Commonwealth Bank Instant Transfers (Osko) Not Instant

OzyBe on 08/02/2022 - 12:30

Just wondering if anyone knows why, or has had similar experience.

I find that when I make a transfer from one bank to another, the funds transfer instantly, and the amount is available instantly in the receiving account.

Sometimes you are given the option to do a slow transfer instead, otherwise instant transfer just happens.

I am finding when transferring out of my CBA account, it always goes the slow way.

I am scratching my head as to why? CBA is a big bank, they have told me they support Osko. They are not sure why it is not happening. The receiving bank also supports Osko, and receives instant payments OK from other banks.

I guess why I am posting this, is that CBA have don't seem to know.

Is this normal for CBA?

Their response is that transfers may take 1 - 3 business days, and it almost seems funny that I am telling them about instant transfers, and it like they weren't aware there was such a thing.

Their only response after escalating the issue, is to register for PayID on the receiving bank, but they cannot tell me why, when this has not been required before.

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Comments

  • Danstar on 08/02/2022 - 12:33

    What's the amount?

    When I do large amounts with CBA ( I think it's over 10K ); to a new account, it usually takes a business day or two to go through.

    Ps. Checked an email I got after doing a large transfer

    For your security, first time payments to new accounts will be held for up to 24 hours.

    Pps. I think you can ring CBA to try get it processed faster

  • SimAus007 on 08/02/2022 - 12:45

    I just transferred 12k from CBA to Virgin Money yesterday and it hasn't transferred (Osko), I called the CBA this morning and they said they hold the money back for 2 days to an account that is considered new.
    I had however transferred to this account before, however, that was 3 days earlier and a small amount of money.
    They told me because the first transaction was within 5 days of the second one, they still look at the second transfer as… to a "new account"
    It must be past 5 days for the first transaction to that account to then be considered a safe account to transfer to.
    Such a PITA.

    • bobbified on 08/02/2022 - 13:07
      +2

      I can see these delays get worse if the banks are forced to refund scammed amounts.

    • OzyBe on 08/02/2022 - 14:19

      This scenario does not apply to me. I wouldn't be too worried if it did. It is just when it happens every time, and it just feels like groundhog day.

      You ring them, at first it seems they don't know the technology existed to do routine instant transfers. You get put on hold while they check. You get transferred to another department, you wonder why you bothered calling them as you knew this was going to happen…..

      The bottom line is it doesn't matter if the $250 doesn't arrive until tomorrow, but there will be a scenario where it does.

  • djkelly69 on 08/02/2022 - 13:04

    Which bank/s are you transferring to?

    I have done a number of osko transfers to my Citibank account from Big 4 banks, and they all take 2-3 business days to clear.

    • SimAus007 on 08/02/2022 - 13:37

      I have a Citibank account and all Osko transfers I've done have been instant (via their website).
      I use it for small business purposes to I make payments daily and I've never had it take more than a minute to land in the receiving account.
      Osko to Osko is instant, provided the bank is not holding back the transfer for fraud protection reasons (up to individual banks but nothing to do with Osko itself).

      • djkelly69 on 08/02/2022 - 14:31

        It sounds like you are talking about from Citibank? I am talking about to Citibank.

        I have done more than a half dozen transfers to Citi which the sending bank says is an osko transfer. They show up at Citi straight away, but then sit as pending on in-progress for 2-3 business days.

        It is just for small amounts between my personal accounts, so no reason to think it is being held.

        • kawinuyo on 09/02/2022 - 02:44

          That's really odd, I transfer between my cba and my citibank account and it's pretty much instant. Like you starts in pending but available to use within minutes. I had to transfer 5k once and that only took about 10 mins.

  • Baysew on 08/02/2022 - 13:06

    they have told me they support Osko.

    You can't even do a PayId using their Netbank internet banking.

    • Danstar on 08/02/2022 - 13:16
      +2

      Yes you can…..

