Withdrawal fees – how SA banks stack up

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

Bank 2012/13 Fee
R1,000 Withdrawal
Capitec R4.00 R4.00
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

Bank 2012/13 Fee
R1,000 Withdrawal
Capitec R7.00 R7.00
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.

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Withdrawal fees – how SA banks stack up