TymeBank Charges 2024
TymeBank has emerged as a frontrunner in cost-effective banking in South Africa, boasting minimal fees and transparent charges for various services, including deposits, cash withdrawals, and business accounts.
Unraveling the EveryDay Account Benefits
Fee-Free Banking Bliss
TymeBank’s EveryDay Account stands out by eliminating monthly account fees, ensuring a pocket-friendly banking experience. Account holders revel in numerous complimentary transactions, including:
- Free cash withdrawals at Pick n Pay and Boxer till points.
- Zero fees for prepaid airtime purchases.
- No monthly account fee.
- Free everyday banking activities such as balance enquiries, debit card purchases, and local online purchases.
- Business banking activities like proof of account and beneficiary payment notifications via online banking and the mobile app come with no fees.
Flexible Charge Reduction Options
TymeBank accountholders can strategically minimize transaction charges. For instance, bypassing ATM withdrawal charges is possible by opting for cash withdrawals at Pick n Pay or Boxer till points using TymeCode. Additionally, TymeCode usage renders the withdrawal charge at Pick n Pay using your debit card absolutely free.
TymeBank’s Phenomenal Growth
Digital Banking Prowess
In December 2023, TymeBank achieved a groundbreaking feat by becoming the first digital bank in South Africa to turn a monthly profit. This milestone, achieved within five years of its launch in February 2019, also positioned TymeBank as the inaugural digital bank in Africa to break even.
Stellar Customer Onboarding
TymeBank’s success story is underscored by its remarkable customer acquisition, surpassing 8.5 million customers. The bank expressed pride in this achievement, highlighting that globally, less than half of the top 100 digital banks boast profitability.
A Transparent Glimpse at Charges and Fees
Transaction Tranquility: Fee-Free Transactions
Several transactions for TymeBank’s EveryDay Account holders come free of charges. These include:
- Debit card purchases
- Local online purchases
- Prepaid electricity purchases
- Airtime, data, and SMS bundle purchases
- Bill payments
- Withdrawal at Pick n Pay and Boxer till points using TymeCode
- Balance enquiry on the banking app, online banking, and TymeBank kiosk
- First cash deposit at a till point
- Electronic Funds Transfer (EFT) to TymeBank account
- EFT to non-TymeBank account
- PayShap payment
- SendMoney from TymeBank to TymeBank
- Debit orders
- In-app message notification
- Beneficiary payment notification (app and online banking)
- 12-months bank statement (via app, online banking, and email)
- Proof of account (app and online banking)
- Initial visa debit card
- First Add Money
- Debit order dispute within 40 days (when helped by the customer service centre)
Charges for Other Transactions
While many transactions incur no fees, specific charges apply to certain transactions. Here are noteworthy charges:
| Transaction | Charges/Fees |
|---|---|
| Lotto/Powerball | R3 |
| International online and card machine purchases | R3 |
| Vouchers (e.g., 1ForYou) | R3 |
| Debit card cash withdrawal at all retailers (including PnP) | R3 |
| Local ATM withdrawal (all ATMs) | R10 per R1,000 or part thereof |
| International ATM withdrawal | R70 |
| Debit card balance enquiry at local ATMs | R3 |
| Debit card balance enquiry at international ATMs | R7 |
| Debit card cash deposit at Pick n Pay and Boxer till points | R7 per R1,000 or part thereof |
| TymeCode cash deposit at Pick n Pay and Boxer till points | R7 per R1,000 or part thereof |
| Immediate payment | R7 per R1,000 or part thereof, capped at R35 |
| Cash voucher withdrawal | R7 |
| SMS transaction notification | R0.50 |
TymeBank Business Account Brilliance
Bridging Business Banking with Affordability
TymeBank extends its ethos of transparency and affordability to business banking. EveryDay business account holders enjoy an array of free transactions akin to the EveryDay Account, with specific charges for certain business transactions.
Fee-Free Business Transactions
Business account holders relish fee-free transactions, including:
- Debit card purchases
- Local online purchases
- Prepaid electricity purchases
- Airtime, data, and SMS bundle purchases
- Bill payments
- Withdrawal at Pick n Pay and Boxer till points using TymeCode
- Balance enquiry on the banking app, online banking, and TymeBank kiosk
- First cash deposit at a till point
- EFT to TymeBank account
- EFT to non-TymeBank account
- PayShap payment
- SendMoney from TymeBank to TymeBank
- Debit orders
- In-app message notification
- Beneficiary payment notification (app and online banking)
- 12-months bank statement (via app, online banking, and email)
- Proof of account (app and online banking)
- Initial visa debit card
- First Add Money
- Debit order dispute within 40 days (when helped by the customer service centre)
Business Transaction Charges
Specific charges apply to certain business transactions, encompassing:
| Transaction | Charges/Fees |
|---|---|
| International online and card machine purchases | R3 |
| Vouchers (e.g., 1ForYou) | R3 |
| Debit card cash withdrawal at all retailers (including PnP) | R3 |
| Local ATM withdrawal (all ATMs) | R10 per R1,000 or part thereof |
| International ATM withdrawal | R70 |
| Debit card balance enquiry at local ATMs | R3 |
| Debit card balance enquiry at international ATMs | R7 |
| Debit card cash deposit at Pick n Pay and Boxer till points | R7 per R1,000 or part thereof |
| TymeCode cash deposit at Pick n Pay and Boxer till points | R7 per R1,000 or part thereof |
| Immediate payment | R7 per R1,000 or part thereof, capped at R35 |
| Cash voucher withdrawal | R7 |
| SMS transaction notification | R0.50 |
In conclusion, TymeBank’s commitment to affordable, transparent, and inclusive banking is evident in its low fees, user-friendly banking options, and groundbreaking profitability. With a customer-centric approach and innovative financial solutions, TymeBank stands as a benchmark for accessible and cost-effective banking in South Africa.
