Banking is a part of our day-to-day lives, and standing in front of an ATM to withdraw cash is an inevitability that few can avoid.
But how much is it costing you to access your money? And which South African bank offers you the most affordable way of doing so?
By looking at the banking fees for a basic current account from all the local banks, BusinessTech has compiled the following table.
The data does not take the various special offers each bank has in place for limited or unlimited free transactions into account, and is drawn from a basic, per-use price-point.
Native ATM withdrawal
|FNB||R5.70 per R500*||R11.40|
|Absa||R3.85 + R1.10 per R100||R14.85|
|Nedbank||R3.50 + R1.20 per R100||R15.50|
|Standard Bank||R3.90 + 1,17% of value||R15.60|
* Capped at R22.80
Other ATM withdrawal
|FNB||R6.50 + R5.70 per R500||R17.90|
|Absa||R9.85 + R1.10 per R100||R20.85|
|Nedbank||R9.50 + R1.20 per R100||R21.50|
|Standard Bank||R6.70 + R3.90 + 1,17% of value||R22.30|
Capitec Bank operates on a fixed-fee structure for withdrawals, meaning that, unlike the competing banks, withdrawal fees aren’t affected by the amount you choose to take out of your account.
Absa and Standard Bank have the widest ATM network in South Africa, with Standard bank confirming they have around 7000 auto-teller machines spread across the country.
Capitec wouldn’t divulge an exact figure for their ATM network in South Africa when asked, but according to their website, the number is sitting at around 1300 machines country-wide.
Most notably, however, even when withdrawing from other banks with Capitec, it works out to be cheaper, overall.