ING - Beem transactions are listed as EFTPOS Cash out now

Just a heads up for those that used Beem to make 5 transactions a month required by ING to maintain bonus interest and ATM rebates, last month Beem transfers were processed as "Visa Purchase" and were counted towards 5 purchases but this month they are under "EFTPOS Cash Out" which are explicitly excluded from spending criteria.

Now go buy something cheap in 5 split payments and take care.

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  • +17

    Getting more and more difficult dealing with this ING mob.
    Next year they want you to run 30 km each week to get bonus interest

    • I'm fine with that if they cover lockdown breach fines same way they cover ATM fees.

  • Yeah, I lost the interest last month. From what I was aware of from the ING support chat, beemit was randomly putting some limited userbase's transactions through the EFT network rather than the Visa network.

    It has now been extended to all users apparently.

    Do check your transactions from the last month to see if they were EFT cashout or Visa Purchase.

    • Not surprising as they are owned by Bpay so them using Visa network for transactions between debit cards did not make much sense to me.

      • Nah, they're actually owned by eftpos, not BPAY. Don't think the great merger has happened yet?

    • +1

      It seems random, as you said. I did the BeemIt transactions earlier this month (3rd Mar), and they were listed as Visa Purchases.

      Appreciate the heads-up, OP. In future, if I try BeemIt first, I will definitely check how they are categorised in the transaction history. And will give myself ample time to try another method if necessary.

  • People have to accept that they've to jump through a few hoops if they want the juicy 1% APY.

  • I do the Coles run where I split it into 5 payments and the final has $200 cash out.

    • Coles treats Tap and Go as Eftpos now (happened to me tonight) and according to ING if its not processed as a credit tap and go it does not count

      • What the flying (profanity) really?
        I thought eftpos counted?

        • You are right.. its ANY 5+ settled transactions.. they removed the "tap and go" requirement .. been a while since i looked at the rules

      • use Google Pay with your ING card then, it will go through Visa/Mastercard network.

        I thought ING rule was never Tap and Pay, it is just 5 settled transactions. They just want you to really use their service.

  • Do you get the 50c cash out bonus each time? This would be worth more than the $1.32 of interest I got last month.

  • This is not ING… this is BEEM

    Coles, Woolworths and so many others now are treating tap and go / Visa Debit purchases as Eftpos now as the banks have changed the way they process these transactions now.

    The fees for "eftpos" are much lower than when Visa/MC processes the transaction as its treated as Credit.
    All the major eftpos providers (ANZ, NAB, CBA etc) are now allowing merchants to treat tap and go transactions as Debit when a debit card is used.

    I did a $365 transaction at coles tonight, i tapped and it was immediately processed (not pending) as it was treated as Eftpos not a credit transaction.

    So yeah not ING.. its the banks changing things in the backend.

    • +1

      Hope that means no more unnecessary surcharge at aldi

      • +1

        from my understanding, the merchant has to ask for this change.
        We use CBA at work and we got a letter saying tap and go could be charged like eftpos… so we switched but its an opt in offer so Aldi would have to make the request.

      • This was when the pushback from retailers started…

      • Aldi isn't using Least Cost Routing last I saw. Also, merchants using Tyro that surcharge don't do this as Tyro only allows you to turn on Least Cost Routing if surcharging is set to Merchant Pays.

    • So yeah not ING.. its the banks changing things in the backend.

      The 5 tx p/m is totally within ING's control. They can make it easier for the customers or keep the 5 tx p/m and treat their customers like 💩 in the process.

  • I'm confuse. So split a bar of chocolate or my grocery into 5x tap at Coles celf checkout, counted or not?

    • Have read from multiple posts here, that Coles routes their tap transactions through EFTPOS. So if you want to do this, do it at Woolies. I haven't read that this is a problem with Woolies, and the last time I did the 5x split transactions at Woolies (quite long ago), they were eligible transactions. Perhaps others can chime in on this.

