Transferred Large Amount via PayID but Not Instant?

sauce2k on 24/10/2023 - 17:57
Last edited 24/10/2023 - 20:46 by 1 other user

I just made a big transfer to a friend for an investment but he still hasn’t received the transfer. PayID supposed to be instant right?

We are both with CBA and I have previously made payment to him.

I’m a little concerned, called CBA they read out his mobile number and saying the bank has already accepted the transfer.

Is it normal for $ not showing up instantly? It’s a time sensitive investment hence why the worry, well also the amount is worrying too…

Update: that was stressful, turned out my friend had his PayID linked to a different bank account, which he never uses…thx guys

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Comments

  • PissLUR on 24/10/2023 - 17:59
    +10

    yeah cba is notorious for holding big transfer.

    • sauce2k on 24/10/2023 - 18:04

      🤦‍♂️ seriously

    • will05 on 24/10/2023 - 18:10

      +__+for the safety of customers

    • SydBoy on 24/10/2023 - 18:18

      CBA even hold money for few days within my own account… On the name of security but if there is fraud then I bet they won't take any responsibility… !

      • sauce2k on 24/10/2023 - 18:18

        Man this is cooked!

        • SydBoy on 24/10/2023 - 18:21

          I transferred $500 to my own cba credit card from my CBA account and it was showing pending for few days before settled.

          • miwahni on 24/10/2023 - 22:36

            @SydBoy: CBA credit card would have to be Mastercard or Visa, and therein lies part of the delay. They've always taken a day or two to settle.

            • SydBoy on 24/10/2023 - 22:43
              +1

              @miwahni: I was with NAB before and there was zero delay in transferring funds within bank products on my name … Linked with the same NAB id….!

              I am not happy to be with CBA but nothing I can do until I find alternative bank.. !

  • bargaino on 24/10/2023 - 18:00
    +1

    Yes, there is size limit for Osko instant transfer. Above that it uses the old system. The app should have said something at the time.

    • sauce2k on 24/10/2023 - 18:02

      Oh what the ….does anywhere say this?

      I called CBA they didn’t mention this

      • bargaino on 24/10/2023 - 18:10

        It looks like CBA does not have a published hard limit any more. But all systems have limits.

        Did the transfer say it was using Osko? That is the instant-payment system. Pay-ID maps your email or phone number to an account number.

        • sauce2k on 24/10/2023 - 18:19

          The transfer didn’t say Okso. I don’t recall any transfers I made from cba said okso tbh.

  • altomic on 24/10/2023 - 18:05
    +1

    How big is big?

    • sauce2k on 24/10/2023 - 18:20

      Low 5 figures

      • AustriaBargain on 24/10/2023 - 18:52
        +3

        Can I be your friend too?

      • brendanm on 24/10/2023 - 19:08
        +4

        Way over osko limit. Normal transfer times will apply.

        • sauce2k on 24/10/2023 - 19:38

          Actually it went through thanks guys. I’ve updated my post.

          Looks like Okso limit is bigger than we thought l!

          • brendanm on 24/10/2023 - 19:39

            @sauce2k: Is your friend with the same bank? I've done similar transfers recently and had to wait a day or two between different banks.

            • sauce2k on 24/10/2023 - 19:40

              @brendanm: Nah diff bank. It went Bankwest

              • brendanm on 24/10/2023 - 19:40

                @sauce2k: Interesting, I was doing Bankwest to ANZ, I wonder if they all have different limits.

        • Aureus on 24/10/2023 - 22:26

          I have done lots of low 5 figure transfers over Osko without issue.

          If your transaction is getting blocked, it is probably still using Osko, but just going through verification.

          • brendanm on 25/10/2023 - 08:27

            @Aureus: It's not getting blocked, it's just not instant.

            • Aureus on 25/10/2023 - 09:27

              @brendanm: It is not instant sometimes because it is blocked/halted for verification.

              • brendanm on 25/10/2023 - 10:28

                @Aureus: I did 4 it 5 transfers of a similar amount to the same account and it happened with all of them.

  • mrvaluepack on 24/10/2023 - 18:10

    There was a front page forum post recently about someone getting scammed using PayID…It's convenient but it's not as instant and secure as people are made to believe.

    • sauce2k on 24/10/2023 - 18:20

      ffs lol hopefully not me

      • MS Paint on 24/10/2023 - 18:22
        +3

        Is your friend called Deon Hong?

        • mbck on 24/10/2023 - 18:39

          What happened to him?

        • Idjit on 24/10/2023 - 19:06
          +1

          I came here for this comment and knew you wouldn't let me down Muzeeb :)

  • jackofspade on 24/10/2023 - 18:10

    For same bank it's better to do bsb/acct no then it will be processed as internal transfer

    • sauce2k on 24/10/2023 - 18:19

      Next time I know not to do payID

  • djsweet on 24/10/2023 - 18:11

    They could be temporarily freezing it while they work out if they think it’s fraudulent/laundering/sketch in some other way. If it’s a very large amount that wouldn’t surprise me.

