Do you wish to find out how to increase your daily limit on the TymeBank app? TymeBank is South Africa’s digital bank. It has over 4 million customers in the country. Like every other bank in the country, Tyme Bank imposes limits on the amount that you can withdraw per day. There are also limits on the amounts that you can spend online within a day. You are here because you have reached this limit and you wish to find out how to increase it.
Increase your Tymebank transaction limit
The following is how to increase your limit on Tymebank;
- Visit your nearest Tyme bank kiosk.
- Log in and click on Unlock more features.
- Answer a few questions and confirm your information.
- Your limit is immediately increased.
Why increase your limit?
It can be frustrating to fail to carry out a transaction simply because you have reached your limit. That happens a lot, unfortunately. The good news is that you can quickly and easily increase your Tymebank transaction limit.
Doing this means you can make bigger purchases. And you don’t actually need to bring any documents in order to make the increase. Everything is done at one of the Tyme Bank kiosks. Once done, any changes that you make to your limits are immediate.
Why do banks impose transaction limits?
As noted, Tyme Bank is not the only bank that imposes limits on transactions in South Africa. In fact, all banks have this feature. But why is that the case? Well, there are two reasons for the existence of limits.
The first is that it makes it easy for a bank to manage it’s cash reserves. Remember most of the money in a bank is not kept as cash. So, should all customers try to withdraw at the same time, that could be disastrous.
Another reason for limits is security. In fact, you may want to impose limits on your own account as part of the process of securing it. If there is a withdrawal limit of R1000 per day on your card, as an example, it means a thief will only be able to get that money after stealing your card and PIN.
And if, as you should, you have enabled SMS notifications on Tyme bank, you should receive notice that somebody other than you is withdrawing money from your account. It would then be a matter of reporting your loss to the bank.