What is a Swag Spend Account? FAQ | Money

What happened to the Hero Wallet?
If you have an existing Hero Wallet account, it will still work as normal. It will be re-named to Swag Spend account.
Will my Hero Wallet Visa debit card still work?
Yes, your current Hero Wallet Visa Debit card will still work as usual after the Swag re-brand.
What is a Swag Spend Account?

The Swag Spend Account is a feature within Swag that enables employees to manage their money at no additional cost.

The Swag Spend Account also includes a Visa debit card that is linked to your Swag Spend Account digital transaction account, and can be used with Apple Pay and Google Pay. 

Costs may be associated with using the Swag Spend Account Visa debit card and InstaPay.

Get started with your Swag Spend Account.

Who can open a Swag Spend Account?
An Australian resident who is 16 years or over. A resident is considered someone who can stay in Australia as a citizen or permanent resident.

Helpful Hint

You can use a passport that has been expired for 3 years or less, and you can also use an expired driver's licence as a valid identity document, except for expired Tasmanian licences. You can use expired WA licences for 6 months after expiry.

What are the benefits of using the Swag Spend Account?
  • Access your pay before payday with InstaPay.
  • Pay a lower fee of $3 to use InstaPay if you have a the Swag Spend Account.
  • Save up to 4.5% by unlocking discounted gift cards in the Swag Discounts store and access exclusive cashback offers with Swag Benefits.
  • Divert payday funds straight into your the Swag Spend Account directly from payroll with Pay Split.
What is the InstaPay feature and how do I use it?
InstaPay allows you to access your money as you earn it and make your money work for you and your needs. No more waiting for payday. InstaPay is available to employees of an organisation that uses a HRIS and Payroll Connection, and is accessed by employees via the Swag app only. Read more about InstaPay, and see if you are eligible.
What is the Pay Split feature and how do I use it?
Pay Split lets you choose where and how to split your salary. You can choose to process your payment into your Swag Spend Account or split your pay into multiple bank accounts.

Before choosing to split your salary, check with your payroll administrators to find out if they have a cut-off date for any salary payment changes. Read more about Pay Split.
How can I contact the Swag Spend Account help team?
You can contact the Swag Spend Account Help team via this link. 
What financial products do you offer?
Currently, we offer customers a Swag Spend Account digital transaction account that represents your available balance, but is not a bank account. We also offer a Visa debit card that is linked to your ‌Swag Spend Account digital transaction account.

Opening a Swag Spend Account

Why can I only verify my ID with an Australian drivers licence or Australian passport?

As the Swag Spend Account is a new product, we only accept Australian drivers licences and Australian passports. We will change as we further develop the product and we look forward to adding further identification types in the future.

What mobile devices are supported?
The latest Android and iOS versions are supported. 
Why do I not qualify for a Swag Spend account?
If you have been advised that you do not qualify for a the Swag Spend Account, there are a few reasons that this may occur.

You are not an Australian citizen or resident

At this stage, only an Australian citizen or permanent resident can create a Swag Spend Account. An Australian resident is considered as someone who can stay in Australia as a citizen or permanent resident.

You are not 16 or over

Swag Spend Account applicants need to be 16 years or older to be eligible for a Swag Spend Account.

Your address or passport details do not match

You need to input your full name (including initials if displayed on your identity document), address, date of birth and passport number exactly as they appear on your documents, as this is important for the verification process. If not input exactly, then your Swag Spend Account application will be rejected.

Be mindful of abbreviations (e.g. St. instead of street, Rd instead of road) as this is a common cause of our internal verification systems being unable to match your data, which will cause your application to fail.

If your ID has a middle name, ensure you write your middle name/s exactly as it appears on your ID. This might be just the middle initial, or all of your middle names. If this does not match your ID exactly, then our verification system will not be able to identify you, and your application will fail.

This process is also case-sensitive, so be sure to match the case exactly as appears on your ID.

Helpful Hint

You can use a passport that has been expired for 3 years or less, and you can also use an expired driver's licence as a valid identity document, except for expired Tasmanian licences. You can use expired WA licences for 6 months after expiry.

