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SA banking fees increase for VAT, Absa, Nedbank, Capitec, FNB, Standard Bank

FNB has revealed its new banking fees for the 2018/19 amount – the last of the critical retail banks to form changes for this year.

While the bank has unbroken a number of its costs unchanged – akin to the monthly fee for its well-liked Gold Account – different charges are hiked in line with inflation, and embrace the changes for the recent VAT rise.

From one Gregorian calendar month 2018, the VAT rate was hiked to fifteen, that translated to a tenth increase in fees across most of the country’s banks – to' a number of these prices are absorbed by the banks.

The tables below show however fees for South Africa’s 5 major retail banks have modified, year-on-year, taking into consideration the amendment in a VAT. The accounts used square measure the individual banks’ mid-market accounts.

The calculations square measure supported an R500 dealing that the banks have same is that the commonest vary for cash-based transactions within the country.

Absa, Standard Bank, Nedbank and Capitec’s rates (adjusted for VAT) are in impact since one Gregorian calendar month 2018, with FNB’s new rates kicking in from one Gregorian calendar month 2018.

Absa
Absa Gold Cheque Account2017 Fees
(14% VAT)
R500 transaction in 20172018 Fees
(15% VAT)
R500 transaction in 2018% Change from 2017 to 2018
Withdrawal (Native)R3.95 + R1.35/R100R10.70R4.54 + R1.41/R100R11.59+8.3%
Withdrawal (Other)R9.95 + R1.35/R100R16.70R10.59 + R1.41/R100R17.64+5.6%
Withdrawal (POS)R3.95R3.95R4.54R4.54+14.9%
Deposit (ATM)R3.95 + R1.35/R100R10.70R4.54 + R1.41/R100R11.59+8.3%
Debit order (internal)FreeFree
Debit order (external)R16.95R18.16+7.1%
Account fee (PAYT)R42.00R45.39+8.1%
Absa’s full 2018 pricing can be found here.

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