Xinja bank is a 100% digital neobank based in Australia. In September 2019, Xinja was granted a full license as an ADI (Authorised Deposit-taking Institution), allowing it to act as a formal financial institution and accept deposits from the public. This license was granted by the Australian Prudential Regulatory Authority (APRA) and means that the Australian government guarantees deposits of up to $250,000 per person.
A Xinja bank account is available to Australians over the age of 14, and the digitization of the process makes opening one relatively quick, simple, and accessible. The first step to applying for an account is to download the Xinja app, available on the App Store or Google Play. The app will then prompt you to provide some personal details that will allow Xinja to verify your identity. Verification usually takes a matter of minutes before your account is open. The complete digitization of the process and the lack of paperwork means this is a much more convenient and easy way to open a bank account than traditional services.
The Xinja bank transaction account is available as a standard with no monthly fees, coming with a Visa or Mastercard sent to your chosen address. The account caters to banking without account or card fees, and no ATM fees or currency conversion fees when you use your card overseas. You can also link your bank account to Apple or Google Pay services.
Xinja makes depositing money into your account quickly and easily via their mobile app. Your Xinja account comes with an account number that will allow you to make a direct deposit or to request your employer pays you into this account. One of the most convenient features of the Xinja app is ‘instant top-up’, a feature that allows customers to top-up up to $2000 a day from a Xinja debit card registered under the same name.
The Xinja app is sleekly designed to offer a user-friendly interface that is easy to navigate and understand. The app provides a range of features that help you keep tabs on your spending, access your funds quickly, and feel secure. The app has automatic spending categorization, a feature that is popular among several challenger bank models. This categorizes transactions and ultimately helps you see the overall picture of where you are spending your money most and what on. The app also offers a contactless ‘Tap&Go’ feature that allows you to make PIN-free payments up to $100 and reassure security features such as one-touch freeze and unfreeze for your Xinja card. Xinja also plans to roll out new features on the app, including AI fintech, that will heighten customers’ controls on their finances. One significant advantage of the mobile app is the availability of live chat, meaning customer questions and queries never go unanswered.
The Xinja Stash savings account is available for customers to add instantly to their bank account after downloading the app. The account comes with an ultra-competitive no-strings interest rate, no doubt making this an even more attractive option.
Xinja currently has no options for overdrafts, credit, and loans. However, they do have Xinja home loans in the pre-beta testing stages to make mortgage management easier.
Xinja offers some great benefits for travel, including no international ATM fees and no currency conversion fees. Despite the lack of ATM fees, customers should note that this does not cover any fees imposed by third party ATM operators.
Overall, despite how new Xinja bank is, it is fast becoming a reliable alternative to traditional financial services and a bold competition for fellow challenger banks. The app is incredibly easy to use and understand, making this an accessible option for most people. The live chat on the mobile app is a great touch that goes some way to replicate the face-to-face service offered in traditional bank branches. Xinja is an incredibly beneficial bank for frequent travelers or those planning a trip away, as the lack of currency conversion fees or ATM fees means that you don’t have to get home to a bank statement filled with fees you forgot about. It’s a great digital bank, and we’re looking forward to seeing what features they roll out next.