Cheapest internet bank charges in South Africa

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FNB’s Easy PayU account offers the most affordable online banking transaction fees among South Africa’s major banks, while Absa’s Transact account was the most expensive, a MyBroadband analysis of bank accounts showed. entry level.

Online banking has become essential as the Covid-19 pandemic and resulting lockdowns have restricted people’s movement.

Several of South Africa’s major banks have also closed or downsized their branches as customers increasingly become accustomed to the convenience of online banking.

While many customers have shifted to app-based online banking, some still prefer the ease of use and simple navigation that comes with internet banking, where you can use a large desktop screen or a desktop screen. ‘laptop.

We compared the fees charged by major banks in South Africa for using various common internet banking services such as instant payments, buying airtime, disputing debit orders and sending statements by e-mail.

For our comparison, we looked at bank accounts from Absa, Capitec, Discovery Bank, FNB, Nedbank, Standard Bank, and TymeBank with the cheapest monthly fees.

Bank Zero was excluded from this comparison because it does not offer internet banking services in addition to its app (see: App-Based Bank Fee Comparison).

For an indicative monthly cost of using each account, we have created a mixed basket of operations and services often used by banking customers.

This basket consisted of the following items:

  • 5 installments
  • 3 prepaid airtime purchases
  • 1 instant payment of R1,000
  • 1 stop payment
  • 1 debit order dispute
  • 1 declaration by e-mail
  • Monthly fee

Little to separate

Of the accounts and services we compared, FNB’s Easy PayU account narrowly beat out the Capitec Global One account for the top spot.

Its basket cost was R22.95, while Capitec’s was R24.50.

Between the first-ranked ETF account and the sixth-ranked Nedbank account, there was only a difference of about R13.

However, Absa’s Transact account was far more expensive than the others, with a basket cost of R71.40.

Much of this was due to the exorbitant stop payment fee of R32, which ranged between R0 and R10 on other accounts.

It should be noted that your experience may differ significantly from our analysis, as the cost of the basket will depend on your banking habits.

The table below shows how the rates for various online banking services compare between different entry-level bank accounts in South Africa.

Prices for online banking services — Main banks
Absa deal Capitec Global One ETF Easy Pay U Pay-as-you-go Nedbank Standard Bank MyMo PAYJ
Payments R1.00 To Capitec account: R1.00
Other bank: R1.50
R1.00 R2.20 R1.20
Instant payment Up to R1,000: R10.00
Over R1,000: R49.00
R7.50 R8.00 Up to R3,000: R10
Over R3,000: R49
Below R2,000: R10
R2,000 and more: R50
Stop payments R32.00 Free Free R5 R2.00
Debit order dispute Before 40 days have elapsed: R5 R9.00 R5.00 R5 R5.00
Statement sent by e-mail (last 30 days) R10.00 Free Free Free Free
Buy prepaid airtime charges R1.50 R0.50 Free R1.50 R0.50
Monthly fee R4.90 R6.50 R4.95 Free R4.95
Basket cost R71.40 R24.50 R22.95 R35.50 R29.45
Online Banking Fees — Digital-Only Banks
Bank gold discovery TymeBank Debit
Payments R2.50 Free
Instant payment R10.00 R7.00 per R1,000
Max R35.00
Stop payments Free R10.00
Debit order dispute R5.00 Before 60 days have elapsed: R10.00
More than 60 days: R60.00
Statement sent by e-mail (last 30 days) Free Free
Buy prepaid airtime charges Free Free
Monthly fee R10.00 Free
Basket cost R32.50 R27.00

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