Does Osko work instantly with the same bank & can I use PayId while overseas?

iceteacake on 03/05/2023 - 21:42

Does Payid via Australian phone number work while overseas? - that is, can I use my Aus phone number to get funds transferred from those who have my number (I will not have my Aus phone number with me).

There is a delay when I transfer money from my account to my friend’s account and we’re both with the same bank. I assume it would gone through with Osko. We both use Commbank. When I transfer money from my Commbank to other bank, it would go through instantly with Osko but how come it would not do the same for the same bank?
My friend has the same issue with Macquarie Bank, where they’re not able to send money directly to my account (different bank) instantly.

Travel

Comments

  • Hybroid on 03/05/2023 - 21:44
    +1

    Sometimes if it's the first transfer between two accounts it's not instant even with OSKO. Also sometimes on weekends there's delays.

    Generally it is though. ANZ to ANZ accounts are instant from my experience. Both between my own and other people's accounts.

    • jv on 04/05/2023 - 09:20
      +1

      there's delays.

      there are delays.

  • jjjaar on 03/05/2023 - 22:01

    CBA finally started using osko? Wow! Never thought I’d see the day.

    In addition to Hybroids points above, some banks also put in a delay for transfers over a certain amount.

    • WoodYouLikeSomeCash on 03/05/2023 - 22:12
      +1

      They’ve had Osko for years now?

      • jjjaar on 03/05/2023 - 22:28

        Really? Every time I’ve suggested to a friend in the last few years that is with CBA to use osko they’ve either never heard of it or have looked it up and not been able to do it. Perhaps they’re just incompetent.

        • kerfuffle on 03/05/2023 - 22:54
          +3

          Maybe refer it to PayID rather than Osko and they’ll understand you

          • jjjaar on 03/05/2023 - 23:20

            @kerfuffle: I’ve said both. I’ve also said something as basic as “pay by your mobile number”, to blank stares.

            I’ve even (admittedly this definitely was at least 2 years ago) used their phones and tried to find it themselves in the app to no avail.

        • Keplaffintech on 04/05/2023 - 08:46
          +2

          probably incompetence. CBA were one of the first to implement osko

        • quasi on 06/05/2023 - 14:19

          CBA has been automatically routing via OSKO for <$1k for well over a year. was one of the first to get on board!

  • cyan00FFFF on 03/05/2023 - 23:11

    1) If you're talking about others in Australia transferring money to your Australian bank account while you're physically overseas, that's OK. As long as you've linked your phone number to your account before you leave, it'll work.

    2) The Osko system always does transfers instantly. It's just that the sending bank can choose to hold the transaction for security purposes before they put it through or simply choose not to put it through Osko for whatever reason. Commbank usually holds it for 24 hours if it's your first time transferring money to that account. If this is really important to you, St George doesn't hold first time transfers unless there's other suspicious circumstances and also confirms which system they will use.

    • iceteacake on 04/05/2023 - 08:12

      @ 1. Yes the person would be transferring me money into my AU bank account, however if me and them are both overseas at that time, would that still go through. They also have an AU bank account as well. I will be using a different number overseas though and I thought it would have an impact to those who are transferring me money.

      @2. So after my first time transferring money into each other accounts, the second time and henceforth would go instantly? As long as it’s instantly after the first time I would be fine.

      • Settero on 04/05/2023 - 09:59
        +1

        If you look at the banks website they will say can be almost instantly, do not rely on osko being instant.

        You and them being overseas has no effect on the osko payment , however if the bank deems the overseas login as sus , may hold/block the payment.

  • spal on 04/05/2023 - 08:11
    +1

    The way I understand the PayID works is that it allows one to easily share their banking details privately. So, essentially the money is going to the bank account and has nothing to do with your mobile phone. Mobile phone number is required only to setup PayID. It isn't required after that. I have made PayID transfers whilst overseas without my phone. Never had any issues. Also, if you are worried about phone number, you can also set up PayID nominating email address instead of phone number.

  • ryefig on 04/05/2023 - 08:45

    If PayID/Osko doesn't work for you, try the Beem app.
    It's primarily an app to split payments, but I find it handy to pay/receive payments to/from friends etc - usually with less 'clicks' than my banking app.

    Just make sure to set it up before you leave for overseas.

    • iceteacake on 04/05/2023 - 12:21

      Is there a maximum amount of money that can be transferred per day and is it instant?

      • ryefig on 04/05/2023 - 14:13

        Yes its instant. The last time I checked (last year), the per day payment limit is $2000.

  • John Kimble on 04/05/2023 - 13:09
    +1

    Once a person registers/links it to an account, the phone number/email address/ABN/etc you send to is simply a "shortcut" so you don't have to remember a person's BSB and account number.

    The delay is due to the policy of the sending bank, which has already been explained by previous comments.

Login or Join to leave a comment
Login Join