{"id":39307,"date":"2013-06-05T07:00:07","date_gmt":"2013-06-05T05:00:07","guid":{"rendered":"http:\/\/businesstech.co.za\/news\/?p=39307"},"modified":"2013-06-05T14:17:49","modified_gmt":"2013-06-05T12:17:49","slug":"withdrawal-fees-sa-banks-compared","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/banking\/39307\/withdrawal-fees-sa-banks-compared\/","title":{"rendered":"Withdrawal fees: SA banks compared"},"content":{"rendered":"

FNB<\/a> has released its updated banking fees which will come into effect from 1 July 2013, and while it has hiked its prices, the bank still compares favourably to the other big banks in South Africa.<\/p>\n

Monthly account fees for all FNB accounts are up, though the biggest jump is for Platinum accounts, which have increased by 12.5%.<\/p>\n

FNB account fees 2013<\/h3>\n
\n\n\n\n\n\n\n
Account<\/strong><\/td>\n2012<\/strong><\/td>\n2013<\/strong><\/td>\nIncrease<\/strong><\/td>\n<\/tr>\n
Smart<\/td>\nR79.00<\/td>\nR84.00<\/td>\n6.3%<\/td>\n<\/tr>\n
Gold<\/td>\nR97.00<\/td>\nR100.00<\/td>\n3.1%<\/td>\n<\/tr>\n
Platinum<\/td>\nR120.00<\/td>\nR135.00<\/td>\n12.5%<\/td>\n<\/tr>\n
Petrol Card<\/td>\nR12.50<\/td>\nR13.50<\/td>\n8.0%<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n

2013 ATM withdrawal fees<\/h3>\n

Withrawal fees at FNB ATMs have increased marginally; however, the bank appears to have implemented a new limit to the amount customers will pay while withdrawing from other banks’ ATMs – a price-point which caught many unsuspecting banking clients by surprise in 2012.<\/p>\n

Withdrawals beyond the free monthly amount will cost a minimum of R6.30 at FNB ATMs (to a maximum of R25.20), and a minimum of R12.80 at other ATMs (with the same maximum).<\/p>\n

\n\n\n\n\n
Transaction<\/strong><\/td>\nUnlimited
\n<\/strong><\/td>\n		Mobile
\n<\/strong><\/td>\n		Fee<\/strong><\/td>\n<\/tr>\n
FNB withdrawal<\/td>\n6 Free withdrawals<\/td>\n4 Free withdrawals<\/td>\nR6.30 per R500 (max R25.20)<\/td>\n<\/tr>\n
Other withdrawal<\/td>\n–<\/td>\n–<\/td>\nR6.50 + R6.30 per R500 (max R25.20)<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n

South African withdrawal fee comparison<\/h3>\n

First National Bank is the last of South Africa’s big banks to update its fee structures for the 2013 period (the other banks update with prices effective from January 2013).<\/p>\n

When comparing the new structure to its competitors, FNB remains the second-most affordable bank in terms of its withdrawal fees, after Capitec<\/a>. This is despite the bank increasing its withdrawal fees by the greatest percentage (10.5%).<\/p>\n

Of all the banks, Standard Bank is the only one to reduce its withrawal fees.<\/p>\n

Native ATM withdrawal<\/h3>\n
\n\n\n\n\n\n\n\n
Bank<\/strong><\/td>\nNative ATM fee
\n<\/strong><\/td>\n		R1000 withdrawal
\n<\/strong><\/td>\n		2012 cost
\n<\/strong><\/td>\n		%change
\n<\/strong><\/td>\n<\/tr>\n
Capitec<\/td>\nR4.30<\/td>\nR4.30<\/strong><\/td>\nR4.00<\/td>\n7.5%<\/td>\n<\/tr>\n
First National Bank<\/td>\nR6.30\/R500*<\/td>\nR12.60<\/strong><\/td>\nR11.40<\/td>\n10.5%<\/td>\n<\/tr>\n
Standard Bank<\/td>\nR3,50 + 1.05% of value<\/td>\nR14.00<\/strong><\/td>\nR15.60<\/td>\n-10.0%<\/td>\n<\/tr>\n
Absa<\/td>\nR3,95 + R1,15\/R100<\/td>\nR15.45<\/strong><\/td>\nR14.85<\/td>\n4.0%<\/td>\n<\/tr>\n
Nedbank<\/td>\nR3,50 + R1,25\/R100<\/td>\nR16.00<\/strong><\/td>\nR15.50<\/td>\n3.2%<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n

*Max R25.20<\/small><\/p>\n

Other ATM Withdrawal<\/h3>\n
\n\n\n\n\n\n\n\n
Bank<\/strong><\/td>\nOther ATM fee
\n<\/strong><\/td>\n		R1000 withdrawal<\/strong><\/strong><\/td>\n2012 cost<\/strong><\/td>\n%change<\/strong><\/strong><\/td>\n<\/tr>\n
Capitec<\/td>\nR7.00<\/td>\nR7.00<\/strong><\/td>\nR7.00<\/td>\n–<\/td>\n<\/tr>\n
First National Bank<\/td>\nR6.50 + R6.30\/R500*<\/td>\nR19.10<\/strong><\/td>\nR17.90<\/td>\n6.7%<\/td>\n<\/tr>\n
Standard Bank<\/td>\nR6,70 + R3,50 + 1.05% of value<\/td>\nR20.70<\/strong><\/td>\nR22.30<\/td>\n-7.2%<\/td>\n<\/tr>\n
Absa<\/td>\nR9,95 + R1,15\/R100<\/td>\nR21.45<\/strong><\/td>\nR20.85<\/td>\n2.9%<\/td>\n<\/tr>\n
Nedbank<\/td>\nR9,50 + R1,25\/R100<\/td>\nR22.00<\/strong><\/td>\nR21.50<\/td>\n2.3%<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n

*Max R25.20<\/small><\/p>\n

The tables above compares the banks’ withrawal fees on pay as you transact rates, which are not subject to bundled products. The fees are applicable to banks’ transactional\/current accounts.<\/p>\n

All of South Africa’s banks offer various packages with price and service plans which may be suited to individual banking habits.<\/p>\n

Additionally, each bank – with the exception of Capitec – offers an entry-level saver-type account, which offers reduced rates.<\/p>\n

While Capitec does not offer a current account specifically, its Global One account is a transactional account and is integrated with the bank’s other services, including saving and credit facilities.<\/p>\n

More on SA banks<\/h3>\n

Withdrawal fees \u2013 how SA banks stack up<\/a> (2012)<\/strong><\/p>\n

FNB a digital-only bank?<\/strong><\/a><\/p>\n

Are banking CEOs paid their worth?<\/a><\/strong><\/p>\n

Is Capitec really the 4th biggest bank in SA?<\/a><\/strong><\/p>\n

Biggest SA banks shock<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

How do FNB’s updated banking fees compare to Capitec, Nedbank, Absa and Standard Bank’s when withdrawing money from your account?<\/p>\n","protected":false},"author":14,"featured_media":22444,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[961],"tags":[29,5996,1798,921,76,26,1799,499,3560],"class_list":["post-39307","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","tag-absa","tag-banking-fees","tag-capitec","tag-comparison","tag-fnb","tag-headline","tag-nedbank","tag-standard-bank","tag-withdrawal-fees"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/39307","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\/14"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=39307"}],"version-history":[{"count":12,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/39307\/revisions"}],"predecessor-version":[{"id":39335,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/39307\/revisions\/39335"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/22444"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=39307"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=39307"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=39307"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}