Cheapest Internet banking fees in South Africa

FNB’s Easy PayU account offers the most affordable online banking transaction fees among major banks in South Africa, while Absa’s Transact account was the most expensive, a MyBroadband analysis of entry-level bank accounts showed.

Online banking services became essential as the Covid-19 pandemic and resultant lockdowns restricted people’s movement.

Several of South Africa’s major banks have also been closing or downsizing their branches, with customers becoming more accustomed to the convenience of banking online.

While many customers have switched to app-based online banking, some might still prefer the ease-of-use and simple navigation that comes with Internet banking, where you can use a large desktop monitor or laptop screen.

We compared the fees charged by South Africa’s major banks for using various common Internet banking services like instant payments, buying airtime, disputing debit orders, and getting emailed statements.

For our comparison, we looked at the bank accounts from Absa, Capitec, Discovery Bank, FNB, Nedbank, Standard Bank, and TymeBank with the cheapest monthly fees.

Bank Zero was excluded from this comparison because it does not offer Internet banking services alongside its app (see: App-based banking fee comparison).

For an indicative monthly cost of using each account, we created a mixed basket of transactions and services often used by banking customers.

This basket consisted of the following:

  • 5 payments
  • 3 prepaid airtime purchases
  • 1 instant payment of R1,000
  • 1 stop payment
  • 1 debit order dispute
  • 1 emailed statement
  • Monthly fee

Little to separate

Out of the accounts and services we compared, FNB’s Easy PayU account narrowly beat the Capitec Global One account for the top spot.

Its basket cost worked out to R22.95, while Capitec’s was R24.50.

Between the first-placed FNB account and the sixth-placed Nedbank account, there was only a difference of about R13.

However, Absa’s Transact account was way more expensive than the rest, with a basket cost of R71.40.

A large part of this was due to the exorbitant Stop payment fee of R32, which varied between R0 and R10 on the other accounts.

It should be noted that your experience might differ significantly from our analysis, as the basket cost would depend on your banking habits.

The table below shows how the rates of various online banking services compare between different entry-level bank accounts in South Africa.

Online banking rates — Major banks
Absa Transact Capitec Global One FNB Easy PayU Nedbank Pay-As-You-Use Standard Bank MyMo PAYT
Payments R1.00 To Capitec account: R1.00
Other bank: R1.50
R1.00 R2.20 R1.20
Instant payment Up to R1,000: R10.00
Over R1,000: R49.00
R7.50 R8.00 Up to R3,000: R10
Over R3,000: R49
Below R2,000: R10
R2,000 and above: R50
Stop payments R32.00 No charge No charge R5 R2.00
Debit order dispute Before 40 days lapsed: R5 R9.00 R5.00 R5 R5.00
Emailed statement (last 30 days) R10.00 No charge No charge No charge No charge
Buy prepaid airtime fee R1.50 R0.50 No charge R1.50 R0.50
Monthly fee R4.90 R6.50 R4.95 No charge R4.95
Basket cost R71.40 R24.50 R22.95 R35.50 R29.45
Online banking rates — Digital-only banks
Discovery Bank Gold TymeBank Debit
Payments R2.50 No charge
Instant payment R10.00 R7.00 per R1,000
R35.00 maximum
Stop payments No charge R10.00
Debit order dispute R5.00 Before 60 days lapsed: R10.00
Older than 60 days: R60.00
Emailed statement (last 30 days) No charge No charge
Buy prepaid airtime fee No charge No charge
Monthly fee R10.00 No charge
Basket cost R32.50 R27.00

Now read: IT workers quitting Big Tech for fintech

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Cheapest Internet banking fees in South Africa