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HiveSpend.com cryptocurrency bill payment platform – June 2018 review

Find out how to pay any BPAY bill in Australia using cryptocurrency.

HiveSpend.com is a bill payment service designed to help cryptocurrency holders spend their digital coins and tokens in the real world. This online platform allows you to pay any Australian bill that offers BPAY as a payment option with bitcoin, Ether or three other leading digital currencies.

So, how does HiveSpend.com work and what are the ins and outs of this crypto bill payment service? We’ve put together this detailed review to help you find out.

HiveEx.com and finder.com.au are members of the Hive Empire group of companies.

Product Name HiveSpend.com Cryptocurrency Bill Payment Platform
Fiat Currencies -
Cryptocurrencies BTC, BCH, ETH, LTC, XRP
Deposit Methods BPAY, Cryptocurrency
Trading Fee 3-5% spread for transactions
Deposit Fees Not applicable
Withdrawal Fees Not applicable

Pros

  • Lets you pay any BPAY bill in Australia
  • Lets you use your crypto coins and tokens in the real world
  • Supports five popular cryptocurrencies
  • Offers a simple sign-up process and is easy to use
  • No extra fees on the price you’re quoted
  • Backed by one of Australia’s largest OTC trading desks, HiveEx.com, and by leading global comparison site finder.com

Cons

  • A spread of 3-5% applies on top of the exchange rate
  • Limited to processing up to $1,000 per transaction
  • Only available using BPAY in Australia
Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

What is HiveSpend.com?

HiveSpend.com is an online bill payment service that allows you to pay Australian bills using cryptocurrency. From credit card and phone bills to electricity, gym memberships, rent payments and more – if it offers BPAY as a payment method, you can pay it with cryptocurrency through HiveSpend.com.

HiveSpend.com is owned by the co-founders of finder.com.au and finder.com, Fred Schebesta and Frank Restuccia. Backed by the HiveEx.com OTC cryptocurrency brokerage, it is a subsidiary of Hive Empire Ventures Pty Ltd.

How does it work?

To pay a bill with HiveSpend.com, you’ll first need to sign up for an account, which includes providing your name, contact details and proof of ID. The whole process usually takes a couple of minutes to complete.

Once your account has been verified, you’ll need to provide the following:

  • The bill amount
  • The cryptocurrency you’d like to pay with
  • Your BPAY biller code and reference number
  • Your cryptocurrency payment

What are the rates and fees?

There are two expenses you need to be aware of when paying a bill using HiveSpend.com:

  • The exchange rate. This rate is calculated by averaging out the live rate across major Australian cryptocurrency exchanges.
  • The spread. A spread of 3-5% applies on top of the exchange rate. This spread varies based on market volatility.

However, HiveSpend.com promises that the price you’re quoted on screen is the price you’ll pay and that there are no extra hidden charges.

What cryptocurrencies does HiveSpend.com accept?

HiveSpend.com allows you to pay bills with five digital currencies:

  • Bitcoin (BTC)
  • Bitcoin Cash (BCH)
  • Ethereum (ETH)
  • Litecoin (LTC)
  • Ripple (XRP)

What are the transfer times?

HiveSpend.com will need to receive six blockchain confirmations of your cryptocurrency transaction before your payment can be processed. Once these confirmations have been received, your BPAY bill payment will be processed within 12 hours, often sooner, and you’ll be sent a confirmation email.

All transactions received between 9am and 5pm AEST are processed the same day, with usual BPAY payment times applying after that.

Transaction limits

Due to regulatory requirements, the maximum amount HiveSpend.com can process per transaction is $1,000. This means that if you have a bill worth more than $1,000, you’ll need to split it up into separate transactions.

For example, if your credit card bill is $2,780, you would need to pay it with two transactions of $1,000 and a third payment of $780.

Is HiveSpend.com safe to use?

HiveSpend.com complies with strict anti-money laundering rules and as a result, you’ll need to verify your identity before you can pay any bills through the service. Your identity will be confirmed using electronic verification service greenID. The process is usually completed within a couple of minutes and only needs to be done the first time you use HiveSpend.com.

HiveSpend.com is part of HiveEx.com, a global OTC cryptocurrency brokerage that specialises in high-volume trades, and is registered with Australia’s financial intelligence agency, AUSTRAC.

Customer service and contact

  • Address: Level 10, 99 York Street, Sydney NSW
  • Email: hello@hiveempire.com
  • Twitter: @hiveex
  • Chat support is also offered through the HiveSpend.com website.

Pros and Cons

Pros

  • Lets you pay any BPAY bill in Australia
  • Lets you use your crypto coins and tokens in the real world
  • Supports five popular cryptocurrencies
  • Offers a simple sign-up process and is easy to use
  • No extra fees on the price you’re quoted
  • Backed by one of Australia’s largest OTC trading desks, HiveEx.com, and by leading global comparison site finder.com

Cons

  • A spread of 3-5% applies on top of the exchange rate
  • Limited to processing up to $1,000 per transaction
  • Only available using BPAY in Australia

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