Banking with Capitec

What do you mean by international payments? Using your debit card over the internet on international websites?

I don't think there really are any South African debit cards that allow you to make purchases over the net in the same way as credit cards, except for cheque cards. These as the name suggests require cheque accounts and are signatory cards in the same way as credit cards, no need for a pin POS.
 
I didn't think you can, just wishfull thinking (or lack thereof).

What I meant when I said international payments in the post before the one above was exactly that. Paying money into an account overseas, you can't do that with Capitec according to the person I spoke to.
 
Zenbaas said:
Do they have student accounts....? I think it seems like a very good Idea to switch over to them from what I've heard so far:)
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Not too sure about student accounts because you need a payslip (among other things) to open an account AFAIK.
 
They wanted a payslip when I applied like few months ago. Unless if I skipped my medication.
 
cbrunsdonza said:
Well one would need the seed and algorithm used in the device to achieve this.

With smart phones have security issues, I cannot see a reputable bank offering such an app. Can just as well opt for SMS then.


But on Capitec, I will be moving over in March to them. Had it with the other w@nkers (we have accounts, business & personal, with ABSA, Standard Bank & FNB)
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What about what's mentioned in this article,

But this type of crime can easily be prevented by using out-of-band one-time password generators which do not require network connectivity. The one-time password is generated on the device conveniently on the end-user's mobile phone and once used, it expires immediately.

The application enables a mobile phone to randomly generate a one-time password which is sent to the user out-of-band. This means they cannot be intercepted as they do not travel over any of the mobile phone networks.

The application uses an OATH-compliant incremental one-way-hash mathematical algorithm to generate the passwords.
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i also previously decided against joinin them due to the lack of atms, but now reading that you can withdrawn cash from pnp etc, makes it look like a good option.

but i more interested in opening an acc at capitec, and keeping it as my savings account (ie for short term saving), so still keeping my absa savings (where my debits go off etc) and money market accounts (for long term savings)
 
wizdumb said:
i also previously decided against joinin them due to the lack of atms, but now reading that you can withdrawn cash from pnp etc, makes it look like a good option.

but i more interested in opening an acc at capitec, and keeping it as my savings account (ie for short term saving), so still keeping my absa savings (where my debits go off etc) and money market accounts (for long term savings)
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The Saswitch charge is considerable lower at Capitec than my previous bank, FNB. And then you have other options(for withdrawals etc.) like PnP, which are also inexpensive.

The only disadvantage I have come across so far, is that I can't use their debit card for online purchases, like I could with my previous cheque card. Oh well, probably saved myself a bundle there.

B
 
Has anyone got experience with their fixed term deposits?
They say you get 8.5% interest, but you have an option of 6-24months fixed, and I've heard your rate depends on this (which would make sense), but can't find reference to that on their site.
Thinking of switching from dear old standard...
 
I moved all my accounts to one capitec account as I don't need a money market account now separate to my regular one. Calculated my bank fees and the went down from R287 avg per month to 16 bucks. They are exactly what I need.

As far as I can tell you have two options:
1. Bank with a bank thats has pretty offices with long queues and high charges.
2. Bank with a bank that has boring small offices but you are out of there in 5 minutes and they pay you interest and have low charges.

Capitec are the Afrihost of banking, No mountains of paperwork no complicated accounts just a good old fashioned Bank paying me interest!

Yes they have made a FanBoi of me!
 
Shayd said:
I moved all my accounts to one capitec account as I don't need a money market account now separate to my regular one. Calculated my bank fees and the went down from R287 avg per month to 16 bucks.
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R287 per month on bank charges, you were getting ripped off.

R16 per month, you probably dont make many transfers, or receive many deposits.

It works for people who don't transact a lot. For others, who transact a lot, some of the big banks offer packages with fixed fees for unlimited transactions which will work out cheaper.
 
catweasel said:
R287 per month on bank charges, you were getting ripped off.

R16 per month, you probably dont make many transfers, or receive many deposits.

It works for people who don't transact a lot. For others, who transact a lot, some of the big banks offer packages with fixed fees for unlimited transactions which will work out cheaper.
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Yep, I'm with absa and would love to go to Capitec or another bank.
But I worked out that Capitec will cost me the same or slightly more, and they don't offer all the services I need.
I'm paying R169 a month + other little charges they sneek in.
 
alf101 said:
Yep, I'm with absa and would love to go to Capitec or another bank.
But I worked out that Capitec will cost me the same or slightly more, and they don't offer all the services I need.
I'm paying R169 a month + other little charges they sneek in.
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And what interest rate do you get with ABSA? My interest gained per month basically covers all my transaction costs...
 
supersunbird said:
And what interest rate do you get with ABSA? My interest gained per month basically covers all my transaction costs...
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with my unlimited free transfers, i do deposits to a money market account with another bank (which incurs no charges) and earns a better interest then capitec
 
supersunbird said:
And what interest rate do you get with ABSA? My interest gained per month basically covers all my transaction costs...
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I have a bond...

If Capitec is still 6%, then you must have plenty of money in there to be covering your charges.
It's not the best way to invest your money.
 
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Guys I do about 12-15 transfers(incl debit orders) a month and I use my debit card a LOT(I don't like carrying cash). I usually have a few grand in my account at all times due to the nature of my business, thats why I come to about 16 bucks.

As far as a money market account VS capitec look here:

http://www.standardbank.co.za/SBIC/Frontdoor_06_01/0,2378,3447_1105790_0,00.html (Standard bank money market account)
http://www.absa.co.za/absacoza/content.jsp?/Home/Rates-&-Fees/Interest-Rates/Savings-Accounts (ABSA)
https://www.fnb.co.za/rates/cRatesV...nt Accounts&productName=Money Market Accounts (FNB)
http://www.nedbank.co.za/website/content/interrestrates/local.asp (Nedbank)
http://www.capitecbank.co.za/products/savingoptions;jsessionid=L4VcrnQNML15Bym0MXZUcA__.babel#rates (Capitec)

In my view Capitec has the highest interest rate. If I am willing to lock the money in or I am putting R100000+ away some of the banks can beat 6.25 - 7% but apples with apples Capitec wins. As far as a locked in period or R100000+ is concerned I am an investment adviser and can find MUCH better options than a bank account for these investments

The only way you are going to get a higher interest rate is if you put your money in a money market unit trust but then it isn't immediately available(48hours to access).

Sorry guys but it sounds like you need to go back to the drawing board and compare again, I understand if Capitec doesn't provide a service you need, but for the services they do they are the best.
 
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