Fin24

Survey: SA has highest ATM fees

2012-06-15 08:20

Johannesburg - South Africa has the highest average ATM cash withdrawal fees out of 27 countries, it was reported on Friday.

A survey by management consulting firm Accenture found that a transaction in South Africa cost nearly R16.75, Business Day reported.

The country also had the highest withdrawal fees of R38.44.

In contrast 18 countries, which included the United States and the United Kingdom, charged nothing for ATM withdrawals and 14 charged nothing for branch withdrawals.

Vinolan Pillay, an executive for banking at Accenture said despite the high charges the survey found that 38% of South African consumers were satisfied with their main bank, above the global average of 36%.

South Africa came in eighth-best for credit cards and among the 10 countries offering free debit-card transactions at some banks.

Pillay said this was an example of the country's banking industry progressing 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," he was quoted as saying.

 

Comments
  • Joanne - 2012-06-15 08:30

    We all knew this. (Just commenting on the head line.) When the british come to sa and complain about transation fees, you know its high.

  • Mtk.the.poet - 2012-06-15 08:31

    Please remember SA was born in 1994,USA and UK, always been there for centuries,why compare?\r\nMy bank is the best I don't care how much are my charges

      eduard.homes - 2012-06-15 09:05

      are you for real? your an idiot.....or just very naive. Some banks don't charge if you have a certain amount in the bank.....they also assist you when you overseas. SA is very expensive, that is another reason why the tourist industry is taking a dip. SA offers nothing more than other countries + now they are also damm expensive

      louis.olivier.988 - 2012-06-17 08:53

      Mtk.the.poet You must be a bank manager

      nicolaas.geldenhuys - 2012-09-06 10:30

      SA born in 1994? Then you must have been born yesterday you twat!

      nicolaas.geldenhuys - 2012-09-06 10:33

      More like Mtk.the.prick

  • squeegee.pilot - 2012-06-15 08:31

    We have to pay for all those ATMs that get blown up...

      Luyanda - 2012-06-15 08:55

      And before they were blown up,WHAT DID WE PAY FOR?!

      ben.spreeth - 2012-06-15 09:08

      Before they were blown up we paid for cash stolen while in transit.

      FirstSeed - 2012-06-15 09:14

      Don't they have insurance to cover that?

      FirstSeed - 2012-06-15 09:14

      Don't they have insurance to cover that?

      FirstSeed - 2012-06-15 09:20

      Don't they have insurance to cover that?

      ben.spreeth - 2012-06-15 09:34

      The only company supplying insurance for cash in transit that I know of is Lloyds of London. Can you imagine how much they will charge in S.A.

  • nicholas.graan - 2012-06-15 08:35

    Yip, we already know this! Not only ATM fees. We have been kicking and screaming about this for years yet the colluding banks who bombard us with their "caring" advertising on a daily basis are just not listening. I try and use their products as little as possible, only if I am forced to.

  • Blackpoison - 2012-06-15 08:39

    Well this is one thing not to be proud about.

  • Blackpoison - 2012-06-15 08:39

    Well this is one thing not to be proud about.

  • njglen - 2012-06-15 08:48

    The 38% Satisfaction just means we don't know any better and are blind to the fact that SA banking may be good buts its a total rip off too! Why should I have to pay if someone deposits cash into my account, its shocking!

  • njglen - 2012-06-15 08:48

    The 38% Satisfaction just means we don't know any better and are blind to the fact that SA banking may be good buts its a total rip off too! Why should I have to pay if someone deposits cash into my account, its shocking!

  • matt.lowe.90226 - 2012-06-15 08:48

    I have lived in London for 6 years and never paid a single cent/pence in banking fees. I have multiple current accounts, debit cards and credit cards (with 0% interets for the 1st year!), online banking and yet I kid you not I have never even had to pay to open an account or own a credit. I even get free travel insurance with my main current account. Meanwhile the money I have in SA is being rapidly erroded by fees (without internet banking) even though I only use them once a year when on holiday. Time to catch up SA! My money has sadly been moved out now.

  • matt.lowe.90226 - 2012-06-15 08:49

    I have lived in London for 6 years and never paid a single cent/pence in banking fees. I have multiple current accounts, debit cards and credit cards (with 0% interets for the 1st year!), online banking and yet I kid you not I have never even had to pay to open an account or own a credit. I even get free travel insurance with my main current account. Meanwhile the money I have in SA is being rapidly erroded by fees (without internet banking) even though I only use them once a year when on holiday. Time to catch up SA! My money has sadly been moved out now.

  • zolisa.dlokovu - 2012-06-15 08:50

    I am not surprised.Our banks are making a lot of money

  • bj.pieman - 2012-06-15 08:55

    Sounds like a pathetic survey. What about the other 167 countries out there?

  • bj.pieman - 2012-06-15 08:55

    Sounds like a pathetic survey. What about the other 167 countries out there?

  • Candice Morris - 2012-06-15 08:56

    Firstly South Africans hav to b happy with their banks, they hav no other alternative!! Our banks here rob us blind, and we cant do a thing about it!

  • Gollies - 2012-06-15 09:04

    So what?????? Nothing is going to happen since the Registrator of Banks are in cahoots with them to milk us dry!!! Corruption is in every sphere of this country, running in the veins of those who cry foul of others been caugth!!!!!!!

  • Gollies - 2012-06-15 09:05

    So what?????? Nothing is going to happen since the Registrator of Banks are in cahoots with them to milk us dry!!! Corruption is in every sphere of this country, running in the veins of those who cry foul of others been caugth!!!!!!!

  • moira.fox.7 - 2012-06-15 09:08

    Change to that other bank that starts with a "C" - I did and immediately noted a saving on bank charges - so much so that I can take myself out to a really nice dinner once a month - worth investigating.

