Banking Fees Guide for 2018

Banking Fees Guide 2018 | Personal Loan Blog | Hippo.co.za

 

Banks are just like other businesses – they charge a fee for their services called a ‘bank charge’ or ‘service fee.’ However, every bank has their own way of doing business and will charge different rates depending on the type of account you have and how and when you take money out.

 

But, how much could you be spending on bank costs this year? South Africa’s big five have unveiled their fees for 2018, pricing everything from ATM withdrawals to cash deposits to Personal Loan service fees. Below is a snapshot of the costs of common transactions associated with the most basic packages for different banks. For more information on pricing and charges on a range of account types, please consult the banks’ full fees structures, which can be found in the links provided.

 

Absa Transact

 

ABSA Banking Fees 2018 | Personal Loan Blog | Hippo.co.za

 

This entry level and affordable bank account will meet all your transactional needs, even if you earn less than R3 000 per month or is unemployed.

 

Monthly administration fee

R4.95

Cash withdrawal – Absa ATM

R6.00

Cash withdrawal – Absa supported ATM

R6.00

Cash withdrawal – Point of Sale

R1.30

Cash deposit – branch counter

R8.00 + R2.00/R100

Cash Deposit – Absa ATM

R4.50 + R1.40/R100

Funds transfers - Absa ATM, Online, Mobile, Telephone

Free

Funds transfers – Branch counter

R60.00

Prepaid Top-up - Absa ATM, Point of Sale, Online, Mobile, Telephone

R1.50

Immediate interbank payments - Online, Mobile, Telephone (IVR)

R60.00

Internal and external debit orders

Free for internal and R3.75 for external

Stop order

Free

Balance enquiry - Absa ATM/Absa-supported ATM/Point of Sale

Free

Absa ATM mini statement

R7.00

Branch counter full statement

R28.00

Debit/Cheque card replacement fee

R140.00

Declined fee (insufficient funds) – Absa ATM

Free

Saswitch/POS/Absa-supported ATM/Overseas ATM/Post Office

 

R6.00

 

View Absa’s complete pricing guide for 2018 here.

 

Standard Bank – PureSave Account

 

Standard Bank Banking Fees 2018 | Personal Loan Blog | Hippo.co.za

 

PureSave is an easy, affordable savings account that pays interest on even the smallest balance. It takes as little as R50 to open the account and you can add or withdraw any amount whenever you like.

 

Cash deposit

ATM - R1.82 per R100.00 or part thereof

Branch - R8.07 + R1.82 per R100.00 or part thereof

Cheque deposit

ATM - R42.37

Branch - R42.37

Cash withdrawals

ATM - R2.02 per R100.00 or part thereof

Branch -R40.35 per R100.00 or part thereof

Other banks ATM cash withdrawals

R8.07 + R2.02 per R100.00 and part thereof

Debit orders

Internal - R5.25

External - R16.95

Account payment      

ATM - R6.86

Online - R6.86

Branch - R55.48

Point of sale purchases

R5.30

Prepaid airtime top-up – ATM and online

R1.11

Prepaid electricity – ATM and online

R1.31

Payment confirmation – SMS

R1.11

Balance enquiry

Free

Balance enquiry – ATM slip

R1.51

Balance enquiry – other banks’ ATM

R8.07

Card Replacement-Debit MagstripE

R52.96

Card Replacement-Debit EMV/ cheque card

R131.14

Provisional statements

ATM – R5.04

Branch – R25.22

Internet statements (view/download)

Free

 

View Standard Bank’s complete pricing guide for 2018 here.

 

Nedbank Pay-As-You-Use

 

Nedbank Banking Fees 2018 | Personal Loan Blog | Hippo.co.za

 

Pay-As-You-Use is transparent account with a flat monthly fee, allowing you to only pay for what you use. There is no minimum income required.

 

Monthly account maintenance fee

R5.00

Withdrawal at a Nedbank ATM

R6.50

Withdrawal at another bank’s ATM

R8.00 + R1.50 per R100.00 or part thereof

Cash withdrawal at branch

R50.00 + R1.50 per R100.00 or part thereof

Cash deposit at branch

R16.00 + R1.50 per R100.00 or part thereof

Cash deposit at a Nedbank Intelligent Depositor ATM

R1.00 per R100.00 or part thereof

SMS notification (eNote)

R0.45 per SMS

Electronic account payment

R2.00

Debit order – external

R5.00

Cash withdrawal at tillpoint

R2.00

Card swipe

balance or statement enquiry – online and Nedbank ATM

Interaccount transfer

Stop order

Debit order – internal

Included in monthly fee

 

View Nedbank’s complete pricing guide for 2018 here.

