South Africa Bank Fees 2018
The tables below show how fees for South Africa’s five major retail banks have changed, year-on-year, taking into account the change in VAT. The accounts used are the respective banks’ mid-market accounts.
The calculations are based on a R500 transaction, which the banks have said is the most common range for cash-based transactions in the country.
Absa, Standard Bank, Nedbank and Capitec’s rates (adjusted for VAT) have been in effect since 1 April 2018, with FNB’s new rates kicking in from 1 July 2018.
| Absa Gold Cheque Account | 2017 Fees (14% VAT) |
R500 transaction in 2017 | 2018 Fees (15% VAT) |
R500 transaction in 2018 | % Change from 2017 to 2018 |
|---|---|---|---|---|---|
| Withdrawal (Native) | R3.95 + R1.35/R100 | R10.70 | R4.54 + R1.41/R100 | R11.59 | +8.3% |
| Withdrawal (Other) | R9.95 + R1.35/R100 | R16.70 | R10.59 + R1.41/R100 | R17.64 | +5.6% |
| Withdrawal (POS) | R3.95 | R3.95 | R4.54 | R4.54 | +14.9% |
| Deposit (ATM) | R3.95 + R1.35/R100 | R10.70 | R4.54 + R1.41/R100 | R11.59 | +8.3% |
| Debit order (internal) | Free | Free | – | ||
| Debit order (external) | R16.95 | R18.16 | +7.1% | ||
| Account fee (PAYT) | R42.00 | R45.39 | +8.1% |
Absa’s full 2018 pricing can be found here.
| Standard Bank Elite Account | 2017 Fees (14% VAT) |
R500 transaction in 2017 | 2018 Fees (15% VAT) |
R500 transaction in 2018 | % Change from 2017 to 2018 |
|---|---|---|---|---|---|
| Withdrawal (Native) | R1.80 per R100 | R9.00 | R1.82 per R100 | R9.10 | +1.1% |
| Withdrawal (Other) | R6.70 + R1.80 per R100 | R15.70 | R8.07 + R1.82 per R100 | R17.17 | +9.4% |
| Withdrawal (POS) | R1.80 | R1.80 | R1.82 | R1.82 | +1.1% |
| Deposit (ATM) | R1.80 per R100 | R9.00 | R1.82 per R100 | R9.10 | +1.1% |
| Debit order (internal) | R4.50 | R4.54 | +4.0% | ||
| Debit order (external) | R16.00 | R16.64 | +3.1% | ||
| Account fee (PAYT) | R55.00 | R60.53 | +10.1% |
Standard Bank’s full Elite 2018 pricing can be found here.
| Nedbank Savvy Account | 2017 Fees (14% VAT) |
R500 transaction in 2017 | 2018 Fees (15% VAT) |
R500 transaction in 2018 | % Change from 2017 to 2018 |
|---|---|---|---|---|---|
| Withdrawal (Native) | R4.50 + R1.40/R100 | R11.50 | R5.00 + R1.51/R100 | R12.55 | +9.1% |
| Withdrawal (Other) | R11.50 + R1.40/R100 | R18.50 | R12.57 + R1.51/R100 | R20.12 | +8.8% |
| Withdrawal (POS) | Free | Free | Free | Free | – |
| Deposit (Intelligent depositor ATM) | R5.50 + R0.70/R100 | R9.00 | R1.00/R100 | R5.00 | -44.4% |
| Debit order (internal) | Free | Free | – | ||
| Debit order (external) | Free | Free | – | ||
| Account fee | R100.00 | R107.00 | +7.0% |
Nedbank’s Savvy Plus 2018 pricing can be found here.
| Capitec Global One | 2017/18 Fees (14% VAT) |
R500 transaction in 2017/18 | 2018/19 Fees (15% VAT) |
R500 transaction in 2018/19 | % Change from 2017/18 to 2018/19 |
|---|---|---|---|---|---|
| Withdrawal (Native) | R6.00 | R6.00 | R6.56 | R6.56 | +9.3% |
| Withdrawal (Other) | R8.50 | R8.50 | R8.83 | R8.83 | +3.9% |
| Withdrawal (POS) | R1.50 | R1.50 | R1.61 | R1.61 | +7.3% |
| Deposit (ATM) | 90c / R100 | R4.50 | 96c / R100 | R4.80 | +6.7% |
| Account fee (PAYT) | R5.50 | R5.80 | +5.5% |
Capitec’s full 2018/19 pricing can be found here.
| FNB Gold Cheque Account | 2017/18 Fees (14% VAT) |
R500 transaction in 2017/18 | 2018/19 Fees (15% VAT) |
R500 transaction in 2018/19 | % Change from 2017/18 to 2018/19 |
|---|---|---|---|---|---|
| Withdrawal (Native) | R1.85/R100 | R9.25 | R1.90/R100 | R9.50 | +2.7% |
| Withdrawal (Other) | R8.00 + R1.85/R100 | R17.25 | R9.00 + R1.90/R100 | R18.50 | +7.2% |
| Withdrawal (POS) | R1.40 | R1.40 | R1.60 | R1.60 | +14.3% |
| Deposit (ATM) | R0.90 per R100 | R4.50 | R0.95/R100 | R4.75 | +5.6% |
| Debit order (internal) | Free | – | Free | – | – |
| Debit order (external) | Free | – | Free | – | – |
| Account fee | R105.00 | R105.00 | 0.0% |
