2021/22 Banking Fees Guide
Your bank may offer streamlined services, but nothing is for nothing. You're undoubtedly paying bank charges or service fees on each transaction, but these differ from bank to bank so it pays to compare your options.
It's a niggle you don't often think about, but boosting your awareness of the fees your bank charges on each transaction could add up to some significant savings. You may choose to change the way you transact, or even switch to a different bank.
That's why we've done the grunt work for you (you're welcome) by providing a snapshot of the costs of common transactions associated with the most basic packages for each of South Africa's Big Five, plus a new all-digital player.
It pays to keep an eye on things as South African banks alter their fee structures annually. Considering the economic impact of Covid-19, some banks are offering more competitive deals as they try to reach more customers and make banking more affordable in general.
To compare bank fees and see how things have changed over the last few years, check out 2020/2021 bank fees, 2018 bank fees as well as the 2023 banking fees.
For more information on pricing and charges on a range of account types, please consult the banks' full fees structures, which you'll find in the links provided.
Absa Transact
Absa's entry-level bank account will meet your most basic banking needs, even if you earn less than R3,000 per month or don't have an income right now.
|
Monthly administration fee |
R4.90 |
|
Cash withdrawal – Absa ATM |
R8 per R1,000 |
|
Cash withdrawal – Absa-supported ATM |
R8 per R1,000 |
|
Cash withdrawal – Point of Sale |
Free |
|
Cash deposit – branch counter |
R80 + R2,20 per R100 |
|
Cash deposit – Absa ATM |
R2.20 per R100 |
|
Funds transfers – Absa ATM, online, mobile, telephone (IVR) |
Free |
|
Funds transfers – Branch counter |
R80 |
|
Prepaid Top-up – Absa ATM, point of sale, online, mobile, telephone |
R1,50 |
|
Immediate interbank payments – online, mobile, telephone (IVR) |
R10 |
|
Internal and external debit orders |
Free for internal and R3,50 for external |
|
Stop orders |
Free |
|
Balance enquiry – Absa ATM/Absa-supported ATM/Point of Sale |
Free |
|
Absa ATM mini statement |
R10 |
|
Branch counter full statement |
R40 |
|
Debit card replacement fee |
R70 |
|
Declined fee (insufficient funds) – Absa ATM |
Free |
|
Declined fee – Saswitch/POS/Absa-supported ATM/Overseas ATM/Post Office |
R10 |
View Absa's complete pricing guide.
Capitec Bank Global One
Global One is a simple, low-cost personal banking solution with a transaction account, four free savings plans, personalised credit options and easy money management, all through a banking app.
|
Debit card monthly administration fee |
R5 |
|
Credit card monthly administration fee |
R50 |
|
Transfer between Capitec accounts |
Free |
|
Payment to other bank (immediate) |
R7.50 |
|
Purchases (local card machine, purchase online/telephone/mail with card) |
Free |
|
Cash withdrawal (PnP/Shoprite/Checkers/Boxer till point) |
R1.60 |
|
Cash withdrawal at Capitec Bank ATM |
R7.50 per R1,000 |
|
Cash withdrawal at other banks' ATMs |
R9.75 per R1,000 |
|
Transaction/Savings account statement (app and email) |
Free |
|
Transaction/Savings account statement Capitec bank ATM |
R3 |
|
Transaction/Savings account statement at branch |
R12 |
|
Balance enquiry (ATM, Capitec Bank app/Internet) |
Free |
|
Balance enquiry other bank ATM |
R7 |
|
Declined transactions (Capitec ATM and Capitec card machine purchase) |
Free |
|
Cash for loan repayment |
Free |
|
Disputed debit order: last 40 days (app) |
R5 |
|
Disputed debit order: last 40 days (branch) |
R45 |
View Capitec Bank's transaction fees.
Discovery Platinum Transaction Account
Discovery Bank's day-to-day, pay-as-you-transact transaction account comes with a free Vitality Savings Account, Vitality Money, and the promise that you'll only pay for the banking services you use.
|
Monthly account fee |
R30 |
|
Monthly Vitality Money premium |
R20 |
|
Monthly single credit facility fee (optional) |
R30 |
|
Monthly additional and secondary physical cards (optional) |
R30 |
|
Monthly additional virtual cards (optional) |
Free |
|
Monthly additional transaction accounts (optional) |
R30 |
|
Once-off single credit facility initiation fee (optional) |
R150 if limit less than R2,000 (otherwise R175) |
|
Cash withdrawal – local ATM |
R4.50 + 1.75% of withdrawal amount |
|
Cash withdrawal – local point of sale |
R2 |
|
Cash withdrawal – international ATM |
R65 |
|
Debit orders |
R3.75 |
|
Digital payments |
R2.50 |
|
Discovery Instant Pay (real-time payments) |
R10 |
|
Discovery Pay |
R2.50 |
|
Prepaid products and services purchases |
Free |
|
Point-of-sale purchases: local and international |
Free |
|
Cash deposits at Pick n Pay and Boxer stores |
R19.95 per R5,000 |
|
Inter-account transfers |
Free |
|
Balance enquiry at ATM |
Free |
|
Payment notifications |
Free |
|
Own account notifications |
Free |
|
Returned debit orders |
Free |
|
Declined transactions |
Free |
|
Currency conversion fee |
2.75% |
|
Card replacement |
One free, R160 afterwards |
First National Bank (FNB) Easy Account
That's 'easy' as in 'easy on the pocket'. It's also easy to use, with a choice between the FNB Easy Smart Option (R59 per month) or the Pay-As-You Use (PAYU) account (R4.95 per month). The fees quoted below are for the PAYU account.
