{"id":249251,"date":"2018-06-04T18:00:21","date_gmt":"2018-06-04T16:00:21","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=249251"},"modified":"2018-06-04T16:46:13","modified_gmt":"2018-06-04T14:46:13","slug":"south-africas-banking-fees-compared","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/banking\/249251\/south-africas-banking-fees-compared\/","title":{"rendered":"South Africa’s banking fees compared"},"content":{"rendered":"

FNB has published its new banking fees for the 2018\/19 period – the last of the major retail banks to make adjustments for this year.<\/p>\n

While the bank has kept some of its prices unchanged – such as the monthly fee for its popular Gold Account – other prices have been hiked in line with inflation, and include the adjustments for the recent VAT rise.<\/p>\n

From 1 April 2018, the VAT rate was hiked to 15%, which translated to a 1% increase in fees across most of the country’s banks \u2013 though some of these costs have been absorbed by the banks.<\/p>\n

The tables below show how fees for South Africa’s five major retail banks have changed, year-on-year<\/strong>, taking into account the change in VAT. The accounts used are the respective banks’ mid-market accounts.<\/p>\n

The calculations are based on a R500 transaction, which the banks have said is the most common range for cash-based transactions in the country.<\/p>\n

Absa, Standard Bank, Nedbank and Capitec’s rates (adjusted for VAT) have been in effect since 1 April 2018, with FNB’s new rates kicking in from 1 July 2018.<\/p>\n

\"Absa<\/p>\n

\n
\n\n\n\n\n\n\n\n\n\n
Absa Gold Cheque Account<\/th>\n2017 Fees
\n(14% VAT)<\/th>\n		R500 transaction in 2017<\/th>\n2018 Fees
\n(15% VAT)<\/th>\n		R500 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>\nR4.54 + R1.41\/R100<\/td>\nR11.59<\/td>\n+8.3%<\/td>\n<\/tr>\n
Withdrawal (Other)<\/td>\nR9.95 + R1.35\/R100<\/td>\nR16.70<\/td>\nR10.59 + R1.41\/R100<\/td>\nR17.64<\/td>\n+5.6%<\/td>\n<\/tr>\n
Withdrawal (POS)<\/td>\nR3.95<\/td>\nR3.95<\/td>\nR4.54<\/td>\nR4.54<\/td>\n+14.9%<\/td>\n<\/tr>\n
Deposit (ATM)<\/td>\nR3.95 + R1.35\/R100<\/td>\nR10.70<\/td>\nR4.54 + R1.41\/R100<\/td>\nR11.59<\/td>\n+8.3%<\/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>\nR18.16<\/td>\n<\/td>\n+7.1%<\/td>\n<\/tr>\n
Account fee (PAYT)<\/td>\nR42.00<\/td>\n<\/td>\nR45.39<\/td>\n<\/td>\n+8.1%<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n

Absa’s full 2018 pricing<\/a> can be found here.<\/strong><\/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
\n(14% VAT)<\/th>\n		R500 transaction in 2017<\/th>\n2018 Fees
\n(15% VAT)<\/th>\n		R500 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>\nR1.82 per R100<\/td>\nR9.10<\/td>\n+1.1%<\/td>\n<\/tr>\n
Withdrawal (Other)<\/td>\nR6.70 + R1.80 per R100<\/td>\nR15.70<\/td>\nR8.07 + R1.82 per R100<\/td>\n\u00a0R17.17<\/td>\n+9.4%<\/td>\n<\/tr>\n
Withdrawal (POS)<\/td>\nR1.80<\/td>\nR1.80<\/td>\nR1.82<\/td>\nR1.82<\/td>\n+1.1%<\/td>\n<\/tr>\n
Deposit (ATM)<\/td>\nR1.80 per R100<\/td>\nR9.00<\/td>\nR1.82 per R100<\/td>\nR9.10<\/td>\n+1.1%<\/td>\n<\/tr>\n
Debit order (internal)<\/td>\nR4.50<\/td>\n<\/td>\nR4.54<\/td>\n<\/td>\n+4.0%<\/td>\n<\/tr>\n
Debit order (external)<\/td>\nR16.00<\/td>\n<\/td>\nR16.64<\/td>\n<\/td>\n+3.1%<\/td>\n<\/tr>\n
Account fee (PAYT)<\/td>\nR55.00<\/td>\n<\/td>\nR60.53<\/td>\n<\/td>\n+10.1%<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n

