Photo: File IOL
Capitec Bank, is lowering digital banking fees in 2019.

From 1 March 2019, the Global One Solution monthly admin fee will decrease from R5.75 to R5.00. 

International and online card purchases, transfers between own accounts and emailing statements on mobile and internet banking will remain free.

Francois Viviers, Executive head of Marketing and Communications at Capitec Bank says, “Digital banking solutions are playing a significant role in enabling people to manage their money smartly. The convenience of doing payments, buying data or managing your accounts on your phone helps clients save time and money and puts the control in the palm of their hands. We’ve lowered our digital fees helping our clients to bank better. This will have a knock on effect and we’re likely to see digital fees lowered across the industry benefiting South Africans as a whole.”

The price of electronic payments on mobile and internet banking will decrease to R1 (from R1.60) per transaction. Immediate payments have also decreased to R8 (from R10), which is significantly lower than competitor offers.

“We are leading the industry with the lowest fees on immediate payments, because we believe that clients should have the ability to pay for large purchases or services simply, without waiting, without the need for cash and affordably “says Viviers. Debit order fees decrease to R3.50 (from R3.70).

A positive domino effect has also been noted for the branches “ The adoption of digital banking means that clients only need to visit a branch when they need personal assistance. This frees up capacity in our over 840 branches allowing for better service delivery,” says Viviers. In-branch transfers and payments have slightly increased to R6 per transaction (from R5.30).

Cash withdrawals from Capitec branded ATMs will cost R6 per R1 000 purchase, while all other bank ATM withdrawal fees will be lowered to R8 per R1000. “We know that cash is a reality for most South Africans, so we have reduced the cost of cash withdrawals up to the first R1000. If clients however need to make larger payments, we motivate them to use their card or phone instead of cash”, shares Viviers. The cash withdrawal fee at all PnP, Shoprite, Checkers and Boxer till-points has been dropped to R1 (from R1.60).

Capitec Bank experienced its highest single-month uptake to date, with over 266,000 new clients joining the bank in January 2019. In addition to low fees, Capitec clients get access to four savings plans, offering from 5.1 - 9.25% interest per year,” concludes Viviers.

New Bank Fees 2019 as of 1 March 2019

Here are the most important fees to know to help you bank better:

R0:

Pay with your card or shop online worldwide
Transfer money between your own accounts
Access your accounts on your banking app or internet banking (Zero data costs)
Email statements from your banking app or on internet banking
 

R1:

Cash withdrawal at till points
Payments and transfers on your app or internet banking

R3.50

Debit orders
 
R5

Monthly admin fee

R6

In-branch payments and transfers
 
R6 per R1000

Cash withdrawal at Capitec branded ATM

R8 Per R1000

Cash withdrawal at any other ATM in South Africa
 
R8

Immediate payment on app and internet banking

PERSONAL FINANCE