Your new bank charges thanks to VAT increases
CAPE TOWN - Due to the new VAT increase to 15% Standard Bank and Capitec have confirmed that they will be hiking banking fees.
The changes will take effect from 1 April 2018.
Other Banks such as Absa, Nedbank, and FNB have yet to publish updated fee booklets. Standard Bank took to its website to announce the updated fee schedule and Capitec published a flyer notifying customers of the changes.
Below are the changes to Standard Bank’s fees for its mid-market Elite Banking account.
|Standard Bank Elite Account||2018 Fees (old)||R500 transaction (old)||2018 Fees (with 15% VAT)||R500 transaction (new)||% Change|
|Withdrawal (Native)||R1.80 per R100||R9.00||R1.82 per R100||R9.10||1.1%|
|Withdrawal (Other)||R8.00 + R1.80 per R100||R17.00||R8.07 + R1.82 per R100||R17.17||1.0%|
|Deposit (ATM)||R1.80 per R100||R9.00||R1.82 per R100||R9.10||1.1%|
|Debit order (internal)||R4.50||R4.54||0.9%|
|Debit order (external)||R16.50||R16.64||0.8%|
|Account fee (PAYT)||R60.00||R60.53||0.9%|
Below, here are Capitec’s Global One account, for a selection of common transactions.
|Capitec Global One||2018/19 Fees (old)||R500 transaction (old)||2018/19 Fees (with 15% VAT)||R500 transaction (new)||% Change|
|Deposit (ATM)||95c /R100||R4.75||96c per R100||R4.80||1.0%|
|Account fee (PAYT)||R5.75||R5.80||0.9%|
Additionally, most other prices have increased by approximately 1%.