Starting November 10, 2025, the South African banks will implement new rules about banking cards aimed at enhancing the level of security, control the amount of cash withdrawn, and promote the use of online payments. These regulations alter day-to-day ATM withdrawal limits, fee structures and card usage regulations in most of the large financial institutions.
Important Features of the New Banking Card Regulations
Daily ATM Withdrawal Limits:
– Simple savings accounts limited to R5,000 in a day.
– Current accounts are usually limited to R10,000 per day.
– Premium or business accounts have greater limits between R25,000 and R50,000 per day.
Free ATM Transactions:
– ATM withdrawals are restricted (3 in most cases, 3 free and more with higher accounts).
– Bottom withdrawals above free limits are charged transaction fees of between R5 and R12 depending on the level of the account.
Tougher Policies on Card Usage:
– Increased security levels such as biometric authentication and one-time-password (OTP) verification required on large transactions.
– Higher sums of money charged to use out-of-network ATM or card transactions.
– Use of joint accounts will share limit of withdrawal among users.
Promotion of Digital Payments:
– Banks promote the transition of the customers to digital payments and provide bonuses, including a reduction of fees and quicker approvals of transactions.
– Contactless payments and mobile wallet transactions are encouraged to increase the convenience and security.
Impact on Customers
– Customers who are cash-based (rural and elderly) will have to be mindful of cash withdrawals so as to ensure they do not incur a fee or cause a transaction to fail.
– Online banking and the use of online banking tools and apps will become more of a concern on convenient banking.
– The banks can provide the possibility to change the level of the account to the upper one to have bigger flexibility in the withdrawal.
– The following measures will minimize ATM fraud, enhance transparency of the transaction and transform the banking system.
| Account Type | Daily Withdrawal Limit | Free ATM Transactions Per Month | Fee Per Additional Transaction | Authentication for Large Transactions |
|---|---|---|---|---|
| Basic Savings | R5,000 | 3 | R10 | OTP required over R2,000 |
| Current Account | R10,000 | 5 | R8 | Biometric check over R5,000 |
| Premium Account | R25,000 | Unlimited | R5 | OTP for all transactions |
| Business Account | R50,000 | 10 | R12 | Manager approval over R25,000 |
FAQs
Q1: What is the time of the new banking card rule?
They begin on November 10, 2025.
Q2: Will the withdrawal limits at all the banks be equal?
Different banks have different limits depending on the type of account and the customer should check with his bank to confirm the relevant details.
Q3: Do you have any special provisions to seniors or rural customers?
Certain banks can offer senior and rural customers relaxed limits or reduced charges.
