Transferring Within Australia

  1. 1

    Log into your banking app or internet banking

    Open your bank’s app or website and sign in. Find the Transfer or Pay section — usually on the home screen or in the main menu.

  2. 2

    Choose BSB + account number or PayID

    BSB transfer: Enter the 6-digit BSB (bank branch identifier) and account number of the recipient. Double-check these carefully — entering wrong details can send money to the wrong account. PayID: Many Australians have registered a PayID (mobile number or email linked to their account). Enter their mobile number or email instead — their name displays for confirmation before you proceed. Faster and less error-prone than BSB transfers.

  3. 3

    Enter the amount and a description

    Enter how much to transfer. Add a description or reference — this appears in both your and the recipient’s transaction history and makes record-keeping easier.

  4. 4

    Review and confirm

    Review all details carefully — recipient name, BSB, account number and amount. Confirm. Most Australian bank transfers via the NPP (New Payments Platform) arrive within seconds to a few minutes, even between different banks.

Transfer Speed in Australia

  • Osko/NPP payments: Most transfers between participating banks (CBA, ANZ, Westpac, NAB, ING, Up Bank and most others) arrive within 15 seconds, 24/7. This includes weekends and public holidays.
  • Standard transfers: If NPP is not available (some credit unions and older accounts), transfers take 1–3 business days.
  • BPAY: For paying bills — 1–3 business days. Use a BSB transfer instead if speed matters.

International Transfers

Bank international wire transfers are expensive ($20–35 per transfer) and slow (2–5 business days). Better options for international transfers: Wise (formerly TransferWise) for lower fees and real exchange rates, or Revolut or OFX for large transfers. For amounts under $1,000 for personal use, Wise is typically the best value.

If you sent money to the wrong accountContact your bank immediately. Banks have a process for recovering misdirected payments but success depends on whether the recipient’s bank cooperates. The sooner you report it, the better the chance of recovery. This is why verifying the PayID confirmation name before confirming is so important.

Frequently Asked Questions

Yes — banks set daily transfer limits for security reasons. Standard limits are often $10,000–25,000 per day via internet banking and lower via mobile apps. For larger amounts, contact your bank to temporarily increase the limit or arrange a branch transfer. Business accounts typically have higher limits.
Osko is Australia’s real-time payments system (part of the New Payments Platform). It processes transfers between participating banks within seconds, 24/7 including weekends. A regular transfer uses the older Direct Entry system which batches payments and processes them on business days, taking 1–3 days. Most Australian bank apps now use Osko by default when transferring to other major banks.