It’s really important to know exactly what your bank charges you each time you make a withdrawal or transaction. Charges vary for each bank and each type of account, but all add up to a substantial amount if you are not careful. Avoid paying a Saswitch convenience fee by using your own ATM rather than one from another bank. It is also almost always cheaper to draw cash from Pick n Pay rather than an ATM (unless you have free withdrawals from your bank’s ATM).
Most banks offer some great tips on their websites. Here are a couple of useful ones from Nedbank:
- Choose a banking option that best suits your banking needs.
- Ensure you have sufficient funds in your account before making any payments to avoid paying unnecessary penalties.
- When you need cash, remember it’s cheaper to draw one lump sum than many smaller amounts.
- Use the ATM slips instead of requesting mini-statements.
- Withdraw cash from an ATM instead of inside the branch.
- It’s cheaper to pay accounts electronically, by using the internet, cellphone and telephone banking and self-service terminals at branches, than drawing cash or issuing a cheque.
- All electronic payments and cheque deposits into your account are free with Nedbank.
- Avoid the cost of withdrawing cash (as well as the risk of carrying cash on you) by using your debit or cheque card as your preferred method of payment for goods and services. On the same note, use your garage card instead of cash for vehicle-related expenses.
First National Bank also provides a really comprehensive list of tips to help you reduce your banking costs. Click here to read this list.
