South Africa’s ATM Fees Tops List Of 27 Countries

15 Jun 2012 by Albi P in Money

A recent survey has found that South Africa has the highest ATM withdrawal fees out of a group of 27 countries which includes the likes of the United Kingdom and the USA.

The survey, conducted by management consulting firm Accenture, found that:

A transaction in South Africa cost nearly R16.75…[and that] the country also had the highest withdrawal fees of R38.44.

This compares rather bleakly with other countries on list, 18 of which charge nothing for ATM withdrawals, and 14 which did not charge for branch withdrawals. Still, the survey found that 38% of South African consumers were happy with their main bank, two percentage points above the global average.

SA came in at eighth place for credit cards and was among only 10 of the countries that offered free debit-card transactions at some banks.

Vinolan Pillay, an executive for banking at Accenture, said the latter trends are part of the country’s progression to “fiercer competition and increased transparency”.

Recent banking price wars in South Africa resulted from calls for transparency around pricing and heated competition in the banking industry.

[Source: Fin24]

http://URL Evert

If I withdraw money from a non FNB atm, I pay a little more than R30.
From next month I am limited to only 6 free withdrawals per month from a FNB atm, it used to be unlimited. My banking fees also increased.
http://URL Bernd

A big fail to SA banks and when are the SA consumers going to wake up?
I pay nothing here in the UK to withdraw cash from the ATM as a matter of fact I pay NO banking fees at all on my savings account here. My Black account costs me £200 pounds per year. As a laugh ABSA charges me R45 to withdraw cash,from my ABSA account, here from any ATM in the UK. That compares nearly to withdrawing cash from another banks ATM in SA. I suppose its easy to milk a compliant cash cow.
http://URL Andy

It’s all about Capitec people.

Withdrawls with a Capitec card are gernerally cheaper than any bank at any ATM, free at PnP and R1 at Checkers tillpoints.
And…
Debit card swipes are free.
Internet banking is free.
Account fee is R4.50pm
Debit orders are R2.75
Cellphone airtime purchase via USSD is free
Prepaid electricity purcahse via USSD is free

And no, i don’t work for them, I’m just riduculously happy with their service for over 3 years now.
Louise Lewis

It is amazing how I divide between the wealthy and poor is so large and yet our banks still see it fit to charge such excessive bank charges on basic debit accounts. I have installed a series of atms in my retail stores that make use of different banking services and their charges seem reasonable. Have a look at: http://www.sparkatm.co.za/

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