South African Bank Fees for 2015

Jan 14, 2015 Blog  Personal Finance
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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.

Absa Banner

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

Standard Bank Banner

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

 

Nedbank Bannerr

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.

FNB Banner

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

 

Capitec Banner

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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