Banking Fees Guide in South Africa 2022

Banking fees fluctuate year after year due to inflation and other factors. Since many banks in South Africa offer multi-tier bank accounts, each bank account has its own banking fees. Bank accounts in South Africa are classified as tiers 1 through 4, with tier 1 representing an entry-level account and tier 4 representing a bank account for the ultra-wealthy individuals.

The following are the most popular bank accounts:

1. Gold bank account,
2. Platinum bank account,
3. Private bank account, and
4. Wealth bank account

The names of the above-mentioned bank accounts vary by bank. Capitec Bank, for example, offers their global one account as the equivalent of a gold bank account, and the tyme back account is also offered as the equivalent of a gold bank account.

Wealth bank accounts, also known as black cards, are the highest tier of bank accounts. This account also varies according to the issuer; for example, Discovery Bank offers the wealth bank account as a purple bank account. The most notable wealth account is the American Express black Bank account, which is only accessible by invitation.

Wealth accounts have the highest fees of any account offered by a bank. In addition,  wealth accounts have the highest banking fee waiver, with up to 100% of banking fees waived. Wealth accounts are not issued by all South African banks.

The account that one selects will determine whether he or she will be charged monthly or per transaction. Below, we look at the various subscriptions available to account holders.

Bundled Subscription VS Pay As You Use subscription

A bank’s accounts vary in terms of fees and charges depending on the subscription chosen; however, this does not apply to all bank accounts. Bank accounts can have bundled fees or pay-as-you-go fees.

It is critical to understand which fee structure best suits your banking needs. Choosing the most efficient method of banking will help you save money on banking fees. Fees for a pay-as-you-use account increase if a bank account holder transacts too frequently.

To project the fees that you will have to pay, check the cost per transaction for each type of transaction that is billed on a pay-as-you-use account. A bundled fee structure is sometimes ideal for someone who transacts too frequently.

A bundled account or a pay-as-you-go account option may not work for a specific person depending on the account that they use. The type of account that a person has, carries a significant impact on whether or not the account holder can save money on fees.

A highly transactional individual who makes both domestic and international payments can save money by opening a private banking account. These accounts are intended to meet the needs of someone with a high monthly transaction rate.

A gold account may be ideal for someone who does not transact frequently because the subscription fee is low and the bundle option will not be exhausted. The pay-as-you-use option for a gold account has low fees as well.

To help you understand the fees that South African banks charge, we have listed the bank fees that are applicable to bank accounts below.

List of bank fees for bank accounts in South Africa

1. Monthly Service Fee,
2. Monthly overdraft service fee,
3. ATM withdrawal fee,
4. Branch cash withdrawal fee,
5. Cash deposit fee,
6. International ATM withdrawal fee,
7. Internal debit order fee,
8. External debit order fee,
9. Stop payment fee (branch, digital, or telephone),
10. Debit order dispute fee,
11. Balance enquiry (other bank ATM, ATM, mobile, or point of sale),
12. Statement enquiry fee,
13. Card delivery fee, and
14. Card replacement fee.

We look at these fees for each bank in South Africa below. 

Standard Bank banking fees 2022

Standard Bank Prestige Banking Account fee 2022

#	Fee description	Fees
1	Monthly Admin Fee	R125.00
2	Cheque card fee	R16.66
3	Bank withdrawal	R2.00 per R100.00 or part thereof
4	Withdrawals at other banks	R2.20 per R100.00 or part thereof
5	International withdrawal	R3 per R100.00 or part thereof
6	Cash deposit at Standard Bank ATM	R1 per R100.00 or part thereof
7	Cash deposit at Standard bank branch	R80 + R2.25 per R100.00 or part thereof
8	Inter account transfers	Free
9	Account payments online	R1.20
10	Immediate payment below R2000.00	R10.00
11	Immediate payment above R2,000.00	R50.00
12	Online debit order	R3.50
13	Online stop order	R1.20
14	Point of Sale cashback	R1.40
15	Point of Sale purchase with cashback	R1.40
16	International POS sale	2.75% of  value
17	Online Weekly estatements	R30.00
18	Online Monthly statements	R10.00
19	Monthly Overdraft fee	R69.00
20	Overdraft initiation fee	R74.75 + 11.5% of limit. Max R1,207.00

