Spreadsheet Ranger 35 Posted February 11 (edited) I decided to give TymeBank (TymeDigital) a try today. I am very excited for Michael Jordaan's BankZero, but TymeBank beat them to the punch and launch the first fully digital branchless bank. There were some initial hiccups with their website not working, but overall the experience was incredibly smooth. To open a TymeBank bank account simply sign up online through their website (Click here to open a TymeBank account). This process is incredibly simplified through the use of eFica they are able to FICA you without any documents all you need is your ID number (just the number, you type it into the website) and a cell phone (for OTPs and confirmations) then you set a pin and you are done, you now have a fully fledged bank account. There is a catch... In order to activate and get a debit card (visa debit card), you need to go into a Pick n Pay to the TymeBank kiosk. Take your cell phone with because when you log into the Kiosk it will send an OTP to your phone. All you need to do at the kiosk is scan your thumb fingerprints then your account will be fully verified and the machine will print your debit card. This entire process took me less than 10 minutes, registering online took 3 minutes and printing my card at the Kiosk took 4 minutes. After this, I downloaded the TymeBank app from the google play store and its impressive, very neat layout and functional. In fact, I like their app better than Capitec (and I have been using Capitec since 2008). Their app still needs some work, I think they are using some AWS instance not locally so the lag time on the app is noticeable (latency from whatever region they use), but its nothing major. Why did I get a TymeBank bank account? There are zero monthly fees, so I figured if it does not cost me anything to open the account and it does not cost me anything to have the account then why not. Something to note, SMS on TymeBank are free too, other banks should take not, especially Capitec, I know they make a killing on SMSes. The other drawcard for me was the integration with Pick n Pay (although their staff is completely clueless about how Tyme works, I went to two Pick n Pays and neither one's staff had a clue what to do when you want to add funds). Anyway, the reason I like it is that I shop mostly at Pick 'n Pay and with a TymeBank account, you can get double the smart shopper points if you use the card as your payment method and using it to swipe for the smart shopper instead of the blue pick 'n pay card. The other reason I got the account is for the interest. You get 6% interest from day one and if you leave your money you can get up to 10% interest, so I will put a few thousand bucks into this account and just leave it to earn interest, basically extra cash I will put into TymeBank as I will earn almost double the interest I get from Capitec. Another worthwhile note is that all TymeBank account holders get free wifi at all Pick n Pay and Boxer stores, not that I really need this, but for a bank account that does not cost me anything, it's a nice perk to know if I ever do run out of data I can pop into a Pick n Pay and be connected again. How to get money? It might not be obvious at first with all the digital bank and feeling like this is some special service. It's a normal bank account you get an account number so EFT some money to your TymeBank bank account. If you have cash on hand then you can go to any Pick 'n Pay. It will cost you R4 at Pick n Pay to deposit cash into your TymeBank account, which is alright. Pro Tip: The people at Pick 'n Pay will have no idea how to do it, so to avoid boiling your blood tell them this is a normal online deposit (they should understand what that means). Here is the card I got: This is a fully fledged debit card (visa), you can do online payments everything, there are no limits. The interesting bit, this card costs nothing. Capitec charged me R50 for my card. Edited February 11 by Spreadsheet Ranger 2 Quote Join the official JSE Discord Channel Share this post Link to post Share on other sites
Spreadsheet Ranger 35 Posted February 12 (edited) Money is in Yesterday I transferred money from Capitec to TymeBank via an EFT at 7 pm (11 Feb 2019) the money reflected now in my TymeBank account at 7 pm (12 Feb 2019) so it took 24 hours, not impressive, but I think that has more to do with Bankserv than it has to do with TymeBank. Login page Tymebank online banking dashboard Tymebank everyday account overview Tymebank transaction details Underlying code observation The Tymebank online banking interface is incredibly smooth in terms of the layout, it's build using an off the shelf framework called Bootstrap v3.3.7, which means they used an open source front-end with some custom modifications (very startup-ish, but I like their implementation it's clean and relatively fast.). I think they are using Microsoft Azure for some data and then AWS as the main system (which explains the slow latency since the server is not in SA) and then it seems they host some of the services as a herokuapp cloud application as well, probably testing (an API of TymeBank: https://internet-banking.herokuapp.com/api) the production system I think sits on Azure and AWS (aws: ibauthprox.tymedigital.co.za and Azure: cbsaweb-sit.northeurope.cloudapp.azure.com)Potential Security Risk Besides the latency (Slow response) the only real issue I have is that they do not request a pin or OTP after you login to the website, so because their site remembers your ID and password it means if your laptop or pc gets stolen, your bank is compromised. Ditto for anyone using a public computer to access their TymeBank bank account, if you use a public PC consider your TymeBank bank account compromised. Edited February 12 by Spreadsheet Ranger 1 Quote Join the official JSE Discord Channel Share this post Link to post Share on other sites
