20,0%
Top 3
10,0%
Top 5
7,0%
Top 10
5,0%
Top 20
1,0%
Top 40
0,5%
Top 100
0,2%
Top 100+
0,05%
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BOQ Bank Review 2024
Supported Countries:
- US dollar (11 currencies)
Supported
Currencies:
Currencies:
- Australia
Deposit rate:
- 7.39%
Deposit insurance:
- $250,000
Summary of BOQ Bank
BOQ offers solutions for businesses and individuals. A standard account does not require a subscription fee, also it is possible to connect a standard Visa-type card to it. This bank issues cards of several types without transfer fees and with a Q Rewards bonus system. The five savings account options differ in rates and conditions. The highest rate is 5.3% per annum, and there is a children's savings account. BOQ also offers landlord and car insurance. Special travel options are available, such as the Cash Passport Platinum Mastercard with 11 currencies and pre-conversion options with no additional fees. Home loans are issued with a fixed or variable rate. In the first 3 years, the rate can be from 5.49%. There are also personal loans with rates starting from 10.99% per annum. Investment options include money market deposit accounts, super funds, and share trading.
| 💼 Main types of accounts: | Standard, credit, savings, and investment |
|---|---|
| 💱 Multi-currency account: | Yes (Cash Passport Platinum Mastercard) |
| ☂ Deposit insurance: | Up to $250,000 |
| 👛️ Savings options: | Goals, accounts, grouping, reports, alerts, and special features |
| ➕ Additional features: | Share trading, deposit trading account, super funds, travel options, special offers, calculators, and analytics |
👍 Advantages of trading with BOQ Bank:
- Standard accounts for individuals are opened free of charge and do not require a subscription fee. It’s possible to link Visa-type cards to the account;
- BOQ’s own cards provide for saving on purchases by accumulating bonuses, which can be exchanged for cash back;
- This bank provides a large choice of adaptive credit solutions for different purposes, with competitive rates and transparent conditions;
- BOQ’s deposit accounts provide for earning record-high interest not only for Australia but also for most countries;
- This neobank implements special solutions in the insurance segment with unique options for those who frequently travel;
- This bank’s clients can open accounts for trading shares and other financial assets, as well as accounts with SMSF (Self-Managed Super Fund);
- Users manage their finances through the convenient myBOQ app, thereby receiving services in a matter of seconds.
👎 Disadvantages of BOQ Bank:
- All BOQ’s services are available only through the digital banking mobile application. There are no desktop or web versions;
- This neobank offers a wide range of business servicing solutions, but business accounts are not available;
- To receive the best bonuses, high activity, such as depositing $1,000+ and conducting at least 5 transactions per month, is required.
Evaluation of the most influential parameters of BOQ Bank
Table of Contents
Geographic Distribution of BOQ Bank Traders
Popularity in
87.4%
AU
4%
US
5.6%
Others
User Satisfaction i
3 comments
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Expert Review of BOQ Bank
BOQ is a brand of Bank of Queensland Ltd, a large Australian FinTech company that specializes in providing banking services to individuals and businesses. The first thing to note is the official ASIC (the Australian Securities and Investments Commission) regulation on all aspects of the platform’s financial activities. It is not just about standard neobank features, since BOQ, among other things, offers investment solutions, including special offers such as super funds.
BOQ’s clients can open a standard account for all types of transactions and link it to an existing Visa, or order a card from this neobank. The advantage of a standard account is that there are no subscription or transfer fees. There are no monthly fees on any account, including credit and savings accounts. BOQ has favorable and flexible loan conditions. There are consumer programs, car loans, home loans, student loans, and other options. The maximum mortgage rate without discounts is 6.21% per annum, which is quite competitive. A car loan can be obtained at 7.39%, and a personal loan, at 10.99%. The term is from 1 to 7 years.
There are also several savings account types and conditions vary greatly. There are even accounts for children over the age of 14. Once a child turns 18, the account automatically becomes standard, unless otherwise specified. On average, the rate is 4.8% per annum, but there are offers with higher rates. Term deposits are a separate feature, and you can deposit from $1,000 for a period of 4 months with an approximate rate of 4.15%. The parameters are universal and transparent. Consequently, BOQ is one of the undisputed leaders in its segment.
