Capitec announces new banking fees for 2023

 ·16 Feb 2023

South Africa’s biggest bank by retail clients, Capitec, has updated its banking fees for 2023.

Capitec customers will see a sharp increase in the cost to get money into and out of their accounts, with cash deposits and withdrawals being hiked by 8% and 19%, respectively.

Deposits at ATMs will increase from R1.30 per R100 deposited to R1.40 per R100, while cash withdrawals will jump from R8.00 per every R1,000 withdrawn to R9.50.

Most digital transactions remain the same, with card and online purchases remaining free; however, some transactions will also see price hikes.

Payments to other banks will now cost R2 per transaction (up from R1.50 last year), and send cash fees have increased in line with withdrawal fees – ie, up to R9.50 from R8.00 previously.

Point of sale withdrawals remain unchanged at R1.75 per transaction.

The bank has introduced a host of new services, including:

  • Capitec Connect
  • Capitec Pay
  • Pay Bills
  • Vouchers
  • Apple Pay
  • Samsung Pay
  • Google Pay

Paying bills or playing Lotto through the Capitec app and online services will draw a fee of R1 per transaction. Capitec Pay purchases are also charged at R1, while Apple, Google and Samsung Pay are treated as normal card purchases and are free.

The bank also now offers self-service transactions (SST) from in-branch terminals – some of which carry a new set of fees, such as DebiCheck authentication at R5.00 per transaction.

The new fees come into effect from 1 March 2023.

Capitec Global One 2022/23 Fees R500 transaction 2023/24 Fees R500 transaction % Change
Withdrawal (Native) R8.00 / R1000 R8.00 R9.50 / R1000 R9.50 +18.8%
Withdrawal (Other) R10.00 / R1000 R10.00 R10.50 / R1000 R10.50 +5.0%
Withdrawal (POS) R1.75 R1.75 R1.75 R1.75
Deposits R1.30 / R100 R6.50 R1.40 / R100 R7.00 +7.7%
Account fee (PAYT) R6.50 R7.00 R7.00 +7.7%

You can review Capitec’s 2023/24 pricing here.

Read: The cheapest bank accounts in South Africa: Capitec vs FNB vs Absa vs Nedbank vs Standard Bank and more

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