In South Africa, understanding currency exchange rates is crucial for banking. TymeBank is a digital bank in Johannesburg that makes online banking easy. It doesn’t use traditional branches. However, TymeBank users can’t send money abroad due to South African Reserve Bank rules. But, they can receive money from abroad. This is done through big banks like Absa, FNB, Nedbank, and Standard Bank. They convert the money into rands based on the current exchange rates1.
Understanding TymeBank’s International Transfer Limitations
TymeBank is a modern, online-only bank based in Johannesburg, South Africa2. Since 2017, it’s been officially recognized by the South African Reserve Bank. But TymeBank has its limits2. It can’t do international wire transfers due to restrictions from the Reserve Bank2. Yet, getting money from abroad into a TymeBank account is possible. This can happen through banks like Absa and Nedbank, with a switch to South African rands2.
Sending money abroad with TymeBank means thinking about the costs. Using WorldRemit adds a transfer fee of R7.50 and up to 3% more2. Mama Money offers another way, with fees between R48 to R89 plus a similar percent for EFTs through Ozow2. For big money moves, I suggest forex specialists like Halo Financial. They’re good for amounts over R75,000, often charging less than 2%2. Remember, the usual banks might ask for more than 5% for the same service2.
Biometrically verified TymeBank customers should look into alternative remittance methods3. These accounts give more leeway, like putting up to R21,995 in cash at stores daily and sending as much as R200,000 via EFT right away3. TymeBank serves many needs, with transaction limits of R200,000 and account balances up to R10,000,000 for verified users3.
To use TymeBank, you must be 16 or older with a South African ID number4. Security is key, so your biometrics are checked against a national database4. To enjoy free transaction alerts, choose the SmartApp over SMS, which may cost a bit4. Remember, TymeBank sends messages, but can’t promise you’ll get them due to third-party issues4.
Exploring how to send money abroad with TymeBank has shown me the variety of ways to do it. Even with TymeBank’s limits, there are plenty of options. The key is to be smart and informed to make moving money across borders smooth and affordable.
Guide to International Money Transfers TymeBank South Africa
When thinking about sending money abroad, it’s key to pick a trusty service. TymeBank doesn’t handle international transfers itself, but you can use other services. These are great for Brits in South Africa sending money back, or businesses trading with the UK5.
Quick transfer times matter a lot. Payments online can take 1-2 days to reach South Africa. But express services can be even faster, landing on the same day5. The Telegraph Media Group offers top-notch exchange rates through Moneycorp. And if you send money regularly, Moneycorp makes it easy and fee-free5. They only charge for changing your pounds into rand5.
For TymeBank users, making payments to SARS is easy with Absa and FNB’s support. It’s a safe way, but for bigger forex transfers, a broker like Halo Financial is better. They offer good rates and know their stuff.
If you need to move money through other local banks, many of them support the SARS MobiApp and EFTs6. For urgent transfers, the Pay & Clear Now option lets you send up to R5,000,000 fast. These can show up in the recipient’s account in about an hour7.
| Money Transfer Method | Platform | Speed | Regular Payments | Special Features |
|---|---|---|---|---|
| Express Online Transfer | Moneycorp | 1-2 working days | No transfer fee on regular payments | Competitive GBP-ZAR rates |
| EFT & eFiling | Participating ZA Banks | Up to 2 business days | N/A | Irrevocable credit push payments |
| Pay & Clear Now | Various SA Banks | Up to 60 minutes | N/A | High transaction limits during day |
Knowing all this, TymeBank customers can pick the best way to transfer money. Whether it’s about speed or amount, you’ve got options.
Alternative Money Transfer Options Available to TymeBank Customers
TymeBank customers, like myself, face a challenge with direct international payments. This is due to certain rules2. But, there are other ways to send money abroad. Using WorldRemit, for example, lets me transfer cash at a low cost. I only pay R7.50 plus a small percentage of the total2. What’s great is that payments clear quickly, usually in 1-2 days2. Mama Money is another option. It reaches places in Europe and offers fast transactions from my TymeBank account. The fees for this are reasonable2.
For sending big sums, I look at forex brokers like Halo Financial and Currencies Direct. Their fees are often less than 2% for amounts above R75,0002. These brokers are a good choice as they help save money and manage risk better when dealing with currency exchange.
When these methods aren’t right for me, I think about using well-known South African banks. Options include FNB, Standard Bank, Absa, and Nedbank2. Even though their services might cost more, sometimes over 5%, they can be a reliable alternative2. The fees, ways to send the money, and how fast it needs to get there are all important. I aim to find a good mix of price, ease, and safety. My goal is to make sure my money gets where it needs to go without any problems.
Source Links
- https://getshyft.co.za/tutorials/
- https://www.monito.com/en/wiki/international-money-transfers-tymebank-south-africa
- https://www.tymebank.co.za/personal-banking/accounts/everyday-account/
- https://www.tymebank.co.za/legal/terms-conditions/
- https://www.telegraph.co.uk/financial-services/currency-exchange/international-money-transfers/how-to-send-money-to-south-africa-from-uk/
- https://www.sars.gov.za/individuals/how-do-i-pay/make-a-payment/
- https://www.fnb.co.za/downloads/online-banking-documentation/OB-ZA-Pay-Cut-Off-Times.pdf
