How to Change Banking Details to TymeBank?

TymeBank is a South African digital bank that offers accessible and affordable banking services with no monthly fees. Launched in 2019, it operates without traditional branches, instead using kiosks in retail stores like Pick n Pay and Boxer. 

The bank is known for its low-cost structure, easy account setup, and high-interest savings accounts. So you need to change your SASSA payment bank to TymeBank? Well, this is a good decision and fortunately, you can do it in just a few steps.

I also changed my SRD payment bank to TymeBank and received other perks as well like GrantAdvace from this bank.

So tie your shoelaces and come with me in this guide to switching to TymeBank for your SASSA payments.

How to Change Banking Details to TymeBank?

Switching your banking details to TymeBank is a quick and straightforward process that takes only a few minutes. Whether you want to receive payments, grants, or salaries in your TymeBank account, following these steps will ensure a seamless transition. 

Below is a step-by-step guide to help you change your banking details efficiently.

Step 1: Open a TymeBank Account (If You Don’t Have One Already)

If you haven’t yet opened a TymeBank account, you need to do so before proceeding. You can open an account online or visit a TymeBank kiosk at participating retailers like Pick n Pay or Boxer. The process is simple and requires your South African ID and a registered phone number.

Step 2: Get Your Banking Details (Account Number and IBAN)

Once your TymeBank account is active, log into your account via the TymeBank app or website. Navigate to the banking details section, where you will find your account number and IBAN. Make a note of these details as you will need them later.

Step 3: Visit the SASSA Official Website (srd.sassa.gov.za)

If you receive social grants or SASSA payments, you will need to update your banking details on their official website. Open your preferred web browser and go to srd.sassa.gov.za.

Step 4: Select the “Change Banking Details” Option

On the SASSA website, look for the option labeled “Change Banking Details” and click on it. This will redirect you to a secure page where you can update your account information.

Step 5: Verify Your Identity

To proceed, you need to verify your identity. Enter your South African ID number and the phone number linked to your SASSA application. A One-Time PIN (OTP) will be sent to your registered phone number. Enter the OTP in the verification field to confirm your identity.

Step 6: Fill Out the Banking Details Change/Update Form

Once verified, you will be directed to a form where you can update your banking details. Carefully enter your TymeBank account number and other relevant information. Double-check the details to ensure accuracy, as incorrect information can delay the process.

Step 7: Submit the Changes and Wait for Approval

After filling out the form, click on the Submit button. Your request will be sent for approval, and you will receive a confirmation message. Processing time varies, but SASSA usually updates banking details within 7 to 10 business days.

What is TymeBank GrantAdvance?

TymeBank GrantAdvance is a financial facility designed specifically for SASSA beneficiaries who receive their grant payments through TymeBank.

This service allows access to an advance on the next grant payment for beneficiaries. The service helps beneficiaries take care of pressing matters before their scheduled next payment. 

Through GrantAdvance, qualifying customers can advance up to R1000 without paying any interest on the amount. When the next grant payment is made, the advanced amount is deducted from it and deposited into the customer’s TymeBank account. This means there are no concealed charges and no exorbitantly priced short-term loans; in effect, it’s a safe and sound way for someone living on the edge of financial precariousness to find some breathing room.

If your next grant payment is due in a mere 20 days but you need the money now, you can get an advance on your grant by applying for a loan. Once approved, the loan will be deposited into your account immediately. When it comes time for TymeBank to “payback” the amount you borrowed, they will simply take back what they loaned you from the payment of your grant.

This facility is perfect for SASSA beneficiaries who find themselves in unanticipated financial straits before their next payment. With TymeBank GrantAdvance, beneficiaries can take control of their cash flow and not wind up resorting to high-interest loans or informal lending arrangements.

Final Thoughts

If you follow these steps carefully, changing your banking details to TymeBank is an easy process. Start with verifying your ID and phone number. Make sure that your ID and phone number are correct for verification. Always check your banking details before submitting them. Once approved, you can start receiving payments directly into your TymeBank account. Finally,  enjoy the benefits of Tyme’s Digital Banking. The platform is built for the way you use money; it has all the features you’d want in a bank, at a fraction of the cost.