Banking Fees Guide for 2020/2021

Stack of debit cards from the cheapest bank accounts available in South Africa


A bank is just like any business: it’ll charge a fee for its services. These fees – called ‘bank charges’ or ‘service fees’ – differ from bank to bank, though, so it pays to check them whenever you’re comparing your options.


How much will your bank (or the one you’re considering moving to) charge? Here’s a snapshot of the costs of common transactions associated with the most basic packages for each of South Africa’s Big Five. It pays to keep an eye on things as South African banks alter their fee structures annually, and with the economy being the way it is with COVID-19, in some places they are offering more competitive deals as they try to reach more customers and make banking more affordable in general.


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 bank account will meet your most basic banking needs, even if you earn less than R3,000 per month or are unemployed.


Monthly administration fee


Cash withdrawal – Absa ATM

R6 per R1,000

Cash withdrawal – Absa-supported ATM

R6 per R1,000

Cash withdrawal – Point of Sale


Cash deposit – branch counter

R60 + R2 per R100

Cash deposit – Absa ATM

R2 per R100

Funds transfers – Absa ATM, online, mobile, telephone


Funds transfers – Branch counter


Prepaid Top-up – Absa ATM, point of sale, online, mobile, telephone


Immediate interbank payments – online, mobile, telephone (IVR)


Internal and external debit orders

Free for internal and R3.50 for external

Stop order


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


Absa ATM mini statement


Branch counter full statement


Debit card replacement fee


Declined fee (insufficient funds) – Absa ATM


Declined fee – Saswitch/POS/Absa-supported ATM/Overseas ATM/Post Office



View Absa’s complete pricing guide for 2020 here.


Standard Bank – MyMo PAYT


This digital-driven transaction account comes with the option of a R110 fixed monthly fee (MyMo Plus) or a Pay-as-You Transact structure where the monthly fee is R4.95. The fees quoted here are for the MyMo PAYT option.


Cash deposit

ATM: R1.70 per R100 or part thereof

Branch: R8.50 + R1.70 per R100 or part thereof

Cheque deposit

ATM: R55

Branch: R55

Cash withdrawals

ATM: R6,50 for the first R1 000, and R13 for values above R1 000 up to R2 000

Branch: R55 +R1.90 per R100 or part thereof

Other banks ATM cash withdrawals

R12 for the first R1 000, and R18 for values above R1 000 up to R2 000

Stop orders (online only)

Internal: R3.50 

External: R5.50

Account payment      

ATM: R1.20

Branch: R65

Point of sale purchases


Prepaid airtime top-up – ATM and online


Prepaid electricity – ATM and online


Payment confirmation – SMS


Balance enquiry


Balance enquiry – ATM slip


Balance enquiry - branch


Balance enquiry – other banks’ ATM


Card replacement – Debit EMV/cheque card


Provisional statements

ATM: R7.50

Branch: R30

Internet statements (view/download)



View Standard Bank’s MyMo pricing guide for 2020 here.


Nedbank Pay-As-You-Use


Pay-As-You-Use is a transparent, everyday banking 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


Withdrawal at a Nedbank ATM

R7 per R1,000

Withdrawal at another bank’s ATM

R10 + R2 per R100

Cash withdrawal at branch

R75 + R2 per R100

Cash deposit at branch

R30 + R2 per R100

Cash deposit at a Nedbank Intelligent Depositor ATM

R1 per R100

SMS notification (eNote)

R0.45 per SMS

Electronic account payment


Debit order – external


Cash withdrawal at till point


Card swipe

Balance or statement enquiry – online and Nedbank ATM

Inter-account transfer – online, SMS banking or ATM

Stop order

Debit order – internal

Included in monthly fee


View Nedbank’s complete pricing guide for 2020 here.


First National Bank (FNB) Easy Account


The Easy Account is exactly that: easy to understand, easy to use and easy on your pocket. You can choose between the Easy Bundle (R53 per month) or the Pay-As-You Use account (R4.95 per month). The fees quoted below are for the Pay-As You-Use account.


Cash withdrawals

R8 per R1,000

Other banks’ ATMs: R12 per R1,000

FNB branch/Cheque

R80 + R2.50 per R100

Cash deposit at FNB ATM (with deposits)

R1.10 per R100

Cash deposit at FNB branch

R80 + R2.50 per R100

Payments – FNB branch or telephone banking


Bank cheque


Cancel debit order (stop payment)

Online or mobile channels: Free

Telephone Banking: R26

Branch: R80

Prepaid airtime purchases – other banks’ ATMs


Balance enquiries

Mobile and eChannels: Free

Point-of-Sale: R1.75

Other Banks’ ATMs: R7.30

Current month emailed statement


Printing of statements – ATM with deposits

R3.75 (per page)

Card replacement (chip & PIN non-personalised card)


Revolving facility monthly fee (agreements from 6 May 2016)



View FNB’s complete pricing guide for 2020 here.


Capitec Bank Global One


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


Debit card monthly administration fee


Credit card monthly administration fee


Transfer between Capitec accounts


Payment to other bank immediate


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


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


Cash withdrawal at Capitec Bank ATM

R8 per R1,000

Cash withdrawal at other banks’ ATMs

R9 per R1,000

Transaction/Savings account statement (app and email)


Transaction/Savings account statement Capitec bank ATM


Transaction/Savings account statement at branch


Balance enquiry (ATM, Capitec Bank app/Internet)


Balance enquiry other bank ATM


Declined transactions (ATM and card machine purchase)


Cash for personal loan repayment deposit

Not listed with their current fee guide


Disputed debit order: last 40 days (app)


Disputed debit order: last 40 days (branch)



View Capitec Bank’s complete pricing guide for 2020 here.


How to keep your bank costs low


Regardless of what type of account you own or which bank you have an account with, these smart moves will help you reduce your monthly banking costs.


  • Use your own bank’s ATMs. Any transaction at another bank’s ATM will come at a higher cost.
  • Go digital. Online banking and banking apps are much cheaper than going into a branch.
  • Seriously, go digital. If you have an email address, ask your bank to email your statements rather than posting them.
  • Don’t withdraw too often. Some packages allow for a number of free withdrawals, but you’ll generally 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.
  • Make sure there’s enough money in your account to cover your purchases and transactions – and factor the banking fees into that! If you go over the limit, you’ll have to pay penalty charges.
  • Safeguard your cards. Your bank charges a fee to replace lost or stolen cards.


No matter which bank you end up choosing, always keep tabs on your bank statement. Keeping a record of all your transactions every month is a smart money move as it helps you to budget. It’ll also give you a clearer understanding of where your money’s going.


For a clearer picture of how fees have been changing over the years, take a look at the 2018 bank fees, 2022 bank fees as well as the 2023 banking fees guide.


Now that you have an idea of the bank charges, use our easy online comparison tool to compare savings accounts at South Africa’s leading banks. Best part is, we won’t charge you any fees for the service.


This article is for informational purposes only and should not be construed as financial, legal or medical advice.

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