Beem It referrals are back until the 30th of April.
To say thanks for helping Beem It grow, we’re turning our $5 referral back on until April 30th 2020. Share your code however you like, and when your friend signs up to Beem It with a valid Australian Mastercard or Visa debit card, you get $5 and your friend gets $5.
EDIT: I've hit the $50 referral limit for this offer, so spread the love around and use the "Random" referral link.
I'm not seeing anything in the T&Cs that say you wouldn't be.
The counter in app has reset for me several times as they updated their promotion, so you should be good.
a silly question, how do beemit make money out of this?
Hopefully new users
sorry, i meant how do beemit make money out of their service
The short answer appears to be: "They don't"
Beem It is a platform owned by 3 of the big 4 banks, and it seems to be a strategy to modernize and combat the rise of alternative 3rd-party platforms like PayPal, Apple Pay and digital banking.
The biggest friction in a fast payments platform is ubiquitous use. Your friends and family (the people you're most likely to send small sums of money to) need to already have an account and have the app installed; otherwise it's not a convenient solution.
A small incentive to sign up and massively increase their user base is cheap if it saves the banks losing customers.
@klaw81: Wonder if the government also asked them to do this as part of their pressure to reduce cash transactions.
@klaw81: Good point. I'm in the US now and millenials and Gen Z all use Venmo (owned by Paypal) to transfer money to one another. Bank to Bank transfers don't work like they do in Australia, so there is even more of an imperative to use Venmo. As far as I can tell without actually using it, Beem It has essentially the same functionality as Venmo.
Paypal's medium term strategy with Venmo is to embed it on merchant websites and scrape % fees when people make a purchase with Venmo. Will it work? Who knows, but everyone uses Vemno right now for p2p transfers.
@ilikeradiohead: Beem It is different to Venmo in that while Venmo has a 'Venmo Balance' through which payments are made, there is no 'Beem It Balance'. When someone sends you money via Beem It, the money appears instantly in your bank account.
@ilikeradiohead: Beem It requires the use of a Mastercard or Visa card. So the banks presumably get a tiny percentage of the transaction - the same tiny transaction fee they were determined not to cede to Apple for Apple Pay - so apparently there's enough money in these transactions to pay for itself over time
They don’t. Would come out of a marketing/advertising budget. I would think.
Is BeemIt still relevant after the rollout of payID?
I don't see any reason to use BeemIt anymore as payID is being widely adopted and is part of your existing bank app itself
Because not all banks offer PayID/Osko e.g. AMP Bank.
It also means you don't need to share bank information/personal information (e.g. mobile number, email)
In my situation, ING has, by default, a $1k limit on OSKO payment. Therefore I can extend instant payments by a further $1k using beemit.
In addition, ING doesn't allow me to schedule a payment more than a year in advance, whereas beemit does offer this.
I also prefer the interface much more and find that if I had the option to pay someone through either beem or OSKO, I would choose beem due to its simplicity.
Can this be used to transfer say $2,500 to another bank, instantly?
ING limits instant at $1,000 per day
Been also has a 1k limit a day, capped at some monthly limit.
Never used it before or even really knew about it and probably won't use it in the future either, but I just signed up with a random refferal link and I've already got $5 in my account from it so worth it i think
Use the referral Link above (Random)
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
i miss the 10$ referral rewards :(
I had to update my referral link as for some reason it wasn't there when checking just now.
Depends how long ago you added it. They (some or all?) do expire and need to be added again, you should get a notification up top when that happens though.
Thank you internet stranger.
If you like bonuses, Raiz are offering $10 bonus throughout the month of March for referrer and referree:
https://www.ozbargain.com.au/node/521672
You can withdraw it if you don’t want to invest in the market.
There is a $2.50 monthly charge for Raiz.
So how does it work, you get $5 joining bonus and in 2 months, Raiz takes back the entire $5 bonus and if it is still open they keep charging you $2.50 ?
They charge $2.50 fee per month, but you could simply withdraw the money and add it to something else like Spaceship, or spend it, entirely up to you.
You can close the account if you feel Raiz isn’t giving you the returns that you are expecting if you don’t want to incur the monthly account keeping fee.
I don’t work for Raiz so you might be better off sending a message to them to learn more.
May as well start advertising on all other deal posts?
I thought others may be interested in referral offers given it is paying double what this offer is.
Personally I’m happy to learn about new apps and offers, like the Sosure app from your previous post, which I’ve downloaded.
Scotty, beem me up
My phone is too old and isn't compatible with the app. Time for OzBargain to post a good phone deal.
works well when travelling with friends
where could I generate a referral link ?
I can't find it on the app
In the app, click the bottom right button which is your profile picture.
The options in the menu will be Profile | Cards | Contacts | Invite & Earn | Redeem code | Settings & Privacy | Help
Click Invite & Earn, and it will have the goods.
Incase anyone is wondering, you need both a unique mobile number AND unique debit card to create a new account.
do you need ID check?
Yes.
Thanks OP!
Question. Is it possible to set-up recurring payments, and do these qualify for the ING 5 No. required monthly transactions?
What happens if there are insufficient funds? Am I notified?
Thanks
The selections for "when" you can pay are: now, later, weekly, fortnightly, monthly
Monthly, if you select 29-31 has "29th of a month or the previous existing date".
Yes it qualifies for ING transactions as it is a Visa/MC transaction.
Insufficient funds = declined, I suspect.
Excellent.
Have set it up, and will use this if it works.
Much appreciated.
I use the TRANSFER optoin in Bemm to transfer between 2 different banks.
Will it be considered as a transaction in ING ?
I dont want to give permssoin to Beem ot access my phone book.
I find it intrusive why they want to get the list of my phhonebook.
I can input the number or the account where i want to transfer, they dont need to have permission to access my entire phone book.
@atlinus: Yes it is considered a transaction in ING.
It's for ease of finding the people you are most likely to be sending a Beem payment to.
Am I eligible if I have already referred 10 friends in the past?