 

First National Bank (FNB) Easy Account

 

FNB Banking Fees 2018 | Personal Loan Blog | Hippo.co.za

 

The Easy Account An Easy Account is exactly that: easy to understand, easy to use, and easy on your pocket. You can choose between the Easy Bundle (for R53.00) per month or the Pay-As-You Use account (R5.25 per month) but the prices quoted below are irrespective of pricing option.

 

Cash withdrawals

FNB ATM - R1.85 per R100.00

Other banks’ ATMs - R8 + R1.85 per R100.00

FNB Branch/Cheque

R60.00 + R1.90 per R100.00

Cash Deposit at FNB ATM (with Deposits)

R0.90 per R100.00

Cash Deposit at FNB Branch

R60.00 + R1.90 per R100

Payments - FNB branch or telephone banking

R65.00

Bank cheque

R110.00

Cancel Debit Order (Stop Payment)

Online or mobile channels – R5.00

Telephone Banking – R18.50

Branch – R55.00

Prepaid airtime purchases - other banks’ ATMs

R12.50

Balance enquiries

Mobile and eChannels – Free

Point-of-Sale – R1.50

Other Banks’ ATMs – R5.50

Current month emailed statement

Free

Printing of Statements – ATM with Deposits

R3.50 (per page)

Card replacement (chip & PIN non-personalised card)

R90.00

Revolving personal loan monthly Fee (accounts opened from 6 May 2016)

R68.40

 

View FNB’s complete pricing guide for 2018 here.

 

Capitec Bank Global One

 

Capitec Banking Fees 2018 | Personal Loan Blog | Hippo.co.za

 

Global One is Capitec’s simple, low-cost personal banking solution, offering four free savings plans, personalised credit options and easy money management through a banking app.

 

Debit card monthly administration fee

R5.80

Credit card monthly administration fee

R35.00

Transfer between Capitec accounts

Free

Payment to other bank immediate

R10.00

Purchases (local card machine, purchase online/telephone/mail with card, airtime, data, electricity)

Free

Cash withdrawal (PnP/Shoprite/Checkers/Boxer till point)

R1.61

Cash withdrawal at Capitec Bank ATM

R6.56

Cash withdrawal at other banks’ ATMs

R8.83

Transaction/Savings account statement (app and email)

Free

Transaction/Savings account statement Capitec bank ATM

R2.52

Transaction/Savings account statement at branch

R7.57

Balance enquiry (ATM, Capitec Bank app/Internet)

Free

Balance enquiry other bank ATM

R5.55

Declined transactions (ATM and card machine purchase)

Free

Cash for personal loan repayment deposit

Free

Disputed debit order – last 40 days (app)

R20.18

Disputed debit order: last 40 days (branch)

R40.35

 

View Capitec Bank’s complete pricing guide for 2018 here.

 

How to keep your bank costs low

 

Regardless of what type of account you own or which bank you have an account at, try putting these tips into practice to reduce your monthly banking costs.

 

  • Use your bank’s own ATM as withdrawing money or conducting any other transaction at another bank’s ATM comes with a higher cost.
  • Whenever possible, use digital channels such as online banking or your bank’s app which are cheaper than going into a branch.
  • While some packages allow for a number of free withdrawals, you may want to avoid drawing cash too often as you pay a service fee for every withdrawal after the free service.
  • Check whether your bank offers unlimited card swipes at no extra costs regardless of the amount.
  • To avoid penalty charges, have enough money in your account to cover all purchases and transactions.
  • If you have an email address, ask your bank to email your statement rather than posting them.
  • Safeguard your cards. Your bank charges a fee to replace lost or stolen cards.

 

Remember to keep tabs on your bank statement. Keeping a record of all your transactions every month could give you a clearer understanding of where your money is going to and help you better manage your money. Do not hesitate to consult with your bank if it seems that you’re paying too much for a service.

 

DISCLAIMER: Prices quotes were correct at the time of publication. This article is for informational purposes and should not be construed as financial advice.


Compare Car Insurance Quotes


Our trusted partners