Frequently Asked Questions (FAQs)

What is Mist?

Mist is a comprehensive mobile app designed to empower international students as you “Move, Settle & Live” in a new country.

With Mist, you can easily manage essential aspects of your international student journey.

Proof of Funds
International Payments
SIM Plans
PrePaid Visa Debit Cards
Overseas Health Cover (OSHC)
International Student Identity Cards (ISIC)*
Student Accommodation

What am I investing in?

The Fund is a managed investment scheme registered with ASIC, structured as a multiclass unit trust. Units in the Fund are issued by the Trustee.

How does Mist Proof of Funds work?

The fund is an audited investment fund managed by an independent trustee. That allows you to contribute the required funds to show your financial capacity to support your Visa application.

It’s easy to get started:

Sign up in minutes – through the iOS or Android app
Fund your account
See your funding in Mist App.

How old do I have to be to open a Mist account?

You have to be 18 years or older to open a Mist account.

Is my privacy protected?

Mist complies with the Privacy Act 1998 and takes great care in dealing with the personal information of our customers. You can read more about our Privacy Policy here.

What details do I need to get started with Mist ?
You will need to provide us with some basic personal information and proof of identification (passport and government ID).

Who is the responsible entity?
Quay Fund Services Ltd, (ACN 616 465 671, AFSL 494886)

Why do my details need to be verified by Mist ?
In order to confirm you are who you say you are, we may require additional ID verification, such as your passport or national / government issued ID.

As is compulsory for any financial institution, Mist needs to satisfy its obligations under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act 2006). This requires Mist to verify specific information provided to us about a customer’s identity.

Why was my application rejected?
Your account will be rejected if you’re a Politically Exposed Person or do not meet our eligibility criteria or if we were not able to verify your identity.

If your account has been rejected and you’re not sure why, please contact us via email support@gomist.co

Who is behind Mist?

Mist is Mist Financial Pty Ltd, ACN 645 778 767, (AFS Representative Number: 001311275) of Cache Investment Management Ltd (ACN 624 306 430 and AFSL 514 360), the Manager and Administrator of the Fund

Where is my Proof Funds held?

Your funds are held in an Australian registered investment fund. The Mist International Student & Migration Trust Fund is an audited investment fund managed by an independent trustee, underpinned by a licenced Australian custodian bank, established by deed poll as an Australian trust, registered with ASIC (Australian Securities and Investments Commission) under Chapter 5C of the Corporations Act 2001, and full in compliance with AFSL (Australian Finance Services Licence) regulations in Australia.

All funds contributed to the product will be held in low-risk assets (government bonds, cash or cash-equivalent assets).

Is my information secure with Mist?

Yes, we take information security seriously. We have strict account protection policies, for example, ID verification, forced log-outs and multi-factor authentication to help ensure only you can access your account. We use encryption protocols to ensure your information is protected from criminal activity.

What makes Mist a good choice for Proof of Funds?
Proof of Funds is a critical requirement for International Students wanting to study in Australia. That is why you can keep your funds with Mist and we can provide a statement of financial assurance for your Visa application.

Proving that you have the required minimum funds to qualify for an Australian Student Visa can be challenging, but with Mist's Proof of Funds, the process becomes easier.

Please consider your personal circumstances and read our Product Disclosure Statement and TMD for more information. All investments carry risk.

How do I withdraw my funds?

In the Mist app, you should see a "Withdraw" button. When your lock in period has expired, you can withdraw funds and these will be transferred back to the bank account linked.

How do I ensure my Mist app is secure?

We recommend two main ways to ensure your Mist app stays secure:

Log out after every time you login to the web, iOS or Android app. We will also automatically log you out after long periods of inactivity.
Choose a strong password that would be difficult to guess. Store this password in a safe location.

Does Mist charge fees?

Mist does not charge you monthly subscription fees. We may however receive fees from the fund out of any returns it generates. For more information regarding Mist fee's, please read the PDS for the proof of funds offering.

Key terms

Please refer to the Product Disclosure Statement, Target Market Determination, Financial Services Guide for all of the defined expressions.

Here are a few key terms used in these FAQs:

Mist is Mist Financial Pty Ltd, ACN 645 778 767, AFS Representative Number (AR): 001311275 and is the promoter of the fund
Fund means the Mist International Student & Migration Trust Fund, ARSN 679 968 819.
The Manager & Administrator of the fund meaning Cache Investment Management Ltd (ACN 624 306 430, AFSL 514 360)
Custodian refers to Sandhurst Trustees Limited (ACN 004 030 737, AFSL 237 906)
The Responsible Entity and Trustee means Quay Fund Services Ltd, (ACN 616 465 671, AFSL 494886)
Fund Constitution means the constitution of the Fund.