Capitec Bank announces fees for 2020

CAPE TOWN – Capitec, with more than 6.9 million digital clients, announced on Monday that it would not increase fees for digital banking and debit orders in 2020.

Capitec chief executive Gerrie Fourie said in a statement that digital banking was transforming the way South Africans managed their money. 

“The convenience of doing payments, buying data or managing your accounts on your phone helps clients save time and money and puts the control in the palm of their hands. Last year we lowered our digital banking fees, helping our clients to save over R200 million. This year we’re not increasing those fees,” he said.

Fourie said electronic payments fees on app, USSD and internet banking (R1) would not increase, while transfers between own accounts, email statements and the purchase of airtime and electricity were free on digital platforms. Going forward, the Global One monthly admin fee will also remain at R5.

“It’s another way we’re helping our clients to simplify their financial lives, as real-time payments are a safe digital replacement for carrying cash. It gives clients the opportunity to pay someone immediately and is often more affordable than withdrawing larger amounts of money,” said Fourie.

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. “We’ve kept these fees affordable as people often have numerous debit orders, which can quickly add up each month.” said Fourie.

He said while Capitec was driving digital transformation in the banking industry, they recognised that cash remained a reality for many South Africans. However the cost of managing cash was increasing far ahead of inflation, and it was increasingly less secure for clients compared to digital payments. 

Cash withdrawal fees at retailers provide an alternative to ATMs and are an affordable R1.20 per withdrawal. Clients can get cash at Pick n Pay, Shoprite, Checkers or Boxer stores nationwide. Withdrawals from Capitec branded ATMs are up from R6 to R8 (per R1000), while withdrawals from non-Capitec ATMs are now R9 per R1000 (from R8).

Personal service remains a priority for Capitec and in-branch transfers and payments, at one of their over 840 branches countrywide, have only increased from R6 to R7.

Fourie said Global One remained the best card for international travel, offering clients simple, transparent fees with no hidden costs. International card payments remained free and Capitec continued to charge no currency conversion fees when clients select to pay in the local currency. Just in December this amounted to savings of over R11 million for clients who were travelling abroad.

“Most people don’t realise that they pay 2.5 percent to 3 percent in currency conversion fees when they swipe their cards internationally. Capitec gives you the exchange rate of the day and charges no fees on the conversion. This can save you thousands of rand during a single holiday, which can rather be spent on experiences to make your trip even better. You can use your Capitec card anywhere in the world you see the MasterCard logo.” he said.  

New bank fees 2020 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

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