Bank charges and fees guide 2019

Bank charges and fees guide 2019

Just as it is a common thing for other service providers in different sectors to put a cost for services, bank charges are what banks set as the value of the service they offer. Since different banks operate differently and under varied guidelines, these charges will definitely differ from one establishment to another. If you are want to open an account or procure particular services at an institution of choice, comparing the different fees for similar services across the different banks in South Africa is a great point to start.

Bank charges

Source: UGC

Are you one of those that keep asking, do banks charge for cash deposits? Well, you can only get an answer to such a question and more, if you look at the details of individual financial institutions. This article works on bringing different fees from some of the most popular service providers in South Africa.

How much are bank fees?

Quick intresting facts about GetBucks loans online

As said earlier, all of these financial institutions set a fee for their services. However, there is no uniform amount for any particular service across the institutions. This is influenced by the fact that each of them is governed by different rules and policies that affect their price settings as individual entities. What is common is that all the financiers are driven by profit which is why they must set an agreeable price when all factors are considered. Check out the different fees below.

1. Capitec Bank charges

In case you are interested in transacting with Capitec, then you better be sure of their fees for the 2018-2019 period. These are as follows:

  • Withdrawal (Native) at R6.50
  • Withdrawal (Other) at R8.75
  • Withdrawal (POS) at R1.60
  • Deposit (ATM) at R4.75
  • Account fee (PAYT) at R5.75

2. Standard Bank pricing guide 2019

Bank charges

Source: UGC

If you have been wondering how much does Standard Bank charge for cash deposits the following breakdown will provide you with answers. Here are details of all the service fees they require for the varied services they offer.

Top info on who owns Capitec Bank
  • Withdrawal (Native) at R9.25
  • Withdrawal (Other) at R18.25
  • Withdrawal (POS) at R2.00
  • Deposit (ATM) at R9.25
  • Debit order (internal) at R4.50
  • Debit order (external) at R18.00
  • Account fee (PAYT) at R65.00

READ ALSO: What is a good credit score South Africa and how to get one in 2019

3. ABSA Bank charges 2019

Those who bank with ABSA Bank need to know the charges for 2019 which are as follows for the ABSA Gold Cheque account:

  • Withdrawal (Native) at R12.00
  • Withdrawal (Other) at R18.00
  • Withdrawal (POS) at R4.50
  • Deposit (ATM) at R12.50
  • Debit order (internal) is Free
  • Debit order (external) at R19.00
  • Account fee (PAYT) at R48.00

4. NedBank rates

The following is a summary of the most crucial charges for the Nedbank Savvy account that every customer would want to know:

  • Withdrawal (Native) at R10.00
  • Withdrawal (Other) at R18.00
  • Withdrawal (POS) is offered free
  • Deposit (Intelligent depositor ATM) at R5.00
  • Debit order (internal) is free
  • Debit order (external) is free
  • Account fee at R110.00
FNB account types and their features

5. FNB Bank charges 2019

Customers of FNB need to understand the current charges they are incurring for the different services they receive for the FNB Gold Cheque Account at the FNB. These include:

  • Withdrawal (Native) at R9.50
  • Withdrawal (Other) at R18.50
  • Withdrawal (POS) at R1.60
  • Deposit (ATM) at R4.75
  • Debit order (internal) is free
  • Debit order (external) is free
  • Account fee at R105.00

6. Old Mutual

The following are the expected charges for the Old Mutual Money Account in 2019. They include:

  • Withdrawal (Native) at R6.50
  • Withdrawal (Other) at R8.50
  • Withdrawal (POS) at R1.50
  • Deposit (ATM) at R7.50
  • Debit order (internal) at R3.50
  • Debit order (external) at R3.50
  • Account fee (PAYT) at R4.50

7. Bidvest

Bank charges

Bank Image: pexels.ccomand fees guide 2019
Source: UGC

If you are a customer of the Bidvest Bank Grow Account (PAYT), then you want to know how the charges are in 2019. Consider the following details.

Top shipping companies worth working with
  • Withdrawal (Native) at R6.00
  • Withdrawal (Other) at R13.00
  • Withdrawal (POS) at R5.00
  • Deposit (Branch) at R4.00
  • Debit order (internal) at R5.00
  • Debit order (external) at R5.00
  • Account fee (PAYT) at R6.00

Reducing bank costs

Now that you know the different charges by banks for particular services, how then can you keep your expenses on the low? The following suggestions will come in handy.

  1. Minimize the cost of ATM services by utilizing the services of your own banks ATM since using a different bank's ATM attracts more charges.
  2. Use mobile and online banking options whenever you can. These are cheaper than visiting the branch in person.
  3. Unless you are sure of free options for when you want to access money, be careful about how many times you withdraw cash as each transaction attracts a charge.
  4. Always find out if your financier has the option of free unlimited card swipes before using the services.
  5. Avoid penalties by loading your account with enough money to cover transactions and charges.
  6. Opt for an emailed statement as opposed to receiving one via postal mail.
  7. Keep your cards safe or suffer the consequences of paying for one when replacing it.
Here is a complete guide on how to make your DStv payment

The above bank charges are just but a few of the most common charges that every bank applies on services that are most sought after by customers. In the real sense, the institutions have numerous services, all of which they charge a fee to transact. For any special service that a customer may need, or clearer and better details on other account charges, it is advisable to visit the respective bank in person. This will allow you to talk to the right person who can, in turn, answer all your questions and explain all the concerns you may be having.

DISCLAIMER: Prices quotes were correct at the time of publication. This article is for informational purposes and should not be construed as financial advice.



Online view pixel