Registered as South Africa’s biggest banking institution by retail customers, Capitec Bank has released new banking fees.
The Western Cape-based, Stellenbosch, bank has updated its new fees that will kick in next month as media reports suggest.
Capitec clients will see a sharp increase in the cost to get money into and out of their accounts, with cash deposits and withdrawals being hiked by 8% and 19%, respectively.
BusinessTech Africa has discovered that deposits at ATMs will increase from R1.30 per R100 deposited to R1.40 per R100, while cash withdrawals will jump from R8.00 per every R1,000 withdrawn to R9.50.
Most digital transactions are set to stay the same, with card and online purchases remaining free; however, some transactions will also see price increases.
Payments to other banks will now cost R2 per transaction (up from R1.50 last year), and send cash fees have increased in line with withdrawal fees – ie, up to R9.50 from R8.00 previously.
Point of sale withdrawals are set to remain unchanged at R1.75 per transaction and the bank has introduced a host of new services, including:
- Capitec Connect
- Capitec Pay
- Pay Bills
- Vouchers
- LOTTO
- Apple Pay
- Samsung Pay
- Google Pay
“Paying bills or playing Lotto through the Capitec app and online services will draw a fee of R1 per transaction,” reports BusinessTech.
“Capitec Pay purchases are also charged at R1, while Apple, Google, and Samsung Pay are treated as normal card purchases and are free.
“The bank also now offers self-service transactions (SST) from in-branch terminals – some of which carry a new set of fees, such as DebiCheck authentication at R5.00 per transaction.”
Meanwhile, the new and updated fees are expected to come into effect from 1 March 2023.
