How to Transfer Money Between Banks in Australia

What You Need Before You Transfer

Before initiating a bank transfer in Australia, gather the following details for the recipient's account:

• BSB number — a six-digit code that identifies the bank and branch
• Account number — typically between six and nine digits
• Account name — the exact name registered on the receiving account
• Transfer amount — confirm the precise figure, including cents
• Payment reference — a short description so the recipient can identify the deposit

Most Australian banks impose daily transfer limits on internet and mobile banking. For personal accounts, the default limit is often between $1,000 and $20,000 per day, though you can usually request an increase through your bank. Business accounts may have higher or customised limits. Check your bank's settings before attempting a large payment so you are not caught off guard by a declined transaction.

If you are unsure of the recipient's BSB, you can look it up on BSBFinder before you begin the transfer process.

Using Internet Banking or a Mobile App

Internet banking and mobile apps are the most common way Australians transfer money between banks. The process is broadly the same across all major institutions:

1. Log in to your internet banking portal or open your bank's mobile app.
2. Navigate to the "Pay Anyone", "Transfer", or "New Payment" section. The exact wording varies by bank.
3. Select "Pay to another bank" or "External account" if you are sending money outside your own bank.
4. Enter the recipient's BSB number (six digits) and account number.
5. Enter the account name of the recipient. Some banks verify this against the BSB; others do not.
6. Specify the amount you wish to transfer.
7. Add a payment reference or description. This appears on both your statement and the recipient's.
8. Review all details carefully, then confirm the payment. Many banks require two-factor authentication at this step.

After confirmation, you will receive a receipt or transaction reference number. Save this for your records in case you need to trace the payment later.

Using PayID

PayID is an alternative addressing system that lets you send money using an identifier linked to a bank account — typically a mobile phone number, email address, or ABN — instead of a BSB and account number.

1. In your banking app, select "Pay Anyone" and choose the PayID option.
2. Enter the recipient's phone number, email address, or ABN.
3. The system displays the registered name attached to that PayID. Confirm that it matches the person or business you intend to pay.
4. Enter the amount and a description, then confirm.

PayID payments travel over the New Payments Platform (NPP) and are typically received within seconds, even on weekends and public holidays. The name-confirmation step adds a layer of security that traditional BSB-based transfers do not offer, significantly reducing the risk of sending money to the wrong account. For a deeper comparison of the payment rails behind PayID, see our guide on BECS vs NPP.

BPAY Payments

BPAY is a bill-payment system used by thousands of Australian billers. Unlike a standard bank transfer, BPAY does not require a BSB or account number. Instead, you need:

• A Biller Code — a unique number assigned to the company you are paying
• A Customer Reference Number (CRN) — printed on your bill, linking the payment to your account with that biller

To make a BPAY payment, log in to your internet banking, select BPAY, enter the Biller Code and CRN, specify the amount, and confirm. BPAY payments are processed through the Bulk Electronic Clearing System (BECS) and typically settle within one to two business days, though some billers credit your account on the same day they receive notification.

Transferring to Another Country

Sending money overseas requires different details from a domestic transfer. You will generally need:

• The recipient's full name and address
• Their bank account number or IBAN (International Bank Account Number)
• The receiving bank's SWIFT/BIC code — an 8- or 11-character code that identifies the bank internationally
• The currency you wish to send

International transfers typically incur fees on both the sending and receiving ends, and the exchange rate applied may include a margin. Processing times range from two to five business days depending on the countries and correspondent banks involved. For a detailed comparison of BSB numbers and SWIFT codes, read our guide on BSB vs SWIFT Code.

How Long Do Transfers Take?

Transfer speed depends on the payment method and the banks involved.

Transfers initiated after the bank's cut-off time (often around 6:00 pm AEST) via BECS may not begin processing until the next business day. NPP-based transfers, by contrast, process around the clock with no cut-off.

Transfer Limits and Fees

Australian banks set daily transfer limits that vary by account type and channel. Common default limits include:

• Internet banking: $1,000–$20,000 per day for new payees
• Mobile app: Often matches internet banking limits
• Branch or phone banking: Higher limits may be available with additional verification
• Business accounts: Limits are typically negotiated and can be substantially higher

Most domestic transfers between Australian banks are fee-free for personal customers. However, some accounts attract fees for certain transaction types, particularly legacy accounts. Always check your account's product disclosure statement.

For transfers of $10,000 or more, your financial institution is required to report the transaction to AUSTRAC under anti-money-laundering legislation. This does not prevent the transfer, but it is recorded for regulatory purposes. Structuring multiple smaller transactions to avoid this threshold is illegal.

What to Do If Something Goes Wrong

Mistakes happen. If you suspect a transfer has gone to the wrong account, act quickly:

1. Contact your bank immediately. Provide the transaction reference, the date, the amount, and the BSB and account number you entered.
2. Your bank will attempt to contact the receiving bank under the Mistaken Internet Payment process outlined in the ePayments Code.
3. If the funds have not been withdrawn by the unintended recipient, the receiving bank can freeze and return the money, typically within 10 to 20 business days.
4. If the recipient has already spent the funds, recovery becomes more difficult and may require civil proceedings.

The best defence against misdirected payments is prevention. Before confirming any transfer, double-check the BSB and account number against the details provided by your recipient. You can verify that a BSB belongs to the correct bank and branch using the BSBFinder Validator. Where possible, use PayID for its built-in name-confirmation step, or send a small test amount first when paying a new recipient.

BSBFinder helps Australians verify BSB numbers quickly and accurately, reducing the risk of errors before a transfer is made. Whether you are paying a friend, a tradesperson, or setting up a new payee in your internet banking, confirming the BSB first takes only a moment and can save considerable time and stress.