South African Bank Fees for 2015
Jan 14, 2015 Blog Personal Finance
South African banks ABSA, Standard Bank and Nedbank have released their banking fees which come into effect on 1 January 2015.
Detailed in the tables below are a selection of key transaction fees, and what customers would pay in processing R1,000 per transaction.
Nedbank has changed the way it calculates its international withdrawals fees to a structure based on local currency instead of units of international currency from before.
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.
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.
| Fee/Transaction | 2014 Fee |
R1,000 | 2015 Fee |
R1,000 | %Change |
| Withdrawal (Native) | R3.95 + R1.25/R100 | R16.45 | R3.95 + R1.30/R100 | R16.95 | 3.0% |
| Withdrawal (Other) | R9.95 + R1.25/R100 | R22.45 | R9.95 + R1.30/R100 | R22.95 | 2.2% |
| Withdrawal (International) | R50.00 | R50.00 | R50.00 | R50.00 | – |
| Deposit (ATM) | R3.00 + R1.25/R100 | R15.50 | R3.00 + R1.30/R100 | R16.00 | 3.2% |
| Debit order (internal) | Free | Free | – | ||
| Debit order (external) | R15.00 | R15.50 | 3.3% | ||
| Account fee (PAYT) | R33.00 | R33.00 | – |
| Fee/Transaction | 2014 Fee |
R1,000 | 2015 Fee |
R1,000 | %Change |
| Withdrawal (Native) | R3.50 + 1.10% of value | R14.50 | R4.00 + 1.15% of value | R15.50 | 6.9% |
| Withdrawal (Other) | R6,70 + R3,50 + 1.10% of value | R21.20 | R6.70 + R4.00 + 1.15% of value | R22.20 | 4.7% |
| Withdrawal (International) | R33.00 + 1.35% of value | R46.50 | R33.00 + 1.40% of value | R47.00 | 1.1% |
| Deposit (ATM) | R4.00 + 1.20% of value | R16.00 | R4.00 + 1.25% of value | R16.50 | 3.1% |
| Debit order (internal) | R3.50 | R4.00 | 14.3% | ||
| Debit order (external) | R12.00 | R12.50 | 4.2% | ||
| Account fee (PAYT) | R53.00 | R53.00 | – |
| Fee/Transaction | 2014 Fee |
R1,000 | 2015 Fee |
R1,000 | %Change |
| Withdrawal (Native) | R3.50 + R1,25/R100,00 | R16.00 | R3.50 + R1.28/R100 | R16.30 | 1.9% |
| Withdrawal (Other) | R9.50 + R1.25/R100 | R22.00 | R10.00 plus R1.28/R100 | R22.80 | 3.6% |
| Withdrawal (International) | R26.50 + R3.50 + R1.25/100 units of foreign currency* | R31.25 | R35.00 + R1.28/R100 | R47.80 | 52.9% |
| Deposit (ATM) | R5.00 + R1.25/R100 | R17.50 | R6.00 + R1.28/R100 | R18.80 | 7.4% |
| Debit order (internal) | R6.00 | R6.00 | – | ||
| Debit order (external) | R13.00 | R14.00 | 7.7% | ||
| Account fee (PAYT) | R25.00 | R30.00 | 20% |
*Assumed USD withdrawal
Both Capitec and FNB release their fees at different times of the year.
Capitec’s new fees will be announced in February 2015, taking effect 1 March, while FNB’s new fees will be released in June 2015, coming into effect on 1 July.
Here are the banks’ current middle market* fee structures which are in place until those times in 2015.
| Fee/Transaction | 2014/15 Fee | R1,000 |
| Withdrawal (Native) | R6.70 per R500.00 | R13.40 |
| Withdrawal (Other) | R6.50 + (R6.70 per R500.00) | R19.90 |
| Withdrawal (International) | R28.00 + 2.75% Commission and Conversion fee | R55.50 |
| Deposit (ATM) | 0.70% of deposit value (min R5.50) | R7.00 |
| Debit order (internal) | R3.70 | |
| Debit order (external) | R16.00 | |
| Account fee (PAYT) | R31.50 |
| Fee/Transaction | 2014/15 Fee | R1,000 |
| Withdrawal (Native) | R4.60 | R4.60 |
| Withdrawal (Other) | R7.30 | R7.30 |
| Withdrawal (International) | R40.00 | R40.00 |
| Deposit (ATM) | 55c per R100 | R5.50 |
| Debit order (internal) | R1.50 | |
| Debit order (external) | R3.20 | |
| Account fee (PAYT) | R5.00 |
* The Capitec Global One account is the only account the financial group currently offers and competes in both the low-end and middle markets.
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