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
- check the person you're paying before you hit the send
- have the transferred funds available in the payee's account
- 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
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
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
Using PayID to send or receive money has a number of benefits,
- 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
- Payments are made almost instantly - Your
payment will be sent or received within 60 seconds of the
- 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
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
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.
Last updated: 23 Jan 2019