What are Absa bank charges

What are Absa bank charges

Absa Bank, formerly known as Barclays Africa Group Limited, is one of the leading financial institutions in South Africa. Like all banks, Absa charges its customers fees for various services, including transactions, withdrawals, and account maintenance.

What are Absa bank charges

In this blog post, we will take a closer look at Absa bank charges and what you can expect as an Absa customer.

Transaction fees:

Absa charges fees for various transactions, including:

Electronic Funds Transfers (EFTs):
Absa charges R8.50 for each EFT transaction initiated on the online banking platform.

ATM Withdrawals:

Absa customers are charged R6.50 for each withdrawal at Absa ATMs and R8.00 for each withdrawal at other banks’ ATMs.

Debit Orders:

Absa charges R3.50 per debit order transaction.

Cash Deposits:

Absa charges R6.50 per R1,000 cash deposit made at an Absa ATM.

Point of Sale (POS) transactions:
Absa does not charge any fees for POS transactions.

Account maintenance fees:

Absa charges a monthly account fee for the maintenance of certain account types, including:

• Transact Account:

Absa charges a monthly account fee of R5.50 for its Transact Account.

• Savings Account:

Absa charges a monthly account fee of R5.00 for its Savings Account.

• Student Account:

Absa does not charge any monthly account fees for its Student Account.

Overdraft fees:

Absa charges overdraft fees for customers who use their overdraft facility. The fees are charged based on the interest rate and the amount of overdraft used.

Conclusion:

In conclusion, as an Absa customer, you can expect to pay fees for various transactions, account maintenance, and overdraft usage. It is important to carefully review the fees and charges associated with your specific account type to avoid any surprises. You can find more detailed information about Absa’s fees and charges on their website or by contacting their customer service team.

In addition to the fees outlined above, Absa also charges fees for other services, such as foreign currency transactions, cheque books, and stop orders. If you frequently use these services, it is important to be aware of the fees associated with them to avoid any unexpected charges.

It is worth noting that Absa offers fee waivers and discounts to certain customers, such as students, pensioners, and those who maintain a certain minimum balance in their accounts. These discounts can help reduce the overall cost of banking with Absa.

It is also worth considering that while fees are an important factor in choosing a bank, it is not the only factor. It is important to evaluate other aspects of the bank, such as the quality of their customer service, the convenience of their banking services, and the interest rates they offer on savings and investment products.

In summary, Absa bank charges various fees for their services, including transaction fees, account maintenance fees, and overdraft fees. It is important to review the fees associated with your specific account type and usage to avoid any surprises. Additionally, while fees are an important factor in choosing a bank, it is important to consider other aspects of the bank as well when making a decision.