{"id":224242,"date":"2018-02-08T16:04:15","date_gmt":"2018-02-08T14:04:15","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=224242"},"modified":"2018-02-08T16:04:15","modified_gmt":"2018-02-08T14:04:15","slug":"capitecs-new-banking-fees-for-2018","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/banking\/224242\/capitecs-new-banking-fees-for-2018\/","title":{"rendered":"Capitec’s new banking fees for 2018"},"content":{"rendered":"

Capitec has published its new banking fees, which are set to come into effect from March 2018.<\/p>\n

The group claimed 9.2 million clients in 2017, while adding 120,000 new sign-ups each month, on average.<\/p>\n

Capitec has built its brand of affordability on its fixed fee structure, as well as offering interest rates that let savers pay their complete monthly service fee and also the bulk of transaction costs.<\/p>\n

“The majority of Capitec clients \u2013 over 5 million \u2013 pay under R50 in bank costs each month, and many clients earn more in interest than the fees they pay,” it said.<\/p>\n

In terms of fee changes for 2018, access to remote banking (online and app) remains free with zero-rated data for the app, while fees for payments in branch increased marginally to R5.30 per transaction, and the monthly admin fee increased by 25 cents to R5.75.<\/p>\n

Statements and transfers between own accounts on mobile phone and internet banking remain free, while the price of payments on these channels increase marginally for the first time in four years, from R1.50 to R1.60 per transaction. Debit orders increase by 20 cents, from R3.50 to R3.70.<\/p>\n

The cash withdrawal fee at tills is R1.60, while cash withdrawals from a Capitec branded ATM now cost R6.50. All other bank ATM withdrawals now cost R8.75, only R2.25 more than Capitec Bank ATMs.<\/p>\n

“This means clients can use any of the over 30,000 ATMs across the country without fear of excessive fees or penalties. All cash withdrawal fees are flat fees regardless of the amount of money Capitec clients withdraw,” the bank said.<\/p>\n

You can view Capitec’s new banking fees here<\/a><\/strong>.<\/p>\n

Standard Bank, Nedbank and Absa’s 2018 fees came into effect from 1 January 2018. FNB’s fee changes will be implemented from 1 July 2018.<\/em><\/p>\n

Below are a selection of fees on a pay-as-you-transact basis from all South African retail banks:<\/p>\n

\"Capitec<\/a><\/p>\n

\n
\n\n\n\n\n\n\n\n
Capitec Global One<\/th>\n2017\/18 Fees<\/th>\nR500 transaction in 2017\/18<\/th>\n2018\/19 Fees<\/th>\nR500 transaction in\u00a02018\/19<\/th>\n% Change from 2017\/18 to 2018\/19<\/th>\n<\/tr>\n
Withdrawal (Native)<\/td>\nR6.00<\/td>\nR6.00<\/td>\nR6.50<\/td>\nR6.50<\/td>\n+8.3%<\/td>\n<\/tr>\n
Withdrawal (Other)<\/td>\nR8.50<\/td>\nR8.50<\/td>\nR8.75<\/td>\nR8.75<\/td>\n+2.9%<\/td>\n<\/tr>\n
Withdrawal (POS)<\/td>\nR1.50<\/td>\nR1.50<\/td>\nR1.60<\/td>\nR1.60<\/td>\n+6.7%<\/td>\n<\/tr>\n
Deposit (ATM)<\/td>\n90c \/ R100<\/td>\nR4.50<\/td>\n95c \/ R100<\/td>\nR4.75<\/td>\n+5.5%<\/td>\n<\/tr>\n
Account fee (PAYT)<\/td>\nR5.50<\/td>\n<\/td>\nR5.75<\/td>\n<\/td>\n+4.5%<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n

