BPAY Brokers 2024
BPAY is an online payment system widely used across Australia. The bill and digital banking system is popular among Australian forex and CFD trading brokers, as well as banks, building societies and merchants. Here we cover the transfer solution as a deposit and withdrawal method for traders, including any payment limits, fees and processing times.
We also review how to create a BPAY account, the login process, and how long it takes to get set up. See our list of top brokers that accept BPAY in 2024 to get started today.
Best BPAY Brokers
Following our evaluations, these are the best 1 brokers that support BPAY deposits and withdrawals:
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1
DNA Markets
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$1000.01 Lots1:500ASICCFDs, Forex, Indices, Commodities, Stocks, CryptoMT4, MT5Credit Card, Debit Card, Wire Transfer, BPAY, Skrill, Neteller, Bitcoin Payments, Bitwallet, AstroPay, MastercardUSD, EUR, GBP, CAD, AUD, NZD, SGD
Here is a summary of why we recommend these brokers:
- DNA Markets - DNA Markets is a forex and CFD broker established in 2020. The broker operates two entities in Australia and the offshore jurisdiction, St Vincent and the Grenadines. Traders can access 800+ markets, with a Standard account for beginners and a Raw account for experienced traders. The reliable MetaTrader 4 and MetaTrader 5 platforms are available, alongside Signal Start.
BPAY Brokers Comparison
| Broker | Minimum Deposit | Instruments | Platforms | Leverage |
|---|---|---|---|---|
|
|
$100 | CFDs, Forex, Indices, Commodities, Stocks, Crypto | MT4, MT5 | 1:500 |
DNA Markets
"DNA Markets is an excellent choice for short-term traders familiar with the MetaTrader platforms. The smooth sign-up process also makes it easy to get started while the $100 minimum deposit is accessible. That said, DNA Markets trails the top brokers in education, research and mobile trading. "
DNA Markets Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | CFDs, Forex, Indices, Commodities, Stocks, Crypto |
| Regulator | ASIC |
| Platforms | MT4, MT5 |
| Minimum Deposit | $100 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:500 |
| Account Currencies | USD, EUR, GBP, CAD, AUD, NZD, SGD |
Pros
- Convenient account funding is available with 7 base currencies, a $100 deposit and a wide range of payment methods
- DNA Markets offers top-rate platforms and charting tools for day traders with access to MT4 and MT5
- You can access low trading fees with spreads from 0.0 pips in the Raw account and zero non-trading fees
Cons
- Despite access to MT4 and MT5, there is no proprietary trading app for seamless account management whilst on the go
- Unlike many alternatives, there are limited educational and research tools for traders seeking an all-in-one solution
- Although it continues to strengthen its client base and reputation, DNA Markets lacks the track record of top brokers like Vantage
Note: this review does not cover the BPay product by Barclays Plc.
How Did We Choose The Best BPay Brokers?
To list the top BPay brokers, we:
- Sorted through our database of 500 online platforms, removing all those that don’t accept BPay payments
- Verified that the shortlisted brokers support BPay payments for online trading
- Ranked them by their rating, combining 100+ data entries with insights from our hands-on tests
BPAY Details
BPAY, short for bill payment, is a digital payment system based in Australia. The online banking system is offered by over 150 financial institutions including banks, building societies, credit unions and neobanks.
In fact, over 55,000 businesses offer transaction options to pay bills with the brand. From Yarra Valley Water and Vodafone to Optus, St George Bank, UBank, and Macquarie Bank. It is also a convenient payment method for Australian retail traders.
BPAY Pty Ltd. is a subsidiary of Cardlink Services Limited, which is owned by four major banks, including the Australia and New Zealand Banking Group, the Commonwealth Bank of Australia, and Westpac. Other e-wallet entities under the BPAY Group include Osko and Sypht.
Each business aims to simplify payments between companies and clients. The firm’s head office is located in NSW, Australia. Since it launched in the market in 1997, the company has enjoyed a 20+ year history of simplifying online payments for its customers across Australia.
How To Join BPAY
To make a payment using BPAY, log on to your mobile banking app. Select Transfers and BPAY. Then, enter the details of the accounts you would like to withdraw from and deposit to. Enter the amount, description and the confirm. The registration process is straightforward.
Traders should also take into account that payments can only be made from Australian bank accounts. Restrictions will apply.
Note, BPAY does support automatic payments but this is something you will need to opt into.
Pros Of Trading With BPAY
Easy To Use
BPAY is quick and easy to use. The platform syncs directly with your mobile banking app so all payments, withdrawn or deposited, can be viewed from a signal dashboard. Traders can simply choose the firm’s logo from the available payment methods in the broker’s account and make a deposit.
