Instant bank transfers with PayID

Payments made in seconds

Gone are the days of waiting for your money to transfer between banks. With PayID, you can send and receive money immediately, without using a BSB and account number.

Here we explain what PayID is, how it works and the benefits of using PayID to send and receive money.

What is PayID?

PayID, or instant bank transfers, allow you to transfer money instantly between accounts without using a BSB and account number. Your PayID is a number unique to you and your bank account, that you register with your bank.

Using PayID allows you to:

  • transfer money instantly between accounts at different financial institutions
  • check the person you're paying before you hit the send button
  • have the transferred funds available in the payee's account within seconds
  • make payments any time of day, 365 days a year
  • include more detail about your payment, like additional text, invoices and receipts.

What is Osko?

Participating banks allow you to use PayID through their mobile banking app or internet banking using Osko by BPay. Through Osko, you can also make instant payments using a BSB and account number.

How does PayID work?

PayID is simple and easy to use. You can create your PayID using your mobile banking app or internet banking. Select a PayID you will easily remember, such as your phone number, your email or your ABN.

Smart tip

Each PayID can only be linked to one account. If you have multiple accounts, you will need multiple PayIDs.

Once your PayID is set up, the next time someone wants to transfer money to you, you can ask them to use your PayID. Or, if you need to pay someone else, you can ask for their PayID.

Case study: Simone receives an instant bank transfer

Young girls using payID

Simone had paid for tickets to a concert for herself and three friends. On the night of the concert, she and her friends decided to have dinner beforehand. As her friends has not yet paid her back for the tickets, she was concerned she wouldn't have enough money in her bank account to pay for dinner as well.

Simone suggests her friends transfer the money to her using PayID so she could get it straight away. Her friends logged into their banking app, entered Simones's PayID and transferred the money they owed her and she received it within 60 seconds.

Benefits of using PayID to transfer money

Using PayID to send or receive money has a number of benefits, including:

  • No need to remember your account details - Instead of sharing your BSB and account number to receive a payment, you can use an easier identifier, like a phone number or email.
  • Payments are made almost instantly - Your payment will be sent or received within 60 seconds of the transfer.
  • Ability to check payment details - PayID enables you to check the account holder name before submitting the payment. This reduces the risk of mistaken payments.
  • No need for other apps or login details - You can use your current mobile banking app or internet banking to send a payment with PayID.
  • Your payment is secure - The same level of security for your existing payments applies to payments made using your PayID.

What to do about mistakes or incorrect PayID transactions

If you notice payments made from your account without your permission, or you make an error when paying someone via PayID, you should report it to your bank. If your bank subscribes to the ePayments Code, the same processes apply to getting your money back with a PayID transaction as a normal transaction.

See our webpage on unauthorised and mistaken transactions for more information on what to do if you notice someone using your account without your consent.

PayID makes sending and receiving money simple. You can send and receive payments more quickly and easily without the need for BSB and account numbers.

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Last updated: 23 Jan 2019