Beem It – $5 for Opening an Account – Splitwise/PayID Alternative, Sort Of..

Beem It – $5 for Opening an Account – Splitwise/PayID Alternative

Last Updated:

  • 24 September 2019 – Referral code updated
  • 8 November 2018 – This referral now purely just requires a code and does not require me to send any money. I have also updated the sign-up process. The referral code is: 6XWRT2

Disclaimer – This deal contains a referral. You and I will both get $5 when you use my referral. The referral code is: 6XWRT2

Sign-Up Process, as at 8 Nov 2018

  • Enter your email address, and then select a password
  • Verify your email address by clicking on the link, then go back to the Beem It app on your phone and click “I have verified my email”
  • Pick a “username”/alias
  • Enter your mobile number, verify using the OTP
  • Set a PIN number
  • You’ll then need to verify your identity. Easiest would probably be driver licence (other options are passport/medicare card)
  • Add a debit card, verify debit card by entering pre-authorisation amounts (you will need $2+ in your account)
    • Side tip: It does not have to be in your name. You just need the actual card details. You will however, need access, to online banking to see what the pre-authorisation amounts are.
  • Add the referral code (tap the “person” icon in the top right corner, then “Redeem Code”): 6XWRT2
  • After entering, if successful, it will say, “$5 has been paid instantly into your bank account!” Done. You and I both get $5!

What is Beem It?

A while ago I posted above Splitwise. Beem It reminds of Splitwise in a way, but with integration to your bank account. It sounds better when I put it this way, but it’s not quite a like-for-like replacement. I view Splitwise as more of a way to track expenses shared between friends.

Beem It, is probably more similar to the relatively new PayID concept in Australia. PayID, for those that are not aware, is supposed to be an alternative (replacement?) to BSB and Account Numbers when it comes to paying people for whatever.

Advantages of PayID over BSB/Account Number:

  • PayID is often easier to remember – often a mobile number, email address or ABN, which is specifically linked to a nominated bank account
  • PayID is instant, including for inter-bank transfers (for amounts less than $100)

Disadvantages of PayID relative to BSB/Account Number:

  • Not all banks/financial institutions are registered for PayID
  • PayID only works for smaller amounts below $100

The first point under “disadvantages” above is actually where an app like Beem It comes in.

Beem It is like PayID in that it allows for instant payments between users. I can think of 2 significant advantages of Beem It over PayID:

  • Beem It can be used by any eligible user with an Australian debit card
  • Beem It does not have a $100 limit for instant transfers, unlike PayID
    • There is however, a daily limit of $500
    • The “limit” is otherwise the balance you are holding in your Debit Card

Have you guys got any comments about Beem It? Is there any content you’d like me to cover?

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