As of 2023, ABSA bank in South Africa charged the most significant amount of 45 South African rand (about 2.45 U.S. dollars) for PayShap transactions over one thousand to three thousand South Africa rand (around 54.47 to 163.41 U.S. dollars). However, Nedbank offered a transaction fee of as little as one South African rand (just 0.06 U.S. dollars) for payments made from one PayShap account to another. Considering the bank charges for instant and non-real-time EFTs, there is little incentive for customers to utilize the PayShap payment method.
PayShap transfer fees in South Africa in 2023, by bank and transaction size
(in South African rand)
Characteristic
ABSA
Standard Bank
FNB
Nedbank*
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PayShap refers to an instant payment method. The beneficiary will receive funds immediately. PayShap payments have a range of fees for various amounts at ABSA, Standard Bank, FNB, and Nedbank. However, only amounts of up to R3000,00 (approximately 163.41 U.S. dollars) can be made.
*Nedbank PayShap fees cost one South African rand (around 0.06 U.S. dollars) per transaction if payment is made from one PayShap account to another. A PayShap user transferring to a bank account will be charged 7.50 South African rand (about 0.41 U.S. dollars) per transaction.
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BusinessTech. (March 14, 2023). PayShap transfer fees in South Africa in 2023, by bank and transaction size (in South African rand) [Graph]. In Statista. Retrieved July 22, 2024, from https://www.statista.com/statistics/1465979/payshap-transfer-fees-in-south-africa-by-bank-and-transaction-size/
BusinessTech. "PayShap transfer fees in South Africa in 2023, by bank and transaction size (in South African rand)." Chart. March 14, 2023. Statista. Accessed July 22, 2024. https://www.statista.com/statistics/1465979/payshap-transfer-fees-in-south-africa-by-bank-and-transaction-size/
BusinessTech. (2023). PayShap transfer fees in South Africa in 2023, by bank and transaction size (in South African rand). Statista. Statista Inc.. Accessed: July 22, 2024. https://www.statista.com/statistics/1465979/payshap-transfer-fees-in-south-africa-by-bank-and-transaction-size/
BusinessTech. "Payshap Transfer Fees in South Africa in 2023, by Bank and Transaction Size (in South African Rand)." Statista, Statista Inc., 14 Mar 2023, https://www.statista.com/statistics/1465979/payshap-transfer-fees-in-south-africa-by-bank-and-transaction-size/
BusinessTech, PayShap transfer fees in South Africa in 2023, by bank and transaction size (in South African rand) Statista, https://www.statista.com/statistics/1465979/payshap-transfer-fees-in-south-africa-by-bank-and-transaction-size/ (last visited July 22, 2024)
PayShap transfer fees in South Africa in 2023, by bank and transaction size (in South African rand) [Graph], BusinessTech, March 14, 2023. [Online]. Available: https://www.statista.com/statistics/1465979/payshap-transfer-fees-in-south-africa-by-bank-and-transaction-size/
