Quick Facts About ABSA

• ABSA Transact is South Africa’s cheapest entry-level account at R6.50 per month
• Over 4.45 million customers across South Africa
• Free digital banking app with facial recognition security
• All accounts include free Digital Fraud Warranty protection
• 24/7 customer service available at 0860 111 123

About ABSA Bank

ABSA is one of South Africa’s Big Four banks. The bank serves over 4.45 million customers.

ABSA offers banking for individuals, businesses and seniors. They provide cheque accounts, savings, loans, credit cards and insurance.

In 2025, ABSA won recognition for affordable banking. Their Transact account is now the cheapest entry-level account in South Africa.

ABSA is regulated by the South African Reserve Bank. The Financial Sector Conduct Authority oversees their operations.

ABSA Account Types (2025)

ABSA offers different accounts for different needs. Here are the main options:

Transact Account

Best for: First-time bankers, students, low-income earners

Monthly fee: R6.50 (cheapest in South Africa)

Benefits: Unlimited card swipes, R5,000 free life cover, free ABSA Rewards membership

No payslip needed to open this account

Flexi Account

Best for: People who want pay-as-you-use banking

Monthly fee: R55

Benefits: Free digital banking, ABSA Rewards, pay only for transactions you make

Gold Accounts

Three options: Gold Value Bundle (R135), Gold Package (R140), Gold Value Bundle Plus (R210)

Benefits: Free monthly transactions included, unlimited digital payments, free debit orders

Rebate available: Get 50% discount if you keep R30,000 in your account

Ultimate Banking

Two options: Ultimate (R220) and Ultimate Plus (R315)

Benefits: Free credit card, R100,000 free life cover, airport lounge access, family banking discount

Bonus: Your spouse gets 100% discount on their account fees

Premium Banking

Two options: Premium Package (R250) and Premium Banking Plus (R315)

Benefits: Priority service, unlimited ATM withdrawals, enhanced features

Prosperity Account (Seniors)

Best for: People aged 55 and over

Benefits: Special rebates, competitive interest rates, free will drafting (over 60s)

Rebate: Keep R15,000 minimum balance for fee discount

MegaU Account

Best for: Young people under 20 years old

Monthly fee: Zero (completely free)

Benefits: No monthly fees, free banking app, financial education tools

Common ABSA Bank Charges (2025)

These are typical fees you will pay. Exact charges depend on your account type.

Transaction Type	Typical Cost
Monthly account fee	R6.50 to R315
ATM cash withdrawal (ABSA)	R2.60 per R100
Other bank ATM withdrawal	R10 plus R2.60 per R100
ATM cash deposit	R2.60 per R100
Till-point cash withdrawal	Free (most accounts)
Card swipe purchases	Free (unlimited)
Digital payments (EFT)	Free
Debit orders	Free (most accounts)
Immediate interbank payment (under R3,000)	R7.50
Immediate interbank payment (over R3,000)	R40
Prepaid airtime/data at ATM	R1.50

✅ ABSA Digital Banking

ABSA offers three ways to bank digitally. All are free to use.

ABSA Banking App

The app uses zero data. You can bank without airtime or data bundles.

Key features:

• Facial recognition login (biometric security)
• Approve or reject transactions on your phone
• Scan to pay without your card
• PayShap instant payments
• Reverse unauthorised debit orders
• Buy airtime, data and electricity
• Get stamped bank statements
• Play Lotto through the app
• Temporary card lock if you misplace your card
• Abby virtual assistant to help you

Digital Fraud Warranty: ABSA protects all your app transactions. If you are defrauded using the app, ABSA covers you.

Download: Available on Google Play Store and Apple App Store

ABSA Online Banking

Bank on your computer through www.absa.co.za. Use your login details to access your accounts.

Cellphone Banking (*120*2272#)

Dial *120*2272# from any phone. No airtime needed. Check balances and make payments.

WhatsApp Banking (ChatWallet)

Save 086 000 2428 to your contacts. Send “Hi” on WhatsApp to start banking.

How to Open an ABSA Account

You can open an ABSA account in two ways: online or at a branch.

What You Need

For all accounts:

• Valid South African ID or passport (foreign nationals)
• Proof of address not older than 3 months (utility bill, cellphone bill, bank statement)
• You must be 18 years or older (except MegaU and youth accounts)

For some accounts you also need:

• Proof of income (payslip or employment contract)
• Student verification (for student accounts)

Good news: The Transact account does NOT need proof of income. Anyone can open it.

Step-by-Step: Open Online

1. Download the ABSA Banking App from your app store
2. Open the app and click “Open an Account”
3. Follow the prompts on your screen
4. Take photos of your ID and proof of address
5. Complete the facial recognition verification
6. Create your 5-digit PIN code
7. Your account opens in minutes

Step-by-Step: Open at Branch

1. Find your nearest ABSA branch (use the branch locator on ABSA website)
2. Bring your ID and proof of address
3. Speak to a consultant about which account suits you
4. Complete the application form
5. Consultant will verify your documents
6. Your account opens same day
7. You get your debit card within 5 working days

🚨 CRITICAL SCAM WARNINGS

ABSA warns about five major scams in 2025. Protect yourself by knowing these threats.

1. Vishing (Voice Phishing)

How it works: Fraudsters phone you pretending to be from ABSA Fraud Department.

They say your account is at risk. They ask you to move money to a “safe account”.

Some fraudsters mask their phone number. It looks like ABSA’s real number.

FACT: ABSA will NEVER ask you to transfer money to another account for safety.

2. OTP (One-Time PIN) Scams

How it works: You receive an OTP on your phone that you did not request.

