Capitec announces new fees for 2020

Capitec has announced its banking fee changes for 2020, with a price freeze on monthly account costs – but a significant jump for clients who want to deal in cash.

The group noted that digital banking is transforming the way South Africans manage their money, and with a digital customer base of 6.9 million people, it is moving ahead with its plans to secure the lead in this area.

With this digital focus, Capitec has announced it won’t increase fees for digital banking and debit orders in 2020.

Electronic payments fees on app, USSD and internet banking (at R1) will not increase, while transfers between own accounts, email statements and the purchase of airtime and electricity are free on digital platforms.

Going forward, the Global One monthly admin fee will be also remain at R5, the group said. Debit order fees remain the same at R3.50.

App-based debit order disputes are R5 and approving debit orders on DebiCheck, a new type of debit order requiring confirmation from the client before an order can go ahead, are R1

However, customers can expect price increases when dealing in cash.

“While Capitec is driving digital transformation in the banking industry, they recognise that cash remains a reality for many South Africans. However, the cost of managing cash is increasing far ahead of inflation, and it’s increasingly less secure for clients, compared to digital payments,” the group said.

Withdrawals from Capitec ATMs are increasing from R6 per R1000 to R8 per R1000, while withdrawals at other banks’ ATMs are R9.

“Cash withdrawal fees at retailers provide an alternative to ATMs and are an affordable R1.20 per withdrawal. Clients can get cash at Pick n Pay, Shoprite, Checkers or Boxer stores nationwide,” the group said.

Personal services for Capitec have also increased, with in-branch transfers and payments at one of their over 840 branches countrywide, moving from R6 to R7.

A comparison of 2019/20 and 2020/21 banking fees for main transactions can be seen below.