      Edit: From @deme's comment above, looks like the 5x split transactions at Coles works, since EFTPOS transactions are OK, so long as they are not 'EFTPOS cash out only transactions'. This is specifically mentioned: (excluding ATM withdrawals, balance enquiries, cash advances and EFTPOS cash out only transactions).

  • Forgive me for asking, but wouldn't it be easier to use the ING as the primary card anyway and use it for everyday transactions? Or am I missing something and not aware of some other transaction account that would be hugely more advantageous, in which case, please share and educate me.

    • +2

      I'm using credit card with points as everyday card but also want that huuuuge 1.35% interest on Ing Savings account.

      • Ah, yep, I totally didn't consider the CC points. Thanks for that.

      • $20 of points a month is not significant so you can use your ing card for a five coffees and it won't be significant

        Just an alternative

        • Buying 5 take away coffees a month is far more significant than the 20 points you'd get on your credit card.

          • @JIMB0: maybe 5x $1 coffee at 7-11 is better option. I have seen ppl spent much money for coffee, like twice a day at $4/cup.

        • +1

          I can't believe ozbargainer can suggest to pay for overpriced coffee, let alone 5 a month!

          You should surrender you OzB licence now.

          • +1

            @DainB: Standard price for coffee, buying for your boss gets you more money in long run. False economy to buy cheap coffee

            Or buy 5 $1 coffees then the points are worth even less

  • +1

    "So currently a number of banks are transitioning the way they process Beem It transactions from VISA/Mastercard to eftpos. As this is currently rolling out there will be some that will be done one way, and others that won't. By the end of the month however we should see the transactions all be processed via eftpos."

  • Up Bank has the same requirement of 5 MasterCard debit card transactions to avail the higher interest rate per month. So far this month they've treated my Beem it transactions as MC transactions, and I hope that they don't recognise them as eftpos transactions in the future.

    • They will. Beem It is owned by eftpos, so you won't see them wanting to pay Visa or Mastercard to process the transfers.

  • Mine still show as Visa Purchase, and under rebates it states i earned last months 1.35% and will get this months. I only use the account to run 5 automated beamit's between my partner and my ING account.

    Just my experience, but its still working here.

    • huh why still working for you but not for others…

      hmmm special customer, do you have over $1Billions ?

  • yea, they closed that loophole. I used to do that. I just make 5 beem transactions of 1, 1.01, 1.02 and so on.

    Now I just spend $1 at Woolies 5 times. Just grab a box of their $1 tissues with your shop, done, too easy.

    • +1

      You do not need to do that. You can split a single transaction into as low as 1c.

      • +1

        Wow, nice, I will try that next time.

        • +1

          can you finish 5 boxes tissue in a month ?

          • @ChiMot: Yes, my household uses a lot of tissues. We go through at least 7 boxes in a month.

        • I should have said only at Woolworths.

          • @Yola: nope i done that every single months… split.. self checkout counter of course
            and i think anywhere that allows you

            • @ChiMot: Ok, I have followed the advice on here but will try. Easier than completing a transaction each time. If beem it does stop working I will have 14 to do each month.

  • +2

    A couple of call outs.
    - Beemit is now owned by eftpos so all transactions will be routed through their network. Previously owned by CBA, Westpac and NAB.
    - Coles is a routing partner of eftpos.
    - eftpos transactions are in "real time" vs "pending" for the other schemes.
    - Depending on the arrangement of the merchant, this may or may not be routed via eftpos. There are alot of commercial arrangements in place with banks and the schemes (eftpos/Visa/Mastercard) as this is one of their top KPIs.

    • +2

      Woolworth's "transaction account" purchases are "EFTPOS Purchase" settled in real time.

      • Can you point out the source? Only Wesfarmers stores AFAIK. If so, one should never pull out HSBC debit card for 2% cashback now.

        • According to what was said here Coles contactless purchases are routed through EFTPOS, I'm talking about Woolworths when you insert card into terminal and select transaction account.

  • +1

    Just checked MyState Bank account. the 5 Beem transactions done on 18 March appear as
    VISA BEEM IT BEEM.COM.AU and there is a notice stating

    You've unlocked your Bonus Saver account's bonus interest rate for March!

