DURBAN - TymeBank has announced that they will be offering support to its customers during the coronavirus pandemic.
"Being South Africa’s first digital bank, we’re built for this and already able to demonstrate the very real value digital banking can add to people’s lives," TymeBank Chief Executive, Tauriq Keraan.
To support customers during this period, TymeBank’s SendMoney service has now been made 100 percent free.
SendMoney allows TymeBank customers to send cash to anyone with a valid South African cellphone number - they don’t even need a bank account. There’s no need to leave home either, money can be sent online (via TymeBank’s SmartApp or Internet Banking site).
Once logged in, customers need only to enter the cellphone number of the person they’re sending money to and the amount they want to send (up to a total amount of R5000 per day). The recipient will then get an instant SMS with a voucher number with which they can immediately withdraw cash at any Pick n Pay or Boxer till point nationwide.
Keraan said, "With South Africans being separated from people they care about, this lockdown is going to be as emotionally taxing as it is financially. Many of our customers support family members who they don’t live with. At least now they can send much-needed cash to them whilst still staying home. We’re offering this as a free service throughout this crisis, as we know every little bit counts – now more than ever".
The waiving of TymeBank’s SendMoney charges comes just after their announcement last week that they would keep their interest rate for their GoalSave savings tool unchanged at a market-leading 10 percent. This, after the Reserve Bank slashed the interest rates last week and most banks followed suit.