What is Ezi-Pay?

What is Ezi-Pay?

As Australians look for smarter ways to shop and manage their finances, retailers and businesses are offering customers more convenient payment options, like Ezi-Pay.

How does Ezi-Pay work?

Ezi-Pay, also known as Certegy Ezi-Pay, offers buy-now-pay-later payment plans at merchants around Australia.

Using Ezi-Pay, you can make a purchase with an initial deposit and have the remaining balance direct-debited in instalments each fortnight.

How do I sign up for Ezi-Pay?

When you shop at a participating retailer, you can apply for an Ezi-Pay account in-store when you make a purchase.

Alternatively, you can apply for pre-approval by filling out an application form online. You’ll then be given a pre-approval limit and number that you can use to shop with at participating merchants.

The deposit amount and the number of months you have to pay for your purchase can vary by retailer, so your approval will be finalised once you make a purchase.

To be eligible to apply, you need to be:

  • At least 18 years old
  • A permanent Australian resident
  • Working at least 30 hours per week, or an aged or veteran’s pensioner

And you’ll need to provide the following information:

  • Proof of identity (Australian driver’s licence, or aged or veteran’s pension card)
  • Employment details
  • Financial details (income, assets and liabilities)

What’s the catch?

Theoretically, Ezi-Pay might make it easier to stay on top of your finances by allowing you to pay off purchases in manageable instalments with no interest.

However, keep in mind that there are a number of fees that come with having an Ezi-Pay account, including the following:

  • A one-off establishment fee of between $35 and $90 to set up your account
  • A monthly account-keeping fee of $3.50, which will be direct-debited while your account is active
  • A $2.95 payment processing fee to process each repayment
  • An additional purchase fee of $22 payable over the purchase repayment period for additional purchases

There are also other fees and charges applied if you change something or don’t make a payment, which are outlined in the Certegy Ezi-Pay continuing credit payment plan agreement.

What are the pros of Ezi-Pay?

You won’t pay interest – Unlike using a credit card or certain other payment plans, you don’t have to pay interest on items you buy using Ezi-Pay.

You can pay over time – Spreading repayments out over time can make it easier to manage your finances, especially if you’re on a tight budget but need to make a big purchase.

You’ll have your purchase straight away – You can get a hold of your item as soon as you buy it, even if you don’t have the funds available to pay for it in full.

What are the cons of Ezi-Pay?

Fees – There are a suite of fees associated with having an Ezi-Pay account, which can add up over time.

Repayments must be made fortnightly – You’ll need to have funds available to make repayments every fortnight, otherwise you’ll have to pay a fee.

You could spend beyond your means – Your credit limit increases as you make repayments, so you could be tempted to buy items you can’t afford.

Like any financial product or service, read the fine print carefully so you know what you’re signing up for.

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Learn more about bank accounts

Can I open bank accounts for my children?

A common question for new parents is, ‘Can I open a bank account for my child?’

The short answer is yes – as a parent you can open a bank account for your child.

Once you’ve compared your options and found a bank account that suits your needs, the process is relatively simple.

As the bank account is for your child, you’ll need to provide some documentation such as proof of ID, including your tax file number.

You will also need a copy of your child’s birth certificate, and in some cases you may also need to sign a guarantee of indemnity.

Depending on the bank and whether you’re an existing customer, you may be able to open a bank account for your child online. However, you may still need to go into a branch to prove your identity.

What do you need to open bank accounts?

Opening a bank account is one of the simplest online tasks you could perform. The hard part is deciding which type of bank account you want to open.

All banking institutions have a website where you hit ‘apply’ on the account of your choice and step through an application in less than 10 minutes.

Here’s a list of information that is generally required for applications.

  • Identification (driver’s licence, passport, proof of age card, proof of citizenship and/or birth certificate)
  • Tax file number (so you don’t get charged the highest tax rate)
  • Address, contact email and phone number

If you decide to open a new account at the branch, make sure you ask beforehand what information you need to take with you, or take all of the above to be safe.

Can the government take your money from your bank account?

There are some instances when the government can take money from your bank account. This generally occurs in situations where you have an outstanding government debt.

Before it can take money from your bank account, the government authority owed money would first need to issue a garnishee notice. 

A garnishee notice is issued by the government agency (such as Centrelink or the ATO) to a third party that holds money for you or owes you money.

To take money from your bank account, your bank would be issued with the garnishee notice requiring it to pay ‘your money’ to the requesting agency to satisfy the debt.

Which bank is best for business accounts?

