South African banks are in constant competition to offer the most feature-rich accounts at the most affordable rates.
With the increase in popularity of Pay As You Use (PAYU) accounts, the monthly services fees for basic accounts have dropped to almost inconsequential amounts.
Of the five banks we chose to compare, the highest fee is R5 per month, whereas the lowest is R0.
These low monthly fees are supplemented by higher transaction fees than you would pay on more expensive accounts.
Our comparison took into account South Africa’s five major banks: FNB, Capitec, Absa, Standard Bank, and Nedbank.
To compare the different banks, we selected the account with the lowest service fee from each bank, with the only other prerequisite being the ability to make international transactions.
For readability, the comparison only considers a few essential fees and transaction types such as how much the banks charge to maintain the account, and how much it costs to spend money.
Benefits, like rewards programmes, discount coupons, or sweeteners like airtime or data have not been taken into account.
Also not shown in the table below are local point of sale fees, or card swipes, which are free for all bank clients as merchants pay these transaction fees.
|Bank charges in South Africa|
|Transaction||Standard Bank MyMo||FNB Easy PAYU||Nedbank PAYU||Absa Transact||Capitec Global One||Winner on R1,000 Transaction|
|Withdrawal (Native)||R7.50 per R1,000||R7 per R1,000||R8 per R1,000||R8 per R1,000||R7.50 per R1,000||FNB|
|Withdrawal (Other)||R10 per R1,000||R15 per R1,000||R10.50 + R2.20 per R100||R12 + R2.20 per R100||R9.75 per R1,000||Capitec|
|Withdrawal (International)||R20 per R1,000 + 2.75% transaction fee||R80 + 2.75% transaction fee||R55.00 + R2.20 per R100||R80 + 2.75% transaction fee||R70 + 2.75% transaction fee||Standard Bank|
|Card payment (foreign currency)||2.75%||2.75%||2.75%||2.75%||R1 for transactions under R200
R3 for transactions over R200