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$5 Credit to Your Account When You Add a Debit Card to Your Beem It Account

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$5 Credit to Your Account When You Add a Debit Card to Your Beem It Account
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Easy Money on 28/05/2018 - 07:38 beemit.com.au (3738 clicks)
Last edited 01/10/2018 - 09:47 by 2 other users

Have $5 added to your account when you sign up and add a debit card (not Credit Card).

This is a great alternative to the slow rollout of the NPP (New Payments Platform) and has been backed by three of the 4 Big Banks. It uses transfers that simultaneously creates credits/refunds direct to your debit Visa/Mastercard instantly to settle split bills or transfer money owed between people. Perfect for splitting the cost of a meal in a group of friends. It's effectively a competitor to apps like Splitwise except developed here in Australia and has direct card integration.

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  • [Deactivated] on 28/05/2018 - 07:54
    +2

    Cheers, I wonder if I can pay myself?

    I wonder how they make money? Surely our data's not that valueable any more.

    • incipient on 28/05/2018 - 11:26

      Admittedly without doing much research I expect this is like venmo in the states? Where this mob holds the money and their revenue stream is the interest they make off that held money.

      Venom actually arose out of a lack of direct bank transfers and make a PILE doing it. In aussieland i find my mates I have their bank details, and new people i pay by phone number. A bit more effort for them, but keeps money within the bank.

      • Kyle-K on 28/05/2018 - 11:36
        +1

        Admittedly without doing much research I expect this is like venmo in the states? Where this mob holds the money and their revenue stream is the interest they make off that held money.

        No, The money is put directly on the persons card that you're sending the money to and the money would be considered in their account at that point.

    • et tu brute on 28/05/2018 - 17:51
      +3

      I checked out a similar scheme with Hey You. Not exactly the same, except the details are hidden in the Terms & Conditions that most people blindly accept. In many cases they set the T&C to have non-negotiable terms that will give them permission to access your data… meaning contacts etc. on your smartphone in particular, and from there they intrude on these contacts with unsolicitored offers and/or sell your data on to other third parties.

      Same old same old… the deception is in the details if you don't bother to check.

      Ciao

    • EyyBanane on 28/05/2018 - 09:52
      +8

      Get out of the water and read again.

  • nickomac on 28/05/2018 - 08:32
    +1

    Thanks OP! Super easy to setup

  • LZCS on 28/05/2018 - 08:38
    +2

    Even better, you can get an extra $5 by referring others! (i.e. you have to pay someone an amount over 0.99c, and once they sign up to claim the payment you receive $5)

    • hellgatez on 28/05/2018 - 09:11

      Correct me if I'm wrong but if I were to send my friend $1 would both of us receive $5 upon registration?

      • FreoIsaac on 28/05/2018 - 09:19
        +3

        your friend would receive $6 total upon registration you would get another $5 on top of the $5 bonus for adding debt card

  • imissbeans on 28/05/2018 - 08:45

    Thanks OP! The Verification amounts and $5 came through instantly!

    • tawar on 28/05/2018 - 10:09

      What can you do with the credits? Can you cash it out to your bank account? Or you have to use it to transfer to other user?

      • imissbeans on 28/05/2018 - 10:12

        As soon as I finished signing up I saw $5 in my bank account linked to the debit card I used

      • abc on 28/05/2018 - 10:12

        It goes straight to your bank account.

  • hogwarts on 28/05/2018 - 09:26
    +1

    Kind of a pain in the arse asking for ID but totally worth the $5, cheers!

  • Blue Cat on 28/05/2018 - 09:39
    +1

    Requires Driver's Licence, Medicare card or Passport to confirm your identity, your mobile number and residential address etc
    I think I will pass on this one, $5 is not worth it.

  • Moderatormoocher on 28/05/2018 - 09:47

    Please do not post any comments to solicit referrals.

    • sween64 on 28/05/2018 - 11:36
      +2

      Can we have a referral system then?

      • Moderatormoocher on 28/05/2018 - 11:40

        Moderators are looking into the details of this referral. If it's possible to set up in the automated system, we will do so.

        • sween64 on 28/05/2018 - 11:42

          Wonderful. Thank you.

        • ModeratorJSQUARED on 28/05/2018 - 12:41

          @sween64: Added.

        • sween64 on 28/05/2018 - 13:20

          @JSQUARED: Nice!

