Everyday Instant Payments should be free. With GoTyme Bank they are.

With GoTyme Bank, everyday Instant Payments via PayShap are free. Not discounted for a limited time, just free, for anything up to R5,000. Receiving money costs you nothing either, whatever the amount, and there is nothing to sign up for or switch on.

The fee was never really about the amount

Think about the payments you actually make. Splitting a dinner bill. Paying your nail tech. Sending money to your sister. 

Almost all of it sits under R5,000, and for years sending any of it urgently carried a premium. Immediate EFT charges the same fee whether you are moving R200 or R2,000, which is how sending a small amount quickly ends up costing a noticeable slice of the amount itself.

That is a strange thing to accept. The bank is not working harder to move R200 than R2,000. You were paying for urgency, and urgency was priced as though it were a luxury.

What free actually covers

No fee, no percentage and no catch. Your everyday payments go through at no cost, which is how it should be.

Receiving is free too, at any amount. Money arriving in your account is never charged.

Send more than R5,000 and there is one flat fee of R7. It does not scale, so R6,000 and R50,000 both cost R7. 

Why the answer changes depending on your bank

PayShap does not set the price. Each participating bank prices it on its own terms, which is why "is PayShap free" has no single answer and why comparing across banks is worth your time.

With GoTyme Back, Instant Payments via PayShap below R5,000 are FREE!

Some banks charge on every payment regardless of size. Some charge a percentage. The fee always falls on the sender, so whatever your bank charges, the person receiving your money is not paying anything.

This is the part most people never check. If you are paying a fee to send R150 to someone, that is your bank's pricing decision rather than a fact of how instant payments work.

When a Standard Payment works better

Free does not mean instant is always the right choice, and knowing the difference is the actual money skill here.

A Standard Payment with GoTyme Bank is always free and goes up to R500,000. It takes 1 to 3 business days. For anything planned, anything large, anything where three days genuinely makes no difference, that is the better route.

Above R50,000 an Instant Payment is not an option at all, so a larger transfer needs a Standard Payment regardless.

The rule of thumb: pay for speed only when speed is worth something. Beating a late fee, holding a deposit, paying someone who is standing in front of you. Those are worth R7. Moving your own savings across on a Tuesday is not.

The habit this quietly changes

Fees on small payments do something subtle. They make you batch things up, put them off or send them the slow way and hope nobody minds.

Take the fee away and you settle up on the day. You pay the person who did the work before you have left the driveway. You send your share of the bill at the table instead of promising to do it later and forget, which is where most shared money goes wrong in the first place.

That is a small thing that compounds. Money you owe stops sitting in your account looking like money you have.

Stop thinking about the fee

The best thing about a payment that costs nothing is that you stop calculating whether it is worth sending.

Discover how Instant Payments via PayShap work with GoTyme Bank.

PayShap Instant Payments FAQs

Why is PayShap free with some banks and not others?

PayShap does not set the price. Each participating bank prices it on its own terms, so what you pay depends on who you bank with.

Does it cost anything to receive money?

No. Receiving is free at any amount, and the fee always sits with the sender.

Do I need to sign up for PayShap?

No. There is no registration and nothing to install. It is switched on automatically from the day your GoTyme Bank account opens.

What if I need to send more than R50,000?

Use a Standard Payment. It is free, goes up to R500,000 and takes 1 to 3 business days.