What is TymeBank?
TymeBank is a digital bank in South Africa. It's one of the country's first fully digital banks, although it also has physical points of presence in retail stores around the country. Established in 2015 by billionaire Patrice Motsepe through his African Rainbow Capital Investments, it's a bank designed with modern needs in mind. With over 7 million customers as of 2023, its growth is hard to ignore.
TymeBank primarily operates digitally, offering customers the ability to open accounts and perform banking functions using online platforms and kiosks located in partner retail stores.
TymeBank has positioned itself as a low-cost bank, attracting customers with its competitive fee structure, especially when compared to traditional banking services in South Africa.
One of the bank's stated goals is to increase financial inclusion in South Africa by offering services to those who might be underserved by traditional banks.
TymeBank has partnered with various retail chains, especially Pick n Pay and Boxer stores, where customers can perform certain banking activities such as depositing and withdrawing cash.
How To Open a TymeBank Account
Opening a TymeBank account is relatively simple, and it's designed to be user-friendly because of its digital nature. Watch this video and follow the steps to open an account with TymeBank:
1. Visit a Kiosk:
- Go to a TymeBank kiosk, usually located inside a Pick n Pay or Boxer store.
- Follow the on-screen instructions.
- You'll be asked to provide your South African ID number.
- The kiosk will print a card for you immediately.
2. Online Registration:
- Visit the TymeBank website.
- Follow the registration or sign-up prompts.
- Fill in your personal details as required.
3. Mobile App:
- Download the TymeBank mobile app from the App Store or Google Play Store.
- Follow the sign-up or registration prompts.
- Provide the required personal information.
- You'll likely need to verify your identity, usually by entering a One-Time Pin (OTP) sent to your mobile number or email.
- In some cases, you might need to visit a kiosk to finalize the verification process.
5. Personalize your Account:
- Once your account is open, you can personalize settings, including setting up payment beneficiaries, linking your mobile number, and more.
6. Deposits and Usage:
- Once the account is set up, you can deposit money at the kiosk, Pick n Pay, or Boxer till points, or via electronic funds transfer (EFT) from another bank.
- The account is ready for use as soon as there are funds in it.
Remember to always keep your personal and banking details secure. Keep your bank card safe and don't share your PIN with anyone.
It's also worth noting that while TymeBank aims to simplify banking and reduce paperwork, it is still bound by the same regulatory requirements as other banks in South Africa. This means that "Know Your Customer" (KYC) checks and the provision of valid identification and other potential requirements will still be necessary.
Always check the bank's official website or contact their customer support for the most up-to-date instructions and requirements for opening an account.
Download the TymeBank App
Downloading and using the TymeBank app is a straightforward process. As of my last update in January 2022, here are the steps to download and use the TymeBank app:
For Android Devices
1. Open the Google Play Store on your device.
2. In the search bar, type "TymeBank" and hit search.
3. Find the official TymeBank app from the search results (always ensure you're downloading official banking apps to avoid scams).
4. Tap on "Install" to download and install the app on your device.
For iOS Devices
1. Open the Apple App Store on your device.
2. Search for "TymeBank".
3. Tap on "Get" to download and install the app.
Open the App and Register/Log in
If you're already a TymeBank customer:
1. Open the app.
2. Select the login option.
3. Enter your login credentials.
If you're new to TymeBank:
1. Open the app.
2. Select the sign-up or register option.
3. Follow the registration prompts, which usually involve providing personal details and verifying your identity.
Using the TymeBank App
- Dashboard: Once logged in, you'll be presented with a dashboard that provides an overview of your accounts, balances, and recent transactions.
- Transfers and Payments: Use the app's menus to navigate to payment or transfer options. This allows you to make payments, transfer money between accounts, or send money to others.
- Settings: Go to the settings or profile section to personalize your app settings, change your PIN, manage cards, or update personal information.
- Additional Features: Depending on updates and features introduced by TymeBank, you might find options for goal-based savings, loan applications, viewing statements, and more.
- Always ensure you're using a secure connection when accessing your banking app.
- Never share your PIN or password with anyone.
- Regularly update your app to ensure you have the latest security patches and features.
