Are you familiar with Tymebank? It’s a digital bank that has been making waves in South Africa since it launched in 2018. But how does Tymebank work? In this article, we’ll take a closer look at Tymebank’s features and services.
Accounts
Tymebank offers two types of accounts: a Everyday Account and a
Cards
When you open an Everyday Account with Tymebank, you will be issued with a TymeBank Visa Debit Card. This card can be used anywhere Visa is accepted, and there are no card fees for swipes or chip and PIN transactions. Tymebank also offers a virtual card that can be used for online shopping and other card-not-present transactions.
Credit
Tymebank does not offer credit cards or personal loans at this time. However, the bank recently launched a feature that allows qualifying customers to request a good-value loan.
Money transfer
Tymebank has a number of different options for money transfers. You can send money to anyone with a South African cell phone number, and they can withdraw the money from any Pick n Pay, Boxer, or Shoprite store. You can also transfer money to other Tymebank customers instantly and for free.
Security
Tymebank takes the security of its customers’ data and transactions very seriously. The bank uses 256-bit encryption, the same level of security used by major banks, to protect customers’ personal and financial information. Transactions are also secured with two-factor authentication to prevent fraud.
Conclusion
Tymebank is changing the way South Africans bank by offering a range of products and services that are accessible, easy to use, and affordable. As a digital bank, Tymebank is able to offer cost-savings and efficiency, which they pass onto their customers. If you’re interested in joining the digital banking revolution, Tymebank is worth checking out.
