Yes! SelfWealth supports instant deposits to your SelfWealth cash account using the Osko® service.
What is Osko/instant payment?
Osko is a near real-time payment service. It enables fast payments to a BSB and account number and is supported by most Australian banks. You can tell if a payment was completed using Osko by logging into your internet banking and viewing the payment receipt, on which the Osko logo should be displayed.
How do I use this feature?
Simply transfer to your SelfWealth cash account as you normally would, using a bank transfer (not a BPAY transfer) and it will arrive in a few moments.
BPAY transfers will still take 1-2 business days to reach your SelfWealth cash account. However, if you want to get money into your account quicker using Osko, be sure to use the BSB and account number found in your trading account to transfer from your personal bank account to SelfWealth.
Why hasn’t my deposit arrived?
- If you have transferred funds to your BSB and account number from a bank that supports Osko and the funds have not arrived within a few hours then you will need to contact your bank
- The timing on when other banks update their internal BSB register regarding Osko outgoing payments is dependent on each bank
- Osko sometimes takes several hours the first time you transfer to an Osko account, after that it should get quicker however that is out of our control
- Some accounts from other banks will not allow outgoing Osko payments. This could be dependent on the account type. As an example, some banks will not switch on outgoing Osko for mortgage/loan related accounts.
- Osko payments are processed through a third-party service separate to both your bank and SelfWealth called the NPP, or 'New Payments Platform'. In some cases, payments can be delayed as a result of issues within the NPP system. Unfortunately, in these cases, delays can occur which are outside of the control of your bank and SelfWealth.
Why can’t I transfer funds to my international cash accounts?
If you are transferring funds to your international cash accounts, you will still need to wait 1 business day after depositing before submitting the conversion request.
Funds deposited using Osko will be available for ASX trades within a few minutes of submission.
How can I check if my bank uses Osko?
Please use the following link to see if your bank uses Osko: https://osko.com.au/osko-your-bank
Are withdrawals instant?
Withdrawals are unaffected, meaning they will still take 1-2 business days.