PayShap fees – how much it costs to transact
On 13 March 2023, PayShap was launched by BankservAfrica, along with various participating banks such as Absa, Standard Bank, First National Bank (FNB), and Nedbank. Along with the launch, announcements about the various transaction fees charged by the banks were made, with some offering better incentives than others.
READ: What is PayShap and how does it work?
PayShap’s slogan is “Faster payments made easy. iMali manje” and to date, it allows customers to instantly transfer funds up to a value of R3000 per transaction. (read about the benefits of PayShap here)
It is undeniable that PayShap is a new and low cost way of making immediate payments. Consumers want to be paid immediately, and whilst various banks have their own unique transaction fees, PayShap costs are encouraged to remain fairly low.
PayShap transaction fees
Absa:
- R2.50 for transactions up to R200
- R7.50 for transactions between R200.01 and R1000
- R45 for transactions between R1000.1 and R3000
FNB:
- FREE for transactions up to R100
- R6 for transactions between R100.1 and R3000
Nedbank:
- FREE for all transactions up until the end of April 2023
- R1 for all transactions after April 2023 (if you use a ShapID)
- R7.50 for all transactions after April 2023 (if you pay directly to an account)
Standard Bank:
- R7.50 flat fee for all transactions up to R3000
Current banking fees
Below are the current banking fees (according to the BusinessTech Website) for the various participating banks.
Fees for non-immediate payments:
- Absa: R1.00
- FNB: Free
- Nedbank: R2.20
- Standard Bank: R1.20
Fees for instant payments:
- Absa: R10 for payments up to R1000 / R49 for payments over R1000
- FNB: R45
- Nedbank: R10 for payments up to R3000 / R49 for payments over R3000
- Standard Bank: R10 for payments up to R2000 / R50 for payments over R2000
The above bank fees are based on the following bank accounts: Basic Banking account (Absa), Easy PAYU Account (FNB), Pay-as-you-use account (Nedbank) and MyMo Account (Standard Bank).
Which bank offers the lowest transaction fee?
As you can see, FNB and Nedbank offer the best prices for PayShap transactions. FNB is also the only bank that offers free transactions for non-immediate payments. However, when it comes to immediate payments, the other 3 major banks offer better rates.
PayShap payments
The banks that offer PayShap also allow their users to link their cellphone numbers to their account as part of the apps protocol. Users can use their “ShapID” instead of their bank account numbers if they wish to receive money- this is referred to as a “proxy payment” whereby the ShapID will act as a substitute (proxy) for your current bank account number.
As such, when customers make a regular EFT using a bank account number, they can pay extra for immediate payments.
It is important to note that with PayShap, all transactions are in real-time, meaning that if you pay someone using their ShapID, you will not have the option to turn off the real-time payments.
PayShap is currently in its first phase of its launch, which means users are allowed to pay-by-account (using their bank account details) or pay-by-proxy (using their cellphone number/ ShapID.) The next phase will bring in an additional request-to-pay function that will allow users to make an immediate payment request and receive money to their bank account safely and immediately.
It has been stated that soon, more South African banks will participate in this payment system, creating a scene for healthy competition. Such banks include Capitec, Discovery Bank, Investec, Sasfin, Standard Chartered, and TymeBank.
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