This was posted 2 years 11 months 4 days ago, and might be an out-dated deal.

  • expired

$5 Credit to Your Account When You Sign Up and Add a Debit Card to Your Beem It Account (New Users)

1550

Greetings everyone, I just noticed this promotion has gone live again until the 23rd of September and thought it was worthwhile posting again :)

What is even better is that they have increased the referral bonus to $10 (was $5), which is awesome! You will receive $10 for referring someone via sending them more than $0.99 via text message. Maximum referral bonus is $100.

I have been using this service since the last deal and can highly attest to it, really simple way of being able to send money instantly to anyone! It's backed by three of the big banks.


Life is full of memorable moments. Moments that shouldn't be interrupted by money. And Beem It helps you keep them that way.

Pay and get paid instantly, effortlessly and securely, no matter who you bank with - just Beem It.

You've paid. They've paid - all in an instant. It doesn't matter who you bank with, all you need is a Mastercard or Visa debit card and their @username or phone number.


As always, enjoy!

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closed Comments

  •  

    Huh? For which side did they increase the referral bonus for?

    • +2 votes

      The referrer side, so if you refer someone, you'll get $10 and they'll get $5 for adding a card.

      •  

        Oh, neat!

        •  

          Actually they get $6, as you have to send them an amount above $0.99.

  •  

    Nice! Quick and easy. Looks like a pretty neat app to have too.

  • +3 votes

    Beem It is great, I have been using it frequently for the past few months. Let me know if you have any questions!

    •  

      Are there fees? If not, I don't see how they get their money.

      • +2 votes

        'While the app is free to download from your app store at the moment, Wood did allude to the fact that the startup has to make money somehow and would be looking at different ways to monetise the app later down the track. Whether this would be in the form of a one-off download fee, a monthly membership fee or perhaps even some sort of fee that the banks would bear is unclear.'

        Source: https://www.finder.com.au/beem-it-hands-on-review-of-the-new...

        I guess they are just hooking us in for the time being - maybe this sign up bonus is cheaper than advertising and would get a lot of users on board. In fact, I cannot even find a way to delete my profile after signing up!

        • +4 votes

          Every time someone "beems" money through a financial institution they pocket the 2% Commission. They're getting paid. Don't worry.

        •  

          @pgdownload:
          Phew! That's a relief!

        • +1 vote

          Beware of anything free, they are selling your data, that's the only other possibility

        • +2 votes

          @dealman: it’s owned by NAB, CommBank and Westpac. Opening a bank account is also free. Given that it’s going to be the same mob holding your data, whether you use Beem It or have a savings account, your data is in their hands.

        • -1 vote

          @no not me: from the FAQ:

          endorsed by Commonwealth Bank, National Australia Bank and Westpac

          Endorsed =/= owned.

          Also note that banks have certain regulations that they need to follow. An app like this, probably not. Just look at the privacy disaster that is Venmo.

          Their privacy policy explicitly states that they may share information with "marketing and communication agencies" including those overseas. There also are vague generic clauses which allow them to "collect, use and exchange your information for other reasons where the law allows".

        • +2 votes

          @Yumi: from the about us on the Beemit website - Beem It is owned by CommBank, NAB and Westpac.

        •  

          @realplayer: Didn't see that, thanks for pointing that out. Unfortunately the About Us page doesn't really go into detail about the ownership structure though :(

        •  

          @Yumi: We believe the largest portion is owned by the Commonwealth Bank, based on the discussions on whirlpool.

      •  

        No fees.

    • +1 vote

      Can you send money to yourself? (ie between your own accounts at different banks)

      •  

        Yes if you have 2 seperate phones with different phone numbers. You would need to set up a different account on each phone with each bank account.

        • +1 vote

          It's being discussed at Whirlpool the moment but it looks like they've switched to ID Verification not phone number as they're identifying information to determine if you've got an account. So having two mobile phone numbers is just not enough any more.

    •  

      Do you all need the beem it app for you to split payments/ send money?

  •  

    .. not sure if I will use it but ok why not

  •  

    If I've referred people already to earn the $50 before, is this another $100 I can make or another $50 (=$100 total)?

    •  

      I believe it's max 10 people per account, so unfortunately I think you might be maxed out, I guess you might be able to contact them and see what they say.

      •  

        If anyone is still following..

        How many referrals can I get paid for?

        This is a new offer allowing you to refer up to 10 mates, and earn up to $100 - no matter how many referrals you've made in the past.

  •  

    Can anyone shed some light on the difference between this and PayID which they had been working so hard to roll out? Or even an app like Splitwise?

    • +1 vote

      This gives you $5 for signing up and $10 for each person you refer.

      You don't get free money from other apps/technology ;)

    • +12 votes

      Compared to PayID:

      • Both banks do not need to be PayID ready
      • This has a $200 a day limit (compared to $2000 PayID daily limit)
      • Sending payments are treated as credit, so money lingers in your account longer
      • Receiving payments are treated as an EFTPOS refund, so bank statement doesn't show what the transaction was for

      Compared to Splitwise:

      • You can actually send money, rather than just an IOU system
      • Requires more personal details to set up
      • You can still split payments up with friends, just like Splitwise

      Overall, as much as I do like Beem It, the biggest downfall is the restrictive $200 a day limit, which makes the app not feasible to collect money from friends for holiday lodging costs.

      •  

        Thanks for the detailed comparison, appreciate it!

        yeah… $200 daily limit seems to be quite limited, especially for shared holiday costs.

  • +7 votes

    I like one of the FAQs :)

    Q. Are we legit?
    A. Yes we are endorsed by CBA, NAB.

    • +6 votes

      i.e. a bunch of criminals marauding in suits?