        • yht on 28/05/2018 - 13:29

          @JSQUARED: I got question about the referral process as per added link please. Because I have added my usernama there to allow anyone to pm me to transfer $1 to me, will I also receive $5 credit even though I have download the app and send payment to someone? Or I should not put my username there?

        • ModeratorJSQUARED on 28/05/2018 - 13:46

          @yht: The referral system there would be for those who have already signed up to Beem It and are looking to send out $1 to those who have not signed up to Beem It, to receive $5 in return.

          will I also receive $5 credit even though I have download the app and send payment to someone

          I'd assume no because you are an existing user. If you want $5 credit you should be sending money to people who have not signed up yet.

          How the referral stuff should work if you are in the referral system:

          • Someone private messages you and provides you their mobile number
          • You add that mobile number to your phone contacts, and you send $1 to that number in the app
          • You then get given a referral link. Forward that to whoever gave you their mobile number
          • Get that user to sign up to Beem It using that referral link
        • yht on 28/05/2018 - 13:51
          +1

          @JSQUARED: Gotcha. Thanks. Hmm, sending and provide phone number to stranger. Who knows what they will do with my number, not that I don't trust Ozbargainers here.

        • blighst on 28/05/2018 - 15:29

          @JSQUARED:

          I have a question - what if someone contacts 2 ppl regarding the referrals, both send $ - do both get the referral bonus or is one person out of $

        • ModeratorJSQUARED on 28/05/2018 - 17:14

          @blighst: Interesting question, haven't thought about that one.

          Maybe the one that had their referral link clicked last, but I could be wrong.

        • subywagon on 04/06/2018 - 13:49

          @JSQUARED: Yeah I got sent a small amount from matej but I already have beem it. His private msgs are off so I can't double check it was him plus it doesn't leave any details to send money back it seems?

        • ModeratorJSQUARED on 05/06/2018 - 18:30

          @subywagon: I think you can see who it's from (in the form of a username), just send the funds back to that username.

        • subywagon on 05/06/2018 - 22:20

          @JSQUARED: thanks, I worked it out. I thought we needed their mobile number.

  • yht on 28/05/2018 - 09:52
    -1

    Good investment $0.99 to gain $5

    • sghetti on 28/05/2018 - 11:42
      +1

      There's no change to use it. The initial debits to verify the card are credited back once they are reconciled.

  • wfdTamar on 28/05/2018 - 10:06

    So ANZ is the bank not involved. Does that mean you can't use an ANZ account with it?

    • imissbeans on 28/05/2018 - 10:07

      I've registered using my anz debit card without any issues

      • Kyle-K on 28/05/2018 - 10:41
        +1

        You can use any Debit Card that is Visa or MasterCard and is Multischeme and features the eftpos logo on it. The debit card can also be issued by any financial institution provided it meets the previous requirement.

  • RedHab on 28/05/2018 - 10:08

    Bear in mind that if your credit card number is stolen, the bank's insurance generally covers all the fraudulent transactions, and you will not be out of pocket.

    With debit cards there is normally no insurance, and your account will just get emptied, or go into overdraft, which you will be liable for.

    • abc on 28/05/2018 - 10:13

      You could always remove the card after maximizing the promo haha.

    • Ryk on 28/05/2018 - 14:16
      +1

      wrong, Visa debit and debit mastercards have the same customer protections as their credit brothers.
      eftpos does not.

    • bigbadboogieman on 15/06/2018 - 07:55

      One of my mates got $500 stolen from their Westpac Debit card by fraudulent ATM withdrawal. Had to raise a complaint and waited for quite a few weeks for the enquiry but the money was recovered back in the account.

      I am wondering how the account would go into OD if we don't have an OD service and the account is empty. The card should simply decline. If it goes into OD due to fraudulent transactions isn't that like a credit and covered by insurance?

  • seanti on 28/05/2018 - 10:31
    +3

    "slow rollout of the NPP"

    Gee, I wonder if it's being slowed down by the same people who have a financial interest in beem?

    • Ryk on 28/05/2018 - 14:17
      +3

      no, cba set up beem and have rolled out NPP

  • hashtagbargain on 28/05/2018 - 10:37

    Is it $5 per debit card? or just for the 1st card added?

    • DuckKnight on 28/05/2018 - 10:45
      +2

      To receive an initial prize of $5, you must download and install the “Beem It” application (“App”) on to a compatible mobile device, and complete the registration process including linking your valid debit card with the App. You may do this once to receive a maximum of $5.

