Technology has transformed the way we bank - from posting a cheque to doing an electronic funds transfer via an app - but to get cash, you still need to visit either an ATM or a retailer's till point. Drawing money at an ATM is costly, unless you are paying a monthly fee on your bank account for a bundled package of transactions that includes a certain number of withdrawals. An Absa account holder not on such a monthly package, for example, will pay a R10.70 fee to withdraw R500 at an ATM, and R16.70 if they use another bank's ATM. If you pay fees as you transact, get your cash from a till point at a supermarket with your bread and milk - it's far cheaper. Capitec, which had ninemillion clients by the end of June, surpassing the number of Absa clients, gives its customers a firm shove towards point-of-sale withdrawals at supermarkets. As a Capitec client you pay R1.50 to withdraw cash at the till, versus R6 at a Capitec ATM, and R8.50 at another bank's ATM. "There are no limits or c...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now