As part of the New Payments Platform (NPP), PayID Bankwest aims to expedite and simplify the process of sending and receiving payments in Australia. By linking to the bank account, PayID makes sending funds and payments easy. In this article, we will explore the various features offered by PayID.
How to Set up PayID Bankwest
When we tested this product, we found that setting it up is a straightforward process. To understand the registering process as well as how to pay with PayID Bankwest, follow these steps.
Step 1. Register Your PayID
At Bankwest, you can register your PayID through either the Bankwest App or Bankwest Online Banking.
- Bankwest App: Navigate to More in the bottom menu. Next, click PayIDs and select Add a PayID. Enter the relevant details and finish registering
- Bankwest Online Banking: Navigate to Self-service in the menu. Next, click PayIDs and select Add a PayID. Enter the relevant details and finish registering.
Step 2. How to Pay Someone Using PayID Bankwest
If you want to know how to pay someone with PayID Bankwest, follow these steps.
- Go to your preferred online platform and enter their account details.
- PayID shows you the name of the registered person or business as an added security check before you press send.
- As PayID is part of the New Payments Platform, your funds should be delivered almost instantly.
However, if you are sending payment to a new PayID for the first time, you might experience a small delay for the purpose of security checks.
Step 3. Receive Payments
To receive payments, the sender needs to know your PayID. To find it, open the Bankwest App and navigate to More> PayIDs. Now, select the PayID you want to share. You will be prompted to select the recipient and platform through which the message will be sent.
The Bankwest App lets you share your PayID on Facebook, Messenger, WhatsApp, and via text messages. Once the sender receives your PayID, plugs it into their own bankβs app, and hits send, you should instantly receive your expected payment.
Bankwest PayID Limit
Pay AnyBody payments that are made to a registered PayID go through almost instantly and therefore come under Faster Payments at Bankwest. The limit for this is A$1,000 per transaction, with a default daily limit of A$5,000.
Bankwest PayID Delay
Payments that are made through PayID should reach the receiver in seconds through the Osko Service. However, there are some cases where a delay may occur.
- Security Checks: The bank may hold for up to 24 hours while they conduct security checks to ensure your identity (KYC procedure)
- Incorrect PayID: The sender might be transferring to the wrong PayID
Bankwest PayID 4 Hours – What Does it Mean?
Bankwest PayID 4 hours refers to a phenomenon that occurs with many Bankwest users who are attempting to send funds to a new PayID. Our research shows that for such first-time payments, Bankwest places a hold lasting 4 hours on the transaction. This is to conduct security checks for identity confirmation.
What is PayID Bankwest?
PayID is a unique identifier in the form of your email address or phone number that is connected to your bank account. One user can register 1 mobile ID and up to 5 email PayIDs.
For receiving payments, all you have to do is share your PayID. PayID also ensures the safe sending of funds by displaying the name of the registered user. In case of any unauthorized transaction made through the bankβs online platforms, Bankwest promises reimbursement of funds.
Based on our experience, PayID provide:
- instant 24/7 money transfer
- no need to remember bank details
- showβs registered userβs name for cross-checking.
Other Australian Banks with PayID:
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