Changes to banking coming in the new year

Several substantial changes are coming to banking in 2018, that is well overdue and I am sure will be welcome to our clients.

The first is real-time payments from 26 January. What happens now is that a sum of money has been put into your account and it can often take a day or two for it to be cleared before you can draw on it. Now in real-time, it will come into the account.

Also soon we will be allowed to do transfers using much simpler identifiers than a BSB and account number, and instead be able to use the mobile phone number or email address. Besides being easier hopefully, this cost will be cheaper than PayPal.

The other banking change is that as Australians have gone in mass to using the dearer contactless payment option, which is increasing our banking fees so the newer lower cost routing via EFTPOS in 2018 will hopefully generate for us substantial savings on bank fees on contactless payments.