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  • Introducing Fast Payments

    Transferring money online has never been faster or simpler

01

We're super excited to be bringing our customers Fast Payments through the New Payments Platform (NPP).

To ensure you get this awesome functionality as soon as possible, we’ll be releasing Fast Payments in a few phases.

  • Step 1 ... Receive via Fast Payments


    The good news is… the first phase is now live! Your friends and family can now send you money from participating financial institutions and you will receive it in your UBank deposit or savings account in near real time, 24/7 (as long as they have Fast Payments enabled too).

  • Step 2 ... Send money


    We’re now working on ensuring you can send money to everyone else.

    We’ll let you know as soon as it’s available in the coming months.

  • Step 3 ... PayID


    Then, it’ll be time for PayID. This means you’ll no longer need to remember your BSB or account number – you can send and receive money using a simple email address, or your phone number.

02

Fast Payments, NPP, Osko, PayID – what’s the difference?

Same same, but different! Check out the descriptions below.


Fast Payments
let you send money to most Australian financial institutions through the New Payments Platform (NPP). Fast Payment transfers are made between participating Australian banks in less than 60 seconds. You can see which banks have enabled Fast Payments here.


NPP Payments
means payments are cleared and settled through the New Payments Platform (this include Osko Payments).


PayID
is usually something that’s much easier to remember than your BSB and account number and can be linked to a financial account for the purpose of directing NPP Payments or instructions to that account. This could be a phone number or email address or really any other type of identifier that’s allowed by NPP and supported by us.


Osko
is something you’ve probably heard of, as some companies use the Osko Payment service provided by BPAY ®. An Osko Payment is made by or on behalf of a payer to a payee. UBank has not yet implemented Osko payments.

 

BPAY® is a registered trademark of BPAY Pty. Ltd. ABN 69 079 137 518

03

Frequently asked questions

  • We’re working super hard to get this to customers as soon as possible.

     

  • Fast Payments made into UBank deposit or transaction accounts via the NPP from an participating financial institution will be received in under 60 seconds 24/7, 365 days a year.

     

  • UBank has no restrictions on the amount of money you can transfer in to your deposit and savings accounts when using Electronic Funds Transfer or Fast Payments.

    When transferring money into your USave or Term Deposit account with BPAY®, there’s a limit of $10,000 per transaction.

    Please consider that your external bank may have limits on the amount you can transfer daily. You'd need to get in touch with them to confirm what these limits are or to change them.

     

  • Unfortunately not. Fast Payments are only available into our deposit and transaction account products. Click here to find out how to make additional repayments to your UHomeloan.