The benefits of a fully digital bank explained

Media personality, Mac Leshomo, also known as Skhokho through his association with TymeBank, responds to frequently asked questions about banking with South Africa’s fully digital bank, and using the bank’s EveryDay account.

Q&A with Mackmillian Leshomo

I know TymeBank does not have any branches, so how do you do your banking?

TymeBank is a fully digital bank that I carry with me wherever I go. I pay a lot less for banking – and with my TymeBank EveryDay account, I can do banking in different ways:

• I can use the till points at Pick n Pay and Boxer stores or do cellphone banking by dialling *120*543#.
• More customers are now downloading the app for everyday transactions while others still opt for internet banking, but these are options available to me.
• I can also use ATMs during emergencies – keeping in mind that other banks charge for the use of their ATMs.
• If I have queries, I use the WhatsApp customer service line on 0860 999 119 and get assistance on the go because time is money in my world.

What are the benefits of the EveryDay account?

There is no monthly account fee; I only pay for what I use. Many of the transactions are free – including debit card purchases.

I earn Smart Shopper points wherever I swipe and double the points at Pick n Pay. I allow the rewards to accumulate to have good savings for my next grocery shopping at Pick n Pay. The account also allows for online purchases from major retailers and debit orders to pay my bills.

I save money when paying bills, buying pre-paid electricity, airtime, data and SMS bundles using the TymeBank app because the service is free. The app is available on Android, iOS and Huawei.

What transactions can one perform using the TymeBank EveryDay Account?

• You can use your debit card to withdraw and deposit money at till points and ATMs.
• You can send money to friends, family or someone you need to pay via an EFT (Electronic Funds Transfer); if the amount is under R5 000 you can use SendMoney, TymeBank’s quick and easy-to-use feature. It is necessary to confirm the cellphone number you are sending money to as pre-paid numbers often get allocated to new users.
• You can buy airtime, data and SMS bundles using the TymeBank banking app or online banking.
• You can buy pre-paid electricity – the recharge meter token gets sent directly to your cellphone.
• You can purchase airtime, data, electricity, 1ForYou vouchers, entertainment (Spotify), food (Uber Eats), travel (Uber), gaming, WiFi, VOIP and insurance.

You say you only pay for what you use. Please give us some examples.

Everyday banking transactions such as balance enquiries, debit card purchases, and even local online purchases are free of charge. Customers pay R3 per transaction for cash withdrawals with debit cards at till points and at other retailers. Your first cash or Visa debit card deposit is free, and thereafter every deposit made at Pick n Pay or Boxer is R6 per R1 000 or part thereof. TymeBank charges a nominal fee at ATMs, and the same goes for costs relating to third parties, vendors or transaction disputes.

Why are some transactions free and not others?

These costs are cheaper than most South African banks, but if you don’t want to pay any fees at all, there are easy ways to do so. Instead of withdrawing cash from an ATM, why not make your payment via card or EFT? And instead of withdrawing money with your debit card at an ATM, why not do it for free at a Pick n Pay or Boxer store?

How safe is it to bank digitally?

It is safe as long as you do not share your personal information with strangers. Many scams are targeting unsuspecting customers in financial services, mobile operators and other retail spaces. TymeBank warns customers against clicking on suspicious links where usernames and passwords are requested. With the TymeBank app, you won’t need to click on suspicious links to access your profile since you can verify your details with fingerprints or FaceID. I highly recommend the TymeBank app to customers as that can significantly improve their banking safety.

This content is sponsored by TymeBank. Views expressed in this article are those of TymeBank’s official brand advocate, Mackmillian Leshomo and do not constitute financial advice.