Does the bank have to authorise a transaction and what is a pending transaction?

If you present your card or provide your card details to a merchant, Beyond Bank does not provide any further authorization; your own authorisation is all the merchant needs to process the transaction.

When you present your credit card and authorise the transaction, you initiate a credit transaction that will display as a ‘pending’. Once a transaction has been initiated, the merchant has 45 days to complete the transaction, though they will usually complete it within a few days.

In internet banking and the app, any ‘pending’ transactions are shown as ‘uncleared funds’ in the Transaction History section. When the merchant completes the transaction, it will display as a completed transaction on the Transaction History page.