No Fees
BPAY is a low-cost payment provider. It does not charge traders to process payments directly, unlike PayPal for example which incurs a fee of up to 1%. With that said, some merchants and brokers may not cover processing costs and so additional charges can be added. It is worth checking the broker’s website or our reviews before making a payment.
BPAY View
The company offers a secure and easy access portal where customers can view, pay and store bills, sending instant statements and receipts. BPAY View receives good reviews from customers and means investors can fund their trading account alongside paying bills.
Merchant Verification
To become a compliant biller, merchants must have an ACN or ABN and an active account with an Australian financial institution. Businesses such as Xero have integrated BPAY payments within their operations portal. As a result, clients get a secure and reliable payment option.
Cons Of Trading With BPAY
Not International
BPAY payments can only be made from an Australian bank account. This, of course, rules out many international traders and brokers. Currently, it is not clear whether the payment method will be rolled out to more countries.
Limited Customer Support
Support services offered by BPAY are limited. Clients can submit a ticket via the official website but there is no email address or phone number published. Traders are advised to contact their bank or broker for assistance with any payment issues, disputes, cancellations, and delays.
No Refund Protection
Unlike some ANZ credit cards, banks cannot get refunds or reversals on any BPAY payments if a business service fails. You will need to contact your bank directly if you have made a payment error, used the wrong biller name, code or customer reference number, or if payments are not received by recipients.
With that said, a BPAY Group news feature did suggest an API download was coming that would be focused on error correction and payment reversal to all scheme members.
Speed
Payment deposits are confirmed instantly, however, processing and weekend cut-off times vary by bank. Payments made after 6pm on business days, or at any time on weekends or public holidays, will usually be processed on the next working day.
Brokers also have their own processing timelines which can cause delays in funds reaching or leaving trading accounts. With that said, most brokers that accept BPAY offer near-instant deposits.
Security
Payments are made within the secure environment of your online banking portal. All operations are compliant with legal obligations including the Australian Privacy Principles. To help prevent issues, clients and traders should be wary of using the correct information, from invoice biller codes to customer reference numbers, as this will help to prevent mistaken payments.
How To Deposit To A Trading Account Using BPAY
To make payments at BPay brokers like Eightcap, locate the payment method within the deposit section of your trading account, follow the on-screen instructions and enter the deposit amount.
Maximum and minimum payment limits, daily transfer amounts and processing times may differ between billers but the money transfer brand itself does not impose limits.
Note, BPAY accepts payments from savings, cheques, direct debit and credit cards, including Amex, Westpac, ING, ANZ, and NAB.
Fees Explained
BPAY does not charge fees to traders, however, some brokers may charge a processing fee. Check out your broker’s terms ahead of making a payment to avoid a nasty surprise. Importantly, deposits are usually free at established brokers, such as FP Markets.
There are no inactivity fines or minimum use requirements. However, these may be added by the broker so check their terms and conditions.
Note, payments made in error may be liable for bank recall or trace fees. Clients are advised to contact their bank directly.
Customer Support
To get in touch with the customer support team at BPAY, visit the official website where you can submit a ticket. The team usually responds within one business day and can assist with a range of issues from how to register to fees and more general issues related to your account not working as you hoped.
Additional resources can be found on the firm’s YouTube channel. Videos cover a range of key topics relating to payment features, third-party integration and services overview. The company has also published a handy How To guide which can be downloaded from the website and is available in Simplified Chinese, Hindi and Arabic.
As outlined above, the BPAY group does not offer support over the phone or via email.
Is BPAY Good For Day Trading?
BPAY is a fast and secure online payment system widely used by merchants and traders across Australia. Offering seamless integration with banks and major billers, the company provides a convenient means through which traders can manage trading funds alongside day-to-day bills.
Traders should note that services are currently only available in Australia. Not all brokers will accept BPAY deposits so see our list of supporting trading platforms to get started today.
FAQ
Is BPAY Safe To Use At My Broker?
All BPAY payments are made through secure telephone mobile apps or online banking devices. Personal or account details are not visible during the payment process.
What Are The Benefits Of Depositing To My Trading Account Via BPAY?
BPAY payments tend to clear faster than bank transfers and within one business day. Also, easy reconciliation via unique customer references and smarter billing through BPAY View means this is the preferred payment method for many Australian traders.
Is It Cheap To Use BPAY In My Trading Account?
Yes, BPAY doesn’t charge any fees to clients. Some brokers may charge their own processing fees on deposits or withdrawals, although deposits are typically free at the top brokers.