r/southafrica • u/WorldInWonder • 21h ago
Picture Capitec must be doing something right.
Three sets of queues for banking and people seem prepared to wait.
Edit:
Only one queue was for the ATM and it was the shortest.
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u/Sihle_Franbow Landed Gentry 21h ago
They bank the largest volume of South Africans, which means that their atms get used frequently.
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u/anib Western Cape 21h ago
https://giphy.com/gifs/26gsccje7r5WUrXsA
it's a good bank but no one wants to be in a bank queue.
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u/Mediocre_Top_5010 20h ago
I all seriousness though, is switching to Capitec worth it? I have been with FNB my entire life and getting real tired. I want to switch banks, but not sure which one.
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u/FantasticBike1203 19h ago
I've been with Capitec basically my entire adult life, they are the easiest and most friendly people I've ever worked with, no matter which branch I'm at, I highly recommend them.
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u/pacafan 20h ago
For day to day banking it is hard to beat. Anyway it takes like a minute to open a new account via the app and it is as cheap as chips. Give them a try. It is in any case a good idea to have an extra bank account in case some banks systems go down and you are in the queue somewhere 😂 I sommer grabbed R5k worth of funeral cover for like 20-ish bucks just for the hell of it (well I want people to play an epic prank on my funeral and it will cost some money).
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u/Celestryia KwaZulu-Natal 17h ago
Yea it’s like R7.5 a month fees.. so worth a shot regardless
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u/Grrrisly 17h ago
Not to mention how low majority of their other charges are, I've told so many people how hassle free and cheap Capitec is yet some people don't wanna switch because "it's too good to be true" ????
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u/xsv_compulsive Landed Gentry 17h ago
That's 50 cents per month less than Nedbank. The smart money banks with Capitec
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u/WatercressVivid3709 3h ago
I genuinely sometimes earn more or roughly the same in interest as my monthly banking fee.
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u/UnusualMuffin1 16h ago
I moved from FNB to Capitec at the start of this year and I have not looked back since. Had my FNB account for 15 years and had so many complaints. Capitec is just easier to use and track your spending for a fraction of the bank fees. Their Credit Card interest rates are also some of the best I have been offered.
Only thing I dislike about Capitec is their instant access savings have abysmal interest rates. Like in this day and age how do you justify having a savings account with a 2% interest rate. Their notice accounts are pretty decent though
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u/SpamthatF5Key Western Cape 16h ago
I use bank zero. It’s pretty nice not to worry about paying monthly fees and the app is functional. No frills. I really like it.
Compared to my main FNB account. Which shows me ads like. “you sure your kids are banking safe?! Maybe they’re on the crack or those TIK pills?!?!? Sign up for this secure account with us and our people for just 300 a month.. you’ll need 10k to open it though, BUT THINK OF YOUR CHILDREN!!” And I just fucking logged in to see how much money I got left
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u/PlumpBattery 19h ago
Just try it. Opening banks is easy and most if not all have a cheap <R10 entry level account. I have a few open to try out and FNB is not it. Mainly because I despise their app in favour of the Capitec and standard bank ones. Also for Capitec can't remember the last time I was in queue. Even for cash, it's cheap enough to withdraw on another bank's ATM. Otherwise everything else can be done on app.
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u/RoninZulu1 19h ago
Not surprising: low cost banking, high interest rates on savings, no predatory lending, Capitec Connect with data that never expires, no hidden fees; it’s just great for working class people.
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u/Evergreenthumb 17h ago
They capitec app also works when you don't have data.
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u/Old_Tumbleweed_1313 20h ago
If you're withdrawing, you can do it at any Pick nPay. I have to stand in line because I make cash deposits.
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u/Naive-Inside-2904 21h ago
If you’re a Capitec executive and you see these queues you are doing something very wrong to expect your clients to wait so long for their money.
Time is a precious resource which is being wasted in queues.
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u/Low-Weekend9114 21h ago
The exec tried...it cost exactly the same to withdraw at another bank. The client is as stubborn as a mule🤦♀️
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u/its_MrCuddles 21h ago
I think they are queuing for cash send withdrawals. Which can't be withdrawn from any other ATM except for a Capitec one. Basically e-wallet for Capitec
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u/Two4 20h ago
Cash send vouchers can be redeemed at most major supermarkets.
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u/its_MrCuddles 20h ago
Correct, another reason for the long queues is cash deposits (which can be done on the app).
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u/Pufferoon 18h ago
How do you deposit cash with an app? That's some magic right there...
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u/its_MrCuddles 18h ago
I remember a few years ago my mom used to withdraw cash from her account (all of her salary) and tell me to go deposit it manually to other people's accounts. I hated the whole process because it can all be done in the app; her reason was that she wanted to make sure there are no extra bank charges and she wanted to have the money stashed somewhere secret. So I thought maybe that's what some of these people are doing. Instead of doing everything through the app, they withdrew all their money and are doing everything manually
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u/Opheleone 20h ago
It is, but essentially these people rely on physical cash for a reason that isn't met by the app or a potential societal reason such as preference for physical etc.
I don't really know the reason why, I am just another white dude who only uses card or apps.
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u/dreadperson Gauteng 20h ago
Im sorry but I think that that's kind of s naive take, what could possibly be the solution to bank ques? A whole plaza full of atms? Tap n go ATMs with no safety features?
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u/LAiglon144 The Ghost of Helen Suzman 21h ago
Everyone is rich at the start of the month before those damn debit payments start pinging off
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u/TerrificFrogg 20h ago
from what I've seen a lot of the clients in queue are either trying to deposit cash or withdraw it via the cash send feature. Capitec needs to improve how their clients work with cash because it seems a lot of them still prefer it
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u/SauthEfrican 20h ago
You can withdraw and deposit at Pick n Pay tills. Capitec should advertise that more considering how empty Pick n Pays are these days.
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u/Nomadianking Gauteng 21h ago
Depends on how you define right. Each bank has their business strategy.
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u/Upbeat-Discipline718 16h ago
they know what theyre doing 90% of the time. theyre great from a customer perspective. but during the last week of the month their systems are under so much strain with payday any companies working with them directly or indirectly struggle to make contact.
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u/SpecialReason4850 2h ago
My opinion. Capitecs success is a reflection of where we are as South Africans in terms of handling finance. Also reflects that the owners are good businessman.
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u/Personal-Entrance-31 2h ago
Capitec makes it so easy and affordable to get your cash from another banks atm. They also make it so easy to get your cash sends from different retail stores, yet people would still stand in this line to withdraw cash or get a cashsend
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u/unkwnms 19h ago
They just trying to save R2 by using a Capitec ATM.
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u/JAYGAME5601X Gauteng 13h ago
capitec withdrawals have same rates no matter the atm
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u/unkwnms 12h ago
I heard it was R7 or R8
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u/Gold_Bar_9942 1h ago
No it's R10 per withdrawal at an ATM and if you withdraw at a Shoprite till it's R2 withdrawal fees
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u/JoMammasWitness boerewors, beer and boobies 🇿🇦 20h ago
I was always under the impression that it's a crappybank? Heard lots of horror stories
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u/BruhAtTheDesk 20h ago
Ive been with them for about 10 years now. Very happy with them.
I recently opened a standard bank account for a home loan, was worse than anything I’ve experienced with Capitec before.
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