Capitec’s new banking fees for 2024 – including for business
South Africa’s biggest bank by customers, Capitec, has announced its fee changes for 2024, which come into effect from 1 March.
The group noted that its new business unit, Capitec Business, will also be subject to the same transactions frees, which is a breakaway from the other big banks and the typical offering for businesses.
Capitec said that its business banking offering is specifically targeting the small and medium enterprise space, which has become prime space for several new entrants to the market, including the digital-only Bank Zero.
Capitec chief executive Gerrie Fourie said that the business banking approach will match the group’s approach to its retail banking segment.
Fee changes for 2024
Capitec clients will see some standardisation in key transaction fees in 2024 through to 2025, with all ATM withdrawal fees – whether Capitec or not – coming at R10 per R1,000 withdrawn.
While this is an increase on Capitec’s previous native ATM fees, it’s a decrease from the fees charged to use other SA bank ATMs last year.
Withdrawals at till points have also increased marginally (now R2.00), and ATM deposit fees have remained flat.
The monthly admin fee has been hiked to R7.50.
The full Capitec 2024/25 pricing brochure can be seen here.
While the Capitec Business pricing follows the retail pricing, the fixed monthly fee for the account is R50 per month.
However, the transaction fees mostly remain the same across retail and business banking. Some of the more business-focused transaction fees include:
- Free virtual card for online transactions
- Zero fees on local card payments
- R1 for payments and transfers to other Capitec accounts
- R2 for payments and transfers to other banks
- R3.50 per debit order
- R6.50 for immediate payment
One difference between accounts is deposits – where business accounts are charged R1.20 per R100 (versus the R1.40 for retail clients) and
The full 2024/25 Capitec Business fees can be found here.
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