Think about having the ability to make prompt funds, observe your month-to-month spending and handle your journey price range – all within the comfort of a single smartphone app. Nicely now you’ll be able to, with Hay, the newest fintech to interrupt into Australia’s digital funds area.
Simply launched as we speak, Hay is providing Aussie customers a Visa card and a 100% mobile-based on a regular basis transaction account that goals to place management again into the customers’ arms, whether or not they’re making purchases in Australia or abroad.
The Hay Account is filled with options, together with a ‘journey mode’ that switches on while you’re overseas, providing you with entry to fee-free Visa overseas trade charges and displaying your cash within the native foreign money, so that you gained’t have to fret about doing the conversions your self.
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In accordance with Hay’s CEO and Founder, Andrew Laycock, the fintech is filling a niche within the way of life monetary merchandise panorama with cloud-native infrastructure that permits it to adapt rapidly to customers’ ever-changing lives.
“We’ve constructed cutting-edge expertise but it surely’s not about being overly intelligent or probably the most ‘on the market’. It’s about serving to folks perceive what they will do to benefit from what they’ve in a method that works for them,” he stated.
“Resulting from the price of legacy, the standard monetary suppliers simply aren’t in a position to reply quick sufficient to alter. That’s the place we are available, with the flexibility to always evolve and ship best-in-class infrastructure, compliance, privateness and safety,” Hay’s Chief Working Officer, David Curry added.
So what’s Hay all about, and what are a few of its thrilling options on supply? Let’s do a deep dive!
Is Hay a financial institution?
Not simply but.
That stated, Hay does have an Australian Finance Service Licence (AFSL), which has allowed it to launch its first ever monetary merchandise – the Hay card and digital transaction account. This licence additionally signifies that Hay is registered with the Australian Transaction Studies and Evaluation Centre (AUSTRAC) and controlled by the Australian Securities and Investments Fee (ASIC).
Proper now, the fintech is pursuing a variety of different licences, together with a Restricted Authorised Deposit-taking Establishment (ADI) banking licence from the Australian Prudential Regulation Authority (APRA). The Restricted ADI licence is a stepping stone for brand spanking new suppliers seeking to grow to be an ADI or an precise financial institution down the observe.
To be taught extra about these licences, head over to our explainer on neobanks and digital banks licences.
How does Hay work?
While you’re sending cash to your self or your mates, your Hay Account acts similar to any common checking account with a BSB and account quantity – enter your payee particulars and the quantity you wish to switch.
To high up cash in your Hay Visa card, you’ll be able to arrange a direct financial institution switch out of your regular supplier to your Hay account.
And the excellent news is, Hay makes use of the New Cost Platform (NPP), which suggests transfers will happen immediately, with real-time notifications despatched to your smartphone or wearable gadget so that you could observe your funds.
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What options include my Hay Account?
Hay’s app-based transaction account is designed for on a regular basis use in addition to journey, so it comes with options for each functions:
– You’ll obtain complete insights into your spending. Not solely will each transaction you make be robotically categorised, however you’ll additionally obtain a month-to-month abstract of how a lot you’ve spent, what you’re shopping for and the place.
– Simply landed in a foreign country? Your app will robotically change to ‘journey mode’ and present your steadiness within the Aussie greenback in addition to the native foreign money. You’ll additionally obtain detailed insights into any transactions you make abroad, serving to you to grasp and preserve observe of your journey bills.
– And the cherry on high: Hay is essentially fee-free!
Did you simply say fee-free?
That’s proper! Your Hay Account will cost you no charges for transactions, purchases and money withdrawals at most main financial institution ATMs in Australia. You additionally gained’t have to fret about any sign-up or month-to-month account retaining charges. And when you’ve misplaced your Hay card, relaxation assured that card replacements come at no further price to you.
As for avid travellers, you’ll be happy to know Hay costs customers no worldwide transaction charges in-store or on-line and no abroad ATM withdrawal charges as much as $500 monthly. Simply keep in mind any withdrawal above that cap shall be topic to a 1.5% price.
Are there some other caps or limits to look at for?
Together with your Hay transaction account and card, there are a number of limits you need to control:
– At anybody time, you’ll be able to preserve a most steadiness of $10,000 in your Hay Account.
– If you happen to’re topping up your account, a $5,000 day by day cap applies.
– You can also make financial institution transfers as much as $5,000 per day, and withdraw as much as $1,000 per day from the ATM.
Is Hay safe?
Sure! Hay comes with security measures, together with 24/7 real-time fraud monitoring. On high of that, customers have the flexibility to report any suspicious transactions in addition to freeze or unfreeze their Visa card immediately by way of their app. If you happen to want further safety, you may also activate and off contactless and magnetic stripe funds in your card.
And may one thing go improper, you’ll be able to entry the Hay Assist Desk by way of your app throughout enterprise hours (8am-6pm, Mon-Fri) and chat with somebody from the client help workforce. In any other case, you’ll be able to ship an e mail to the Hay Assist workforce.
How can I signal as much as Hay?
So long as you’re an Australian resident aged 16 or over, you’ll have the ability to open an account with Hay. You possibly can join in as little as 5 minutes by downloading the Hay app accessible on iOS or Android, and as soon as you have opened your account, your bodily Hay Visa card shall be on its method.
Your card ought to arrive in your mailbox 5 days later. Simply bear in mind to activate the cardboard first earlier than utilizing it – press on the ‘Settings’ tab within the app, then in ‘Bodily card frozen’, faucet to show off the crimson toggle and also you’re all good to go!
Can I open a Hay Account proper now?
Proper now, you’ll be able to join and reserve one in all 10,000 spots to grow to be a Hay founding member. All you will want to supply is your full title, cellphone quantity and e mail tackle. Hay Founders will obtain perks for all times, together with early entry to new characteristic releases and a founding members card.
Hay Accounts shall be open to Founders and the general public within the coming weeks, so preserve your eyes peeled within the meantime.
Inquisitive about what different storms are brewing in Australia’s digital banking area? Look under for a listing of among the neobanks accessible in Australia proper now, or try our neobanks and cash apps web page for all the newest information and developments on the earth of neobanks and cash apps.