Tymebank Send Money – Costs & Benefits

Banking

Sending money to friends and families has never been easier, thanks to the TymeBank Send Money service.

TymeBank Send Money is an ewallet service most affordable and convenient for transferring money to people who don’t bank with TymeBank.

It’s the same concept as the FNB or any other bank’s ewallet service, the only difference is the cost to send and withdraw the funds from a TymeBank SendMoney facility.

Let’s start with the fees.

How Much It Costs To Send and Withdraw Money

The cost to use this service is very key for both the sender and receiver of the money.

Let me start with the best option, to use SendMoney between registered TymeBank cellphone numbers if completely FREE.

You’ll be able to send money up to R5,000 per day and no extra charges like the other banks. Withdrawals between two TymeBank account holders are also completely FREE.

However, if you’re sending it to a non-TymeBank banker, it’ll only cost R7.00 of the withdrawal fee. So you want to send R500 to someone, you’d want to send at least R510 for the recipient of the money to collect it all.

TymeBank Send Money Benefits

Like many other ewallets, banks have made this banking facility easy to use and understand.

Money is transferred instantly, with no waiting period, and available to withdraw immediately too.

The best part, if you use the service and send money to another TymeBank account holder, you’ll use the service completely FREE.

Another interesting feature with TymeBank SendMoney is the ability to re-send the transaction, if, for whatever reason, it didn’t go through or reach the recipient, due to network and other issues.

Simply visit your transaction history on the SmartApp or Internet Banking. Go to ‘Previous transactions’ in your EveryDay account. Click on the purchase and the option to resend the SMS will be presented.

Can You Reverse The TymeBank Payment?

Unfortunately, at this stage, you cannot cancel or transfer a TymeBank SendMoney transaction.

You’ll just have to wait for 7 days and the money will automatically be reversed into your bank account.

But there’s no guarantee the money will still be available if you’ve sent it to the wrong cellphone number.

So you’d want ALWAYS to double-check and cross-check the cellphone number to confirm that you are sending money to the right person.

It’s advised to use the TymeBank mobile banking app because it’ll have access to your contact list to select from, instead of manually typing in the phone number.