R10 for a fax and R25 for a letter – Big bank fee comparison

Bank Zero, TymeBank, and Discovery Bank aim to take away customers from the big banks in 2019.

To do this, they are focusing on a range of gripes customers have with their existing banks – including bank charges.

Transaction costs and monthly service fees can cost South Africans several hundred rand per month, and certain banks go so far as to charge for basic services like sending an email.

Knowing which banks offer the best deals can therefore save you serious money over the course of a year.

To see how local banks compare when it comes to fees, we conducted a price comparison using several accounts below.


FNB

An FNB Premier Cheque Account is available to customers who earn between R300,000 and R749,999 per year.

The Premier Cheque Account comes in three options: Pay-As-You-Use, Unlimited, and Bundled.

  • Pay-As-You-Use costs R47.50 per month
  • Unlimited costs R199 per month, but subsidises or completely nullifies a host of additional fees and costs
  • Bundled is almost identical to Unlimited, but offers a credit card as well as a slightly higher deposit and withdrawal threshold before Pay-As-You-Use rates kick in. The Bundled package costs R209 per month.
FNB
Card payments Free
FNB ATM withdrawal R1.90 per R100
Other ATM withdrawal R9 + R1.90 per R100
International ATM withdrawal R70 + 2.75%
Cash deposit at FNB ATM R0.95 per R100
Cash deposit at FNB branch R60 + R2.10 per R100
Cheque deposit at FNB ATM or branch R50 + R7.50 per cheque (Max R120)
Debit order (Internal) R4.20
Debit order (External) R18.50
Emailed statement Free
FNB ATM Balance enquiry Free
Posted statement R17
Overdraft service fee R57.50
Payment notification (Email) R0.90
Payment notification (SMS) R1.25
Payment notification (Fax) R7

Standard Bank

Standard Bank’s Prestige Cheque Account is available to customers who earn at least R25,000 per month.

It costs R205 per month to use their bundle option, which includes a variety of benefits such as unlimited debit orders, electronic account payments, inter-account payments, purchases, and SMS notifications.

Also included in this cost is up to R10,000 Standard Bank ATM cash withdrawals, up to three Standard Bank ATM cash deposits, and free emailed monthly statements, cash withdrawals at certain retailers, and online banking.

Alternatively, you can use their pay-as-you-transact offer, which will cost a minimum of R110 per month, as well as a R14.50 card fee.

Standard Bank
Card payments Free
Standard Bank ATM withdrawal R1.85 per R100
Other ATM withdrawal R9 + R1.85 per R100
International ATM withdrawal R45 + R1.85 per R100
Cash deposit at Standard Bank ATM R1.85 per R100
Cash deposit at Standard Bank branch R8.50 + R1.85 per R100
Cheque deposit at Standard Bank ATM or branch R45
Debit order (Internal) R4.50
Debit order (External) R18.00
Emailed statement R2.60
Standard Bank ATM Balance enquiry (No slip) Free
Standard Bank ATM Balance enquiry (Slip) R1.60
Posted statement R25
Overdraft service fee R69.00
Payment notification (Email) R1.10
Payment notification (SMS) R1.25
Payment notification (Fax) R10

Capitec

Capitec’s Global One Account is the transactional account offered by Capitec and allows customers to use a Capitec debit or credit card.

It is only offered as a pay-as-you-transact product.

Capitec
Card payments Free
Capitec ATM withdrawal R0.60 per R100
Other ATM withdrawal R0.80 per R100
International ATM withdrawal R60
Cash deposit at Capitec ATM R1 per R100
Cash deposit at Capitec branch R2.75 per R100
Cheque deposit at Capitec ATM or branch R60
Debit order R3.50
Emailed statement Free
Capitec ATM Balance enquiry Free
Other ATM Balance enquiry R6
Printed statement (branch) R10
Payment notification (Email) Free
Payment notification (SMS) R0.40
Payment notification (Fax) R1

Absa

The Absa Premium Banking Account is available to customers who earn a minimum income of R25,000 per month.

In its bundled form it costs R179 per month, and offers benefits such as a number of free withdrawals and deposits, as well as additional features like as 50% off Nu Metro movie tickets.

Absa
Card payments Free
Absa ATM withdrawal R4.50 + R1.50 per R100
Other ATM withdrawal R7.50 + R1.50 per R100
International ATM withdrawal R65
Cash deposit at Absa ATM R4.50 + R1.50 per R100
Cash deposit at Absa branch R45 + R1.65 per R100
Cheque deposit at Absa ATM Free
Cheque deposit at Absa branch R50
Debit order (Internal) Free
Debit order (External) R19
E-statement Free
Absa ATM Balance enquiry Free
Other ATM Balance enquiry Free
Printed and/or mailed statement (branch) R30
Overdraft fee R69
Payment notification (Email) Free
Payment notification (SMS) Free

Nedbank

Nedbank’s Savvy bundle costs R200 and includes options such as a Platinum cheque or credit card, unlimited transactions, and an overdraft facility.

Nedbank
Card payments Free
Nedbank ATM withdrawal R7
Other ATM withdrawal R8 + R2 per R100
International ATM withdrawal R50 + R2 per R100
Cash deposit at Nedbank ATM R1 per R100
Cash deposit at Nedbank branch R25 + R2 per R100
Cheque deposit at Nedbank branch R45
Debit order (Internal) Free
Debit order (External) R5.50
Emailed statement Free
Nedbank ATM Balance enquiry (No slip) Free
Nedbank ATM Balance enquiry (Slip) R7
Printed statement R30
Overdraft service fee R43
Payment notification (Email) R0.95
Payment notification (SMS) R1.10
Payment notification (Fax) R8

TymeBank

TymeBank is the first of South Africa’s three big digital banks to unveil its pricing. Bank Zero and Discovery Bank are yet to launch their pricing structures.

TymeBank
Monthly fee Free
Card payments Free
ATM Withdrawal (Other bank) R0.80 per R100
Point of sale withdrawal (PnP and Boxer) Free
Point of sale withdrawal R2
Cash deposit at till point (PnP and Boxer) R4
Debit order R2
Emailed statement Free
Online/App/Kiosk Balance enquiry Free
Other ATM Balance enquiry R4
Payment notification (SMS) Free

Now read: R1.10 to send an email – Bank fees must die

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R10 for a fax and R25 for a letter – Big bank fee comparison