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.
Table 1: Summary of average transaction fees
| Type of transaction | Average cost/transaction |
| Average account maintenance fee (standard) | M10.95 |
| Average Bank to Bank Transfer | M9.00 |
| Average ATM Withdrawal fees (own bank) | Minimum M5.60 and maximum M50.00 |
| Average ATM Withdrawal fees (Other banks) | M52.40 |
| Average Transfer to Local Banks | M11.00 |
| Average Transfer to CMA | M15.00 |
| Average Mobile money transfers | Minimum M2.10 and maximum M60 |
| Debit Order | M20.86 |
| Failed debit order | M40 |
| Average Bank to Wallet/ Wallet to Bank | Minimum M2.10 and maximum M60.00 |
*Disclaimer: These are average costs. Please visit your respective bank for exact fees.
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.
