Hay Account: Digital transaction account and card

Last updated: Aug 24, 2020

A fee-free digital transaction account and card with no international transaction fees and free overseas ATM withdrawals.

The Hay Account is a 100% digital transaction account that's managed entirely via the Hay mobile app. It comes with a Visa card, and is designed to help you budget and save money when travelling and when at home.

When you're overseas, the Hay app will automatically show you your daily spending and account balance in the local currency instead of AUD, so it's easier to understand. It'll also group every transaction into a spending category so you can get a clear picture of where your money is going.

The Hay card charges no international transaction fees and uses the Visa currency exchange rate. You can also withdraw up to $500 a month at overseas ATMs for free.

Account keeping fee

ATM withdrawal fee

Overseas ATM withdrawal fee

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Details

Product Name	Hay Account
Monthly account fee	$0
Card access	Visa
ATM Withdrawal Fee	$0
International transaction fee	0%
Monthly deposit required to waive account fee	N/A
Contactless payments	N/A

Minimum Age	16
Joint account availability	No
Minimum opening deposit	N/A
Residency status	Permanent Australian residents with an Australian address

Pros

No international transaction fees
Withdraw up to $500 a month at overseas ATMs for free
Hay app shows your spending in the local currency
No account keeping fees

Cons

This is not a bank account
Your deposit isn't protected under the Australian Government Guarantee Scheme

Expert review

Review by

Alison Banney

alison.banney@finder.com

Alison Banney is the banking and investments editor at Finder. She has written about finance for over six years with her work featured on sites including Yahoo Finance, Money Magazine and Dynamic Business.

Expert review

The Hay Account is a completely digital transaction account that operates entirely via the mobile app. The account comes with a Hay Visa Card which you can load money onto and use all over the world.

You can join the waitlist for the account by downloading the app and entering in a few basic details. Something that’s really cool about this waitlist is that the first 10,000 people to join will be considered founders. As a founder, you’ll get your own limited-edition founders card and various account perks for life. This is really unique for a banking product, as you don’t often get rewarded for being a long-term customer.

You can use this account as your day-to-day spending account in Australia, and it also makes for a good travel money option when you’re overseas. It charges no international transaction fees and you can withdraw up to $500 from overseas ATMs for free each month. If you mainly pay for things via card, this should be plenty. But if you often withdraw large amounts of cash overseas, keep in mind you will be charged 1.5% for any amount you withdraw over $500 in the month.

One important thing to note about this account is that it's not a bank account, and the card is not a debit card. So unlike other Australian banks, your deposit with Hay isn't protected under the Government Guarantee Scheme. This could be something to consider before you deposit large amounts of cash into the account.

Key features

Digital transaction account

The Hay Account is a digital transaction account designed for day-to-day spending and to help you track your budget. You can transfer money to your Hay Account like you would any other bank account using your BSB and Account Number. However, the Hay Account is not a bank account.

Prepaid Hay Card

The Hay Account comes with a prepaid Visa card. As the Hay Account is not a bank account, the card is a prepaid Visa card not a debit card. You can still use the card anywhere Visa is accepted all around the world.

First 10,000 customers will be 'founders'

The First 10,000 customers to join Hay will be classed as founders for life, and enjoy a range of special account perks and features. Founders will also receive an exclusive, limited edition founders card.

No account keeping fees

The Hay Account charges no monthly or annual account fees.

No international transaction fees

Hay charges no international transaction fees when using the card overseas or online from overseas retailers, and there's no conditions to meet to avoid these fees.

Free overseas ATM withdrawals

You can withdraw up to $500 a month at overseas ATMs with no Hay charges. However the local ATM operator may charge its own fee. If you need to withdraw more than $500 a month while you're travelling, you'll be charged a fee of 1.5% on the withdrawal amount above $500.

Visa exchange rates

When using your card in different countries Hay will convert your money using the current Visa exchange rate. There's no exchange fees.

Hay app helps you budget at home and when travelling

The Hay app will track your spending and account balance in the local currency you're in automatically. For example if you're in France, your Hay Account balance will appear in Euros instead of AUD. It'll also group your transactions into different categories for you, so you can see how much you're spending on certain things (e.g. eating out). This can really help you stick to your budget both at home and overseas.

Not covered under the Government Guarantee Scheme

The Hay Account is not a bank account and the Hay Card is not a debit card. Therefore, the money you deposit into your Hay Account isn't covered under the Australian Government Guarantee Scheme like it is with a bank account.

How to get a Hay Account

You can get a Hay Account and card by downloading the app on either Google Play or the App Store for free. You'll be asked to give your phone number and join the waitlist.

Eligibility

Residency. You must be an Australian resident with a residential address.
Age. You must be over 16 years old.

What happens after I submit my details?

If you're among the first 10,000 people to download the app and sign up, you'll be a 'founder'. You'll be invited to open your account when it's ready to use, and you'll receive your exclusive founder's card in the mail. If you're not one of the first 10,000, you'll be invited to open an account when you've reached the top of the wait list.

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Hay Account: Digital transaction account and card