FNB’s Pay and Clear service is an electronic payment solution that transfers funds between bank accounts, typically clearing within 60 seconds or less. The cost depends on your account type and transaction value, with several pricing structures available. In recent periods alone, FNB has processed millions of real-time free payments for customers, demonstrating the scale and popularity of this service.
FNB Pay and Clear Cost: Complete Guide
How Pay and Clear Now Works
Pay and Clear Now is a premium payment service that offers near-instant clearing of funds to recipients at participating banks. When you send a Pay and Clear payment from an FNB account, the funds are typically credited to the recipient’s account within 60 minutes of the payment being successfully processed.
For payments of R5 million or more, the Pay and Clear service is automatically applied, ensuring high-value transactions clear within 60 minutes or less. For low-value payments (under R5 million), you have the option to select Pay and Clear Now for an additional fee.
Payments to FNB accounts are processed in real-time at no premium cost, meaning you can transfer money between FNB accounts instantly without paying the Pay and Clear fee.
It is important to note that Pay and Clear payments cannot be reversed or undone once submitted, so you must ensure all recipient details are correct before confirming the transaction.
Current Fee Structures
Consumer Account Allocations
FNB offers free Pay and Clear allocations on select consumer accounts, making transactions predictable and affordable:
| Account Type | Free Allocation | Beyond Free Limit |
|---|---|---|
| FNB Easy | R1,000 free per month | R10 per R1,000 spent, capped at R50 |
| FNB Aspire | R2,500 free per month | R10 per R1,000 spent, capped at R50 |
| FNB Premier | R4,000 free per month | R10 per R1,000 spent, capped at R50 |
Beyond these monthly limits, you pay R10 per R1,000 transacted, with a maximum fee of R50 per transaction. This capped ad-valorem fee structure ensures transparent pricing and protects customers from excessive charges on larger transactions.
General Transaction Fees
For the standard Pay and Clear Now service across most account types, fees are structured as follows:
| Transaction Value | Fee |
|---|---|
| ≤ R3,000 | R8 per transaction |
| > R3,000 | R15 per transaction |
Digital Banking Solutions
For customers using FNB’s digital channels, the following rates apply:
| Transaction Value | Fee |
|---|---|
| ≤ R5 million | R45 per transaction |
| > R5 million | R60 per transaction |
Business Account Fees
For business accounts, the fee structure varies by account type:
| Account Type | Transaction Fee |
|---|---|
| Gold Business Account | ≤R3,000: R8 ≥R3,000: R15 |
| Platinum Business Account | ≤R3,000: R8 ≥R3,000: R15 |
| Online Banking Enterprise Bundle | ≤R5m: R10 ≥R5m: R35 (monthly fee) |
Healthcare Account Fees
Healthcare account customers benefit from the same fee structure as Gold Business accounts, with charges of R8 for transactions of R3,000 or less and R15 for larger amounts.
RMB Private Bank Pay-As-You-Use
For RMB Private Bank customers using the Pay-As-You-Use pricing option, Pay and Clear transactions cost R45 per transaction.
Transaction Limits and Cut-Off Times
Payment Times
– Payments to participating banks typically clear within 60 minutes or less
– High-value payments (≥R5 million) are processed within 60 minutes
– Payments to FNB accounts are processed in real-time at no premium cost
Daily Limits
– Weekdays (00:01 – 16:00): Maximum R5 million per transaction
– Weekdays (16:01 – 00:00): Maximum R250,000 per transaction
– Weekends and Public Holidays: Maximum R250,000 per transaction
Cut-Off Times
Payments submitted after the cut-off times below will be processed on the next business day:
– Pay & Clear Now payments to participating banks: 15:00
– Same Day (Normal) payments to FNB: 20:00
– Same Day (Normal) payments to other banks: 14:00
To ensure problem-free transacting, allow at least 30 minutes ahead of the cut-off time for the service type selected. Processing of Pay & Clear Now transactions is available on business days only, excluding Saturdays, Sundays, and public holidays.
The service is available Monday to Saturday, with cut-off times extending to 20:00 on weekdays and 21:00 on Saturdays for participating banks.
Participating Banks
Pay and Clear Now payments can only be sent to participating banks. Major banks include ABSA, African Bank, Albaraka Bank, Bank Zero, Bidvest Bank, BNP Paribas, Capitec Bank, Discovery Bank, FirstRand Bank, Grindrod Bank, Investec Bank, Nedbank Limited, Standard Bank, and TymeBank.
Important: Low-Value Pay and Clear Restrictions
Not all participating banks accept low-value Pay and Clear Now transactions (under R5 million). The following banks do NOT accept low-value Pay & Clear transactions, though they do accept high-value ones:
– Habib Overseas Bank
– Ithala (ABSA)
– Nedbank Corporate Saver
– Nedbank Incorp. FBC
– Peoples Mortgage Limited
If you attempt to send a low-value Pay and Clear payment to one of these banks, the transaction may be rejected or processed as a standard Same-Day payment instead.
How to Avoid Fees
The free monthly allocations on Easy, Aspire, and Premier accounts mean many small transactions are not charged. To maximise savings:
Track your usage – Monitor how much you’ve transacted in Pay and Clear this month
Time your payments – Use your free allocation first before making larger transfers
Consider account upgrades – Premier account offers R4,000 free, significantly more than Easy
Use FNB-to-FNB transfers – Payments to FNB accounts are processed in real-time at no premium cost
Plan high-value payments – Since payments over R5 million are automatically processed via Pay and Clear, factor this into your budgeting if you regularly make large transfers
Frequently Asked Questions
Q: What is Pay and Clear Now?
A: An electronic payment service that transfers funds between bank accounts, clearing within 60 minutes or less.
Q: Can I reverse a Pay and Clear payment?
A: No. Pay and Clear instructions cannot be undone or reversed once submitted.
Q: Are there limits on transaction values?
A: Yes. Weekday limits vary: R5 million before 16:00 and R250,000 after 16:00. Weekends and public holidays are limited to R250,000.
Q: Which banks accept Pay and Clear?
A: Most major banks including ABSA, Capitec, Discovery Bank, Investec, Nedbank, and Standard Bank participate. However, check whether your recipient’s bank accepts low-value Pay and Clear transactions.
Q: Do I pay more for larger transactions?
A: Yes. For general accounts, the fee increases from R8 to R15 for transactions over R3,000. For digital banking solutions, the fee is R45 for transactions up to R5 million and R60 for larger amounts.
Q: How does Pay and Clear differ from a standard EFT?
A: A standard EFT can take up to 2 business days to clear, while Pay and Clear clears within 60 minutes. Pay and Clear is a premium service that incurs additional fees.
Q: Can I send a Pay and Clear payment on a weekend?
A: Yes, but the service operates on a limited schedule. Weekday and Saturday cut-off times apply, and the service is not available on Sundays or public holidays.
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Conclusion
FNB’s Clear Now payment option has revolutionized how customers handle urgent financial transfers in South Africa. While it offers convenience and speed, the associated costs should be weighed carefully. With a fee of R7 for transactions under R3,000 and R15 for larger payments, Clear Now is best reserved for time-sensitive situations. Understanding your account type, usage habits, and available alternatives can help you make informed decisions and avoid unnecessary fees.
As FNB continues to innovate, it remains crucial for users to stay informed about new features and pricing structures. By doing so, they can make the most of their banking experience while managing costs effectively.
Disclaimer: Fees and limits are subject to change. For the most current information, refer to FNB’s official pricing guide.