BPay is yet another unique electronic payment solution primarily used for the paying of bills. However, BPay can be used to send and deposit money on a variety of sites including various forex brokers. It’s considered to be a fast, convenient and easy way to pay your bills.show more
The payment system is used by Australian traders as it’s linked through Australian financial institutions. However, vendors are not restricted to Australian companies, online brokerages from around the globe can incorporate this deposit method into their platform. However, all payments must be in AUD currency, no other currencies are accepted. With that in mind, over 45,000 billers accept BPay, including many online brokers.
The BPay system was launched in 1997 and has continued to make significant developments to better their services. Today, there are more than 30 million payments through BPay per month, totalling an amount of $24 billion. Therefore, the system is trusted and reputable for allowing traders to deposit funds into their trading accounts.
As with many of these electronic bill payment solutions, BPay simplifies the process of paying bills, or in the case depositing funds in a trading account, it does so here as well. Traders can deposit funds by following the simple steps laid out below.
Deposits are processed within 12-24 hours, this will vary depending on what time the deposit was initiated and whether it was completed on a banking business day or not.