How to transfer money with TymeBank via SWIFT for South Africans

TymeBank recently became Africa’s first digital bank to reach 10 million customers⁵. It is also the first digital bank in the region to become profitable since its launch in 2019⁵. Unlike the big brick-and-mortar South African banks, TymeBank doesn't operate from any branches, relying on online and mobile banking platforms and physical locations in partnership with Pick 'n Pay⁵.

The bank received its license from the South African Reserved Bank to run operations back in 2017, however, they still don’t have the clearance needed to send international payments⁷. This means that if you'd like to send money abroad using your TymeBank account, you'll need to use a third-party transfer service. Our guide helps you uncover all there is to know about having a TymeBank account, from account opening to international money transfers.

We also introduce you to Wise – an alternative that helps you receive international payments in South Africa at the mid-market exchange rate (similar to the rate you see on Google!).

Join Wise!

TymeBank SWIFT code

A SWIFT code (also called the SWIFTBIC) is a code that helps banks abroad identify which bank to send money to. The SWIFT/BIC code for TymeBank South Africa is CBZAZAJJXX and needs to be used when sharing banking details to receive money⁶.

Opening a TymeBank account

You can open an account with the bank in under 5 mins online, more so there are no monthly fees meaning you can enjoy all the benefits of the account at zero extra cost¹¹! The steps to open a TymeBank account are as follows¹²:

• Download the TymeBank app from Appstore or Playstore
• Have your documents ready (we list these in a following section)
• Fill in necessary information and upload documents as prompted
• Take a selfie on the Tyme app to biometrically verify your account
• And done!

Yes, it’s that easy, but that’s not all. Despite being a digital bank, Tyme has now partnered with The Foschini Group (TFG) to increase reach and bridge the gap between traditional and digital banking. You can now use one of the 600 kiosks at TFG stores to open a TymeBank Account¹¹!

Unlike other banks that require you to present your passport, proof of address, proof of right to study or work, banking history, and even a minimum deposit, TymeBank asks that you provide just 3 simple things¹²:

• A South African ID number
• An active South African mobile number
• Proof that you are more than 16 years of age

If you have any queries about their requirements or are confused about the process the bank provides answers to the most common questions on their FAQ page. You can also reach them through the contact us option on their website.

Are international payments possible with TymeBank?

While TymeBank has been a key player in the digital banking revolution in the country it still cannot make international transactions. This is because the SARB restricts the bank from dealing with these transactions⁷.

Foreign exchange is heavily legislated in South Africa and these restrictions come as part of the country’s Exchange Control Regulations. Under these TymeBank is restricted from performing international wire transfers, buying and selling foreign banknotes, or offering any other forex services.

But there is a way you can receive international payments in your TymeBank account, only it won’t come in directly from the sender. Payments you receive from overseas will need to be routed through Absa, FNB, Nedbank, or Standard Bank and converted into ZAR at the exchange rates offered by these banks⁸. You need to be aware that you could receive less money than you expected due to markups that are added by banks in the exchange rate¹².

Sending money internationally using TymeBank

As discussed, earlier TymeBank is currently unable to perform international wire transfers directly. But there are a few alternatives you can use to send money abroad, we delve into some of the popular ones below:

Receiving international transfers using TymeBank

You cannot accept incoming international payments to your TymeBank Everyday account. Please do not attempt to receive international payments into your EveryDay Account. The funds will not reflect and will take up to 14 days to be returned to the sender⁸.

As an alternative you can download the Shyft App or use a global money transfer provider such as Wise to manage your inward international payments effectively.

Wise for international transfers to South Africa at the mid-market exchange rate

If you’re living in South Africa, Wise can help you save money¹ when making international money transfers to South Africa.

The mid-market exchange rate is the rate that banks use to transfer money between them and is considered a fair market rate. Find out what you would pay for an international money transfer with Wise:

Wise customers don’t have to pay an additional markup fee but only a small transparent fee to make an international transaction¹. That’s because Wise uses the mid-market rate for overseas payments!

Join Wise!

International transfer requirements

Sending money from your South African bank account to a person overseas requires you to have the following details about them:

• Full name
• Physical address
• Account number
• IBAN number
• SWIFT code

To receive international payments on the other hand you will need to provide your IBAN (account) number and state why the money is being sent to you. Be sure to take your ID along too.

How long do international transfers take to get processed?

You should expect a processing time between one to three business days for payments made internationally⁹. Verifying the purpose of transfer is essential if you are receiving money from outside of South Africa for security reasons⁹. Upon confirming the bank processing the payment typically exchanges the money using the current exchange rate and almost immediately transfers it to your account.

Transferring popular global currencies like the Euro or US dollar is usually faster than less common currencies⁹.

In South Africa, like other countries it is important that you understand currency exchanges well for a smooth banking experience. TymeBank is a digital first bank headquartered in Johannesburg that makes online banking easy and is quickly rising in popularity. It doesn’t use traditional branches. However, TymeBank users can’t send money abroad directly due to South African Reserve Bank rules.

For receiving international payments, on the other hand, you can look into Wise – an international transfer service provider that allows you to receive international payments at the mid-market exchange rate.

Join Wise!

Sources:

1. Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information.
2. Transaction speed claimed depends on funds availability, approval by Wise’s proprietary verification system and systems availability of our partners’ banking system, and may not be available for all transactions.
3. Eligibility is subject to verification of customers identity. Wise may request additional documents to verify a customer's identity.
4. Please note that certain products or features may not be available in all regions. Please visit www.wise.com to check for availability and learn more about our offerings.
5. TymeBank
6. SWIFT Code
7. Sending International Transfers with TymeBank
8. Receiving international transfer with TymeBank
9. Transfer requirements
10. Opening a TymeBank account
11. Requirements to open TymeBank account
12. Markups