Pelikin is an innovative digital banking platform and mobile app that aims to revolutionize the way people manage their finances, especially while traveling internationally. With a suite of unique features, Pelikin offers a fresh approach to banking for globetrotters. In this article, we will delve into the pros and cons of Pelikin, providing readers with valuable insights to make an informed decision about utilizing this digital banking solution.
Pros of Pelikin
There are a few features that make Pelikin useful for people travelling abroad, above and beyond other banking products
Travel-Focused Features
Pelikin is designed with travelers in mind, offering a range of features tailored to enhance the travel experience. Users can create "Pockets" for different currencies, allowing them to lock in exchange rates and spend money abroad without incurring hefty currency conversion fees. This feature can help travelers budget effectively and save money on overseas transactions.
Multi-Currency Wallet
The platform's multi-currency wallet enables users to hold and manage multiple currencies in a single account. This versatility is particularly beneficial for frequent travelers or those visiting countries with different currencies. The ability to transfer and convert funds between currencies conveniently empowers users to avoid traditional bank fees and exchange rate mark-ups.
Prepaid Visa Card
Pelikin provides users with a prepaid Visa card that is linked to their account. The card can be used for purchases and withdrawals at international ATMs, providing a secure and convenient payment method during travels. Since it is a prepaid card, it eliminates the risk of overspending and allows users to manage their expenses effectively.
Budgeting and Expense Tracking
The app's budgeting and expense tracking features allow users to monitor their spending habits and set financial goals. By categorizing expenses and receiving real-time notifications, travelers can maintain control over their finances, ensuring they stay within their budgets while exploring new destinations.
Social Payments and Group Expenses
Pelikin's unique social payments feature allows users to split expenses with friends and family, making group travel arrangements more manageable. Users can track shared expenses in real-time, simplifying the process of settling group bills without the hassle of exchanging cash.
Pelikin Cashback Amount
Pelikin offers a 2% Cashback on overseas transactions on food, drink and transport. I don't know about you, but that's most of my holiday expenses! This could come in handy, although $2 back for every $100 spent isn't exactly huge.
Cons of Pelikin
Sounds pretty useful right? So what is the catch? here are some downsides of the Pelikin platform.
Limited Availability
As of now, Pelikin is primarily targeted at Australian users, and its services may not be accessible to individuals outside of Australia. This geographical restriction could be a significant drawback for international travelers looking for similar banking solutions in their respective countries.
Foreign Transaction Fees
While Pelikin offers competitive exchange rates and avoids currency conversion fees, it may still impose foreign transaction fees for some purchases or withdrawals made abroad. These fees can vary depending on the location and nature of the transaction, potentially adding to the overall cost for users.
Relatively New Service
As a relatively new player in the digital banking industry, Pelikin may not have the same level of brand recognition and trust as more established banks or financial institutions. Some users might prefer to opt for better-known platforms with a longer track record and established customer base.
Customer Support
Customer support may be an area where Pelikin needs improvement. As with any digital banking service, users may encounter issues or have questions that require prompt assistance. Ensuring reliable and responsive customer support is crucial for building trust and maintaining customer satisfaction.
Pelikin FAQs
Is my money safe with Pelikin?
Pelikin employs robust security measures to protect users' financial information. The app uses encryption protocols to secure data transmission, and the prepaid Visa card is protected by chip and PIN technology.
Can I use Pelikin for online purchases?
Yes, you can use your Pelikin card for online purchases, just like any other Visa card. Ensure that the online merchant accepts Visa payments.
How do I load money into my Pelikin account?
You can load money into your Pelikin account by linking a bank account and transferring funds. Additionally, you can use the "Top-Up" feature to add money from a linked debit or credit card.
Does Pelikin charge foreign transaction fees?
There is currently a 4% foreign exchange/cross currency conversion fee, as well as a fee for ATM withdrawals ($4 domestically in Australia, $5 internationally). There may be additional fees charged by local ATM operators or merchants.
The Bottom Line
Pelikin offers a range of travel-focused features and benefits for users seeking an innovative banking solution while exploring the world. From its multi-currency wallet to social payments and expense tracking, the platform provides a comprehensive package to enhance the travel experience. However, it's essential to consider the platform's limitations, such as its limited availability, potential foreign transaction fees, and being a relatively new service. By weighing the pros and cons, users can determine if Pelikin aligns with their travel and banking needs. As the platform continues to grow and evolve, it has the potential to become a more prominent player in the digital banking landscape for international travelers.
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