Can I use a PO box as an address?
No. Your address will need to match what is on your identity documents to be eligible for a the Swag Spend account. If you have a mailing address that you wish to add to your account, you will be able to do this later in the application process.
Why are my personal and identity details being checked?
Swag takes security very seriously, and our identity checks act as a safeguard against fraud. The identity and personal information that you provide to us is protected under the Privacy Act 1988.
How do I activate my Swag Spend Account Visa debit card?
To activate your card, please follow the steps below:
  1. In the Swag app, tap Money.
  2. Tap Card.
  3. Tap the Activate Card button.
  4. Confirm that you have received your card via mail.
When will my Swag Spend Account Visa debit card arrive?
We aim to get your Swag Spend Account Visa debit card delivered to your postal address via Australia Post within 7-10 business days. If your card does not arrive within this time frame, please contact the Swag Spend Account Help team via the app.
How do I add funds to my card?
To top up your account, please follow the steps below:
  1. In the Swag app, tap Money.
  2. Underneath your Swag Spend Account balance, you will see your BSB number and account number.
  3. Tap on the Share icon to share the BSB and account number to another device.
  4. Transfer funds from another bank account.
Swag supports instant payments, so if this is available through your other bank, the top-up will be instant. Please note some banks may not allow you to paste in your account details; in this case, you may need to enter your account details manually.

Managing your Swag Spend account

How do I send money from Swag Spend Account?
To send money to another bank account from your Swag Spend Account, follow the steps below:
  1. In the Swag Spend Account, tap Pay.
  2. Add the Account name, BSB and Account number, then tap Next.
  3. Add the Amount you want to send, the Description and the Reference, then Tap Next.
  4. Ensure that the details are correct, then tap Confirm.
  5. Payment sent will display to confirm that the payment was successful. Tap Done to return to the Swag Spend Account.
I have accidentally sent funds to the wrong person. What can I do?
Contact ‌the Swag Spend Account support team via this link. 
Why can I not send funds or make any transactions?
Contact ‌the Swag Spend Account support team via this link. 
How do I add another bank account to my Swag profile to Pay Split my salary into multiple accounts?
You can have your pay go into one bank account or multiple accounts. Currently, you cannot add another bank account to your Swag profile via the Swag app, so you will need to login to your employer's HRIS connection to add another bank account.
Can I use my Swag Spend Account Visa card with Apple Pay or Google Pay?
Yes, you sure can. Say hello to Apple Pay and Google Pay. Add your Swag Spend Account Visa debit card to Apple Pay or Google Pay in your Swag app or on your device in your digital wallet section:
  • Tap Account tab in the Swag app.
  • Tap Card.
  • Tap the Add card to Apple/Google Wallet button.
  • Follow the prompts to add the Swag Spend Account Visa debit card to your digital wallet.
If you experience any issues, you can contact support via the app.
Does my Swag app work on wearable devices?
At this time, the Swag app is only available on smartphones, and compatible Apple wearable devices, however, instant push notifications and payments can be accessed through Google Pay on compatible wearable devices.
Why has a transfer from another bank not appeared immediately?
Many financial institutions support NPP/OSKO payments, but speed is not always guaranteed as they rely on processing technology. Some banks choose to hold or downgrade NPP payments or send them via the slower Direct Entry payment channel. Because of their own internal rules they may have in place due to fraud and anti-money laundering monitoring, or sending to a new account.

If your funds do not arrive instantly, please wait for at least 24h. When the transfer is generated over the weekend, please wait until the end of the next business day for the funds to reach your account.
What if I decide I no longer want to split my salary?
If you decide that you no longer want to split your salary, simply head to your HRIS connection to make the change should you no longer wish to split your pay.

Important

Please note that it is not currently possible to stop an existing Pay Split from the Swag app. To delete any existing Pay Splits, you will need to go to your HRIS connection and log in to your profile.

For further details, see this article

Why was my payment to another bank not instant?
When you send payments from your Swag Spend Account transaction account to another bank, we will always attempt to send the funds via instant payment route/NPP. If the receiving financial institution or the bank account does not support receipt of instant/NPP payments, we will send funds via the Direct Entry payment channel which is slower.

Additionally, sometimes other financial institutions choose to hold received NPP payments due to their own internal rules related to fraud or anti-money laundering monitoring. Which means we do not have oversight of the dates or times for when the payments will arrive.
What are the limits on my Swag Spend account?
Feature Description Limit.
Max Account Balance

Maximum balance that you can hold in an account. $50,000 – At any time
Bank Transfer In

All channels that allow funds to be transferred to the user account (DE, NPP/Osko, Visa Direct). $25,000 in 24-hour period
Bank Transfer Out

All channels that allow funds to be transferred out of an account to another bank account (DE, NPP/Osko). $5,000 in 24-hour period
Max all EH card transactions daily Visa Out (incl. (Apple/ Google Pay) Total amount of payments that can be made using a card (all channels – present, not present, wallets). $10,000 daily (in line with Visa processing cut-off times)
Outgoing Direct Debits – OFI initiated.
Total amount of funds that you can withdraw from an account by Direct Debit. This is for cash going out of the account only $2,000 in 24-hour period
ATM Withdrawal
ATM cash withdrawal usage of card.
  • Domestic: $500 daily (in line with Visa processing cut-off times).
  • International: $500 per month fee-free.
Can I use my Swag Spend Visa debit card overseas?
You can use your Swag Spend Account Visa debit card all around the world where Visa card payments are accepted. Your Swag Spend account is fee-free for everything except overseas ATM withdrawals above $500 per month. Where you withdraw more than $500 in a month, a fee of 1.5% of the withdrawal amount in excess of the $500 applies. ATM operator fees may apply.
What if I want to close my Swag Spend account?
We understand saying goodbye is not easy and we are sorry if we did not meet your expectations. We would love to know how to improve our customer experience for the future. If you could include the reason for closing your Swag Spend account, we would greatly appreciate it.

