One of the fundamental elements of a smooth overseas trip, is the ease and efficiency with which you can do your banking. That’s everything from having to pay people back home if needed, swipe for meals on your credit card, or book a hire car. These crucial transactions which can make or break your trip, are all dependent on what your bank offers.
With the modernization of banking, most banks offer efficient and trustworthy overseas transaction facilities.
It is important to choose a bank whose debit & credit cards are recognized globally (Visa/Master Card), and who do not charge inordinate fees for foreign currency conversions and general purchases.
Below is a list of popular South African banks and the general Fees associated with using their services abroad:
Int. ATM Withdrawal
Int. Card Swipes
|ABSA||R50 + 2.75% Currency conversion fee.||2.75%|
|FNB||From: R1.25 per R100 + 2.75% conversion fee.||2.75%|
|Nedbank||R40 + R1.40 per R100, 2% conversion fee.||2%|
|Standard Bank||R35 + R2 per R100, 2,5% conversion fee.||2.5%|
|Capitec||R50, Master Card may charge 0.2% conversion fee.||Up to 0.2%|
|Investec||2.5% conversion Fee||2.5%|
|American Express||R40 + R1.32 per R100, 2% conversion fee.||2%|
Make sure you let your bank know you are traveling overseas, so that the necessary arrangements are made, and you are not left in the lurk with no access to funds.
Also enquire about the travel insurance these banks usually offer with their credit cards, as this could prove immensely helpful.