Every new year comes with some changes and as expected, the Absa banking group has announced updated Absa bank charges 2023 in South Africa, including withdrawal and deposit fees for its various accounts.
As is often the case, cash transaction charges have mostly increased along with monthly account fees. However, customers will see some savings in digital transaction fees.
In this article, we summarise some of the most common charges for Absa’s various accounts in 2023, including for pensioners as well as Student, MegaU, Flexi, Transact, Gold and Premium accounts.
Absa bank charges 2023
Transact Account
The Transact Account is Absa’s entry-level bank account in South Africa with a monthly fee of R4.90, which has remained unchanged since 2020.
Its main charges and fees for 2023, including for deposits, withdrawals and immediate interbank payments, are indicated table below:
- Monthly fee: R4.90.
- ATM cash deposit (including cardless): R2.50 per R100.
- ATM cash withdrawal: R10 per R1,000.
- Saswitch (other bank) ATM/Post Office terminal cash withdrawal: R10 plus R2.50 per R100.
- Card swipes and till-point cash withdrawals: Free.
- Prepaid data, airtime and utilities purchases (ATM and digital banking): R1.50.
- Account payments: R1.00 for digital and ATM banking; R10 for telephone banking.
- Charges for immediate interbank payment: R10 for R1,000 or less; R49 for amounts more than R1,000.
- Electronic funds transfers (EFT): Free.
- Absa Cash Send: R10 per R1,000 on both digital and ATM banking.
- Balance enquiries: Free. (R9 If you use Saswitch (other bank) ATM/Post Office terminal/overseas ATM).
- ATM statements: R10 for mini statement; R20 for full statement.
- Stamped statements: R10 via digital banking; R20 at ATM.
Flexi Account
The Flexi Account is Absa’s second-cheapest offering with a fee of R40 per month in 2023. “You can enjoy full-service banking and pay only for the transactions you make while enjoying some great rewards and benefits,” the bank says.
Below is a summary of the account’s charges:
- Monthly fee: R40.
- ATM cash deposit: Free for the first R500R2.50 per R100.
- ATM cash withdrawal: R2.50 per R100.
- Saswitch (other bank) ATM/Post Office terminal cash withdrawal: R10 plus R2.50 per R100.
- Till-point (point of sale) cash withdrawals: Free.
- Prepaid data, airtime and utilities purchases (ATM and digital banking): R1.50. For Saswitch (other bank) ATM, the charge is R12.
- Point of sale purchases (card swipes): R1.00.
- Account payments: R1.00 for digital and ATM banking; R10 for telephone banking.
- Charges for immediate interbank payment: R10 for R1,000 or less; R49 for amounts more than R1,000.
- Electronic funds transfers (EFT): Free.
- Absa Cash Send: R2.50 per R100 on both digital and ATM banking.
- Balance enquiries: Free. (R9 If you use Saswitch (other bank) ATM/Post Office terminal/overseas ATM).
- ATM statements: R10 for mini statement; R20 for full statement.
- Stamped statements: R10 via digital banking; R20 at ATM.
MegaU Account
The MegaU Account is Absa’s main youth banking offering. Customers get to enjoy zero monthly fees as well as free card swipes and till-point cash withdrawals, among other benefits.
Below are the most common bank charges for this Absa account in 2023:
- Monthly fee: Zero.
- ATM cash deposit: Free for the first R500; thereafter R2.50 per R100.
- ATM and till-point (point of sale) cash withdrawal: Free.
- Saswitch (other bank) ATM/Post Office terminal cash withdrawal: R10 plus R2.50 per R100.
- Card swipes/point of sale purchases: Free.
- Prepaid data, airtime and utilities purchases (ATM and digital banking): Free (R10 at Saswitch/other bank ATM).
- Account payments: R1.00 for digital and ATM banking; R10 for telephone banking.
- Charges for immediate interbank payment: R10 for R1,000 or less; R49 for amounts more than R1,000.
- Electronic funds transfers (EFT): Free.
- Absa Cash Send: R10 per R1,000 on digital banking channels; Free at ATMs.
- Balance enquiries: Free. (R9 If you use Saswitch ATM/Post Office terminal/overseas ATM).
- ATM statements: R5 for mini statement; R20 for full statement.
- Stamped statements: R10 via digital banking; R20 at ATM.
Absa Student Account
Students using this account pay zero monthly fees along with unlimited free day-to-day banking on selected transactions through Absa’s self-service channels.
The transactions included in this EasyFee pricing option are:
- Absa ATM cash withdrawals.
- Absa ATM cash deposits (excluding cardless cash deposits).
- Absa ATM balance enquiries and mini statements.
- CashSend® at an Absa ATM.
- Electronic funds transfers (EFT).
- Electronic account payments.
- Point-of-sale purchases and cash withdrawals (local).
- Debit orders and stop orders.
- Airtime top-up at Absa ATM, POS, Online, Mobile, Telephone IVR.
Gold banking
In 2023, Absa’s Gold Package, Gold value Bundle Plus and Gold Value Bundle accounts will have a monthly fee of R135, R190 and R115 respectively.
Each of these accounts has a set number of free transactions per month. Once the bundled fees and transactions run out, customers pay out-of-bundle or pay-as-you-transact fees for transactions such as cash deposits and withdrawals.
Nevertheless, Gold banking customers enjoy several unlimited free transactions such as local debit card purchases and withdrawals, digital account and beneficiary payments, debit and stop orders, and digital linked-account transfers.
Premium Banking
In 2023, Absa’s Premium Package customers will pay a R229 charge per month, while Premium Banking Plus account holders will be charged R275 per month. The entry-level Premium Banking account will cost R200 per month.
Once bundled transactions and fees run out, customers will pay out-of-bundle fees for applicable transactions. These accounts similarly have several unlimited free transactions.
Absa bank charges for pensioners
If you earn at least R2,000 per month and you’re 55 years old or older, you may opt for Absa’s Prosperity account dedicated to pensioners. The bank charge for this account in 2023 is just R50 per month.
With this account, pensioners get free Absa online, mobile and telephone banking as well as free SMS or email notifications.
Last word
This article has provided only a summary of the most common Absa bank charges 2023 across its various accounts.
To view the full details for each account, download Absa’s 2023 benefits and pricing guide.