{"id":300434,"date":"2019-02-19T09:35:15","date_gmt":"2019-02-19T07:35:15","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=300434"},"modified":"2019-02-19T17:33:43","modified_gmt":"2019-02-19T15:33:43","slug":"capitec-cuts-banking-fees-for-2019","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/banking\/300434\/capitec-cuts-banking-fees-for-2019\/","title":{"rendered":"Capitec cuts banking fees for 2019"},"content":{"rendered":"

Capitec has published its new banking fees for the 2019\/20 year, which will come into effect from 1 March.<\/p>\n

The group said that with its 2019 fees, it’s paving the way for digital banking by further lowering digital bank fees in 2019.<\/p>\n

“Capitec clients can bank on our app, internet banking and USSD for less from anywhere, anytime,” it said.<\/p>\n

Notably, the banking group is lower its Global One monthly admin fee from R5.80 to R5.00, bringing it in line with competing entry-level accounts from the other big banks.<\/p>\n

The fee for immediate payments will decrease to R8 (from R10),\u00a0and electronic payments on \u200bthe banking app and internet banking will decrease to R1 (from R1.60) per transaction.<\/p>\n

Previously, Capitec’s withdrawal fees carried a fixed fee no matter the amount, but the bank has for the first time introduced a limit.<\/p>\n

The bank lowered fees for withdrawing cash, now charging R6 per R1,000 at Capitec branded ATMs and R8 per R1,000 at another bank’s ATM.<\/p>\n

A comparison of 2018\/19 and 2019\/20 banking fees for main transactions can be seen below.<\/p>\n

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

\n
\n\n\n\n\n\n\n\n
Capitec Global One<\/th>\n2018\/19 Fees<\/th>\nR500 transaction in 2018\/19<\/th>\n2019\/20 Fees<\/th>\nR500 transaction in\u00a02019\/20<\/th>\n% Change<\/th>\n<\/tr>\n
Withdrawal (Native)<\/td>\nR6.50<\/td>\nR6.50<\/td>\nR6.00 \/ R1 000<\/td>\nR6.00<\/td>\n-7.7%<\/span><\/strong><\/td>\n<\/tr>\n
Withdrawal (Other)<\/td>\nR8.75<\/td>\nR8.75<\/td>\nR8.00<\/td>\nR8.00<\/td>\n-8.6%<\/span><\/strong><\/td>\n<\/tr>\n
Withdrawal (POS)<\/td>\nR1.60<\/td>\nR1.60<\/td>\nR1.00<\/td>\nR1.00<\/td>\n-37.5%<\/span><\/strong><\/td>\n<\/tr>\n
Deposit (ATM)<\/td>\n95c \/ R100<\/td>\nR4.50<\/td>\nR1.00 \/ R100<\/td>\n\u00a0R5.00<\/td>\n+11.1%<\/span><\/strong><\/td>\n<\/tr>\n
Account fee (PAYT)<\/td>\nR5.75<\/td>\n<\/td>\nR5.00<\/td>\n<\/td>\n-13.0%<\/span><\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n

You can review Capitec’s full 2019\/20 pricing here<\/strong><\/a>.<\/p>\n

Capitec Bank has experienced huge growth in South Africa, with banking customer numbers surpassing many of the country’s big traditional banks.<\/p>\n

In February, the group announced that it had experiences its highest single-month uptake to date, with over 266,000 new clients joining the bank in January 2019.<\/p>\n

\n

Read:\u00a0Capitec just saw its largest customer uptake ever in January<\/a><\/strong><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Capitec has published its new banking fees for the 2019\/20 year, which will come into effect from 1 March.<\/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":[5996,1798,26],"class_list":["post-300434","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","tag-banking-fees","tag-capitec","tag-headline"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/300434","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=300434"}],"version-history":[{"count":6,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/300434\/revisions"}],"predecessor-version":[{"id":300618,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/300434\/revisions\/300618"}],"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=300434"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=300434"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=300434"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}