TymeBank SendMoney is increasingly becoming one of the most popular ways of sending money to any Mzansi cellphone number.
This means you are able to send money to someone without a bank account as long as they have a valid cellphone number.
In this article we are going to look take a detailed look at this service from TymeBank and see how it works and how much its costs.
What You Should Know About TymeBank and the TymeBank SendMoney Service
SendMoney is a service provided by TymeBank which is an Authorised Financial Services and Registered Credit Provider. TymeBank is a digital bank that’s all about keeping things easy, clear and affordable.
TymeBank believes in simplicity, transparency and affordability.
They are a digital bank that is physically present. You can bank with TymeBank at over 14 000 till points across the Pick n Pay and Boxer network and at over 700 kiosks, many of which are staffed by dedicated TymeBank Ambassadors who are ready to lend a helping hand.
One important thing you need to know is that, to send money you must have an EveryDay account with TymeBank. If you don’t have an EveryDay account don’t despair, it only takes 5 minutes or less to open an account.
How to send money using TymeBank SendMoney
Sending money using the SendMoney service can be done in one of 2 ways. You can either do it online or you can SendMoney using USSD.
Let’s take a look at both methods.
Method 1: How To SendMoney Online
Enter Details – Login to your EveryDay account online and click on SendMoney. Then enter the cellphone number of the person you’re sending money to and the amount you want to send.
Double Check – Check that you have your loved one’s details 100% right and click Confirm. Once you’ve made this payment it can’t be undone.
If you are sending TymeBank to TymeBank the money you’ve sent instantly goes into the receiver’s TymeBank EveryDay account and they get an SMS to let them know it’s arrived.
In the case you are sending money to a non-TymeBank account holder you will send to their Mzansi cellphone number. The person you’re sending money to will get an SMS with the Rand value and a 10-digit voucher number. This number is valid for 7 days.
Method 2: How to SendMoney using USSD
Enter Details – Using the cell phone number linked to your TymeBank account, dial *120*543# then follow the on-screen instructions. Remember this only works from the cell phone number linked to your account.
Double Check – You will be asked to confirm the amount and the cellphone number you’re sending money to. Remember, once it’s sent you can’t get it back. If it’s wrong, click 2 to cancel or 0 to go back to the main menu.
Confirmation – Once the money has been sent successfully, you will receive a confirmation message. If you’re finished, tap Dismiss.
As simple as that! Anyone can do it.
Next, let’s take a look at how much you can send and the costs involved.
What TymeBank SendMoney Costs and How Much You Can Send
The good news is that if you are a TymeBank client it’s FREE for you to SendMoney to another TymeBank account holder.
To SendMoney TymeBank to non-TymeBank costs R7 per transaction. For example, if you send R500 the person receiving it will get R493 (R500 – R7 fee). If you with the recipient to get the full R500 you can add R7 to the amount you’re sending (e.g. R500 + R7 = R507).
The total amount for all value-added services (which includes prepaid electricity, airtime, data + SMS bundles) is R5 000 per day, dependent on your profile. For example, if you’ve already spent R100 on airtime, you have a balance of R4 900 to send.
How to receive money that is send using TymeBank SendMoney
If you don’t bank with TymeBank, you’ll get an SMS with a 10-digit voucher number the second the money’s been sent. Take this voucher number to any till point in a Pick n Pay or Boxer store to cash it out. As mentioned above, its costs R6 per transaction
If you bank with TymeBank, the money will be in your EveryDay account the moment it’s sent. You can withdraw the money from any ATM for R9 per R1 000 in South Africa, or withdraw it at any till point at all Pick n Pay and Boxer stores for FREE.
This is a fast and convenient way of sending money to loved ones who do not have a bank account. Very ideal in case of emergencies.
The fees charged for transactions are very reasonable. In fact they are lower than most similar services from other bank in the country.
The downside of the TymeBank SendMoney service is the daily limit of R5 000 if you wish to send more than this amount.
Payments made to an incorrect cellphone number or to the wrong party cannot be reversed, refunded, or corrected by TymeBank.
For an alternative money transfer service, see article FNB eWallet: How it works.
TymeBank Contact Details
If you wish to find out more on TymeBank and other services they provide you can contact them directly using the details below.
Telephone: 0860 999 119 (Customer Service) / 0860 999 118 (Lost Card)