PureSave Account Fees

#	Fee description	Fee
1	Monthly Admin Fee	R22.00(no monthly fee if R10,000.00 is kept in the account)
2	Cheque card fee
3	Bank withdrawal	R23 per R1000.00 or part thereof
4	Withdrawals at other banks	R25.00 per R1000.00 or part thereof
5	International withdrawal	R3.00 per R100.00 or part thereof + 2.75% int transaction fee
6	Cash deposit at Standard Bank ATM	2 free thereafter R1 per R100 or part thereof
7	Cash deposit at standard bank branch	R80.00 +R2.25 per R100.00
8	Inter account transfers	R5.50
9	Account payments online	R1.20
10	Immediate payment below R2000.00	R10.00
11	Immediate payment above R2,000.00	R50.00
12	Online debit order	R5.00
13	Online stop order	R5.00
14	Point of Sale cashback	R1.20
15	Point of Sale purchase with cashback	R1.40
16	International POS sale	2.75% of transaction
17	Online Weekly estatements	R30.00
18	Online Monthly statements	R10.00

MyMo Bank Account and MyMo Plus banking fees 2022

#	Fee description	MyMo Account fees	MyMo Plus Fees
1	Monthly Admin Fee	R4.95	R110.00
2	Cheque card fee	Free	Free
3	Bank withdrawal	R2.00 per R100.00 or part thereof	Free up to R3,000.00 thereafter R2 per R100.00
4	Withdrawals at other banks	R2.20 per R100.00 or part thereof	Free 2 withdrawals thereafter R2.20 per R100.00
5	International withdrawal	R3.00 per R100.00 or part thereof + 2.75% int transaction fee	R3.00 per R100.00 or part thereof + 2.75% int transaction fee
6	Cash deposit at Standard Bank ATM	R1 per R100 or part thereof	R1 per R100 or part thereof
7	Cash deposit at standard bank branch	R80.00 +R2.25 per R100.00	R80.00 +R2.25 per R100.00
8	Inter account transfers	Free	Free
9	Account payments online	R1.20	R1.20
10	Immediate payment below R2000.00	R10.00	R10.00
11	Immediate payment above R2,000.00	R50.00	R50.00
12	Online debit order	R3.50	Free
13	Online stop order	Free	Free
14	Point of Sale cashback	R1.40	Free
15	Point of Sale purchase with cashback	R1.40	Free
16	International POS sale	2.75% of transaction	2.75% of the transaction
17	Online Weekly estatements	R30.00	R30.00
18	Online Monthly statements	R10.00	R10.00
19	Monthly Overdraft fee	R69.00	R69.00
20	Overdraft initiation fee	R74.75 + 11.5% of lim. Max R1,207.00	R74.75 + 11.5% of lim. Max R1,207.00

Standard Bank Signature bank account fees 2022

#	Fee description	Fees
1	Monthly Admin Fee	R480.00
2	Family banking fee	R75.00
3	Bank withdrawal	R2.00 per R100.00 or part thereof
4	Withdrawals at other banks	R2.20 per R100.00 or part thereof
5	International withdrawal	R3 per R100.00 or part thereof +2.75% int fee
6	Cash deposit at Standard Bank ATM	R1 per R100.00 or part thereof
7	Cash deposit at standard bank branch	R80.00 + R2.25 per R100.00 or part thereof
8	Inter account transfers	Free
9	Account payments online	Free
10	Immediate payment below R2000.00	R10.00
11	Immediate payment above R2,000.00	R50.00
12	Online debit order	Free
13	Online stop order	Free
14	Point of Sale cashback	Free
15	Point of Sale purchase with cashback	Free
16	International POS sale	2.75% of value
17	Online Weekly estatements	R30.00
18	Online Monthly statements	R10.00
19	Monthly Overdraft fee	R69.00
20	Overdraft initiation fee	R74.75 + 11.5% of limit. Max R1,207.00

Standard Bank charges an overdraft facility fee on all accounts that include an overdraft facility. Standard Bank has different rates for its bank accounts, and fees are determined by the type of bundle chosen.

FNB Banking Fees 2022

Private Clients and Private Wealth Bank account fees

#	Fee Description	Private Wealth fees	Private Clients fees
1	Monthly Fusion credit facility fee	R57	R57
2	Monthly overdraft service fee	R69	R69
3	FNB ATM withdrawal	R2.30 per R100.00	R2.30 per R100.00
4	Cash withdrawal at a till	Free	Free
5	Cardless cash withdrawal	R1.15 per R100.00	R1.15 per R100.00
6	Cash withdrawal at other bank ATM	R12 + R2.30 per R100.00	R12 + R2.85 per R100.00
7	International ATM cash withdrawals	R80 + R2.85 per R100.00	R80 + R2.85 per R100.00
8	FNB branch cash withdrawal	R80 + R2.85 per R100.00	R80 + R2.85 per R100.00
9	International branch withdrawal	R80 + R2.85 per R100.00	R80 + R2.85 per R100.00
10	Cash deposit at FNB ATM	R1.30 per R100.00	R1.30 per R100.00
11	Cash deposit at branch	R80 + R2.85 per R100.00	R80 + R2.85 per R100.00
12	Payment at branch	R80.00	R80.00
13	Internal debit orders	Free	Free
14	External debit orders	R19.00	R19.00