Standard Bank’s full Elite 2018 pricing<\/a> can be found here<\/strong>.<\/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
\n(14% VAT)<\/th>\n		R500 transaction in 2017<\/th>\n2018 Fees
\n(15% VAT)<\/th>\n		R500 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 + R1.51\/R100<\/td>\nR12.55<\/td>\n+9.1%<\/td>\n<\/tr>\n
Withdrawal (Other)<\/td>\nR11.50\u00a0+ R1.40\/R100<\/td>\nR18.50<\/td>\nR12.57 + R1.51\/R100<\/td>\nR20.12<\/td>\n+8.8%<\/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>\nR107.00<\/td>\n<\/td>\n+7.0%<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<\/div>\n

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

\n

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

\n
\n\n\n\n\n\n\n\n
Capitec Global One<\/th>\n2017\/18 Fees
\n(14% VAT)<\/th>\n		R500 transaction in 2017\/18<\/th>\n2018\/19 Fees
\n(15% VAT)<\/th>\n		R500 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>\nR6.56<\/td>\nR6.56<\/td>\n+9.3%<\/td>\n<\/tr>\n
Withdrawal (Other)<\/td>\nR8.50<\/td>\nR8.50<\/td>\nR8.83<\/td>\nR8.83<\/td>\n+3.9%<\/td>\n<\/tr>\n
Withdrawal (POS)<\/td>\nR1.50<\/td>\nR1.50<\/td>\nR1.61<\/td>\nR1.61<\/td>\n+7.3%<\/td>\n<\/tr>\n
Deposit (ATM)<\/td>\n90c \/ R100<\/td>\nR4.50<\/td>\n96c \/ R100<\/td>\nR4.80<\/td>\n+6.7%<\/td>\n<\/tr>\n
Account fee (PAYT)<\/td>\nR5.50<\/td>\n<\/td>\nR5.80<\/td>\n<\/td>\n+5.5%<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n

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

\n<\/div>\n

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

\n
\n\n\n\n\n\n\n\n\n\n
FNB Gold Cheque Account<\/th>\n2017\/18 Fees
\n(14% VAT)<\/th>\n		R500 transaction in 2017\/18<\/th>\n2018\/19 Fees
\n(15% VAT)<\/th>\n		R500 transaction in 2018\/19<\/th>\n% Change from 2017\/18 to 2018\/19<\/th>\n<\/tr>\n
Withdrawal (Native)<\/td>\nR1.85\/R100<\/td>\nR9.25<\/td>\nR1.90\/R100<\/td>\nR9.50<\/td>\n+2.7%<\/td>\n<\/tr>\n
Withdrawal (Other)<\/td>\nR8.00 +\u00a0R1.85\/R100<\/td>\nR17.25<\/td>\nR9.00 + R1.90\/R100<\/td>\nR18.50<\/td>\n+7.2%<\/td>\n<\/tr>\n
Withdrawal (POS)<\/td>\nR1.40<\/td>\nR1.40<\/td>\nR1.60<\/td>\nR1.60<\/td>\n+14.3%<\/td>\n<\/tr>\n
Deposit (ATM)<\/td>\nR0.90 per R100<\/td>\nR4.50<\/td>\nR0.95\/R100<\/td>\nR4.75<\/td>\n+5.6%<\/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>\nR105.00<\/td>\n<\/td>\nR105.00<\/td>\n<\/td>\n0.0%<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n

FNB’s 2018\/19 pricing guide<\/a> can be found here<\/strong>.<\/p>\n

\n

Read:\u00a0New FNB banking fees for 2018<\/a><\/strong><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

FNB has published its new banking fees for the 2018\/19 period – the last of SA’s big retail banks to make adjustments for this year. This is how they compare on pricing for key transactions.<\/p>\n","protected":false},"author":10,"featured_media":189327,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[961],"tags":[29,1798,76,26,1799,499],"class_list":["post-249251","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","tag-absa","tag-capitec","tag-fnb","tag-headline","tag-nedbank","tag-standard-bank"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/249251","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=249251"}],"version-history":[{"count":9,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/249251\/revisions"}],"predecessor-version":[{"id":249447,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/249251\/revisions\/249447"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/189327"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=249251"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=249251"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=249251"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}