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  • Writer's pictureDonnelle Brooks

Everything you need to know about Beem It

What is Beem It?

The Beem It app streamlines the handling and balancing of expenses in any group. We consistently keep track of the ongoing total and calculate each person's portion, enabling you to settle the tab when it suits you, whether you prefer using the app or traditional cash. It is an Australian app that allows people to share expenses.

In addition to the seamless money transfers, Beem It offers a range of noteworthy features designed to enhance your financial interactions. These include the ability to send payment requests and automated reminders, all aimed at eliminating those uncomfortable money-related conversations and the need for IOUs.

Additionally, Beem It simplifies tracking and splitting expenses within a group of individuals. This feature comes in handy for sharing costs on holidays, dividing bills among housemates or partners, and it also supports BPAY. This means one person can pay bills like electricity through BPAY and then effortlessly request payments from their fellow housemates directly within the app.

For those managing multiple bank accounts, Beem It facilitates real-time money transfers between up to five debit cards, allowing daily transfers of up to $2,000.

Beem It has further expanded its offerings with the introduction of Beem Rewards, enabling users to earn cashback when shopping with partner retailers, such as The Iconic. The accumulated 'Beembucks' can be conveniently cashed out to your designated debit card.

Additionally, the app provides a convenient space to store your loyalty cards and offers the ability to purchase and send digital gift cards, all in one user-friendly platform.

How Does Beem It Work?

Beem It is your go-to free instant payment app. With Beem It, you have the power to make payments, request funds, transfer money, and even split bills effortlessly. What sets Beem It apart is its lightning-fast money transfers, which take only seconds to complete, irrespective of your bank.

By typing in a user's name, you can locate and pay friends and family, eliminating the hassle of needing BSB and account numbers. Beem It is readily available for download on both the App Store and Google Play Store. You can easily link your account to a debit or credit card, though please note that interbank transfers and payments can only be made with a debit card.

How To Set Up Instant Payments On Beem It

There are two options for making payments with Beem It:

1. Using Your Contacts or Beem Username

- Simply tap on "Pay," enter the amount, recipient, and purpose.

- Swipe right to complete the transaction effortlessly.

2. Using a QR Code

- Scan the user's QR code.

- Enter the amount and specify the purpose.

- Swipe right to swiftly finalize the payment.

Beem It Fees

Beem is available for download and use at absolutely no cost. However, please consider checking with your bank to inquire about any potential transaction fees associated with your bank account, even though they are seldom encountered.

How Does Beem It Make Money?

At present, Beem It generates revenue through referral fees. These fees are earned by the company whenever a user makes a purchase at one of its affiliated cashback partner stores.

Can I Log Into Beem It Without a Phone?

Yes, you can log into your Beem It account via the Beem Web page. The link to login is available here.

Who Owns Beem It?

Beem It is owned by Australian payments provider, Eftpos, which acquired the platform in November 2020. The specific purchase price was not disclosed at that time.

Prior to this acquisition, Beem It was supported by a consortium of Australian banks, including the Commonwealth Bank, NAB, and Westpac. These three banks collectively held approximately 83 percent of the business, as stated in the lawsuit filed by its former CEO.

EFTPOS, short for 'electronic funds transfer at point of sale,' is a technology introduced in 1984. It marked a significant milestone as it allowed Australians to make in-store payments using debit or credit cards for the first time.

Is Beem It Safe?

Yes, Beem It is safe to use as safe as using EFTPOS. Beem It takes security seriously, using encryption to protect sensitive information such as your card details, making it inaccessible to unauthorized individuals. The platform also employs transaction authentication and real-time fraud monitoring to enhance your safety.

It's essential to prioritize your personal security, and Beem It emphasizes the importance of only sending money to individuals you personally know and trust. Additionally, remember that Beem It payments are instant, and once sent, they cannot be reversed.

Is Beem It Anonymous?

Whilst Beem It is not anonymous, it can be used to mask what a bank transfer is for. The app mandates an Australian bank account and a driver's license to set up a profile. However, it maintains user privacy by not revealing the purpose of the transaction. For this reason, The Scarlet Alliance, the national union for sex workers, describes Beem It as the fastest and most discreet payment option for both escorts and clients.

It provides a safe and secure way to transfer money, while ensuring that it does not disclose a user's profession as a sex worker to their bank.

Can Beem It Be Used Internationally?

No, the Beem It app does not support international money transfers involving different currencies and currency conversion. It remains exclusively for use among active Beem It users and facilitates money transfers solely in Australian dollars, even when used abroad. You need to be in Australia to download the app. However, if two active Beem It users are overseas together, they can still transfer money between them in AUD.

Beem It Review: The Bottom Line

In conclusion, Beem It stands as a reliable and secure solution for seamless money transfers and expense sharing among users. With its user-friendly interface and commitment to safety through encryption and authentication, Beem It not only simplifies the process of sending money but also ensures that users can confidently split payments and expenses with ease. Whether you're dining out with friends or splitting household bills, Beem It offers a convenient platform for users to manage their finances efficiently and securely.

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