|
Cash withdrawals |
R7 per R1,000 |
|
Cash withdrawals: FNB branch |
R80 + R2.75 per R100 |
|
Cash deposit at FNB ATM (with deposits) |
R1.10 per R100 |
|
Cash deposit at FNB branch |
R80 + R2.75 per R100 |
|
Payments – FNB branch or telephone banking |
R80 |
|
Cancel debit order (stop payment) |
Online or mobile channels: Free |
|
Prepaid airtime purchases – other banks' ATMs |
R15 |
|
Balance enquiries |
Mobile and eChannels: Free |
|
Current month emailed statement |
Free |
|
Printing of statements – ATM with deposits |
R3.75 (per page) |
|
Card replacement (chip & PIN non-personalised card) |
R120 |
|
Revolving facility monthly fee (agreements from 6 May 2016) |
R69 |
View FNB's complete 2021/22 pricing guide.
Nedbank Pay-As-You-Use
With no frills, no monthly fees, and no fees on card swipes, Pay-As-You-Use is an accessible everyday banking account that lets you pay only for what you use. There is no minimum income required.
|
Monthly account maintenance fee |
Free |
|
Withdrawal at a Nedbank ATM |
R8 per R1,000 or part thereof |
|
Withdrawal at another bank's ATM |
R10.50 + R2.20 per R100 |
|
Cash withdrawal at branch |
R50 + R2.20 per R100 |
|
Cash deposit at branch |
R50 + R2 per R100 |
|
Cash deposit at a Nedbank Intelligent Depositor ATM |
R1.20 per R100 |
|
SMS notification (eNote) |
R0.50 per SMS |
|
Electronic account payment |
R2.20 |
|
Debit order – external |
R5.50 |
|
Cash withdrawal at till point |
R2 |
|
Card swipe |
Included in monthly fee |
View Nedbank's complete pricing guide for 2021.
Standard Bank – MyMo
Standard Bank's low-fees option comes with a R110 fixed monthly fee (MyMo Plus) or a Pay-as-You Transact (PAYT) structure where the monthly fee is R4.95. The fees quoted here are for the MyMo PAYT option.
|
Cash deposit |
ATM: Free up to R1 500 thereafter R9 per R1,000 or part thereof |
|
Cheque deposit |
No longer accepted |
|
Cash withdrawals |
ATM: R7,50 per R1,000 or part thereof |
|
Cash withdrawals |
ATM: R7,50 per R1,000 or part thereof |
|
Other banks ATM cash withdrawals |
R10 per R1,000 or part thereof |
|
Stop orders (online only) |
R1,20 |
|
Account payment |
ATM: R1,20 |
|
Point of sale purchases |
Free |
|
Prepaid airtime top-up – ATM and online |
R0,50 |
|
Prepaid electricity – ATM and online |
R1,50 |
|
Payment confirmation – SMS |
R1.35 |
|
Balance enquiry |
Free |
|
Balance enquiry – ATM slip |
R1.60 |
|
Balance enquiry - branch |
R11 |
|
Balance enquiry – other banks' ATM |
R9 |
|
Card replacement – Debit EMV/cheque card |
R145 |
|
Statements: Charged per 30-day period |
ATM: R6 |
|
Internet statements (view/download) |
Free |
View Standard Bank's fees guide.
Tyme Bank
South Africa's first digital bank, Tyme Bank only charges you for banking you use. Even then, they keep these charges nice and low, making the EveryDay account a popular option. You don't pay to have an account and you can withdraw cash at all Pick n Pay and Boxer till points for free.
|
Monthly administration fee |
Free |
|
Cash deposit |
First deposit at a till point: Free |
|
Cash withdrawals |
With TymeCode or debit card at Pick n Pay & Boxer till points: Free |
|
Other banks ATM cash withdrawals |
R10 per R1,000 or part thereof |
|
Debit order (external – where your account is debited to pay a 3rd party) |
Free |
|
Bill payments |
Free |
|
Prepaid electricity, airtime, data & SMS bundles purchases – banking app and online banking service |
Free |
|
SMS transaction fee |
R0.30 |
|
Beneficiary payment notification (banking app and online banking) |
Free |
|
Balance enquiry – banking app, online banking & kiosk |
Free |
|
Debit card replacement |
R60 |
|
12 months' bank statements (via banking app, internet banking & email) |
Free |
|
Dispute or stop debit order |
R9 |
|
Debit order dispute older than 40 days |
R60 |
View all Tyme Bank's Everyday Account fees and charges.
Need some extra help saving your money? Grab your piggybank and head over to our Money portal, where we'll help you compare Savings Accounts, Personal Loans quotes, Home Loans quotes, Credit Reports and, if you need it, get Debt counselling.
This article is for informational purposes only and should not be construed as financial, legal or medical advice. Prices correct at time of publication.
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