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  • Writer's pictureDonnelle Brooks

Is the Bano App worth it?

What is the Bano app?

Bano, a cutting-edge "super app" developed in Australia, redefines money management and payment processing for a seamless financial experience. Unlock a suite of financial services through Bano, including multi-currency accounts, international money transfers, bill splitting, and a customizable Visa card, among other features.

The Bano app stands out with its diverse offerings, presenting users with weekly promotions and cashback opportunities. While certain fees may apply, comprehensive details can be found on the official website.

How does the Bano app work?

With so many banking options out there, why would you choose to bank with Bano?

1. Visa Card

Enjoy the perks of Bano's Visa prepaid card, seamlessly linked to your account and accessible online, via mobile wallet, or as a physical card. Customize your physical card through in-app personalization and earn up to 1.8% cashback on purchases, with terms and conditions applying. Minimal fees, such as a $20 replacement fee and modest ATM withdrawal fees ($3 domestic/$5 international), accompany this feature.

2. Bill Splitting

Bano simplifies bill-splitting, allowing users to send and receive money within the app. Take advantage of a promotion offering up to 20% cashback on bills split through the Bano app, provided all participants settle their dues using the same platform. The cashback percentage is randomized, ranging from 0-20%.

3. Multiple Currency Accounts

With support for up to 37 currencies, including major ones like AUD, GBP, USD, and EUR, Bano facilitates multi-currency accounts—ideal for travelers. Enjoy fee-free currency exchanges within the app, utilizing only the prevailing exchange rate. Bano's global connectivity to banks in 180 countries ensures effortless international money transfers.

Is Bano a Bank?

Bano is not a bank in the traditional sense. It allows you to manage your money and make payments. You can use it the same as a digital bank, but it doesn't have physical locations to make cash deposits like a bank does. Its own website says it is not a bank or deposit taking institution.

Does Bano do loans?

Bano is not a lender, Bano may not suit those seeking credit cards or loan products. Be mindful of withdrawal, SWIFT transfer, and USD account-holding fees, detailed on the official website. However, if you desire an all-in-one app for everyday banking needs, Bano stands out as a compelling option.

Does Bano pay interest?

Positive account balances attract a 2% interest rate (subject to change), and enticing cashback rewards make Bano a rewarding choice for daily spending and bill-splitting. With the added advantage of managing multiple currencies, Bano emerges as an excellent solution for frequent travelers.

Bano Fees

Here's a simplified breakdown of Bano's fees and charges:

Account Fees

  • Account Opening Processing Fee: 150 AUD for AUD Account, 500 USD for USD Account

  • Account Activation Minimum Deposit: 700 AUD for AUD Account

  • Monthly Maintenance Fee: 15 AUD for AUD Account, 25 USD for USD Account


  • Bano Internal Transfer: FREE

  • Transfer to Other Bano Accounts: Not Applicable

  • BSB Transfer (within Australia): FREE for both sending and receiving

SWIFT Transfer:

  • Incoming SWIFT to USD Account: 10 USD per transaction

  • Outgoing SWIFT from USD Account: 40 USD per transaction

  • Investigation of Sent SWIFT Transfer: 25 USD per transaction

  • Transfer Dispute: 20 USD per transaction

Bano Physical Visa Card:

  • First Order: FREE

  • Additional cards for family members: FREE

  • Replacement Order (for lost or replacement cards): 20 AUD per card

Visa Card Mailing:

  • Local: FREE

  • International: Actual costs apply

Card ATM Withdrawal:

  • Local: 3 AUD per withdrawal

  • International: 5 AUD per withdrawal

Note: Bano Visa card applications are currently only open to Australian users.

Bano has a very expensive account opening and maintenance fee. It is only worthwhile for people doing lots of international transfers, and even then, there are solutions like Airwallex that are far cheaper.

Bano cashback offers

Bano's cashback offer of 1.8% on every transaction is certainly enticing, promising returns with each purchase. However, it's essential to consider the context of associated fees. With an account opening fee of $150 and a monthly maintenance fee of $15, users must assess the transaction volume needed to outweigh these costs. For instance, to break even on the account opening fee alone, one would need to make transactions totaling $8,333.33 (calculated as $150 / 1.8%). Similarly, to offset the monthly maintenance fee, approximately $833.33 (calculated as $15 / 1.8%) worth of transactions would be necessary each month. Thus, while Bano's cashback offer presents an appealing opportunity for savings, users should evaluate their spending habits to ensure it aligns with their financial goals and justifies the associated fees.

Is the Bano app worth it: The Bottom Line

In conclusion, Bano presents a compelling proposition with its 1.8% cashback offer on every transaction. However, whether it's worth it depends on individual circumstances. The account opening fee of $150 and the monthly maintenance fee of $15 need to be weighed against the potential cashback earnings. Users who anticipate substantial transaction volumes can benefit greatly from Bano's cashback offer, potentially offsetting the fees and even yielding significant savings. Conversely, for individuals with lower spending habits, the account fees might outweigh the benefits of the cashback offer. Therefore, determining the worthiness of Bano ultimately boils down to an individual's spending patterns and financial objectives. Prospective users should carefully assess their needs and compare them with Bano's offerings to make an informed decision.

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