    • OzyBe on 08/02/2022 - 14:21

      They told me to setup PayID with the receiving bank, but I asked them why I would have to do this for the CBA, when other banks just work.

      They could not answer that question, but said they will raise a complaint for me - which is of no benefit, as I receive no further feedback on the complaint.

  • kerfuffle on 08/02/2022 - 13:09

    Not a customer, so cannot confirm, but I hear only the app is via Osko and the website will be via normal?

    • Baysew on 08/02/2022 - 13:12

      Yes that is correct, but the additional problem is they hold Osko payments - two business days in one case which was a wage payment from a business account.

      • SimAus007 on 08/02/2022 - 13:42

        Yep, exactly, nothing to do with Osko delaying it, that's the bank holding back the transfer for fraud protection. Once your bank sends it through Osko (to Osko) it will be instant.

      • Yola on 09/02/2022 - 21:41

        I do OSKO transfers on the Netbank website several times per month and they are instant. My understanding is that for NAB and UBank Osko is only available via their App.

  • techlead on 08/02/2022 - 13:32

    You need to use th app. If you don't and use the website, it goes the slow way. That's been my experience.

    Transferring from CBA to ING and Westpac via BSB and account number on the app is instant for me.

    • SimAus007 on 08/02/2022 - 13:45
      +1

      Depends on the bank, Citibank and CBA both use Osko in the app and website, it clearly states this when you are transferring on both.

    • OzyBe on 08/02/2022 - 14:27

      You may be right, but why was this advice not offered to me when be passed around on the phone?

      This is not rocket science, how would the CBA bank handle a more complicated issue?

      • techlead on 08/02/2022 - 14:33

        I put this down to lack of training.

        CBA should do what Macquarie does, they force all their employees to have a Macquarie transaction account, their salaries are only paid into that account and its part of the employment contract to open one when they start working there (if they don't already have one). I think Westpac do the same thing as well.

        If those CBA staff used their own product, they could have easily told you that.

        I just did a test, I transferred funds to ING via BSB and account number via the website. It does not show up as a Osko payment anywhere in the confirmation, however it appeared instantly at ING. It appears that the Osko logo is only present when transferring on the app. It may be due to incompetence or their subtle way of pushing you to use the app. It worked for me. I haven't used the website in a very long time, I've only been using the app.

        • OzyBe on 08/02/2022 - 14:36
          +1

          Lack of training I guess.

          It just makes the CBA support staff appear stupid.

          Especially when you get different answers from different people, or they simply do not know.

        • Yola on 09/02/2022 - 21:44

          Yes, no logo on the web but transfers instant.

  • gavincato on 08/02/2022 - 13:49

    hmm, I can transfer to/from my anz and st George accounts instantly with osko.

    • SimAus007 on 08/02/2022 - 13:55

      Yeah almost every bank here uses Osko now apart from HSBC, BoQ and a couple of others.
      You can see which banks here https://osko.com.au/osko-your-bank

      • OzyBe on 08/02/2022 - 14:32

        From Osko your link:

        You won’t need to look for Osko®, as you’ll automatically be using the service when it is available

        • So it appears the service is never available via the website (and CBA support staff are not aware of this).

        When you send or receive a payment you may see the Osko® logo in your payment confirmation or account transaction history. This indicates that the payment was sent via the New Payments Platform (NPP) infrastructure using Osko®.

        • No Osko logo, and definitely no instant payment
        • techlead on 08/02/2022 - 14:34
          +1

          No, I just transferred from CBA to ING via the website, there was no Osko logo, but the funds transferred instantly.

          • SimAus007 on 08/02/2022 - 15:20

            @techlead: After you've made the transfer, take a look at your 'transaction history' and tell me if you see that it was sent by osko :)
            As per the CBA website: "You may see the Osko® logo in your payment confirmation OR account transaction history."

            • techlead on 08/02/2022 - 16:01

              @SimAus007: Its not user friendly. All the other Big 4 have it in the payment confirmation. That's logically where it should be.