    • +1

      Same here - earlier in the month trans were VISA. A couple of days ago, I did a test BeemIt, this time it was showing as EFTPOS Cash Out.

  • +1

    Use GPay or ApplePay to enforce credit routing on a debit card, especially if you are after HSBC 2% cashback.

  • +3

    I've starting just doing 5 $1 payments to my Telstra bill. Super easy and now I'm just $5 in credit on my bill to start the month.

    • +3

      Split payment at Coles worked last month.
      It was processed differently (EFTPOS purchase vs visa purchase 2 months ago - bonus was approved).
      I forgot my card earlier this week when I went to Coles and didn't have it in my google pay, so ended up with 5x $1 payments to Telstra too (via PayPal).
      Paying Telstra is quicker than split payment in Coles or Woolies.
      And I can do it from home too ;-)

    • I may have to remove myself from Telstra Direct Debit, so I have room for this.

      • +1

        You don't have to remove Telstra direct debit, you can pay ahead, and it will show as credit.

        • Good point, thanks, something worth looking at.
          I was under the impression that the direct debit amount is fixed at the monthly bill amount. And additional payments - from these 5 trans - will result in unused credits piling up. Do they in fact adjust the monthly direct debit each month by whatever credit is on the account?

  • +1

    Did 5 Beemit transactions this month for ING and MyState Bank both showing as qualified.

    • That's very good, if you are still in the Visa Purchase camp. Seems like once you get an EFTPOS Cashout, there is no going back. I tried the beemIt again, in case there is some randomness to this. Apparently not :-)

      • +2

        I had 3 go through eftpos and two through visa from westpac today, although i started getting eftpos last month.

        for ING, I tried a BPAY payment via beemit and that shows as a visa pending - not sure if random or consistent yet.

        • +1

          This is interesting - The same card, but some trans going through as eftpos and some as visa. I would have thought that whether visa or eftpos is dependent on the BeemIt account (the stage in the transition), or the card. Thanks for sharing this.

          Do let us know if the BPAY BeemIt counts towards the ING eligible trans. This would make life a whole lot easier (if always 'visa' and not random).

          • +1

            @bluesky: Especially for us in Melbourne.

          • +1

            @bluesky: Subsequent BPAYs (to the same and different biller) have gone through as eftpos. Maybe only the first BPAY per card?

            • @archiexyz: So not consistent. What a bummer. Thanks.

              • +1

                @bluesky: I've just had one beemit transfer go through as visa from ING for a bigger amount. It went through the card's visa protect verification on beemit, so maybe if you occasionally do bigger or inconsistent amounts, the bank will force it through visa for security reasons?

                Edit: and another one with a bigger amount through visa too for ING :)

                Edit 2: looking back at my westpac ones, the 2 of 5 that went through visa were the biggest of the 5 transactions. But the threshold for being VISA'ed seems lower for westpac.

                • @archiexyz: Thanks, this is pretty useful to know. So the current hypothesis is a bank gets to choose at what $ a trans is routed through visa or eftpos.
                  Confirming what Yola said, all MyState transactions of mine – although small amounts between $1-$5 went through as VISA. So Mystate Bank must not bother with Eftpos at whatever amount. Whereas ING, Westpac and others have some cutoff point.

                  BTW Another method that seems to work: use PayPal to send someone micro amounts. I am waiting for them to clear. Sending 1c incurs 1c fee, which is not bad.

    • I've been using Beemit with Westpac and BOQ for the 5 qualifying transactions, and never had any issues. Just opened ING so hope it stays the same

    • +1

      In May they no longer qualified. Luckily I checked in time and purchased at Coles. However, for MyState they worked.

  • 4 of 5 BeemIt transactions (on the same date) this month show as EFTPOS debit on Westpac. Is this treated as an EFTPOS purchase or an EFTPOS cash out? I need to know whether this will still count for my Spend and Save 3% rate.

    • +1

      Westpac Chat Rep has confirmed my EFTPOS Debit beemits count for their purposes - I'll find out I guess soon enough if they're right.

