Online banking is accessed via a secure website and allows you to make payments and manage your accounts via the internet on your computer. Most banks also allow you to access online banking facilities via a mobile phone application.

The benefits

Online banking is secure and relatively simple to use and secure, and banks readily assist anyone who is new to online banking to get up and running.

Payments can be made at any time without the need to go into a bank, post a payment, or drop it off to the recipient.

Payments can be set up in advance so you don’t need to do it on the due date.

Things to keep in mind

You will need to ensure there are sufficient available funds in your account when the payment is due otherwise your bank will not make the payment. 

When making regular payments to some organisations you may need to first establish them as a Pre-Selected Bill Payee through your bank. This way your reference or customer information can be pre-populated to ensure your payment is applied correctly.

If you receive payment by online banking you will see it as a deposit into your bank account.


You will need to enter your username and password before you can access online banking. Some banks also ask for a second password or provide their customers with a token or security card detailing a series of numbers and/or letters that changes each time you log-in.

The system checks the branch and account details to ensure they are valid each time a account number is entered (it can't tell if the account is open or the name of the account holder).

Banks generally have transaction limits in place that restrict the size of any individual transaction.