TIPS TO SAVE BANK FEES

CityPress - - Business - Neil Thomp­son, head of prod­uct at African Bank

1

Where is the cheap­est place for me to with­draw my cash? Gen­er­ally, it is cheap­est to with­draw money at till points at lo­cal re­tail stores. It is def­i­nitely more costly to with­draw cash at an ATM and, if you go into a branch to with­draw your money, the fee will be even higher.

2

Does it cost more to trans­fer cash on­line or should I go into my bank? It is cheap­est to make trans­fers and pay­ments on­line us­ing in­ter­net bank­ing or app or cell­phone bank­ing. It is ex­pen­sive to go into a bank’s branch to make a trans­fer, and many banks ac­tu­ally scrap their trans­ac­tional fees when deal­ing with purely dig­i­tal trans­ac­tions.

3

Is it cheaper to draw from my own bank’s ATM or can I go any­where? It is al­ways cheaper to use your own bank’s ATM. With­drawal fees are higher for Saswitch ATMs than your own bank’s ATM.

4

Does it make sense to hold dif­fer­ent ac­counts at dif­fer­ent banks? Each ac­count will at­tract monthly ac­count fees, so it will be more cost-ef­fec­tive to bank where you get the best deal for your needs.

5

Is it cheaper to with­draw cash us­ing my credit card or my debit card? Only with­draw cash from your debit card – banks charge high fees for cash with­drawals from credit cards. If you need to use your credit card, swipe it as most banks’ credit cards of­fer free swipes at a till points.

It is def­i­nitely worth avoid­ing un­nec­es­sary fees. Ide­ally try to avoid any ATM fees by an­tic­i­pat­ing your cash needs in ad­vance so you’re not forced to turn to the clos­est ma­chine if you find your­self in a rush and low on money.

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