{"id":75540,"date":"2014-12-10T00:05:54","date_gmt":"2014-12-09T22:05:54","guid":{"rendered":"http:\/\/businesstech.co.za\/news\/?p=75540"},"modified":"2014-12-10T12:38:25","modified_gmt":"2014-12-10T10:38:25","slug":"south-african-banking-fees-2015","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/banking\/75540\/south-african-banking-fees-2015\/","title":{"rendered":"South African banking fees 2015"},"content":{"rendered":"

South African banks Absa, Standard Bank and Nedbank have released their banking fees which come into effect on 1 January 2015.<\/p>\n

Detailed in the tables below are a selection of key transaction fees, and what customers would pay in processing R1,000 per transaction.<\/p>\n

Nedbank has changed the way calculates its international withdrawals fees to a structure based on local currency instead of units of international currency from before.<\/p>\n

All fees below are applicable the the banks’ middle-market accounts, on a pay-as-you-transact (PAYT) basis, assuming all deposits are made in cash.<\/p>\n

It should be noted that each bank offers various accounts and various account bundles that are best suited to individual banking needs, which offer bundled transactions for a fixed fee.<\/p>\n

\"Absa<\/a>Absa Gold Cheque account 2015 fees<\/h3>\n
\n\n\n\n\n\n\n\n\n\n
Fee\/Transaction<\/strong><\/td>\n2014 Fee
\n<\/strong><\/td>\n		R1,000<\/strong><\/td>\n2015 Fee
\n<\/strong><\/td>\n		R1,000<\/strong><\/td>\n%Change<\/strong><\/td>\n<\/tr>\n
Withdrawal (Native)<\/td>\nR3.95 + R1.25\/R100<\/td>\nR16.45<\/td>\nR3.95 + R1.30\/R100<\/td>\nR16.95<\/td>\n3.0%<\/td>\n<\/tr>\n
Withdrawal (Other)<\/td>\nR9.95 + R1.25\/R100<\/td>\nR22.45<\/td>\nR9.95 + R1.30\/R100<\/td>\nR22.95<\/td>\n2.2%<\/td>\n<\/tr>\n
Withdrawal (International)<\/td>\nR50.00<\/td>\nR50.00<\/td>\nR50.00<\/td>\nR50.00<\/td>\n–<\/td>\n<\/tr>\n
Deposit (ATM)<\/td>\nR3.00 + R1.25\/R100<\/td>\nR15.50<\/td>\nR3.00 + R1.30\/R100<\/td>\nR16.00<\/td>\n3.2%<\/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>\nR15.00<\/td>\n<\/td>\nR15.50<\/td>\n<\/td>\n3.3%<\/td>\n<\/tr>\n
Account fee (PAYT)<\/td>\nR33.00<\/td>\n<\/td>\nR33.00<\/td>\n<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n

You can view the full Absa 2015 fee structure here<\/a>.<\/p>\n

\"Standard<\/a>Standard Bank Elite Banking 2015 fees<\/h3>\n

[Update]<\/strong> A previous version of this article had an incorrect calculation of Standard Bank’s ‘other bank’ ATM fees (for a R1,000 withdrawal). The new structure was recorded correctly.<\/em><\/p>\n

\n\n\n\n\n\n\n\n\n\n
Fee\/Transaction<\/strong><\/td>\n2014 Fee
\n<\/strong><\/td>\n		R1,000<\/strong><\/td>\n2015 Fee
\n<\/strong><\/td>\n		R1,000<\/strong><\/td>\n%Change<\/strong><\/td>\n<\/tr>\n
Withdrawal (Native)<\/td>\nR3.50 + 1.10% of value<\/td>\nR14.50<\/td>\nR4.00 + 1.15% of value<\/td>\nR15.50<\/td>\n6.9%<\/td>\n<\/tr>\n
Withdrawal (Other)<\/td>\nR6,70\u00a0 + R3,50 + 1.10% of value<\/td>\n\u00a0R21.20<\/td>\nR6.70 + R4.00 + 1.15% of value<\/td>\nR22.20<\/td>\n4.7%<\/td>\n<\/tr>\n
Withdrawal (International)<\/td>\nR33.00 + 1.35% of value<\/td>\n\u00a0R46.50<\/td>\nR33.00 + 1.40% of value<\/td>\nR47.00<\/td>\n1.1%<\/td>\n<\/tr>\n
Deposit (ATM)<\/td>\nR4.00 + 1.20% of value<\/td>\nR16.00<\/td>\nR4.00 + 1.25% of value<\/td>\nR16.50<\/td>\n3.1%<\/td>\n<\/tr>\n
Debit order (internal)<\/td>\nR3.50<\/td>\n<\/td>\nR4.00<\/td>\n<\/td>\n14.3%<\/td>\n<\/tr>\n
Debit order (external)<\/td>\nR12.00<\/td>\n<\/td>\nR12.50<\/td>\n<\/td>\n4.2%<\/td>\n<\/tr>\n
Account fee (PAYT)<\/td>\nR53.00<\/td>\n<\/td>\nR53.00<\/td>\n<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n

You can view the full Standard Bank Elite 2015 Banking fee structure here<\/a>.<\/p>\n

