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  • Introducing Fast Payments

    Transferring money online has never been faster or simpler

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

No more waiting ⏱ Fast Payments are here! You can now send and receive money in near real time 🙌

Fast Payments from UBank’s deposit & savings accounts are available 24/7 365 days a year to eligible accounts with participating Financial Institutions.


Hot tip:
You’ll need to use the UBank mobile app to send money to your friends and family in near real time.  


Please note: Scheduled payments and periodic payments even if created on the UBank mobile app won't be sent as Fast Payments, and the usual 1-2 business day timings will apply.   

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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. Please note: UBank has not yet implemented PayID.


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

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Frequently asked questions

  • Fast Payments are only available on our deposit and transaction account products including USpend, USave, USaver Reach and USaver SMSF.


    Please note: Our Term Deposit products can receive Fast Payments but cannot send a Fast Payment.

  • 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.

Important information

Near real time payments from a UBank deposit or savings account to participating financial institutions can only be sent using the UBank mobile app (and not online banking).