Minutes later, someone phones saying there is fraud on your account.

They ask for the OTP to “reverse the transaction”.

FACT: ABSA will NEVER ask for your OTP. If someone asks, they are a scammer.

3. SMiShing (SMS Phishing)

How it works: You get an SMS claiming to be from ABSA.

The message has a link. It says “verify your account” or “claim your refund”.

The link takes you to a fake ABSA website. It looks exactly like the real one.

FACT: ABSA will NEVER send you links in SMS messages. Delete these messages.

4. SIM Swap and Twin SIM Fraud

How it works: Fraudsters get a copy of your ID.

They use it to swap your SIM card at your mobile provider.

Suddenly you stop getting SMS messages. The fraudster now receives your OTPs.

Warning signs: Your phone stops working. You get SMS about SIM changes you did not make.

5. Deepfake Scams

How it works: Scammers use AI to copy voices or create fake videos.

You might get a video call that looks like your bank manager.

Growing threat: ABSA saw huge increase in deepfake attempts in 2024-2025.

What ABSA Will NEVER Do

• Ask for your PIN, password or passcode
• Ask for your card CVV number (3 digits on back)
• Ask for an OTP or verification code
• Ask you to transfer money to a “safe account”
• Open a new account for you without your knowledge
• Send you links in SMS or email messages
• Ask you to download software from a link

Protect Yourself

• Never share your PIN, password or OTP with anyone
• Do not click links in SMS or emails claiming to be from ABSA
• If someone phones about fraud, hang up and call ABSA yourself on 0860 111 123
• Use the ABSA Banking App – it has free Digital Fraud Warranty
• Enable facial recognition on your app for extra security
• If your phone stops working suddenly, call your mobile provider immediately
• Never download software that someone sends you

ABSA Contact Information

General Customer Service

Phone: 0860 111 123 or 011 501 5050

Email: absa@absa.co.za

Hours: 24/7 (every day)

Fraud Hotline (URGENT)

Phone: 0860 557 557 or +27 11 501 5089

Hours: 24/7 (every day)

Lost or Stolen Cards

Phone: 0800 111 155 or +27 11 501 5050 (international)

Hours: 24/7 (every day)

Complaints

Phone: 0800 41 41 41

Email: actionline@absa.co.za

Hours: Monday to Friday, 08:00 to 16:30

Digital Banking Support

Phone: 086 000 86 000 or +27 11 501 5019 (international)

Email: bankingapp@absa.co.za

Hours: 24/7 (every day)

WhatsApp Banking

Number: 086 000 2428 (save and send “Hi”)

Branch Locator

Visit www.absa.co.za and click “Find a Branch” to locate your nearest ABSA branch or ATM.

How to Make a Complaint

If you have a problem with ABSA, follow these steps.

Step 1: Contact ABSA First

Call the complaints line: 0800 41 41 41

Or email: actionline@absa.co.za

ABSA must give you a reference number for your complaint.

They have 20 business days to resolve your complaint.

Step 2: If ABSA Does Not Resolve It

Contact the National Financial Ombud Scheme (NFO).

The NFO is independent. They resolve disputes between customers and banks.

This service is completely FREE.

NFO Contact:

Website: www.nfo.org.za

The NFO replaced the old Banking Ombudsman in 2024.

Your Consumer Rights

You are protected by several South African laws:

• National Credit Act (NCA): Protects you from unfair lending practices
• Consumer Protection Act: Gives you rights when buying financial products
• POPI Act: Protects your personal information
• Code of Banking Practice: Sets standards for how banks must treat you

Other Help Available

National Credit Regulator (for credit issues): 0860 627 627

Financial Sector Conduct Authority (FSCA): 0800 110 443

SABRIC (report banking fraud): Visit www.sabric.co.za

Deposit Insurance Protection

Your deposits at ABSA are protected by CODI (Corporation for Deposit Insurance).

If ABSA fails, CODI protects up to R100,000 of your money.

This protection is automatic. You do not pay for it.

⚠️ Important Things to Know

• Bank fees change every year. Always check current fees before opening an account.
• Some accounts give rebates if you keep a minimum balance. Ask about this.
• Free transactions have limits. Extra transactions cost money.
• Digital banking is usually cheaper than ATM or branch banking.
• ABSA must tell you about all fees before you open an account.
• You can close your account anytime if you are not happy.
• Keep your bank statements. Check them every month for mistakes.

✅ Top Tips for Banking with ABSA

1. Start with Transact: If you are a first-time banker, open a Transact account. It is cheap and has no income requirements.
2. Use the app: Download the ABSA Banking App. It saves you money and uses zero data.
3. Join ABSA Rewards: It is free. You earn real cash back on card swipes.
4. Avoid other bank ATMs: They charge extra fees. Use ABSA ATMs or till-point withdrawals.
5. Set up debit orders: They are usually free. Better than manual payments.
6. Check for rebates: Some accounts give discounts if you keep money in the account.
7. Never share your PIN: ABSA will never ask for it. Anyone who asks is a scammer.
8. Report fraud immediately: The faster you report, the better your chances of getting money back.
9. Read your statements: Check every month for transactions you did not make.
10. Know your rights: You are protected by law. Do not let anyone bully you.

ABSA is a solid choice for South Africans. Their Transact account is now the cheapest in the country.

We recommend starting with Transact if you are new to banking. No payslip needed. Only R6.50 per month.

Download the ABSA Banking App on day one. It is free and safe. The zero-data feature saves you money.

Stay alert for scams. Do not share your PIN or OTP with anyone. ABSA will never ask for these.

If you have problems, use the complaints process. The National Financial Ombud helps for free.