\"Nedbank<\/a>Nedbank Savvy 2015 Fees<\/h3>\n
\n\n\n\n\n\n\n\n\n\n
Fee\/Transaction<\/strong><\/td>\n2014 Fee
\n<\/strong><\/td>\n		R1,000<\/strong><\/td>\n2015 Fee
\n<\/strong><\/td>\n		R1,000<\/strong><\/td>\n%Change<\/strong><\/td>\n<\/tr>\n
Withdrawal (Native)<\/td>\nR3.50 + R1,25\/R100,00<\/td>\n\u00a0R16.00<\/td>\nR3.50 + R1.28\/R100<\/td>\nR16.30<\/td>\n1.9%<\/td>\n<\/tr>\n
Withdrawal (Other)<\/td>\nR9.50 + R1.25\/R100<\/td>\nR22.00<\/td>\nR10.00 plus R1.28\/R100<\/td>\nR22.80<\/td>\n3.6%<\/td>\n<\/tr>\n
Withdrawal (International)<\/td>\nR26.50 + R3.50 + R1.25\/100 units of foreign currency*<\/td>\nR31.25<\/td>\nR35.00 + R1.28\/R100<\/td>\nR47.80<\/td>\n52.9%<\/td>\n<\/tr>\n
Deposit (ATM)<\/td>\nR5.00 + R1.25\/R100<\/td>\nR17.50<\/td>\nR6.00 + R1.28\/R100<\/td>\nR18.80<\/td>\n7.4%<\/td>\n<\/tr>\n
Debit order (internal)<\/td>\nR6.00<\/td>\n<\/td>\nR6.00<\/td>\n<\/td>\n–<\/td>\n<\/tr>\n
Debit order (external)<\/td>\nR13.00<\/td>\n<\/td>\nR14.00<\/td>\n<\/td>\n7.7%<\/td>\n<\/tr>\n
Account fee (PAYT)<\/td>\nR25.00<\/td>\n<\/td>\nR30.00<\/td>\n<\/td>\n20%<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n

*Assumed USD withdrawal<\/p>\n

You can find the full Nedbank Savvy 2015 banking fee structure here<\/a>.<\/p>\n

Both Capitec and FNB release their fees at different times of the year.<\/p>\n

Capitec’s new fees will be announced in February 2015, taking effect 1 March<\/strong>, while FNB’s new fees will be released in June 2015, coming into effect on 1 July<\/strong>.<\/p>\n

Here are the banks’ current middle market* fee structures which are in place until those times in 2015.<\/p>\n

\"FNB<\/a>FNB Gold Cheque Acccount Fees 2014\/15<\/h3>\n
\n\n\n\n\n\n\n\n\n\n
Fee\/Transaction<\/strong><\/td>\n2014\/15 Fee<\/strong><\/td>\nR1,000<\/strong><\/td>\n<\/tr>\n
Withdrawal (Native)<\/td>\nR6.70 per R500.00<\/td>\nR13.40<\/td>\n<\/tr>\n
Withdrawal (Other)<\/td>\nR6.50 + (R6.70 per R500.00)<\/td>\nR19.90<\/td>\n<\/tr>\n
Withdrawal (International)<\/td>\nR28.00 + 2.75% Commission and Conversion fee<\/td>\nR55.50<\/td>\n<\/tr>\n
Deposit (ATM)<\/td>\n0.70% of deposit value (min R5.50)<\/td>\nR7.00<\/td>\n<\/tr>\n
Debit order (internal)<\/td>\nR3.70<\/td>\n<\/td>\n<\/tr>\n
Debit order (external)<\/td>\nR16.00<\/td>\n<\/td>\n<\/tr>\n
Account fee (PAYT)<\/td>\nR31.50<\/td>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n

You can find FNB’s fees to June 2015 here<\/a>.<\/p>\n

\"Capitec<\/a>Capitec Global One Fees 2014\/15<\/h3>\n
\n\n\n\n\n\n\n\n\n\n
Fee\/Transaction<\/strong><\/td>\n2014\/15 Fee<\/strong><\/td>\nR1,000<\/strong><\/td>\n<\/tr>\n
Withdrawal (Native)<\/td>\nR4.60<\/td>\nR4.60<\/td>\n<\/tr>\n
Withdrawal (Other)<\/td>\nR7.30<\/td>\nR7.30<\/td>\n<\/tr>\n
Withdrawal (International)<\/td>\nR40.00<\/td>\nR40.00<\/td>\n<\/tr>\n
Deposit (ATM)<\/td>\n55c per R100<\/td>\nR5.50<\/td>\n<\/tr>\n
Debit order (internal)<\/td>\nR1.50<\/td>\n<\/td>\n<\/tr>\n
Debit order (external)<\/td>\nR3.20<\/td>\n<\/td>\n<\/tr>\n
Account fee (PAYT)<\/td>\nR5.00<\/td>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n

You can find the full set of Capitec transaction fees here<\/a>.<\/p>\n

* The Capitec Global One account is the only account the financial group currently offers and competes in both the low-end and middle markets.<\/p>\n

More on SA banks<\/h3>\n

SA banks hold Africa\u2019s wealth<\/a><\/strong><\/p>\n

SA\u2019s top banks rake in R27.8 billion<\/a><\/strong><\/p>\n

South Africa\u2019s richest banks<\/a><\/strong><\/p>\n

SA banks fail at customer service<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Absa, Nedbank and Standard Bank have released their fee structures for 2015 – here is what you can expect to pay on some key transactions.<\/p>\n","protected":false},"author":10,"featured_media":44482,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[961],"tags":[9118,29,10335,5996,1798,76,26,1799,499],"class_list":["post-75540","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","tag-9118","tag-absa","tag-banking","tag-banking-fees","tag-capitec","tag-fnb","tag-headline","tag-nedbank","tag-standard-bank"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/75540","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=75540"}],"version-history":[{"count":16,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/75540\/revisions"}],"predecessor-version":[{"id":75658,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/75540\/revisions\/75658"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/44482"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=75540"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=75540"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=75540"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}