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What is a PayID?
A PayID is an alias for your account number that can be your mobile number, email address, or for your business an Australian Business Number (ABN) It doesn’t replace your BSB and account number, rather acts as a shorter, safer and easier way for you to communicate your account details to others when sending or receiving money using Osko or NPP payments. Once you have created your account PayID, you can provide it to payers instead of your BSB and account number.
Why use PayID?
When your PayID is used for an Osko payment to you will receive payments almost instantly and it’s easier to remember than your account details, as it is simply either your mobile number, email address, or your business ABN.
How to create a PayID with The Mutual Bank
You can only use your mobile phone number or email address or business ABN as recorded in your membership record at The Mutual Bank. You must apply to us to have ABN registered as your business account PayID.
You can set up and manage a PayID on your account using the Mutual App. Just log in, select Transfer then PayID. From here follow the prompts to set up or manage your PayID.
To set up or manage a PayID on your account using Internet Banking. Justlog into Internet Banking, then hover over My Preferences and select Manage PayID. Follow the prompts on the page to complete setting up or managing your PayID.
Our Member Services Team is here to assist you, please call us on 1300 688 825 or visit your local branch for assistance to set up and managing your PayID.
Sending funds using PayID
To send payments to someone using a PayID, they will need to provide you with the details of their PayID e.g. mobile phone number, email address or for businesses ABN number
Using the Mutual App, log in, select Transfer then External Transfer. In the top right corner select Add new and select the format of their PayID. This will be either a phone number, email address, or ABN. Enter their PayID details and continue the transfer as you usually would.
Using Internet Banking, login and hover over Payments in the top menu bar. Select Transfer which will take you to the Transfer Money page. Select New Personal Payee then select the transfer method e.g. Osko which is the format of the payee’s PayID. Once you have entered their details, continue to authorise the transfer as usual.
For more information about PayID, or for assistance to set up or manage your PayID, contact our Member Services Team on 1300 688 825 or at your local branch.
The information contained in this article is prepared by Maitland Mutual Limited trading as The Mutual Bank (ABN 94 087 651 983, AFSL/Australian credit licence 238139). It is general in nature as it has been prepared without taking into account your objectives, financial situation or needs.