SA banks charge highest withdrawal fees

By Staff Writer

South African banks charge the highest cash withdrawal fees beating 27 other countries according to debt management consultancy firm Accenture, the Business Day reported. It found that South African banks charge nearly $2 (R16.70) per transaction. In addition, the country also charged the highest branch withdrawal fees of $4.59 (R38.44). 

However, 38% of South African consumers said they were satisfied with their main bank in spite of the high charges, which was higher than the global average satisfaction rate of 36%. But South African banks do try to be competitive said Vinolan Pillay an executive for banking at Accenture. “Recent banking price wars in South Africa resulted from calls for transparency around pricing and heated competition in the banking industry,” said Pillay.


However, consumers are not afraid to vote with their feet. Accenture’s consumer research survey of 10,000 customers in 27 countries found that, in South Africa, 55% of customers choose to shop for a better deal even if it means switching service providers. Of those surveyed 39% did not consider changing service providers a hassle.


“There is a war on for customer switching. A couple of years ago it was difficult to switch banks, now you can do it in 10 minutes,” added Pillay. The survey also found that, globally, there has been a decrease in switching banks.

Recent Articles

Featured Register your customary marriage or lose the right to inherit estate

December is that time of the year when we will see at least one suitor sending his uncles to negotiate the price of his future wife. Lobola, as the bride price is known, has always been an important element of the African marriage.

Read more

Changing from one medical scheme to another - effortlessly

It is coming up to the end of the year and you might be looking to change medical schemes, or options within a scheme in preparation for the new year. While you don’t necessarily have to wait for year-end to do so, providers often recommend it.

Read more

Your guide to financially surviving Christmas

There are a few times each year where you need to dig deeper into your pocket and spend more money such as birthdays, anniversaries, and the Christmas period. Whether you celebrate this religious holiday or not, the festive period - depending on how you choose to spend it - means increased travelling, buying of gifts, entertaining, and eating out at restaurants.


Read more

Trump, Trump and a little bit of South Africa

What a November we had, with the rand staging one of its best months and closing below the R14.00 level. To be honest, this looked like quite a far-fetched possibility at one stage during the month. It seems that the tide has changed a little, even though it might be short lived since the US dollar bulls are not so sure of their case anymore.

Read more

Sign Up

To our weekly newsletter for advice you can bank on

Deals

Free iCollege Scholarship

Price: R600
When: Until 16 May 2019
Where: Nationwide

Telkom December Big Deal

Price: R459 pm
When: Until 31 December
Where: Nationwide

Money Savvy Kids Giveaway

Price: R450
When: 8 December
Where: Johannesburg (Milpark)