You’re out to dinner with a group of friends, and the bill arrives with those infamous words, “No split billing”. You look around in a moment of panic; no one at the table carries cash.
But, with a PayID, you no longer need to worry! You can pay the bill for the whole table, with your friends transferring their share to you instantly.
What’s a PayID?
A PayID links your mobile phone number or email address to your bank account, so it can be used to receive funds. When a family member, friend or colleague needs to pay you, instead of giving them your bank account number and BSB, simply ask them to send it your PayID e.g. your email or mobile number.
Payments to a PayID automatically go through the OSKO by BPAY network, which means you’ll receive the funds within minutes, instead of days - even if you bank with a different financial institute to the payee.
What’s the advantage of having a PayID?
Most transfers from participating banks go through instantly these days, so a common question is why do you need a PayID?
There are a few major advantages to having one. The first, quite simply, is that it’s easier to remember than your BSB and account number. When someone asks for your bank details to make a transfer, all you need to give them is your PayID, rather than all those digits.
Payments to a PayID are processed through the OSKO network, so you’ll receive your funds straight away. Whereas, transfers to a BSB and account number can sometimes go via the 'direct entry network', which can take up to two days.
And while it’s probably not the biggest drawcard for setting up a PayID, the transfer description can be longer than the usual 55 characters. It can be up to 280 characters, and you can even include emojis! 😊
Is it safe?
Using your PayID is safe. Your bank details stay protected and you’ll be asked to verify who you’re paying before you submit the payment. That means, unlike using a BSB and account number, you'll be shown the name of the account you're transferring money to. You also can’t make any withdrawals with a PayID, and we monitor transactions 24/7 with our fraud detection service.
Setting up your PayID takes only two minutes. Simply login to Internet Banking or our Mobile App and look for Manage PayID. Create your new PayID to link your email address or mobile number to the account of your choice – then pass it on the next time you go on a coffee run for your colleagues.
Find out more about PayIDs and faster payments.