It is simply impossible to list all the capabilities of this neobank in one short review. It offers investment programs including trading shares with reduced spreads. There are calculators, custom alerts, goal setting tools, and spending categories with filters and reports. Also, there are dozens of business options, all done in seconds through the myBOQ app. Unfortunately, you cannot open a business account through this digital bank, and there is no management through your user account. Moreover, there are quite high activity requirements to receive maximum benefits from bonuses.
Dynamics of BOQ Bank’s popularity among
Traders Union’s traders, according to 2023 data
Investment Programs, Available Markets, and Products of BOQ Bank
BOQ offers three investment options for individuals, such as online share trading, money market deposit account, and self-managed super funds.
Online share trading
Share trading is carried out via the CMC Markets Stockbroking platform, thanks to which traders receive competitive brokerage conditions, free and unlimited pending orders, order processing in less than one second, and reliability at the highest level. There are 15 international markets available with the minimum price of $17.95. You can set stop loss and take profit, and there are tools for technical and fundamental analyses.
Money market deposit account
This account type is opened via DDH Graham (a funds management and administration organization), which provides a favorable percentage on transactions, minimal trading costs, simple calculations, complete transparency, and visibility, thanks to an intuitive dashboard. Rates on demand deposits are flexible, and capitalization is carried out monthly. Dividends and/or interest payments can be automatically credited to the client's main account at a specified frequency. It is also possible to transfer funds to a trading account. There are no bank fees or government charges.
Self-Managed super funds
Funds such as SMSF provide for creating an investment portfolio of any size and having total control over it, even for individuals. Although small businesses often choose such solutions, the potential for using super funds is unlimited. For example, they are often used to profitably invest retirement savings. All settings are 100% flexible with no penalties for changing conditions. BOQ introduces unique mechanisms: for example, a user can invest in companies that pay high franked dividends, and then use these funds to offset taxes due on other investment income, or on concessional contributions.
Important!
If you are a large investor and plan on investments over $10,000, contact us at vip-invest@tradersunion.com or by the feedback form on our website. Our professional team will take you through all the intricacies of the deal and all the steps from signing up to withdrawal of profits.
Overdrafts, loans, and flex accounts
BOQ provides almost all types of loans on a paid basis, the most popular of which are consumer loans, mortgages, and car loans. Each category has its own services, which are selected individually, based on the requirements of a particular client. If you can’t figure this out on your own, contact technical support.
Personal loans
Personal consumer loan conditions provide for receiving amounts from $3,000 for almost any period. Any repayment options are available, and early repayment is provided without any penalties. The variable rate averages 11.71% per annum, while the fixed rate is 10.99%.
Home loans
Mortgages are divided into two categories: loans for investors and loans for owner occupiers. The minimum rate for investors is 5.74% per annum; for owners, it is 5.49% per annum. Clients choose the rate they prefer, which can be fixed or variable. Early repayment is available at any time without penalties.
Car loans
The fixed rate is 7.39% per annum. The conditions are as flexible as possible: the loan is provided for a period from 1 to 7 years, with the possibility to repay it in various amounts at convenient times. Repayment with interest from your investment programs is available.
Terms for Cooperation with BOQ Bank
Remember, that not every account opened with BOQ is multi-currency. To have up to 11 different currencies in your account, order Platinum Mastercard and activate the Cash Passport option. This option is designed for those who travel frequently. Its advantage is that you can use it to convert funds without fees and pay with a card in brick-and-mortar stores in any country without additional fees. Funds can be withdrawn from ATMs worldwide. Transfers within Australia and New Zealand are instant and interest-free. Linking to a bank account is not required. The deposit insurance option is activated automatically and is free of charge. You can turn it off if desired. The insurance amount is up to $250,000. BOQ’s technical support is available on weekdays. In case of emergency, for example, if the card is stolen or lost, you can contact support on Saturday and Sunday.
