Understanding banking fees in South Africa: What you need to know

Uncover the complexities of banking fees in South Africa and learn how to choose the best bank for your needs.

Uncover the complexities of banking fees in South Africa and learn how to choose the best bank for your needs.

Published 2h ago

Share

South Africa's banking industry is growing, with new-comers Discovery and Capitec joining the country's well-established four banks, Nedbank, FNB Standard Bank, Absa.

But with each of them come different banking charges, which vary from bank to bank.

Here is a look at the different banking fees for some of the basic bank accounts that are being offered by these banks:

Capitec

Monthly fee R7.50

Capitec to Capitec payment: R1

Payment to other banks: R2

Debit order: R3

Immediate payment to any other bank: R6

Cash withdrawals (per R1 000) at any bank’s ATM in SA: R10  

Absa

Basic Banking - Transact Account

Monthly account fee: R6.50

Absa to Absa payments: R1

Immediate interbank payments: less than or equal to R3,000 (R7.50). Greater than R3,000 (R40).

Debit order: No charge on internal debit orders while external debit have a R3.50 charge

Cash withdrawals at any bank’s ATM in SA: R10.00 per R1,000 upto R2,000.00 thereafter R2.60 per R100

Standard Bank

Access Account

Monthly account fee: R.50

Standard Bank to Standard Bank payments: Free

Debit order: R3.50

Cash withdrawals at any Standard Bank: R10 per R1,000 up to a combined R2, 000 limit per month. Thereafter R2.65 per R100 or part thereof.

Other ATMs: R10.50 per R1,000, up to a combined R2, 000 limit per month, thereafter R2.65 per R100 or part thereof.

FNB

Easy Account

Monthly account fee: R6.50

Absa to Absa payments: Free

Payment to other banks: R1

Debit order: R3.50

Cash withdrawals at FNB ATMs: R10 per R1, 000 upto R2,000. Thereafter R14 per R1,000

Other ATMs: R12 + R2.60 per R100

Nedbank

MiMoney Account

Monthly account fee: R7

Payments (EFTs): R2

Debit order: R4 (internal and external)

Cash withdrawals at Nedbank ATM: R11 per R1,000 or part thereof.

Other ATMs: R11 + R11 per R1,000 or part thereof

Discovery Bank

Monthly fee: R155 (Account fee R120 plus Vitality Money premium R35)

Inter-account transaction: Free

Debit order Free

Immediate payment: R100 or less: R1; R100+ to R1,000: R5; R1,000+: 0.5% of the amount, capped at R35

Cash withdrawals at any bank’s ATM in SA: 4 free withdrawals. Thereafter, R5 + R2.75 per R100

Banking sentiment

The South African Banking Sentiment Index by DataEQ that was published in 2024 revealed how the biggest banks in South Africa compare in the eyes of consumers.

The index tracked more than 3,382,821 social media posts about various banks including Absa Capitec Bank, Discovery Bank, FNB, Nedbank and Standard Bank from September 1, 2023, to  August, 31 2024.

Discovery Bank came first overall taking the top spot for both Operational and Reputational Net Sentiment with an Overall Net Sentiment performance of 47% followed by Absa with 40% and FNB with 27%.

In terms of operational performance, praise for Discovery Bank ranged from inquiries and expressions of interest in bank accounts and credit cards to thanking staff for good service. Customers also mentioned the Vitality rewards benefits and commended the bank’s security.

The report said that a large amount of operational praise for the bank was driven by brand posts that encouraged customers to share positive experiences with the bank.

According to the index, customers praised Absa for its #AbsaChatWallet, highlighting how they used the ChatWallet for tasks like purchasing value-added services (VAS) like electricity or data, and sending money to others.

DataEQ said that FNB generated significant brand positivity through customer compliments towards branch staff, who were praised for their exceptional service.

Overdraft services had the lowest Net Sentiment with customers voicing concerns over unexpected charges, and difficulties in getting accurate credit report updates.

Other complaints focused on unsatisfactory customer service and lack of resolution. Reports of unauthorised overdrafts, discrepancies in account balances, and extra fees also contributed to negative sentiment.

Other issues also included challenges with overdraft applications, delayed refunds, and difficulties obtaining proof of account closure.

IOL Business