Banking Fees Guide in South Africa 2022

Banking Fees

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
1Monthly Admin FeeR125.00
2Cheque card feeR16.66
3Bank withdrawalR2.00 per R100.00 or part thereof 
4Withdrawals at other banksR2.20 per R100.00 or part thereof 
5International withdrawalR3 per R100.00 or part thereof 
6Cash deposit at Standard Bank ATMR1 per R100.00 or part thereof 
7Cash deposit at Standard bank branchR80 + R2.25 per R100.00 or part thereof 
8Inter account transfersFree
9Account payments onlineR1.20
10Immediate payment below R2000.00 R10.00
11Immediate payment above R2,000.00R50.00
12Online debit orderR3.50
13Online stop orderR1.20
14Point of Sale cashbackR1.40
15Point of Sale purchase with cashbackR1.40
16International POS sale2.75% of  value
17Online Weekly estatements R30.00
18Online Monthly statementsR10.00
19Monthly Overdraft feeR69.00
20Overdraft initiation feeR74.75 + 11.5% of limit. Max R1,207.00

PureSave Account Fees

#Fee description Fee
1Monthly Admin FeeR22.00(no monthly fee if R10,000.00 is kept in the account) 
2Cheque card fee
3Bank withdrawalR23 per R1000.00 or part thereof 
4Withdrawals at other banksR25.00 per R1000.00 or part thereof 
5International withdrawalR3.00 per R100.00 or part thereof + 2.75% int transaction fee 
6Cash deposit at Standard Bank ATM2 free thereafter R1 per R100 or part thereof
7Cash deposit at standard bank branchR80.00 +R2.25 per R100.00
8Inter account transfersR5.50
9Account payments onlineR1.20
10Immediate payment below R2000.00 R10.00
11Immediate payment above R2,000.00R50.00
12Online debit orderR5.00
13Online stop orderR5.00
14Point of Sale cashbackR1.20
15Point of Sale purchase with cashbackR1.40
16International POS sale2.75% of transaction
17Online Weekly estatements R30.00
18Online Monthly statementsR10.00

MyMo Bank Account and MyMo Plus banking fees 2022 

#Fee description MyMo Account feesMyMo Plus Fees
1Monthly Admin FeeR4.95R110.00
2Cheque card feeFreeFree
3Bank withdrawalR2.00 per R100.00 or part thereof Free up to R3,000.00 thereafter R2 per R100.00 
4Withdrawals at other banksR2.20 per R100.00 or part thereof Free 2 withdrawals thereafter R2.20 per R100.00 
5International withdrawalR3.00 per R100.00 or part thereof + 2.75% int transaction fee R3.00 per R100.00 or part thereof + 2.75% int transaction fee 
6Cash deposit at Standard Bank ATMR1 per R100 or part thereofR1 per R100 or part thereof
7Cash deposit at standard bank branchR80.00 +R2.25 per R100.00R80.00 +R2.25 per R100.00
8Inter account transfersFreeFree
9Account payments onlineR1.20R1.20
10Immediate payment below R2000.00 R10.00R10.00
11Immediate payment above R2,000.00R50.00R50.00
12Online debit orderR3.50Free
13Online stop orderFreeFree
14Point of Sale cashbackR1.40Free
15Point of Sale purchase with cashbackR1.40Free
16International POS sale2.75% of transaction2.75% of the transaction
17Online Weekly estatements R30.00R30.00
18Online Monthly statementsR10.00R10.00
19Monthly Overdraft feeR69.00 R69.00 
20Overdraft initiation feeR74.75 + 11.5% of lim. Max R1,207.00R74.75 + 11.5% of lim. Max R1,207.00

Standard Bank Signature bank account fees 2022

#Fee description Fees
1Monthly Admin FeeR480.00
2Family banking feeR75.00
3Bank withdrawalR2.00 per R100.00 or part thereof
4Withdrawals at other banksR2.20 per R100.00 or part thereof 
5International withdrawalR3 per R100.00 or part thereof +2.75% int fee
6Cash deposit at Standard Bank ATMR1 per R100.00 or part thereof
7Cash deposit at standard bank branchR80.00 + R2.25 per R100.00 or part thereof 
8Inter account transfersFree
9Account payments onlineFree
10Immediate payment below R2000.00 R10.00
11Immediate payment above R2,000.00R50.00
12Online debit orderFree
13Online stop orderFree
14Point of Sale cashbackFree
15Point of Sale purchase with cashbackFree
16International POS sale2.75% of value 
17Online Weekly estatements R30.00
18Online Monthly statementsR10.00
19Monthly Overdraft feeR69.00 
20Overdraft initiation feeR74.75 + 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 DescriptionPrivate Wealth feesPrivate Clients fees
1Monthly Fusion credit facility feeR57R57
2Monthly overdraft service feeR69R69
3FNB ATM withdrawalR2.30 per R100.00 R2.30 per R100.00 
4Cash withdrawal at a till FreeFree 
5Cardless cash withdrawal R1.15 per R100.00 R1.15 per R100.00 
6Cash withdrawal at other bank ATM R12 + R2.30 per R100.00 R12 + R2.85 per R100.00
7International ATM cash withdrawalsR80 + R2.85 per R100.00R80 + R2.85 per R100.00
8FNB branch cash withdrawalR80 + R2.85 per R100.00R80 + R2.85 per R100.00
9International branch withdrawalR80 + R2.85 per R100.00R80 + R2.85 per R100.00 
10Cash deposit at FNB ATM R1.30 per R100.00 R1.30 per R100.00 
11Cash deposit at branch R80 + R2.85 per R100.00 R80 + R2.85 per R100.00 
12Payment at branchR80.00R80.00
13Internal debit ordersFreeFree
14External debit ordersR19.00R19.00

