FNB Pay and Clear cost 2022: All you need to know about your updated charges

FNB Pay and Clear cost 2022: All you need to know about your updated charges

The First National Bank is keeping pace with the ever evolving e-commerce in South Africa. FNB customers can conveniently make instant payments to other banks without the need to withdraw physical cash from their FNB accounts. The flexibility has been made possible by FNB Pay and Clear. How much does FNB Pay and Clear cost in 2022? Please keep reading for more.

Pay and Clear FNB cost
How much does FNB charge for pay and clear? This article includes everything you need to know! Photo: @oppsforafricans (modified by author)
Source: Twitter

Instant online payments are increasingly gaining popularity across South Africa. The Payments Association of South Africa (PASA) estimates that about 49 million such transactions were done by SA banks in 2019 alone. Real-time clearing comes at a certain fee, and different banks charge varying rates.

Understanding FNB Pay and Clear

FNB Pay and Clear makes it possible for the bank's account holders to make instant payments to other bank accounts. Remember that the transaction can only be made with participating financial institutions. Customers will have to look for alternative modes if the financial institution they want to make payments to does not have the Pay and Clear option.

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Pay and Clear transactions take up to 60 seconds to complete, unlike the traditional EFTs that take up to 2 business days. Clients can experience delays because the transactions cannot be batch processed, but the delay will not take more than 60 minutes.

Active First National Bank customers do not have to register again to use the Pay and Clear service. The procedure is more simplified via the FNB app.

How much does FNB charge for Pay and Clear?

FNB Pay and Clear transactions are usually done at a one-time flat rate. The bank's immediate payment fees do not change with the amount of cash paid, unlike other modes of payments that have progressive rates.

How much does FNB charge per transaction? The First National Bank charges clients R35 per transaction to any participating bank. FNB rates and pricing incorporate operational and fraud mitigation costs and are reviewed occasionally to move with the highly dynamic online business activities.

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How much are withdrawal fees at FNB?

FNB 2021/2022 financial year
First National Bank releases pricing guides every financial year. Photo: @ITNewsAfrica
Source: Twitter

Here are some of the withdrawal fees according to the 2021/2022 FNB connect pricing guide.

  • Business account: R2.20 at First National Bank ATMs, R11 + R2.20 at other banks’ ATMs, R88+ R2.20 for international ATM withdrawal
  • Easy Zero accounts: R7 per R1000 at First National Bank ATMs, R15 per R1000 at other banks' ATMs
  • Easy PAYU account: R7 per R1000 at First National Bank ATMs, R15 per R1000 at other banks' ATMs
  • Easy Smart option account: R2.20 per 100 for over R2000 at First National Bank ATMs, R11 and additional R2.20 per R100 for over R2000 withdrawal amounts
  • Private Clients: R2.20 per R100 at the bank's ATMs, R11 + R2.20 per R100 at other banks ATMs, R80 + R2.75 per R100 at FNB branches and international branches.

How much are FNB deposit fees?

FNB account fees vary with different accounts. Here are some of the FNB cash deposit fees charged during the 2021/2022 financial year.

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  • Business account: R115 surplus/shortage in deposit, R4.65 + R1.15 per R100 FNB ATM, R55 minimum fee per cash deposit at the bank's branches or FNB Bulk Cash Centers
  • Easy Zero account: R1.20 per R100 for over R1500 First National Bank ATM deposits
  • FNB Easy account: R80 + R2.75 per 100 for First National Bank branch cash deposits
  • Private clients: R1.20 per 100 for cash deposit at the institution's ATM, R80 +R2.75 per R100 for cash deposit at the bank's branch

Company registration with FNB

FNB immediate payment fee
First National Bank helps company owners register with CIPC and open business accounts. Photo: @AfricanLM
Source: Twitter

Companies can open different types of business accounts at the First National Bank, including;

  • First Business Zero Account: Turnover of R0 to R5 million p.a.
  • Gold Business Account: Annual turnover of R0 to R5 million p.a.
  • Platinum Business Account: Annual turnover of R5 million to R60 million p.a.
  • Enterprise Business Account: Annual turnover of R60 million and above p.a.

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Company owners should also note that their organizations must be registered with the Companies and Intellectual Property Commission of South Africa (CIPC) before commencing operations. You do not worry about the process because FNB CIPC registration has been made easier. FNB takes care of CIPC company registration and FNB business account opening on your behalf. The process is done online at your convenience.

FNB business account contact details

Do you have any queries, complaints or compliments regarding First National Bank business accounts? You can reach out to the financial services provider using the following contact information.

  • Tel: 0877 362 247
  • Email: agric@fnb.co.za for Agriculture Business Account

The First National Bank continues to ensure convenience as online consumption follows an upward curve. Its customers can make instant payments to other financial institutions using the FNB Pay and Clear service, which has significantly reduced South Africa’s dependency on cash. The bank's pricing guide is reviewed every financial year, so clients should expect the rates to change constantly.

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READ ALSO: Passport application at banks: 10 crucial tips 2021 (with infographic)

Briefly.co.za highlighted all you need to know about passport applications at SA banks. The Department of Home Affairs launched the service to make passport application a less tiring procedure.

Applicants should follow certain steps when applying for passports at selected banks across South Africa. Go through the guide to find out which documents are needed to ensure a smooth process.

DISCLAIMER: This article is intended for general informational purposes only and does not address individual circumstances. It is not a substitute for professional advice or help and should not be relied on to make decisions of any kind. Any action you take upon the information presented in this article is strictly at your own risk and responsibility!

Source: Briefly News

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