In the online banking world, a beneficiary is someone who’s listed to receive monthly or once-off payments from your banking app. A beneficiary can be your landlord for your monthly rental payments or a friend you bought a table from that needs a once-off payment. Anyone you’d like to pay via Spot to their bank accounts is your beneficiary.
Here is how to add a new beneficiary on Spot:
- Sign in to your Spot app.
- Tap Transact at the centre bottom of your screen.
- Swipe left and tap Pay beneficiary.
- If your friend doesn’t have the app, that's okay, you can still add them and pay them. Tap Add new beneficiary.
- Enter your beneficiary’s name, bank, account type and number.
That’s it! You’re sorted. Your beneficiary’s details will be added to your Spot account. You don’t have to worry about doing this all the time. Your beneficiary will remain on your Spot for future payments.