| 💼 Main types of accounts: | Standard, credit, savings, and investment |
|---|---|
| 💱 Multi-currency account: | Yes (Cash Passport Platinum Mastercard) |
| 💵 Deposit terms and conditions: |
Minimum amount is $5,000; Up to 5.3% per annum (special conditions for children of 14-18). |
| 💳 Loan terms and conditions: |
Personal loan - from 10.99% for 1-7 years, Car loan - from 7.39%, Mortgage - from 5.49% |
| ☂ Deposit insurance: | Up to $250,000 |
| 👛️ Savings options: | Goals, accounts, grouping, reports, alerts, and special features |
| 📋 Types of payment: | Virtual and physical bank cards |
| ➕ Additional features: | Share trading, deposit trading account, super funds, travel options, special offers, calculators, and analytics |
Comparison of BOQ Bank with other Brokers
| BOQ Bank | Wise | Bunq | Curve Bank | Bank of America | Emirates NBD | |
| Supported Countries | US dollar (11 currencies) | Globally | Netherlands, Germany, Austria, Italy, Spain, France, Belgium, Ireland, Bulgaria, Croatia, Slovenia, Republic of Cyprus, Finland, Greece, Hungary, Latvia, Lithuania, Luxembourg, Malta, Norway, Poland, | UK and EEA | US dollar | AED |
| Supported Currencies | Australia | 54 currencies | Euro (16 European currencies in the Easy Money plan) | 26 currencies | USA | UAE |
| Deposit insurance | $250,000 | No | EUR 100,000 | No | FDIC protects depositor funds ($25,000) | 100,000 AED |
| Minimum deposit | $1,000 | No | No | No | $20 - $100 | 500 AED |
| Deposit rate | 7.39% | No | 0.09% APY | No | 2% | 2% |
| Loan Rate | 10.99% | No | The bank does not issue loans | No | Credit cards ranges from 17.99% to 27.99. Auto loans — 6.19%, mortgages — 6.125% | Individually |
BOQ Bank Commissions & Fees
Information
Accounts with BOQ are always opened free of charge. Also, there is no subscription fee for any account type. Transaction fees depend on a whole range of factors, such as the type of transaction, country of the transaction, currency, amount, source, and purpose.
For example, in Australia and New Zealand, all transfers from BOQ accounts to accounts opened with other banks are made without additional fees. If users make international transfers or pay with BOQ cards at stores in other countries, they may be charged third-party fees that cannot be calculated in advance. However, in the myBOQ app, clients have the opportunity to find out all the information they are interested in and to prepare. For example, suppose a person travels from Australia to Japan and exchanges AUD for JPY in advance. The exchange will be made at the market price without conversion fees. In Japan this user will pay with a card in yen without third-party fees.
Mechanisms at BOQ are transparent; that is, clients receive information about all costs when performing various transactions in advance. This can be clearly seen in the example of a trading account when before concluding a trade, a user can see the current spread for the selected asset and the fee. Also, there is no withdrawal fees. Moreover, it is possible to automate the withdrawal of profits from the trading account to the main account.
| Broker | Overdraft fee | ATM Withdrawal Fee | International transfer fee | International exchange fee |
| Revolut | No | Up to $350 - free - beyond $350 - 2% | 0.3% (min. $0.30, max. $6) | From 0% to 1% |
| Chime Bank | No | No | No | 3% (max.$5) |
| BOQ Bank | Individually | No withdrawal fees | Charged third-party fees that cannot be calculated in advance | Individually |
Conclusion
BOQ’s clients receive a wide range of personalized offers with flexible conditions. They can open different types of savings and credit accounts, make term and standard deposits, invest in shares and other trading instruments, and even open their own super funds. Rates here are better than those of most of its competitors, and this applies to both loan and savings rates. Additional benefits include deposit insurance, travel options, interest-free transfers, and adaptive functions for managing personal capital. This bank has some disadvantages. They include high activity requirements to benefit from the bonus point system, and the inability to open a standard business account. Nevertheless, it can be recommended for cooperation.
