No longer do we have to wait 2-3 business days to send or receive money from a bank account - Osko and the New Payments Platform make it near-instant.

In early 2018, a new way to online bank was introduced with the launch of Osko and the New Payments Platform (NPP), helping Aussies transfer money faster and easier. Find out how Osko payments work, what PayID is, and whether your bank offers real-time payments using Osko.

What is Osko?

Osko in short is a fast, easy, and convenient way to transfer money between bank accounts using Australia's New Payments Platform (NPP).

Launched in February 2018, Osko was developed by payments platform BPAY which allows individuals and businesses to transfer funds in real-time. Osko enables customers to make payments from one bank account to another in under a minute by either using a BSB and account number (in which we've all become accustomed) or a PayID (more on that to come).

With Osko, you have real-time clearing and settlement, 24 hours a day, seven days a week. You don't have to restrict your financial dealings to banking hours. Your payments will also have much more data attached to them than ever before. With Osko you have 280 characters with which to detail what the payment is for and who it's going to.

Both Osko and PayID are features of the NPP, which was developed by the Reserve Bank of Australia and several retail Australian Banks.

What is PayID?

PayID allows you to use a unique identifier for your bank account which you can replace with your BSB and account number. Your PayID can be your mobile number, your email, or your ABN. To receive money, you just need to provide the payer with your PayID. Essentially, it saves the hassle of having to constantly hand out your account details. Your bank will invite you to set up your PayID via your internet banking or mobile banking app.

How does Osko work?

The process is fairly simple. If your financial institution has partnered with Osko, your online banking app will already have the feature available.

When you're ready to transfer money to an account, you'll notice you have two different identifiers to choose from - traditional account details or PayID. Once you've selected the account, put in the funds you're wanting to transfer, and clicked yes/confirm, you will see the transaction appear with the Osko logo. The account you sent funds to will receive the money almost instantly.

Which banks are using Osko?

As expected, the big-four banks - NAB, CommBank, ANZ, and Westpac all use Osko.

Here is a list of other banks and lenders who offer real-time payments using Osko:

AMPHorizon Bank
Australian Military BankHume Bank
Australian UnityIllawarra Credit Union
Bank Australiaimb Bank
Bank FirstING
Bank of MelbourneME Bank
Bank of usMOVE
BankVICNewcastle Permanent
BankwestP&N Bank
BCUPeople's Choice
Bendigo BankPolice Credit Union
Beyond BankQBANK
Border BankQudos Bank
CitiRegional Australia Bank
CoastlineSouth West Credit Union
Credit Union SASt. George
Defence BankSuncorp
Family First Credit UnionTeachers Mutual Bank
G&C Mutual BankThe Mutual
Greater BankUniBank
Great Southern BankUnity Bank

Unfortunately, if you bank with the likes of Adelaide Bank, Heritage Bank, HSBC, RACQ Bank, and RaboBank, Osko is not available. There are more than 100 banks, credit unions, building societies and other institutions with banking licenses in Australia, so check the Osko website to see if yours has the feature.

AMP and Me Bank were some of the more prominent banks missing from the list, but as of late 2022 are now participants in the NPP and Osko.

What is the difference between PayID and Osko?

While PayID and Osko can be used interchangeably for sending and receiving money, they are slightly different.

  • Osko enables you to send and receive money almost instantly, even if you don't bank with the same lender. When you send money to someone, an Osko logo will pop up, letting you know the transfer was made via Osko.
  • PayID is a unique identification (phone number or email address) for your bank account that can be used instead of a BSB and account number when sending money.

A bank can offer Osko payments without offering PayID, and vice versa.

Frequently asked questions

Is PayID safe and secure from hackers?

Yes, your PayID and your funds are safe; they're protected by your bank's existing fraud-detection processes.

How do I know I'm sending the money to the right place or person?

NPP offers users a payee-validation function so that you can see and check the information of the person, business or institution you're sending the money to. You should always take a few seconds to do this before finalising the transaction.

Are there limits to how much I can send?

Most banks have a daily limit for PayID transactions to limit any damage from fraud. These limits usually range from $2,000 to $20,000 per day - you can confirm this with your bank. Higher amounts may require getting in contact with your bank.

Can I send money overseas?

No; your PayID can only be used for domestic payments.

No; you can only link your PayID to one account at a time. However, you can have multiple PayIDs with different financial institutions - again, each PayID can only be linked to one account.

To whom can I make an Osko payment?

You can make an Osko payment to any account as long as the bank supports Osko payments. For example, if you bank with ANZ and wish to send money to someone who banks with Heritage Bank (which does not yet have the feature), Osko payments will not be supported.

Compare savings accounts and everyday transaction banking accounts at InfoChoice.

The information contained on this web site is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from a financial adviser. If you or someone you know is in financial stress, contact the National Debt Helpline on 1800 007 007.