  • greater mimic on 28/05/2018 - 10:42

    I signed up to this and added a card a while ago, I'll have to add another card and see if I can still get the credit, but I doubt it.

  • Zenith2k3 on 28/05/2018 - 10:57

    Free money! thanks OP!

  • Austin 316 on 28/05/2018 - 11:03

    How much are they debiting from the account to verify the card? I only have $0.39 in my citibank debit card (I don't have other debit cards, just regular savings account card and a credit card).

    Transferring money to my Citibank card would take at-least a day so can someone please confirm how much was actually debited to verify the card. The app says it will make 2 tiny transactions, but I don't know what the number is.

    Thanks.

    • Kyle-K on 28/05/2018 - 11:11

      How much are they debiting from the account to verify the card?

      I believe it's different for each person.

      • Austin 316 on 28/05/2018 - 11:13
        +1

        Hmm, is it still under 40 cents though?

        • ekto on 28/05/2018 - 11:23
          +1

          mine was about 53 cents

        • Austin 316 on 28/05/2018 - 11:24

          @ekto: Thanks heaps for confirming. Looks like I can't take the risk today with 40 cents bal. I will transfer $5 to my Citibank account and set up the debit card in this app tomorrow.

        • Kyle-K on 28/05/2018 - 11:31

          @Austin 316: You may also want to consider https://www.ozbargain.com.au/node/380759#comment-5986792 I'm not sure if Citibank's debit cards meet those requirements I didn't think they issued a multi scheme Debit card with eftpos support.

    • dj1au on 29/05/2018 - 13:00

      You need balance $2+

  • adam456 on 28/05/2018 - 11:07
    +5

    Apart from the free 5 dollars, why would someone use this over PayID? i would have thought PayID was just as simple.

    • fryandlaurie on 28/05/2018 - 11:15
      +3

      For banks that don't support payid yet I suppose

      • blighst on 28/05/2018 - 11:40

        Yeah pretty much this I reckon. My bank (bankwest) doesn't fully support this so I'm happy to try Beemit in the meantime (especially as it's free - I'd seen it advertised but didn't believe it was free).

        So far the free money has won me over for the moment :P

        • Hargain Bunter on 28/05/2018 - 11:52
          +1

          I thought it was live on BankWest? Is it not turned on completely yet?

        • citygal on 28/05/2018 - 13:24

          I use Bankwest and it works perfectly. Beware it's debit card only. It doesn't support credit card

        • blighst on 28/05/2018 - 15:30
          +2

          @mckennal @citygal

          That link only indicates you can receive payments not make them under the NPP - hence why I said not fully supported

        • adam456 on 29/05/2018 - 10:00

          @blighst: you're correct, also with Bankwest, they said they will roll out the payment feature in the future, which to me is a bit ridiculous, can receive but not send.

    • sghetti on 28/05/2018 - 11:44
      +1

      The NPP system is a mess. Every bank has implemented it differently and some haven't even started to use it as per the other replies.

      They're ages away from request a payment features and BeemIt already has this in place. They'll have payment portals setup for business' shortly too, so you can scan a QR code and pay for coffee via BeemIt etc.

      • SammySJ on 28/05/2018 - 13:50

        I know I've had issues with my PayID too, unable to send money or receive money through PayID for whatever reason. Tried contacting Commbank and recreating my account several times with no luck. For a system that cost billions you'd think it wouldn't be so buggy.

        • sghetti on 06/06/2018 - 13:49

          It's due to all of the banks using different systems hanging together like a dogs breakfast. It cost so much because a lot of the institution's core systems aren't designed to receive instant payments. They've had to tack on additional software to take care of the instant settlements.

          The use of a simple, external app's like Beem It will appeal more to millennials and save big banks in having to use NPP to it's full potential as the cost of doing so will be enormous. They ideally would've monetized the use of NPP services but weren't allowed to, so they found other ways of providing the same services without having to change their systems.

          I've used Beem It almost of a daily basis with no issues at all, payments received by third parties immediately with a notification received on their devices. I can't say the same about NPP…

    • Ryk on 28/05/2018 - 14:19
      +1

      beem has a better UI, and a dedicated app with notifications.
      NPP you have the usual lousy bank UI and app.

    • thriver on 28/05/2018 - 15:35
      +1

      I like the payment sharing option.. this could replace Splitwise in my gang to split bills.

      • Reveen on 28/05/2018 - 15:53
        +2

        You're in a gang?

