FNB Pay and Clear cost 2023: All you need to know about your updated charges
The First National Bank is keeping pace with the ever-evolving e-commerce industry 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 2023? Keep reading for more.
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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 cost
FNB Pay and Clear make 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.
The Pay and Clear transactions take up to 60 seconds to complete, unlike the traditional EFTs, which 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 Pay and Clear now cost at FNB?
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 payment modes with progressive rates.
How much does FNB charge per transaction? Clients of First National Bank are charged varying rates per transaction when transferring funds to any other participating bank. The FNB rates and pricing incorporate operational and fraud mitigation costs and are reviewed occasionally to move with the highly dynamic online business activities.
How much are withdrawal fees at FNB?
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Here are some of the withdrawal fees according to the FNB connect pricing guide.
| Transact | Cash at till | FNB ATM | Cardless cash | FNB branch | Other banks’ ATMs |
| FNBy / FNBy Next | No charge | R7 per R1000 (Under 18)R2.30 per R100 (18-24)R1.15 per | R7 per R1000 (Under 18)R2.30 per R100 (18-24) | R80 + R2.85 per R100 | R12 + R2.30 per R100 |
| Easy Zero | - | R7.00 per R1 000 | - | - | R12 + R2.30 per R100 |
| Easy | - | R11 | - | R80 + R2.85 per R100 | - |
| Aspire | No charge | R2.30 per R100 and R1.15 per R100 cardless | R2.30 per R100 and R1.15 per R100 cardless | R2.30 per R100 and R1.15 per R100 cardless | R12 + R2.30 per R100 |
| Premier | No Charge | R2.30 per R100 | R1.15 per R100 | R80 + R2.85 per R100 | R12 + R2.30 per R100 |
| Private clients | No charge | R2.30 per R100 | R1.15 per R100 | R80 + R2.85 per R100 | R12 + R2.30 per R100 |
| Private wealth | No charge | R2.30 per R100 | R1.15 per R100 | R80 + R2.85 per R100 | R12 + R2.30 per R100 |
How much are FNB deposit fees?
FNB account fees vary with different accounts. Here are some of the FNB cash deposit fees charged.
| Transact | Cash at till | FNB ATM | Cardless cash | FNB branch | Other banks’ ATMs |
| FNBy / FNBy Next | R19.95 | No charge up to R500 | - | R80 + R2.85 per R100 | - |
| Easy Zero | R19.95 | No charge up to R1 000 p.m | - | - | - |
| Easy | - | - | - | R80 + R2.85 per R100 | - |
| Aspire | R19.95 | R3 000 per monthat no charge | - | R80 + R2.85 per R100 | - |
| Premier | Pricing is determined by the merchant | R1.30 per R100 | - | R80 + R2.85 per R100 | - |
| Private clients | Pricing is determined by the merchant | R1.30 per R100 or part thereof | - | R80+R2.85 per R100 | - |
| Private wealth | Pricing is determined by the merchant | R1.30 per R100 | - | R80 + R2.85 per R100 | - |
Company registration with FNB
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Companies can open different types of business accounts at the First National Bank, including:
| Account | Turnover |
| First business zero account | R0 - R5 million per annum |
| Gold business account | R0 - R5 million per annum |
| Platinum business account | R5 million - R60 million per annum |
| Enterprise business account | R60 million and above per annum |
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 have to worry about the process because FNB CIPC registration has been made easier. FNB handles CIPC company registration and FNB business account opening on your behalf. The process is done online at your convenience.
How much does Pay and Clear cost at FNB?
As for the Pay and Clear FNB cost, there are different pricing options depending on the customer's account type.
What are the benefits of being an FNB Private Clients customer in South Africa?
The benefits of being an FNB Private Clients customer may include dedicated relationship managers, personalized banking solutions, exclusive access to products and services, eBucks rewards, a private advisor, a 24/7 service suite and more.
First National Bank 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 FNB Pay and Clear costs are reviewed every financial year, so clients should expect the rates to change.
DISCLAIMER: This article is not sponsored by any third party. It 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.
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Source: Briefly News