Does TymeBank have immediate payment?
Secure payments within seconds: Send and receive money instantly with the guarantee that money will reflect immediately in the recipient's account. Moving funds to/from any participating bank made easy: Send or receive money from any bank offering PayShap.
The money you've sent instantly goes into the receiver's TymeBank EveryDay account and they get an SMS to let them know it's arrived.
Immediate Payments, or Real Time Clearance, is the ability to pay a beneficiary at another bank within 60 seconds.
A: Immediately if they're with TymeBank, otherwise 1-2 working days.
Standard EFT transfers typically take 24-48 hours to process, excluding weekends and holidays. For faster transfers, consider using Absa's Immediate Interbank Payment (IIP) option, which generally reflects funds almost instantly.
However, TymeBank stands out as notably more affordable than its competitors. At R36. 18, TymeBank is nearly 43% cheaper than its next-nearest competitor, Capitec. The average monthly cost of the entry-level bank accounts was R73.
Getting bang for your bank
As a digital bank, TymeBank also enables the running of debit orders and enables you to manage your beneficiaries and manage your profile information and settings, all from the palm of your hand! As a TymeBank customer, you can also buy prepaid electricity, airtime, data, and SMS bundles.
How do I receive international payments from abroad? Download the Shyft app and register your TymeBank account details to receive incoming international payments. Alternatively, use any card-based global money transfer provider such as Wise or Revolut.
EFT payments made from a Standard Bank account to another Standard Bank account may take between 0–24 hours to reflect. While EFT payments made from a Standard Bank account to other banks may take between 2–3 working days. Both may be delayed when processed over the weekend or on a public holiday.
How do I transfer money immediately?
Sending a wire transfer through your bank might be the best way to send a large amount quickly; P2P apps limit how much you can send (generally $1,000 to $10,000 per transfer) and delivery can take multiple days. Bank wire transfers generally are delivered within hours or minutes.
| Transfer between own accounts (digital/ card/ consultant) | FREE |
|---|---|
| Digital | 2.00 |
| Self service | 5.50 |
| Consultant | 11.00 |
| Immediate payment to other South African bank (digital/self service) | 6.50 |
There are many reasons for unsuccessful Pay and Clear Now Payments including a drop in device signal when making a payment, the receiving banks' rules, system errors or invalid recipient account information. You are advised to check your transaction history to confirm whether your payment was successful or not.
Immediate Payment Service (IMPS) is an instant payment inter-bank electronic funds transfer system in India. IMPS offers an inter-bank electronic fund transfer service through mobile phones. The service is available 24x7 throughout the year including bank holidays.
Request for payment allows a potential recipient of an instant payment to request an instant payment from another person or organization. An RFP can make it easy for the recipient to initiate the payment, as well as provide a record of the payment for the requestor.
You need a TymeCode to deposit cash into your TymeBank account at any Pick n Pay or Boxer till point. that's sent to your cellphone to the cashier. Done.
To increase your account and transaction limits, visit one of our TymeBank kiosks in selected Pick n Pay, Boxer or TFG stores, where we'll ask you some easy on-screen questions to confirm your residential address.
**Standard Bank charges R10 for instant payments under R2,000 and R50 for payments of R2,000 and above. ***Absa charges R10 for instant payments up to R1,000 and R49 for payments over R1,000. PayShap is not a standalone app and is accessed only through existing banking channels.
The cheapest bank account
On the other hand, when we look at banks with a proper value proposition, FNB is once again the cheapest. FNB's monthly fee of R99 includes a comprehensive list of costs, making it the most cost-effective option for customers.
The Solidarity Research Institute (SRI) found that Absa's Gold Value Bundle and Premium Package are the most expensive bank accounts for sophisticated banking needs in South Africa among the country's largest banks.
Can TymeBank reverse money?
TymeBank cannot reverse, refund or correct payments that were made to an incorrect cellphone number or to the wrong person. If the person you sent money to does not redeem the money within 7 days, the money will be reversed into your account at midnight on the 7th day (one week) after the transaction.
TymeBank, the digital bank in which Patrice Motsepe's African Rainbow Capital (ARC) is majority shareholder, said it reached its first month of profitability in December 2023. The milestone comes four years after its 2019 launch.
As a digital-first bank, TymeBank has every layer of protection possible in place to keep your bank account safe. That's why scammers will go to such great lengths to access your bank account details, logins, and bank cards – they need that information to access your account.
Draw cash at ATMs
Use your TymeBank card at any ATM mo' Mzansi. Withdraw cash anytime you need it. Even late-late after shopping hours.
WhatsApp on +27 71 670 1241, Any TymeBank Kiosk in a Pick n Pay, Boxer or TFG store. Any ATM (R2 fee applies), or. by calling our Customer Service Centre on 0860 999 119.