      • Hi, can I ask if the Beem EFTPOS debits still count?

    • +1

      In my ING account, BeemIt trans are now listed as EFTPOS Cash Out.

  • And any info on BoQ? My internet banking is locked so I won't know until I get my statement the following month.

    • I think BOQ will be fine - their eligible transactions includes "eftpos card purchases"

  • +2

    The two amounts charged when adding a new card are still Visa Purchases. So you can remove and re-add your cards for two transactions each time.

    • Thank you. This is good! :-)

    • +2

      In the past, Beem it didn't allow me to re-add a card after removing it to use another card temporarily when the limit was 3 cards. Had to go back and forth with their customer service (wHy dO YoU nEeD SO MaNY CarDS?) before they allowed me to add it back.

      • +2

        Yes, I remember something like that and almost half-expected it. Did it anyway upon seeing SocietyBox's comment, and was able to remove and add back immediately.

      • I remember something like that, too. I think I was also removing a card to make room for another card. If I remember correctly, it was fine when it's the same card. Either way, I fear it's only a matter of time before this loophole is closed, too.

        • BeemIt is not the same party as ING. So hopefully, from BeemIt's point of view, it is not a loophole that needs addressing. Unless this imposes a huge cost on BeemIt.

          • +2

            @bluesky: Yeah. Minimal financial benefit given the number and value of the card verification charges when compared to normal Beem It payments. It's if they decide to move away from Visa/MC completely. Then we're screwed.

  • -

  • Merged from ING Direct Everyday Account - Beem It no longer considered a card purchase

    Announcement of a change I recently discovered
    For people who didn't know as of May 2021 Beem It is no longer considered a card purchase, so it no longer contributes towards your 5+ settled card purchases.
    Additionally, just letting some know, if you insert the card and select savings during payment it is settled immediately, as opposed to payWave/PayPass which can take several days.

    EDIT: Looks like I've made a duplicate post that I missed when searching.

    • +6

      Theres been other posts regarding this.
      The way around it is to keep removing and adding your ING card to your Beemit account.
      The two small transactions debited to verify your newly added card are still processed as Visa payments so count for ING transactions. Its just the transfers that are now Eftpos.
      So just remove and add your ING card, in your Beemit account, 3 times and score 6 transactions.

    • +4

      Another easy way - buy five $1 egift cards from Amazon AU.

    • +3

      Can’t you just do 5 “mixed payment” transactions at colesworth for $1 each the first time you hit up the supermarket each month?

      • yes you can do that and it works

    • +4

      After all these added hurdles with ING to meet the requirements to get the higher interest rate for savings I closed it down and opened up an AMP Saver account instead. 1.25% interest paid and the only requirement you need to meet is deposit $250 every month. Noting else. No longer do I need to go to Woolworths or Coles and buy 5 tuna cans and pay for them individually whilst the attendant is confused by what I am doing

      • +3

        Dude, I'd just go to self checkout for that one.

        • I do too, but its still a pain in the butt!

    • +2

      5x $0.01 early repayments on Afterpay works.

    • What's the point of Beem It when ING already has instant payments Osko?

      • +1

        ING Osko limited to just $1k and only if the other party also has Osko

    • I can corroborate archiexyz's comment.

      My small transfers (e.g. $1 and $10) appear as "Beem It\ withdrawal", however a $1000 transfer that required SMS verification code is still "Visa Purchase".

      • Transferring a large amount from A to B and immediately back from B to A appears as "EFTPOS Refund".

        Transferring from A to B, then B to C, then C to A does not have the same issue.

        Transferring $200 out from ING is "Beem It\ withdrawal" rather than "Visa Purchase", however it also earned the $0.50 cash out bonus.

        • +1

          Transfers of $500.00 and above are treated as credit purchases, potentially requiring OTP and also taking a couple of days to process.

          Transfers of $200.00 up to $499.99 are withdrawals and earn the $0.50 cash out bonus.

          Knock yourself out before they remove the $0.50 benefit.

          • @the splingee: Looks like transfers of $300 or more are now being treated as credit purchases.

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