What is Openpay?

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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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 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.

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.

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 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)

Can I have a PayPal account without a bank account?

You don’t need a bank account to send or receive money through PayPal. However, you do need a bank account if you want to withdraw money from your PayPal account.

Can foreigners open bank accounts in Australia?

Many Australian lenders allow foreigners to open bank accounts in Australia. Often, this can be done before you arrive in the country – with no Australian address required. When you get to Australia, you can pick up your debit card, using your passport as identification.

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.

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.

How can I check my bank account balance online?

Checking your bank account balance online is a simple process. Once you’ve logged in to your online banking, clock on the relevant account and the balance should be visible.

Can I close a bank account with pending transactions?

You can close a bank account with pending transactions. But after the account is closed, any incoming transactions will be declined by your (old) bank.

The best way to ensure this doesn’t occur is to either wait to close your account until all pending transactions are complete, or contact the creditor and supply them with alternate bank details.

If you’re unsure whether you have any scheduled transactions, you can speak to a banking representative over the phone or via online support.

In most cases, your bank withholds the amount owing for pending transactions (such as online purchases).

Because the pending amount is deducted from your bank balance, you can close your bank account and the purchase will be honoured.

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 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.

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.