 90 beneficiaries per account.
You have a daily payment limit of MWK100 000 per day.
Can I use the same OTP once I have logged off?
No, it is only valid for one Internet banking session. Once you have used your
OTP for an Internet banking session, you cannot use it again.
Can the original password be resent to me?
No, whenever you perform a transaction requiring an OTP, a new password
will be sent to you.

Beneficiary notifications How long is the password valid for?

Using this function means that you can have a confirmation sent to the It is valid for:
beneficiary once the payment has been made. The confirmation will be in • One Internet banking session only.
the form of an SMS sent directly to their mobile phone. • Fifteen minutes from the time you receive it.

Beneficiary payment history How will you send my OTP to me?

Here you can see a history of the payments you have made to selected Your OTP will be sent to you by SMS.
beneficiaries - be they private or a company.
Registration
Statements To register for Internet banking you must have a valid Standard Bank account,
Custom/Sort and History Statement a valid ID and a mobile phone.
You are able to sort / filter details of your statement in ascending or
descending order, by transaction date, amounts, value, type and narrative You can register online any time by downloading an application form at www.
text including obtaining a statement history. standardbank.co.mw. Once you have done this you need to call your branch
customer consultant to activate your Internet banking profile.
Statement download and print
You can print and download your displayed transactions into the following
formats:
• Comma Separated Values (CSV) files
• Open Financial Exchange (OFX) files
• ASCII Text files (TXT) files.

One-time password
What is a one-time password (OTP)?
It is a unique and time-sensitive password used as added security on Internet
banking. The password does not replace the password you use to log on to
Internet banking but provides a second layer of security. The password will
be sent to you via SMS and is valid for one Internet banking session only.

Which functions require me to use an OTP?

• Adding beneficiaries
• Amending beneficiaries
• Resetting your password
• Amending your mobile phone number

How does it work?

Once you have registered for the service, a password will be sent to your
mobile phone whenever you perform functions that require an OTP. The
system will prompt you to enter your password after which you will be able
to continue with your banking.

How much does it cost?

There is no cost for the service.

Do I need a different OTP for multiple transactions?

No, a single one-time password can be used to perform multiple activities in
one Internet banking session.
5.SWIFT
SWIFT is a payment method that uses relay messages to transfer funds
from one account to another. The money is transferred directly from one
bank to another.
SWIFT payments can be used for the following:
• Transferring funds for purchase of property.
• Transferring funds to pay school fees.
5.1.Benefits
• Enhanced security features for your protection.
• Fast and reliable.
• Enables you to make third party payments to any corner of the world.
• A cheaper and convenient way of transacting.
• Gives you the ability to do interbank transfers.
5.2.How to apply
• Customers must have a transactional account with Standard Bank
• Visit your nearest bank branch with details of the account that you vi.It’s affordable – only the sender pays a send fee**
want the money transferred to plus an invoice of the payment.
• All transactions are subject to exchange control limits.
5.3.Pricing
• Transactions that need local approval (branch level) are
MWK 750.00.
• Transactions that go through the Reserve Bank of Malawi are
MWK 2,000.00.
• A minimum commission of MWK 4,000.00 and a maximum of
MWK 8,500.00 depending on the type of transaction.
6.MoneyGram
MoneyGram is the safe and fast way to send or receive cash across the
world instantly. Whether it’s a last minute gift, school fees, extra travel
money or unexpected expenses for your loved ones, the money will go
from your hands to theirs in 10 minutes* is a means of transferring
funds between individuals around the world. Sending and receiving of
transactions is done by a designated teller.
6.1.Benefits
i. It’s quick – your money is where it’s needed in just 10 minutes*
ii. It’s convenient – with over 200 000 agent locations across 190
countries and territories
iii.It’s available to everyone – you don’t even need a bank account or
credit card
iv.It’s easy – just visit Standard bank branch and complete one simple
form, whether you’re sending or receiving money
v. It’s personal – a complimentary 10 word message is included with
your money transfer
6.2.To send money
i. Use the Send Form to tell us where you need the money to go.
ii. Take your completed form and the money to the MoneyGram agent.
They will give you a Reference number and a receipt.
iii.Let your receiver know the amount to expect and the Reference
Number they’ll need to pick up the money.
6.3.To receive money
i. The Sender will let you know the amount of money you’ll receive and
the Reference Number.
ii. Use the Receive form and take it along with your ID to the
MoneyGram agent.
iii.The MoneyGram agent will enter your information into the system
and verify that the money is available for you before paying out.
* Subject to receiver agents’ hours of operation and local regulations
** In addition to the transfer fees applicable to a transaction, a currency
exchange rate set by MoneyGram or its agent will be applied
Limits apply according to exchange control limits.
7.ContractSave Account
ContractSave is an affordable, disciplined local currency savings plan that
can be tailored to suit your specific needs. It is ideal if you want to save
for big future expenses like the deposit on a house, your child’s education,
or to top up your retirement savings in local currency.

A compulsory, monthly stop order is required to fund the account. This

ensures that you save regularly over a pre-selected period of time – without
giving in to the temptation to spend your savings!

7.1.Features and benefits

i. The ContractSave account is subject to signing a minimum stop
order of MWK2,000.00 per month. Additional deposits (no
minimum amount) can be made to the account at any time.
ii. You must have a transaction account or FCDA at Standard Bank
to fund your stop order.
iii. The minimum balance required to earn interest is MWK10,000.00
iv. The minimum investment period is 3 months. There is no
maximum period of investment.
v. You are allowed more than one ContractSave account – ideal if
you want to save separately for different goals!
vi. Interest is calculated on a daily basis and compounded monthly
as follows:
­ - Balances between MWK10 000 and MWK99 999 – 4%
­ - Balances between MWK100 000 and MWK499 999 – 5%
­ - Balances of MWK500 000 and above – 7%
The interest rates are tiered and variable.
vii.Bonus interest is paid on the investment maturity date. An
account qualifies for bonus interest if no more than two
consecutive stop orders were missed during the investment period:

-­ Bonus after 3 months: 10% of total interest accrued.

-­ Bonus after 6 months: 20% of total interest accrued.
­- Bonus after 12 months or more: 30% of total interest accrued.

The rate of bonus interest is country specific and calculated on the interest
accrued figure.

viii.There are no transaction fees charged to the account. However,

a redemption fee of MWK1,000.00 will be charged for
early withdrawals.
ix.An early redemption fee also applies if the account is closed prior to
the maturity date.

7.2.Who can apply

If you’re over the age of 18 and serious about saving for the future,
ContractSave will help you get there! You can also open a ContractSave
account for your children and get them on the road to successful saving
too!

7.3.How to apply
Opening a ContractSave account is easy!
Download and complete the application form from
www.standardbank.co.mw
You can also request an application form from your Diaspora Customer
consultant at diaspora@standardbank.co.mw