{"id":232075,"date":"2018-03-15T13:56:47","date_gmt":"2018-03-15T11:56:47","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=232075"},"modified":"2018-03-15T14:00:38","modified_gmt":"2018-03-15T12:00:38","slug":"standard-bank-and-capitec-vat-hikes-heres-what-you-will-pay-from-april","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/banking\/232075\/standard-bank-and-capitec-vat-hikes-heres-what-you-will-pay-from-april\/","title":{"rendered":"Standard Bank and Capitec VAT hikes – here’s what you will pay from April"},"content":{"rendered":"

Standard Bank and Capitec have confirmed that they will be hiking banking fees in line with the new VAT increase to 15%.<\/p>\n

The changes will take effect from 1 April 2018.<\/p>\n

Standard Bank has published an updated fee schedule on its website<\/a><\/strong>, while Capitec too has publish a\u00a0flier notifying customers of the changes.<\/a><\/strong><\/p>\n

Below are the changes to Standard Bank’s fees for its mid-market Elite Banking<\/a><\/strong> account, and Capitec’s Global One account, for a selection of common transactions.<\/p>\n

In line with the VAT hike, most prices have increased by approximately 1%.<\/p>\n

\n
\n\n\n\n\n\n\n\n\n\n
Standard Bank Elite Account<\/th>\n2018 Fees (old)<\/th>\nR500 transaction (old)<\/th>\n2018 Fees (with 15% VAT)<\/th>\nR500 transaction (new)<\/th>\n% Change<\/th>\n<\/tr>\n
Withdrawal (Native)<\/td>\nR1.80 per R100<\/td>\nR9.00<\/td>\nR1.82 per R100<\/td>\nR9.10<\/td>\n1.1%<\/td>\n<\/tr>\n
Withdrawal (Other)<\/td>\nR8.00 + R1.80 per R100<\/td>\nR17.00<\/td>\nR8.07 + R1.82 per R100<\/td>\n\u00a0R17.17<\/td>\n1.0%<\/td>\n<\/tr>\n
Withdrawal (POS)<\/td>\nR1.80<\/td>\nR1.80<\/td>\nR1.82<\/td>\nR1.82<\/td>\n1.1%<\/td>\n<\/tr>\n
Deposit (ATM)<\/td>\nR1.80 per R100<\/td>\nR9.00<\/td>\nR1.82 per R100<\/td>\nR9.10<\/td>\n1.1%<\/td>\n<\/tr>\n
Debit order (internal)<\/td>\nR4.50<\/td>\n<\/td>\nR4.54<\/td>\n<\/td>\n0.9%<\/td>\n<\/tr>\n
Debit order (external)<\/td>\nR16.50<\/td>\n<\/td>\nR16.64<\/td>\n<\/td>\n0.8%<\/td>\n<\/tr>\n
Account fee (PAYT)<\/td>\nR60.00<\/td>\n<\/td>\nR60.53<\/td>\n<\/td>\n0.9%<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n
\n
\n\n\n\n\n\n\n\n
Capitec Global One<\/th>\n2018\/19 Fees (old)<\/th>\nR500 transaction (old)<\/th>\n2018\/19 Fees (with 15% VAT)<\/th>\nR500 transaction (new)<\/th>\n% Change<\/th>\n<\/tr>\n
Withdrawal (Native)<\/td>\nR6.50<\/td>\nR6.50<\/td>\nR6.56<\/td>\nR6.56<\/td>\n0.9%<\/td>\n<\/tr>\n
Withdrawal (Other)<\/td>\nR8.75<\/td>\nR8.75<\/td>\nR8.83<\/td>\nR8.83<\/td>\n0.0%<\/td>\n<\/tr>\n
Withdrawal (POS)<\/td>\nR1.60<\/td>\nR1.60<\/td>\nR1.61<\/td>\nR1.61<\/td>\n0.6%<\/td>\n<\/tr>\n
Deposit (ATM)<\/td>\n95c \/R100<\/td>\nR4.75<\/td>\n96c per R100<\/td>\nR4.80<\/td>\n1.0%<\/td>\n<\/tr>\n
Account fee (PAYT)<\/td>\nR5.75<\/td>\n<\/td>\nR5.80<\/td>\n<\/td>\n0.9%<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n

Absa, Nedbank and FNB have not yet published updated fee booklets.<\/p>\n

\n

Read: South Africa\u2019s economy needs to return to mid-2000s performance<\/a><\/strong><\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Standard Bank has confirmed that it will be raising its pricing structures in line with the recent VAT increases.<\/p>\n","protected":false},"author":10,"featured_media":198066,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[961],"tags":[26,499],"class_list":["post-232075","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","tag-headline","tag-standard-bank"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/232075","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=232075"}],"version-history":[{"count":13,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/232075\/revisions"}],"predecessor-version":[{"id":232107,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/232075\/revisions\/232107"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/198066"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=232075"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=232075"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=232075"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}