What is RTGS?
An RTGS or Real Time Gross Settlement payment is a special type of payment where the transfer of money takes place from one bank to another within Australia on the same day. The roll-out ofOsko® and PayID®which has near real-time payments has replaced the need to send RTGS payments in many cases.A fee of $20 is debited from the person making an RTGS.
The checkbox for RTGS will only appear if the payee is with a bank other than Westpac, if the payee's Financial Institution is not eligible for Osko® and they are eligible to receive an RTGS payment.
Payees banking with Westpac will automatically receive their payment on the same day, as will payments made using Osko®.
