Nedbank Private Clients Pay As You Use bank account review 2023

The Nedbank Private Clients Pay As You Use bank account is a private banking account that includes a relationship banker. […]

Nedbank Private Clients Pay As You Use bank account

The Nedbank Private Clients Pay As You Use bank account is a private banking account that includes a relationship banker. The account is simple to manage, especially for someone who does not transact frequently. Nedbank Private Clients Pay As You Use bank account is revolutionary because it marks a turning point in private banking account bundled monthly fees.

Except for the Discovery Bank Black card, private bank accounts did not have a Pay As You Use option, and Nedbank is changing the norm with its Private Clients Pay As You Use account among South Africa’s top 5 banks. The Nedbank Private Clients account, as a Pay As You Use Account option, still provides the benefits that are expected from a Private bank account.

Nedbank Private Clients Pay As You Use bank account summary

The Nedbank Private Clients Pay As You Use account is a cheque account with an account fee of R140.00 per month. The account is for clients with a yearly income of R750,000.00 or more. Nedbank Private Clients PAYU bank account has no maximum income limit.

The account includes the following travel benefits:

  • When you use your Visa Signature card to pay for your flights, you automatically receive $750,000 in travel insurance.
  • Account holders are entitled to up to 10 international lounge visits per year, as well as unlimited local lounge visits.
  • Those who travel internationally with the American Express Platinum Charge card receive exclusive hotel and car rental benefits.
  • Account holders can order foreign currency (bank notes or Travel Cards) and have it delivered to their door by Nedbank.

Account holders of the Nedbank Private Clients PAYU account have access to a dedicated relationship banker. Account holders also have access to the credit team, investment, global banking, and wealth specialists. These services exist to make banking easier for clients and to allow them to bank globally.

The Nedbank Private Clients Pay As You Use account has more fees than the bundled account. We have tabled the charges for 2023 below to help you relate to the charges that come with the Nedbank Private Clients PAYU account.

Nedbank Private Clients Pay As You Use fees 2023

Fee DescriptionAmount
Cash deposit fee at Nedbank ATM & branchR11,35 plus R2,10 per R100 or part thereof
Monthly Account FeeR140.00
Participating retailers’ point-of-sale devices depositR19,95 per R5 000 or part thereof
Participating retailers’ point-of-sale devices withdrawalFree
Nedbank ATM cash withdrawalR2,50 per R100 or part thereof
Nedbank branch cash withdrawalR80 plus R2,10 per R100 or part thereof
Withdrawal at another banks’ ATMR12 plus R2,50 per R100 or part thereof
Withdrawal at an international banks’ ATMR60 plus R2,50 per R100 or part thereof
Transfer between Nedbank accountsFree
Digital money transfer to another bank account R8.35
Instant payment of up to R3000.00R10.00
Instant payment of over R3000R49.00
SMS Payment notificationR0.50
Prepaid top upR1.50
Prepaid top up at other banks’ ATMR10.00
Balance enquiry at a branchR22.00
Balance enquiry at another banks’ ATMR10.00
Cash deposit fee at Nedbank ATMR11,35 plus R2,10 per R100 or part thereof
Cash deposit fee at Nedbank BranchR11,35 plus R2,10 per R100 or part thereof
Overdraft initiation feeR165 plus 10% of the limit above R1 000 to a maximum of R1 207,50
Monthly overdraft feeR69.00

The Nedbank Private Clients PAYU account does not have many free transactions because the account’s pricing does not include other transaction costs. Account transactions are thus billed on an individual basis.

The Nedbank Private Clients Pay As You Use account has a number of advantages and disadvantages, which we will discuss below.

Advantages of the Nedbank Private Clients Pay As You Use Account

  • The monthly account fee is extremely low for a private bank account.
  • The account includes a number of travel benefits that can be used at no additional cost.
  • GreenBacks points can be earned by account holders.
  • Opening an account is simple, and it can be done online in a matter of minutes with the necessary documents.
  • A relationship banker, credit team, investment, global banking, and wealth specialists are all available.
  • There is an overdraft facility available as an option.

Disadvantages of the Nedbank Private Clients Pay As You Use Account

  • For branch transactions, the account charges a high fee.
  • A high number of transactions per month may result in a high account fee.

How to qualify for the Nedbank Private Clients Pay As You Use bank account

  • Must have an annual income of R750,000.00 or more.
  • At the time of application, provide proof of residency that is no more than three months old.
  • Be over the age of 18 at the time of application,
  • You must have a valid South African ID book or smart card. If you are not a South African citizen, you must be a resident of South Africa and have a valid passport and work permit.
  • Payslips or bank statements for the last 3 months.

Conclusion

For those who qualify and want a private banking account, the Nedbank Private Clients Pay As You Use account provides a private banking suite at an affordable rate. The account is suitable for those who have a low transaction appetite and are looking for an account with a low monthly fee. Since transaction fees skyrocket, this account may be unsuitable for someone who likes to transact. Those who transact frequently, on the other hand, can opt for a much cheaper account for a heavy spender in the Nedbank Private Bundle account.