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 a BSB or 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
- 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.
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
Your 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.
Making a payment with your PayID
Most banks allow you to use this service through their mobile
banking app or internet banking website but some may get you to set
up the payment using Osko by
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.
One of her friends suggested that they transfer the money to her
using PayID so she could get it straight away. Simone set up her
PayID through her mobile banking app and let her friends know her
PayID account. They then 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
- 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
- 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 that your PayID has been used without your
permission, or that there's an error on a PayID transaction, 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 receive your payment more quickly and easily without the
need for your BSB and account number.
Last updated: 14 Mar 2018