- If you lose your phone or suspect any suspicious activity, contact TymeBank's customer service immediately.
- No Monthly Fees
- Earn Double Smart Shopper Points
- Up to 11% Interest on Your GoalSave
- Fast Account Setup
- Money Saving Tool
- Limited Physical Presence
- Newer Bank
- Limited International Services
What Is MoreTyme?
MoreTyme is a buy-now-pay-later (BNPL) solution provided by TymeBank in South Africa. The service offers TymeBank customers a way to purchase items immediately and repay the amount over time, in a way similar to other BNPL schemes.
Here are some key features and details about MoreTyme:
✔️ Interest-Free Period: One of the main selling points of MoreTyme is that customers can get an interest-free period, allowing them to repay their purchase without incurring additional interest charges, provided they repay within the stipulated period.
✔️ Flexibility: MoreTyme offers various repayment plans, giving customers the flexibility to choose how and when they repay.
✔️ Instant Approval: The approval process for MoreTyme is typically quick, allowing customers to make purchases almost immediately once approved.
BNPL services like MoreTyme have been growing in popularity globally because they offer consumers immediate access to goods without immediate payment. However, they should be used responsibly. It's crucial to understand the terms and conditions, including any potential fees or interest, before using such services. Always make sure to repay within the interest-free period to avoid additional charges.
Buy 1ForYou Vouchers With TymeBank App
- Open the TymeBank App: Start by tapping on the TymeBank app icon on your phone.
- Log In: Enter your username and password to access your account.
- Find the Voucher Section: Look for a section or option that says "Buy Voucher" or "1ForYou" or something similar. This might be under 'Payments', 'Purchase', or 'Services'.
- Select 1ForYou Voucher: Once you're in the right place, choose the 1ForYou voucher option.
- Enter Amount: Decide how much you want the voucher to be for. Remember, there's a small R2 fee for buying the voucher.
- Confirm Details: Make sure everything looks right – the type of voucher, the amount, and the fee.
- Pay: Follow the prompts to finish buying the voucher. The money will come out of your TymeBank account.
- Receive Voucher: After buying, you should get a code. This is your 1ForYou voucher. Keep it safe!
- Use or Share: Now, you can either use this voucher on websites that accept 1ForYou, or you can give the code to someone else.
Use 1ForYou Vouchers At These Betting Sites
Now you can use your 1Voucher at any casinos and betting sites using 1ForYou Vouchers, including:
Buy OTT Vouchers With TymeBank
The TymeBank App offers you the convenience of easily buying OTT Vouchers through the app. With an OTT Voucher, you unlock a world of online opportunities from betting on sports to playing exciting online slots.
- Open the TymeBank app, or you use TymeBank Internet Banking.
- Click the “Buy” button and select OTT Voucher from the menu.
- Enter the amount you want for your OTT Voucher.
- Choose the account you will use to pay for your voucher.
- Confirm and finalize your purchase.
- Once you've bought an OTT Voucher, you'll get a 12-digit OTT Voucher Pin. This is your digital cash, so keep it safe.
- To use it, go to any legit online casino in South Africa that accepts OTT Vouchers.
- Enter the voucher’s pin number, and the funds will be added immediately. Deposit funds in popular online sportsbooks like Betway, Hollywoodbets, and Supabets using your OTT Voucher.
Use OTT Vouchers At These Betting Sites
Visit any casino or betting site that accepts OTT Vouchers. We've vetted the following online casinos in South Africa to make sure they are legit:
Best Casinos & Betting Site To Use 1ForYou Vouchers
How much does it cost to deposit money at TymeBank?
Your first TymeBank deposit is free. After that, it costs R7.00 for every R1,000 you deposit. The most you'll ever pay for a single deposit is R35.
What bank does TymeBank fall under?
TymeBank is owned by African Rainbow Capital, started by Dr. Patrice Motsepe. It is South Africa's first majority black-owned bank.
Can withdraw from TymeBank at any ATM?
You can withdraw your money at any ATM for a fee, or at any Pick n Pay or Boxer till point for free. The cost to withdraw at other banks' ATMs is R10 per R1,000 or part thereof.
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