What banks in South Africa charge to let you access your own money
Many South African banks have significantly higher transaction fees for ATM withdrawals than getting cash from till points, with one charging up to R23.50 to withdraw R500.
In 2026, most major banks charge between R10 and R12 for ATM withdrawals, with most charging more for larger cash amounts.
BusinessTech looked at which bank charged the most to access cash from an account.
We looked at the withdrawal fees for mid-range bank account options—usually catering to people earning between R10,000 and R40,000 per month—and what it would cost to withdraw R500.
While many banks also offer reduced transaction fees if you withdraw from one of their ATMs, or have bundled options that offer a certain number of free withdrawals, we looked solely at the core transaction fee.
When comparing the fees for withdrawing R500 from an ATM, many banks are tied for the lowest cost at R10 per withdrawal.
These banks charge a flat fee of R10 for amounts under R1,000, including Nedbank, Capitec, and GoTyme.
Many banks do not have their own ATM systems, however. This makes it difficult to compare these types of withdrawals.
The highest withdrawal fee for a bank that operates its own ATM network is charged by FNB, which charges R14 for R500.
For ATMs outside a bank’s network, FNB charges the highest withdrawal fee, at R26.00 for R500.
Some banks, such as Discovery and GoTyme, do not have their own ATM systems and do not offer reduced fees for withdrawals from any group of ATMs.
For cash withdrawals at till points, most banks charge between R1 and R3, and some offer free transactions at specific retailers.
Banks such as Nedbank and TymeBank have partnerships with certain retailers to offer free cash withdrawals at the tills.
Below is a comparison of the withdrawal fees for South Africa’s major banks, including ATM fees and till point withdrawal fees.
Withdrawal fees from a bank’s own ATM
| Bank and account name | Withdrawal (Native ATM) | R500 Withdrawal |
| FNB Gold Aspire | R2.80 per R100 | R14.00 |
| Absa Gold Value Account | R2.70 per R100 | R13.50 |
| Standard Bank MyMo plus | R2.65 per R100 | R13.25 |
| Nedbank Migoals plus | R10.00 | R10.00 |
| Capitec Global One | R10.00 per R1,000 | R10.00 |
| African Bank MyWORLD | R10.00 per R1,000 | R10.00 |
Withdrawal fees from other banks’ ATMs
| Bank and account name | Withdrawal (Other ATM) | R500 Withdrawal |
| FNB Gold Aspire | R12.00 + R2.80 per R100 | R26.00 |
| Absa Gold Value Account | R10.00 + R2.70 per R100 | R23.50 |
| Nedbank Migoals plus | R10.00 + R10 per R1,000 | R20.00 |
| Discovery Gold transaction account | R5.00 + R2.85 per R100 | R19.25 |
| Standard Bank MyMo plus | R2.65 per R100 | R13.25 |
| Capitec Global One | R10.00 per R1,000 | R10.00 |
| GoTyme Everyday Account | R10.00 per R1,000 | R10.00 |
| African Bank MyWORLD | R10.00 per R1,000 | R10.00 |
| Bank Zero Personal Account | R10.00 per R1,000 | R10.00 |
Withdrawal fees from till points
| Bank and account name | Withdrawal (POS) | R500 Withdrawal |
| Nedbank Migoals plus | R2.00 | R2.00 |
| Capitec Global One | R2.00 | R2.00 |
| Discovery Gold transaction account | R2.00 | R2.00 |
| Standard Bank MyMo plus | Free | Free |
| Absa Gold Value Account | Free | Free |
| GoTyme Everyday Account | R3.00 | R3.00 |
| FNB Gold Aspire | R3.00 | R3.00 |
| African Bank MyWORLD | R2.00 | R2.00 |
| Bank Zero Personal Account | R2.50 | R2.50 |
Cash is still king
Most banks are trying to move away from ATM systems in favour of online banking to reduce their costs.
Despite these efforts, cash remains essential for many people in South Africa, with high withdrawal fees placing a burden on them.
Although digital banking is expanding its presence in the country, it is still not the primary payment method in South Africa.
The South African Reserve Bank (SARB) said roughly two-thirds of transactions in South Africa are made using cash.
Access to cash is particularly important for rural areas and low-income households, and the country’s informal economy.
Many small businesses, such as spaza shops in township areas, still use cash for most of their transactions.
The taxi industry is also heavily reliant on cash and is essential for many of the country’s citizens.
The Reserve Bank said access to cash is essential for the country’s economy, and should not be seen as a system that needs to be replaced.
It also views reducing costs to access cash as a vital objective to ensure the economy can continue to function efficiently.
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