What is the Preferred Account Feature?
The Preferred Account feature allows you to prioritise specific accounts for payments made via your Bano card. The system will automatically scan through your list of Preferred Accounts and debit the necessary amount from the first account that has a sufficient balance to cover the transaction.
As the default settlement currency for the Bano card is AUD, transactions involving other currencies will be subject to real-time market conversion rates.
For Example: A transaction amounting to 15.00 AUD might ultimately deduct 12 USD from your USD account.
Should a transaction be cancelled or returned, the refund will be issued in the original settlement currency.
For Example: A cancelled 15.00 AUD payment would result in a credit of 15.00 AUD to your AUD account.
Note: this feature is currently accessible to a limited number of Bano users but will be made publicly available in the future.