New Daily Banking Limits – Starting 15 June, major South African banks are rolling out strict new daily withdrawal and transaction limits—leaving millions of account holders scrambling to understand the implications. Whether you rely on your bank for routine cash withdrawals, large EFTs, or daily card swipes, these new limits could significantly impact how you access and manage your money. This decision follows a series of security audits and compliance demands from the South African Reserve Bank (SARB), citing concerns over digital fraud, money laundering, and a need to tighten transactional monitoring across financial institutions. Banks including ABSA, Standard Bank, FNB, and Nedbank will be implementing these rule changes uniformly—though specific daily caps will vary per bank and account type. The urgency stems from the fact that account holders must now take proactive steps to either adjust their personal daily limits, update KYC documentation, or apply for exemptions in certain cases. Failure to act could result in declined transactions, frozen funds, or delays in access to critical payments—especially for businesses and high-volume traders. As South Africans brace for these sweeping changes, here’s a breakdown of what you need to know, what actions to take, and how to prepare your banking activities for a smoother transition.
Why Are Banks Implementing New Daily Banking Limits?
The move to cap daily transactions is rooted in compliance with global financial regulations and an attempt to reduce risks associated with online fraud and money laundering.
- South African Reserve Bank compliance audits flagged unregulated daily withdrawals
- Surge in card-related and online banking fraud across major metros
- Pressure from international anti-money laundering watchdogs like FATF
- Inconsistencies in daily cap management between banks and account types
- Digital banking apps increasingly targeted by scams and spoofing
- Urgent need for automated limit control systems across all platforms
Key Changes to New Daily Banking Limits by Major Banks
Each bank will now enforce strict ceilings for ATM withdrawals, EFTs, card swipes, and mobile banking payments.
| Bank | ATM Withdrawal Limit | EFT Transfer Limit | Card Swipe Limit | App Payment Limit | Over-the-Counter | Business Exemption |
|---|---|---|---|---|---|---|
| ABSA | R5,000 | R10,000 | R8,000 | R10,000 | R15,000 | Yes (on request) |
| Standard Bank | R6,000 | R12,000 | R10,000 | R10,000 | R20,000 | Yes (documents req) |
| FNB | R4,000 | R8,000 | R6,000 | R7,000 | R10,000 | Limited access |
| Nedbank | R5,000 | R10,000 | R9,000 | R8,000 | R15,000 | Yes (reviewed case) |
| Capitec | R3,000 | R5,000 | R5,000 | R5,000 | R7,500 | No |
| TymeBank | R3,000 | R5,000 | R4,000 | R5,000 | R5,000 | No |
| African Bank | R4,000 | R6,000 | R6,000 | R6,000 | R7,500 | No |
New Daily Banking Limits – What You Must Do Before 15 June
Customers are advised to take immediate action to prevent disruptions in daily banking services.
- Visit your nearest bank branch or log into your online banking platform
- Review your existing daily limits and identify what may be affected
- Submit required KYC documents if prompted
- Apply for exemptions if you are a business or high-volume user
- Enable alerts and app notifications for transaction blocks or limits
- Speak to a bank advisor if you rely on high-value daily withdrawals
New Daily Banking Limits – Special Instructions for Business Account Holders
Business users are particularly vulnerable to these new rules if they conduct frequent large transactions.
- Submit documentation to prove recurring large payments
- Apply for temporary higher caps for peak business periods
- Designate multiple users for approvals to avoid login bottlenecks
- Ensure digital banking software is updated to reflect cap warnings
New Daily Banking Limits – How Will This Affect Everyday Transactions?
Daily banking activities such as ATM withdrawals, shopping, and online payments may be declined if they exceed the limit.
- ATM withdrawals might require multiple transactions
- Card purchases may be rejected at point-of-sale
- App-to-app transfers may stop without notice
- Salary or rental payments could bounce back if above the cap
- Cash-heavy sectors (taxis, vendors) could see operational delays
Immediate Impact on Low-Income and Elderly Customers
Many elderly or low-income users rely on physical cash and are less tech-savvy, making them more vulnerable.
- Banks to roll out SMS alerts for elderly clients
- Local branches offering “limit lifting” kiosks
- NGOs urging banks to provide financial literacy support
- SASSA grant withdrawals may face delays if daily limits are breached
Government and Regulatory Body Role in These Changes
The SARB and National Treasury are jointly backing these new daily caps as part of a broader financial security initiative.
- SARB directives issued under Anti-Fraud Banking Act updates
- National Treasury working on new account segmentation models
- Banks given 90-day compliance mandate starting March 2025
- Treasury may offer future tax rebates for compliant fintech innovation
Potential Legal Disputes and Consumer Rights
Customers must be aware of their legal rights in case of denied transactions or account issues post-implementation.
- You have a right to request daily limit review in writing
- All changes must be disclosed by banks via SMS/email
- You can lodge complaints with the Banking Ombudsman
- Refund claims must be settled within 21 working days
- Small Claims Court option available for losses under R20,000
What Happens If You Do Nothing?
Failing to respond to these changes could have serious consequences for your daily banking needs.
- Account access could be temporarily frozen
- Auto-debits might be declined, affecting loans or insurance
- Emergency transactions during travel may be blocked
- Customer rating with bank could be downgraded
Exemptions and How to Apply for Higher Limits
For those needing more flexibility, banks are offering conditional exemptions—usually for business clients, medical needs, or high-net-worth individuals.
| Exemption Type | Who Can Apply | Required Documents | Approval Time | Validity |
|---|---|---|---|---|
| Business High Cap | Registered companies | Company reg. + turnover proof | 3–5 working days | 6 months |
| Medical Emergency Fund | All clients | Doctor’s letter + invoice | 24–48 hrs | 1 month |
| Travel Funds Exemption | Travellers | Flight ticket + itinerary | 48–72 hrs | 7 days |
| High Net Worth Flex | Individuals with R1M+ | Bank portfolio statement | 7 working days | Custom-based |
As these new banking rules roll out, account holders are urged to stay informed, proactive, and prepared. These changes—while inconvenient to some—are designed to make the South African banking system more resilient, secure, and compliant on the global stage. Be sure to speak with your bank before 15 June to avoid service disruptions.
FAQs of New Daily Banking Limits
Q1. When will the new limits officially begin?
A: They take effect from 15 June 2025 across all major South African banks.
Q2. Will this affect SASSA grant withdrawals?
A: Yes, if the withdrawal amount exceeds the new daily ATM or over-the-counter limit.
Q3. Can I opt out of the changes?
A: No. However, you can apply for exemptions or increased limits if needed.
Q4. Will the limits apply to international transactions too?
A: In most cases, yes. Cross-border payments may also be monitored more closely.
Q5. What happens to scheduled payments?
A: If they exceed the daily limit, they may bounce or be rescheduled automatically by the bank.