Digital bank, TymeBank has announced its fee changes for 2021, including making a number of transactions free.
Launched in 2018, TymeBank has quickly become one of the largest digital banks in South Africa, with around 2 million customers.
The group is backed by billionaire Patrice Motsepe’s investment group African Rainbow Capital, and offers an affordable banking alternative for South Africans with low fees and no monthly account charge.
For 2021, however, the bank has announced that some banking fees will increase – particularly around withdrawals and deposits – however, some transactions will also become free.
Because the bank does not have an ATM network, it treats till points at retailers as its de facto ATM. Through a partnership with Pick n Pay and Boxer stores, it boasts one of the largest ‘native withdrawal’ points in the country.
Withdrawals using vouchers or the group’s debit card will remain free at Pick n Pay and Boxer till points, but the charge to withdraw funds at other retailers is increasing to R3 per transaction, from R2 before.
Withdrawals from other banks’ ATMs incur a higher cost, rising from R8 per R1,000 (or part) withdrawn, to R9 per R1,000 (or part).
Similarly, cash deposits have also increased from R4 to R6 per R1,000 or part thereof. SendMoney to external wallets (TymeBank to outside) will also increase from R4 to R6, the bank said.
TymeBank said the following transactions will however, be free from next year:
- Debit orders
- All EFTs
- Bill payments
Other free transactions that continue include:
- SMS notifications;
- The first debit card issued;
- The first till point cash deposit of the month;
- Prepaid electricity, airtime, data + SMS bundle purchases;
- Internal SendMoney (from TymeBank to TymeBank);
- Balance enquiries (ATM balance enquiries excluded);
- 12 months’ bank statements from our banking app or online banking.
You can view the bank’s full price schedule here.