Bandit 97 Posted February 13 Opened mine on the 19th of November and moved my R1,500 to a Goal Save account. Started at 6% interest and then moved to 7%. Waiting for the 19th of this month and then I should be on 9%. Not sure what happens when I deposit more money into that account (if the interest rate resets, carries on at 9% or if there is some other mechanism keeping track of deposits and their respective interest rates). Do I trust them with my money? Well... I guess. Not planning to put to large a percentage of my money there but 9-10% interest beats almost everything out there. It even makes you wonder if it is worth buying Solar panels via FedGroup 2 Quote IQ Test Share this post Link to post Share on other sites
DizZyRaScaL 1 Posted February 26 What I want to know is, what percentage do they charge for intl payments, if they do. I know Capitec is free and takes 0%. FNB sucks 2.75% 1 Quote Share this post Link to post Share on other sites
Platinum Wealth 20 Posted February 28 On 2/26/2019 at 9:38 PM, DizZyRaScaL said: What I want to know is, what percentage do they charge for intl payments, if they do. I know Capitec is free and takes 0%. FNB sucks 2.75% From Twitter: Thanks for reaching out. We currently don't do international payments, feel free to ask us more questions. The TymeBank Team Quote Share this post Link to post Share on other sites
Outlook 7 Posted February 28 Looks like they are planning to add some additional services as well. The graphic below shows the services it currently offers. Services that will only be launched at a future date are highlighted in yellow. 1 Quote Share this post Link to post Share on other sites
Mpho johnny 0 Posted May 10 I just want to know if it is possible to recieve money internationally like from Brazil using Tymbank? Please help and get back to me ASAP Quote Share this post Link to post Share on other sites
TymeBank Team 3 Posted May 11 Hi. Thanks for the question. We don't have FOREX or international banking capabilities at this time. We hope to have this made available to us later in the year, though. Keep a look out for updates and announcements which we will make regarding new services and product releases as they happen. The TymeBank Team Quote Share this post Link to post Share on other sites
SlimArchi 11 Posted May 11 Hi. Thanks for the question. We don't have FOREX or international banking capabilities at this time. We hope to have this made available to us later in the year, though. Keep a look out for updates and announcements which we will make regarding new services and product releases as they happen. The TymeBank TeamWhen is your IOS app going to be released? Quote Share this post Link to post Share on other sites
TymeBank Team 3 Posted May 13 On 5/11/2019 at 5:25 PM, SlimArchi said: When is your IOS app going to be released? We don't have a release date for that at the moment. We'll let our customers know as soon as we have an update. 1 Quote Share this post Link to post Share on other sites
Bandit 97 Posted May 13 TymeBank in the house! Wooot! Quote IQ Test Share this post Link to post Share on other sites
TymeBank Team 3 Posted May 13 13 minutes ago, Bandit said: TymeBank in the house! Wooot! Happy to be here! Thanks for the warm welcome. 1 Quote Share this post Link to post Share on other sites
Bandit 97 Posted May 14 15 hours ago, TymeBank Team said: Happy to be here! Thanks for the warm welcome. Any talks of a TFSA product in the works? Quote IQ Test Share this post Link to post Share on other sites
Teboho 2 Posted May 15 What a bank I like everything about tyme to bank 2 Quote Share this post Link to post Share on other sites
Illusion 2 Posted May 26 Just registered and I must say,I am impressed with their steps of registering.so thank you Tyme Bank. 2 Quote Share this post Link to post Share on other sites
TymeBank Team 3 Posted June 4 On 5/14/2019 at 6:25 AM, Bandit said: Any talks of a TFSA product in the works? It's on the road-map but there isn't a date set for it's release, yet. Quote Share this post Link to post Share on other sites
Spreadsheet Ranger 35 Posted June 11 (edited) Attached is the TymeBank presentation from African Rainbow Capital. It's quite an interesting read and makes me even more excited about banking with TymeBank. TymeBank_AVIOR_Conference_11-06-19.pdf Edited June 11 by Spreadsheet Ranger Quote Join the official JSE Discord Channel Share this post Link to post Share on other sites
Wizyy 0 Posted July 9 Wait so you don't have international banking capabilities Quote Share this post Link to post Share on other sites
TymeBank Team 3 Posted July 16 On 7/9/2019 at 8:08 PM, Wizyy said: Wait so you don't have international banking capabilities Hi. Not just yet, but it's on our road-map for release with e-commerce within the second half of this year. 1 Quote Share this post Link to post Share on other sites
Student Portal 0 Posted September 19 Yes i see there was a gap like this on the market, a bank with no branches. https://studentportal.org.za/general/tyme-bank-vacancies/Time Bank Vacancies . Im not so sure on the investment side of things and on Loans. Big up to Petrice Motsepe, I just hope it is not another VBS problems. Quote Share this post Link to post Share on other sites