So I went to Capitec

Deadmanza said:
Honestly thinking of switching, also with FNB.

Are there any benefits with capitec? eBucks time things?
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Ockie said:
No. But I am happy with their low fees, good interest rate and not making me jump through hoops like a circus monkey to earn foofie points.
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This is exactly what I'm thinking. I don't care for little boys clubs that you end up paying for anyway... why not just pass on the savings from the start?
 
airborne said:
Point is previously a sim swop was not enough as the phone also had to be verified in branch.
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You still need the app pin so a sim swap alone isn't going to accomplish anything.
 
Swa said:
You still need the app pin so a sim swap alone isn't going to accomplish anything.
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Exactly. Other banks use OTP sms's: sim swap = fraud

Capitec user will need to divulge his App pin for fraud to occur and this is highly unlikely
 
FlashSA said:
Exactly. Other banks use OTP sms's: sim swap = fraud

Capitec user will need to divulge his App pin for fraud to occur and this is highly unlikely
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And yet in cases where money was fraudulantly taken from an account holder's account the other banks are accusing the said account holder of divulging their card pin numbers (which is also highly unlikely)
 
Swa said:
You still need the app pin so a sim swap alone isn't going to accomplish anything.
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Duh, PhD for you :D

All things being the same, in a theoretical instance of your account being violated where the thief had somehow got your app pin through phishing etc, previously even with a sim swop and having the app pin the thief would be screwed, not so anymore.
 
airborne said:
Duh, PhD for you :D

All things being the same, in a theoretical instance of your account being violated where the thief had somehow got your app pin through phishing etc, previously even with a sim swop and having the app pin the thief would be screwed, not so anymore.
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Yes that would be a double failure. The sms is just an extra measure and not something you should rely on. Same way I don't give out my username and password and then complain to Capitec that their token didn't protect me.
 
What is scary is that the Capitec consultants seems to advise new users to use the same password for their banking profil as well as their mobile app. I asked why and was told that people (the users) get confused which password is for which application.

If that is the case then maybe they (Capitec) need to change something on their side (app design, etc) in order to avoid confusion as opposed to just advising unsuspecting users to use the same password.
 
Tariq786 said:
What is scary is that the Capitec consultants seems to advise new users to use the same password for their banking profil as well as their mobile app. I asked why and was told that people (the users) get confused which password is for which application.

If that is the case then maybe they (Capitec) need to change something on their side (app design, etc) in order to avoid confusion as opposed to just advising unsuspecting users to use the same password.
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I use the same password for everything Capitec related. And it's just a short pin code. Doesn't particularly concern me.
 
Tariq786 said:
What is scary is that the Capitec consultants seems to advise new users to use the same password for their banking profil as well as their mobile app. I asked why and was told that people (the users) get confused which password is for which application.

If that is the case then maybe they (Capitec) need to change something on their side (app design, etc) in order to avoid confusion as opposed to just advising unsuspecting users to use the same password.
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It's one profile. Password shouldn't differ depending on whether you're using it through a browser or the app. You don't see people using different passwords on the Takealot app than on the website. That's not even something that would be possible.
 
Hi all,

I'm currently with Nedbank Professional what what and getting irritated by the day, considering the move to FNB on the one hand and on the other hand thinking F-it and go for Capitec.

I mainly use my account for DO's 12+. The rest of my transactions are online shopping 1 or 2 and card swipes 1 or 2 a month. All my grocery payments etc are done from a very cheap joint Std bank acc that my gf and I have together.

I guess the key for me is being able to do online shipping (intl and local) with a good exchange rate and minimal fees.

I'm also looking at opening a FNB Global Account, but I guess that this can be done in addition to the Capitec one, although having everything at one bank is convenient.
 
MikyMouse said:
Hi all,

I'm currently with Nedbank Professional what what and getting irritated by the day, considering the move to FNB on the one hand and on the other hand thinking F-it and go for Capitec.

