In our guide today, we will focus on the Absa transact account in South Africa.
We will first show you what a transact account is.
What Is Absa Transact Account
This is the most basic Absa account suitable for low-income earners.
The account has the lowest monthly fees. Anyone earning less than R3000 per month or with no income at all is recommended to open this account.
The account is a competitive product to counter pressures caused by the entry of digital banks into the market.
It is designed to attract newcomers and give them an opportunity to a manageable bank account.
You have free access to mobile and internet banking and can use the account to send money through cashsend.
You can get a loan using your transaction account as assessment of funds is easy since the account is accessed anytime the need arises.
Now that you have basic knowledge of a transact account, we will show you how the Absa transact account works in South Africa.
Absa Transact Account
The account has the lowest monthly service fee of R5.30.
You can swipe your debit card as much as you want with the account.
You can withdraw cash at selected retailers.
It is possible to top-up your Absa South Africa prepaid accounts from the transacting account.
You can get your statements at any Absa ATM or any Absa branch.
You can check your account balance at Absa ATMs, selected retailers, or non-Absa banks like Netbank, standard bank, and Capitec.
With the Bank on Me feature, you can pay banking fees for a family member, employee, or dependent.
You get 30% discounts on flights with a reward life, making it cheaper for you to travel around.
When you exhibit higher transactional activities for more than three months, the bank moves you from a transaction account to a Flexi account.
This is how the Absa to transact account works in South Africa.
We will now show you the requirements to open the account.
Requirements To Apply
Below are the key requirements to apply for a transact account in South Africa:
- You need a valid South African government-issued identity document
- Proof of a valid residence not older than three (3) months
- You should have an opening balance of R20
These are the essential requirements to apply for an Absa transaction account in South Africa.
Here is the list of other great and recommended guides:
New Business Loan, Money Builder Account, Multiplan, Money Market, Online Loan, Payday Loan, Pension Backed Loan, Notice Deposit, New Business Account, Non-Resident Account, Private Banking, Gold Value Bundle, Open New Account, Savings Account, Overdraft Cheque, Student Account, Additional Credit Card, Affinity Card, Prestige Account, Premium Account, Private Wealth, Visa Signature Card, Absa Stikvel Account.