        Reveen on 28/05/2018 - 15:53 (Collapsed - Offtopic. Show)
  • PissLUR on 28/05/2018 - 11:46
    +1

    got the $5. thanks.

  • T-man on 28/05/2018 - 12:24

    This business model is quite popular nowadays like Zelle in the US and Monzo in the UK. Good to see Australia is catching up.

    • Kyle-K on 28/05/2018 - 12:37

      It's nothing like those products.

  • slx on 28/05/2018 - 12:54

    Anyone having issue verifying identity? I tried both Medicare and Driver license but didn't work..

    • T-man on 28/05/2018 - 13:08

      my ID got verified in 2 seconds, did you put the first and last names correctly?

    • neil on 28/05/2018 - 14:30

      I did and got unauthorised. Just closed app and tried again. I did take a break from starting and stopping the process so maybe it timed out or maybe it detected a different Internet connection. Worked second time around.

  • JC1986 on 28/05/2018 - 14:30
    +3

    $200 limit per day… um.

    • RG on 28/05/2018 - 14:47
      +1

      Also, can't transfer between your cards. Very annoying.

      • thriver on 28/05/2018 - 15:38

        Why annoyed on this simple thing? The app serves a much better use case.

      • JC1986 on 29/05/2018 - 07:28

        Not if you have joint accounts in your family :P

  • Cryptarcadian on 28/05/2018 - 14:44
    +8

    Very interesting how they've set it up to work instantly (I'm impressed actually):

    Why does Beem It show up on my statement as a refund?

    In order to get your money to you instantly, we use the EFTPOS refund system to get the funds to your account, which is why you’ll see it turn up in your account as a refund.

  • BigLeviathan on 28/05/2018 - 15:56

    Hm…provide my ID, dob and address to new company for the sake of $5…Not sure it is worthed… don't worry, it runs by CBA

    • bigbadboogieman on 15/06/2018 - 07:59

      and you think CBA is any better?

      • BigLeviathan on 15/06/2018 - 18:21

        it is just run/endorsed by one of the big-4 for credibility (not saying CBA is better than others…)

  • BigLeviathan on 28/05/2018 - 16:12

    Where can you find the referral code for friend?

  • Ramie on 28/05/2018 - 17:02

    How does this company will make a profit?

    • Reveen on 28/05/2018 - 17:18
      +2

      Collect underpants > ? > Profit

    • Lukian on 29/05/2018 - 00:37

      Bank interchange fees

    • Ryk on 09/06/2018 - 10:03

      collecting all the data, making it available to the owners (CBA)…

    • BigLeviathan on 15/06/2018 - 18:21

      similar to Google and Facebook, data mining…I think….

  • evgpek on 28/05/2018 - 17:53

    Can you combine it with refer bonus?

    • citygal on 28/05/2018 - 18:29

      No, but referral can help others get another $5 too!

  • tdw on 28/05/2018 - 18:07
    +1

    only took me about 5 mins to complete sign-up….that's $1/minute earned! ^_^

    • JIMB0 on 23/06/2018 - 22:29
      +1

      Could have earned more $/Min by doing it during work time.

  • ChadHominem on 29/05/2018 - 03:49
    +1

    Yeah boiiii, about time chain letters/emails made a comeback (chain beem it?)

    Send your $5 to someone with the condition that they sign up and send $5 to someone else, who knows how long that chain will go!

    …ok yeah, probably not very far now I think about it. Most people wouldn't be bothered to spare the time :P

    And just think, it wasn't that many years ago that people were actually bothered to send chain letters to a bunch of others after receiving one…and paid for postage.

    When did we reach the point where people's time became too valuable to waste on getting free money?

  • Nuff-Nuff on 29/05/2018 - 14:31

    I wonder if I’ve connected my ING card and these uses the eftpos system. If I could just transfer 1$ to my partners account and it would count towards my 5 visa transactions to get bonus interest?

    • citygal on 29/05/2018 - 15:16

      Shouldn't count because Beem it uses Eftpos facilities, not VIsa.

      • PissLUR on 29/05/2018 - 15:26

        Eftpos is fine.

        also make at least 5 card purchases using your ING debit or credit card (excluding ATM withdrawals, balance enquiries, cash advances and EFTPOS cash out only transactions).

      • Ryk on 09/06/2018 - 10:04

        eftpos searching for a reason to exist beyond RBA support for a domestic "scheme".

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