Many SASSA beneficiaries struggle with high withdrawal fees when accessing their grant money. If you want to keep more of your funds, choosing the right bank can help reduce unnecessary charges. While no bank offers completely free withdrawals, some have much lower fees than others.
Below, I’ve outlined the best banks in South Africa that offer minimal withdrawal fees for SASSA payments so you can make an informed choice.
Banks with the Lowest SASSA Withdrawal Fees
1. Standard Bank
- R8 for withdrawals up to R1000 at a Standard Bank ATM.
- R2.20 per R100 for transactions below R1000 when using a Capitec ATM.
- R10 per R1000 if withdrawing from a non-Standard Bank ATM.
2. ABSA
- No withdrawal fee for amounts up to R1000.
- R10 fee for withdrawals above R1000.
3. Nedbank
- R2 per transaction when making purchases at retail stores.
- R10 per withdrawal when using an ATM from another bank.
4. Bank Zero
- R2 per cash spend at Pick n Pay, Spar, and Shoprite.
5. TymeBank
- R3 per withdrawal at Pick n Pay, Boxer, and similar retail stores.
- R10 for a R1000 withdrawal.
6. Capitec
- Free cash-out at Boxer, Shoprite, Pick n Pay, or Checkers.
- R1.75 per cash withdrawal at select retail stores.
- R9.50 per R1000 withdrawal at Capitec ATMs.
- R1.50 per R1000 withdrawal from non-Capitec ATMs.
How to Choose the Right Bank for Your SASSA Payments?
When selecting a bank for your SASSA withdrawals, consider:
- Transaction fees – Look for the lowest costs at ATMs and retail stores.
- Convenience – Ensure there is a nearby ATM or retail partner to avoid long travel.
- Additional banking benefits – Some banks offer zero-fee accounts or lower transaction costs for card payments.
Frequently Asked Questions
1. Which bank offers the lowest withdrawal fees for SASSA grants?
Capitec offers the lowest withdrawal fees, with free cash-outs at select retailers and R1.75 per transaction.
2. Can I withdraw my SASSA grant from any ATM?
Yes, but withdrawal fees vary. Banks charge more for non-network ATM transactions.
3. How can I avoid high withdrawal fees?
Use retail partners like Pick n Pay and Boxer, or withdraw from your bank’s own ATMs to save money.
4. Can I change my bank account for SASSA payments?
Yes, SASSA allows you to update your banking details if you find a better fee structure.
5. Do withdrawal fees change over time?
Yes, fees are subject to bank policy changes and economic conditions. Always check with your bank.
Final Thoughts
By choosing the right banking option, you can reduce unnecessary costs and keep more of your SASSA funds for daily essentials. Always stay informed about fee changes and consider using retail partners for lower withdrawal costs. Being mindful of these charges ensures you maximize your grant money and make the most of your financial resources.
