Understanding the cost of transacting

?The cost of banking and how we transact is rapidly changing on the back of technology and legislation. With all these changes, it is increasingly becoming important to keep a close eye on your finances and the cost of transacting.

As discussed in the article titled ‘Make sense of your banking fees’, there is a difference between Bundled Pricing and Pay as You Use (PAYU) which impacts your fees and wallet. This article delves deeper into some of the banking fees that can sink your financial boat if not managed whether you have an account, initiating a bank transfer or transferring money from your bank account to mobile wallet.

There is a correlation between the number of transactions you make and how you pay in banking fees, also depending on the pricing option you choose. The table below provides an average cost per transaction of some of the popular transactions.?

Based on the summary provided above, each transaction comes at a cost. The more transactions you make, the higher your banking fees are likely to be. Be savvy and transact responsibly. Visit your bank for more information, choose a suitable pricing option and limit the volume of unnecessary transactions to avoid incurring higher fees.