Suncorp internet banking: The lowdown

Wise

30.09.20 (updated more than 1 year ago)

4 minute read

Suncorp is a major bank, insurance provider and financial services company based in Australia. It offers everything from personal bank accounts and credit cards to loans, investments and business services. Impressively, Suncorp was named Bank of the Year by Money magazine for 2018, 2019 and 2020.

In this guide, we’ll give you the lowdown on what it’s like to use Suncorp’s internet banking services. How easy is it to login, what’s the app like and how secure are Suncorp’s internet banking services? It’ll all be covered here, along with alternative services for sending and receiving money that can also be managed easily online.

For example, get a free Wise multi-currency account and you can arrange international payments online in moments – getting the real exchange rate on every transaction.

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But more on this soon – firstly, let’s focus on internet banking with Suncorp.

Suncorp internet banking and app

Suncorp aims to make online banking convenient and straightforward. If you have a personal account with Suncorp, you can register for internet banking and manage your money online or on the free Suncorp app. In just a few clicks or taps, you’ll be able to check your account balance, pay bills, transfer money, access eStatements and much more¹.

Using the app, you can also manage your other Suncorp accounts and products, such as insurance².

Suncorp internet banking login

Before you can login into your Suncorp online account for the first time, you’ll need to register for internet banking. You’ll need your Telephone Access Code (TAC) which you’ll have received upon opening your account, along with your account number and email address³.

You’ll be given a Customer ID and be asked to set a password – these are the details you’ll use to log into your internet banking account.

You may also be given a security token, which generates a code to approve external transfers and important changes to your account. You can also use the Suncorp Secured App instead of this physical security token.

To manage your money on the move, you can use the Suncorp app. Once you’ve registered and linked your account, there are a few different ways you can securely login to this app⁴. These include a passcode, fingerprint login or FaceID – whatever works best for you.

Services and features

From your Suncorp internet banking account, you can access the following services and features⁵:

Check account balances and transactions
Save and download eStatements
Pay someone, transfer money or schedule a payment
Pay your bills via BPAY
Set or change the PIN for your debit card
Switch your account (including payees and direct debit details) using the Account Switching Tool
Raise or lower your daily withdrawal limits
Apply for credit cards and loans
Open new accounts.

You can do most of these things on the Suncorp mobile banking app⁶, although there are a few limitations. For example, you can only see the last 180 transactions from your accounts, and you may not be able to switch accounts or open new ones using the app.

However, the Suncorp app does offer some bonus features. One of the handiest is BillSplitter, an easy way to split bills with friends and send a ‘nudge’ when they owe you some cash.

Security

Suncorp provides a number of different security features to provide you with a safe online banking service. These include⁷:

Virtual firewalls to protect your account from potential threats
Cyber Security and real-time fraud detection
Security token codes (through a physical token or the Suncorp Secured app) to approve external transfers
Industry standard encryption of your information
Automatic logoff after 10 minutes of no activity
Automatic lockout after more than 3 incorrect login attempts
Suncorp Online Protection Guarantee – protecting you against loss from fraudulent transactions.

When you use the Suncorp app, you’ll be protected by all the same security features as above, but with the addition of⁸:

2-factor authentication (for your password and your device)
Temporary card lock if your debit card is lost or stolen
Biometric login – fingerprint, face or passcode login.

Some alternatives to Suncorp Internet Banking

Of course, Suncorp is far from the only bank in Australia – and a bank isn’t the only way to send and receive money. In fact, an alternative provider could be a better choice for certain transactions, such as international money transfers.

Here are just a handful of alternative options to check out:

Wise
Need to send or receive money internationally? Open a free Wise multi-currency account and you can send money to another country for up to 7x cheaper than using your bank⁹. Even better, you can receive money from abroad for zero fees.

You can also hold and convert up to 50 currencies at once and spend anywhere in the world with your linked Platinum debit Mastercard®¹⁰. Just like with Suncorp, your account can be managed online or using the Wise app.

Wise has bank-level security data security¹¹, following strict regulatory rules by the Australian Securities and Investments Committee (ASIC)¹² and with a specialist, in-house team taking care of security.

ING¹³

If you’re after a new bank, ING offers everyday bank accounts with no monthly fees and a choice of ways to manage your money. You can bank online or via the ING mobile banking app, or over the phone or an Australia Post branch.

Both internet and mobile banking with ING rivals Suncorp in terms of features and security, including a range of anti-fraud measures¹⁴.

CommBank¹⁵

Another rival bank to Suncorp, CommBank has an everyday personal account with flexible online banking options. You’ll have full control over all aspects of your money and spending all from the one digital platform, and you can even send and receive money internationally. And as you’d expect from one of Australia’s leading back, security is top notch.

And according to a Forrester Digital Experience Review in 2020¹⁶, it has the best banking app in Australia. Use it to check your balance, transfer money with PayID, predict bills, track spending and much more.

Up

If you prefer to manage your money wholly using your phone, Up Bank is a good choice. It’s a ‘neobank’, which means its digital-only.

You can manage payments through the Up app, as well as getting bill reminders and spending insights. You’ll also get Apple Pay, Google Pay and Samsung Pay instantly.¹⁷

The Up app uses security measures¹⁸ such as smartphone authentication and biometrics to approve payments, but you’ll still need to lock your phone and keep your app updated to prevent unauthorised access.

So there you have it – all you need to know about internet and mobile banking with Suncorp, along with alternatives which could suit your needs a little better. Happy banking!

Sources used:

Sources checked on 24-September 2020.

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This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.

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