Updated bank charges in South Africa 2019: What is the cheapest and most expensive bank?

Updated bank charges in South Africa 2019: What is the cheapest and most expensive bank?

Most service providers, particularly those in the banking field, tend to put a cost for their services. This cost is what is known as a bank charge. Bank charges differ according to the type of financial institution one uses to acquire their services. If you are in South Africa and want to open an account, you must look at not only the banking procedure but also the fees since they matter a lot when it comes to acquiring services.

bank charges

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Source: UGC

Most people keep on asking what the difference in particular South African bank charges are. Often, the difference in these ratings mostly arises from the difference in the institutions' operations. If you are among these people, then you need to read this article. It has clearly and accurately listed the different fees to expect from some of the most famous financial institutions in South Africa.

The updated banking fees for 2019

For an extensive period all financial institutions have been setting a charge for their services. However, it is not uniform to all service providers, since the firms operate solely as individual entities.

Here is the 2019 updated list of bank charges in South Africa:

1. Nedbank bank charges

If you are a client of this financial institution, then here are all the fees you need to take note of:

nedbank bank charges

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Source: UGC

2.Standard bank charges

Most people have been asking how the updated fees by the institution affect the cash deposits. Here is a detailed summary of all the service fees being enacted by this financial institution:

standard bank charges

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Source: UGC

READ ALSO: All the details about FNB account types

3. Capitec bank charges

The newest fees by this financial institution are summarized in the table shown below:

capitec bank fees

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Source: UGC

4. FNB bank charges

Clients of the FNB must understand that the costs to acquire services have changed dramatically. The 2019 FNB cash deposit fee and other withdrawal rates include:

fnb bank charges

Image: businesstech.co.za, (modified by author)
Source: UGC

5. ABSA bank charges

Individuals who seek the services of ABSA must know that the fees for the services have changed as follows:

absa bank charges

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Source: UGC

6. Bidvest bank fees

The following is a summary of the most significant fees that any person using Bivest must know:

bank charges

Image: businesstech.co.za, (modified by author)
Source: UGC

In most cases, individuals think that determining what financial institution to choose, when opening an account, is the most important thing. However, there are so many factors that one needs to consider in addition to their bank of choice. One of the most significant elements to analyze is the bank charges. These fees dictate the amount one pays when they are withdrawing their cash, when they are using their banking mobile app, or even withdrawing using their ATM.

READ ALSO: Banks in South Africa: List of non-commercial and commercial banks in South Africa

Source: Briefly.co.za

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