Last Updated: 5 months ago by BrodNeil
The rise of digital banking has revolutionized the way we manage our finances. One of the fairly new players in the Philippine digital banking scene is GoTyme.
In this post, we’ll take a closer look at GoTyme, its history, key features, and other things you need to know about this virtual bank. Join us as we learn more about GoTyme and discover how it can make our banking experience faster, safer, and more convenient.
Before we go to the details, let us first learn the difference between virtual banks and traditional banks.
What’s the difference between digital banks and traditional banks
Digital banks, also known as virtual banks, direct banks, and neobanks, are financial institutions that operate entirely online without any physical branch locations. These banks offer a wide range of digital banking services, including account opening, fund transfers, bill payments, loans, and more, all through mobile apps or websites.
Traditional banks, on the other hand, have physical branches where customers can go to conduct their banking transactions. They offer both online and in-person banking services, but they typically require customers to visit a branch to open an account or complete certain transactions.
Are digital banks better than traditional banks?
Both types of banks have their pros and cons. To give you an idea, digital banks generally offer convenience, speed, and lower fees, while traditional banks offer the advantage of face-to-face customer service and a wider range of financial products.
Now let’s talk about GoTyme.
What is GoTyme?
GoTyme is a digital bank in the Philippines that offers online banking services to its clients. It is a direct bank that operates without traditional physical branches. Unlike traditional banks with physical branches, we can use and avail of GoTyme’s services solely through its digital and online platforms like mobile app, website, email, and SMS.
Being one of the newest players in the Philippine digital banking scene, this fintech company aims to provide a faster, safer, and more convenient banking experience. With GoTyme, we can manage our finances online, make payments, transfer funds, and more, all from the comfort of our homes or wherever we are.
Who is behind GoTyme?
GoTyme Bank is part of the Gokongwei Group, which is one of the largest conglomerates in the Philippines with wide-ranging business investments including banking, retail (shopping malls), air transportation, food manufacturing, hotels and resorts, telecommunications, and many more.
The creation of GoTyme was planned in 2021 as a joint venture with TymeBank, which is a digital banking group based in South Africa. The partnership brought together the Gokongwei Group’s extensive ecosystem across various industries in the Philippines and TymeBank’s secure banking platform, which has successfully served millions of customers in South Africa.
What are the key features of GoTyme?
Below are the key features and advantages of GoTyme Bank:
Advanced technology with a human touch
GoTyme combines cutting-edge technology with personalized customer service. Their goal is to unlock(SF7) Filipinos’ financial potential through convenient and secure digital banking.
Hassle-free account opening
With GoTyme, you can already open an account in less than 5 minutes through their free app or at their physical kiosks manned by bank ambassadors in Robinsons Retail spaces in the Philippines. You can also get your free personalized Visa ATM debit card from the kiosk.
High-interest savings
Without any minimum or maximum balance requirement, you can enjoy a 4% interest rate per year on your savings. The interest, which is subject to a 20% withholding tax, will be paid to your account every first of the following month.
QR Payments, bills payments, and local fund transfers
With your GoTyme account, you can make QR payments to merchants for seamless and convenient transactions. You can also pay bills conveniently through the app. Finally, you can use your app to transfer funds to other GoTyme accounts as well as other bank accounts and e-wallets via PESONet and InstaPay.
Fully licensed and regulated
Your money with GoTyme is safe as it is fully licensed and regulated by the Bangko Sentral ng Pilipinas (BSP). Our deposits are insured by the PDIC up to P500,000 per depositor.
24/7 personal customer service
GoTyme Bank promises to provide excellent customer service. Dedicated personal bankers are available round the clock to assist clients efficiently.
Earn Go Rewards points
When you shop at Go Rewards partner stores, you can earn up to 3x Go Rewards points and redeem your points directly in the GoTyme Bank app.
What transactions can I do with GoTyme?
Below is a quick list of the things you can do with your GoTyme account:
- deposit money and earn interest
- set savings goals
- withdraw cash using co-branded ATMs
- balance inquiry
- transfer money to other GoTyme and non-GoTyme accounts (local)
- process QR payments
- make digital bill payments
- pay with a GoTyme debit card
- earn reward points at partner stores
- enjoy 24/7 personal customer service
Is GoTyme safe?
