What is PayID

What is PayID?

When it comes to bank transfers, you may find bank account numbers or Bank State Branch (BSB) numbers too complex to remember. PayID can spare you from this trouble. It's simple and easy to remember. 

To deposit money in your moomoo account, all you need is to enter the PayID provided by moomoo in your bank App/online banking.

It works like a bank transfer and is supported by major banks, thus safe and reliable.

Why choose PayID?

1. PayID allows you to enter less information when transferring money. A PayID and an amount will do.

2. When you enter the PayID provided by moomoo in your bank App, you will be shown the name of our receiving account [Moomoo AU], so you can confirm that you are sending money to the right account.

3. The money you send to the PayID will be transferred to moomoo's receiving account in real-time through the NPP (New Payments Platform) clearing and settlement system.

● If your bank account name is the same as your moomoo account name, your money will arrive within 5 minutes;

● Otherwise, moomoo will review your transfer, which may result in a delay in the arrival of your money.

Which banks support PayID?

Almost all banks in Australia support PayID. Please contact your bank for details.

If PayID is not available at your bank, you can still use your bank account number and BSB number to transfer money.

How to transfer money with PayID?

Different banks have different entrances for remittance using Pay ID. Please refer to the side of the bank for details. Taking the Westpac App and the Commbank app as examples, we will introduce how to use PayID for remittance.

● How to deposit money via PayID in the Westpac App

● How to deposit money via PayID in the CommBank App

1. How to deposit money via PayID in the Westpac App

1.1 Open your Westpac App, find the PayID feature, and select Email as the type of PayID.

2. Open the moomoo App, go to Accounts > More > Deposit, and find the PayID provided by moomoo. Enter it in your Westpac App.

3. Enter an amount in your Westpac App, confirm it, and complete the transfer.

2. How to deposit money via PayID in the CommBank App

2.1 Open the Commbank App, and tap Pay > Pay someone.

2.2 Tap the "+" icon > More，and select Email address.

2.3 Open Go to the moomoo App, tap Accounts > More > Deposit, and find the PayID provided by moomoo. Enter it in the Commbank App.

2.4 Enter an amount in the Commbank App, confirm it, and complete the transfer.

Notes:

Moomoo AU only supports deposits in Australian dollars (AUD).

Moomoo AU only supports deposits from Australian banks.

Please deposit money from an Australian bank account under your own name, instead of a third-party account.

If the bank requires you to add a transfer reference, it is recommended that you enter your name.

When you send money to a PayID for the first time, some banks may need to review your transfer, which may cause a delay (generally of not longer than 24 hours) in the arrival of your money.