Depending on the transfer method, a range of factors may play a part in the case of a delayed transaction. Please note that certain transfer types entail their own set of circumstances for a possible delay.
Electronic Funds Transfer (EFT)
Australian customers may deposit AUD funds via Electronic Funds Transfer. EFTs are generally processed within 1-2 business days. Once your account is verified, you will be issued a unique deposit reference to include on all of your electronic funds deposits. After the deposit is processed, an email will be sent notifying you that the funds are available in your account.
Note:
Electronic Funds Transfer (EFT) deposits of AUD 100 and above are free. Deposits below this amount incur a AUD 0.99 fee.
For more information please check our Fee Schedule.
Common reasons EFTs can be delayed:
- Transfers on a non-business day: Please note that banks do not process EFTs on weekends, public holidays, or after hours.
- Missing/incorrect reference code: Deposits made via EFT that do not contain your unique deposit reference may cause delays as well as attract an Incorrect / Missing Reference fee if this is missing on repeatedly.
Note:If you did not include the correct reference code please create a support ticket and attach a screenshot of the outgoing transfer you made, showing as much detail as possible (e.g. our bank account number and BSB, the transaction description, etc).We will locate the deposit for you.
- Security check: Identification inspections as well as various other security measures (e.g. AML) may cause deposit delays.
- BSB/bank account details typed incorrectly: Please double check your transaction and make sure you enter the correct details. If you did not, the money will probably bounce back to you. If it does not please contact your bank and Independent Reserve support.
- Account not held in your name: All bank deposits must be made from a bank account held in the name of the verified entity. For example, if your Independent Reserve account is a personal account, then the deposit must come from your personal bank account. If your Independent Reserve account is a company account, then the deposit must come from that company’s bank account, etc. Payments from accounts in different names will be returned to the sending bank account.
- Depositing more than your deposit limit: By default your deposit limit will be $40,000 per day. If you go over this your deposit will automatically be held for manual checking. To avoid this you can increase your daily deposit limit by sending a support ticket request.
PayID/Osko
Osko is a system created by BPAY to facilitate instant AUD transactions over the NPP network. In the Osko system you can use different ways to identify the bank account you wish to send to, including BSB/account number, and PayID. PayID is a new way of identifying a bank account. PayID itself comes in multiple forms, including mobile phone number, ABN, organisation ID, email address, etc. When depositing to Independent Reserve, please choose the PayID type email address.
Common reasons PayID/Osko transactions can be delayed:
- First time deposits: Your bank may halt your transfer for up to 24 hours if you are sending it to a new PayID destination. Another occurrence is that your bank may hold the first larger Osko deposit (e.g. they may let through $100, but then hold $1000) for 24 hoursAfter the first PayID deposit, future deposits are much faster, often taking only a few minutes.Note:If you have made large Osko deposits with us in the past, and a new one hasn’t been credited to your account please let us know and we will investigate.
- Missing/incorrect reference code: Depending on the PayID we provide you, you may be required to enter a reference code. If so and your transfer does not contain your unique deposit reference, the funds will be refunded straight back to your bank account.
Note:If your deposit is missing please create a support ticket and attach a screenshot of the outgoing transfer you made, showing as much detail as possible (eg the PayID, the transaction description, etc).We will attempt to locate the deposit for you. - Security check: Identification inspections, as well as various other security measures (e.g. AML), may cause deposit delays.
- Account not held in your name: Osko Payments must be made from an account held in your own name. Credit card payments, or payments from accounts in different names will not be processed.
- Depositing more than your deposit limit: By default your deposit limit will be $40,000 per day. If you go over this your deposit will automatically be held for manual checking. To avoid this you can increase your daily deposit limit by sending a support ticket request.
- Multiple same-day payments: Sending multiple Osko/PayID payments to Independent Reserve during the same day might cause delays as your bank may hold the funds for a security check
For more details on how to deposit please refer to our Pay ID/ Osko blog for Australian customers.
