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2023-02-16 11:17 AM

Capitec Bank Global One Account Review 2023

By Parddon Khumalo

The Capitec Bank Global One Account is a savings account with a R7.00 monthly administration fee. When opening the account, there is no requirement for a minimum income or salary. Account holders can take advantage of free app transactions to reduce their monthly service fees.

The Capitec Global One free app transactions are as follows:

  • Pay me requests.
  • 1 to 3 months electronic bank statement.
  • Card limit updates.
  • Add, amend or cancel recurring payments.

Capitec Bank provides a wide range of personal banking services at a fee. The Capitec Global One account fees are tabled below.

Capitec Global One Account Fees 2023

Fee DescriptionAmount
Monthly Administration FeeR7.00
Capitec ATM withdrawalsR9.50 per R1,000.00
Pick n Pay/Checkers/Boxer till point withdrawalsR1.75
Other bank’s ATM withdrawalsR10.50 per R100.00
International MasterCard ATM withdrawalsR80.00
International MasterCard card machine withdrawals R9.00
Coin on Capitec deposit machineR15.00 per R100.00
Cash deposit at Capitec ATM R1.40 per R100.00
Cash deposit at Capitec BranchR4.00 per R100.00
Incoming int payment in rand or foreign currency R50.00
Purchases at local MasterCard card machineFree
Payments using Google Pay/Samsung pay/Apple PayFree
International processing feeR2.00
Prepaid purchases R0.50
Airtime purchases at other bank’s ATM R8.00
Capitec PayR1.00
App payment to other Capitec accountR1.00
Branch payment to other Capitec accountR10.00
App payment to other bank’s accountR2.00
Branch payment to other bank’s account R10.00

How it works

Along with the transaction account, the Global One  accountholders can enjoy credit facility, insurance and more. With the Global One Account, Global One appears to have streamlined personal banking for their clients.

Transact: Global One card transactions

When it comes to formal banking, the protection of your money is critical. Both you and your bank have a responsibility to safeguard your funds; obviously, the bank’s transaction protocols must be impenetrable. Transactions with the Capitec Global One card are only possible with your Global One card and PIN. Even transactions at the branch will require your card and PIN. Additional security measures can be implemented using fingerprint biometrics and photographic identification.

Daily card limits

Your Global One card comes with default daily card limits set by the bank as a security measure for your money. The default limits can be temporarily adjusted to an amount you want depending on how you are spending at the particular time. The daily limits can be adjusted in a Capitec bank branch or in their App.

The following are the set limits and the respective range of adjustments:

  • There is a daily limit of R5 000 per day for cash withdrawals. However, a temporary limit of R10 000 per day can be set for up to 3 consecutive days.
  • Up to R50 000 card purchases can be done each day, however, the limit can be set to R120 000 per day for 3 days.
  • Online purchases are limited to R50 000 per day and can be increased to R120 000 per day for 3 days. The same applies to telephone and mail orders.
  • Instead of adjusting the limits, you can also use other options to complete large amounts transactions. Below are the options you can use:
  • The Capitec App. The app allows you to make immediate payments to other banks at a fee of R10.
  • You can use internet banking
  • When registered for mobile-banking, then you will be able to transfer money to Capitec clients using their cell phone numbers.
  • Visiting a branch and having a consultant do an electronic funds transfer from your account can be a viable option, even though the beneficiary might receive it after 2 days.

International transactions

The Global One card can be used overseas for the payments of all your travelling expenses. The bank might request proof of travelling so as to ensure the security of your money.

Save: Capitec bank Global One Savings Account

The Global One Account is also on our best savings accounts list. It allows you to save your money in any of the 4 savings plans and earn up to 7.50% interest. Following are the savings plans you can choose:

Transactions and savings

This is the main account; it allows you to earn interest on your daily account balances at an interest rate of up to 2.75 per annum depending on your account balances.

