Capitec to reduce its fees for digital banking
CAPITEC Bank is further lowering its digital banking fees in 2019.
From March 1, the monthly administration fee on the Global One account will decrease from R5.75 to R5. International and online card purchases, transfers between own accounts, and emailing statements on mobile and internet banking will remain free.
Francois Viviers, the executive head of marketing and communications at Capitec Bank said: “We’ve lowered our digital fees, helping our clients to bank better. This will have a knock-on effect, and we’re likely to see digital fees lowered across the industry.”
The fee for payments via mobile and internet banking will decrease to R1 (from R1.60) per transaction. Immediate payments will also decrease to R8 (from R10).
Debit order fees will decrease to R3.50 (from R3.70).
In-branch transfers and payments will increase slightly to R6 per transaction (from R5.30).
Cash withdrawals from Capitecbranded ATMs will cost R6 per R1 000, while the fees from other ATMs will be lowered to R8 per R1 000.
“We know that cash is a reality for most South Africans, so we have reduced the cost of cash withdrawals up to the first R1 000. If clients need to make larger payments, we motivate them to use their card or phone instead of cash,” says Viviers.
The cash withdrawal fee at all Pick n Pay, Shoprite, Checkers and Boxer till-points will decrease to R1 (from R1.60).
Capitec Bank experienced its highest single-month uptake to date, with more than 266 000 clients joining the bank in January 2019.