CAPITEC is one of the most loved banks in Mzansi as it boasts over 19 million clients.
With over 20 years in the banking industry, the country’s largest digital bank continues to offer the most affordable online banking fees.
Despite all of this client-centricity success, the bank has announced its updated banking fees for 2023.
On Monday, 20 February, it said it will be increasing its old transactions such as cash withdrawals, branch fees and its Global One Account monthly fee.
In a statement, group executive of marketing and communications Francois Viviers said the bank recognises that times are tough as essential items have gone up significantly the previous year.
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“The high inflation on fuel, accommodation, electricity and food, and interest rate hikes have pinched the pockets of all people in South Africa.
“Offering cash and branch-based banking is expensive due to the cost of transporting and securing cash and running branch infrastructure,” Viviers said.
Viviers said their strategy remains to motivate clients to do digital banking with zero fees on card payments or online payments.
Starting from 1 March, Capitec clients will be charged as follows:
• R7 monthly Global One Account fee
• R50 monthly credit card fee
• R9,50 per R1000 for withdrawals at Capitec ATMs
• R10,50 per R1000 for withdrawals at other ATMs
• R9,50 to send cash from R40 to R1000
• R16,00 to send cash from R1010 to R3000
• R16,00 to retrieve statements from a Capitec branch
• R4 to retrieve statements from a Capitec ATM or self-service terminal
In the midst of all this increases, the bank has introduced several solutions in its digital systems to enhance its value-for-money proposition.
These new services include Capitec Connect which has mobile data that never expires, Apple Pay, Samsung Pay and Lotto just to mention a few.
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