PayShap transfer fees in South Africa 2023, by bank and transaction size
As of 2023, ABSA bank in South Africa charged the most significant amount of 45 South African rand (about 2.45 U.S. dollars) for PayShap transactions over one thousand to three thousand South Africa rand (around 54.47 to 163.41 U.S. dollars). However, Nedbank offered a transaction fee of as little as one South African rand (just 0.06 U.S. dollars) for payments made from one PayShap account to another. Considering the bank charges for instant and non-real-time EFTs, there is little incentive for customers to utilize the PayShap payment method.
