FNB and Nedbank crush Absa and Standard Bank in PayShap prices

South Africa’s banks have set relatively high fees for the newly-launched PayShap system.

First National Bank and Nedbank currently offer the best prices on PayShap transactions, a MyBroadband analysis reveals.

When making a regular EFT using a bank account number, customers have the option of paying extra for an immediate interbank payment. Unless you desperately need the payment to clear immediately, banks offer almost no incentive to use PayShap. Nedbank is charging a flat R1 fee for all ShapID-to-ShapID transactions, offering a substantially cheaper alternative to regular immediate interbank payments.Nedbank is also running a promotion where all PayShap transactions are free until 30 April 2023.

Queried about the prices, Absa Everyday Banking managing executive for consumer product Christine Wu told MyBroadband that their prices are competitive.

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