Open account in TymeBank in South Africa: Complete Guide
Open an account with South Africa’s first exclusively digital bank. We help you understand everything you need to know!
Open a TymeBank Business Account in South Africa: Complete Guide
South Africa is seen by many entrepreneurs and business owners as the gateway to Africa. With a world class financial industry, and a government encouraging business innovation, it’s a perfect place to set up operations.
If you’re thinking of starting a company in South Africa, you’ll need a business bank account. In this guide we help break down all the business banking services offered by TymeBank; the country’s first exclusively digital bank.
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!
How to open a TymeBank Business Account?
Being a digital first bank, Tyme offers simple and quick banking solutions looking to run operations in the country. The Everyday Business Bank Account is a popular choice and is designed specifically for sole proprietors who have elected to not register their business with the CIPC (Companies and Intellectual Property Commission)5. Entrepreneurs can also manage their business and personal finances through a single platform by opting for the new Everyday Account with Business benefits⁶. Your business needs to not be registered with the CIPC to qualify for this account⁵.
The steps to open a TymeBank Everyday Business Account are as follows⁵:
- Download the TymeBank 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!
The steps to open a TymeBank Everyday Account with Business Benefits are as follows⁶:
- Open your Tyme app
- Go to My Profile
- Select My Details
- Find Business Benefits and click Get Started
- Hit the Enable button
- Fill in all your company information and hit Submit
- And done!
TymeBank Business Account account fees and charges
Banking with Tyme helps you considerably lower your banking fees. The bank charges no monthly fee and account opening is free of cost as well. Along with this you also get a free debit card, access to statements, no-cost transfers to non-Tyme accounts, and zero charges levied on debit card purchases. However, there are other costs you need to be mindful of, we list these in the table below⁹:
| Type of fee | Cost |
|---|---|
| Cash withdrawal at any SA ATM | R3 |
| Cash withdrawal at international ATM | R70 |
| Debit card, debit order & ATM decline fee | R3 |
| Immediate EFT | R7 |
| Card Replacement | R70 |
Opening a TymeBank Business Account as a non-resident (someone not living in South Africa)
Both residents and non-residents can open bank accounts in South Africa. When opening a business bank account, the most important detail is where your business is registered. If you have a South African registered business, this should be fairly easy to arrange. If you get stuck, larger banks like FNB, offer specific help for non-residents looking to bank in South Africa.
TymeBank, however, does not offer banking services for non-residents currently. You can always look to bigger banks like FNB, Capitec, Absa if you’re looking to open a business account as a non-resident.
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:
Wise customers don’t have to pay an additional markup fee but only a small transparent fee to make an international transaction¹. That’s because Wise uses the mid-market rate for overseas payments!
What are the requirements to open a TymeBank Business Account?
The requirements for an Everyday Business account are very simple. You can open one if⁷:
- You are a sole proprietor
- Your business is not registered with the CIPC
- You have a South African ID
- You have an active South African mobile number
- You are over 16 years of age
The Business Benefits account on the other hand just requires you to enable the option on your personal account with Tyme6. This is followed by a few questions regarding your business. If you have any queries about the process you can look through the FAQs on their website for quick answers or reach out to them via the Contact Us page on the website.
Is it possible to make an international money transfer with TymeBank Business Account
You cannot accept incoming international payments to your Everyday Business Account account. If you try to do so,the funds will not reflect and will take up to 14 days to be returned to the sender⁸.
As an alternative you can download the Shyft App or use global money transfer providers such as Wise to manage your inward international payments effectively. The apps are not affiliated with TymeBank, but you have the option to 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. Tyme holds no responsibility for issues with transfers or issues with the use of Shyft, Wise, or Revolut⁸.
Benefits of opening a TymeBank Business Account
With Tyme’s Everyday Business Account you are sure to get more than you expect. Some of the benefits of opting for this account are⁵:
- Simple and secure bulk payments to multiple employees and
suppliers in one go - Easy onboarding that means you can open an Everyday Business
Account in under 5 minutes - Get statements and proof of account with your business name
- Trackable business transactions boost your chances of
pre-qualifying for funding when needed - Join exclusive business communities with powerful tools to help
grow your business - Access a variety of iKhokha POS solutions for seamless customer
payments - Save for business expenses and earn interest with GoalSave
The Everyday Account with Business Benefits on the other hand has the same features as the Everyday Account, but these have been modified to better meet the needs of businesses. Some of the key benefits of this account include⁶:
- One Login – Access your business and personal finances in one place using the Tyme app
- Everyday account transactions – Get access to Real Time Clearing payments, PayShap and other transaction options.
- Easy Onboarding – can be activated in a few simple steps
- Free Banking – this one pretty much speaks for itself
- Proof of account and business bank statements – easy access to bank statements with your company’s name on the statements provided
- Funding – chance pre-qualify for business funding when you transact.
- Business Communities – Access tools and training for your business.
- iKhokha POS – access to free or paid Point of Sale Solutions from iKhokha.
- Access to GoalSave and Fixed Deposit – to help you save for business expenses and earn interest.
Charges for international money transfers with TymeBank Business Account
The bank does not allow the receipt or sending of international payments currently. You can use your Business Debit card when abroad but will need to pay R70 for withdrawing cash⁹. They also charge a 2% conversion fee for international transactions⁹. There is no further detail provided on the rate of exchange.
Using services like Wise for receiving international payments is advised on the bank’s website¹⁰.
Having a TymeBank Business Account offers a simple, fast, and affordable route for entrepreneurs in South Africa looking to manage their finances. Zero monthly fees, innovative services, and a suite of solutions designed for small businesses help ensure not just a smooth banking experience but also business growth.
| However, the bank lacks solutions for international payments which can be a major cause of concern if your business receives money from international clients. |
|---|
Try Wise's Business account as an alternative for receiving money at the mid-market rate for international transfers to South Africa.
Sources:
- Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information.
- 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.
- Eligibility is subject to verification of customers identity. Wise may request additional documents to verify a customer's identity.
- 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.
- Everyday Business Account
- Everyday Account with Business Benefits
- Requirements
- International Transfers
- Fees
- Suggestion to use Wise by TymeBank
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
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