Bank Zero tested

Jan

Jan

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We tested Bank Zero and it was impressive

Bank Zero recently invited journalists to a closed beta test and the experience was impressive — from opening our accounts and receiving our debit cards, to the features the bank offers through its app.

We signed up for an account and tested the bank's entire onboarding process, including its online Know Your Customer system (known as FICA in South Africa) and ordering a customised debit card through the app.
 
They really really really need some UX designers. Looks like it has a lot of potential though.
 
Been using Tyme Bank since 08/11/2018.

They are pretty decent. Looking a fee comparison I don't think I will consider changing to BankZero.
 
Card skimming fraud is not possible because Bank Zero said it rejects any swipe transactions. If you try to swipe your card at a payment terminal, you will be prompted to tap or dip your card instead
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do the cards still come with a magstripe on them though?

and if so .... WHY?!?
 
I see I just got a "test flight" email from them. About two years too late :/
 
Disappointing that they don't have any forex support, i.e. the ability to make or receive SWIFT payments. If they want to attract financially-savvy users they are really going to have to add that at some stage.
 
deweyzeph said:
Disappointing that they don't have any forex support, i.e. the ability to make or receive SWIFT payments. If they want to attract financially-savvy users they are really going to have to add that at some stage.
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Lol financially savvy users will make do with one of the myriad cheaper 3rd party FX services.
 
backstreetboy said:
Lol financially savvy users will make do with one of the myriad cheaper 3rd party FX services.
Click to expand...

I'm currently using FNB for forex transactions, and even though it's more expensive than 3rd party FX services, the convenience of being able to do it all from one app is worth the extra cost to me. But my point really is that it's a pity that our exchange control system is setup in such a way that none of the new banks even think about forex when they set up, probably because it's not worth the hassle to them.
 
And of course Jan chose Wolverine as his pic...
 
  • Capture a series of selfies — looking forward, looking over your left shoulder, and looking over your right shoulder.
  • Record one of the sentences the app will give you to speak.
  • Upload pictures of your ID, driver’s licence, or passport.
  • Upload proof of address.
Tyme is much simpler. And what about people with disabilities or can't speak?
 
NarrowBandFtw said:
do the cards still come with a magstripe on them though?

and if so .... WHY?!?
Click to expand...

Probably a requirement from card network like master card/visa, ensures maximum compatibility if for some reason you find yourself somewhere that is still swipe heavy like the usa (apparently).
 
deweyzeph said:
I'm currently using FNB for forex transactions, and even though it's more expensive than 3rd party FX services, the convenience of being able to do it all from one app is worth the extra cost to me. But my point really is that it's a pity that our exchange control system is setup in such a way that none of the new banks even think about forex when they set up, probably because it's not worth the hassle to them.
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The same with me as well. I do quite a bit of forex transactions and FNB works really well - I can even view the balance in my overseas account from within my local FNB online profile.

Bank Zero looks interesting as a "back up" account but that is about it. I can see people putting a few ZAR into the account every month and carrying the card with them "just in case". The zero bank cost is attractive over the offering from Capitec that has monthly minimum cost - but Tyme Bank already offers this so Bank Zero's proposition is nothing new.

The interest on credit balances are also the same as what other commercial banks offer so there is nothing that will persuade people to drop their emergency cash funds into Bank Zero with the goal of earning some decent interest.

And that burnt orange and lead grey colour scheme is just hideous.
 
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