How Much Does FNB Charge For Pay and Clear (2023)

The First National Bank is one of the very best banks in South Africa doing very well by offering various services that make things easier for customers. The bank has made it easy for their customer to swiftly make instant payments to other banks without having to withdraw physical cash from their FNB accounts.

This is possible through what is known as FNB Pay and Clear, and we will also talk about how much FNB Pay and Clear costs right now.

How Much Does FNB Charge For Pay and Clear 

When it comes to FBN Pay and Clear cost, there are different pricing options based on the account type the customer is making use of. FNB Pay and Clear transactions are usually done at a one-time flat rate in South Africa.

One of the core differences between this and other payment modes is that, while others have a progressive rates, for FBN Pay and Clear, FBN’s immediate payment fees do not change with the amount of cash paid.

So, basically, customers of FBN are charged varying rates per transaction when they are transferring money to any other participating bank using this feature. It should be noted that the bank’s rates and pricing inculcate operational and fraud mitigation costs. All of these are reviewed from time to time.

All You Should Know About FNB Pay and Clear

Customers of First National Bank can utilize the Pay and Clear feature to make instant payments to other bank accounts. It must be noted however that the transaction can only be made with participating financial institutions around here, which should not be much of an issue based on the fact that several financial institutions here keep embracing innovation.

So, if there is a particular financial institution that you want to make payments to that does not carry the Pay and Clear option, then you may have to look for alternative mediums.

Also, to place emphasis on the reason FNB Pay and Clear is such a big deal to many bank users in the country, we have to draw attention to its quality, particularly when it comes to speed. For instance, just as is the case in several other parts of the world, you discover that the traditional EFTs take up to 2 business days to be completed. However, Pay and Clear transactions take up to 60 seconds to be finalized. Imagine being able to do your thing simply in the space of a minute.

It is also interesting to add that while making use of FBN Pay and Clear service, even at those times when there are delays for one reason or another, the delay will not take more than 60 minutes. We can’t but admit that this is pretty impressive.

Hence, generally, customers of First National Bank can always do instant payments to other financial institutions via the innovative FNB Pay and Clear service. With this, the innovative institution has reasonably reduced the country’s dependency on cash.

Should You Use FBN Services?

FBN has been around for many years now, and it is in fact the oldest bank in South Africa. You can trace its beginning to the Eastern Province Bank which was formed back then in 1838. So, it has been a very strong one that has strong structures too in place.

Right now, the bank trades as a division of FirstRand Bank Limited, and it is a very prominent organization in South Africa. And we can’t talk down the place of survival in the history of the FBN. It was able to scale through strongly in spite of the different challenges (which some other institutions could not overcome).

With its track record, the bank has a formidable foundation for its future challenges. And we should also make mention of its story of people. Here, we are talking about how FBN has always been strongly influenced by the needs of the people they serve. Hence, we can boldly talk about how the Acacia tree in their brand logo is a nice representation of their history.

FBN is a proud South African institution. Its roots run deep in South Africa. The institution is given vehemently to growth and development, and it keeps growing due to its commitment to serving the needs of its clients and communities.

A significant development was witnessed in 1998, and it was an amazing time in the history of FBN. Then, the financial services interests of Rand Merchant Bank Holdings and Anglo American were combined to form FirstRand Limited. That same year, the bank was delisted from the JSE to become a wholly-owned subsidiary of FirstRand (which was also listed on the JSE on 25 May 1998).

The bank has been going strong and stronger ever since, and it has proven to be a very reliable one in South Africa, which tons of clients from different parts of the country.

In Conclusion

How much does FNB charge for Pay and Clear is dependent on the customer’s account type, since there are different pricing options. Basically, FNB Pay and Clear transactions are usually done at a one-time flat rate in South Africa. The FNB Pay and Clear costs are reviewed every financial year. Therefore, customers should expect the rates to change.

Finally, if you are an active First National Bank customer, you should know that you don’t really need not register again if you want to make use of the Pay and Clear service. You can easily engage in this feature through the FNB app. So, if you are yet to have the app, you should do so.