South African banks are reintroducing ATM charges this week

South African banking customers should take note of the reintroduction of ATM Saswitch fees from Friday (1 October).

Currently, most of the country’s banks charge a different fee when their customers withdraw money from another bank’s ATM.

These charges were waived in August and September in response to the Covid-19 lockdown, and the violence and looting seen in parts of Gauteng and KZN.

“To assist social grant recipients and those who live in areas where Automated Teller Machines (ATMs) and branches had been destroyed, bank customers have been able to use any ATM, including those not operated by their own bank, without incurring additional charges, from 1 August 2021 until 30 September 2021,” the Banking Association of South Africa (BASA).

“However, banks have to recover the operating costs of the ATM network to ensure that they can be sustained and maintained, in the service of all South Africans. Subsequently, from 01 October charges for using ATMs not operated by a customer’s bank, will be re-instated.”

In a notice published on social media, Capitec said that from Friday (1 October), the cash withdrawal fee for using another bank’s ATM will change back to R9.75 per R1000 as branches, ATMs & retailers reopen following the recent unrest. Capitec clients can also withdraw cash at your nearest Checkers, Shoprite or PnP for only R1.60.

Absa has also confirmed that its lower fees Saswitch will only be available from 1 August 2021 to 30 September 2021. From 1 October 2021 fees will return to normal and it will be cheaper to transact at an Absa ATM, it said.

Notably, Standard Bank announced in August that it will permanently remove ATM Saswitch fees going forward.

Read: South Africans could be saving too much, Absa says

Must Read

Partner Content

Show comments

Trending Now

Follow Us

South African banks are reintroducing ATM charges this week