              Also, why can't they transfer directly to a PayID on the website? Westpac has it. Even their subsidary BankWest has it.

        • SimAus007 on 08/02/2022 - 14:50

          Sure is instant, I use their website daily for transfers, along with Citibank, both are instant via the website and yes it does state website transfers are via Osko - from the CBA website….

          "What is an Osko® payment?
          Osko by BPAY® is a secure payment service which enables you to send and receive near real-time payments using the New Payments Platform
          The service is available within the CommBank App, NetBank and CommBiz
          When you send or receive a payment you may see the Osko® logo in your payment confirmation or account transaction history. This indicates that the payment was sent via the New Payments Platform (NPP) infrastructure using Osko®"

          It's not instant if it's over 5K and to a bank account that hasn't been used before for fraud reasons as CBA hold the funds back for 1 to 2 days.

          As for instant with ING, their site states instant transfers are to a max of 1k, higher than this will not be instant (hold on the funds).

          My business operates in business to business (B2B) only, when I have to chase funds (the not so fun part) I wait on the phone with my client whilst they log into their online banking, and it hits my account within 1 minute and then I mark their invoices off as paid, so I'm quite used to the instant transfers.

          If it doesn't hit my account within 1 minute or so I use the Osko website to see if their bank uses Osko.

          • techlead on 08/02/2022 - 16:03

            @SimAus007: I have transferred over $5k instantly before with CBA.

            • SimAus007 on 08/02/2022 - 16:20

              @techlead: Had you transferred to that account in the past? If so it will work.

              • techlead on 08/02/2022 - 18:20

                @SimAus007: Yes, I have. Its not a first time transfer to that account.

    • OzyBe on 08/02/2022 - 14:33

      Same for me.

  • OzyBe on 08/02/2022 - 14:15

    Any amount. Just tried $250.

    And also, not first time payment to that account - about 20 times so far.

    Yes, I phoned them again today. The money has left the CBA account, so they cannot make it happen instantly.

    • OzyBe on 08/02/2022 - 14:25

      And if the PayID option works (which there is no guarantee that it will), why cant I just use the BSB method.

      Its funny really, it seems most of the credit unions have had instant payments from the early days, and here is a big bank that doesn't offer the same functionality. You would think it would be the other way round.

  • aurotaro on 08/02/2022 - 14:33

    CBA PayID is shambolic. Takes too long and randomly they hold payments for 2-3 days even though I've previously transferred to those accounts.

    • djkelly69 on 08/02/2022 - 15:13

      PayID is basically just a shortcut/nickname for an account you have linked it to, which you can give out to people.

      Osko is the (supposedly) fast/instant transfer system.

  • techlead on 08/02/2022 - 14:41

    I have to say, out of all of the Big 4, the roll out of PayID for CBA has been the worse. I use many banks and my experience with CBA with PayID is by far the worse. Its such a disappointment for such a big bank.

  • Typical16-bitEnjoyer on 08/02/2022 - 15:16
    +4

    The best solution - ditch CBA. They are woeful.

    • Yola on 09/02/2022 - 21:48
      +1

      And the most unethical of the big 4. Just look at what came out at the Royal Commission.

  • bluesky on 08/02/2022 - 16:11

    No guarantee this will solve your problem but worth a try:

    • Use the app and do a transfer. It does not have to be via PayID. It should go fast, assuming this is not your first transfer to the payee.

    • After a successful fast transfer using the app, now try the website transfer again. You may have to wait a day or two, in case it takes time for the system to "register" your successful app transfer.

    If my memory serves, I was also unable to get fast transfers via the website at first. So I used the app. Then at some point after that, funds transfers become fast from the website.

    So my hypothesis is: once the system successfully makes a fast transfer (initially via the app) to an account, all transfers after that, whether via app or website become fast transfers to that account.

  • atomX on 09/02/2022 - 07:34

    OP this has come up so many times before here. CBA will hold most first time OSKO payments.

