TymeBank International Transfers: Everything You Should Know About TymeBank Forex in 2024

A relative newcomer to the South African banking scene, TymeBank is a fast-growing digital-only retail bank based out of Johannesburg. 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 Pay.

Although TymeBank did receive a fully-fledged banking license from the South African Reserve Bank in 2017, TymeBank doesn't allow you to send international payments because the bank is currently still restricted from offering forex services,

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.

Are TymeBank International Payments Possible?

Simply put, you'll be unable to make an international money transfer with TymeBank because the SARB restricts the bank from dealing with these transactions.

These restrictions, which are part of the Exchange Control Regulations, essentially mean that TymeBank is not allowed to instruct international wire transfers, buy and sell foreign banknotes, or offer any other one of the multitudinous forex services out there.

That being said, as a TymeBank customer, you'll still be able to receive incoming international payments into your bank account. These payments will be routed through Absa, FNB, Nedbank, or Standard Bank and converted into South African rands at their own exchange rates

Making International Payments From Your TymeBank Account

Although TymeBank's lack of international payment facilities might seem like bad news if you want to send money abroad, in reality, you'll still be able to make international money transfers ⁠— usually at even better exchange rates than you would with an ordinary SA bank!

On the other hand, however, as a TymeBank customer, your list of options won't be long since many low-cost international forex specialists face difficulties setting up shop in South Africa as a result of the country's regulatory environment, as well as the fact that money transfer apps also require users to make bank transfers to client trust accounts overseas (something which, as we've seen, TymeBank doesn't facilitate in the first place). Accordingly, your only options are to find a third-party money transfer provider that lets you pay them with one of the following methods:

• Card: You use a credit, debit, or prepaid card to pay for your international transfer, just like you would when paying for anything else online. This method typically comes with extra fees.
• EFT: You send a standard bank-to-bank transfer from your TymeBank account to a money transfer operator's South African-based client trust account (it won't work if their client trust account is located internationally.)
• Cash: You deposit cash, in rands, at an agent location, which gets digitally logged, exchanged for foreign currency, and sent to your desired country. This method also typically comes with extra fees.

We've laid out a few options for sending money internationally through your TymeBank account below:

Option 1: WorldRemit

One of the few international currency exchange services available to TymeBank account holders, WorldRemit is a popular UK-based money transfer app that offers low-cost transfers from South Africa to an impressive number of foreign countries and currencies, mainly in Africa, the Asia-Pacific region, North and South America (but sadly not Europe).

• Cost /transfer: R7.50 + 2-3%
• Payment method(s): Credit/debit card, EFT
• Time: 1 - 2 business days
• Best for: Small transfers to countries in the Americas, Asia-Pacific, and Africa (see the complete list of available countries below).

Option 2: Mama Money

Mama Money is a South African-based fintech that lets you send money to countries across the globe transparently and reliably. What makes Mama Money stand out for TymeBank customers is that it supports EFT with Ozow, meaning you can make speedy payments from your TymeBank account to Mama Money's SA-based client trust account, from which your converted funds will be sent along to your desired country.

• Cost /transfer: R48-R89 + 2-3%
• Payment method(s): Credit/debit card, cash, EFT via Ozow
• Time: 5 hours - 2 business days
• Best for: Transfers to Europe. Also for transfers paid for by cash deposit.

If you're interested in sending money to a specific country, we've laid out all of the countries (by region) to which Mama Money and WorldRemit currently support international payments:

Option 3: FX Broker

For large transfers abroad (i.e. more than R75,000), specialised forex brokers, which negotiate a favourable exchange rate on your behalf, are the best way to go. According to Monito's comparison data, Halo Financial and Currencies Direct are the cheapest forex brokers for large transfers from South Africa.

• Cost: Varies, but usually <2%
• Best for: Large transfers of R75,000 or more.

Option 4: Use Another Bank

The final alternative to making a TymeBank international payment is to transfer money abroad via another South African bank. FNB, Standard Bank, Absa, and Nedbank are the only four SA banks currently supporting international wire transfers. You can open up an account yourself or transfer via the bank account of somebody else you trust to transfer from your TymeBank account, via the local bank account, to a bank account overseas.

• Cost: Varies, but usually >5%
• Best for: Those who don't mind higher fees to stick with the bank.