Capitec cuts banking fees for 2019

Capitec has published its new banking fees for the 2019/20 year, which will come into effect from 1 March.

The group said that with its 2019 fees, it’s paving the way for digital banking by further lowering digital bank fees in 2019.

“Capitec clients can bank on our app, internet banking and USSD for less from anywhere, anytime,” it said.

Notably, the banking group is lower its Global One monthly admin fee from R5.80 to R5.00, bringing it in line with competing entry-level accounts from the other big banks.

The fee for immediate payments will decrease to R8 (from R10), and electronic payments on ​the banking app and internet banking will decrease to R1 (from R1.60) per transaction.

Previously, Capitec’s withdrawal fees carried a fixed fee no matter the amount, but the bank has for the first time introduced a limit.

The bank lowered fees for withdrawing cash, now charging R6 per R1,000 at Capitec branded ATMs and R8 per R1,000 at another bank’s ATM.

A comparison of 2018/19 and 2019/20 banking fees for main transactions can be seen below.

Capitec Global One 2018/19 Fees R500 transaction in 2018/19 2019/20 Fees R500 transaction in 2019/20 % Change
Withdrawal (Native) R6.50 R6.50 R6.00 / R1 000 R6.00 -7.7%
Withdrawal (Other) R8.75 R8.75 R8.00 R8.00 -8.6%
Withdrawal (POS) R1.60 R1.60 R1.00 R1.00 -37.5%
Deposit (ATM) 95c / R100 R4.50 R1.00 / R100  R5.00 +11.1%
Account fee (PAYT) R5.75 R5.00 -13.0%

You can review Capitec’s full 2019/20 pricing here.

Capitec Bank has experienced huge growth in South Africa, with banking customer numbers surpassing many of the country’s big traditional banks.

In February, the group announced that it had experiences its highest single-month uptake to date, with over 266,000 new clients joining the bank in January 2019.

Read: Capitec just saw its largest customer uptake ever in January

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Capitec cuts banking fees for 2019