South African bank account holders, listen up — as of May 1, 2025, some major changes are coming to the country’s banking rules. From faster transfers to new security upgrades, these shifts are designed to modernize our financial system, enhance customer protection, and keep up with global standards.
If you bank in South Africa, you’ll want to know exactly how these five updates will affect your day-to-day transactions, fees, and digital banking habits.
Transfers
One of the biggest changes is to interbank transfers. No more waiting days for money to reflect in your account — from May 1, 2025, all interbank transfers must clear within 2 hours, no matter the bank or amount.
Perks
- Instant settlement for all local transfers
- Real-time SMS and email alerts
- Late transfer penalties for banks that miss deadlines
This is especially great news for small businesses, freelancers, and anyone who relies on fast payments to keep their cash flow healthy.
Here’s a quick look at how the transfer timelines are changing:
| Transfer Type | Old Timeframe | New Timeframe | Notification | Late Penalty |
|---|---|---|---|---|
| EFT (Domestic) | 2-3 business days | Within 2 hours | SMS & Email | Yes |
| Immediate Payment | Within 1 hour | Within 10 minutes | SMS & App Alert | Yes |
| Scheduled Payments | Next day | Same day | Yes | |
| Interbank Card Swipes | Real-time | Real-time | Receipt | No |
| Online Payments | 1-2 business days | Within 1 hour | Email & App | Yes |
| Business Bulk Payments | 2-4 business days | 24 hours | Bulk Notification | Yes |
| Bank App Transfers | Within 1 day | 30 minutes max | In-App Alert | Yes |
Fees
Heads up — banking fees are going up. All personal and business account fees will increase by an average of 6–9%. Plus, some digital wallet services and app features will carry extra charges, especially premium options. Paper statement fees are also rising as banks push customers toward digital alternatives.
| Bank | Old Fee (ZAR) | New Fee (ZAR) | % Change | New Paper Fee |
|---|---|---|---|---|
| Standard Bank | 120 | 130 | +8.3% | 30 ZAR |
| Absa | 110 | 118 | +7.3% | 25 ZAR |
| FNB | 95 | 102 | +7.4% | 22 ZAR |
| Nedbank | 105 | 112 | +6.7% | 20 ZAR |
| Capitec | 65 | 70 | +7.7% | 18 ZAR |
| TymeBank | 0 | 0 | 0% | N/A |
| Discovery Bank | 90 | 99 | +10% | 27 ZAR |
Tip: Switch to eStatements via your banking app to dodge those extra paper fees.
Biometrics
To boost security, biometric verification will now be mandatory for mobile banking. That means you’ll need to use fingerprint, facial recognition, or voice authentication to log into your app and make transactions.
Benefits
- Stronger protection against fraud and account hacks
- Faster logins on compatible devices
- Compulsory for all new app updates
What to do: Update your app and activate biometrics in your phone’s settings.
Forex
If you’re moving money overseas, take note — any foreign exchange transaction over R25,000 will now require real-time digital approval through your bank’s app or online platform.
What changes
- Instant alerts for large transfers
- OTP or biometric approval needed
- Forex rate lock valid for 15 minutes
This makes sending money abroad safer and faster while reducing unauthorized transactions.
Scam Reporting
Good news for anyone who’s ever been scammed — a new unified fraud reporting platform is launching. From May, you’ll be able to report suspicious transactions or scams across any South African bank via www.reportfraud.co.za.
How it works
- Submit account and incident details
- Get a tracking ticket and live status updates
- Automatic account freeze option via the portal
It’s a smart move to fight financial crime together and protect customers better.
FAQs
When do these banking changes start?
All changes take effect on May 1, 2025.
How fast will EFTs be from May 2025?
All EFTs must clear within 2 hours.
Do I have to pay for paper statements now?
Yes, paper statement fees will increase across banks.
Is biometric login now compulsory?
Yes, it’s mandatory for all mobile banking users.
Where can I report a bank scam?
Go to www.reportfraud.co.za for scam reports.
