Skip to main content

You can now use any Saswitch ATM without extra fees, to stop unnecessary travel

| Economic factors

South African banks will not charge Saswitch fees, the extra fees for using the ATM of a competing bank, during the Covid-19 disaster, Standard Bank said on Sunday.

The South African government recently gazetted temporary rules to allow banks to collaborate on measures to help clients during the coronavirus pandemic, suspending competition rules that would otherwise forbid such cooperation.


Banks have also been urged to keep the supply of physical banknotes steady during South Africa's lockdown.

Standard Bank said that during discussions, the banking sector collectively decided to waive Saswitch fees during the lockdown. 

This means that a customer can use any ATM closest to them, including those of competing banks, and only pay the usual fees charged for the transaction they conduct, rather than extra fees that would usually apply.

Business Insider South Africa was unable to immediately verify implementation of the measure with other South African banks or Saswitch operator BankservAfrica.

The Saswitch system, which allows interoperability between bank ATMs, was a world-first when launched.

Among the other measures banks have adopted to help during the Covid-19 disaster to date, Standard Bank and Nedbank have introduced debt repayment holidays for struggling businesses and students 

First National Bank (FNB) said it will be helping consumers, but did not provider finder detail.  

(Compiled by James de Villiers)


Related Articles

Official fuel prices for December: margin hikes...

By: Jason Woosey - IOL The Department of Mineral Resources and Energy (DMRE) has announced the official petrol and diesel price adjustments for December.

South Africans predicted to spend R224bn this f...

According to the results from the sixth annual Summer Spending Survey by short-term lender Wonga, South Africans are expected to spend an estimated R224 billion over this year’s festive season.

Grocery budgets: Say goodbye to these foods as ...

By: IOL Business Fried chips, potato salad, baked or roasted potatoes, and stews and curries with potatoes – whichever your favourite, you may have to do without if you have any hope of spending less on groceries in the coming weeks. And don’t p...

Black Friday shoppers spent R4.5bn, with jewell...

By: TimesLive Black Friday 2023 levels reflected tougher economic conditions in South Africa, but sales totalled R4.5bn.

December fuel price outlook is good news for bo...

By: IOL With a week to go until December’s fuel price sums are finalised, the outlook is positive for both petrol and diesel.