Dosh Review - Understanding Dosh's Money App, Visa Debit Card, Savings and Home Loans

Updated 5 July 2026

Summary:
Dosh is a New Zealand-based financial services platform that combines everyday payments, savings and home loan access within a single mobile app. Originally launched as a digital wallet and debit card product, Dosh has evolved into a broader platform offering multiple financial services.

Dosh operates as both:

A financial platform (spending, saving and rewards), and
A licensed Financial Advice Provider (FAP) offering personalised advice on home loans.

Dosh is a registered Financial Service Provider (FSP) regulated by the Department of Internal Affairs (DIA), and holds a Financial Advice Provider licence issued by the Financial Markets Authority (FMA). This allows it to provide regulated mortgage advice through qualified inhouse advisers.

Through the app, users can:

Load money from a bank account
Spend via a Visa debit card
Send and receive payments
Save using Strive accounts
Access home loans and personal loans through partner lenders
Earn rewards from One NZ for using Dosh’s card and home loan offering.

Dosh is generally free to use. Fees include:

A 2% foreign currency fee for overseas card transactions
A $0.70 fee when using instant Windcave top-ups (bank transfers are free but not instant)

From 1 July 2025, customer deposits held with Dosh are covered by the Depositor Compensation Scheme (DCS) up to $100,000 per depositor, per deposit taker.
A key change in early 2026 was Dosh’s partnership with One NZ (formerly Vodafone NZ). From 1 February 2026, the previous 1% cashback (capped at $10/month) was replaced with a 1% Phone Dollars programme (uncapped), with rewards redeemable toward One NZ phone upgrades. The change received mixed feedback from existing Dosh users.

Our guide covers:

What is Dosh and How Does it Work?

Dosh is a mobile-first financial platform offering a combination of payments and savings through one app, and lending access via the website.It includes:

A Visa debit card (co-branded with One NZ)
An account for sending and receiving payments
On-call savings accounts (Strive)
Access to home loans with financial advice
Access to personal loans

Dosh operates on a model where users transfer funds from a bank account into a Dosh account and then use those funds for spending, transfers or saving.
Unlike traditional banks, Dosh does not issue loans or hold deposits directly as a registered bank. Instead:

Customer funds are held on trust with registered banks
Home loans and personal loans are approved and managed by partner lenders

How does Dosh work?

Dosh functions similarly to a bank account.
Users:

Transfer money from their bank account into their Dosh account
Use that balance to:
•  Pay for purchases
•  Send or receive money
•  Save in Strive savings accounts
•  Access financial advice services for home loans

Transfers between Dosh users are near-instant, while transfers between banks follow standard banking timeframes.

Why would I use Dosh over other providers?

1. Mobile-first experience

Everything is managed in the app, including spending tracking, transfers and savings.

2. Rewards

Through the partnership with One NZ, Dosh offers 1% Phone Dollars (uncapped) on eligible spend, replacing the previous cashback model, and $1,700 Phone Dollars for a loan arranged through Dosh.

3. Competitive savings option

The Strive account offers a competitive on-call interest rate with no restrictions (see below), and has protection of the RBNZ’s deposit compensation scheme (DCS).

4. Access to home loans with advice

Dosh provides access to home loans and, importantly, offers regulated mortgage advice through its FAP licence.

5. Instant payments and transfers

Dosh enables quick transfers between users without requiring bank account details.

6. Simplified everyday payments

Users can send or request money via mobile number, making bill splitting and informal payments easier.

How can I get Dosh? What will I need?

To get started:

Download the Dosh app
Create an account and complete identity verification (KYC)
Link your bank account
Open a Strive savings account or order the Dosh Visa debit card

You will need:

Name, address, mobile number and date of birth
A valid form of ID (e.g. passport or NZ driver licence)

The account setup process takes around 10 minutes. Cards typically arrive within 5 - 7 business days.

What are the costs and fees associated with Dosh?

Dosh is largely free to use.
No fees for:

Creating an account
Sending/receiving payments
Standard bank transfers
Holding a debit card

Fees that apply:

2% foreign currency fee on overseas transactions
$0.70 fee for instant top-ups via Windcave

As with many prepaid Visa cards in NZ, transactions may be processed as “credit”, meaning some merchants may apply a surcharge.

The One NZ Partnership and Phone Dollars

From 1 February 2026, Dosh replaced its cashback rewards programme with Phone Dollars through a partnership with One NZ. The change received mixed feedback from existing Dosh users, with some expressing dissatisfaction on Reddit.

MoneyHub approached Dosh to explain what happened. Dosh CEO Shane Marsh responded:
“The 1% cashback was a popular offering, but after 3 years it had become unsustainable (by way of costs). We want to reward customers for using dosh, and are pleased to partner with One NZ for the phone dollar programme, enabling customers to earn towards their next phone upgrade”.

What changed:

Value	Before (Pre-Feb 2026)	After (From 1 Feb 2026)
Reward type	Cashback (NZD)	Phone Dollars
Earn rate	1%	1%
Cap	$10/month	Uncapped
Redemption	Cash

How Phone Dollars work

Earned at 1% of eligible spend
Uncapped earning
Redeemable toward interest-free phone upgrades with One NZ
Expire after 4 years
Cannot be converted into cash

Important considerations:

You do not need to be a One NZ customer to earn Phone Dollars
You need a One NZ Pay Monthly plan to redeem them toward a phone
Rewards can be gifted within a One NZ billing account

How Phone Dollars work

The value of rewards depends on whether the user intends to use One NZ phone upgrade options. Those who do not may see lower practical value compared to cashback.

