Formed in 2015 and licenced by the South African Reserve Bank, SARB, in 2017, Tyme Bank Internet Banking is a fairly new bank in South Africa. It is headquartered in Johannesburg, South Africa. It offers internet and mobile banking solutions to South Africans at a lower cost than traditional banks. More importantly, Tyme bank allows users to perform banking services from the convenience of their devices, independent of location. Here is all you need to know about Tyme Bank internet banking.
What is Tyme Bank Internet Banking
Tyme Bank internet banking is a financial enterprise offering banking services online. The bank is digitally smart and does not operate any physical branches in South Africa. Instead, it meets its customer’s demand through its mobile app, web platform and more than 730 self-service kiosks across the country, making its services significantly cheaper than conventional banks.
Even though Tyme Bank offers digital banking services, it has most of the banking solutions available in traditional banks. For instance, you can save and earn an interest of up to 8% per year on your savings with Tyme Bank. You can do this through the bank’s savings tool, GoalSave. In addition to this, you can top up or withdraw cash from your savings account whenever you need it. The bank also allows you to send money for less, R6, to people with a South African mobile number and R0, to other Tyme Bank customers.
Deal seekers also have something to smile about with a Tyme Bank credit card. Essentially, you can link this card to PnP’s Smart Shopper reward program to earn double smart shopper points each time you shop.
How the Tyme Bank Internet Banking Works
The Tyme Bank internet banking has two distinct processes. One is internet banking, where all the banking transactions are made, and two, the Tyme bank kiosk for account verification, card processing and banking services.
Tyme Bank has more than 230 kiosks with the capability of running real-time or on-demand identity checks. These checks are done to the standards set by the South African banking regulators. New clients can register for Tyme Bank accounts in the Kiosk where the client’s biometric data is taken. The captured data is then checked against the Home Affairs database through Tyme systems. After that, the client is issued with a free visa debit card.
Alternatively, you can register for a Tyme Bank account online. In this case, you will create an account online using your valid South African ID number and mobile phone number. You will be able to access a basic account that has a limited transaction amount. Later, you can upgrade your account by visiting a Tyme kiosk where your residential address and biometric information will be captured.
For you to open a Tyme Bank account, you will need a South African ID number, a South African mobile number. Once you provide this information, you will be requested to submit additional personal information only known to you through a series of questions. Later, a One-Time-Pin (OTP) will be sent to you.
Types of Account Profiles
Currently, Tyme Bank offers a few account profiles for its users. This is largely attributed to its age and limited customer data. These account profiles include:
- Just me – this profile offers users an EveryDay bank account. This account has specific transaction limits while users have basic access to Tyme Bank’s saving options.
- Getting to know you – this profile is assigned to individuals whose biometric data has been captured in a Tyme Bank kiosk. Here, users’ transaction limit is increased, and they are awarded a free visa card. In addition to this, you can request the bank to link your card to PnP’s Smart Shopper reward program to double your earned points each time you shop/swipe.
- Good friends – this profile is assigned to individuals whose residential address is known. It increases users’ transaction limits further and offers a 6-10% interest rate on savings.
The Tyme Bank account offers the following services:
- Payments (EFT)
- Sending money
- Card swipes
- Pick n Pay Smart shopper points
Online Banking Features
Before opening an account with Tyme Bank internet banking, it is wise to know what to expect. Here are the online Tyme banking features for an account holder:
- Use GoalSave to manage all your savings
- Check your EveryDay bank account balances. Also, enjoy some free EveryDay bank account services.
- Manage SendMoney and Payments
- Manage all your beneficiaries
- Oversee debit orders
- Manage profile settings and information
- Buy prepaid airtime, electricity, SMS bundles and data
- Switch all your eCommerce transaction either on or off
- Deactivate your Visa Card when you lose it and reactivate it when you find it
- Get your full-year proof of payment, bank statements, tax certificates, and proof of account
Tyme Bank App
Tyme Bank mobile app is designed to be used by Tyme Bank customers to access their bank account details and complete banking transactions on their smart devices. It is free for download on Google Play and Apple Store. It has an easy-to-use user interface that makes it easy for users to control their money.
To download the Tyme Bank app to your smartphone, you need to:
- Open your Google or Apple store
- On the search bar, key in “Tyme Bank.”
- On the search results, click on “Tyme Bank.”
- Click “install” to start the download process
- Run the app on your phone. Log in using your customer details (ID number and password)
The features of the Tyme Bank app are:
- Getting all your Tyme Bank accounts in one platform
- Buy prepaid electricity, data, and airtime
- All card transactions have a PIN or password protection for safety
- You have unlimited access to your debit card, GoalSave statements, and EveryDay account unless of a special circumstance
- You can cancel or freeze your debit card or delink your smart devices in case they are lost or stolen
- Manage all your personal information, update your preferences, and remove and add devices
For you to use the Tyme Bank mobile app, you need to be connected to the internet.
Tyme Bank Cellphone Banking
Tyme Bank Cellphone banking is a banking option for anyone with a mobile phone. It uses USSD codes to conduct banking transactions over the phone. You can manage your money by checking your GoalSave balances and EveryDay account balances using USSD.
The Tyme Bank cellphone banking is ideal because it allows you to:
- Bank from anywhere using any cell phone
- Check your GoalSave and EveryDay balances without accessing the internet or using an internet-enabled device
- Buy essential prepaid services such as electricity, data and airtime
- This option works on most if not all cell phone renowned networks, and you receive instant feedback
- The USSD option has strong and reliable authentication and encryption, ensuring only you get to see the information
There are fees charged on every USSD transaction completed. These costs include:
- 20c per 20 seconds or the standard USSD rates
- 0 charges on SendMoney between Tyme Bank account holders
- R6 on SendMoney between Tyme Bank account holder to non-Tyme Bank user
How USSD Works
The Cellphone banking option using USSD is very simple to operate. You can SendMoney and view the balance in your EveryDay account using USSD. To use this option, you need to register by dialling *120*543#. Ensure the number you register is linked to your EveryDay account.
How To Access Your Tyme Bank Account Online
The average person today is always preoccupied with an issue that prevents them from attending to other important functions such as visiting a bank. Fortunately, with Tyme Bank internet banking, you can access your account following a simple login procedure and complete your banking transaction without moving out of your place of work or home. To log in, you need to:
- Load the official Tyme Bank website on your browser
- Press “Login” on the top right corner of your screen
- Key in the requested information i.e. South African ID number and your unique password
- Press “Login” to complete the process
In case you can’t access your Tyme Bank internet banking account due to password or PIN issues, you can opt to reset your password or PIN by:
- Load the activation page on Tyme Banks website
- Once the page has opened, you will have to choose between resetting your login pin or password
- Click on your preferred option and follow the subsequent instructions
However, you must have all the necessary documents for the process to be complete. These are:
- Your South African identification number
- A valid Tyme Bank debit card, and
- Your mobile number (it must be linked to your Tyme Bank account.)
Tyme Bank internet banking is a banking solution for everyone. It has online and mobile banking options for people with different devices. The Tyme Bank app is suited for people with smart devices, while the cellphone banking option is ideal for anyone with a phone. Whichever option works for you, this article will help you figure out how to bank using the Tyme Bank online banking solutions.