One of the cheapest ways to draw cash is through major retailers — this is known as “cashback”.
When shopping at stores such as Pick n Pay, Checkers, Shoprite, Pep Stores, Boxer (and selected Spar stores), you can withdraw cash when making a purchase. In fact, at Pick n Pick you do not have to make a purchase to make a cash withdrawal.
For all banks, cashback is a cheaper option than an ATM, and in order to highlight the benefits, Capitec will for three months drop its R1 cashback fee, providing their clients with a free cash-withdrawal service.
But even at R1 it is a third of the R3,75 fee Capitec charges for ATM withdrawals. FNB is also on a drive to raise awareness with a cashback fee of just 90c.
So next time you are doing your weekly shop, draw your cash at the same time and save in banking fees.
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