Frequently asked questions; Real Time Gross Settlement (RTGS) Payments

 

 

 

What is a Real Time Gross Settlement (RTGS) payment?

A RTGS payment is a special type of payment where the transfer of money takes place from one bank to another within Australia on a "real time" and "gross" basis. Settlement in "real time" means the payment is not subjected to any excessive waiting period.

 

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What do I need to perform a RTGS Payment?

To perform a RTGS Payment, you will need the following:
 
 

  • a BOQ Security Token
  • be able to perform Pay Anyone transactions
  • if you have not previously completed an International/RTGS payment via a branch/Internet Banking for the account you wish to make the payment from, you will need to register this account for International/RTGS Payments.

The registration process can be completed through the Internet Banking facility.  After you have logged on to Internet Banking, click on the International Menu and then click on the Register Accounts button.  Then select the accounts you wish to register and then click on the Submit button.
 
 

This account registration request will be processed within 2 business days. Please note you will receive a secure mail after the account registration request has been completed.
 
 

If you do not have either a BOQ Security Token or cannot perform Pay Anyone transactions please contact your nearest branch. 

 

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Can delegated users access the RTGS Payments facility via Internet Banking?

The delegated user's access to complete RTGS Payments is dependant upon their Pay Anyone Access Rights for the account which is registered for International/RTGS Payments. 

 

For example if the delegated user has been given access to an account which is registered for International/RTGS Payments, and has the "CreateView" access for Pay Anyone transactions related to this account, then this delegated user will be able to create RTGS Payments (which will require further authorisation) and view all the RTGS Payment details provided on the RTGS History and RTGS Payees tabs.

 

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When will the RTGS payee receive the payment?

If the payment is submitted before 4:00 p.m. (Sydney time), the RTGS Payment will be received at the payee's bank within approximately 120 minutes.

 

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Which banks can I send RTGS Payments to?

RTGS payments can be made to any Australian Financial Institution that participates in the RTGS payment system.   

 

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What accounts can I use to make a RTGS Payment from?

Any BOQ transactional or on-call savings account.
 
 

It is not possible to make an RTGS Payment from a Credit Card, Home Loan, Personal Loan, Term Deposit or Trust Account.

 

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How much does a RTGS Payment cost?

The following charges apply to RTGS Payments made via Internet Banking:

 

Fee Type Cost
RTGS Payment request $20

Cancellation of a RTGS Payment 

Payments may only be cancelled if they have not been

released by BOQ

For any cancellation enquiries please contact our

Customer Contact Centre on 1300 55 72 72

$25

Amendment of a RTGS Payment 

Payments may only be amended if they have not been

released by BOQ

For any amendment enquiries please contact our

Customer Contact Centre on 1300 55 72 72

$25
Trace of an RTGS Payment 

To request a trace please contact our Customer

Contact Centre on 1300 55 72 72

$40

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For additional information please refer to the Fees and Charges guides available on the Terms & Conditions page

 

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What is the minimum amount that can be used for a RTGS Payment?

RTGS Payments are only processed if the amount is equal to or greater than 100 Australian Dollars.

 

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What is my RTGS Payment daily withdrawal limit, and how can I change this limit?

The maximum amount that can be used in an individual RTGS Payment is 250,000 Australian Dollars.

 

All RTGS Payments are counted as part of your Daily Pay Anyone limit. Your daily limit is equal to the Daily Limits package you are currently on.

 

You can alter your Limits Package from within Internet Banking via “Transfers & BPAY” then select “Change Daily Limit”. Note: as a security precaution there is a two calendar day delay between requesting an increased Limits Package and the new limit being available. The limit increase is immediate if requested in your local BOQ branch. The Daily Limits Package can be set by the branch as part of the initial registration, and be effective immediately.  You can also choose or change your limits package online.  Any increase that is requested online will automatically be applied after 2 calendar days, limit reductions take effect immediately.


The table below shows the limit packages available:

 

 Pay Anyone daily limit  BPAY daily limit             
 $0  $0
 $2,500  $10,000
 $5,000  $20,000
 $10,000  $50,000
 $15,000  $100,000
 $25,000  $200,000
 $10,000,000  $10,000,000

 

These Pay Anyone and BPAY daily limits are pre-set pairs as outlined above.  Pay Anyone and BPAY limits can not be selected separately.  For example, $2,500 Pay Anyone and $50,000 BPAY limit is not a valid limit combination.

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When can I access the Internet Banking RTGS Payments facility?

You can complete an RTGS payment via Internet Banking from 7:00 a.m. Monday (Brisbane time) to 5:00 p.m. Friday (Brisbane time).  If you attempt to complete a RTGS Payment outside this time window, you will receive the "Trading Desk is Closed" message on Internet Banking.

 

Please note that from 4:15 p.m. (Brisbane time) for approximately 15 minutes Monday to Friday, the RTGS Payments facility will be closed for maintenance purposes. 

 

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What is the cut off time for a RTGS Payment to be processed on the same day?

The cut off time is 4:00 p.m. (Sydney time) for RTGS Payments to be processed on the same day.

 

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Can I use a previous RTGS payee to complete a RTGS Payment without re-entering all the payee's details?

Yes, the RTGS Payees tab contains a list of previous payees used for previous RTGS Payments.  If you click on the name of the RTGS payee and then click on the Pay Payee button, the Enter RTGS Payment screen will pre-populate with the selected payee's details.

 

Also, on the Enter RTGS Payment screen you can select a previous payee used from the Select RTGS Payee drop-down box.

 

Please note that if an RTGS Payment has been completed with a RTGS Payee that has not been used before, this payee will not appear on the RTGS Payee tab or in the Select RTGS Payee drop-down box until the relevant RTGS Payment has been processed by BOQ Treasury.

 

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Can I use the details of a previous RTGS Payment to create a new RTGS Payment?

Yes, the RTGS Payments tab contains a list of previous RTGS Payments completed. If you click on the RTGS payee name of the RTGS Payment and then click on the Copy button, the Enter RTGS Payment screen will pre-populate with the selected payment's details (including the from account used and the RTGS payee details).

 

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When is my RTGS payment reflected in my account balance?

The RTGS Payment will be debited to your account immediately. The payment fee will be debited to your account overnight if the payment was requested before 3:00 p.m. (Sydney time); if the payment was requested after 3:00 p.m. (Sydney time) the fee will be debited to your account overnight on the following business day.

 

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How can I confirm my RTGS Payment was successful?

The RTGS Payment request is viewable in the RTGS Payment History tab from the Transfers & BPAY menu on the left hand navigation. This is available for immediate viewing within the Internet Banking session in which the RTGS Payment was requested.  It is also available in subsequent Internet Banking sessions. 

 

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What can I do if the RTGS payee claims they haven't received the funds?

RTGS Payments can take approximately 120 minutes before they are received by the payee's bank (if the payment was requested after 8:30am and before 4:00pm Sydney time).
 

 

If the payee has not received the RTGS Payment you should contact the payee's bank to ensure they have received the funds and find out why they have not processed the payment. Otherwise you can request a trace by contacting any BOQ branch.
 

 

For additional information please refer to the Fees and Charges guides available on the Terms & Conditions page.  

 

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If your question is not answered by these FAQs or you have other questions regarding BOQ Internet Banking, please contact our Customer Contact Centre on 1300 55 72 72  (+617 3336 2420 if you are calling from outside Australia) or email us.