TymeBank vs FNB eWallet eXtra – pricing and services compared

TymeBank has ‘soft’ launched in South Africa, with the group allowing prospective customers to open an account.

This marks the first of a handful of new banks to enter the South African market, with other major players – Discovery Bank and Bank Zero – set to launch in 2019.

TymeBank is a digital-only bank with no physical branches or ATMs – but customers can gain access to their funds through ATMs, and sales points at Pick n Pay and other major retailers.

The group also has a physical presence through kiosks at select Pick n Pay and Boxer stores. This is currently limited to six stores, but Tyme plans to expand this across the country.

The appeal of a digital banking is affordability, with many of the legacy costs of traditional banking falling away in a digital-only structure.

Digital banking also squarely targets the large unbanked market with a mobile-first approach.

While TymeBank is the first fully digital bank to launch in South Africa, traditional banks have for some time begun to migrate into the digital space.

FNB got the jump on competitors earlier this year with the launch of eWallet eXtra – its fully digital account – which can be opened and used on mobile devices. According to FNB, more than 50,000 people registered for FNB’s eWallet eXtra within the first month of launching.

FNB’s eWallet eXtra is entirely mobile-based, and works through USSD systems found on all mobile phones (including feature phones). Tyme meanwhile, works through a mobile app and online banking, but also offers a Visa debit card which allows for easier transacting.

This is how South Africa’s first new digital-only accounts compare:


Opening an account

TymeBank

Accounts can be opened online, or in-store at a TymeBank kiosk. The process takes around 5 minutes, and requires a South African ID number and South African mobile phone number.

Customers will also have to give a fingerprint to gain full access to accounts and a debit card. If you apply online, you will have to find a kiosk to give biometric data to upgrade to the full account.

There are no fees attached to opening an account.

eWallet eXtra

Accounts can only be opened on mobile devices. Users need to dial *120*277# on their cellphone, enter their name, surname and SA ID number, and start banking on the eWallet eXtra account.

There are no fees attached to opening an account


Devices

Smartphones Feature phones

TymeBank

Supports online/internet banking and transactions through an Android App. An iOS app is not available at present – but internet banking can be accessed through all mobile browsers.

To make use of internet banking and the app, a smartphone is required, but to withdraw or deposit cash, or use your debit card, you don’t need a smartphone with internet access. However, you need a working cell phone with a registered number to received One-Time PINS and other voucher codes.

eWallet eXtra

Services are accessed on mobile through USSD and the FNB banking app. Works on all mobile devices.


Physical presence

dotFNB branch

TymeBank

Limited presence at present, with kiosks only available at select Pick n Pay and Boxer stores. This will be more expansive by the bank’s full launch in 2019.

  • Pick n Pay Rosebank
  • Pick n Pay Bedfordview
  • Pick n Pay Kensington
  • Pick n Pay Kenilworth
  • Boxer West Street
  • Boxer Alexandra

eWallet eXtra

Support for eWallet eXtra can be found across FNB’s entire network of branches and ATMs.


Services

EWallet

TymeBank

  • Withdrawals
  • Deposits
  • Sending Money
  • Payments (EFT)
  • Card swipes
  • Statements
  • Pick n Pay Smartshopper points
  • Prepaid products (coming soon)
  • Overdraft (coming soon)

eWallet eXtra

  • Withdrawals (free at tills)
  • Deposits
  • Sending Money
  • Payments (EFT)
  • Buying prepaid products
  • Statements

Fees

Service TymeBank eWallet eXtra
Monthly Fee Free Free
Withdrawals Free at Pick n Pay and Boxer stores
R2 at other major retailers
R8 per R1,000 at all ATMs, countrywide
R10.95 (R20 – R1,000)
R13.95 (R1,000 – R3,000)
Deposits R4 at Pick n Pay and Boxer stores R10.95 (R20 – R1,000)
R13.95 (R1,000 – R3,000)
Payments/Send Money Free to other TymeBank accounts
R2 for payments to accounts at other banks
R10.95 (R20 – R1,000)
R13.95 (R1,000 – R3,000)
EFT: R3.75
Card Swipes Free N/A
Prepaid N/A Electricity: R2.50
Airtime: R1 (value <R10)
Airtime: R2 (value >R10)

Limits

TymeBank

TymeBank has different limits depending on a customer’s banking profile (which is determined by how much the bank knows about them). A basic profile is given to those who sign up online, with the next level given to those who register biometric data. The final level is given when a residential address is given.

The limits for the profiles are as follows:

Transaction Just met Getting to know you Good friends
Payment R2 000 R10 000 R100 000
Prepaid Purchase R1 000 R3 000 R3 000
Cash Withdrawal at PnP or Boxer R2 000 R5 000 R5 000
Cash Deposit R3 000 R20 000 R20 000
Daily transaction limit R2 000 R10 000 R100 000
Daily cash deposit limit R20 000 R20 000 R20 000
Monthly transaction limit R40 000 R100 000 R1 000 000
Monthly cash deposit limit R20 000 N/A N/A

eWallet eXtra

  • Daily spend limit of R3,000;
  • Monthly spend limit of R24,000;
  • Maximum account balance of R14,000.

Read: TymeBank ‘soft’ launches in South Africa

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