Detailed review of BOQ Bank
BOQ has been on the market for many years and rightfully occupies one of the top positions in the rating of Australian digital banks. However, the pool of its clients is not limited to just one region, thanks to universal conditions and the opportunity to get a multi-currency account. Indeed, the conceptual advantage is the very fact that this is a neobank. That is, absolutely all actions are carried out with a smartphone in hand through the application. BOQ is regulated by ASIC and all deposits are insured. Its clients are confident that at any time they have access to full management of their funds and can receive any banking service, from investing in dividend stocks to a mortgage at a low-interest rate.
BOQ by the numbers:
-
To open an account costs $0;
-
11 currencies are available on multi-currency accounts;
-
Personal loan rate is 10.99% per annum;
-
Rate on savings accounts is 5.30% per annum;
-
Insurance is up to $250,000.
BOQ provides a full range of banking services for individuals and legal entities. Even though it is impossible to open a business account, entrepreneurs have access to loans for development of their business, trading and payment systems, and to unique solutions such as updating the material and technical base of their companies on loyal conditions. Besides, there are two types of business loans, namely a term loan and a commercial rate loan. A term loan is issued for a period of up to 30 years with a zero-down payment. The loan can be used to pay up to 90% of the purchase price. The conditions are as flexible as possible and can be easily customized for a specific situation.
Features of BOQ’s account:
-
Instant transfers. Through the myBOQ application, users can instantly transfer funds to a bank account, bank-type card, or e-wallet of any country;
-
Currency conversion. With a multi-currency account, internal exchange between 11 currencies is available. The exchange is made at the market price, and no fee is charged if it is made in advance;
-
Consumer loan. This neobank’s client has the opportunity to obtain a personal loan at any time from $3,000 at 10.99% per annum. The loan can be repaid ahead of schedule and at any time without penalties;
-
Mortgage. This neobank offers several types of loan solutions for home purchases. The loan term is variable and the rate starts from 5.49% per year without additional conditions;
-
Car loan. The loan term is 1-7 years with early repayment available without penalties from this bank. When purchasing directly from a dealer, you can pay up to 90% of the vehicle cost using credit funds;
-
Savings account. Depending on the selected conditions, the annual rate ranges from 4.15% to 5.3%. The deposit can be changed without penalties, and automation of savings withdrawal is available;
-
Term deposit. It differs from a standard savings account in that a client deposits money for a period of 4-12 months. The amount is from $1,000 with a rate up to 4.55%;
-
Share trading. BOQ’s clients have access to CMC Markets Stockbroking and can trade on 15 international stock markets. Trades start at $17.95;
-
Market trading. It is an alternative online trading option with access to the best brokers and the lowest spreads due to BOQ's partnership with DDH Graham;
-
Super funds. Users can open SMSFs and independently control their investment portfolios. Various strategies, risk diversification, and automation methods are available.
Advantages:
1
This digital bank provides a low entry threshold for new clients. Registration and verification take a few minutes, there is no minimum deposit, and no subscription fee;
2
BOQ guarantees absolute transparency of its conditions. All rates are indicated on the website. All transaction fees are available in advance;
3
There are several types of savings accounts, including term deposits. The conditions are flexible, and you can change the amount without penalties from this bank;
4
The company's clients have the opportunity to take a personal loan, mortgage, or a car loan at a favorable interest rate. They can repay loans at any convenient time, and full early repayment is available;
5
Users have several investment options. Depending on their personal preferences, they can choose super funds or trading shares and other assets.
Accounts types for private individuals and legal entities
Both individuals and legal entities can become clients of BOQ. However, there is no opportunity to open a business account. There are four main account types, namely standard, credit, investment, and savings. Savings also includes accounts with term deposits.
Account Type
Description
Everyday transaction account
There is no minimum deposit or subscription fee. This is a standard account for conducting different transaction types. Using a virtual card, clients can make purchases in offline and online stores. International transfers and various withdrawal options are available. It is possible to connect an external card or a BOQ card.
Credit account
BOQ’s clients can obtain loans for personal needs, to purchase a home, or to buy a car. The rates differ for different programs, but they are all quite profitable. The main advantage of BOQ’s credit account is the flexibility of settings. Users can repay loans in any convenient way at any time.
Investment account
This bank’s clients have the opportunity to become traders through access to international financial markets. Trading shares and other instruments is available, plus there are super funds. The digital bank partners with leading brokerage service providers, such as CMC Markets Stockbroking and DDH Graham, which provide favorable trading conditions.