You can review Capitec’s full 2018\/19 pricing here<\/a><\/strong>.<\/p>\n

\n

\"Absa<\/p>\n

\n
\n\n\n\n\n\n\n\n\n\n
Absa Gold Cheque Account<\/th>\n2017 Fees<\/th>\nR500 transaction in 2017<\/th>\n2018 Fees<\/th>\nR500 transaction in 2018<\/th>\n% Change from 2017 to 2018<\/th>\n<\/tr>\n
Withdrawal (Native)<\/td>\nR3.95 + R1.35\/R100<\/td>\nR10.70<\/td>\nR4.50 + R1.40\/R100<\/td>\nR11.50<\/td>\n+7.5%<\/td>\n<\/tr>\n
Withdrawal (Other)<\/td>\nR9.95 + R1.35\/R100<\/td>\nR16.70<\/td>\nR10.50 + R1.40\/R100<\/td>\nR17.50<\/td>\n+4.8%<\/td>\n<\/tr>\n
Withdrawal (POS)<\/td>\nR3.95<\/td>\nR3.95<\/td>\nR4.50<\/td>\nR4.50<\/td>\n+13.9%<\/td>\n<\/tr>\n
Deposit (ATM)<\/td>\nR3.95 + R1.35\/R100<\/td>\nR10.70<\/td>\nR4.50 + R1.40\/R100<\/td>\nR11.50<\/td>\n+7.5%<\/td>\n<\/tr>\n
Debit order (internal)<\/td>\nFree<\/td>\n<\/td>\nFree<\/td>\n<\/td>\n–<\/td>\n<\/tr>\n
Debit order (external)<\/td>\nR16.95<\/td>\n<\/td>\nR18.00<\/td>\n<\/td>\n+6.2%<\/td>\n<\/tr>\n
Account fee (PAYT)<\/td>\nR42.00<\/td>\n<\/td>\nR45.00<\/td>\n<\/td>\n+7.1%<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n

Absa’s full 2018 pricing can be found here.<\/strong><\/a><\/p>\n

\n<\/div>\n

\"Standard<\/h3>\n
\n
\n\n\n\n\n\n\n\n\n\n
Standard Bank Elite Account<\/th>\n2017 Fees<\/th>\nR500 transaction in 2017<\/th>\n2018 Fees<\/th>\nR500 transaction in 2018<\/th>\n% Change from 2017 to 2018<\/th>\n<\/tr>\n
Withdrawal (Native)<\/td>\nR1.80 per R100<\/td>\nR9.00<\/td>\nR1.80 per R100<\/td>\nR9.00<\/td>\n–<\/td>\n<\/tr>\n
Withdrawal (Other)<\/td>\nR6.70 + R1.80 per R100<\/td>\nR15.70<\/td>\nR8.00 + R1.80 per R100<\/td>\n\u00a0R17.00<\/td>\n+8.3%<\/td>\n<\/tr>\n
Withdrawal (POS)<\/td>\nR1.80<\/td>\nR1.80<\/td>\nR1.80<\/td>\nR1.80<\/td>\n–<\/td>\n<\/tr>\n
Deposit (ATM)<\/td>\nR1.80 per R100<\/td>\nR9.00<\/td>\nR1.80 per R100<\/td>\nR9.00<\/td>\n–<\/td>\n<\/tr>\n
Debit order (internal)<\/td>\nR4.50<\/td>\n<\/td>\nR4.50<\/td>\n<\/td>\n–<\/td>\n<\/tr>\n
Debit order (external)<\/td>\nR16.00<\/td>\n<\/td>\nR16.50<\/td>\n<\/td>\n+3.1%<\/td>\n<\/tr>\n
Account fee (PAYT)<\/td>\nR55.00<\/td>\n<\/td>\nR60.00<\/td>\n<\/td>\n+9.1%<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n

