South Africa has the highest average ATM cash withdrawal fees out of 27 countries, it was reported on Friday (June15).
A survey by management consulting firm Accenture found that a transaction in South Africa cost nearly US2 (R16.75), Business Day reported.
The country also had the highest withdrawal fees of US4. 59 (R38.44).
In contrast 18 countries, which included the United States and the United Kingdom, charged nothing for ATM withdrawals and 14 charged nothing for branch withdrawals.
Vinolan Pillay, an executive for banking at Accenture said despite the high charges the survey found that 38 percent of South African consumers were satisfied with their main bank, above the global average of 36 percent.
South Africa came in eighth-best for credit cards and among the 10 countries offering free debit-card transactions at some banks.
Pillay said this was an example of the country’s banking industry progressing to fiercer competition and increased transparency.
“Recent banking price wars in South Africa resulted from calls for transparency around pricing and heated competition in the banking industry,” he was quoted as saying.