I mainly use my account for DO's 12+. The rest of my transactions are online shopping 1 or 2 and card swipes 1 or 2 a month. All my grocery payments etc are done from a very cheap joint Std bank acc that my gf and I have together.

I guess the key for me is being able to do online shipping (intl and local) with a good exchange rate and minimal fees.

I'm also looking at opening a FNB Global Account, but I guess that this can be done in addition to the Capitec one, although having everything at one bank is convenient.
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Capitec for DO's and EFT's and get yourself a free Virgin Money Credit Card for daily swipes and online purchases.

I have never been happy. I am a decent income earner and just tired of banks making money off me via stupid bank charges while making money again (interest) off my stored money.
 
MikyMouse said:
Hi FlashSA, thanks for the reply.

Why the split between Capitec and Virgin Money?
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Capitec does not offer a Credit Card as yet - although they have been promising one for 3 years...

For now, the completely fee-free VMCC suffices perfectly. By using the credit card for all in store and online purchases, and keeping the money sitting in Capitec, I earn interest from Capitec while the CC gives me those free interest days. I then settle the full amount at the end of the month.

I clear R150-R200 per month interest from Capitec by doing this. They literally pay me to bank with them

EDIT: I do allow them to hit me 55c per transaction sms they send me. I felt the security was worth it considering there is no monthly or annual card fee
 
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FlashSA said:
Capitec does not offer a Credit Card as yet - although they have been promising one for 3 years...

For now, the completely fee-free VMCC suffices perfectly. By using the credit card for all in store and online purchases, and keeping the money sitting in Capitec, I earn interest from Capitec while the CC gives me those free interest days. I then settle the full amount at the end of the month.

I clear R150-R200 per month interest from Capitec by doing this. They literally pay me to bank with them
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Woah, very interesting.

From what I can see the only thing with the Virgin CC is that there interest rates are between 15.25% and 19.25% - I'm getting 13.25% atm, but I guess that's where the saving in fees comes in.

Do you know if you can open multiple Capitec Savings accounts? I currently have 3 Nedbank ones, each for a different purpose, no minimum balances and no monthly fees...

Lastly can the Virgin CC be accessed through internet banking?

EDIT: Does anyone know how much comm VM charges for intl cash withdrawals and intl online purchases?
 
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MikyMouse said:
Woah, very interesting.

From what I can see the only thing with the Virgin CC is that there interest rates are between 15.25% and 19.25% - I'm getting 13.25% atm, but I guess that's where the saving in fees comes in.

Do you know if you can open multiple Capitec Savings accounts? I currently have 3 Nedbank ones, each for a different purpose, no minimum balances and no monthly fees...

Lastly can the Virgin CC be accessed through internet banking?
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I always pay the full outstanding amount of my CC so their rates are of no interest to me.
Capitec gives you a main GLOBAL ONE account and then 4x free savings accounts. The 4 free accounts you can give nicknames to and can transfer out / receive transfers from other banks in and I am pretty sure you could set up debit orders to them to although I have not tried (I have EFT'ed from FNB directly into one of the savings accounts without hassle).

Yes, the VMCC comes with free online banking - it is an ABSA backend which looks like the old ABSA site. It is very basic and you can't do EFT's (you shouldn't be anyways with a CC account) but it works and is free :)
 
FlashSA said:
I always pay the full outstanding amount of my CC so their rates are of no interest to me.
Capitec gives you a main GLOBAL ONE account and then 4x free savings accounts. The 4 free accounts you can give nicknames to and can transfer out / receive transfers from other banks in and I am pretty sure you could set up debit orders to them to although I have not tried (I have EFT'ed from FNB directly into one of the savings accounts without hassle).

Yes, the VMCC comes with free online banking - it is an ABSA backend which looks like the old ABSA site. It is very basic and you can't do EFT's (you shouldn't be anyways with a CC account) but it works and is free :)
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Perfect.

With regard to the VMCC online banking, I'd only want it to have a look at my balance.

Do you know know how much comm VM charges for intl cash withdrawals and intl online purchases?
 
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