Virgin Money South Africa is now Spot Money

[Jamie McKane]

Virgin Money South Africa is now Spot Money

Virgin Money South Africa announced that it has changed its name to Spot Money SA, adopting the name of its Virgin Money Spot app.

This follows the Virgin Group's divestment from its South African operations, including the Virgin Money credit card.

 

[3WA]

“According to Spot’s schedule of fees, the only transactions that attract fees are cashing out, including ATM withdrawals and EFTs out of your account”

Cashing out to your bank account never used to have a fee in the past.

 

[twr]

That's crap
Yes used to be free to cash out EFT to your nominated bank.

 

[Jan]

Cashing out to your bank account never used to have a fee in the past.

The service is a transactional bank account with an app front-end now, hence the change I expect.

 

[Ockie]

OK, but they not taking over the existing Virgin Money credit cards? Those remain with ABSA?

 

[supersunbird]

OK, but they not taking over the existing Virgin Money credit cards? Those remain with ABSA?

Yes, this is something totally different and does not involve the credit cards at all beyond the fact that they shared the VM name.

 

[Ockie]

Yes, this is something totally different and does not involve the credit cards at all beyond the fact that they shared the VM name.

That is a pity. Would have been nice if they did and kept the offering the same.

 

[3WA]

The service is a transactional bank account with an app front-end now, hence the change I expect.

Yeah looks like it’s getting more features and more costs. I’m still verifying myself but I may have seen the option of depositing your salary with them.

Have to see if the new fees make it worth it for me any more.

 

[Jan]

OK, but they not taking over the existing Virgin Money credit cards? Those remain with ABSA?

Absa is shutting down Virgin Money credit cards after Virgin Group divested from South Africa.

 

[twr]

Where does one see the fees on the new spot app?

 

[phly]

How does this compare to an offering from say bank zero or tyme bank? I like the blockchain aspect of this.

 

[Swa]

Blockchain is only tamper proof if no group has sufficient computing power to change it, just ask Ethereum Classic. People throw around the word blockchain like it means something when it's really dependent on the implementation.

 

[Jan]

Blockchain is only tamper proof if no group has sufficient computing power to change it, just ask Ethereum Classic. People throw around the word blockchain like it means something when it's really dependent on the implementation.

To my understanding, it's not a public blockchain. It's modeled on the Project Khokha pilot that the Reserve Bank ran a while ago.

 

[Dups!]

I am going to patent the word "disrupt," seems such a convenient word to use even if something doesn't really apply to it.

 

[mr_norris]

I am going to patent the word "disrupt," seems such a convenient word to use even if something doesn't really apply to it.

They disrupted my Virgin money credit card :'( RIP 2008 - 2020 #NeverForget

But otherwise, I agree with you. Another app that lets you pay. I get that they have a rewards system of sorts, but another payment app is the last thing we need IMO

 

[electrix]

Spot Fees | Digital Banking | Mobile Money App | Spot Money

Want to pay less banking fees? Use Spot, the mobile money app that lets you connect to our open banking marketplace. Here's a breakdown of the Spot fees.

spotmoney.com

 

[electrix]

My virgin money creditcard is still working the same. Also did not receive any communication on closure or migration for change of fees.

 

[Bruinbeer]

They said the creditcard will

My virgin money creditcard is still working the same. Also did not receive any communication on closure or migration for change of fees.

They said it will shutdown end of December 2020. Its now 17 January 2021, I'm still using mine and have not receive any communication on it from ABSA

 

[divv]

As of yesterday, I've noticed issues using my card - getting declined all over. Did a search and found this post. The last communication I had was that my card would work until it expired.
If this is the level of communication form ABSA, then I guess I really don't want to move to them...!

 

[mine_dump]

i logged on and was told the card is ending feb 28th