Geekzone: technology news, blogs, forums
Guest
Welcome Guest.
You haven't logged in yet. If you don't have an account you can register now.




797 posts

Ultimate Geek
+1 received by user: 73

Trusted
Lifetime subscriber

Topic # 224022 29-Oct-2017 12:27
2 people support this post
Send private message

I like the idea of Open Banking to reduce bank fees when exchanging money. Revolut may be coming to NZ soon according to the stuff article https://www.stuff.co.nz/business/money/98222629/nz-prepares-to-join-the-open-banking-revolution I have signed up. Sounds like a great way to do currency conversions.





Oh no, not another end of the world prediction


Create new topic
280 posts

Ultimate Geek
+1 received by user: 45


  Reply # 1892110 29-Oct-2017 12:39
2 people support this post
Send private message

It doesn't explain how it saves you money when transferring funds though.

 

From what I can gather it just collates all your bank account details from various banks into one user interface so, for example, if you have accounts with kiwibank and anz then you wouldn't have to open their individual banking apps to see the balances.

 

I suppose you could have a high interest bearing account with Rabobank and your day to day account with Westpac and transfer the funds across when you need it but even with the intraday processing nowdays it's still not instant between banks.

 

 

 

 

 

 




797 posts

Ultimate Geek
+1 received by user: 73

Trusted
Lifetime subscriber

  Reply # 1892116 29-Oct-2017 12:53
One person supports this post
Send private message

I'm more interested in the foreign currency conversion cost savings than accessing all NZ bank accounts from one app but that will be useful too.





Oh no, not another end of the world prediction


 
 
 
 


Nate wants an iphone
3899 posts

Uber Geek
+1 received by user: 26

Mod Emeritus
Trusted
Lifetime subscriber

  Reply # 1892131 29-Oct-2017 14:32
One person supports this post
Send private message

After reading that article, I’m not too sure what they can offer that HSBC can’t. I already don’t pay ATM (free for any nz atm) fees and international access is pretty much free with the ability to open foreign accounts and transfer money between them without fees.

I also have a brilliant relationship manager who makes sure everything is taken care of... would not be willing to give that level of service up.




webhosting |New Zealand connectionsgeekzone IRC chat
Loose lips may sink ships - Be smart - Don't post internal/commercially sensitive or confidential information!


IcI

600 posts

Ultimate Geek
+1 received by user: 135

Trusted

Reply # 1892140 29-Oct-2017 14:49
One person supports this post
Send private message

cokemaster: After reading that article, I’m not too sure what they can offer that HSBC can’t. ...

 

Potentially a lower cost to entry? According to this "Everyday banking account" , and I quote, "Non-Premier customers require a minimum opening balance and ongoing balance of NZD50,000". Ouch!

 

 


Nate wants an iphone
3899 posts

Uber Geek
+1 received by user: 26

Mod Emeritus
Trusted
Lifetime subscriber

  Reply # 1892190 29-Oct-2017 17:30
Send private message

I forgot about that - with Premier you don’t need to worry about per account minimum balances but there are minimum banking requirements. I agree that it’s a premium solution. They tend to have better mortgage rates too.

With the main NZ banks - all of them offer free checking/online saving accounts and free EFTPOS/same bank ATM access. I guess my only bug bear is that I have 5x banking apps. It’s just a case of mixing and matching. If something offical came up that allowed me to have a single view - I’d probably use it but anything not approved by the banks is a step to far for me.




webhosting |New Zealand connectionsgeekzone IRC chat
Loose lips may sink ships - Be smart - Don't post internal/commercially sensitive or confidential information!


IcI

600 posts

Ultimate Geek
+1 received by user: 135

Trusted

Reply # 1892405 30-Oct-2017 09:11
Send private message

cokemaster: ... I guess my only bug bear is that I have 5x banking apps. It’s just a case of mixing and matching. If something official came up that allowed me to have a single view - I’d probably use it but anything not approved by the banks is a step to far for me.

 

Maybe we should try to convince www.pocketsmith.com, the budget rethinkers, to be even more involved in your finances & do a unified banking interface? money-mouth


178 posts

Master Geek
+1 received by user: 128


  Reply # 1892454 30-Oct-2017 10:03
Send private message

Revolut is massive in Europe. When I was living in Dublin anyone who regularly bought items online in Sterling or US Dollars used a Revolut card. The exchange rates offered always bettered either the merchants or your own bank. As per the article it could be as much as 3% savings is most instances.


