Purpose of This Comparison
This tool is designed to help banking customers compare the cost of everyday banking services. It focuses on accounts that do not require a minimum balance and are widely accessible. All fees listed are based on publicly available data from the respective banks' websites as of March 2025.
Fee Breakdown for Banks
This Table shows how much banks charge for their services.
Follow the steps and examples of how to utilise the Bank Fee Table
Bank Fee Table
Explanation of Services
- Monthly Fee: Fixed cost to maintain the account.
- SMS Notification: Alerts for transactions or account activity.
- Cash Send: Sending money to others, who often don't have their own bank account.
- ATM/POS Deposit: Fee per R1000 deposited at ATMs or till points.
- ATM Withdrawal: Fee per R1000 withdrawn.
- Card Swipe: Charges for using your card at stores.
- Funds Transfer (Same Bank): Electronic Fund Transfer (EFT) to accounts in the same bank.
- Funds Transfer (Other Bank): EFT to an account at a different bank.
- PayShap: Instant transfer using a cell phone number (ShapID) or bank account details
- Immediate Payment: Real-time EFT to another bank account.
- External Debit Order: Automatic monthly payments for bills or loans.
- Prepaid Airtime/Electricity: Mobile and utility purchases via banking app.
How To Use Bank Fee Table
The Bank Fee Table can be used to compare the charges you are required to pay for bank services. You can use the information to calculate and compare the charges of your bank to the charges of another bank, to see if you can get a better deal.
Follow the steps and examples of how to utilise the Bank Fee Table
Step 1: Consider first what bank services you use or would like to use on a monthly basis - write these down.
Example:
Monthly Fee, Cash Send, ATM Withdrawal, EFT to Other Bank
Step 2: Consider how many of each transaction you normally do or would like to do - write these down.
Example:
1 x Monthly Fee
2 x Cash Send
1 x ATM Withdrawal
3 x EFT to Other Bank
Step 3: For each transaction, write how much that transaction costs.
Example:
assuming that you bank with ABSA:
Monthly Fee is R6.50
Cash Send is R10
ATM Withdrawal is R10
EFT to Other Bank is R10
Step 4: Calculate the total amount it will cost to do all of the transactions = Transaction x number of transactions x cost.
Example:
Hypothetical Monthly Transaction Basket
The table below shows how much it would cost a customer to use their bank for a complete range of basic banking services:
Monthly Costs (including monthly fee) per bank based on the above basket
This table explains how much it can cost to use a complete range of basic banking services; in other words, it shows how much the hypothetical basket shown above will cost.
Disclaimer
Data for the financial comparisons (day-to-day banking) is sourced from financial institutions’ public websites and is correct as of 14 March 2025.
The content provided is for information purposes. The content may not be used in a commercial context or for commercial purposes.
Nothing in this section is intended to be, or should be construed as:
- An invitation, offer or inducement to you or any other person to engage in investment activity, or to enter into any type of financial arrangement.
- Advice on the merits of, or a recommendation in relation to, any product or product provider.
The results from our basket are estimates only and may differ slightly from some financial institutions, as consumers may transact differently.