Yes, banking with GoTyme is safe. As we have mentioned earlier, our deposits are insured by the PDIC up to P500,000 per depositor. GoTyme is fully licensed and regulated by the Bangko Sentral ng Pilipinas (BSP).
What are the requirements to open a GoTyme account?
To open a GoTyme account, you need to be a Filipino citizen over 18 years old with a valid ID, mobile number, and address in the Philippines. As of writing, they still do not yet support foreign nationals.
The following valid IDs are acceptable:
- Passport
- Driver’s license
- UMID
- SSS ID
- PRC ID
- Voter’s ID
- Postal ID
- PhilSys ID
GoTyme will also require some of your personal information to open an account, including your name, address, and occupation.
How do I open an account with GoTyme?
Opening a GoTyme Bank account is very easy and convenient. You can even do it in less than five minutes using your mobile phone or in GoTyme self-service kiosks.
Simply follow these steps:
Opening an account via the GoTyme app:
- Download the app
- Prepare one valid ID as mentioned above.
- Open the app.
- Follow the instructions as indicated, such as filling out your name, valid Philippine address, mobile number, and other personal details.
Opening an account via GoTyme self-service kiosks:
Go to any GoTyme self-service kiosks in Robinsons Easymart, The Marketplace, Robinsons Supermarket, or Robinsons Department Store locations. Simply bring a valid ID and enter your fingerprint to open an account with GoTyme.
Can I deposit or withdraw at GoTyme kiosks?
No, you cannot deposit or withdraw money at GoTyme kiosks. With the kiosks, you can open an account in less than five minutes, get your free debit card instantly, and talk to a GoTyme bank ambassador to help you with your account opening concerns.
How do I deposit money into my GoTyme account?
You can deposit money into your GoTyme account through partner Robinsons retail merchants, other banks fund transfers, and linked bank accounts in your GoTyme app.
Partner Robinsons retail merchants:
You may deposit to your account free of charge in any of GoTyme’s partner Robinsons retail merchants including the following using your app.
- Robinsons Supermarket
- Robinsons Department Store
- Robinsons Easymart
- The Marketplace
- Shopwise
- No Brand
- Southstar Drug
- Handyman
Other banks fund transfer
Another way to deposit money into your GoTyme Bank account is by transferring funds from another bank app via PESONet and Instapay. Follow your bank’s app instructions to make a fund transfer.
Linked bank accounts
You may also deposit by linking your BPI, UnionBank, Chinabank, or RCBC accounts to your GoTyme account using your app. Follow these steps:
- In the home screen, choose “Deposit.”
- Select “Online / via linked account”
- Choose your bank
- Enter the amount you want to deposit.
- Log in to your selected bank account to link and complete your deposit.
How much are the opening and maintaining balances for a GoTyme account?
The good thing about opening an account with GoTyme is that there is no required initial deposit. There is no maintaining balance either to keep your account. You can even earn interest without any balance requirement.
How much is the interest rate for GoTyme?
Unlike many traditional and virtual banks, you can enjoy high interest rates with GoTyme for 4% per year (starting March 1, 2024). Without any minimum or maximum balance requirement, the interest will be credited to your account account every first of the following month. The amount shall be subject to a 20% withholding tax.
Can I transfer funds with GoTyme?
Yes, you can transfer funds with GoTyme.
To other GoTyme accounts:
- Open your GoTyme app and select “Send/Transfer” on the home screen.
- Choose the GoTyme bank logo.
- Enter the recipient’s account details, including the mobile number, account number, or email address.
- Type in the amount you wish to send.
- Confirm your transaction.
- The amount is instantly transferred to the recipient’s account for free.
To non-GoTyme accounts:
You can also transfer funds using your GoTyme app to non-GoTyme clients, such as other bank accounts and other e-wallet accounts via PESONet and InstaPay. Be sure to have the recipient’s bank account details ready, including account number, bank name, and branch.
For InstaPay transfers, the money will be credited to the recipient’s account instantly. For PESONet, transfers are typically done by batch and may take longer than InstaPay.