  • nick.d.meyer - 2012-06-15 09:09

    I can believe this... Forunately on the iPhone there is an app called atmFinder SA that gives you all the nearest ATMs in your area specific to your bank, so no more pesky bank Fees!

  • nick.d.meyer - 2012-06-15 09:09

    I can believe this... Forunately on the iPhone there is an app called atmFinder SA that gives you all the nearest ATMs in your area specific to your bank, so no more pesky bank Fees!

  • konanani.rachicoper - 2012-06-15 09:20

    I love my capitec,GLOBAL ONE

  • Warren - 2012-06-15 09:28

    Too true,my UK account has free withdrawals,internet banking etc. The banking industry here is a cartel,they have monopolised the way we do banking and are fleecing the consumer in the process. When Branson tried to bring Virgin money as an independent with zero bank fees he was blocked,he eventually had to piggy back on another bank offering 'minor' services as couldn't get approval.

  • thabo.dijoe - 2012-06-15 09:43

    The gist of the problem is that South African banks are too independent..a government on their own. There needs to an independent body that regulate this sector in all entirety right from fees chrged, through the running, and leadership plus relevance to this country. The likes of the so-called 'big 4' banks are just too irrelevant to SA.

  • Francois - 2012-06-15 09:49

    SA Banks are the biggest white collar criminals in the SA

  • Richard - 2012-06-15 10:43

    Wonder how they conducted this survey, I live in Germany and if I draw money from an ATM that, admittedly isn't my bank, it costs 4.55 euros (which is R48 at current exchange rates...)

      rodney.overes - 2012-06-16 07:26

      Then Richard you must also multiply your salary x 10.5 if you want to look at it that way

  • LanfearM - 2012-06-15 11:17

    Nothing new. We have among the highest banking costs in the world, as well as among the highest cell phone rates, internet connection rates and now our once cheap electricity is gradually also creeping up the list of "highests costs". Not to mention the ridiculously high fuel price, as well as the high food prices, public transport prices, accommodation [rent, etc.] prices. South Africa, if you live here and earn SARands, is fast becoming a very expensive country to live in.

  • LanfearM - 2012-06-15 11:17

    Nothing new. We have among the highest banking costs in the world, as well as among the highest cell phone rates, internet connection rates and now our once cheap electricity is gradually also creeping up the list of "highests costs". Not to mention the ridiculously high fuel price, as well as the high food prices, public transport prices, accommodation [rent, etc.] prices. South Africa, if you live here and earn SARands, is fast becoming a very expensive country to live in.

  • LanfearM - 2012-06-15 11:19

    Nothing new. We have among the highest banking costs in the world, as well as among the highest cell phone rates, internet connection rates and now our once cheap electricity is gradually also creeping up the list of "highests costs". Not to mention the ridiculously high fuel price, as well as the high food prices, public transport prices, accommodation [rent, etc.] prices. South Africa, if you live here and earn SARands, is fast becoming a very expensive country to live in.

  • thepatrickwinter - 2012-06-15 11:47

    My bank lowered its fees a few months ago, this changed its ranking from being the most expensive bank in the country to becoming one of the cheapest. Clearly lost alot of market share over the last few years and needed to rectify that. Now they have just increased their home loan admin fee by 20%. This is obviously a very competitive market, with the amount of advertising spent. They best look at client retention first and stop treating their clients like idiots....

  • Bobby - 2012-06-15 14:31

    I pay a service charge to deposit money at my bank which is akin to my local supermarket charging me entrance fee for the privilige of shopping there. Absurd.

  • Bobby - 2012-06-15 14:31

    I pay a service charge to deposit money at my bank which is akin to my local supermarket charging me entrance fee for the privilige of shopping there. Absurd.

  • Katoolsie - 2012-06-15 14:55

    my bank doesnt charge anything for withdrawals.....but if you withdraw at another bank's ATM it costs R7.00 or so. Where the hell do they get R16.75 from? Thats crazy

  • Katoolsie - 2012-06-15 14:56

    my bank doesnt charge anything for withdrawals.....but if you withdraw at another bank's ATM it costs R7.00 or so. Where the hell do they get R16.75 from? Thats crazy

  • rupert.magande - 2012-06-15 17:11

    i was actually surprised when i first came to this country when i found out that the banks actually charge for depositing and withdrawing money from an account .

  • brett.berry.37 - 2012-06-16 11:07

    38% is a fail in any industry

      rupesh.hari.7 - 2012-06-16 13:16

      except in our education haha

      rupesh.hari.7 - 2012-06-16 13:16

      except in our education haha

  • Rational100 - 2012-06-16 14:34

    Comrades!,,After toll fees, I propose we introduce troll fee ...

  • erneyb - 2012-06-16 16:26

    This is not news as we were told many times in the past that S.A. banking fees are of the highest in the world. Nobody do anything about it until in a years time we have another report stating our high banking and ATM fees. And the show goes on !!!

  • Jean-Paul - 2012-06-16 21:55

    Our bank charges are so excessive but what can we do ? its a mission to move accounts , I paid R7,50 fee to purchase R10 airtime and R15 fee for a R44 debit order,

  • Bzeng - 2012-06-16 23:02

    eish but atleast our money safe, imagine if it wer state-ownd banks

  • nicolaas.geldenhuys - 2012-09-06 10:31

    Daylight robbery. It costs me less to draw money with my Capitec card at a different ATM than it costs me to draw out of an ABSA account at an ABSA ATM!!! Capitec is the cheapest by far!

  • Vusi Dina - 2014-04-10 19:17

    I see its a repeat yourself day here at News24!

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