From January, new banking fees have kicked in at three of five of South Africa’s major banks.
Detailed in the tables below are a selection of key transaction fees, and what customers would pay in processing R1,000 per transaction.
These fees cover the charges across middle market accounts at South Africa’s retail banks on a pay-as-you-transact (PAYT) basis.
The country’s banks offer various bundled and unlimited options which provide certain transactions free of charge, sometimes in a limited capacity.
FNB updates its prices in the middle of the year (in June), while Capitec increases fees from March.
BusinessTech has included the standing fees at these two banks until the new prices are introduced later in 2016.
| Absa Gold Cheque Account | 2015 Fees | R1,000 transaction in 2015 | 2016 Fees | R1,000 transaction in 2016 | % Change from 2015 to 2016 |
|---|
| Withdrawal (Native) | R3.95 + R1.30/R100 | R16.95 | R3.95 + R1.30/R100 | R16.95 | – |
| Withdrawal (Other) | R9.95 + R1.30/R100 | R22.95 | R9.95 + R1.30/R100 | R22.95 | – |
| Withdrawal (POS) | | | R3.95 | R3.95 | – |
| Deposit (ATM) | R3.00 + R1.30/R100 | R16.00 | R3.00 + R1.30/R100 | R16.00 | – |
| Debit order (internal) | Free | | Free | – | – |
| Debit order (external) | R15.50 | | R16.00 | – | 3.2% |
| Account fee (PAYT) | R33.00 | | R40.00 | – | 21.2% |
| Standard Bank Elite Account | 2015 Fees | R1,000 transaction in 2015 | 2016 Fees | R1,000 transaction in 2016 | % Change from 2015 to 2016 |
|---|
| Withdrawal (Native) | R4.00 + 1.15% of value | R15.50 | R4.00 + 1.20% of value | R16.00 | 3.2% |
| Withdrawal (Other) | R6.70 + R4.00 + 1.15% of value | R22.20 | R6.70 + R4.00 + 1.20% | R22.70 | 2.3% |
| Withdrawal (POS) | | | R5.00 | R5.00 | – |
| Deposit (ATM) | R4.00 + 1.25% of value | R16.50 | R4.00 + 1.30% of value | R17.00 | 3.0% |
| Debit order (internal) | R4.00 | | R4.20 | | 5.0% |
| Debit order (external) | R12.50 | | R13.10 | | 4.8% |
| Account fee (PAYT) | R53.00 | | R55.00 | | 3.8% |
| Nedbank Savvy Account | 2015 Fees | R1,000 transaction in 2015 | 2016 Fees | R1,000 transaction in 2016 | % Change from 2015 to 2016 |
|---|
| Withdrawal (Native) | R3.50 + R1.28/R100 | R16.30 | R4.00 + R1.32/R100 | R17.20 | 5.5% |
| Withdrawal (Other) | R10.00 + R1.28/R100 | R22.80 | R11.00 + R1.32/R100 | R24.20 | 6.1% |
| Withdrawal (POS) | | | R4.00 | R4.00 | – |
| Deposit (ATM) | R6.00 + R1.28/R100 | R18.80 | R5.00 + R0.66/R100 | R11.60 | -38.3% |
| Debit order (internal) | R6.00 | | R6.00 | | – |
| Debit order (external) | R14.00 | | R15.00 | | 7.1% |
| Account fee (PAYT) | R30.00 | | R30.00 | | – |
| FNB Gold Cheque Account | 2015 Fees | R1,000 transaction in 2015 | 2016 Fees | R1,000 transaction in 2016 | % Change from 2015 to 2016 |
|---|
| Withdrawal (Native) | R6.70 per R500.00 | R13.40 | R3.95 + R1.30/R100 | R16.95 | 26.5% |
| Withdrawal (Other) | R6.50 + (R6.70 per R500.00) | R19.90 | R6.50 + R3.95 + R1.30/R100 | R23.45 | 17.8% |
| Withdrawal (POS) | | | Free | – | – |
| Deposit (ATM) | 0.70% of deposit value (min R5.50) | R7.00 | R0.70/R100 (minimum R5.50) | R7.00 | – |
| Debit order (internal) | R3.70 | | R3.70 | | – |
| Debit order (external) | R16.00 | | R16.00 | | – |
| Account fee | R31.50 | | R100.00* | | – |
* FNB no longer lists PAYT fees in its brochures
| Capitec Global One | 2015 Fees | R1,000 transaction in 2015 | 2016 Fees | R1,000 transaction in 2016 | % Change from 2015 to 2016 |
|---|
| Withdrawal (Native) | R4.60 | R4.60 | R5.00 | R5.00 | 8.7% |
| Withdrawal (Other) | R7.30 | R7.30 | R8.00 | R8.00 | 9.6% |
| Withdrawal (POS) | R1.05 | R1.05 | R1.25 | R1.25 | 19.0% |
| Deposit (ATM) | 55c /R100 | R5.50 | R70c /R100 | R7.00 | 27.3% |
| Debit order (internal) | R1.50 | | R1.50 | | – |
| Debit order (external) | R3.20 | | R3.20 | | – |
| Account fee (PAYT) | R5.00 | | R5.00 | | – |
Source : BusinessTech