Contact ‌the Swag Spend Account support team via this link. 

Please ensure that there are no pending payments and that all remaining funds are removed from the account before you request closure. We will then request the closure from the provider.

Important Product Information

What does it cost to use Swag Spend account?

Your Swag Spend account is fee-free for everything except overseas ATM withdrawals above $500 per month. Where you withdraw more than $500 in a month, a fee of 1.5% of the withdrawal amount in excess of the $500 applies. ATM operator fees may apply. On the rare occasion where there is an issue with a payment which we need to dispute, we may pass on a processing fee. Your first InstaPay withdrawal is free. After your first withdrawal, there is an InstaPay fee of $3 per withdrawal of your pay into your bank account from the 17th October 2022.

How safe is my money?
The Swag Spend account Card and Account is issued by Hay Limited ABN 34 629 037 403 (Hay). Hay has an Australian financial services licence (no. 515459) and adheres to strict standards set by regulators, the Australian Securities and Investments Commission (ASIC) and Australian Financial Complaints Authority (AFCA).

We safeguard all customer funds with National Australia Bank Limited and Cuscal Limited for Direct Entry, NPP and BPAY settlement. Heritage Bank Limited holds customer funds for Visa International Settlement purposes. It is important for you to know that Swag is not a bank and your the Swag Spend Account is not protected under the financial claims scheme.
Where can I find the Swag Spend account Product Disclosure Statement (PDS)?
The PDS is located here.
Where can I find the Swag Spend account Financial Services Guide (FDS)?
The FDS is located here.
Where can I find the Swag Spend account Terms & Conditions?
The Swag Spend Account terms & conditions are located here.
Where can I find the Benefits Terms & Conditions?
‌ Benefits terms & conditions are here.
How do I dispute a card transaction, mistaken payment or incorrect payment?
Where you think a transaction is an Unauthorised Transaction or is otherwise incorrect, please get in touch with us immediately via the Swag App and provide as much information as you can about the relevant transaction so we can investigate further.

There are specific circumstances and time frames where we can claim a refund in connection with a disputed transaction. This means that our ability to investigate a disputed transaction is limited to the time frames imposed by payment service providers and card schemes (like Visa) that we deal with, so it is important to let us know as soon as possible after you become aware of a disputed transaction.

If you have a problem with a purchase made with your Swag Spend Account Card or a disputed transaction, the first step is to get in touch with the merchant you made the purchase from.

If you cannot resolve the matter with the merchant, contact ‌the Swag Spend Account support team via this link. 

If you suspect that the security of your Swag Spend account and or the Swag Spend Account Card has been compromised, you may want to disable your Swag Spend Account and the Swag Spend account Visa debit card to avoid continued unauthorised use.
How do I make a complaint about the Swag Spend Account?
If you have a complaint or dispute about the Swag Spend Account or the financial services provided to you, please follow the below procedure:

Step 1

Contact ‌the Swag Spend Account support team via this link. 

Please provide a full explanation of your complaint. The Swag team may ask for further details from you about the complaint. The Swag team will seek to resolve the complaint immediately, or no later than five business days after receiving your complaint directly or from Swag.

Step 2

If you are not happy with the outcome, you may ask for a Hay’s customer advocate to review your complaint and Hay’s proposed resolutions. The customer advocate may contact you for more information. The customer advocate will contact you with their decision.
  • Phone: 1800 080 081
  • Email: complaints@hellohay.co
  • Mail: Hay, P.O. Box 772, Surry Hills, NSW 2010

Step 3

If you are still not satisfied with the decision, or Swag or Hay do not respond to you within 30 days after you make the initial complaint to Hay, you can contact Hay’s external dispute resolution provider, Australian Financial Complaints Authority (AFCA). AFCA’s details are:
  • Website: afca.org.au
  • Email: info@afca.org.au
  • Email: Phone: 1800 931 678
  • Mail: Australian Financial Complaints Authority, GPO, Box 3, Melbourne VIC 3001

Still need help? Request further assistance via the Swag app. 

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