Savings account
BOQ has a variety of savings accounts, including one for children over the age of 14. All conditions are flexible with rates higher than the average for the segment. You can set daily payments and there are different automation options. For example, earnings can be sent to repay a loan or pay for utilities. Term deposits are made for a period of 4-12 months.
Banking features
BOQ belongs to the category of modern digital banks, which means it offers a full range of classic banking services. These are loans, savings accounts, investment decisions, and standard transactions. The difference is that BOQ’s clients don't have to go anywhere. All problems are solved through the mobile application, and the solution takes literally a few seconds. Users have one of the 3 types of BOQ’s plastic cards at their disposal, and they can use them to make payments online and offline, as well as deposit and withdraw cash through ATMs. Cards accumulate bonuses, which can be exchanged for cash back or discounts in the affiliate network.
Technical Support
On the BOQ website, there is the “Help and Support” section in the main menu. It contains thematic FAQs and explanatory articles on all services and aspects of the company's operations. If you cannot find an answer to your question, contact the client service managers. They can be reached by calling 1300 55 72 72 for general questions and 1300 737 766 for questions related to the operation of the mobile application. Note that users located outside Australia should dial +61 7 3336 2420.
In the footer of the website there is also the “Help and Support” block with the “Contact Us” item that contains the bank’s contact information. This page has an option to search for the nearest physical branch of the digital bank. Also, here you can find the nearest ATM of a partner company, where you can withdraw funds from a neobank card without fees. The branch search and ATM search functions also work via SMS. To do this, send a message to the number 1300 55 72 72 indicating your region or postal code.
Client support is available from 8:00 am to 8:00 pm (Pacific Time) on weekdays. However, you can call 1300 55 72 72 for critical issues such as theft or loss of a bank card 24/7. If you have been affected by a natural disaster or are experiencing financial difficulties, contact Social Services via 1800 079 866. All of these options are also available in the mobile app.
Social programs of BOQ Bank
Currently, BOQ is implementing a social program to support small businesses that have suffered during the COVID-19 pandemic. This bank provides for obtaining a loan up to $5 million at an extra low interest rate. The program is being implemented in a number of countries, including the USA and the UK. This is a unique opportunity for thousands of people to escape a difficult financial situation without burdening themselves with unaffordable loans at a standard rate.
How to open an account at BOQ Bank
To use BOQ’s capabilities, register on its official website and get verified, that is, confirm your personal data. In user accounts, clients can set basic settings and then download the myBOQ application. Accounts are opened and managed through this app. TU experts have compiled the below detailed guide on how to become this neobank’s client.
Go to the BOQ website. Hover over the “Personal” tab on the main menu, and click the “Banking & Saving” button. A block with information about personal banking will open. Select the service in which you are interested. In this example, it is a current account, so click the “Everyday transaction accounts” button and the “Learn more” button to see the account’s conditions. Once you're ready to register, click the “Apply online” or “Open now” buttons.
Select your account type and indicate whether it should be joint. Read the requirements and click the “Let's get started” button. Enter your email and phone number and click the “Verify mobile number” button. You will receive an SMS with a code that you must enter in the appropriate field. Follow the instructions on the screen. Enter your personal data and confirm it by uploading scans/photos of the required documents. After this, you will have access to your user account.
You can now download the myBOQ mobile app, log in, and start using all the services available for your account type. Note that you can also register a user account through the app. The easiest way to find it is by searching in a digital store or scanning the QR code on the BOQ website.
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FAQs
How does BOQ Bank earn money?
The main income of BOQ Bank is from commissions. You can learn the structure of commissions in detail on the bank's website.
How does BOQ Bank protect its customers?
BOQ Bank uses two-factor authentication, data encryption and other security methods.
Is it possible to check the statistics of expenses?
BOQ Bank provides clients with extended statistics. You can study the detailed information about revenue receipts, expenses, split into different periods of time, etc.
Is it possible to make international payments through BOQ Bank?
Yes. BOQ Bank allows you to make payments between customers in different countries.
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