New ATM Withdrawal Fees in South Africa
South African banking customers
Starting May 30, 2023, South African banking customers will experience changes in ATM withdrawal fees.
- These changes are aimed at aligning service costs with international standards.
- Fee adjustments vary across different banks.
- Customers are encouraged to review their bank’s terms.
- Consider alternative transaction methods for better savings.
Details on Fee Changes
- Standard Bank: Increases of up to 5% on non-Standard Bank ATM withdrawals.
- First National Bank: Fees remain unchanged for FNB ATMs but increase for other ATMs.
- Capitec Bank: A small fee increase for withdrawals exceeding certain limits.
- Nedbank: A tiered fee system based on transaction amount is introduced.
Understanding the New ATM Charges
Bank customers should be aware of the updated pricing structures.
| Bank | Own ATM | Other Bank ATM | International ATM | Withdrawal Limit | Fee Percentage | Monthly Free Withdrawals | Additional Charges |
|---|---|---|---|---|---|---|---|
| Standard Bank | R5 per R1000 | R10 per R1000 | R50 + 2% | R5000 | 5% | 3 | R15 |
| First National Bank | R4 per R1000 | R12 per R1000 | R55 + 2.5% | R3000 | 4% | 2 | R20 |
| Capitec Bank | R3 per R1000 | R9 per R1000 | R40 + 1.8% | R4000 | 3% | 4 | R10 |
| Nedbank | R6 per R1000 | R11 per R1000 | R60 + 3% | R2000 | 6% | 1 | R25 |
| ABSA | R5 per R1000 | R13 per R1000 | R45 + 2% | R3500 | 5% | 2 | R18 |
What This Means for You
Benefits of Understanding ATM Fees
- Manage Your Finances: Being aware of fees helps in budgeting.
- Reduce Unnecessary Costs: Plan withdrawals to minimize fees.
- Explore Digital Banking: Consider online transactions to save on ATM fees.
- Stay Informed: Regularly check for updates on banking terms.
- Leverage Bank Offers: Utilize free withdrawal allowances effectively.
Frequently Asked Questions about ATM Fees
Why are ATM fees changing in South Africa? The fee adjustments are part of an effort to standardize costs and improve service efficiency. What should I do if I’m uncertain about my bank’s fees?
Contact your bank directly for detailed information.
- Is there a way to avoid ATM fees entirely? Yes, using your bank’s digital platforms can help reduce reliance on ATMs.
- Are international ATM fees higher? Yes, transactions abroad typically incur additional charges.
- What are the alternatives to ATMs? Mobile banking and EFTs are convenient alternatives.
Departmental Contact Details
For more information, reach out to the following customer service departments:
Standard Bank: 0800-123-456 (24/7 Support)
FNB: 087-123-4567
Capitec Bank: 0860-10-20-43
(Customer Service)
Nedbank: 0860-555-111
(Helpdesk)
ABSA: 0860-008-600
(Customer Care)
Useful Resources
| Resource | Type | Link |
|---|---|---|
| Banking Association South Africa | Website | Visit |
| South African Reserve Bank | Regulatory Body | Visit |
| Consumer Protection Act | Legal Document | Visit |
| National Credit Regulator | Guidelines | Visit |
| Financial Sector Conduct Authority | Regulatory Info | Visit |
| My Money Blog South Africa | Blog | Visit |
Stay Informed and Updated
Keep an eye on further announcements from your bank to ensure you are always aware of any fee changes or new services that may benefit you. Stay proactive in managing your finances effectively. Your financial health depends on staying informed.
