Open account in TymeBank in South Africa: Complete Guide

If you’re in South Africa for a short-period (education) or looking to settle in the long-term, opening a local bank is an important step at the start of your journey. Like many expats moving to a foreign country, you must be thinking about the transfer of funds from back home to South Africa and if banks there do this and at what rates.

In this guide we help break down all the services offered by Tyme bank; an exclusively digital bank founded in 2019.

We also introduce to you Wise, an alternative for international money transfers to South Africa at the mid-market exchange rate - similar to the rate you see on Google!

Join Wise!

How to open a Tyme Bank account?

Tyme Bank was launched as the country’s first fully digital bank designed to make banking seamless for South Africans. You can open an account with the bank in under 5 mins online, more so there are no monthly fees meaning you can enjoy all the benefits of the account at zero extra cost! The steps to open a Tyme Bank account are as follows⁵:

• Download the Tyme Bank app from Appstore or Playstore
• Have your documents ready (we list these in a following section)
• Fill in necessary information and upload documents as prompted
• Take a selfie on the Tyme app to biometrically verify your account
• And done!

Yes, it’s that easy, but that’s not all. Despite being a digital bank, Tyme has now partnered with The Foschini Group (TFG) to increase reach and bridge the gap between traditional and digital banking. You can now use one of the 600 kiosks at TFG stores to open a Tyme Bank Account!

Tyme Bank account fees and charges

A major cause of concern with banking is always the fees associated with it. Tyme Bank does not charge you any monthly fees and you get a free debit card, however, there are some costs you need to consider. We list these in the table below⁸:

Opening a Tyme Bank account as a non-resident (someone not living in South Africa)

To open an account with TymeBank, you need a valid South African ID number and an active South African cellphone number. These requirements are in place to comply with local regulations and to facilitate the bank's digital verification processes.

As a non-resident not living in South Africa, you would not possess a South African ID number or a local cell phone number, making it challenging to meet TymeBank's account opening criteria. Additionally, TymeBank's services are tailored for use within South Africa, and their Visa debit card is currently limited to transactions within the country.

Get the mid-market exchange rate when making international money transfers to South Africa with Wise

If you’re living in South Africa, Wise can help you save money¹ when making international money transfers to South Africa.
Although the majority of banks may allow their account holders to make an international transfer, it is possible that a markup is added to the mid-market exchange rate. It is recommended to check the exchange rate offered by your bank against the mid-market rate, which is similar to the exchange rate shown on Google. Say no to hidden fees!
The mid-market exchange rate is the rate that banks use to transfer money between them and is considered a fair market rate. Find out what you would pay for an international money transfer with Wise:

What are the requirements to open a Tyme Bank account

Unlike other banks that require you to present your passport, proof of address, proof of right to study or work, banking history, and even a minimum deposit, Tyme bank asks that you provide just 3 simple things:

• A South African ID number
• An active South African mobile number
• Proof that you are more than 16 years of age

If you have any queries about their requirements or are confused about the process the bank provides answers to the most common questions on their FAQ page. You can also reach them through the contact us option on their website.

Is it possible to make an international money transfer with Tyme Bank?

You cannot accept incoming international payments to your Everyday account. Please do not attempt to receive international payments into your EveryDay Account. The funds will not reflect and will take up to 14 days to be returned to the sender⁶.

As an alternative you can download the Shyft App or use a global money transfer provider such as Wise to manage your inward international payments effectively. The Shyft App is not affiliated with TymeBank, but you can link your TymeBank account on the Shyft App, so that proceeds of international payments that are received in your Shyft account can be transferred into and utilised from your TymeBank Everyday account.

Please note that Shyft accepts inward international payments in USD, EUR, GBP, and AUD. International payments to Shyft must be made in one of these currencies. TymeBank is not responsible for any loss associated with or any issues arising from the use of the Shyft App⁶.

Benefits of opening a Tyme Bank account

The Tyme Bank EveryDay account provides a range of benefits to its customers starting with the quick and easy account opening process. But what are the other benefits the bank offers its customers? With your Tyme account you can⁷:

• Shop online anywhere with your Visa debit card
• Send money using PayShap, instantly between different banks (Up to R5000 per transaction)
• Get a powerful GoalSave savings tool. Earn up to 11% interest a year.
• You don’t pay to have an account with Tyme, you only pay for banking you use (charges much lower than competing banks)
• Withdraw cash at over 15 000+ store till point including some local spaza shops
• You can also use your Visa debit card to withdraw izaka from any ATM (for a small fee)

Charges for international money transfers with Tyme Bank

The bank does not allow the receipt or sending of international payments currently. You can use the Tyme Debit card when abroad but will need to pay R70 for withdrawing cash⁸. They also charge a 2% conversion fee for international transactions⁸. There is no further detail provided on the rate of exchange.

The bank recommends using services like Shyft, Wise, or Revolut for receiving international payments.

Banking with Tyme provides easy, straightforward and affordable banking for residents of South Africa. With low fees and high interest on savings you can hit your saving goals with ease. For people that have just moved to the country the lack of support with international transfers can be a major hindrance. To bridge this gap there are several providers available in the market be it banks like NedBank and Absa or even other banking alternatives.

Try Wise as an alternative for receiving money at the mid-market rate for international transfers to South Africa.

Join Wise!

Sources:

1. Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information.
2. Transaction speed claimed depends on funds availability, approval by Wise’s proprietary verification system and systems availability of our partners’ banking system, and may not be available for all transactions.
3. Eligibility is subject to verification of customers identity. Wise may request additional documents to verify a customer's identity.
4. Please note that certain products or features may not be available in all regions. Please visit www.wise.com to check for availability and learn more about our offerings.
5. Opening account
6. International transfers
7. Benefits
8. Fees