- For customers of the same bank, transfers are usually processed immediately and will appear in the recipient’s account on the same day. Customers of the same bank can typically transfer money between their accounts instantly, regardless of the amount or the time of day.
Transfers between different banks
- Transfers between different banks can take between one to three days. There are a number of factors that can affect the transfer time, including the banks involved, the time of day the transfer is made, the amount of money being transferred, and whether the transfer is made online, over the phone, or in person.
Osko and PayID transfers
- Osko is an Australian payments platform that allows customers to make fast, secure payments via their mobile devices. PayID is a unique identifier that allows Australians to make and receive payments without needing to remember their BSB and account numbers.
Using both Osko and PayID, funds are transferred between accounts and can be used to pay people or businesses. Osko and PayID usually only takes a few seconds, and it is typically free to use.
