What is Openpay?

Ever wanted to shop now and pay later, interest-free? Openpay could be just what you’re looking for.

Openpay is one of several buy-now-pay-later platforms that allow consumers to make purchases with partner merchants and make flexible, staggered repayments, without paying any interest.

How does Openpay work?

When you make a purchase, whether online or instore, you can choose Openpay as your payment method.

If you are purchasing online, you will be redirected to sign into your Openpay account; or, if you’re a first-time user, to create an Openpay account. If you are buying in-store, the retailer will be able to assist you in making a purchase using Openpay.

Once you have authorised Openpay as your payment method, you will then be given several repayment options. The standard payment term for Openpay is no longer than eight weeks, with the default being an equal repayment every fortnight.

However, Openpay does have flexible repayment options, so you can choose from several repayment plans.

How do I sign up for Openpay?

Openpay has a few requirements to sign up for an account, but no long or complicated credit checks.

To be eligible for an account, you must be aged over 18 and provide valid Australian or New Zealand identification. To create your account, you must also provide a valid email address and two phone numbers, as well as a Visa or Mastercard (either credit or debit).

When you sign up for Openpay, the company will use this information to verify your identity and, provided that you are eligible, provide instant approval.

Does Openpay charge fees?

Unlike a credit card or loan, you do not pay interest on your purchases with Openpay, despite paying them off over eight weeks. This is the main selling point for Openpay and other platforms like it.

However, for some purchases, Openpay may charge a processing or establishment fee. Processing fees are small charges of a few dollars, and are applicable to each repayment. Whether or not you will need to pay this fee will depend on the merchant you are purchasing from.

Establishment fees could apply to Openpay’s ‘Open Plus’ plans for larger purchases. All fees and charges should be disclosed at the point of purchase, so there should be no nasty surprises once you have committed to a repayment plan.

Like other platforms of this type, Openpay also charges late fees for missed repayments. Keep an eye on the upcoming payment email reminders Openpay will send, as these will detail the late fees you will incur for missing a payment.

Should I use Openpay?

If you have a big purchase coming up and want a manageable repayment plan, without incurring any interest, Openpay could be a great option for you.

On the other hand, if you’re prone to impulse shopping, or struggle to pay off your credit card every month, Openpay could make this process even more difficult for you.

Like all financial products, Openpay has both its pros and cons, and you should consider how it will affect your spending and saving habits before signing up.

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Learn more about bank accounts

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.

Opening a bank account for someone under 18

Do I need to open a business bank account?

Just because you’re in business doesn’t necessarily mean you need a business bank account. You could be a sole trader not registered for GST, and use your personal bank account for business.

If you do want a business account, there are plenty of benefits attached to business transaction and savings accounts, as well as business term deposits.

There are business bank accounts designed for businesses with a high volume of transactions, and those for start-ups with a small amount of trade. You could also include an EFTPOS service with your account.

Some business bank accounts charge for the number of transactions per month, while others offer a pay-as-you-go fee structure, where you only pay fees for transactions you make.

It’s up to you whether your priority is mainly transactions, or earning the maximum amount of interest on your principal. There’s a business banking solution for you if you need one.

Can I find my bank account number online?

Yes, you can find your bank account number by logging into your online banking and clicking on the relevant account.

How do you set up a bank account online?

Once you’ve compared bank accounts and found the right one, the process of opening a bank account online is quite simple and can be done in around 10 minutes.

To set up a bank account online, you’ll need to prove your identity and provide an approved form of ID as well as your tax file number (TFN).

If you’re a new customer of the bank, you’ll need to verify your identity and potentially upload documents before you can complete your online application.

Once your ID has been verified and you’ve set up your bank account online, you should receive your bank cards in the mail along with your PIN and any other account details.

How can I close a Commonwealth Bank account?

You can close your Commonwealth Bank account at any branch, provided you have appropriate identification. You can also close your account over the phone, by calling 132 221, 24 hours a day.

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.

How do I close my bank account online?

You can usually easily open a bank account online, but you often can’t close it online.

Many banks and credit unions will only let you close an account if you go into a branch or call them on the phone.

However, some banks will let you request to close the account via your internet banking. Check your financial provider’s website for details.

Just remember: If you still have funds in the bank account, transfer them to another account, or withdraw the cash. Also, if you have any payments like direct debits going in or out of the bank account, these will also stop when you close your account.

What do I need to open bank accounts online?

Opening a bank account online is a simple process and only takes between five to 10 minutes to complete. To get started you will need a computer or smartphone with internet access.

Information to have available when you’re ready to apply is:

  • Identification (such as driver’s licence, birth certificate, passport, proof-of-age card)
  • Tax file number
  • Residential address, email and a contact number

In some cases, you might be asked to provide employment details. If you’re not able to verify your identity online, most financial institutions let you provide this in the branch at a later date.

There are some types of bank account that you can apply for only in a branch. However, most bank accounts can be applied for conveniently online.

How do I overdraw my Commonwealth Bank account?

Overdrawing a bank account can happen by accident. It’s often hard to know what your balance is, particularly with direct debits, scheduled repayments and pending transactions competing for cash.

To avoid being stuck with a bank fee every time your account is overdrawn, you can apply for a personal overdraft. This will enable you to overdraw your account up to an approved amount.

A personal overdraft is connected to your CommBank Everyday Account, so you can enjoy easy access to extra funds once approved – anywhere from $100 up to $20,000.

Your overdraft funds can be accessed via your CommBank keycard or Debit MasterCard, or online through NetBank and the CommBank app.

To apply you can either call the Commonwealth Bank directly or visit your local branch.

How do you deposit change into your bank account?

One way to deposit change into your bank account is to visit a branch. Many lenders will also allow you to deposit your change through one of their ATMs.

Can you open a bank account at 16?

Yes, you can open a bank account at 16, or even younger. If you’re 13 or under, you will probably need a parent to accompany you to a branch.

How do you find a bank account number by name?

For privacy reasons, Australian banks won’t hand out account numbers or other details about their customers. However, if you provide a bank with a BSB and account number, they should be able to confirm if those numbers belong to one of their customers.

How do you change your account name on NAB banking?

Changing the name on your NAB bank account is straightforward, as long as you have the right documents.

If you’ve just got married, divorced or legally changed your name, here’s what you need:

  • Married – a marriage certificate
  • Divorced –your ‘decree nisi’
  • Legal name change –your legal name change certificate

You can take either the original document, or a certified copy, into a NAB branch, where it needs to be sighted by a bank employee and a copy taken.

Your NAB bank account name will be updated immediately. New debit, ATM and credit cards with your updated name will also need to be issued. These usually take between five to 10 working days to be posted out to you. Your existing cards will keep working until you activate your new ones.

If you haven’t legally changed your name, but just want to change your account nicknames, you can log onto NAB and do it through the Settings/Mailbox menu.