Imagine being able to make instant payments, track your monthly expenses, and manage your travel budget, all from the convenience of a single smartphone app. Well now you can, with Hay, the last fintech enter the Australian digital payments space.
Barely launched today, Hay offers Australian users a 100% mobile Visa card and daily transactions account that aims to put control back into the hands of users, whether they are making purchases in Australia or abroad.
The Hay account is packed with features, including a ‘travel mode’ that activates when you’re abroad, giving you access to Visa exchange rates at no charge and showing your money in the local currency, so you won’t have to. to do it. worry about doing the conversions yourself.
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According to Hay CEO and Founder Andrew Laycock, fintech is filling a gap in the lifestyle financial products landscape with a cloud-native infrastructure that allows it to quickly adapt to the ever-changing lives of users.
“We’ve built cutting edge technology, but it’s not about being too smart or the most ‘out there’. It’s about helping people understand what they can do to get the most out of what they have in a way that’s right for them, ”he said.
“Because of the cost of inheritance, traditional financial providers just aren’t able to respond quickly enough to change. That’s where we come in, with the ability to constantly evolve and deliver industry-leading infrastructure, compliance, privacy and security, ”added David Curry, COO of Hay.
So what is Hay and what are some of its cool features? Read on for more details, or for even more details check out our Hay review!
Is Hay a bank?
That said, Hay has an Australian Financial Service License (AFSL), which allowed him to launch his very first financial products – the Hay Card and the Digital Transaction Account. This license also means that Hay is registered with the Australian Transaction Reports and Analysis Center (AUSTRAC) and regulated by the Australian Securities and Investments Commission (ASIC).
Currently, the fintech is pursuing a series of other licenses, including a Restricted Authorized Depository Institution (ADI) banking license from the Australian Prudential Regulation Authority (APRA). The ADI Restricted License is a stepping stone for new vendors looking to become an ADI or a real bank.
To learn more about these licenses, visit our explanatory note on neobank licenses and digital banks.
How does Hay work?
When you send money to yourself or your friends, your Hay account acts like any other Bank account with BSB and account number – enter your beneficiary details and the amount you want to transfer.
To top up money on your Hay Visa card, you can set up a direct bank transfer from your usual supplier to your Hay account.
And the good news is that Hay uses the New Payments Platform (NPP), which means transfers will take place instantly, with real-time notifications sent to your smartphone or portable device so you can track your payments.
RELATED ARTICLE: Banking in a Flash: A Guide to the New Payments Platform (NPP)
What features are provided with my Hay account?
Hay’s app-based transaction account is designed for everyday use as well as travel, so it comes with features for both of these purposes:
– You will receive a complete overview of your expenses. Not only will every transaction you make automatically rank, but you’ll also receive a monthly rundown of how much you’ve spent, what you’re buying, and where.
– Did you just land in another country? Your app will automatically switch to “travel mode” and display your Australian dollar balance as well as local currency. You will also receive detailed information on all the transactions you make abroad, helping you understand and track your travel expenses.
– And the icing on the cake: the hay is largely free!
Did you just say free?
That’s right! Your Hay Account will not charge you any fees for transactions, purchases and cash withdrawals at most ATMs in Australia. You also won’t have to worry about monthly registration or account fees. And if you’ve lost your Hay Card, rest assured that card replacements are free.
As for avid travelers, you’ll be happy to know that Hay charges users no international in-store or online transaction fees and no ATM withdrawal fees overseas up to $ 500 per month. Remember that any withdrawal above this limit will be subject to a fee of 1.5%.
Are there any other caps or limits to watch out for?
With your transaction account and your Hay card, you should keep an eye out for a few limits:
– At any time, you can keep a maximum balance of $ 10,000 in your Hay account.
– If you top up your account, a daily limit of $ 5,000 applies.
– You can make bank transfers up to $ 5,000 per day and withdraw up to $ 1,000 per day from an ATM.
Is Hay secure?
Yes! Hay comes with security features including 24/7 real-time fraud monitoring. On top of that, users have the option to report any suspicious transaction as well as freeze or unblock their Visa card instantly through their app. If you need extra security, you can also turn contactless and magnetic stripe payments on and off on your card.
And if something goes wrong, you can access the Hay support service through your app during business hours (8 am-6pm, Monday to Friday) and chat with a member of the customer support team. Alternatively, you can email the Hay Help team.
How can I register with Hay?
As long as you are an Australian resident aged 16 or over, you will be able to open an account with Hay. You can sign up in as little as five minutes by downloading the Hay app available on iOS or Android, and once you open your account, your physical Hay Visa card will be on its way.
Your card should arrive in your mailbox five days later. Remember to activate the card before using it – tap the ‘Settings’ tab in the app, then under ‘Frozen physical card’, tap to deactivate the red button and you are good to go!
Can I open a Hay account now?
From now on, you can register and reserve one of the 10,000 places to become a founding member of Hay. All you’ll need to provide is your full name, phone number, and email address. Hay founders will receive lifetime benefits, including early access to new features and a founding membership card.
Hay accounts will be open to founders and the public in the coming weeks, so keep your eyes peeled for the time being.
Curious about what other storms are brewing in Australia’s digital banking space? Look below for a list of some of the neobanks available in Australia right now, or check out our neobanks and money applications page for all the latest news and developments in the world of neobanks and monetary applications.