Pelikin is a fully app-based Australian fintech that’s aiming to change the way Aussie travellers (what they call the Pelikin Squad) manage their money while overseas.
Based in Melbourne, Pelikin have already released a travel money app and prepaid card that can be used to pay in over 200 countries and to easily swap between multiple currencies at the tap of a screen, as well as travel insurance. The app also has some awesome features that set them apart from their competitors, like digital wallets that can hold up to five currencies at once and an internal split bill function.
Pelikin aren’t a bank or neobank, they're are a multi-currency digital account. But they’re backed by UK company Tuxedo Money Solutions to provide their app and card, as well as locally in Australia with Heritage Bank who issue their Visa debit card.
At the moment Pelikin are focused on cracking the travel money market by offering a stand-out and unique product in their travel money card and app, but that’s not to say that we won’t see more products from this company in the future.
Pelikin travel money card
Like some of its digital bank competitors, Pelikin offer a free prepaid card that is connected to their app, but where this fintech is different is that it’s primary focus is changing the way people manage their money while travelling.
Their travel money card is particularly noteworthy as it can hold up to five currencies (AUD, EUR, GDP, NZD and USD) at the same time and can be used in over 200 countries worldwide. Users can easily swap between currencies and allocate which currency they want to use instantly - all within the Pelikin app.
Issued by Visa, Pelikin’s card comes with Tap&Go and can be used wherever Visa is accepted for purchases and to withdraw cash from ATMs. It has no ATM fees all over the world for withdrawals over $200 AUD, but be aware that you will incur a $3 fee for all withdrawals that are under that amount.
To use the card, Pelikin users can simply transfer Australian dollars onto the app from their regular bank account and funds can be accessed on the card on the same or next day. You can convert your Aussie dollars within the app and use whichever currency you need with the card. Keep in mind that any money from foreign banks will be rejected by Pelikin and sent back.
Pelikin Travel Insurance
Aside from giving young Aussie travellers a new way to pay and transfer money while they’re overseas, Pelikin are also offering travel insurance through their app after partnering with Sydney-based insurance startup Insured By Us.
Pelikin are offering their Squad members three levels of travel insurance cover depending on their budgets: Saver, Basic and Comprehensive. It doesn't end there though, because Pelikin have got creative with their insurance. They're also offering users the option of picking from up to 10 'extra packs' including snow sports, car rental, business and pregnancy - that way travellers can custom build a travel insurance policy for their own unique trip!
The creators of Pelikin want to make a big impression in the travel money market, so they have rolled out an app with a range of awesome features that’ll appeal to frequent travellers, especially millennials.
Users have the ability to hold their funds in up to five currencies all on the Pelikin app. You are able to swap between them in real-time using the app so that you always have access to the right type of money whenever and wherever you are. Pelikin’s app designers have incorporated national flags and symbols to ensure the categorised currency system is clear and easy to use for everyone.
Perfect for people travelling in groups, Pelikin have added a split bill function so that users can track and share expenses with the people around them. Everyone instantly pays their share through the Pelikin app and all the hard work is done for you, no need to pay people back or deal with mounds of cash.
It’s out with the old bank account details and in with the new @ handles as a way to pay and receive money in the Pelikin app. Not only does this better personalise users’ travel money accounts but also removes the hassle of BSBs, account names and numbers when transferring to other people.
A benefit of having Pelikin is that you can pay and receive funds from other members of the Pelikin Squad instantly. Because you can hold multiple currencies on the app, you have the flexibility to pay in whichever of the five currencies you hold. Simply find your payee’s unique handle, select your currency and transfer away.
Let’s be straight, Pelikin really could be a handy option for any Aussie travellers who love to jump between countries and need to use multiple currencies as they do. The app also has useful features an account that holds up to five different currencies at once and an internal split-bill function that can be used with other members of the Pelikin Squad wherever they are in the world.
Together, these features are likely to appeal to millennial travellers with a knack for all things digital as users have constant access to their funds in the palm of their hands through a mobile app.
They also have in-app chat support, which is perfect for travellers who don’t want to sit on the phone waiting for a call centre while they are overseas - instead, they simply send a brief message if there is an issue with their card or they have an inquiry.
But Pelikin isn’t a bank, nor is it pretending to be one. It’s a travel money option so it isn’t going to be suited for general use in Australia as an everyday bank.
Pelikin’s in-app sign up is quick and easy, but users will need to provide some personal details like their name, date of birth and home address before they can sign up for an account. According to the Pelikin team, your info can be verified within a matter of seconds - otherwise they will contact you directly if there are any issues.
Once that’s complete, a Pelikin travel money card will be sent to the address provided within ten days. Once you’ve received your card you must activate it through the app but then you’re ready to go and can start transferring money, switching between currencies and using the card on your next trip abroad.