TIPS TO SAVE BANK FEES
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.
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.
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.
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.
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.