{"id":6917,"date":"2012-03-01T08:07:09","date_gmt":"2012-03-01T08:07:09","guid":{"rendered":"http:\/\/businesstech.co.za\/news\/?p=6917"},"modified":"2014-06-09T10:46:47","modified_gmt":"2014-06-09T08:46:47","slug":"banking-withdrawal-fees-who-is-the-cheapest","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/trending\/6917\/banking-withdrawal-fees-who-is-the-cheapest\/","title":{"rendered":"Withdrawal fees – how SA banks stack up"},"content":{"rendered":"

Banking is a part of our day-to-day lives, and standing in front of an ATM to withdraw cash is an inevitability that few can avoid.<\/p>\n

But how much is it costing you to access your money? And which South African bank offers you the most affordable way of doing so?<\/p>\n

By looking at the banking fees for a basic current account from all the local banks, BusinessTech has compiled the following table.<\/p>\n

The data does not take the various special offers each bank has in place for limited or unlimited free transactions into account, and is drawn from a basic, per-use price-point.<\/p>\n

Native ATM withdrawal<\/h3>\n
\n\n\n\n\n\n\n\n
Bank<\/strong><\/td>\n2012\/13 Fee
\n<\/strong><\/td>\n		R1,000 Withdrawal
\n<\/strong><\/td>\n<\/tr>\n
Capitec<\/td>\nR4.00<\/td>\nR4.00<\/strong><\/td>\n<\/tr>\n
FNB<\/td>\nR5.70 per R500*<\/td>\nR11.40<\/strong><\/td>\n<\/tr>\n
Absa<\/td>\nR3.85 + R1.10 per R100<\/td>\nR14.85<\/strong><\/td>\n<\/tr>\n
Nedbank<\/td>\nR3.50 + R1.20 per R100<\/td>\nR15.50<\/strong><\/td>\n<\/tr>\n
Standard Bank<\/td>\nR3.90 + 1,17% of value<\/td>\nR15.60<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n

* Capped at R22.80<\/small><\/p>\n

Other ATM withdrawal<\/h3>\n
\n\n\n\n\n\n\n\n
Bank<\/strong><\/td>\n2012\/13 Fee
\n<\/strong><\/td>\n		R1,000 Withdrawal
\n<\/strong><\/td>\n<\/tr>\n
Capitec<\/td>\nR7.00<\/td>\nR7.00<\/strong><\/td>\n<\/tr>\n
FNB<\/td>\nR6.50 + R5.70 per R500<\/td>\nR17.90<\/strong><\/td>\n<\/tr>\n
Absa<\/td>\nR9.85 + R1.10 per R100<\/td>\nR20.85<\/strong><\/td>\n<\/tr>\n
Nedbank<\/td>\nR9.50 + R1.20 per R100<\/td>\nR21.50<\/strong><\/td>\n<\/tr>\n
Standard Bank<\/td>\nR6.70 + R3.90 + 1,17% of value<\/td>\nR22.30<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n

Capitec Bank operates on a fixed-fee structure for withdrawals, meaning that, unlike the competing banks, withdrawal fees aren’t affected by the amount you choose to take out of your account.<\/p>\n

Absa and Standard Bank have the widest ATM network in South Africa, with Standard bank confirming they have around 7000 auto-teller machines spread across the country.<\/p>\n

Capitec wouldn’t divulge an exact figure for their ATM network in South Africa when asked, but according to their website, the number is sitting at around 1300 machines country-wide.<\/p>\n

Most notably, however, even when withdrawing from other banks with Capitec, it works out to be cheaper, overall.<\/p>\n","protected":false},"excerpt":{"rendered":"

How much is it costing you to access your money? And which South African bank offers you the most affordable way of doing so?<\/p>\n","protected":false},"author":14,"featured_media":7047,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[29,10335,1798,1181,76,26,1799,499],"class_list":["post-6917","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-trending","tag-absa","tag-banking","tag-capitec","tag-fees","tag-fnb","tag-headline","tag-nedbank","tag-standard-bank"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/6917","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=6917"}],"version-history":[{"count":20,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/6917\/revisions"}],"predecessor-version":[{"id":59999,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/6917\/revisions\/59999"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/7047"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=6917"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=6917"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=6917"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}