Private Clients and Private Wealth Bank accounts are two signature accounts available to those interested in private banking. The account includes:

FNB Premier Bank Account Fees 2022

#	Fee Description	Easy PAYU	Easy Smart
1	Monthly Account fee	R4.95	R62.00
2	Cash deposit at till point	R19.95	R19.95
3	FNB ATM withdrawal	R7 per R1,000.00 up to R2,000.00 thereafter R2.30 per R100.00	R2,000.00 per month free thereafter R2.30 per R100.00
4	Cash withdrawal at a till	Free	Free
5	Cardless cash withdrawal	R1.15 per R100.00	R1.15 per R100.00
6	Cash withdrawal at other bank ATM	R12 + R2.30 per R100.00	R12 + R2.30 per R100.00
7	International ATM cash withdrawals	R80	R80
8	FNB branch cash withdrawal	R80 + R2.85 per R100.00	R80 + R2.85 per R100.00
9	International branch withdrawal	R80 + R2.85 per R100.00	R80 + R2.85 per R100.00
10	Cash deposit at FNB ATM	R1.30 per R100.00	Free up to R2,000.00 thereafter R1.30 per R100.00
11	Cash deposit at branch	R80 + R2.85 per R100.00	R80 + R2.85 per R100.00
12	Payment at branch	R80.00	R80.00
13	Internal debit orders	Free	Free
14	External debit orders	R3.50	Free

FNB offers two types of Easy Accounts: the FNB EASY pay-as-you-use account and the FNB Easy Smart account, which offers account holders a limited bundle on deposits and withdrawals. The accounts are considered entry-level accounts and do not have a minimum income requirement. 

Capitec Bank fees 2022

Capitec Bank Global One Account Fees 2022

#	Fee description	Fee
1	Purchase online/scan to pay/telephone	Free
2	Purchase at local/international Mastercard	Free
3	Transfer between own accounts	Free
4	Capitec ATM transfer	R8
5	Capitec Branch Transfer	R300.00
6	Cash withdrawal at capitec ATM	R8 per R1000.00
7	Cash withdrawal at other banks’ ATM	R10 per R1000.00
8	International ATM withdrawal fee	R70
9	International withdrawal at a MasterCard card machine	R9
10	Capitec ATM deposits	R1.30 per R100.00
11	Branch deposit	R4 per R100.00
12	Incoming international payments in rand or foreign currency	R50
13	Card limit update at a branch	R9
14	Card limit update online	Free

The Capitec global one bank account is one of the most affordable accounts in South Africa. Unlike many banks, which charge high fees for branch services, the account charges low fees for branch services. This account is classified as an entry-level bank account and has a monthly fee of R6.50.

Discovery Bank Account fees 2022

Discover Gold and Platinum Banking fees 2022

#	Fee description	Gold Acc Fees	Platinum Acc Fees
1	Monthly account fee	R5	R140
2	Monthly Vitality Money premium	R5	R50.00
3	Cash withdrawal at local ATM	R4.50 + 1.75% value	8 free thereafter R4.50 + 1.75% of withdrawn amount
4	Cash withdrawal at local point of sale	R2	Unlimited
5	Debit order fee	R3.75	Unlimited
6	Real time payment	R10.00	R10
7	Cash withdrawal at international ATM	R65.00	R65.00
8	Cash deposit at Pick n Pay and Boxer	R19.95 per R5,000.00	R19.96 per R5,000.00
9	Currency conversion fee	2.75%	2.75%
10	Card replacement fee	1 Free thereafter R160.00	1 free thereafter R160.00
11	Declined transactions	Free	Free
12	Inter account transfers	Free	Free
13	Point of sale purchases	Free	Free
14	Prepaid services and products	Free	Free
15	Contact payments	R2.50	Unlimited

The Discovery Gold Bank account is a low-tier credit card with few benefits. The account is appropriate for those who are just starting out in banking. The Discovery Platinum account is a step up from the Gold account and includes more features. Furthermore, more transactions can be enjoyed with the Discovery Platinum account than with the Gold Account. 

