Standard Bank and Capitec VAT hikes – here’s what you will pay from April
·15 Mar 2018
Standard Bank and Capitec have confirmed that they will be hiking banking fees in line with the new VAT increase to 15%.
The changes will take effect from 1 April 2018.
Standard Bank has published an updated fee schedule on its website, while Capitec too has publish a flier notifying customers of the changes.
Below are the changes to Standard Bank’s fees for its mid-market Elite Banking account, and Capitec’s Global One account, for a selection of common transactions.
In line with the VAT hike, most prices have increased by approximately 1%.
| Standard Bank Elite Account | 2018 Fees (old) | R500 transaction (old) | 2018 Fees (with 15% VAT) | R500 transaction (new) | % Change |
|---|---|---|---|---|---|
| Withdrawal (Native) | R1.80 per R100 | R9.00 | R1.82 per R100 | R9.10 | 1.1% |
| Withdrawal (Other) | R8.00 + R1.80 per R100 | R17.00 | R8.07 + R1.82 per R100 | R17.17 | 1.0% |
| Withdrawal (POS) | R1.80 | R1.80 | R1.82 | R1.82 | 1.1% |
| Deposit (ATM) | R1.80 per R100 | R9.00 | R1.82 per R100 | R9.10 | 1.1% |
| Debit order (internal) | R4.50 | R4.54 | 0.9% | ||
| Debit order (external) | R16.50 | R16.64 | 0.8% | ||
| Account fee (PAYT) | R60.00 | R60.53 | 0.9% |
| Capitec Global One | 2018/19 Fees (old) | R500 transaction (old) | 2018/19 Fees (with 15% VAT) | R500 transaction (new) | % Change |
|---|---|---|---|---|---|
| Withdrawal (Native) | R6.50 | R6.50 | R6.56 | R6.56 | 0.9% |
| Withdrawal (Other) | R8.75 | R8.75 | R8.83 | R8.83 | 0.0% |
| Withdrawal (POS) | R1.60 | R1.60 | R1.61 | R1.61 | 0.6% |
| Deposit (ATM) | 95c /R100 | R4.75 | 96c per R100 | R4.80 | 1.0% |
| Account fee (PAYT) | R5.75 | R5.80 | 0.9% |
Absa, Nedbank and FNB have not yet published updated fee booklets.
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