Cheapest travel currency. Quick comparison- forex costs for South African travellers in 2025
| Bank/Service | Monthly Fee | Int’l ATM Withdrawal | Int’l Transaction Fee (POS) | FX Markup vs Mid-market |
| Capitec | R 7.50 | R70 per withdrawal | R3 per transaction | ~0% (Mastercard rate) / Low |
| Tyme Bank | R 0 | R70 per withdrawal | ~0% (Visa rate) /Low | |
| Bank Zero | R 0 | ~1% (min R50) | R0 (no fixed fee) | 1.25% |
| Shyft (Std Bank) | R 0 | ≈R65 flat ($3.30) | 0.5% of transaction value | ~0% (USD/GBP/EUR/AUD); 2.75% others |
Capitec (Global One Account)
- Monthly Fee: R7.50
- ATM Withdrawals: R70 flat per withdrawal.
- Card Purchases: R3 flat per transaction, no percentage fee.
- FX Markup: ~0% using Mastercard rate.
- Best For: POS international purchases; predictable, low-cost card use abroad.
Tyme Bank (Every Day Account)
- Monthly Fee: R0.
- ATM Withdrawals: R70 per withdrawal.
- Card Purchases: R0
- FX Markup: ~0% using Visa rate.
- Best For: Same benefits as Capitec, but with no monthly fee.
Bank Zero
- Monthly Fee: R0.
- ATM Withdrawals: 1% of amount (min R50).
- Card Purchases: No fixed fee; 1.25% FX markup.
- Best For: Small card purchases; moderate ATM withdrawals.
Shyft (Standard Bank)
- Monthly Fee: R0.
- ATM Withdrawals: ≈R65 flat ($3.30).
- Card Purchases: 0.5% of transaction value.
- FX Markup: 0% for USD/GBP/EUR and AUD. 2.75% cross currency fees for others.
- Best For: Locking in good exchange rates ahead of travel; multi-currency wallet. Safety as you can quickly move funds in and out of cards (3 cards delivered)
Other Considerations
- Investec: No ATM fees abroad, but high monthly fees and ~2% FX markups.
- FNB Global Accounts: Pre-load foreign currency, but often ~2% FX spread and cross currency charges.
- Global & Albaraka spreads are usually high (even with 0% commission)
- Traditional Banks: Typically charge 2.5 to 3% FX markup + ~2% transaction fee = ~5% total cost. Even with 0% commission, spreads are usually very high.
Summary -Quick Comparison- Forex Costs
| Best For… | Recommended Option |
| Flat low fees | Capitec or Tyme Bank |
| No fixed fees, low FX % | Bank Zero |
| Locking in FX rates, safety | Shyft |
Example of costs
Here’s a very high-level cost comparison table for withdrawing and transaction of USD. This Includes transactional costs and FX markup (approx.) where applicable. This would vary depending on the currency and several other factors:
| Provider | ATM Withdrawal Cost (1 x R20,000) | Card Transaction Cost (1 x R20,000) | ATM Cost (ZAR) 2 × R10,000 withdrawals | Card Transaction Cost 20 × R1,000 transactions |
| Capitec | R70.00 | R3.00 | R140.00 | R60.00 |
| Tyme Bank | R70.00 | R0 | R140.00 | R0 |
| Bank Zero | R200.00 | R250.00 | R200.00 | R250.00 |
| Shyft | R65.00 | R100.00* | R130.00 | R100.00* |
Insights:
- Capitec and Tyme Bank are cost-effective for both withdrawals and card transactions. This is a ZAR card and you cannot pre-purchase currency when cheap, so you will be exposed to the daily rate.
- Bank Zero is slightly more expensive due to the 1.25% FX markup on card transactions.
- *Shyft has transactional fees despite a low ATM fee. However, you can lock in your forex beforehand when cheap, particularly for the major currencies. Other currencies (~2.75% cross currency) fees will be applied on cross conversion, so not worth it when travelling to countries outside of USD/EUR/GBP and AUD.
- Avoid ATM’s with additional charges, and do not accept DCC options on ATM’s. Use the ATM Fee saver app to find cheaper ATM’s
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