Nobody likes cheques, right? Irritating to write out, dreadful to deal with, and there’s got to be a better way. But credit card facilities are expensive, and nowadays nobody carries cash for fear it will be covered in evil germs. So what to do? How do you send and receive money without the delays of cheques and the fiddly inconvenience of cash?
Enter PayID. It’s a way to send money from your bank account to someone else’s, or to receive it from someone else’s bank account to yours. It’s simple to set up, simple to use and very fast in operation. A typical transfer using PayID only takes a couple of minutes to go through, which is better than direct deposit payments while also being much simpler.
To use it to send money, you need a bank account, obviously, and also the ability to access your bank account on your phone, tablet or computer. So, your banking app, in other words. Here are the instructions for the five main Australian banks:
- Sending money using PayID with a Commonwealth Bank account
- Sending money using PayID with a Westpac Bank account
- Sending money using PayID with an ANZ Bank account
- Sending money using PayID with a National Australia Bank account
- Sending money using PayID with a Bendigo Bank account (scroll to the bottom of the page)
To receive money is even easier, once you get yourself set up. To do that you can call or visit your bank and let them do it for you, or follow these instructions yourself:
- Setting up PayID to receive money with a Commonwealth Bank account
- Setting up PayID to receive money with a Westpac Bank account
- Setting up PayID to receive money with an ANZ Bank account
- Setting up PayID to receive money with a National Australia Bank account
- Setting up PayID to receive money with a Bendigo Bank account (scroll to the bottom of the page)
It’s pretty simple. Give it a go. Anything’s got to be better than cheques, right?