Bank Charges You Pay For Using Cash
If you need to get change for your business or swap a sum of cash for coins or smaller bills at your bank, be prepared to pay a fee. Standard Bank confirmed the imposition of fees on these transactions, stating that the charges help cover the costs of making different denominations available at their branches. They also mentioned more economical alternatives, such as the "Cash Back at POS" option, which is cheaper than the traditional in-branch method.
Policies on cash-for-cash services vary among other major banks in South Africa:
Capitec does not provide this service at all because it doesn't keep cash in its branches.
Absa charges a fee according to its annual pricing guidelines, aligning with industry standards.
FNB offers these transactions for free when related to petty cash or float requirements, but for larger amounts, a deposit and withdrawal process is necessary.
Nedbank also allows these transactions without fees but only for its own account holders, citing compliance with financial regulations as the reason.
The South African Reserve Bank (SARB) declined to comment on these operational matters.
This situation sheds light on a move by banks towards encouraging digital transactions and other less costly banking methods. Customers should be aware of potential fees and consider all available options to find the most cost-effective banking solutions.
