Capitec announces new banking tariffs for 2022

The Capitec banking group has published its updated fee schedule for the 2022/23 financial year, which will come into effect on March 1, 2022.

The group, which now has more than 16.7 million customers, kept its digital fees unchanged from 2021 while introducing new free payment features through its banking app.

However, more traditional transactions – such as cash withdrawals and monthly Global One account fees – have increased.

Capitec customers will now be charged R6.50 per month for the bank’s account alone, up from R5.00 in 2021. Withdrawal fees have increased to R8.00 per R1,000 at Capitec ATMs and at R10.00 per R1000 at other ATMs.

Cash withdrawals at collection points – PnP/Shoprite/Checkers/Boxer till points – will also now be slightly more expensive at R1.75 per transaction.

Email statements and transfers between personal accounts remain free when using the banking app, USSD and internet banking, while the cost of buying prepaid airtime and Electricity also remains the same at 50 cents when using digital channels.

Additional free payment options have been added to the app and internet banking, including online purchases, although the bank notes that international purchases may still incur fees from international vendors.

Scanning to pay using mobile devices is free and customers can also transfer money between Capitec accounts and update account limits for free.

Capitec says customers will be able to pay other Capitec customers instantly through the newly launched Pay Me option.

Pay Me was launched in December 2021, allowing Capitec customers to generate a personalized QR code on the bank’s app to immediately and securely receive payments from other Capitec customers.

Francois Viviers, marketing director of the Capitec group, said the system was developed to encourage the use of digital channels and steer customers away from using “expensive and dangerous” cash.

“We offer our customers, who come from all walks of life, an easier and more secure way to pay. You will no longer need cash to pay for small purchases at informal retailers, tip car attendants, or pay the person selling ice cream at the beach. It’s also an easy way to transfer money to family or friends and split the restaurant bill,” he said.

Customers can activate and access their unique Pay Me QR code on the bank’s app or visit a branch to get a printed version that comes in a plastic pouch with a lanyard.

Capitec Global One Fees 2021/22 transaction R500 Fees 2022/23 transaction R500 % Change
Withdrawal (native) R7.50 / R1000 R7.50 R8.00 / R1000 R8.00 +6.7%
Withdrawal (other) R9.75 / R1000 R9.75 R10.00 / R1000 R10.00 +2.6%
Withdrawal (POS) R1.60 R1.60 R1.75 R1.75 +9.4%
Deposits R1.30 / R100 R6.50 R1.30 / R100 R6.50
Debit orders R3.50 R3.50
Account fees (PAYT) R5.00 R6.50 +30.0%

You can view Capitec’s 2022/23 tariffs here.


Read: Capitec expands its digital offer

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