Savings Account - Deposit via Google Pay/Apple Pay/Debit Card

Llucyrenegade on 28/11/2023 - 21:43
Last edited 29/11/2023 - 09:50 by 1 other user

Hi Ozbers,

I have recently switched my home loan to a bank with an archaic website and bank app (any guesses?). To access my redraw, I have to use a savings account with the same bank ('Bank 1'). The savings account does not offer PayID or instant transfers to other banks. Transferring money to my 'splurge' or 'expense' accounts with 'Bank 2' takes at least 24 hours. I would prefer that the process be instant. I know I could use the debit card from Bank 1 to access my redraw instantly, but this messes up my financial buckets.

To make an instant transfer from Bank 1 to Bank 2, one option is to use another bank as a middle-person that offers deposits via Google Pay/Apple Pay/Debit Card. I know that Revolut and Wise offer this feature, and Revolut is free while Wise charges deposit fees. For example, I would go from Bank 1 > Deposit money to Revolut via Google Pay > Instantly transfer from Revolut to Bank 2 splurge.

I have two questions:
1) Do you know of any other banks other than Revolut and Wise that offer deposits via Google Pay/Apple Pay/Debit Card?
2) Is there a faster way to transfer money from Bank 1?

I am not after advice on how I should budget or how I should anticipate the need for money. My questions only concern instant transfer from a bank that does not have PayID.

Regards,
LucyRenegade

Financial Bank Account Bank of Queensland Savings Account

Comments

  • randomusername2017 on 28/11/2023 - 22:58

    makes cents not

  • KangaDrew on 28/11/2023 - 22:58

    cough BoQ cough

  • parisian on 28/11/2023 - 22:59

    BOQ?

    If yes, you can set up an everyday account on myBOQ or Virgin Money or MEBank - bank transfers between the old BOQ banking system and the new apps are instant.
    Could be a way around it.

    Otherwise, via Beem it ?
    Both cards needs to be eftpos approved - it's free - instant but limited to 2k/day.

    • lucyrenegade on 28/11/2023 - 23:23

      Yep, BOQ.

      This is very helpful, thank you!

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