How Much Does Capitec Charge for EFT?
Capitec has become the largest bank in South Africa when it comes to customer number. It’s true that they still trail Standard Bank in terms of market capitalization, but Capitec’s growth has seen them growing to over 21 million customers. Each day, millions of these customers send and receive money via Electronic Funds Transfer (EFT). You are here because you wish to send money, either to another Capitec customer or to someone at another bank. So, how much does Capitec charge for EFT?
Understanding EFT Fees
EFTs are a convenient way to transfer funds between banks in South Africa. However, each transaction comes with a fee. Capitec Bank’s EFT fees vary depending on the transaction amount and method.
Capitec Bank EFT Fees
Here’s a summary of Capitec’s EFT fees:
To other Capitec clients;
- Digital transactions: R1
To people at other South African banks;
- Digital transactions:
- R2 (R101 – R1,000)
- R3 (R1,001 – R3,000)
- Self-service transactions: R5.50
- Consultant-assisted transactions: R11
Immediate Payments to Other South African Banks
- Digital and self-service transactions: R6.50
How can I reduce EFT fees
- Use digital channels for lower fees.
- Plan transactions to avoid multiple fees.
- Consider Capitec’s Global One account for reduced fees.
Rounding up
This article answered the question how much does Capitec charge for EFT? Capitec Bank’s EFT fees are competitive, and understanding the charges can help you optimize your banking. By using digital channels and planning your transactions, you can minimize fees and maximize your savings.
You can see in the information provided above that EFTs to other Capitec bank clients are cheaper. However, when doing an EFT to another bank, the fee tends to be higher. For immediate payments, the fee is also higher.
Disclaimer
Keep in mind that these fees are subject to change, and it’s always a good idea to check with Capitec Bank for the most up-to-date information. All our articles are provided in good faith for information purposes only. We are not affiliated to any bank. Read our Disclaimer for more.