  • +4 votes

    Yeah beemit is cool, one evening with friends we did it and spent all bonus money on booze, we got wasted, good times, thanks beemit

  • +1 vote

    Just signed up and got my $5 credit. Something to look out for is that you need a Visa Debit Card or Mastercard Debit Card. I had to look through my draws to find the card as I don't usually use it.

    No fees is pretty cool.

    •  

      Yeah they don't support credit cards yet and the debit card Visa or MasterCard needs to be a dual scheme card with eftpos support.

  •  

    From their Play Store description:
    "Things you should know
    You’ll receive $5 when you link your eligible card to Beem It and complete the registration process. The competition opens 21 May 2018 and closes 31 August 2018 or once $3,000,000 in total rewards has been paid, whichever occurs first."

    So to get the initial $5, do you need to use a referral code?

    •  

      You don't need to use a referral, but if you want to then the referrer will get $10.

      Either way, you'll get $5 for adding a debit card to your account.

    •  

      Nope. I just signed up, got the $5 without any referral code.

      • +3 votes

        Or you will get a little bonus from the referrer because they will send $1+ to the referee for new sign up :)

        •  

          If you use a referral you'll get $6 instead of $5.

  • +3 votes

    anyone want to start a referral train?

    •  

      I'm very down

      •  

        pm so i can send you $1 + referral

    • +1 vote

      Already exists see the bottom of the initial deal you can also add your details in your settings.

      • +1 vote

        ah didn't see, thanks!

  •  

    I work in the transaction banking industry and can say that Beem It is a innovation joint venture initiated and owned by CBA, NAB and WBC.

    It leverages the same backbone as PayID transaction via the newly developed real time payment clearing system.

    So Beem It is not another fintech startup with private equity funding hoping to one day to be sold for a profit. It is a defense by the big bank to counter payment gateways like wechat pay, alipay and paypal.

    •  

      I’m alright with this if there’s no fees. Better than PayPal deducting fees.

    • +8 votes

      It leverages the same backbone as PayID transaction via the newly developed real time payment clearing system.

      No, it really doesn't. It's not NPP. It uses scheme debit and eftpos refund transactions as the payment methods, hence the card numbers required, not account numbers and not PayIDs. And also why it operates for cards issued by banks that haven't yet enabled NPP, PayID or osko. Beem It was also not borked on Thursday when the RBA settlement system for NPP went into melt down after their "fire control test".

      also, PayID is not a transaction.

      •  

        BOOM!

      •  

        Hargen hate to break it to you but you're completely incorrect about how it works. It has nothing to do with the new payments platform. gikku has explained above.

        •  

          Okay lets just leave it at that then. Things that should not be public probably should stay private.

        •  

          Simply doesn't do this yet at this stage currently none of the offerings in the product are using the NPP to operate doesn't mean that in the future a feature they roll out will use the NPP but at this stage it doesn't work using the NPP.

          While I'm sure some of the internal builds probably do have some of the new features in testing the current public iteration does not and a lot of the features in future iterations do not entirely rely on the NPP and still rely heavily on other mechanisms.

          The current public iteration doesn't for very good reasons use anything to do with the NPP. They needed to be out on the market so they could grab marketshare before products in development by the collective banking industry made it to the market.

        •  

          @Hargen: writes…

          Okay lets just leave it at that then. Things that should not be public probably should stay private.

          You're more than welcome to share your knowledge here. However at this time your statements are not based on what's available and how the current publicly available version works.

        •  

          @tonyduffe:

          Currently Beem It have a merchant facility with one of the banks and the cost of a eftpos return transaction is about 15 cents, and the cost of a visa debit transaction card not present transaction is 30 cents plus 0.30%. Once all banks is enabled for NPP it may switch to a more cost effective model.

          Probably the most significant part its ability use QR code to payment process (like alipay and wechat pay). Beyond that I probably can't say too much, but you are welcome to make your own assumptions on what will happen.

  • +1 vote

    Can't seem to get past the identity verification. Keep on coming up with error.

    •  

      Same here, tried all 3 methods of verifying.

  • +1 vote

    Beem It is great, I use it at work all the time for lotto tix

    •  

      same. and lunch with colleagues.

  • +1 vote

    U don’t even need to send 99 cents

    U get $5 if someone clicks ur link and completes registration

  • -1 vote

    Boo, no windows phone app :(

    • +7 votes

      Yeah I'm sure they'll get right on that.

    •  

      yeah its annoying aye

  •  

    Does anyone know where on the app we can find the referral code?

    • +1 vote

      Once you log in, click on the pop up "Invite friends". The referral code should appear.

      •  

        Thanks but don’t seem to see the pop up “Invite friends”. Could the promo had stopped?

        Only asking cause Ozb mods are asking to put a referral code but can’t find it

        •  

          Shouldn't everyone have a different referral code?….

          •  

            @drdinardo: How it used to work in the app is that you send your friends a text message from your phone. So for ozb to get around it not having to display mobile no.s, you send a pm here in ozb

    • +1 vote

      Think the promo has stopped

      •  

        Yeah could be as I don’t see the pop up appearing

    •  

      Still works, enter the referral code under "Redeem Code". Both would receive $5

      •  

        Is that when you are downloading the app?

        Once the app is downloaded, can’t seem to see where the referral code is…

        •  

          Once your logged in, select the person icon in the top right and the first menu item should be "Invite friends - Earn up to $50". If you select that it should show you your referral code.

          •  

            @argonide: Ok thanks, see it now. It wasn’t there a couple of days ago, probably needed the app to update or something like that

  •  

    Got an email saying that this has been extended to 17th November 2018.