[aussiegeek]

NPP is on it's way to being really handy, but it still sucks that I have to hack things to force NPP for some payments

(ie. CommBank will only use NPP for PayID payments, but banks like Up will use NPP for transfers for a BSB/Account number if the receiving banks supports it, not all banks are fully on the platform yet)

The downside is my teenagers can now shake me down for cash remotely

[natal60]

NPP is a joke. There's a limit of $1,000 for transfers. It doesn't always work if you don't use a PayID.

Compare that to Faster Payments which easily works with 250k with or without a PayID

[stephen_g]

That transaction limit is only a bank imposed limitation - while out of the ones I checked, Commonwealth (and I assume some other) does have a $1K daily limit for personal accounts, various other banks appear to have higher limits or just use the regular transaction limit (which you can usually choose yourself).

[ggm]

If you regularly need to move 250k sums electronically inside the Australian economy, using this kind of mechanism, I'd love to know what you're doing. Only because I am nosy: I cannot conceive of transactions on this level which demand NPP class behaviour.

[obtino]

> If you regularly need to move 250k sums electronically inside the Australian economy.

Paying sub-contractors, settling property transactions, the list goes on.

When buying a house, I remember having to withdraw $60k in cash from my savings bank account and walking over and depositing it in another because it would take the other bank 3 working days to clear a bank-cheque. Some banks do offer an over-night inter-bank mechanism, but surprisingly CommBank does not.

[ggm]

I don't think it was designed for what you want to do. Interesting problem: fast efficient payment of GST-incurring and other taxable money in a low doc manner.

[zwkrt]

I think the idea is that it is very common to transact in amounts >$1000. Rent, car payment, direct deposit, etc.

[obtino]

> NPP is a joke. There's a limit of $1,000 for transfers. It doesn't always work if you don't use a PayID.

ANZ have a $5000 limit. It's down to the bank to enforce this.

[JauntyHatAngle]

I'm fairly sure this is to ease it into use. I would assume that as it becomes more ubiquitous (many banks don't even have it yet) the limit will increase.