SA bank fees The Most Expensive in the World!

An international study by consultation firm CapGemini and its research partners, including the European financial management and marketing association, assessed South Africa’s banking costs for the first time and they found that South Africans pay more to own a cheque account than anyone else in the rest of the world.


This is infuriating but not surprising. We opened our business, The Red Apple, in December last year and we were absolutely shocked by the exhorbatant bank charges. For instance we pay R1.20 extra to pay a beneficiary (payee in the UK) instead of an ad hoc payment because – and listen to this – it costs money to save the payee details on the bank’s database. Have you ever heard something so insane!

Also you pay a flat fee plus a percentage for every cash deposit you make. Then you pay for every payment/transfer/balance enquiry/statement whether its on the internet or not!!

Deeply concerning is that all the major banks are in on this deal. This seriously suggests price fixing to me. I know the banks are now being investigated again, but they are so far up Mbeki’s arse I don’t know if anything is going to happen. Now everytime I see these gushy TV ads from Standard Bank (my bank) and the others it just makes me sick. I’m surprised that some of the oversees banks haven’t seen this as an oppurtunity.

Read the actual World Retail Banking Report for 2007.

5 thoughts on “SA bank fees The Most Expensive in the World!

Add yours

  1. *%”?!* – is this not an absolute outrage. They are ‘rooking’ us. Every single person pays to deposit ther money, to have a cheque book, to fart sideways – and their attitude is that ‘our costs are in line with the other banks. We can employ another person every month with the stupid bank fees we pay – and we are just a little business here in the Eastern Cape stix. I have contacted Carte Blanche, but they have already had a feature covering this issue in 2006. Even our own bank advised us to pay people cash rather than deposit our money to avoid bank charges. (huh?) The way they are cashing in on internet banking, one would swear they have ‘invented’ the internet. Come on Virgin, expand to business banking and show these guys what it means to have real (not rigged) competition. Here is a worst case ‘fat cat’ scenario: Telkom and Standard Bank merge – oh my word – run for the hills and take your cash with you!!!

  2. Yes I agree, they must make enough money from mortgages, credit cards etc and then they still have the nerve to charge people for depositing money, withdrawing money, statements and cheques.

    Actually surprised they do not have one of those turn style efforts where you have to put R5 in to go into the bank.

    Our only hope at the moment is for Virgin to take on these Big Banks in South Africa.

  3. I used to work for F***ing No Brains (F.N.B) is SA, and the amounts they charge for putting money (and taking out) is worse than being robbed. If you are robbed then you have no control, but the banks tankes the money wioth a big smile, send you a statement (and still charge you for that …)

    One thing that they did offer at the bank, was that if you had a dep account of 10k, then they don’t pay you interest on the dep acc, but did not charge you CDF / Bankcharges on you other accounts. Don’t know if they still it (or the fig’s involved) , but it is worth asking the question.

    I have a contact or 2 still in Standard Wank, sorry Bank (……. bloos ek nou ……. die vingers is te vet vir die keyboad ….. ) that I could pass on to you, and you could give them a call and see if there is anything that can be done for you.

    Talking about Virgin…. if they move in there, don’t you think they will join the party, and charge and charge and charge. Might be that they wont for the 1st couple of months, but then they will want to make their money back at some stage ….

    Let me know (email, posduif of wat ook al), and I can put you in touch.

  4. Ja nee, geen wonder Barclays het kom saam hap aan die heerlike roomkoek hier in SA nie. Kom Virgin, ons wag vir julle!

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Blog at

Up ↑

%d bloggers like this: