So I went to Capitec

backstreetboy said:
Most other banks charge a currency conversion fee of charge 2.75% so you'll have to see if the flat fee of Capitec is cheaper.
Click to expand...
It's still fkdup.
I've been making the same payments for almost 2 years. No fees.
Now it's standard.
Pisses me off.
 
|tera| said:
I see on my Capitec statement today that I am being charged a R3 Mastercard International Processing fee.

Just out of the blue.
I've been using my card the exact same way for invoice payments at service providers. Checked last month and these fees aren't on last month's transactions.

This is a bugger. Doesn't sound like much. But now I'm charged R9 each month just to use my debit card online?

Not cool.
Click to expand...

Is this also applicable to payments via Paypal?

I made a payment through them and don't have a R3 Mastercard International Processing fee.
 
Stokstert said:
Is this also applicable to payments via Paypal?

I made a payment through them and don't have a R3 Mastercard International Processing fee.
Click to expand...
Unsure.

I see there's 4 transactions, but I only make 2 online payments a month with this account. My Spotify and a hosting package.

Other payments are done on TymeBank.
So why would it be 4 fees of the same?

I sent them an email.
But not expecting a response.
 
|tera| said:
I see on my Capitec statement today that I am being charged a R3 Mastercard International Processing fee.

Just out of the blue.
I've been using my card the exact same way for invoice payments at service providers. Checked last month and these fees aren't on last month's transactions.

This is a bugger. Doesn't sound like much. But now I'm charged R9 each month just to use my debit card online?

Not cool.
Click to expand...
See here https://mybroadband.co.za/forum/threads/so-i-went-to-capitec.694410/post-27008046

backstreetboy said:
Most other banks charge a currency conversion fee of charge 2.75% so you'll have to see if the flat fee of Capitec is cheaper.
Click to expand...
They don't. This is a separate processing fee and not a conversion fee. There was a big hoopla when some banks decided to charge a processing fee on top of their conversion fees or for international transactions. Most banks only charge you a conversion fee within the payment which doesn't apply if the amount is already converted to Rand.

Stokstert said:
Is this also applicable to payments via Paypal?

I made a payment through them and don't have a R3 Mastercard International Processing fee.
Click to expand...
I assumed it was, but maybe Paypal has their own local merchant.
 
Swa said:
They don't. This is a separate processing fee and not a conversion fee. There was a big hoopla when some banks decided to charge a processing fee on top of their conversion fees or for international transactions. Most banks only charge you a conversion fee within the payment which doesn't apply if the amount is already converted to Rand.
Click to expand...
Sure they do. STB does it and I assume others as well.
 
Thanks Swa.
This is the type of stuff that makes me move and close accounts.
I don't have time to wonder which arbitrary fees might creep up.
Even if it's a low amount.
 
backstreetboy said:
Most other banks charge a currency conversion fee of charge 2.75% so you'll have to see if the flat fee of Capitec is cheaper.
Click to expand...
What evidence do you have of this because Capitec could be slipping the "conversion fee" into the currency spot rate they offer?

From the way I see it this R3 is a mandatory extra processing fee over and above anything else they charge with an intl transaction.

Could you breakdown the fee cost of a R1000 intl purchase on FNB vs Capitec?
 
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backstreetboy said:
Sure they do. STB does it and I assume others as well.
Click to expand...
We've had this discussion and most don't. This is a new thing and I guess since even Capitec started it now most will be doing it. I think you don't know what a conversion fee is and when it applies and what a transaction fee is.
 
airborne said:
What evidence do you have of this because Capitec could be slipping the "conversion fee" into the currency spot rate they offer?

From the way I see it this R3 is a mandatory extra processing fee over and above anything else they charge with an intl transaction.

Could you breakdown the fee cost of a R1000 intl purchase on FNB vs Capitec?
Click to expand...
It does not really matter though. A conversion fee is when your bank converts the transaction from a foreign currency and is usually added to the transaction. The conversion can also be done on the side of the merchant where you get quoted in Rand. Banks became wise to this however and that they were losing out and a few years ago started tacking on an extra international payment fee separate to the payment.

It's definitely not something that they all do or even the norm as was discussed.

EDIT: Found the article https://mybroadband.co.za/news/bank...rge-you-to-pay-your-netflix-subscription.html
Seems it's indeed Standard and Nedband that charged this extra fee.
 
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All these R3 triggered on small transactions add up. Honestly feel like this was a low blow from capitec.

Pissed enough to switch banks.
 
Dean01 said:
All these R3 triggered on small transactions add up. Honestly feel like this was a low blow from capitec.

Pissed enough to switch banks.
Click to expand...
Same here. I'm definitely looking out for a better account now.
 
Swa said:
We've had this discussion and most don't. This is a new thing and I guess since even Capitec started it now most will be doing it. I think you don't know what a conversion fee is and when it applies and what a transaction fee is.
Click to expand...
Swa said:
It does not really matter though. A conversion fee is when your bank converts the transaction from a foreign currency and is usually added to the transaction. The conversion can also be done on the side of the merchant where you get quoted in Rand. Banks became wise to this however and that they were losing out and a few years ago started tacking on an extra international payment fee separate to the payment.

It's definitely not something that they all do or even the norm as was discussed.

EDIT: Found the article https://mybroadband.co.za/news/bank...rge-you-to-pay-your-netflix-subscription.html
Seems it's indeed Standard and Nedband that charged this extra fee.
Click to expand...
Lol too funny.
 
airborne said:
What evidence do you have of this because Capitec could be slipping the "conversion fee" into the currency spot rate they offer?

From the way I see it this R3 is a mandatory extra processing fee over and above anything else they charge with an intl transaction.

Could you breakdown the fee cost of a R1000 intl purchase on FNB vs Capitec?
Click to expand...
It's been known since yonks? https://sundayworld.co.za/breaking-news/capitec-keeps-fees-stable-in-turbulent-times/

The bank however remains committed not to charge a commission on the exchange rate where traditional banks easily add 2.5% to the transaction, making Capitec the most affordable option for international travel. Card payments made at South African retailers remain free.
Click to expand...
 
Dean01 said:
All these R3 triggered on small transactions add up. Honestly feel like this was a low blow from capitec.

Pissed enough to switch banks.
Click to expand...
Indeed. Most of my international transactions are below R150. R3 is way more than 2%. I have a feeling Capitec knows this and this is nothing more than a money grab like when they increased withdrawal fees and then decided to charge a transaction fee on electricity and airtime on top of the commission they already earn.
 
I'm surprised my displeasure with their rule of charging to replace an expired card wasn't shared as widely in here.

In case you're wondering, I've stuck to my guns and still not paid them their asking price....
 
FlashSA said:
I'm surprised my displeasure with their rule of charging to replace an expired card wasn't shared as widely in here.

In case you're wondering, I've stuck to my guns and still not paid them their asking price....
Click to expand...

I disagree with the policy. That said, I look at the R60 every 5 years as R1 per month, and Capitec still works out cheaper than other banks.
 
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