While sending an electronic funds transfer (EFT) from TymeBank to Capitec Bank (or the other way round) is easy, some users often wonder how long it takes.
Both banks have a huge client base, which means that a good number of them may need to transfer to or receive funds from the other bank every now and then.
EFT transfer from TymeBank to Capitec: How long it takes
According to social media replies from both banks, an EFT transfer from TymeBank to Capitec (or the reverse) takes one to two working days.
“Transfers to and from other banks take 1-2 business days to reflect. A transfer made before 3pm on a weekday will reflect later the same day,” TymeBank tweeted in August this year.
In a Q&A Twitter thread last year, TymeBank also confirmed that while it did not support immediate payment at the time, transfers made before the 3pm cut-off time would reflect “later in the evening.
“We do not support immediate payment, but when you transfer money before 15h00, the funds will be received later in the evening. After 15h00, the funds will be received the following evening. If you conducted the EFT over a weekend, there can be a delay in the process,” the bank tweeted.
For its part, this is what Capitec Bank informed a client on Twitter in August this year: “Transfers between banks can take up to 2-3 working days to reflect. You may check with the external bank if the same applies to them. This excludes weekends and public holidays.”
How to transfer from TymeBank to another bank
To transfer money from TymeBank to another bank (such as Capitec Bank) via TymeBank’s app, follow the steps below:
- Login into your account.
- Click on ‘Pay’ on the home screen.
- Click on ‘Pay Someone.’
- Select ‘Once-Off Payment’ and follow the prompts.
TymeBank’s Add Money feature
TymeBank has introduced a new feature called Add Money, which allows clients to transfer funds from their other accounts to their TymeBank accounts immediately without having to wait 1-2 business days.
The bank introduced the new feature via a thread on Twitter posted in July this year.
To use the Add Money feature for immediate transfers, follow the steps below:
- Login to your app on your phone.
- Select your profile and then click ‘Add Money.’
- You will be taken to a page that allows you to capture another bank’s card details (SA-issued Visa or Mastercard only – can’t be a TymeBank card though).
- You will be redirected outside the app to enter an OTP.
- The funds will be added to your account – then you can buy, save and transact from your app.
Remember, you can also use TymeBank’s SendMoney feature to send money to a friend/family member who does not have a TymeBank account.
Simply use the recipient’s cellphone number. They will receive an SMS and will be able to get the money at Pick n Pay or Boxer stores. This feature costs R6, according to the bank.