Discovery Black and Discovery Purple account fees 2022

#	Fee description	Black Acc Fees	Purple Acc Fees
1	Monthly account fee	R345	R445
2	Monthly Vitality Money premium	R60	R65
3	Cash withdrawal at local ATM	Unlimited	Unlimited
4	Cash withdrawal at local point of sale	Unlimited	Unlimited
5	Debit order fee	Unlimited	Unlimited
6	Real time payment	Unlimited	Unlimited
7	Cash withdrawal at international ATM	Unlimited	Unlimited
8	Cash deposit at Pick n Pay and Boxer	R19.95 per R5,000.00	R19.96 per R5,000.00
9	Currency conversion fee	2.75%	2.75%
10	Card replacement fee	1 Free thereafter R160.00	1 free thereafter R160.00
11	Declined transactions	Free	Free
12	Inter account transfers	Free	Free
13	Point of sale purchases	Free	Free
14	Prepaid services and products	Free	Free
15	Contact payments	Unlimited	Unlimited

The Discovery Purple account is the bank’s premium account and is only available by invitation. On the majority of its services, the account provides unlimited and free services. The Discovery Black Account is only available to those with an annual income of more than R850,000.

TymeBank Bank account fees 2022

#	Fee description	Fee
1	Monthly Service Fee	Free
2	SMS notification fee	Free
3	Debit card purchases	Free
4	Local online purchases	Free
5	Interbank transfer fee	Free
6	Cash withdrawal at till point at other retail stores	R3
7	Cash withdrawal at PnP and Boxer with purchase	R3
8	ATM decline	R3
9	ATM balance enquiry	R3
10	Cash deposit with a TymeCode at PnP and Boxer	R7.00 per R1000.00
11	Cash deposit with TymeBank Visa card at PnP & Boxer	R7.00 per R1000.00
12	Immediate EFT	R7.00 per R1000.00
13	Cash voucher for Non-TymeBank customer	R7
14	Stop debit order fee	R10
15	Dispute debit card transaction	R10
16	Cash withdrawal from other bank’s ATMs	R10.00 per R1000.00 or part thereof
17	Add Money	R10.00 per R1000.00 or part thereof
18	Card replacement fee	R60
19	Debit order Dispute older than 40 days	R60
20	Late payment reversal to TymeBank	R160

Absa Bank account fees

Absa Gold Value and Premium Bank account fees 2022

#	Fee description	Gold Value Acc Fees	Premium Banking Fees
1	Monthly Service Fee	R109.00	R190.00
2	Discount if you maintain a bal of R30 000	R54.50	–
3	Discount if you maintain a bal of R50 000	–	R95.00
4	ATM cash deposit	Free up to R4,000.00 thereafter standard fees apply	Free up to R6,500.00 thereafter standard fees apply
5	Absa ATM withdrawals	Free up to R4,000.00 thereafter standard fees apply	Free up to R6,500.00 thereafter standard fees apply
6	Card purchases	Unlimited	Unlimited
7	Internal transfers	Unlimited	Unlimited
8	External debit orders	Unlimited	Unlimited
9	Electronic enquiries	Unlimited	Unlimited

Absa Gold and Premium accounts are entry level and mid-tier accounts with bundled features, respectively. The fees charged by the accounts are industry standard because the accounts allow for limited withdrawals and deposits each month, which justifies the pricing. 

Nedbank Bank Account fees

Nedbank Pay As You Use bank account fees

#	Fee description	Fee
1	Monthly Service Fee	Free
2	Cash deposit at Nedbank ATM	R1.30 per R100.00
3	Cash deposit at point of sale	R19.95 per R5,000.00
4	Withdrawal at Nedbank ATM	R9 per R1000.00
5	Withdrawals at other banks’ ATMs	R11 + R2.30 per R100.00
6	International ATM withdrawal	R55 + R2.30 per R100.00
7	Nedbank branch withdrawal fee	R80 + R2.30 per R100.00
8	Overdraft facility fee	R49.00
9	Card replacement fee	R150.00
10	Greenbacks linkage fee	R25.00

The Nedbank Pay As You Use account is an entry level account that is suitable for daily use. The account has no monthly fee and instead charges per transaction. Nedbank Pay As You Use account is one of several bank accounts available from Nedbank.

Conclusion

Banking fees vary by bank as different banks provide banking services to different individuals. Knowing which bank account is appropriate is the first step in opening a bank account. The account that you open will influence the monthly fees that you will have to pay.