Money Hack: How to get paid instantly from other bank accounts
Plus, ditch long-winded BSBs and account numbers when you set up your PayID.
There’s almost nothing more annoying than having to type out long account numbers and BSBs when you’re trying to split a bill in a bar and then waiting hours (or days) for it to appear in your account. If you want easier and faster payments, it’s time to set up your PayID.
In mid-February, the New Payments Platform launched something called a PayID. You may have heard of it or received a notification from your bank about setting one up. Your PayID is a unique number or address which you can register with your bank and use to make easier payments. Depending on your bank, you can usually register your phone number, email address or ABN as your PayID.
So if you need to split a restaurant bill with a friend, you can simply give them your PayID to make a payment, rather than trying to remember your account number and BSB.
Not only is your PayID easier to remember, it also will allow you to send and receive instant payments from other banks. Exactly how “instant” these payments are may vary between banks, but you can usually expect the money in your account within a minute or less.
Not only is this super convenient for you, but it means you can avoid awkward situations when you don’t have cash and need to make an instant payment (like if you’re picking up something you’ve bought from Gumtree or are paying a babysitter).
Setting up your PayID isn’t complicated and you can usually follow the prompts to do so via your banking app. If you're a little lost, this video of a talking fish-head explaining how to do it might help you out.
Once you’ve set it up, you don’t need to do anything else. The PayID option will be built into your banking app or you may also be asked if you want to pay via Osko, which is the BPay platform that many card issuers may use to facilitate real-time payments. For example, Westpac is one of the banks that will be using the Osko platform to allow real-time payments.
Although the NPP first launched with 60+ institutions, there are still a few banks that haven’t jumped on the bandwagon yet. You can check out our complete list of Aussie banks and financial institutions that offer PayID to see if you can set it up with your card issuer.
finder money hacks is a bi-weekly roundup of the latest tips and tricks to improve your finances. Check back every Wednesday and Saturday for new hacks.