Debut is banking shaped by you, so we love hearing from you. In today’s post, we’re looking at some common questions we receive from Debut members and community participants.
Identity verification 🪪
Signing up for a bank account can be a daunting process, but with Debut, we've made it super easy without compromising on security. If you have a New Zealand Driving License or Passport, you can get started with Debut in less than 5 minutes. But what if you don’t have one of these forms of ID? — We’ve got you covered too. We've designed our system to accept alternative forms of ID, such as an ID from another country or a Kiwi Access card.
Sign up to Debut with an alternative form of ID 📃
If you don’t have a New Zealand Driving License or a New Zealand Passport, you can sign up with an alternative form of ID. If you have an ID from another country or a Kiwi Access card, you may still be able to sign up.
After starting sign-up in the app, you’ll be asked to provide your ID. Here you can send in your alternative ID to our ID Checking service, a secure and efficient way to verify your identity. This service is designed to protect your account and personal information.
After you’ve sent in your alternative form of ID, you can generally expect to hear back from us within a few hours. Once we’ve validated your ID, we’ll notify you via email, and you can continue with your account setup in the app.
To open a Debut account, you must be 18 or older and be living in New Zealand. These requirements are in place to comply with banking regulations and ensure the security of our services.
For more information on opening an account, check out this article: Opening an Account with Debut.
Manual bank transfers 🚡
You'll need cash in your account to make the most of Debut’s categorisation, budgeting, saving, and contactless payment features. We recently published a quick guide on how to easily top up your Debut account that goes into much more detail. Here is a summary:
Can I make a manual bank transfer to my Debut account? 📨
Yes — Go to Add Money > Manual Bank Transfer and use these details to make a transfer from your bank’s online banking platform.
Things to note about Manual Bank Transfers
- Depending on your bank’s processing times, manual transfers can take an hour or up to two business days.
- The account you’re sending money from must match the name used when you signed up for Debut.
- Only you can use the details for manual transfers – they won’t work for other people.
- You can only transfer money from one bank account to Debut; this account is the same one you use to receive withdrawals.
We’re working on streamlining manual transfers and offering more flexible options as we balance necessary steps to prevent Debut from being misused.
We recommend using the Online Bank Transfer function for instant, secure deposits into your Debut account. This method ensures your funds are available immediately and eliminates the wait time associated with manual transfers.
Cards 💳
Your Debut card is not just a card, it’s an advanced piece of payment technology deeply integrated into your Debut account. Every transaction is categorised for you and we’ll even show the business logo so you can identify your spending more easily. One of the best things about cards in Debut is that you can start using them within minutes of opening an account using Apple Pay or Google Pay – no need to wait for your physical card! It's all about making your financial life easier and more convenient.
I’m having trouble adding my card to Apple Pay or Google Pay. 📳
Issued cards should work immediately, but if you are having trouble, try restarting your device. If you’re still having trouble, contact our support team through the app. Go to More > Get in touch.
When can I expect my physical card in the post? 📬
Your Debut Ora Card should arrive within 10 days, but you can enable Apple Pay or Google Pay to start making payments right away.
How do I activate my physical card? 🏪
When you receive your physical card in the post, you’ll need to activate it the first time you use it at a pay machine. To activate your card:
- Open the Debut app.
- Go to Cards > Ora Card.
- Tap on Activate.
- Set a card PIN.
- At a store or pay machine, insert your card.
- Choose CREDIT and enter your card PIN.
- Confirm payment.
Why does Debut use the Credit function on pay machines?
Your Debut cards are DEBIT cards. They only draw from the money that is available in your account. Although you need to choose the CREDIT option when you insert or swipe your card, it behaves the same as a DEBIT card. This function is used to process payments, not to extend credit.
Some retailers add additional charges for customers who pay with contactless payments or if they use the CREDIT function.
Rounding ⤴️
If you’re going to spend money on anything, whether it’s bills, groceries or even a nice treat, you might as well put a little something aside for yourself too. Rounding is an almost magical way to grow your savings without even trying. Set expenses to round up to the nearest $1, $5 or $10. This feature helps you save small amounts consistently, which can add up over time.
How do I turn on Rounding? 🪙
You can turn on Rounding when you set up a new Savings Shed or from the Edit page for an existing Savings Shed. Here’s how:
- Open Debut and go to the Savings Tab.
- Tap the + button to create a new Savings Shed OR
Tap on an existing Savings Shed and tap Edit. - Tap on the Rounding drop-down to set an amount you’d like to round up to — $1, $5, or $10.
- Save or close.
Can I turn Rounding on for more than one Savings Shed? 💰
No — At least not for the moment. We are looking at enabling Rounding across multiple Savings Sheds. Right now, it’s a good way to set a focus and get the maximum benefit of Rounding to help grow one Savings Shed at a time.
The business of banking
Our objective with Debut is to create the best banking experience for Kiwis ever. Streamlining our services and our business to put one billion dollars back in Kiwi pockets is central to our mission. When designing our services, we consider how they affect and contribute to our mission to help Kiwis save more and grow their money. In the early days of Debut, we decided we didn’t want to build yet another fee-based bank. Instead, we’re pursuing a fairer model designed to be mutually beneficial and maximise the benefits for our customers.
How does Debut make money?
Signing up and using Debut is free, and we’re not interested in charging fees for everyday banking. In fact, we eliminate fees wherever it is within our power to do so. Rather, we want to structure our services in such a way that we first help customers grow their money, contributing to our mission to help Kiwis grow their money. We’ll only earn when we can ensure that our customers are growing their money too. We think that’s a much fairer approach to banking, and we’re incredibly excited about what’s coming next.
While we grow Debut and scale our services, we are working with support from trusted investors who believe in our mission and our products.
We are looking forward to introducing some exciting new services later this year—ways to help you grow your savings faster, more consistently and without penalty fees. All of these services will be opt-in, but based on requests and discussions with members, we’re confident that the community will love them.
Doing things differently can be challenging, but you can’t build for tomorrow just by doing what you did yesterday.
Is Debut a bank? 🥇
No — Not currently, but we are working on it, and one day, we hope to become one. We’re building up our services, systems and team to ensure we meet all requirements and exceed user expectations. We’re communicating openly and proactively with the New Zealand Reserve Bank. We know that we’re building on the shoulders of giants, but we also know that we can build the best bank in New Zealand because we know that what is possible is so much better than what has come before. We’re banking-in-the-making, and we’re doing it out in the open. Thanks for continuing to support New Zealand innovation and competition and for supporting Debut. We honestly couldn’t do it without you.
We'd love to hear from you if you have any other questions or feedback. Your feedback helps shape Debut and improve our services to better meet your needs. Reach out to our customer support team through the app.
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Please note, Debut is not a registered bank under the Banking (Prudential Supervision) Act. This is about our future intentions. Investments with us are not supervised currently by the Reserve Bank of New Zealand.
