Is PayShap cheaper than immediate EFT?

Yes. Instant Payments via PayShap are free up to R5,000 and cost a flat R7 up to the R50,000 limit with GoTyme Bank. Immediate EFT carries a premium fee at most South African banks no matter how small the amount.

How much do Instant Payments cost with GoTyme Bank?

Nothing at all up to R5,000. Above that it is one flat fee of R7, and it stays R7 whether you are sending R5,001 or R50,000. Receiving a PayShap payment costs you nothing, whatever the amount.

Everyday Instant Payments are free with GoTyme Bank & PayShap

Immediate EFT charges the same premium whether you are sending R200 or R2,000, which is why sending a small amount urgently has always felt out of proportion to what you were sending. Splitting a bill, paying someone for a job, sending money home. These are the payments people used to put off or send the slow way to avoid a fee, and with us they cost nothing.

When would you still use Standard Payments?

Above R50,000 Instant Payments via PayShap are not an option, so a larger transfer needs another route. If the money is not urgent, a Standard Payment with us is free up to R500,000, which means you are only ever paying for speed rather than for the payment itself.

How do Instant and Standard Payments work?

Both sit inside the GoTyme Bank app, but PayShap lets you pay to a cellphone number rather than needing full account details every time, and shows you the recipient's registered name before you confirm. But don’t forget you can also send instantly with PayShap and a recipient's bank account number.

Send money instantly with GoTyme Bank and PayShap.