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SOUTH AFRICA: Money Deposits - An Additional Banking Service At Shoprite and Checkers.

Mbuyu-Ana
By Mbuyu-Ana | self meida writer
Published 1 months ago - 1 views

Every business in the world wants to remain competitive and relevant to its customers by coming up with many innovative ways of serving them. Shoprite has joined the list by ensuring that its rural customers are served well.

It is not a strange sight to see customers withdrawing money at cash tills at Checkers, Shoprite, Spar, Pick n Pay, or even Usave.  Checkers and Shoprite even sell air and bus tickets. When you think of travelling locally you can go to Checkers or Shoprite to get an air or bus ticket. There is also a Computicket at Checkers and Shoprite, so you can also buy tickets to movies and shows.

People could send and collect money through all the stores mentioned above. In some Pick n Pay shops, there is a Tymebank booth for cash withdrawals, and deposits can be made at cash tills.

Now, customers can also deposit directly into their bank cards at Checkers, Shoprite, and Usave stores for a single flat rate, the amounts will reflect in their bank accounts.

Shoppers can, therefore, now accomplish several basic banking services at all of the Shoprite group's points of sale, including some account payments, airtime top-ups, and cash withdrawals. Pick n Pay did something similar last year.

Shoprite Group brings to the rural areas a level of convenience where bank branches and ATMs are not available. Many people residing in rural areas still receive their salaries in cash.

The group has 1700 stores countrywide that will accept cash till deposits. Since most of the stores open early and close quite late and also open on weekends and public holidays. Also for the love of convenience, since we have Shoprite everywhere around South Africa.

All shoppers need to do is present their MasterCard or Visa card at a point of sale, with the amount of cash they’d like to deposit and the teller will assist them.

At this stage, Shoprite Group has a limit of R3,000 in cash per transaction compared to the R5,000 Pick n Pay limit. The banks and ATMs take much more than what both Shoprite and Pick n Pay.

Shoprite Group was able to sign up ten of the biggest banks including African Bank, Bidvest Bank, Discovery Bank, First National Bank, Grobank, Investec, Nedbank, Standard Bank, and TymeBank.

Shoprite like Pick n Pay notably excludes Capitec Bank on this deposit feature on the banks participating.

Both Shoprite Group and Pick n Pay to charge a flat rate of R19,95 per transaction. As we have all experienced, most banks prefer that customers deposit at ATMs which typically have a fee-free threshold of either R1,500 or R3,000 thereafter a sliding per R100 scale would increase the fees; which makes it complicated to compare their costs to those of retail stores.

It is worth noting that customers who bank with Absa and Standard Bank, in particular, may find it significantly cheaper to deposit cash at supermarkets than at ATMs, depending on which accounts they have.

Customers can deposit up to R3,000 in cash per transaction at stores within the Shoprite Group, compared to Pick n Pay’s R5,000 limit. Most banks and ATMs will take significantly more than this.

Ten of the country’s biggest banks are on board with Shoprite at present, including Nedbank, First National Bank, Investec, Standard Bank, African Bank, TymeBank, Discovery Bank, Bidvest Bank, Sasfin, and Grobank. 

As with Pick n Pay’s equivalent cash deposit feature, the list of participating banks currently notably excludes Capitec.

Shoprite, as with Pick n Pay, charges a flat rate of R19.95 per transaction. Most banks are currently steering their deposits towards ATMs rather than branches - and these typically have a fee-free threshold of either R1,500 or R3,000, after which a sliding per R100 scale increases the fees; it makes it a bit complicated to compare their costs to those of the retail stores.

In order to compare the differences in fees, Business Insider used the scenarios of depositing R1,500, R3,000, and R5,000 respectively in cash, using each bank’s cheapest entry-level account - when using ATMs for deposits.

The sliding scale from each bank offering means fees will be more attractive to different types of users. It must be stated that generally despite the flat fee of 19,95 charged by both Shoprite and Pick n Pay it starts to get more competitive when the limits are raised in terms of the amount of cash they will accept.

In particular, customers who bank with Absa and Standard may find it largely cheaper to deposit cash at supermarkets than at ATMs, this all depends on the type of account they old at a particular bank.

SOURCE

https://www.businessinsider.co.za/money-and-markets/shoprite-and-checkers-now-accept-cash-deposits-at-tills-heres-their-rates-compare-to-banks-2021-3

 

 

Content created and supplied by: Mbuyu-Ana (via Opera News )

Tags:      

Checkers Pick n Pay Shoprite Usave
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