  • MontyMacaw on 09/02/2022 - 08:08

    If it’s up to $2000 I use Beemit simply because I have experienced Osko delays. Beemit, owned by CBA is more reliable

    • ysco on 01/03/2022 - 22:31
      +1

      not anymore it is now owned by eftpos

  • abcdefghi on 09/02/2022 - 08:38

    I've moved away from CBA because of this.

    I tested the three different ways I had available to me, to transfer funds.
    1. iOS app transfer = instantaneous.
    2. Netbank transfer (via the "Transfers & BPAY" page) = instantaneous.
    3. Netbank transfer (using the widget on the home page) = transfer takes about 18 hours.

    None of them were first time transfers.

    I brought it up with them, their response was vague and inadequate, but mostly, as a user, I was unable to customise my front page to remove the slow transfer widget. My view is that they have configured the widget to benefit from people's laziness; the transfer on the front page takes a user less time to complete.

  • ColtNoir on 09/02/2022 - 10:15

    I use both st George and CBA. CBA always for the first transfer takes 24hours for ‘security’. Honestly, it’s such a pain.

    I’ve had to start sending cash to my st George account and then sending via osko. If I want to send $50 instantly then let me.

    I recently sold something for a few grand, and luckily the buyer wasn’t with CBA.

  • afah0447 on 09/02/2022 - 12:31

    Osko is via app only I thought. Transferring larger sums of money (>$2k) via osko can sometimes take longer for some reason.

    You have to realise that it is in CBA's best interests to reject any new banking tech as they are the incumbent most profitable big player. It's why they are slow with innovation and constantly reject 3rd party apps or firms having access to your account info. Unlike the US.

    • Typical16-bitEnjoyer on 10/02/2022 - 09:18
      +1

      CBA own ~25% of Osko ie. BPAY lol. Rejecting their own tech?

  • Brendoo on 09/02/2022 - 14:59

    Same happens to me every time, always 1 business day delay if it's a first transfer to someone, even if they have a CBA bank account and I am sending CBA to CBA. Same behaviour happens if I use the CBA website or the app (most time I'm using the app).

  • HelpMeiCantSee on 09/02/2022 - 20:57

    It’s all about the money. They hold the cash for a day, pocket the interest from that and move it on. In the digital world, there is no functional reason for any transfer to take longer than a few minutes, if not seconds.

  • LFO on 09/02/2022 - 22:37

    Osko transfers are instantaneous but not every bank transfer goes thru Osko.

    Amounts seem to be an issue.
    Small (say, under $300) go quickly but those in the thousands take longer.

    ING stipulates anything over $1000(?) will take longer than those under $1000(?) that, by the way, will use Osko.

    The PayID seems to be just a gimmick as in reality is just a synonym for the BSB & Bank Account details.
    But because PayID in Australia can only be what the bank already knows of you (phone, etc) it is usually associated with better security.

    Now, remember, banks make money by delaying a transfer which funds have been already taken immediately out of our account.

    • Yola on 10/02/2022 - 10:45

      I transfer $2000 3 times per month out from the Commonwealth Bank using BSB and account Number. It arrives within minutes.

      • LFO on 10/02/2022 - 11:37

        Yes we all do … BUT for some and sometimes takes a while and then for some and sometines takes forever.
        That is the big WHY?

        • Yola on 10/02/2022 - 17:16

          I was referring to you stating that it only works for small amounts under $300. For me, it has worked for large amounts.

          • LFO on 11/02/2022 - 14:35

            @Yola: Please read it again.

            In English " (say, under $300) " is a generic way to suggest a generic figure.

            Also the point is the randomness of delays. From instant to days.

  • Dv1005 on 27/04/2022 - 08:06

    Yes this happens to me all the time and I’m sick of it.

    I saw a real Osko payment for the first time the other day in the commbank app. Very surprising. Hasn’t done it again since.

    I’ll be moving my accounts away because it’s backwards.

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