Maximising Value: A guide to withdrawing cash at ATMs for minimum fees
Research has shown that 95% of South Africans withdraw cash from an ATM at least once a month. Many of our Paymenow users also choose to withdraw cash via ATMs once they have cashed-out their earned wages. But ATM withdrawals are not free – banks will charge every time you withdraw cash. So here are some tips we put together to help you pay the least fees when you need to withdraw money often.
1.??? Understand your bank’s fees
In South Africa, major banks like Standard Bank, ABSA, FNB, and Nedbank have ATMs available across the country. But bank clients must aware they will be charged for every cash withdrawal at an ATM. Here is a table of ATM fees per bank (note this information was correct at time of publication, but may change every year).
2. Choose the right ATM
Bank clients are not limited to their own bank’s ATM – cash withdrawals are also possible at other banks’ ATMs. But be aware that your bank charges extra fees for this service. To pay the lowest fees, choose an ATM linked to your own bank. Here are the fees you must pay to use another bank’s ATM: