FNB Pay and Clear cost 2023: All you need to know about your updated charges

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.

FNB Pay and Clear cost
FNB Pay and Clear cost. 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 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.

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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.

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How much are withdrawal fees at FNB?

FNB Pay and Clear cost in 2023
FNB Pay and Clear cost in 2023. Photo: @ITNewsAfrica
Source: Twitter

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

TransactCash at tillFNB ATMCardless cashFNB branchOther banks’ ATMs
FNBy / FNBy NextNo chargeR7 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 R100R12 + R2.30 per R100
Easy Zero-R7.00 per R1 000--R12 + R2.30 per R100
Easy-R11-R80 + R2.85 per R100-
AspireNo chargeR2.30 per R100 and R1.15 per R100 cardlessR2.30 per R100 and R1.15 per R100 cardlessR2.30 per R100 and R1.15 per R100 cardlessR12 + R2.30 per R100
PremierNo ChargeR2.30 per R100R1.15 per R100R80 + R2.85 per R100R12 + R2.30 per R100
Private clientsNo chargeR2.30 per R100R1.15 per R100R80 + R2.85 per R100R12 + R2.30 per R100
Private wealthNo chargeR2.30 per R100R1.15 per R100R80 + R2.85 per R100R12 + R2.30 per R100

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How much are FNB deposit fees?

FNB account fees vary with different accounts. Here are some of the FNB cash deposit fees charged.

TransactCash at tillFNB ATMCardless cashFNB branchOther banks’ ATMs
FNBy / FNBy NextR19.95No charge up to R500-R80 + R2.85 per R100-
Easy ZeroR19.95No charge up to R1 000 p.m---
Easy---R80 + R2.85 per R100-
AspireR19.95R3 000 per monthat no charge-R80 + R2.85 per R100-
PremierPricing is determined by the merchantR1.30 per R100-R80 + R2.85 per R100-
Private clientsPricing is determined by the merchantR1.30 per R100 or part thereof-R80+R2.85 per R100-
Private wealthPricing is determined by the merchantR1.30 per R100-R80 + R2.85 per R100-

Company registration with FNB

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How much does Pay and Clear now cost at FNB?
FNB Pay and Clear cost. Photo: @AfricanLM
Source: Twitter

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

AccountTurnover
First business zero accountR0 - R5 million per annum
Gold business accountR0 - R5 million per annum
Platinum business accountR5 million - R60 million per annum
Enterprise business accountR60 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.

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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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READ ALSO: ID and passport application FNB and other banks in 2023 (Infographic)

Briefly.co.za highlighted all you need to know about passport applications at FNB and other 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.

Source: Briefly News

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