Banking Fees Guide for 2018

Posted by Hippo on 14 May 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

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

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

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

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

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.

Looking for the latest bank fees? Get a clearer picture of how you're paying these days by checking out 2020/2021 bank fees, 2022 bank fees and the 2023 banking fees.

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.