How Much is the Tymebank Immediate EFT?
How much is the Tymebank immediate EFT? It’s a question that a number of people have been asking. Like all the other banks in South Africa, Tymebank offers immediate transfers to accounts with other banks. That is meant to facilitate the quick transfer of funds, which is essential considering that when most people do EFTs, they wish to have the money delivered as quickly as is possible. However, Tymebank immediate EFTs are not free. You are charged a small fee for the privilege. So, how much is this fee?
Tyme bank immediate payment fee
The Tymebank immediate EFT fee is R7 per every R1000 that you send. The maximum that you are charged when you send money this way is R35. In this regard, Tyme Bank is one of the cheapest banks in South Africa for those looking to make immediate payments.
Why should you be concerned about immediate EFTs?
That’s the answer to the question, how much is Tymebank immediate EFT. We noted in the above section that Tymebank is actually very cheap when compared to other banks. As an example, the Absa immediate payment fee is R10 per R1000. Meanwhile, Capitec charges R7.50 per every R1000.
But why should South Africans be concerned about immediate EFTs? The normal timeframe for money to be delivered from Tymebank to other banks when it comes to EFTs is between 1 and 2 days. In fact, this time is faster than with other banks. On most others, transferring money the normal way takes up to 3 days.
That may not always be ideal. Imagine if you wish to buy something. Usually, you will not have the time to wait for money to be transferred to the seller before you can collect your goods. You want to have money reflect in the receiving account almost instantly.
We say almost instantly because immediate payments are not always immediate. Sometimes, they can take up an hour for money to be delivered.
Summary
In this article, we answered the question how much is the Tymebank immediate EFT? It was noted that you are charged R7 for R1000 that you send to another bank this way. We also noted that most people prefer to send money using instant EFTs. That way, they can buy goods and services without having to wait days for money to reflect in the receiving account.