Australians have several ways to move money online. Three commonly discussed options are POLi, PayID, and a traditional bank transfer. Each differs in setup, speed, user experience and how details are shared.
This guide explains how each method generally works and compares them across speed, fees, limits and security considerations, so you can understand which method may suit different payment situations.
| Method | Typical speed* | What you share | Best for |
|---|---|---|---|
| PayID | Often near real time (depends on banks/system) | Mobile/email (PayID) instead of BSB & account | Everyday transfers, quick payments |
| POLi | Confirmation can be fast, settlement varies | Payment authorisation via online banking flow | Merchant checkout when POLi is offered |
| Bank transfer | Real time for some transfers; can take longer | BSB + account number (and description) | Universal payments, scheduled transfers |
*Timing can vary by bank, payment rails, maintenance windows, cut-off times, and security reviews.
POLi is an online payment service that lets you pay directly from your bank account without using a card. When you choose POLi at checkout, you’re typically redirected to a secure flow where you log in to internet banking, authorise the payment, and the funds are sent to the merchant.
PayID is a feature built on Australia’s New Payments Platform (NPP). It links a simple identifier (such as a mobile number or email address) to a bank account, so you can send or receive money without sharing BSB and account numbers.
PayID is generally designed for fast account-to-account transfers and everyday payments, especially when you want a simpler way to pay a trusted person or business.
A standard bank transfer moves money between accounts using:
Depending on the banks involved and how the transfer is routed, bank transfers may be close to real time or take longer (for example due to cut-off times, maintenance, or additional checks).
Bank transfer is widely supported, but manual entry increases the risk of typos—so it’s best to save payees and double-check details before confirming.
In general terms:
Exact timing depends on system status, banking hours, and security reviews that may be applied.
All three rely on secure banking access and good personal security habits. Practical safety tips:
Fees and limits vary between banks and merchants. Many everyday PayID or fast transfers are offered without extra charges for personal customers, while POLi surcharges depend on the merchant.
Common limit types include:
For the most accurate limits, check your banking app settings and the merchant’s payment notes at checkout.
There’s no single “best” method—choose based on the situation, urgency, and what details you’re comfortable sharing.
PayID can reduce the need to share long account details and often shows the recipient’s name before you confirm. It still relies on secure banking access and avoiding scams.
Fees depend on the merchant and your bank. Check the checkout screen and the merchant’s FAQ for any surcharge.
Timing varies by bank, transfer type, cut-off times, maintenance windows and security checks. Some transfers are processed in real time while others can take longer.
If you want simplicity for sending to a phone/email, PayID is often convenient. For universal payments with saved payees, bank transfer is familiar. POLi can be useful when a merchant offers it at checkout as a direct-from-bank option.