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 DescriptionEasy PAYU Easy Smart
1Monthly Account feeR4.95R62.00
2Cash deposit at till pointR19.95R19.95
3FNB ATM withdrawalR7 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
4Cash withdrawal at a till FreeFree
5Cardless cash withdrawal R1.15 per R100.00 R1.15 per R100.00 
6Cash withdrawal at other bank ATM R12 + R2.30 per R100.00 R12 + R2.30 per R100.00 
7International ATM cash withdrawalsR80 R80
8FNB branch cash withdrawalR80 + R2.85 per R100.00R80 + R2.85 per R100.00
9International branch withdrawalR80 + R2.85 per R100.00R80 + R2.85 per R100.00
10Cash deposit at FNB ATM R1.30 per R100.00 Free up to R2,000.00 thereafter R1.30 per R100.00 
11Cash deposit at branch R80 + R2.85 per R100.00 R80 + R2.85 per R100.00 
12Payment at branchR80.00R80.00
13Internal debit ordersFreeFree
14External debit ordersR3.50Free

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 descriptionFee
1Purchase online/scan to pay/telephoneFree
2Purchase at local/international MastercardFree
3Transfer between own accountsFree
4Capitec ATM transferR8
5Capitec Branch Transfer R300.00
6Cash withdrawal at capitec ATMR8 per R1000.00 
7Cash withdrawal at other banks’ ATMR10 per R1000.00
8International ATM withdrawal feeR70
9International withdrawal at a MasterCard card machine R9
10Capitec ATM depositsR1.30 per R100.00 
11Branch depositR4 per R100.00 
12Incoming international payments in rand or foreign currencyR50
13Card limit update at a branch R9
14Card limit update onlineFree

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 descriptionGold Acc FeesPlatinum Acc Fees
1Monthly account fee R5R140
2Monthly Vitality Money premium R5R50.00
3Cash withdrawal at local ATMR4.50 + 1.75% value8 free thereafter R4.50 + 1.75% of withdrawn amount 
4Cash withdrawal at local point of sale R2Unlimited 
5Debit order feeR3.75Unlimited 
6Real time paymentR10.00R10
7Cash withdrawal at international ATM R65.00 R65.00
8Cash deposit at Pick n Pay and BoxerR19.95 per R5,000.00 R19.96 per R5,000.00 
9Currency conversion fee2.75%2.75%
10Card replacement fee1 Free thereafter R160.001 free thereafter R160.00
11Declined transactionsFreeFree
12Inter account transfersFreeFree
13Point of sale purchases FreeFree
14Prepaid services and products FreeFree
15Contact paymentsR2.50Unlimited 

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 descriptionBlack Acc FeesPurple Acc Fees
1Monthly account fee R345R445
2Monthly Vitality Money premium R60R65
3Cash withdrawal at local ATMUnlimited Unlimited
4Cash withdrawal at local point of sale Unlimited Unlimited 
5Debit order feeUnlimited Unlimited 
6Real time paymentUnlimited Unlimited 
7Cash withdrawal at international ATM Unlimited Unlimited
8Cash deposit at Pick n Pay and BoxerR19.95 per R5,000.00 R19.96 per R5,000.00 
9Currency conversion fee2.75%2.75%
10Card replacement fee1 Free thereafter R160.001 free thereafter R160.00
11Declined transactionsFreeFree
12Inter account transfersFreeFree
13Point of sale purchases FreeFree
14Prepaid services and products FreeFree
15Contact paymentsUnlimited 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 descriptionFee
1Monthly Service Fee Free
2SMS notification feeFree
3Debit card purchasesFree
4Local online purchasesFree
5Interbank transfer feeFree
6Cash withdrawal at till point at other retail storesR3
7Cash withdrawal at PnP and Boxer with purchaseR3
8ATM declineR3
9ATM balance enquiry R3
10Cash deposit with a TymeCode at PnP and BoxerR7.00 per R1000.00
11Cash deposit with TymeBank Visa card at PnP & BoxerR7.00 per R1000.00
12Immediate EFTR7.00 per R1000.00
13Cash voucher for Non-TymeBank customerR7
14Stop debit order feeR10
15Dispute debit card transactionR10
16Cash withdrawal from other bank’s ATMsR10.00 per R1000.00 or part thereof
17Add MoneyR10.00 per R1000.00 or part thereof
18Card replacement feeR60
19Debit order Dispute older than 40 daysR60
20Late payment reversal to TymeBankR160

Absa Bank account fees

Absa Gold Value and Premium Bank account fees 2022

#Fee description Gold Value Acc Fees Premium Banking Fees
1Monthly Service FeeR109.00R190.00
2Discount if you maintain a bal of R30 000R54.50
3Discount if you maintain a bal of R50 000R95.00
4ATM cash depositFree up to R4,000.00 thereafter standard fees applyFree up to R6,500.00 thereafter standard fees apply
5Absa ATM withdrawalsFree up to R4,000.00 thereafter standard fees applyFree up to R6,500.00 thereafter standard fees apply
6Card purchases Unlimited Unlimited 
7Internal transfersUnlimited Unlimited 
8External debit ordersUnlimited Unlimited 
9Electronic enquiriesUnlimited 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
1Monthly Service Fee Free
2Cash deposit at Nedbank ATM R1.30 per R100.00 
3Cash deposit at point of saleR19.95 per R5,000.00 
4Withdrawal at Nedbank ATMR9 per R1000.00 
5Withdrawals at other banks’ ATMs R11 + R2.30 per R100.00
6International ATM withdrawalR55 + R2.30 per R100.00 
7Nedbank branch withdrawal feeR80 + R2.30 per R100.00 
8Overdraft facility feeR49.00
9Card replacement fee R150.00
10Greenbacks linkage feeR25.00

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.

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