MTN MobileMoney vs Capitec

[cavedog]

So I've been with Capitec since April 2009 and have seen how the banking fees increased year on year.

It got me thinking of maybe changing from Capitec to MTN Mobile Money.

I get paid on a Weekly basis pay all my accounts via debit order and withdraw cash maybe 3 to 4 times a month.

Thought I made a quick comparison between the two with Pro's and Con's of both.


8 debit orders each month, 3 cash withdrawals at atm's and 1 at POS, 3 EFT payments, 1 airtime purchase online


Capitec:

R3.20 debit order fee x 8
R8 cash withdrawal x 3
R1.25 POS withdrawal x 1
R1.50 EFT x 3
1 x Free airtime purchase
R5 monthly fee

Total: R60.35

MTN Mobile Money:
R3 debit order fee x 8
R9 cash withdrawal x3
R5 POS withdrawal x1
Free EFT payments
Free airtime purchase
No monthly fee

Total: R56


As a transactional account the MTN Mobile Money account is actually lower in banking fees than Capitec. It also would depend how you transact but in general the Mobile Money account is the cheapest*

Some pro's and cons

Pro's

Capitec:
*Master card for online purchases
*Secure online banking
*Extended branch hours
*Access to credit
*Earn interest for savings

MTN Mobile Money:
*Free unlimited sms notifications on all transactions
*Free access to mobile banking *120*668# *MTN customers only
*Instant account creation via *120*668#
*Free cash deposits at PnP or Boxer stores
*R17 for replacement card
*Instant pin change or card stop via *120*668#
*PnP and Boxer operating hours Monday to Sunday so extended banking hours for deposits or wothdrawals


Con's

Capitec:
*No instant cash deposit machines
*Minimum balance of R25 required
*Pin reset fee of R3.40
*R50 card replacement fee


MTN Mobile Money:
*Visa electron card so no online purchases.
*Stupid FICA process to upgrade account to Money Plus+
*No physical bank so queries goes via 24/7 call center
*Chargable fee for non MTN customers accessing *120*668#



So what do you guys think? Do you use Capitec or MTN Mobile Money? What do you like or hate about them.

I have been trying out mobile money for a while now transferred some money to it and using that card to buy and eft and stuff like that and I must say it really is a nice account. Instant access to my money. Always getting sms updates for money in money out and what devices log into my account. Since it's not a chip card I feel authorizations at POS is much faster. Swipe and enter pin and it almost instantly approves but this might just be fast or slow POS machines.

If you have not tried it yet it is well worth it even just to keep money stored there for a rainy day since there is no monthly fee and you can create a account instantly via *120*668# and just buy a card at the money counter at PnP for R17 and link it yourself and create the pin in the comfort of your own home.

 

[akescpt]

Too little gain for the pain/risk of switching. Didn't realize how costs stack up if u use capitec for transactions.

Rainy day money in an empty N account. Dunno about that.

 

[Lawnchairman]

Stick with Capitec you do not want to deal with the MTN callcentre when things go wrong.

 

[cr@zydude]

Capitec does have note accepting atms, call local branches to see which have them. You don't use an envelope, the atm.scans the notes. The deposit is instantly usable.

 

[cavedog]

Stick with Capitec you do not want to deal with the MTN callcentre when things go wrong.

Not a accurate statement. The callcentre is actually very efficient and runs 24/7. It's nothing like any MTN callcentre....

Also the banking side of things are actually run by South African bank of Athens

 

[cavedog]

Capitec does have note accepting atms, call local branches to see which have them. You don't use an envelope, the atm.scans the notes. The deposit is instantly usable.

I did read about that but how many PnP stores compared to the cash accepting atms?

 

[Gtx Gaming]

*Free cash deposits at PnP or Boxer stores IS this free for any amounts?? Then I am opening one today lol

 

[supersunbird]

You missed one or two con of MTN MobileMoney I think, no proper internet banking and sub accounts?

 

[cavedog]

*Free cash deposits at PnP or Boxer stores IS this free for any amounts?? Then I am opening one today lol

It is free for MTN users and normal account limits apply depending on your fica status. Money Plus+ is the maximum account and requires you to go to the money counter and scan your id and proof of residence to upgrade your account.

 

[cavedog]

You missed one or two con of MTN MobileMoney I think.. no proper internet banking and sub accounts?

To be fair I think their internet banking is on par with Capitec internet banking. Both are pretty basic.

Yeah you have a point no sub accounts where capitec can have 4 extra sub accounts and they are also linked with internet banking which is very nice actually.

 

[supersunbird]

To be fair I think their internet banking is on par with Capitec internet banking. Both are pretty basic.

Yeah you have a point no sub accounts where capitec can have 4 extra sub accounts and they are also linked with internet banking which is very nice actually.

Oh, so they have a proper internet banking site, not just cellphone banking?

 

[cr@zydude]

*Free cash deposits at PnP or Boxer stores IS this free for any amounts?? Then I am opening one today lol

It is free for MTN users and normal account limits apply depending on your fica status. Money Plus+ is the maximum account and requires you to go to the money counter and scan your id and proof of residence to upgrade your account.

I assume that these accounts are all set up for low income levels. If you show up at Pick n Pay trying to deposit R100 000 they would have to re[port the transaction.

 

[The_Ogre]

Have you considered the Old Mutual Money account?