Capitec announces new banking fees for 2022

Banking group Capitec has published its updated fee schedules for the 2022/23 financial year, which will come into effect from 1 March 2022.

The group, which now boasts over 16.7 million customers, has kept its digital fees unchanged from 2021 while introducing new free payment features through its banking app.

However, more traditional transactions – such as cash withdrawals and the Global One Account’s monthly fee – have increased.

Capitec clients will now be charged R6.50 per month for the bank’s only account, up from R5.00 in 2021. Withdrawal fees have increased to R8.00 per R1,000 at Capitec ATMs and R10.00 per R1,000 at other bank ATMs.

Cash withdrawals at till points – PnP/Shoprite/Checkers/Boxer till points – will also now be slightly more expensive at R1.75 per transaction.

Email statements and transfers between own accounts remain free when using the banking app, USSD and internet banking, while the cost of purchasing prepaid airtime and electricity also remains the same at 50 cents when using digital channels.

Additional free payments options have been added to the app and internet banking, including online shopping, though the bank notes that international shopping may still incur a charge from international vendors.

Scan to pay using mobile devices carries no charge and customers can also transfer money between Capitec accounts and update limits on those accounts for free.

Capitec says that customers will be able to pay other Capitec clients instantly with the newly launched Pay Me option.

Pay Me was launched in December 2021, which lets Capitec clients generate a personalised QR code on the bank’s app to receive payments immediately and securely from other Capitec clients.

Francois Viviers, Capitec Group executive of marketing, said the system was developed to encourage the use of digital channels and steer clients away from using ‘expensive and unsafe’ cash.

“We’re giving our clients, who are from all different walks of life, a simpler and safer way to pay. You’ll no longer need cash to pay for small purchases at informal retailers, tip car guards or pay the person selling ice creams at the beach. It’s also an easy way to transfer money to family or friends and to split the bill at a restaurant,” he said.

Clients can activate and access their unique Pay Me QR code on the bank’s app or visit a branch to get a printed version supplied in a plastic pouch with a lanyard.

Capitec Global One 2021/22 Fees R500 transaction 2022/23 Fees R500 transaction % Change
Withdrawal (Native) R7.50 / R1000 R7.50 R8.00 / R1000 R8.00 +6.7%
Withdrawal (Other) R9.75 / R1000 R9.75 R10.00 / R1000 R10.00 +2.6%
Withdrawal (POS) R1.60 R1.60 R1.75 R1.75 +9.4%
Deposits R1.30 / R100 R6.50 R1.30 / R100 R6.50
Debit orders R3.50 R3.50
Account fee (PAYT) R5.00 R6.50 +30.0%

You can review Capitec’s 2022/23 pricing here.

Read: Capitec is expanding its digital offering

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Capitec announces new banking fees for 2022