Advertisements
RSS

South Africa Has Highest ATM Fees: Survey

18 Jun

ATM

Survey by management consulting firm Accenture found that a transaction in South Africa cost nearly US2 (R16.75), Business Day reported.

The country also had the highest withdrawal fees of US4. 59 (R38.44).

In contrast 18 countries, which included the United States and the United Kingdom, charged nothing for ATM withdrawals and 14 charged nothing for branch withdrawals.

Vinolan Pillay, an executive for banking at Accenture said despite the high charges the survey found that 38 percent of South African consumers were satisfied with their main bank, above the global average of 36 percent.

South Africa came in eighth-best for credit cards and among the 10 countries offering free debit-card transactions at some banks.

Pillay said this was an example of the country’s banking industry progressing to fiercer competition and increased transparency.

“Recent banking price wars in South Africa resulted from calls for transparency around pricing and heated competition in the banking industry,” he was quoted as saying.

Advertisements
 
 

Tags: , , , ,

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

 
%d bloggers like this: