[Image: TymeBank/Facebook]
TymeBank has been on the forefront of digital banking in South Africa since stepping into the banking sector in 2018.
They have not only made opening a bank hassle-free but revolutionized the industry and have come up with various different products and solutions to make banking easier for their clients. Their growing client base, which surpassed 10 million in 2024, is evidence of this and makes them the fastest growing bank in South Africa.
The bank has recently teamed up with Kazang, which makes it possible to draw money at traders and spaza shops that make use of the Kazang Pay-enabled VAS terminals, making it easier for customers in rural areas to get access to money without having to travel to towns.
TymeBank’s SendMoney is a product that sticks with their ethos of making banking simpler and gives their clients the opportunity to send money instantly to friends and family. Sending money from a Tymebank account to another Tymebank account is free but the SendMoney service costs a mere R7 if the receiver does not have an account.
There are two different ways of using SendMoney, one is using TymeBank’s app, and another way is by using USSD. Here are the steps to follow to send money instantly using TymeBank’s app and USSD.
Simply log in to the TymeBank app and navigate to find the SendMoney and click on the icon. You will need information such as the name and cell phone number of the person that you are sending money to. Make sure to double check the information of the person you are sending money to is correct before confirming the transaction. An sms with a 10-digit code will be sent to the receiver of the money once the transaction is complete, which is valid for seven days.
The receiver can collect the money using the 10 digit code from the sms from any Boxer or Pick and Pay store nationwide. The funds can also be withdrawn from any Mzansi ATM, with the maximum that can be sent to family and friends when using SendMoney service is R5000. The SendMoney service is instant, but the code that was sent to the receiver is only valid for a seven day period after which the money will be sent back to the account of the sender. The sender must make doubly sure that the details of the transaction cannot be reversed.
Here is an easy guide to send money for clients who choose to use USSD. Dial *120*543# from the cell phone number which is linked to the TymeBank and follow the instructions. Double check and confirm the amount and the number of the cell phone receiving the money. The sender will get an sms notification that the transaction is complete and the receiver will get an sms with a 10 digit code to withdraw the funds at the various outlets mentioned.
TymeBank also offers business banking with competitive rates and has funded over 80 000 small businesses in South Africa. The digital bank has set their sights on the Asia market and has recently entered the market in the Philippines, Indonesia and Vietnam. The expansion into the market is part of their strategy to become a global digital bank.
Make the switch and open an account within five minutes to see what TymeBank can offer you.
