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.