Global One Account Flexible savings plan

As the name suggests, this account allows you to determine your deposit amount and how frequent you will be making those deposits. Although it’s a separate saving account from your main savings, the interest rates earned are the same.

Global One Account Fixed term savings

This account option allows you to make an investment from R10 000 to R20 million for a fixed period of time. You will have to fund your account with a once-off deposit and choose how long you are investing (term), from 6 to 60 months. Interest earned on the account is based on the amount and the term of the investment. The larger the amount, the high interest, also, long terms have high-interest offers. Interest ranges from 3.5% per year to 6.75% depending on the amount and term.

Global One Account Tax free savings

You can choose to open a tax free savings account that will allow you to fund your account with nothing more than R36 000 per year. Multiple deposits can be made so as to get to R36 000, however, you can still make a one-off deposit. SARS does not tax the interest you earn from the account. However, should you exceed the R500 000 lifetime limit or the R36 000 annually, then you will be taxed from the earnings.

Insure: Capitec Global One Account

Capitec has 2 insurance products that can be accessed through the Global One Account.

Capitec’s funeral insurance policy

In 2018, Capitec announced the funeral cover as their first insurance products. Their cover has its own uniqueness in the funeral policy market as they pride themselves for being able to pay out claims in less than 4 hours. The policy can cover up to 21 dependants. It can cover for one spouse and up to 4 parents, 8 children and 8 extended family members. Monthly premiums depend on the number of dependants in your plan and the payout amount you would like to receive.

Capitec credit insurance

The reason for getting credit insurance is to be able to pay off debt even when you are unable to do so due to a financial situation. This means you will be covered for involuntary retirements, unemployment, permanent or temporary disabilities and death. In case you are faced with such financial constraints the bank is able to pay off your debt giving you relief.

Credit

The account gives you access to 4 types of credit facilities; personal credit, credit card, access facility and home loan.

Personal credit

The personal loan is granted based on your credit profile and your needs. Capitec offers personal credit up to an amount of R500 000 paid off over periods of 1 – 84 months. The interest rates are from 12.9%.

Credit card

The Capitec credit card allows you to make a purchase and pay off within a 55-day interest-free period. The bank charges you R40 per month as credit card maintenance fee. A 7.25% interest per year is payable on your card negative balances while you might earn 2.5% interest per year on your positive balances.

Access facility

Based on your personal credit profile, you apply once-off for up to R250 000 revolving credit facilities. The money can then be accessed anytime you need it and paid off in a period of up to 60 months. Interest rates of the facility taken are linked to the prime rates.

Home loans

Capitec offers up to R5 million home loans payable over a period of 240 months by SA home loans. The bank can finance up to 100% of the home value on loans applied for online while, branch applications finance 90% of the home value.

Advantages of Capitec Bank Global One Account

  • It doesn’t have a minimum salary or income requirement, therefore, it is available to anyone over the age of 18.
  • Monthly account fee of R7.00 is very low compared to monthly fees of other bank’s similar accounts.
  • There is an option to get a credit card facility.
  • There are personal loans that account holders can benefit from.
  • Comes with free access to the Capitec digital platforms.
  • App users don’t need to have data or be connected to Wi-Fi to get access to the Capitec Bank app.
  • Can send cash to anyone in South Africa which is redeemable at Capitec ATMs or Capitec Bank partner stores.

Disadvantages of Capitec Bank Global One Account

  • The account doesn’t have travel benefits such as discounts for travelling.
  • Account holders cannot elevate to a better account such a premier account.

Eligible criteria

To open the account you will have to visit a Capitec branch with the following documents:

  • Original copy of your South African identification document or passport with a permit (for non-SA residents)
  • The proof of residential address might be needed
  • Must be aged 18 years or more
  • There is no account opening fee and applicants with no proof of monthly income are also welcome

Conclusion

The Global One Account allows you to manage your money from one account making it a hassle-free account. From just one account, you are able to travel insure, save and get credit.

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Parddon Khumalo