DURBAN – Five South African retail banks have updated their fee schedules for 2019 according to BusinessTech.
Banks such as First National Bank and Capitec will be updating their fee schedules in June 2019 and February 2019 while Old Mutual Money Account fees have been in effect since October 2018.
The tables below show the changes in fees for South Africa's five major banks are taking into consideration the April 2018 change in VAT to 15 percent. The accounts used are the respective banks' mid-market accounts where relevant.
The calculations below are based on a R500 transaction which according to the banks is the most common range for cash transactions in South Africa.
Absa
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Absa Gold Cheque Account
2018 Fees (15%VAT)
R500 transaction in
2019 Fees
R500 in transaction in 2019
Change from 2018 to 2019
Withdrawal (Native)
R4.54 + R1.41/R100
R11.59
R4.50 + R1.50/100
R12.00
+3.5%
Withdrawal (Other)
R10.59 + R1.41/R100
R17.64
R10.50 + R1.50/100
R18.00
+2.0%
Withdrawal (POS)
R4.54
R4.54
R4.50
R4.50
-1.0%
Deposit ATM
R4.54 + R1.41/R100
R11.59
R4.5 + R1.60/R100
R12.50
+7.9%
Debit order (internal)
Free
Free
-
Debit order (external)
R18.16
R19.00
+4.6%
Account fee (PAYT)
R45.39
R48.00
+5.6%
Standard Bank
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Standard Bank Elite Account
2018 Fees (15%VAT)
R500 transaction in
2019 Fees
R500 in transaction in 2019
Change from 2018 to 2019
Withdrawal (Native)
R1.82/R100
R9.10
R1.85/R100
R9.25
+1.6%
Withdrawal (Other)
R8.07 + R1.82/R100
R17.17
R9.00 + R1.85/R100
R18.25
+6.3%
Withdrawal (POS)
R1.82
R1.82
R2.00
R2.00
+9.9%
Deposit ATM
R1.82/R100
R9.10
R1.85/R100
R9.25
+1.6%
Debit order (internal)
R4.54
R4.50
-1.0%
Debit order (external)
R16.64
R18.00
+8.2%
Account fee (PAYT)
R60.53
R65.00
+7.4%
Nedbank
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Nedbank Savvy Account
2018 Fees (15%VAT)
R500 transaction in
2019 Fees
R500 in transaction in 2019
Change from 2018 to 2019
Withdrawal (Native)
R5.00 + R1.51/R100
R12.55
R2.00/R100
R10.00
-20.3%
Withdrawal (Other)
R12.57 + R1.51/R100
R20.12
R8.00 + R2.00/R100
R18.00
-10.5%
Withdrawal (POS)
Free
Free
Free
Free
-
Deposit (Intelligent depositor ATM)
R1.00/R100
R5.00
R1.00/R100
R5.00
-
Debit order (internal)
Free
Free
-
Debit order (external)
Free
Free
-
Account fee
R107.00
R110.00
+2.8%
First National Bank
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FNB Gold Cheque Account
2017/2018 Fees
R500 transaction in 2017/2018
2018/2019 Fees
R500 in transaction in 2018/2019
Change from 2018 to 2019
Withdrawal (Native)
R1.85/R100
R9.25
R1.90/R100
R9.50
+2.7%
Withdrawal (Other)
R8.00 + R1.85/R100
R17.25
R8.00 + R2.00/R100
R18.50
+7.25%
Withdrawal (POS)
R1.40
R1.40
R1.60
R1.60
+14.3%
Deposit (ATM)
R0.90 per R100
R4.50
R0.95/R100
R4.75
+5.6%
Debit order (internal)
Free
-
Free
-
-
Debit order (external)
Free
Free
-
Account fee
R105.00
R105.00
Capitec
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Capitec Global One
2017/2018 Fees
R500 transaction in 2017/2018
2018/2019 Fees
R500 in transaction in 2018/2019
Change from 2018 to 2019
Withdrawal (Native)
R6.00
R6.00
R6.50
R6.50
+8.3%
Withdrawal (Other)
R8.50
R8.50
R8.75
R8.75
+2.9%
Withdrawal (POS)
R1.50
R1.50
R1.60
R1.60
+6.7%
Deposit (ATM)
R0.90 per R100
R4.50
R0.95/R100
R4.75
+5.5%
Account fee
R5.50
R5.75