TymeBank, a digital banking service, is gaining popularity in South Africa due to its easy access and low fees. As with any financial institution, understanding the fees and charges associated with your account is vital for managing your finances efficiently.
This article explores the fees and charges for the EveryDay account offered by TymeBank. Whether you are a regular user or someone considering opening an account, it’s essential to be aware of the various costs involved in transactions and services.
1. Monthly Account Fees
The EveryDay account from TymeBank is designed to provide value without the burden of hefty monthly fees. Here’s a breakdown of the monthly fees and charges:
| Fee | Cost |
|---|---|
| Monthly Fee | FREE |
TymeBank’s EveryDay account doesn’t charge any monthly maintenance fee, making it a cost-effective choice for individuals looking to minimize their banking expenses.
2. Transactions: Purchases and Payments
TymeBank allows users to make purchases in several categories, with associated fees for each. Below are the fees applicable to various types of purchases and payments:
| Transaction Type | Cost |
|---|---|
| Local Card Purchases | FREE |
| Prepaid Electricity | R3 |
| Airtime & Data Purchases | R0.50 |
| Bill Payments | FREE |
| Daily Lotto | R1 |
| Lotto / Powerball | R3 |
| International Card Purchases (Online & Subscriptions) | R3 |
| Vouchers (1ForYou, etc.) | R3 |
Local Purchases: The card can be used for purchases at various stores, with no charge for local transactions. However, you may be charged when purchasing prepaid electricity, airtime, or data. A small fee applies for daily lotto payments, while larger amounts (e.g., Powerball) carry a charge of R3.
International Purchases: When shopping internationally, including making online purchases or subscribing to international services, a standard fee of R3 applies to each transaction.
3. Cash Withdrawals
Cash withdrawals are an important aspect of banking, and TymeBank provides various options for accessing cash at different locations. The fees vary depending on the method and location of withdrawal:
| Withdrawal Method | Cost |
|---|---|
| TymeCode At PnP & Boxer Till Points | FREE |
| Debit Card at all Major Retailers (Incl. PnP & Boxer) | R3 |
| Debit Card at Kazang Shops | R3 |
| Flash Voucher at Flash Shops | R7 |
| Any ATM in South Africa (R10 Per R1000) | R10 |
| International ATM | R70 |
TymeCode & Retailers: TymeBank customers can make free withdrawals using a TymeCode at participating retail partners like Pick n Pay and Boxer. For regular debit card withdrawals at major retailers, a charge of R3 applies.
ATMs: If you need to withdraw cash from an ATM in South Africa, the fee is R10 for every R1000 withdrawn. International ATM withdrawals carry a higher fee of R70 per transaction.
4. Balance Enquiries
Balance inquiries are an essential part of any banking service, and TymeBank offers several ways to check your balance, with varying charges:
| Balance Enquiry Method | Cost |
|---|---|
| Banking App, Online Banking & Kiosk | FREE |
| Debit Card Balance Enquiry at South African ATMs | R3 |
| Debit Card Balance Enquiry at International ATMs | R7 |
You can check your balance for free via TymeBank’s app or online banking. However, if you use your debit card to check your balance at ATMs, there is a R3 charge for local ATMs and a higher fee of R7 for international ATMs.
5. Cash Deposits
Depositing cash into your TymeBank account can be done through participating retail partners such as Pick n Pay and Boxer. The fee for cash deposits is calculated per R1000 deposited:
| Deposit Method | Cost |
|---|---|
| Cash Deposit at a Till Point (First Deposit) | FREE |
| Cash Deposit with TymeBank Visa Debit Card at Pick n Pay & Boxer (Per R1000) | R7 |
| Cash Deposit with TymeCode at Pick n Pay & Boxer (Per R1000) | R7 |
The first deposit made at a till point is free of charge, but subsequent deposits incur a fee of R7 per R1000 (or part thereof).
6. Payments & Transfers
Transferring money, whether to TymeBank or other banks, comes with some associated fees. Here are the details for payments and transfers:
| Payment Type | Cost |
|---|---|
| Payment to TymeBank Account (EFT) | FREE |
| Payment to Non-TymeBank Account (EFT) | FREE |
| Immediate Payment – PayShap | R0.50 |
| SendMoney From TymeBank to TymeBank | FREE |
| Debit Order | FREE |
| Send Money Voucher to Non-TymeBank (Cash Withdrawal) | R7 |
| Immediate Payment – RTC (Per R1000 or Part Thereof) | R7 |
PayShap & SendMoney: Payments within South Africa are generally free, including payments to TymeBank and other banks. Immediate payments (e.g., PayShap or RTC) may incur a small fee of R0.50 or R7, depending on the transfer amount. The fee for sending a voucher to a non customer is R7.
7. Notifications
Staying informed about your account activities is essential, and TymeBank charges a small fee for specific notifications:
| Notification Type | Cost |
|---|---|
| In-App Message | FREE |
| Beneficiary Payment Notification (App & Online) | FREE |
| SMS Transaction Notification | R0.50 |
You will not be charged for in-app or beneficiary payment notifications, but SMS transaction alerts come at a cost of R0.50 per message.
8. Other Fees
This bank also imposes certain fees for services not directly related to day-to-day transactions. Here is a breakdown of other charges that you may encounter:
| Service | Cost |
|---|---|
| Debit Card, Debit Order & ATM Decline Fee (Due to Insufficient Funds or Incorrect PIN) | R3 |
| Inactive Account Fee (For 6 Months or More) | R7 |
| International Subscription & Online POS Decline Fee | R10 |
| Card Replacement | R70 |
| International Transactions Conversion | 2% |
Card Replacement: If your TymeBank card is lost or damaged, you will incur a R70 fee for a replacement card. Additionally, international transactions are subject to a 2% conversion fee, which applies when spending in foreign currencies.
9. Dispute Transactions
If there’s an issue with a transaction, TymeBank provides a process to dispute the charge. However, fees apply for disputes and chargebacks:
| Dispute Type | Cost |
|---|---|
| Dispute Debit Card Transaction | R10 |
| Dispute Debit Order Within 40 Days | R10 |
| Unsuccessful Debit Order or Card Dispute | R70 |
Check also: How to Update Your SASSA Bank Details for Grant Payments to TymeBank in 2025
TymeBank offers an affordable banking experience with competitive fees, especially considering the absence of a monthly maintenance fee. It provides a wide range of convenient banking services at minimal costs, making it ideal for individuals who prefer digital banking. By understanding the associated fees, you can make the most of your TymeBank EveryDay account while avoiding unexpected charges.
Make sure to review the fees carefully before opening an account and consider your typical banking needs to determine if TymeBank’s offerings are right for you.