Dosh Strive Savings Account

Strive is Dosh’s on-call savings product.
Key features:

Interest rate: 2.10% p.a. (as at June 2026, variable)
No fees or conditions
Unlimited withdrawals
Interest calculated daily, paid monthly
Up to 20 accounts per user
DCS protected up to $100,000

Dosh also offers “Stashes” for budgeting, which do not earn interest.

Dosh Home Loans

Dosh provides access to home loans through partner lenders and acts as an intermediary.
Importantly, Dosh is a licensed Financial Advice Provider (FAP), meaning:

It can provide personalised, regulated mortgage advice
Advisers must meet FMA conduct standards
Advice must be given in the customer’s best interests

Key features:

Fixed and floating rate options
Loans issued by established NZ lenders
Cashback available (where offered by lenders)
$1,700 Phone Dollars incentive from One NZ on eligible loan settlements

Applications can be completed online or via the app.

How does a Dosh Visa Debit Card Compare to Other Debit Cards?

Compared to bank-issued debit cards:
Advantages

Rewards (1% Phone Dollars, uncapped)
No card or account fees
Integrated digital experience

Limitations

Rewards are not cash
Credit processing may trigger surcharges
2% foreign currency fee

Most NZ debit cards do not offer rewards, but they are directly linked to bank accounts and may be simpler to manage.

Pros and Cons of Dosh

Pros:

Mobile-first experience
Access to regulated mortgage advice
Uncapped rewards
No standard usage fees
Competitive savings rate
DCS protection on customer deposits
Integrated financial platform

Cons:

Rewards are not cash
Redemption tied to One NZ
2% foreign currency fee
No ATM withdrawals
Not a registered bank
Variable rates and changing features

Must-Know Facts about Dosh

Rewards are now Phone Dollars, not cashback
Credit surcharges may apply
Transaction limits apply
Deposits are DCS protected
Transfers to banks are not instant
Features and rates can change

Safety, Regulation and Deposit Protection

Registered Financial Services Provider (DIA regulated)
Licensed Financial Advice Provider (FMA regulated)
Member of FSCL dispute resolution scheme
Funds held on trust with registered banks
Customer deposits DCS protection up to $100,000

Dosh is not a bank. While funds are protected, this differs from holding deposits directly with a registered bank.

Our Conclusion

Dosh has evolved from a payments-focused app into a broader financial platform that includes savings and regulated home loan advice.

The addition of a FAP licence meaningfully expands its role, positioning it closer to a financial intermediary rather than just a wallet. The home loan incentive is unique and differentiates from other mortgage broker services.

The Strive savings account is competitive for an on-call product, and the introduction of DCS protection addresses earlier concerns around safety of funds.
The move from cashback to Phone Dollars improves earning potential but reduces flexibility. Whether this is beneficial depends on the user’s willingness to engage with One NZ’s ecosystem.

Overall, Dosh is best suited to users who:

Prefer a mobile-first financial platform
Value integrated financial tools
Are comfortable with non-cash rewards

Others may prefer the simplicity of traditional banking products.

More details:

Dosh Review NZ Frequently Asked Questions

Frequently Asked Questions (Related to the Dosh Visa Debit Card)

Is Dosh a bank?

No. Dosh is not a registered bank. It is a financial services provider that offers payment, rewards and lending-related features through its app. This means it operates differently from a traditional bank account, particularly in terms of how funds are held and what regulatory protections apply.

How does the Dosh app work?

Dosh is an app-based platform that combines everyday payments with financial features such as rewards and home loan advice. Users manage their account through the mobile app, where they can make payments, track activity and access available features. There are no physical branches, and customer interaction is primarily digital.

Does Dosh pay interest on balances?

Dosh offers a savings feature (called Strive) that provides interest on funds held within that account. This differs from its everyday payments functionality, which is not designed as an interest-bearing account. Any return offered through a savings feature can be subject to change, and users should review the terms to understand how returns are calculated and when they are applied.

How do rewards work with Dosh?

Dosh offers rewards through its partnership with One NZ, where eligible customers may earn “Phone Dollars.”. 1 Phone Dollar is equal to 1 New Zealand Dollar off your next interest-free phone with One NZ. Availability, earn rates and eligibility depend on the specific offer or campaign, and not all customers or transactions will qualify.

Can I use Dosh like an everyday bank account?

Dosh provides many features similar to an everyday account, such as payments and balance tracking via an app. However, it is not a full-service bank account, and there may be differences in how funds are stored, accessed, or protected compared to traditional bank offerings.

Are there fees to use Dosh?

Dosh charges a fee to use its instant top up function through Windcave. There is a 2% FX margin applied to all cross-currency card transactions.

What lending services does Dosh offer?

Dosh offers home loan advice as a licensed Financial Advice Provider (FAP). This means it can help users compare mortgage options and connect with lenders, but it does not directly provide home loans itself. The advice process is typically delivered digitally, with support from advisers where needed.

Who is Dosh suitable for?

Dosh may appeal to users who want an app-based way to manage spending and access rewards, along with integrated financial services such as home loan advice. It is more suited to those comfortable using a mobile-first platform and who understand that it differs from a traditional bank account.

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