![]() The new money send fee structure - a flat fee of R11 per transaction – also applies to Easy PAYU customers. These customers will also pay less when drawing cash from a till point: R1 instead of R1.60. The fee has gone from a whopping R1.90 per R100 to R6 per R1,000. In other words, it may cost customers 5c more to send money, but the fee structure is simplified.įNB has also reduced the cost of drawing cash from the bank’s ATMs for customers with the Easy Pay-As-You-Use account. The existing fee structure for sending money is R10.95 for amounts of less than R1,000 and R13.95 for amounts of more than R1,000. There is no cost to the recipient to draw the money. Pieter Woodhatch, the CEO of FNB Easy sub-segment, says the new feature will enable customers to meet regular commitments, such as funeral policy payments, with the assurance of knowing that they can never fall victim to debit order fraud.įrom July, customers with the eWallet extra account will also pay a flat fee of R11 to send money to anyone in SA with a locally registered cellphone. While customers with an eWallet Extra account can’t run debit orders off this account, FNB has introduced scheduled payments at a cost of R1 per transaction. But the cost of electronic payments has been slashed from R3.75 to R1 and there is no longer a fee to buy prepaid airtime. From July it will cost them R1 per withdrawal. However, eWallet Extra customers will no longer be able to draw cash from till points for free. On FNB’s eWallet Extra account, which doesn’t attract a monthly fee, the fee to draw cash from the bank’s ATMs has been reduced to R6 per R1,000 (and for amounts of less than R1,000) from the more complicated fee structure of R10.95 for amounts of less than R1,000 and R13.95 for amounts of more than R1,000. In some instances, FNB has trimmed its monthly fee - by 80c on the Easy Pay-As-You-Use account - and in other instances slashed it: customers with Gold Fusion accounts will get a R46 cut in their monthly fee, which goes from R155 a month to R109, and Premier Select account holders will pay R10 less in their monthly fee, which comes down to R45 a month. In January, Nedbank launched its MobiMoney account, which is a monthly fee-free account that can be opened in minutes using any cellphone, your name and ID number. This follows the launch of TymeBank’s EveryDay account three months ago, which is also a monthly fee-free account.Īnd last week, Standard Bank launched its MyMo account, which carries a monthly fee of R4.95 - undercutting Capitec’s Global One by 5c. Last week, African Bank launched its MyWorld account, which attracts no monthly fee.
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