{"id":159023,"date":"2017-02-21T09:24:04","date_gmt":"2017-02-21T07:24:04","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=159023"},"modified":"2017-02-21T09:25:34","modified_gmt":"2017-02-21T07:25:34","slug":"new-capitec-banking-fees-for-2017","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/banking\/159023\/new-capitec-banking-fees-for-2017\/","title":{"rendered":"New Capitec banking fees for 2017"},"content":{"rendered":"

Banking group Capitec has released its new fees for 2017\/18.<\/p>\n

The fees on remote banking (including internet and cellphone) will remain unchanged, while the fees for branch transactions will increase marginally and largely simplified to a fixed price of R5.00 per transaction.<\/p>\n

The fees of most branch transactions \u2013 currently priced at R4.00, R4.50 or R4.75 \u2013 will increase to a flat and ‘simplified’ R5.00, the bank said.<\/p>\n

Cash withdrawal fees at tills will increase from R1.30 to R1.50 and withdrawal from Capitec ATMs will increase from R5.50 to R6.00.<\/p>\n

Other bank ATM withdrawals will remain constant at R8.50 (only R2.50 more than Capitec ATMs).<\/p>\n

Capitec attributed the increases to the cost of cash handling as well as the operating cost of their 798 branches. The changes come into effect on 1 March 2017<\/strong>.<\/p>\n

Capitec 2017\/18 key fee changes<\/h3>\n
\n
\n\n\n\n\n\n\n\n\n
Fee\/Transaction<\/th>\n2016\/17\u00a0Fee<\/th>\n2017\/18Fee<\/th>\nChange<\/th>\n<\/tr>\n
Withdrawal (Native)<\/td>\nR5.50<\/td>\nR6.00<\/td>\n9.1%<\/td>\n<\/tr>\n
Withdrawal (Cash at till)<\/td>\nR1.30<\/td>\nR1.50<\/td>\n15.4%<\/td>\n<\/tr>\n
Withdrawal (Other)<\/td>\nR8.50<\/td>\nR8.50<\/td>\n0%<\/td>\n<\/tr>\n
Withdrawal (International)<\/td>\nR50.00<\/td>\nR50.00<\/td>\n0%<\/td>\n<\/tr>\n
Deposit (ATM)<\/td>\n80c per R100<\/td>\n90c per R100<\/td>\n12.5%<\/td>\n<\/tr>\n
Account fee (PAYT)<\/td>\nR5.25<\/td>\n\u00a0R5.50<\/td>\n4.8%<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<\/div>\n

The full list of transaction and other fees for 2017 can be found here<\/a><\/strong>.<\/p>\n

Capitec’s Global One account remains its only account offering, which carries a monthly fee of R5.50.<\/p>\n

According to the bank, however,\u00a0clients earn at least 5.35% interest on a positive balance from the first cent in their transaction account, which can cancel out this fee entirely.<\/p>\n

“Over 550,000 clients end up banking for free with Capitec as their interest earned is more than the fees they pay\u201d, the bank said.<\/p>\n

“By far the majority \u2013 more than 5.5 million \u2013 of Capitec clients pay less than R50 per month in bank costs.”<\/p>\n

Capitec’s simple, affordable set-fee structure has catapulted the bank to becoming the third largest bank in South Africa<\/a><\/strong>, by retail clients.<\/p>\n

In its interim results for the six months ended August 2016, Capitec reported that it had increased its active clients to 7.9 million \u2013 up 1.2 million from the 6.7 million reported in 2015.<\/p>\n

This placed it higher than Nedbank and FNB’s client numbers at the end of their respective full years, which were at 7.7 million and 7.4 million clients, respectively.<\/p>\n

The latest Nielsen banking\u00a0survey for 2017<\/a><\/strong> showed that Capitec is the most popular bank in the country, with 29% of survey respondents indicated they used the bank’s Global One as their primary banking account.<\/p>\n

\n

Read:\u00a0Capitec has launched a new credit card: everything you need to know<\/a><\/strong><\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Banking group Capitec has released its new fees for 2017\/18.<\/p>\n","protected":false},"author":10,"featured_media":7994,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[961],"tags":[1798,26],"class_list":["post-159023","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","tag-capitec","tag-headline"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/159023","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=159023"}],"version-history":[{"count":4,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/159023\/revisions"}],"predecessor-version":[{"id":159045,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/159023\/revisions\/159045"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/7994"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=159023"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=159023"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=159023"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}