Unfortunately, there’s no definitive answer to the question of which bank is best for business accounts. That’s because ‘best’ will differ from customer to customer, depending on their unique circumstances. These include not only your company’s financial position, but also its size, its age and the sector in which it operates. Another factor to consider is what features you want in a bank account. Your business may require different features than another business; and your business may require different features tomorrow than it does today.

The best thing to do is to thoroughly research the market before opening a business account. And when you do open an account, you should reassess your options every year or two, because the market moves quickly. A particular bank might offer the best account today, but be surpassed by one or several rivals tomorrow.

Can foreigners open bank account in Australia?

If you’re migrating, studying or working in Australia, you’ll be pleased to know that you can open an Australian bank account. For the most part, opening a bank account in Australia is a simple process which starts by comparing the types of bank accounts foreigners can open in Australia.

Once you’ve found a bank account that suits your needs, you can start the application process.

When you apply for the account, you’ll need to provide proof of ID which may include your passport, overseas ID or credit card. You may also need to provide a copy of your visa and proof of address in Australia.

Depending on the bank and the type of account you choose, you may be able to apply for the account online or over the phone before you arrive in Australia.

Can British expats still open bank accounts?

As a British expat, you can open an Australian bank account, and you can apply for an account the same ways an Aussie would. You can even open an account online from the UK prior to relocating.

If you’re overseas, the bank you choose to open an account with may call you to provide you with our new account details beforehand. You can then have your ID verified within a branch once you’ve arrived.

And if you’re already living down under, the following list outlines the types of information required by most banks when opening an Australian bank account.

  • Australian residential address
  • Tax file number (TFN) or a TFN exemption
  • Identification (this can be your passport)

How do you transfer money from PayPal to a bank account?

Transferring money from PayPal to an Australian bank account is simple. Just follow these three steps:

  • Go to your Wallet
  • Click ‘Transfer Money’
  • Follow the instructions

The money will take three to seven business days to reach your bank account.

Once you’ve made the transfer request, it can’t be withdrawn.

How can I close an ANZ Bank account from overseas?

There are two ways you can close your ANZ Bank account from overseas:

  • Call +64 4 472 7123 (toll charges apply)
  • Send a bank mail request via ANZ internet banking

How do you delete your bank account from PayPal?

Deleting your bank account from PayPal is a simple three-step process:

  • Go to your Wallet
  • Choose the account you’d like to delete
  • Click ‘Remove bank account’

How can I wire money to a bank account?

You can wire money to an Australian bank account either through your own bank or by using a money transfer company such as Western Union or MoneyGram. Either way, you’ll need the other person’s name, BSB number and account number. If you use a money transfer company, you might also need to provide the recipient’s address for large payments.

How do I open a new bank account?

There are a number of ways to open a new bank account – online, over the phone or in the branch. The trick is to decide what type of bank account you want beforehand.

It might sound like a simple enough task, but there are literally hundreds of bank accounts to choose from. And each offer their own banking features and benefits.

A comparison site like RateCity can help you work out what bank account product matches your needs.

Once you’ve made up your mind what you want, it’s advisable to have the following information ready for the application process.

  • A couple of forms of identification (such as driver’s licence, Medicare card, passport)
  • Tax file number
  • Residential address, contact phone number and email (though email is not essential)

Can I set up a bank account online?

Most Australia-based lenders will allow you to set up a bank account online. Requirements vary from lender to lender, but you will probably need to provide a passport or birth certificate, as well as a driver’s licence, Medicare card or another form of secondary ID.

How do I open a bank account for a child?

There are few better ways for a child to learn about money management than through savings. And there’s a plethora of bank accounts designed specifically for young people and children.

A bank account for a child can be opened online, over the phone or in a branch in a few easy steps. The minimum age a child can open a bank account for themselves usually ranges between 12 and 14.

If the child is too young to open the account, you can do it for them as their legal parent or guardian. 

To do this, you would need to be over 18, have an Australian residential address and currently reside in Australia (or have proof of residency).

You would also need to provide:

  • Identification for yourself and the child
  • Your tax file number (TFN) or TFN exemption

Depending on the bank account, you might be able to choose what level of access the child has to their bank account (online and via the phone).

Can you find your bank account number online?

If your bank offers online services, you should be able to find your bank account number online by logging into your account on your bank’s website and checking your details there.

Keep in mind that each type of account you have with a bank comes with a unique account number. This means if you have a bank account as well as a savings account, for example, your bank account number and your savings account number will be different.

If you don’t have access to your bank account online or can’t login, you should be able to find your account number on a mailed bank statement, if you have one.

Alternatively, you can call your bank’s customer service number or visit a branch to retrieve your account number.