So I went to Capitec

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....
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A loophole if you are so inclined is you can say a card machine swallowed your card, most banks replace the card free of charge in that case..
 
I've racked up over R50 in fees just from that R3 international master card fee.

It's quite disappointing - relative to the purchases the fee is extraordinary. @rpm can we cover this?
 
Dean01 said:
I've racked up over R50 in fees just from that R3 international master card fee.

It's quite disappointing - relative to the purchases the fee is extraordinary. @rpm can we cover this?
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Is this on credit and debit card whenever you pay online for something not in ZA?
 
backstreetboy said:
Yes even if it's ZAR.
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It's ridiculous.
They just gave a blunt response to my email and said they can't refund it.
Even though I didn't make 5 online transactions. So they stole from me.

I checked. I paid one online transaction.
 
|tera| said:
It's ridiculous.
They just gave a blunt response to my email and said they can't refund it.
Even though I didn't make 5 online transactions. So they stole from me.

I checked. I paid one online transaction.
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Maybe previous transactions? The R3 doesn't always go off on the same day as the transaction for me.
 
|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.
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I pay for a lot of foreign items and have a FNB Savings account which I exclusively use for Forex. Never a moment's bother and its all done on-line. Bit of a fiddle getting SWIFT codes sometimes. I also note that I get charged a SWIFT fee of R295,00 about 3 weeks after the remittance reaches the bank. Strangely, this is not charged by US banks, only Europe and the UK (well, up to now)

This is one service Capitec cannot offer (yet) and I doubt they will, as the demand is not great

Other than that, Capitec are very good. I receive a pension sent by the Dept of Social Services in UK and the commission is minimal

I saw the R3,00 on my Netflix subs. It only started in March. Its not stealing, it is a MC fee
 
chrisc said:
I pay for a lot of foreign items and have a FNB Savings account which I exclusively use for Forex. Never a moment's bother and its all done on-line. Bit of a fiddle getting SWIFT codes sometimes. I also note that I get charged a SWIFT fee of R295,00 about 3 weeks after the remittance reaches the bank. Strangely, this is not charged by US banks, only Europe and the UK (well, up to now)

This is one service Capitec cannot offer (yet) and I doubt they will, as the demand is not great

Other than that, Capitec are very good. I receive a pension sent by the Dept of Social Services in UK and the commission is minimal

I saw the R3,00 on my Netflix subs. It only started in March. Its not stealing, it is a MC fee
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They've acquired Mercantile bank that has it so I guess it's just a matter of time.
 
backstreetboy said:
They've acquired Mercantile bank that has it so I guess it's just a matter of time.
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They told me this time last year and I opened an account. A very cumbersome operation for them, FNB have the on-line system well organised

Tried Mercantile twice. First time they asked for a tax clearance. The lady had not heard of the R1m discretionary allowance, neither had her superior
 
chrisc said:
I pay for a lot of foreign items and have a FNB Savings account which I exclusively use for Forex. Never a moment's bother and its all done on-line. Bit of a fiddle getting SWIFT codes sometimes. I also note that I get charged a SWIFT fee of R295,00 about 3 weeks after the remittance reaches the bank. Strangely, this is not charged by US banks, only Europe and the UK (well, up to now)

This is one service Capitec cannot offer (yet) and I doubt they will, as the demand is not great

Other than that, Capitec are very good. I receive a pension sent by the Dept of Social Services in UK and the commission is minimal

I saw the R3,00 on my Netflix subs. It only started in March. Its not stealing, it is a MC fee
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Mastercard fee or not.
It came out of the blue with no warning.
R3 per transaction adds up.
I've had this account for years. Paid simple fees and my account fee is R5.

So that little money that flows through the account is less due to this.
 
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backstreetboy said:
Still cheaper than paying FNB etc. 2.75%... only gripe for me is it's charged on Netflix as well.
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No it's not. Anything under R150 which is the majority of transactions and I pay more. I paid R6 to do R15.86 in transactions. It would be cheaper to transfer to Tyme first, or perhaps use Paypal if they have their own payment processor. I'm waiting to see what Bankzero comes up with. Also how do you know you're not paying a hidden fee anyways?
 
Swa said:
No it's not. Anything under R150 which is the majority of transactions and I pay more. I paid R6 to do R15.86 in transactions. It would be cheaper to transfer to Tyme first, or perhaps use Paypal if they have their own payment processor. I'm waiting to see what Bankzero comes up with. Also how do you know you're not paying a hidden fee anyways?
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Would Google play Store purchases attract the R3 fee?
 
Capitec must be making a killing off this R3 fee, just imagine how many intl transactions per day are now attracting the R3 fee and then x 365, it's got to be a good extra hundred million or 2 they'll be taking in each year?
 
Swa said:
No it's not. Anything under R150 which is the majority of transactions and I pay more. I paid R6 to do R15.86 in transactions. It would be cheaper to transfer to Tyme first, or perhaps use Paypal if they have their own payment processor. I'm waiting to see what Bankzero comes up with. Also how do you know you're not paying a hidden fee anyways?
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Pretty well known and posted here as well...
backstreetboy said:
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.
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airborne said:
Would Google play Store purchases attract the R3 fee?
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Most likely. Even Steam and Facebook are attracting it.

backstreetboy said:
tiftfy
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How do you know they make R3 per transaction? Actually Mastercard charges a percentage when switching currencies which Capitec passes on in any case. Merchants charge retailers a fee and merchants in turn get charged a fee by the card sponsor. This sounds very much like being profit driven by Capitec or are you saying Mastercard is double dipping?
 
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