New Capitec banking fees for 2016

Capitec has announced its new fee structure for the 2016 to March 2017 banking year.

Capitec currently offers only one account – the Global One – which targets both lower and middle-market customers.

The bank prides itself on its fixed fees, where it largely doesn’t charge clients based on the amount they transact with. For the 2016/17 period, the Global One account fee increased 5% to R5.25.

For the most part, transaction fees for 2016/17 tracked higher with the inflation rate, though some fees increased above inflation – such as cash handling or cheque handling services – due to increased risk and administration costs.

Capitec 2016/17 key fee changes

Fee/Transaction 2015/16 Fee 2016/17 Fee Change
Withdrawal (Native) R5.00 R5.50 10.0%
Withdrawal (Cash at till) R1.25 R1.30 4.0%
Withdrawal (Other) R8.00 R8.50 6.3%
Withdrawal (International) R45.00 R50.00 11.1%
Deposit (ATM) 70c per R100 80c per R100 14.3%
Account fee (PAYT) R5.00  R5.25 5.0%

You can view Capitec’s full fee schedule for 2016/17 here.

The new banking fees take effect from 1 March 2016.

For a comparison, you can see BusinessTech’s coverage of banking fees for 2016, which has been updated with the new Capitec prices.

See: Here are your banking fees for 2016

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New Capitec banking fees for 2016