Yes, Police Bank uses Osko for fast payments, allowing members to send and receive money instantly using PayIDs (like email/phone) or BSB/account numbers through their mobile app and internet banking. You'll see the Osko logo when an Osko payment is available, enabling quick transfers to friends, family, or tradies.
Our Mobile Banking App and Internet Banking also give you the option to make and receive payments using Osko. Pay almost anyone using their PayID or account details. It's a fast and easy way to split a bill when you're eating out, or send money to friends or family, or pay a tradie.
When you send or receive a payment you may see the Osko® logo in your payment confirmation or account transaction history. This indicates that the payment was sent via the New Payments Platform (NPP) infrastructure using Osko®.
No. You can still send an instant Osko payment to a BSB and account number. PayID just makes it simpler because you can use something easy to remember – like a phone number or email address – instead of banking details.
Osko sends bank transfers between participating banks and financial institutions in under a minute, 24/7 – yes, even on weekends! Osko payments are sent within your online banking. This means the same level of security that protects your existing bank account payments is applied.
Wire transfers, third-party apps, ACH transfers and checks can all move money between banks. Wire transfers are fastest but most expensive, while ACH transfers are free but slower. Third-party apps like Zelle often balance speed and cost for everyday transfers.
Osko® payments typically transfer in less than a few minutes. Other payments (not Osko®) are generally available on the next business day.
Log in to your mobile banking app or online banking. Select the 'Pay Anyone' option from the menu on the left if using a desktop/browser. If you're using our mobile app select 'Transfer & pay' then 'Pay Anyone'. Select the account you wish to pay from, the account details you wish to send to and the amount.
If you transfer over $10,000, financial institutions (banks, transfer services) are legally required to report it to government authorities (like AUSTRAC in Australia or the IRS in the US) through a Currency Transaction Report (CTR) or similar filing, as part of anti-money laundering efforts, but it's not automatically a tax event; however, you'll likely need to provide more identification and follow stricter procedures for the transfer.
To make an Osko payment to a BSB and account number, the payee needs to have an eligible Osko account at a participating financial institution. The payment can neither be future dated nor recurring.
While CBA banks many Australians, Macquarie Bank consistently has the wealthiest customers in Australia, with high net wealth per capita, high incomes, and high home ownership, making them a top choice for the affluent, alongside other major players like Westpac, St. George, and specialized private banking arms of banks like NAB.
Osko is owned and operated by BPAY, and operates on the NPP as an overlay service. It uses PayID as a reference for payments. Payments are instant to accounts that have been transferred to previously.
It's unique to you and your eligible bank account. It's easier to receive payments by sharing your PayID instead of your BSB and account number. To ensure your money is safe, we may hold OSKO payments for up to 24 hours if further authentication is required.
If you transfer over A$10,000 in Australia, financial institutions must report it to AUSTRAC (Australian Transaction Reports and Analysis Centre) as a Threshold Transaction Report (TTR) for anti-money laundering, requiring you to provide personal details and ID. For physical cash movements across borders, you must declare it to customs, or face penalties. For electronic transfers, banks automatically report them, but you may be asked for more info, and non-compliance could see the transaction blocked.
$5,000 to an account at another bank. $10,000 for BPAY payments.
For urgent, everyday payments, Osko and PayID are hard to beat. For regular bills and scheduled payments, traditional transfers and BPAY remain reliable workhorses.
Whereas PayID allows you to use your ABN, mobile number or email address to transfer money. Osko is a near real-time payment service that allows you to send money almost instantly using either a bank account number and BSB or PayID if both bank accounts are Osko enabled.
There are no additional costs to members for using Osko and the New Payments Platform. It's a safe and secure way to send funds, and all payments made using this service will be monitored by the same high levels of security that our existing transactions are.
Osko® payments to participating Australian banks are received within a minute (or may take longer), anytime day or night, even on weekends.
There may be a number of reasons why an Osko Payment has failed. These could be: The BSB or account number used may be incorrect. The payee's account or financial institution may not accept Osko Payments.
Yes, you can transfer $20,000 to another bank, but you often need to adjust your daily online transfer limit within your bank's app or website first, as standard limits are often lower (like $5,000). For amounts over $20,000, you might need to call your bank or use a specific "Direct Credit" form, but for $20,000, adjusting the limit online to $20,000 or more (up to $100,000) is usually possible with SMS verification.
The following banks are compatible with instant bank transfers:
To send a transfer to another bank or financial institution, you can use Interac e-Transfer®. Learn how to send an Interac e-Transfer® from your online bank or from the National Bank app. If you have an external account, you can use Interac e-Transfer® to send money to yourself.
If you withdraw money from Cash App to a linked account, there are no fees for standard transfers, which typically take up to 3 business days. There's a fee to withdraw money with instant transfers (0.5%-1.75%, minimum of $0.25), which are typically completed within minutes.