Mozo guides

Osko and PayID: The easy way to bank in Australia

By Peter Terlato ·
Fact Checked
Advertiser disclosure

On this page:

Osko and PayID logos

Ever tried to pay a friend back for lunch or dinner, only to wait a few days for the money to actually arrive? It’s frustrating.

Luckily, those delays are mostly a thing of the past thanks to Osko and PayID. These two innovations have completely changed the way we transfer money in Australia, letting you send funds to a friend’s account in seconds – even if you’re with different banks.

If you want to understand how this technology works and how to make sure your payments are truly instant, this guide will walk you through it.

What is Osko?

  • Osko enables 24/7 real-time bank transfers
  • Transfers by phone number, email or bank details
  • Network developed by trusted payments company BPAY

Osko is a fast and convenient payment network that operates under the NPP (New Payments Platform) in Australia. Launched in 2018, it allows users to make real-time payments between participating banks and financial institutions, ensuring money is transferred almost instantly. 

This service, developed by BPAY, is designed to make everyday transactions easier, whether you’re sending money to friends or paying a bill. Osko is partnered with over 100 financial institutions including the Big Four banks, so more than likely you already have access to it.

What is PayID?

If you think of Osko as a super-fast car, then PayID is the GPS address for that car.

Normally, when you send money, you have to use a BSB and a long account number. It's easy to make a typo and send your hard-earned cash to the wrong person.

PayID aims to fix that. It's a simple, easy-to-remember piece of information – like your mobile number, email address, or ABN – that you link to your bank account.

When a friend needs to pay you back, you just give them your mobile number (your PayID), instead of your BSB and account number.

How Osko and PayID work together

Osko and PayID are designed to make your life simple. Here’s how they work.

  • You're paying someone: You ask for their PayID. You enter it into your app, and their name appears for you to confirm. You hit 'send', and the money is there instantly.
  • You're getting paid: You give someone your PayID. They enter it into their banking app. Before they hit 'send', a screen pops up showing your full name so they can double-check they've got the right person. The payment then shoots through via Osko in a matter of seconds.

Which Australian banks have Osko and PayID?

Most Aussie banks are now part of the Osko and PayID network.

If you’re unsure about your bank, the easiest way to check is to log in to your banking app and look for the Osko or PayID option when making a transfer. 

Alternatively, you can search for your banking institution on the payment service websites:

What are the benefits of Osko?

Why should you care? Because Osko makes your banking life a whole lot easier.

  • It's lightning-fast. Money goes from your account to another Aussie account in about a minute, even if they're with a different bank.
  • It works 24/7. Whether it’s 2 am on a Sunday or Christmas Day, Osko doesn't take a day off.
  • You can use a PayID. Instead of messing around with BSBs and account numbers, you can send money to someone's mobile number, email, or ABN. It’s way quicker and less likely to lead to a stuff-up.
  • More info in the payment. You can add a much longer description to your transfer, so you can actually explain what the payment is for. No more trying to squeeze it into a tiny character limit.

Osko FAQs

Is Osko a free service?

Yes. Osko payments are generally free, just like a regular bank transfer.

Do I have to set up PayID to use 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.

Is Osko safe?

Osko payments are handled by your bank and have the same security protections as other banking transactions.

Can you send and receive Osko payments over the weekend?

Yes, Osko payments can be made 24/7, including weekends and public holidays. This feature adds convenience, allowing you to send or receive money at any time.

What if I send money to the wrong person?

Always check the name that pops up before you confirm the payment. If you send it to the wrong person, contact your bank immediately – but just like a normal transfer, it can be tricky to get the money back.

Can you cancel an Osko payment?

Once an Osko payment is initiated, it cannot be cancelled. Because payments are instant, it’s crucial to double-check the recipient’s details before making a transfer. If you’ve made a payment by mistake, contact your bank to see if there’s anything they can do to help. If you send a payment to a closed account, the payment should fail and you’ll usually be refunded.

Why was my Osko payment rejected?

Payments may be rejected for several reasons, including insufficient funds, incorrect recipient details, or if the recipient's bank does not support Osko. If a payment fails, review the details and try again. Contact your bank if issues persist.

Can I use Osko for international payments?

No, Osko is designed for domestic transactions within Australia. For international payments, you'll need to use other services or platforms specifically tailored for overseas transfers.

What happens if I enter the wrong details for an Osko payment?

If you enter incorrect details, the payment may go to the wrong recipient, and Osko does not have a mechanism for reversing transactions. It’s essential to double-check the recipient’s information before confirming the payment.

Is there a limit on how much I can send with Osko?

While Osko itself does not impose a fixed limit, individual banks may have their own limits for Osko transactions. Check with your bank for their specific restrictions.

Are there fees associated with Osko payments?

Generally, Osko payments are free for personal transactions. However, some banks may charge fees for business accounts or certain types of payments. It’s sensible to check with your bank for any applicable fees.

Can I schedule an Osko payment for a later date?