    • sauce2k on 24/10/2023 - 18:20

      😢

  • will05 on 24/10/2023 - 18:13

    don't worry it will hit in 24 hrs as someone has to approve manually

    • sauce2k on 24/10/2023 - 18:23

      Cba said the other side is the bank has accepted the transfer. Anyway, my friend is on the phone with cba now

  • hasher22 on 24/10/2023 - 18:13
    +1

    CBA is notorious for holding payments for 24h to new accounts. Even CBA to CBA.

    Also PayID is an identifier not how fast a transfer would go through.

    Each bank has their limits on osko payments. Some 1000, some 2000.

    In saying that, your friend should get it within 2 business days.

    • sauce2k on 24/10/2023 - 18:21

      Thanks. It’s not a new transfer, have previously made transfer before.

      • hasher22 on 24/10/2023 - 18:23

        By large amount, I assume it's over CBA's osko limit, your friend will get it within 24 - 36 hours. Nothing to worry about.

        • sauce2k on 24/10/2023 - 18:23

          What is CBA Okso amount? I can’t find it online

          • hasher22 on 24/10/2023 - 18:24
            +1

            @sauce2k: Most likely 1000, some banks publish their osko amounts, some don't. it's annoying.

            • doczoid on 25/10/2023 - 13:05

              @hasher22: It’s much higher than that, I’ve seen plenty of 5 figure Osko payments with CBA.

          • garetz on 24/10/2023 - 19:07

            @sauce2k: Its more than likely what your daily atm withdrawal amount is, if you want the transfer to be instant with a larger amount you probably should contact cba first and inform them you want to make this transfer without any holds first.

  • Jimothy Wongingtons on 24/10/2023 - 18:17

    Shoulda called bank if it’s time sensitive

    • sauce2k on 24/10/2023 - 18:18

      I sure have as mentioned 🤷‍♂️

      • Jimothy Wongingtons on 24/10/2023 - 18:21
        +1

        As in call them prior to transfer to confirm transfer time 😂😂😂😂😂😂😂😂

        • sauce2k on 24/10/2023 - 18:22
          +1

          Right. I was under the impression it would be instant as I have previously made transfer to him

  • MS Paint on 24/10/2023 - 18:20
    +2

    PayID supposed to be instant right?

    We are both with CBA

    Please provide coordinates of the rock you have both been living under.

    • sauce2k on 24/10/2023 - 19:39
      +1

      🤷‍♂️I didn’t think it was a stupid question. All of my PAYID has gone through instantly except this one and I just found out it’s gone through but to a diff bank acct

      • MS Paint on 24/10/2023 - 20:07
        +1

        It's not a stupid question but a very common question. The topic has been raised a lot around this neck of the woods.

  • 87percent on 24/10/2023 - 18:29

    Uh oh…

  • Typical16-bitEnjoyer on 24/10/2023 - 19:49
    +1

    turned out my friend had his PayID linked to a different bank account, which he never uses…thx guys

    Hope your mate is better at investing than….you know, keeping track of a simple bank account.

  • jonkvh on 25/10/2023 - 09:03
    +1

    The old "My Pay ID is connected to the wrong account" excuse. Nice.

  • Ave Maria on 30/12/2023 - 03:25

    CBA is the worst for slowing down fast payments. I needed to use a $20K payid payment on Friday so I trialed a $1K on Thursday morning to a 1st time Payid reciepient (that would be a common scenario). It went through instantly without a hold up. More than 24 hours later at 3pm on Friday I send the remaining $19K only to find out it was held for 24 hours. What it is really bad it does not warn you that it will do so and give you the chance to abort the payment. St George also holds 1st time payments but only for 4 hours (sensible). CBA is just a pain in the #$%. This is similar to having a 110Km per hour motorway but being forced to drive at 20Km per hour (for safety/security reasons -:). How can a Payid payment issued from my own phone using a smart app be a secusity risk is something that CBA will never be able to explain, all they do is ignore all the valid complaints that the 24 hour hold up is both unreasonable and unecessary when there are so many other security measures in place. At least they could make it a customer option "would you like to hold your instant payment for X hours just in case you made a mistake?". What the $%^& ?

    • doczoid on 30/12/2023 - 20:34

      It’s to protect from scams and fraud

      St George can also hold payments up to 30 hours, it’s not for every first time transfer though, it depends on which rules the payment meets

      • Ave Maria on 30/12/2023 - 20:42

        I have done several St George 1st payment large transfers, for $100K, one last week & only got the 4 hour hold & an SMS to let me know to contact them if it was not me that initiated the payments. That is perfectly fine. CBA on the other hand, gives the impression that the payment was send through. No SMS message that the payment was held up. You only notice if you check your balance & transaction details afterwars to notice that the payment is pending. I am all for secure payments, but surerly the 24 hour (next day) hold & release is extreme. They could send an SMS notifying that the payment is held up & give the option to release it using an SMS code. But that would be putting the customers needs first - that is not CBA. I called support to see if they could release the payment & they simply could not do it. I had to wait for the full 24 hours even though I confirmed I initiated the payment. If I did not initiate the payment I would not know anyway & it will still be released after 24 hours without me knowing.

        • jonkvh on 31/12/2023 - 17:02
          -1

          Agree with the large transfer problem & CBA, they're good to a point then they act worse than a Credit Union.

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