Managing your finances digitally with TymeBank can make your life easier.
This guide explains how it works, what services it offers, how to handle account setup and maintenance, and what you should consider.
What is TymeBank
TymeBank is a fully digital retail bank based in Johannesburg, South Africa.
The bank was the first new retail bank in South Africa in nearly two decades and the first to operate exclusively online.
Instead of branches, TymeBank relies on digital channels with a network of self‑service kiosks located inside grocery and retail stores.
Its business model emphasizes simplicity, transparency, and affordability, aiming to serve people underserved by traditional banks.
How to Open a TymeBank Account
You can open an account in under five minutes using the online platform or the mobile app.
To open an account, you need a valid South African ID number and an active South African cellphone number.
If you complete registration online, you get access to a basic version of the account.
To unlock full features, go to a kiosk for biometric and address confirmation. After that, you receive a free Visa debit card immediately.
Main Services Offered
TymeBank offers a set of core financial services that are low-cost.
EveryDay Account
A transactional account is intended for daily banking needs such as payments, cash withdrawals, online purchases, and bill payments.
Savings via GoalSave
A savings account option called GoalSave lets users save for goals while earning interest.
The base interest rate is 6% per annum; users can earn up to 10% if they complete at least 10 transactions per month for three months.
They must also provide 10 days’ notice before closing the account.
Digital Banking Tools
Customers can bank via the mobile app, internet banking, or USSD codes.
Balance enquiries, statements, transfers, and many transactions can be done digitally, 24/7.
Cash withdrawals & deposits
Withdrawals and deposits can be made at ATMs, store till points (Pick n Pay, Boxer, etc.), or via kiosks.
Payments and money transfers
Users can make payments via EFT (electronic funds transfer).
SendMoney linked to another TymeBank customer, pay bills, and make online purchases with the debit card.
Fees and Costs
One of TymeBank’s strongest appeals is low cost. For its standard account (EveryDay Account), there is no monthly fee.
The bank provides a free Visa debit card.
Fees are applied only when certain services are used.
| Service / Action | Fee (approximate) |
|---|---|
| Cash withdrawal at domestic ATM | R 10 |
| Cash withdrawal at international ATM | R 70 |
| Debit card / ATM decline fee | R 3 |
| Card replacement | R 70 |
| International transaction (conversion) | 2% of transaction value |
Other operations (domestic online purchases, bill payments, balance enquiries) are free when done within the conditions set by the bank.
The bank recommends using free options (e.g., withdrawing at designated store till points) whenever possible to avoid fees.
Transaction and balance limits vary depending on how fully verified your account is (profile type).
For less-verified “Just met” accounts, limits are lower, while fully verified accounts (“Good friends” profile) allow much larger limits.
Contact Information and Headquarters Address
TymeBank is headquartered at 30 Jellicoe Avenue, Rosebank, Johannesburg 2196, South Africa.
Customer Care phone (within South Africa): 0860 999 119
Lost card or fraud reporting: 0860 999 118
International Customer Care (if outside South Africa): +27 11 327 6244.
Strengths of TymeBank’s Digital Model
TymeBank’s model offers several advantages for digital banking users:
- Affordability: No monthly fees and many free services make it a low-cost banking option.
- Accessibility: The combination of a mobile app with kiosks in common retail stores expands reach to underserved populations.
- Simplicity: Account opening requires minimal paperwork, and verification can be completed quickly.
- Savings incentives: The GoalSave product encourages regular savings with competitive interest rates (6%–10%).
- Flexibility: Users can deposit, withdraw, and manage money across digital and physical points (ATMs, store kiosks, online).
Researchers and customer studies have pointed out that TymeBank’s low-cost, fully digital offering helps bring banking and savings opportunities to individuals previously excluded from traditional banking — particularly in lower-income or rural areas.
Limitations and Considerations
To access full features (high limits, full card functionality), you need biometric verification at a kiosk, which may require travelling to a retail store.
Some fees apply for cash withdrawals at ATMs and for certain services (international transactions, card replacement, declined transactions).
For sending or receiving international payments, TymeBank recommends using third‑party services such as Wise or another provider
TymeBank’s debit card, while usable abroad, incurs fees, and there is no straightforward inbound international transfer system.
Managing Your Finances Digitally with TymeBank — Practical Tips
Here are recommended steps if you plan to use TymeBank to manage your finances digitally:
- Open an account online via the TymeBank app — it takes a few minutes and costs nothing. Then visit a kiosk to complete biometric verification; this unlocks the full range of services and increases your account limits.
- Use the digital app and internet banking for everyday tasks such as checking balances, paying bills, making transfers, and reviewing statements. This way, you avoid unnecessary fees for in-person services.
- If you need cash — withdraw at retail store till points (Pick n Pay, Boxer, etc.) when possible, since these withdrawals are often free or cheaper than ATM withdrawals.
- Use the GoalSave savings account for long-term goals — set up separate savings buckets for different objectives (emergency savings, travel, large purchases, etc.).
- Be mindful of transaction limits, especially if your account profile is not fully verified yet — until verification, daily and per‑transaction limits are lower.
- Keep your login credentials, OTPs, PINs, and personal information secure — as with any digital bank, security depends on you safeguarding sensitive data.
Conclusion
TymeBank offers a strong, low-cost digital banking alternative for people seeking simplicity, flexibility, and fair fees.
The EveryDay account and GoalSave savings account provide essential services for everyday transactions and long-term financial planning.
Managing your finances digitally with TymeBank is achievable if you use it wisely.
Disclaimer: Information in this article is based on publicly available sources about TymeBank as of the date of writing. Fees, account terms, interest rates, and contact details may change over time. It is recommended to consult TymeBank’s official website or contact their customer service to confirm current terms before opening an account.