How much is the GoTyme transfer fee?
The following are the applicable fund transfer fees:
- GoTyme to GoTyme – FREE
- GoTyme to Robinsons Bank accounts – FREE
- GoTyme to other local banks and e-wallets – FREE for the first three transfers per week and P8 per transaction thereafter
Can I make international transfers with my GoTyme account?
As of writing, GoTyme does not support outgoing international transfers yet. However, you can accept incoming transfers from select sending partners internationally.
What bills can I pay with my GoTyme app?
GoTyme continually adds billers on their app. In the meantime, the following billers are available:
- Meralco
- Maynilad
- Manila Water
- Home Credit
- Pag-IBIG
- Smart
- Sky Affiliates
- Converge
- Visayan Electric
- Autosweep RFID
- Davao Light
- Cignal
- Pag-IBIG OFW
- Easytrip RFID
- Globe
- Innove (Globe At Home)
- Bayantel
- Meralco K-Load
- Laguna Water Aquatech Resources Corporation (LARC)
- Batangas Electric
- SSS Short-term Loans
- SSS Real Estate
- SSS Miscellaneous
Is there a bills-payment fee in GoTyme?
Fortunately, GoTyme does not charge a processing fee for their bills payment transactions. However, some billers charge/pass on fees to their customers. These include the following:
- Smart – PHP 7.00
- Converge – PHP 12.00
- Visayan Electric – PHP 4.00
- Autosweep RFID – PHP 13.00
- Davao Light – PHP 4.00
- Pag-IBIG OFW – PHP 7.00
- Easytrip RFID – PHP 15.00
- Batangas Electric – PHP 15.00
- Meralco K-Load – 10% of the amount
Will my payment reflect instantly on the biller?
Payments to billers will reflect instantly for RTC or real-time processing billers. For batch-processing billers, your payment will be reflected on the next calendar day. It’s still that fast.
How can I generate my GoTyme account QR code?
If other GoTyme clients want to transfer funds to you, you can share your QR code for a seamless transaction. Below are two ways to generate your QR code
Method 1:
- Go to your app’s home page and select “Deposit.”
- Tap your QR code shown at the bottom right.
Method 2:
- Go to your app’s home page and select “Scan QR.”
- Tap “Show my QR.”
Can I transfer money from GCash to GoTyme?
If you have a GCash account, you can easily transfer money to your GoTyme account with a P15 transfer fee. Follow these steps:
- Log in to your GCash app.
- Select “transfer” on your home screen.
- Choose “GoTyme” on the list of partner banks.
- Enter the necessary details, including the amount you want to transfer, account number, and account name.
- Check the details you entered and proceed.
- You will receive an OTP from GCash, which you need to input to authenticate your transaction.
- Once the transfer is done, you will receive a message from GCash confirming the transaction.
Can I send money from GoTyme to GCash?
Yes, you may transfer money from your GoTyme to any GCash account. The transaction is free of charge via InstaPay. Simply follow these steps:
- Log in to your GoTyme account.
- In your dashboard, select the send/transfer icon.
- Tap the “other bank” icon.
- Click the search box and type in “Gcash” (G-Xchange, Inc).
- Next, enter the necessary transfer details, including the amount you wish to transfer, the GCash account number or cellphone number, and the account name.
- Click “Next” and follow subsequent app instructions to complete your transaction.
For other questions about GoTyme, here’s a link to their official FAQ page: GoTyme Frequently Asked Questions.
Final thoughts on GoTyme
GoTyme is a strong player in the digital banking industry in the Philippines. It provides us clients with a safe and convenient platform to manage and perform financial transactions, including savings, bills payments, and local fund transfers. GoTyme also competes well with other online banks in terms of features, security, and customer service.
In addition, we found GoTyme to be particularly helpful in our business, especially when it comes to paying for online tools and software. For instance, Google Workspace does not usually accept virtual cards and prepaid cards. GoTyme is not branded as such, thus we were able to use it for Google Workspace payments. We have tried Wise virtual cards, Maya virtual and physical cards, and HelloMoney, but they did not work.
We hope you find this post helpful. Let us know your thoughts in the comments section.