1341 posts

Uber Geek
+1 received by user: 597


  Reply # 1892500 30-Oct-2017 11:15
Send private message

Aussie Government was meant to be doing a full blown investigation into their banking companies..but it doesnt seem to have come to much.


2158 posts

Uber Geek
+1 received by user: 1036


  Reply # 1892524 30-Oct-2017 11:51
Send private message

geek4me:

 

I like the idea of Open Banking to reduce bank fees when exchanging money. Revolut may be coming to NZ soon according to the stuff article https://www.stuff.co.nz/business/money/98222629/nz-prepares-to-join-the-open-banking-revolution I have signed up. Sounds like a great way to do currency conversions.

 

 

"... which isn't even a bank."

 

This is enough for me. If it doesn't have the same safeguards as a real bank, then it's not having my money.

 

 


194 posts

Master Geek
+1 received by user: 63


  Reply # 1892562 30-Oct-2017 12:44
2 people support this post
Send private message

 

 

Users will give Jude permission to access their banking details by effectively handing over their bank credentials, which is technically in breach of bank terms and conditions, something that has been happening in places like the US, where there is no regulated open banking regime.

 

"Yes, it's a breach of banks' terms and conditions, but banks don't really care," Lynch says.

 

If they do, there's precious little they can do about it.

 

 

What could possibly go wrong. 


1624 posts

Uber Geek
+1 received by user: 276

Trusted

  Reply # 1892623 30-Oct-2017 14:26
One person supports this post
Send private message

robcreid:

 

 

 

Users will give Jude permission to access their banking details by effectively handing over their bank credentials, which is technically in breach of bank terms and conditions, something that has been happening in places like the US, where there is no regulated open banking regime.

 

"Yes, it's a breach of banks' terms and conditions, but banks don't really care," Lynch says.

 

If they do, there's precious little they can do about it.

 

 

What could possibly go wrong. 

 

 

We already have Poli that has that kind of unauthorised bank access ?





My thoughts are no longer my own and is probably representative of our media-controlled government


Create new topic



Twitter »

Follow us to receive Twitter updates when new discussions are posted in our forums:



Follow us to receive Twitter updates when news items and blogs are posted in our frontpage:



Follow us to receive Twitter updates when tech item prices are listed in our price comparison site:





News »

Intel reimagines data centre storage with new 3D NAND SSDs
Posted 16-Feb-2018 15:21


Ground-breaking business programme begins in Hamilton
Posted 16-Feb-2018 10:18


Government to continue search for first Chief Technology Officer
Posted 12-Feb-2018 20:30


Time to take Apple’s iPad Pro seriously
Posted 12-Feb-2018 16:54


New Fujifilm X-A5 brings selfie features to mirrorless camera
Posted 9-Feb-2018 09:12


D-Link ANZ expands connected smart home with new HD Wi-Fi cameras
Posted 9-Feb-2018 09:01


Dragon Professional for Mac V6: Near perfect dictation
Posted 9-Feb-2018 08:26


OPPO announces R11s with claims to be the picture perfect smartphone
Posted 2-Feb-2018 13:28


Vocus Communications wins a place on the TaaS panel
Posted 26-Jan-2018 15:16


SwipedOn raises $1 million capital
Posted 26-Jan-2018 15:15


Slingshot offers unlimited gigabit fibre for under a ton
Posted 25-Jan-2018 13:51


Spark doubles down on wireless broadband
Posted 24-Jan-2018 15:44


New Zealand's IT industry in 2018 and beyond
Posted 22-Jan-2018 12:50


Introducing your new workplace headache: Gen Z
Posted 22-Jan-2018 12:45


Jucy set to introduce electric campervan fleet
Posted 22-Jan-2018 12:41



Geekzone Live »

Try automatic live updates from Geekzone directly in your browser, without refreshing the page, with Geekzone Live now.



Are you subscribed to our RSS feed? You can download the latest headlines and summaries from our stories directly to your computer or smartphone by using a feed reader.

Alternatively, you can receive a daily email with Geekzone updates.