No. Osko payments are processed in real-time and cannot be scheduled for a future date. If you need to make a scheduled payment, explore other banking options that allow for this feature.

PayID FAQs

What is PayID?

PayID is a simpler way to send and receive money without needing to remember a BSB and account number. Instead, you can link something easy to remember – like your mobile number, email address or ABN – to your bank account.

Is PayID safe?

PayID is run through your bank and uses the same security protections as other banking transactions. When paying someone via PayID, their registered name will appear before you confirm, giving you extra confidence you’re sending money to the right person.

Can I have more than one PayID?

Yes. You can register multiple PayIDs (for example, one with your mobile number and another with your email) but each PayID can only be linked to one bank account at a time.

What can I use as a PayID?

Depending on your bank, you may be able to use a mobile number, email address, ABN, or business organisation number as your PayID.

Do I need PayID to use Osko?

No. You can still send and receive Osko payments with just a BSB and account number. PayID just makes the process quicker and easier.

What if I send money to the wrong PayID?

Always check the name that pops up before confirming the payment. If you send it to the wrong PayID, contact your bank straight away. Just like regular transfers, it can be difficult to recover funds if they’ve gone to the wrong person.

Can you cancel a PayID payment?

No. Payments made using PayID are instant and cannot be cancelled. Double-check before you confirm. If you’ve sent money to the wrong person, contact your bank immediately.

Can I use PayID for international transfers?

No. PayID can only be used for domestic payments within Australia. For international payments, you'll need to use other services or platforms specifically tailored for overseas transfers.

Is there a limit on how much I can send with PayID?

Yes. While PayID itself doesn’t set a limit, individual banks may impose daily limits on payments. Check with your bank for the exact amount.

Are there fees associated with PayID?

For personal accounts, PayID payments are generally free. Business accounts may be subject to fees depending on your bank.

Can I schedule a PayID payment?

No. PayID payments are processed instantly and cannot be scheduled for a later date.

Bank account comparisons on Mozo

Mozo may receive payment if you click products on our site. We don’t compare the entire market, but you can search our database of 163 bank accounts.
Last updated 5 December 2025 Important disclosures
  • Mozo Expert Choice Badge
    Everyday Edge Account

    $0.00

    Apple Pay, Google Pay, PayID, Samsung Pay

    0% p.a.

    This bank account has no account keeping fees to pay. There are unlimited fee-free domestic transactions. Safe and secure digital banking. Fee-free card purchases and cash-out transactions in-store. Free access to thousands of ATMs nationwide. For customers 18 or over.

    Compare
    Find out more
    Details
  • Orange Everyday

    $0.00

    Apple Pay, Google Pay, PayID, PayTo

    0% p.a.

    ING’s Orange Everyday bank account offers no monthly fees and 1% cashback on eligible utility bills up to $100 (T&Cs apply). Experts Choice Awards Highly Commended Everyday & Savings Bank 2025^

    Compare
    Find out more
    Details
  • Everyday Options Account

    $0.00

    Apple Pay, Google Pay, PayID

    0.01% p.a.

    Enjoy 0% foreign currency conversion fees on Visa Debit card purchases. Plus make an eligible purchase using your linked Visa Debit card to earn cashback at participating merchants. $0 monthly account keeping fees & the option to open up to 9 sub-accounts. Suncorp Bank (Norfina Limited ABN 66 010 831 722 AFSL 229882 Australian Credit Licence 229882). The SUNCORP brand and Sun Logo are used by Suncorp Bank (Norfina Limited) under licence and Suncorp Bank is not part of the Suncorp Group.

    Compare
    Go to site
    Details
  • Mozo Expert Choice Badge
    Spend Account

    $0.00

    Apple Pay, Google Pay, PayID, Samsung Pay, Garmin Pay

    0% p.a.

    Sign up with MOZO20 to score $20 after 5 eligible card purchases in your first 30 days. See terms link on ubank’s app store. This account works hand in hand with the ubank's High interest savings account. No monthly fees on any of your spend accounts. No ubank international fees to pay. Get instant access to Apple Pay and Google Pay.

    Compare
    Find out more
    Details
  • Everyday Account

    $0.00

    Apple Pay, Google wallet

    0% p.a.

    In addition to $0 monthly account-keeping fees and 24/7 real human support, you can turn your everyday banking into Qantas Points. Link your Qantas Frequent Flyer account to your AMP Bank GO Everyday Account, in AMP Bank GO and earn 1 point for every $10 on your average monthly balance. T&Cs apply.

    Compare
    Go to site
    Details
Peter Terlato
Peter Terlato
RG146
Senior Money Writer

Peter is a journalist with 15 years of experience, writing extensively about finance, politics, travel and lifestyle – including a decade specialising in comparisons. Peter publishes news, guides and reviews across an array of topics; from credit cards and the cash rate to car loans and capital gains.

^See information about the Mozo Experts Choice Bank Account Awards

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.

Today's bank account rates