So I went to Capitec

Has anyone used Capitec's cash sending function? I noticed that you can send R3 000 in a single transaction and withdraw from a Capitec atm for only R16. That's cheaper than withdrawing R3 000 with your card, as that costs R24 (R8 per R1 000).
 
cr@zydude said:
Has anyone used Capitec's cash sending function? I noticed that you can send R3 000 in a single transaction and withdraw from a Capitec atm for only R16. That's cheaper than withdrawing R3 000 with your card, as that costs R24 (R8 per R1 000).
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That's like FNB's eWallet?
 
https://www.businessinsider.co.za/n...-electricity-purchases-on-capitecs-app-2020-6

The days of free airtime and electricity purchases on Capitec’s app are just about over.

The company announced this week that it’s implementing a 50c flat fee on all purchases of airtime and electricity through its app, mobile, and internet banking channels.

The fee also applies when clients buy prepaid data, and SMS bundles.

The charges come into effect from 27 June.

“Capitec has always offered clients the ability to buy prepaid airtime and electricity from the app without taking any margin on these transactions,” said the bank's executive of marketing and communications, Francois Viviers, in response to questions from Business Insider South Africa.
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I'm disappointed with the way Capitec is heading. Other banks are giving free sms notifications but they're still stuck on charging for these and then refusing to implement email notification. The cost of withdrawing cash and their tokens have also gone up tremendously over the years. Now they want to charge for something they get commission on anyway which everyone else provides for free. Charging extra for electricity is also illegal.
 
Swa said:
I'm disappointed with the way Capitec is heading. Other banks are giving free sms notifications but they're still stuck on charging for these and then refusing to implement email notification. The cost of withdrawing cash and their tokens have also gone up tremendously over the years. Now they want to charge for something they get commission on anyway which everyone else provides for free. Charging extra for electricity is also illegal.
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This. If Tyme Bank rolls out a Credit Card and overseas spend later this year I'll jump ship.
 
Swa said:
I'm disappointed with the way Capitec is heading. Other banks are giving free sms notifications but they're still stuck on charging for these and then refusing to implement email notification. The cost of withdrawing cash and their tokens have also gone up tremendously over the years. Now they want to charge for something they get commission on anyway which everyone else provides for free. Charging extra for electricity is also illegal.
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Yip. Saw it coming and that's why I moved back to FNB Easy as my primary account for the free notifications, the linked savings pocket and then Tyme for parking the larger pile with my access bond as the last stop.
 
Swa said:
I'm disappointed with the way Capitec is heading. Other banks are giving free sms notifications but they're still stuck on charging for these and then refusing to implement email notification. The cost of withdrawing cash and their tokens have also gone up tremendously over the years. Now they want to charge for something they get commission on anyway which everyone else provides for free. Charging extra for electricity is also illegal.
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They don’t own any cash centers so that’s why you pay oodles for withdrawals
 
Swa said:
I'm disappointed with the way Capitec is heading. Other banks are giving free sms notifications but they're still stuck on charging for these and then refusing to implement email notification. The cost of withdrawing cash and their tokens have also gone up tremendously over the years. Now they want to charge for something they get commission on anyway which everyone else provides for free. Charging extra for electricity is also illegal.
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Charging more per unit of electricity is
illegal, charging a service fee is not.
 
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Meh, I have a Capitec loan account (main bank is FNB) simply because Capitec gave a large loan with the best interest rate of all the banks I approached at the time, even though I had zero prior relationship with them. That's a good reason to be with them, I reckon.
 
Pho3nix said:
They don’t own any cash centers so that’s why you pay oodles for withdrawals
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What? They have their own ATMs. It's only R1 per R1000 more at other ATMs so they're scoring plenty when people withdraw.
 
Swa said:
What? They have their own ATMs. It's only R1 per R1000 more at other ATMs so they're scoring plenty when people withdraw.
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They have their own ATMs but not their own cash facilities. Won’t go into to much detail but ...
Price for this will be going up as market has changed quite a bit. Quote this post in a year or two. Will happily be wrong
 
Pho3nix said:
They have their own ATMs but not their own cash facilities. Won’t go into to much detail but ...
Price for this will be going up as market has changed quite a bit. Quote this post in a year or two. Will happily be wrong
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Their whole business model is becoming more expensive which is opposite to where the market is heading. And they used to charge per withdrawal.
 
Swa said:
Their whole business model is becoming more expensive which is opposite to where the market is heading. And they used to charge per withdrawal.
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That’s what I’m leading too. It was cheaper when they could rent services. Other banks have changed their models to own everything to minimize thus why you see more accounts that challenge Capitec on cost. FNB, Standard Bank and most notably Tyme
 
Pho3nix said:
That’s what I’m leading too. It was cheaper when they could rent services. Other banks have changed their models to own everything to minimize thus why you see more accounts that challenge Capitec on cost. FNB, Standard Bank and most notably Tyme
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I'm not referring to their business but the model they present to the public. Nothing much has changed which is precisely the problem. They refuse to implement free services that cost nothing extra and instead want us to use things like charged smses. Now they want to charge for something they already receive commission on.
 
Swa said:
I'm not referring to their business but the model they present to the public. Nothing much has changed which is precisely the problem. They refuse to implement free services that cost nothing extra and instead want us to use things like charged smses. Now they want to charge for something they already receive commission on.
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But that’s the thing, their business hasn’t changed so their model won’t.
They’ve milked the “affordable” bank narrative so much that they are actually more expensive than other banks in some respects but people don’t check or care. So why would they?
 
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