South Africa’s biggest bank by retail clients, Capitec, has updated its banking fees for 2023.<\/p>\n
Capitec customers will see a sharp increase in the cost to get money into and out of their accounts, with cash deposits and withdrawals being hiked by 8% and 19%, respectively.<\/p>\n
Deposits at ATMs will increase from R1.30 per R100 deposited to R1.40 per R100, while cash withdrawals will jump from R8.00 per every R1,000 withdrawn to R9.50.<\/p>\n
Most digital transactions remain the same, with card and online purchases remaining free; however, some transactions will also see price hikes.<\/p>\n
Payments to other banks will now cost R2 per transaction (up from R1.50 last year), and send cash fees have increased in line with withdrawal fees – ie, up to R9.50 from R8.00 previously.<\/p>\n
Point of sale withdrawals remain unchanged at R1.75 per transaction.<\/p>\n
The bank has introduced a host of new services, including:<\/p>\n
Paying bills or playing Lotto through the Capitec app and online services will draw a fee of R1 per transaction. Capitec Pay purchases are also charged at R1, while Apple, Google and Samsung Pay are treated as normal card purchases and are free.<\/p>\n
The bank also now offers self-service transactions (SST) from in-branch terminals – some of which carry a new set of fees, such as DebiCheck authentication at R5.00 per transaction.<\/p>\n
The new fees come into effect from 1 March 2023.<\/p>\n
| Capitec Global One<\/th>\n | 2022\/23 Fees<\/th>\n | R500 transaction<\/th>\n | 2023\/24 Fees<\/th>\n | R500 transaction<\/th>\n | % Change<\/th>\n<\/tr>\n | ||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Withdrawal (Native)<\/td>\n | R8.00 \/ R1000<\/td>\n | R8.00<\/td>\n | R9.50 \/ R1000<\/td>\n | R9.50<\/td>\n | +18.8%<\/span><\/td>\n<\/tr>\n| Withdrawal (Other)<\/td>\n | R10.00 \/ R1000<\/td>\n | R10.00<\/td>\n | R10.50 \/ R1000<\/td>\n | R10.50<\/td>\n | +5.0%<\/span><\/td>\n<\/tr>\n | Withdrawal (POS)<\/td>\n | R1.75<\/td>\n | R1.75<\/td>\n | R1.75<\/td>\n | R1.75<\/td>\n | –<\/td>\n<\/tr>\n | Deposits<\/td>\n | R1.30 \/ R100<\/td>\n | R6.50<\/td>\n | R1.40 \/ R100<\/td>\n | R7.00<\/td>\n | +7.7%<\/span><\/td>\n<\/tr>\n | Account fee (PAYT)<\/td>\n | R6.50<\/td>\n | <\/td>\n | R7.00<\/td>\n | R7.00<\/td>\n | +7.7%<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n | You can review Capitec’s 2023\/24 pricing here<\/a><\/strong>.<\/p>\n |