Australians today have more ways than ever to move money online. Three of the most widely discussed options are POLi, PayID and traditional bank transfer. Each method has its own strengths, limits and ideal use cases.
This guide explains how each payment method generally works, and compares them on speed, convenience and security so you can better understand which might fit different types of online payments.
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 are redirected to a secure window where you log in to your internet banking, authorise the payment, and the funds are sent on your behalf.
Key points about POLi:
PayID is a feature built on top of Australia’s New Payments Platform (NPP). It lets you link an easy-to-remember identifier (like your mobile number or email address) to your bank account.
Once you have a PayID set up with your bank:
PayID is designed for fast, account-to-account transfers and everyday payments, without needing to remember long numbers.
A standard bank transfer is the classic way of moving money between accounts using:
Depending on the bank and whether it uses the NPP system, transfers may be:
Bank transfers are widely understood and accepted, but can be slower and more prone to typos in account numbers if details are entered manually.
In day-to-day use, people often care most about how quickly money arrives. In general terms:
Exact timing will always depend on the banks involved, system status, and any security reviews that might be applied.
Each method has a different user experience:
All three methods rely on the security of your bank account and your own practices (such as protecting logins and devices). From an information standpoint:
For all methods, using strong authentication, up-to-date banking apps and avoiding suspicious links is essential.
Fee structures can vary between banks and merchants. Many everyday online transfers via PayID or fast bank transfer are offered without extra charges to personal customers, while POLi acceptance and any merchant-imposed fee will depend on where you are paying.
Limits can include:
It’s always a good idea to check the latest limits and conditions inside your banking app or on your bank’s help pages.
In everyday life, people may choose:
There is no single “best” method; the right one depends on what you are paying for, how quickly it needs to arrive, and which tools you and the recipient are comfortable using.
PayID helps reduce the need to share long account details and lets you confirm the recipient’s name before paying. However, it still relies on secure bank systems and good personal security practices.
POLi itself may or may not involve fees depending on the merchant and bank. Always check the payment screen or the merchant’s FAQ to see if any surcharge applies.
Not all transfers are processed over real-time rails. Some may still go via older clearing systems or be delayed by security checks, bank maintenance, or transfer limits.
It depends on your priorities. If you want simplicity and speed between people, PayID is often convenient. If you prefer traditional details or scheduled payments, standard bank transfer is familiar. POLi may be used when merchants offer it as a direct-from-bank checkout option.