Standard Bank’s full 2018 pricing can be found here<\/strong>.<\/a><\/p>\n

\n<\/div>\n

\"Nedbank<\/h3>\n
\n
\n\n\n\n\n\n\n\n\n\n
Nedbank Savvy Account<\/th>\n2017 Fees<\/th>\nR500 transaction in 2017<\/th>\n2018 Fees<\/th>\nR500 transaction in 2018<\/th>\n% Change from 2017 to 2018<\/th>\n<\/tr>\n
Withdrawal (Native)<\/td>\nR4.50 +\u00a0R1.40\/R100<\/td>\nR11.50<\/td>\nR5.00 + R1.50\/R100<\/td>\nR12.50<\/td>\n+8.7%<\/td>\n<\/tr>\n
Withdrawal (Other)<\/td>\nR11.50\u00a0+ R1.40\/R100<\/td>\nR18.50<\/td>\nR12.50 + R1.50\/R100<\/td>\nR20.00<\/td>\n+8.1%<\/td>\n<\/tr>\n
Withdrawal (POS)<\/td>\nFree<\/td>\nFree<\/td>\nFree<\/td>\nFree<\/td>\n–<\/td>\n<\/tr>\n
Deposit (Intelligent depositor\u00a0ATM)<\/td>\nR5.50 +\u00a0R0.70\/R100<\/td>\nR9.00<\/td>\nR1.00\/R100<\/td>\nR5.00<\/td>\n-44.4%<\/td>\n<\/tr>\n
Debit order (internal)<\/td>\nFree<\/td>\n<\/td>\nFree<\/td>\n<\/td>\n–<\/td>\n<\/tr>\n
Debit order (external)<\/td>\nFree<\/td>\n<\/td>\nFree<\/td>\n<\/td>\n–<\/td>\n<\/tr>\n
Account fee<\/td>\n\u00a0R100.00<\/td>\n<\/td>\nR106.00<\/td>\n<\/td>\n+6.0%<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<\/div>\n

The full 2018 pricing for Nedbank’s Savvy Plus can be found here<\/strong>.<\/a><\/p>\n

\n<\/div>\n

\"FNB<\/a><\/p>\n

FNB Gold only offers the bundled account option. Withdrawals and Cash@Till transaction fees come into effect after a combined R5,000 limit has been reached. Cash deposit fees come into effect after a R5,000 limit has been reached.<\/em><\/p>\n

\n
\n\n\n\n\n\n\n\n\n\n
FNB Gold Cheque Account<\/th>\n2016\/17 Fees<\/th>\nR500 transaction in 2016\/17<\/th>\n2017\/18 Fees<\/th>\nR500 transaction in<\/th>\n% Change from 2015\/16 to 2016\/17<\/th>\n<\/tr>\n
Withdrawal (Native)<\/td>\nR1.85\/R100<\/td>\nR9.25<\/td>\nR1.85\/R100<\/td>\nR9.25<\/td>\n0.0%<\/td>\n<\/tr>\n
Withdrawal (Other)<\/td>\nR7.00 + R1.85\/R100<\/td>\nR16.25<\/td>\nR8.00 +\u00a0R1.85\/R100<\/td>\nR17.25<\/td>\n+6.2%<\/td>\n<\/tr>\n
Withdrawal (POS)<\/td>\nFree<\/td>\n\u00a0Free<\/td>\nR1.40<\/td>\nR1.40<\/td>\n–<\/td>\n<\/tr>\n
Deposit (ATM)<\/td>\nR0.80 per R100<\/td>\nR4.00<\/td>\nR0.90 per R100<\/td>\nR4.50<\/td>\n+12.5%<\/td>\n<\/tr>\n
Debit order (internal)<\/td>\nFree<\/td>\n<\/td>\nFree<\/td>\n<\/td>\n–<\/td>\n<\/tr>\n
Debit order (external)<\/td>\nFree<\/td>\n<\/td>\nFree<\/td>\n<\/td>\n–<\/td>\n<\/tr>\n
Account fee<\/td>\nR100.00<\/td>\n<\/td>\nR105.00<\/td>\n<\/td>\n+5.0%<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n

You can find FNB’s full 2017\/18 pricing guide here<\/a><\/strong>.<\/p>\n

\n

Read:\u00a0Viceroy says the Reserve Bank is wrong about Capitec<\/a><\/strong><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Capitec has published its new banking fees, which are set to come into effect from March 2018.<\/p>\n","protected":false},"author":10,"featured_media":60339,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[961],"tags":[1798,26],"class_list":["post-224242","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\/224242","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=224242"}],"version-history":[{"count":4,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/224242\/revisions"}],"predecessor-version":[{"id":224262,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/224242\/revisions\/224262"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/60339"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=224242"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=224242"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=224242"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}