Bank of Namibia Releases Banking Fees and Charges Comparison Report. The Bank of Namibia (BoN) has published its latest Banking Fees and Charges Comparison Report, providing a detailed analysis of banking costs across various institutions in the country. The report, compiled in November 2024, aims to enhance transparency and help consumers make informed financial decisions.
The report outlines the costs associated with basic banking services across seven financial institutions. It specifically compares fees related to cash withdrawals, debit orders, card replacements, digital wallet services, and exchange control applications.
Among the key highlights:
- Cash Withdrawals: Several banks offer free withdrawals for the first three transactions per month at their ATMs, with charges applied thereafter. Withdrawals at bank branches remain the most expensive method.
- Debit Orders & Stop Orders: Fees vary widely, with some banks offering free intrabank debit orders, while interbank transactions carry charges. Stop orders at other banks are among the highest fees recorded.
- Card Replacement Fees: Customers replacing lost or damaged bank cards face costs ranging from N$134 to N$194.50, depending on the institution.
- Digital Wallet Services: Sending and withdrawing money using mobile banking services incurs different fees, with charges increasing for higher transaction amounts.
- Exchange Control Applications: Fees for transactions requiring Bank of Namibia approval differ significantly, with urgent applications costing up to N$1,881 at certain institutions.
The Bank of Namibia encourages consumers to compare fees before choosing banking services. The report aims to promote accountability, competition, and better financial decision-making. Consumers are advised to refer to the latest bank pricing guides for accurate and updated fee structures.