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Capitec updates banking fees, are you paying more or less for 2020?

Capitec announced that it has made changes to its banking fees for 2020 that will include a fixed price on monthly account costs and increases on cash transactions.

Due to a focus on digital transformation, Capitec has announced it won’t increase fees for digital banking and debit orders in 2020 as it has a digital customer base of 6.9 million people.

Electronic payments fees on app, USSD and internet banking (at R1) will not increase, while transfers between own accounts, email statements and the purchase of airtime and electricity are free on digital platforms.

Going forward, the Global One monthly admin fee will also remain at R5, the group said. Debit order fees remain the same at R3.50.

App-based debit order disputes are R5 and approving debit orders on DebiCheck, a new type of debit order requiring confirmation from the client before an order can go ahead, are R1

Withdrawals from Capitec ATMs are increasing from R6 per R1000 to R8 per R1000, while withdrawals at other banks’ ATMs are R9.

Cash withdrawal fees at retailers such as Pick n Pay, Shoprite, Checkers or Boxer will cost customers R1.20 per withdrawal. 

The bank also noted that in-branch transfers and payments will increase by R1. 

See pricing here, this will take effect as of 1 March 2020:

R0:

  • Pay with your card or shop worldwide
  • Transfer money between your own accounts
  • Email statements from the banking app or on internet banking
  • Access your accounts on the banking app or internet banking (zero data costs)

R1

  • Payments and transfers on the app or internet banking

R1.20

  • Cash withdrawal at till points

R3.50

  • Debit orders

R5

  • Monthly admin fee

R7

  • In-branch payments and transfers

R8

  • Immediate payment on app and internet banking

R8 per R1000

  • Cash withdrawal at Capitec branded ATM

R9 per R1000

  • Cash withdrawal at any other ATM in South Africa

 

Written by: Staff Writer.

Guzzle Media 

 

 

 

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