Digital vs traditional banking transaction fees comparison

[Jan]

TymeBank beats digital and traditional bank competitors in transaction fees battle

Fit-for-purpose digital banks are taking the fight to traditional banks in South Africa, pushing the envelope of what's possible without branches and bringing down banking costs in the process.

Digital-first banks don't have to maintain extensive branch footprints, allowing them to employ a smaller workforce than the big established players.

 

[azportalza]

Yes. thanks TymeBank. and with 6% interest on your money, also probably the best

 

[azportalza]

btw, I'm not a new member. I joined in 2004, but some people trolled me and it worked and I got p*ssed off, and then I got kicked because of favoritism

 

[k@vi]

The traditional banks cost comparison doesn't make sense as it isn't a true like for like comparison. An example is the FNB Easy PayU offers ATM deposits at R1.30 per R100. Why not update this table for a true comparison?

 

[Willie Trombone]

btw, I'm not a new member. I joined in 2004, but some people trolled me and it worked and I got p*ssed off, and then I got kicked because of favoritism

That's what they all say

 

[azportalza]

 

[backstreetboy]

btw, I'm not a new member. I joined in 2004, but some people trolled me and it worked and I got p*ssed off, and then I got kicked because of favoritism

You talking about twenty20? Tymebank started in 2015.

 

[MGRobinson]

And sometimes the lowest fees don't win when considering rewards.

Based on my usage,
TymeBank - Monthly swipe spend is around R8000 per month - I'm not sure how the smart shopper points work, but I have R15.26 since depleting them in November 2022. I rarely shop at PnP.
Capitec - Monthly swipe spend is around R8000 per month - +/- R150 Live Better rewards monthly.
Standard Bank - Monthly swipe spend is around R10000 per month - +/- R250 uCount rewards monthly.

Considering this, TymeBank is the most expensive bank.

 

[Moto Guzzi]

The difference you are talking about is abstract and fake, seeing old banking was brought about by profit to begin with and with your money in their posession with you only seeing a bit in cash from time to time, their should be no real reason for high costs at all given the fact that money cannot be wasted, it stay in the banking system, just different accounts it flow around. The costs drastcally increased when digital was introduced. Try saving in a small acount and see what hapens.