The short answer to “How much is the CoINVEST fee?” is R12 when the NSFAS allowance is deposited into their account.
Coinvest Money is a mobile money management platform that allows users to send, receive, and store money. There are no monthly fees for a Coinvest Money Account. However, there are fees for certain transactions. These fees include:
- Send money: 1% of the transaction amount, with a minimum fee of R1 and a maximum fee of R25.
- Receive money: No fee.
- Withdraw money: R20 per withdrawal.
- Cash deposits: No fee.
- Insert-to-Pay: No fee.
Coinvest Merchant Fees
Coinvest also offers a merchant payment solution that allows businesses to accept payments from their customers. There are two main fees associated with Coinvest Merchant:
- Transaction fee: 1.8% of the transaction amount, with a minimum fee of R2 and a maximum fee of R50.
- Monthly fee: R50 per month.
Coinvest POS Fees
Coinvest POS is a point-of-sale system that allows businesses to accept payments in person. There are two main fees associated with Coinvest POS:
- Transaction fee: 2.9% of the transaction amount, with a minimum fee of R3 and a maximum fee of R75.
- Monthly fee: R150 per month.
Coinvest Cash Deposit Fees
Coinvest Cash Deposit is a service that allows users to deposit cash into their Coinvest Money Account at any Nedbank ATM or Pick n Pay retailer. There is no fee for Coinvest Cash Deposit.
Coinvest Insert-to-Pay Fees
Coinvest Insert-to-Pay is a service that allows users to deposit cash into their Coinvest Money Account at any Nedbank ATM. There is no fee for Coinvest Insert-to-Pay.
Coinvest WhatsApp Payments Fees
Coinvest WhatsApp Payments is a service that allows users to send and receive money through WhatsApp. There is no fee for Coinvest WhatsApp Payments.
Other Fees
Coinvest may charge other fees for certain services, such as:
- Replacing a lost or stolen card: R50.
- Requesting a statement: R25.
- Disputing a transaction: R50.
Fee Waivers
Coinvest may waive certain fees for certain customers, such as:
- Students: Students may be eligible for a waiver of the monthly fee for a Coinvest Money Account and the transaction fee for Coinvest Money.
- Businesses: Businesses may be eligible for a waiver of the monthly fee for Coinvest Merchant and the transaction fee for Coinvest POS.
Coinvest’s fees are competitive with other financial services companies in South Africa. However, it is important to note that the specific fees you will be charged will depend on the services you use and the amount of money you transact.