Sending cross-border payments from Australia: the stack

By Polynopsis team · Last updated 29 October 2026

Sending money abroad from Australia requires enrolling and registering with AUSTRAC as a remittance service provider before any service starts, with registration lasting 3 years, and an ASIC Australian financial services licence where the product is a non-cash payment facility; Treasury's Tranche 1 exposure draft legislation, released in March 2026 and not yet enacted, would make cross-border transfer services a licensed financial service and make a trust account with an authorised deposit-taking institution (ADI) the default way to safeguard payment-related money. The typical stack pairs an ADI such as Cuscal or Banking Circle for NPP, direct entry and settlement access, NPP and PayTo collections (24/7) through providers such as Zepto, Monoova or Stripe, AUD stablecoin and crypto rails such as AUDD and Independent Reserve, and FX from AFS licensees such as Convera or OFX.

Currency	AUD
Collection and funding rails	NPP (Osko, PayID, PayTo), RITS Fast Settlement Service, RITS (RTGS), Direct entry (BECS)
Holiday calendar	Australia bank holidays 2026 and 2027

The Australia market

Personal remittances paid from Australia were US$15.96 billion in 2025, down from US$16.07 billion in 2024 (World Bank data, last updated 8 October 2026). source
The NPP processed 1.97 billion transactions in the 12 months to June 2026, with an average of 171+ million transactions a month and A$8.4 billion of payments a day in April to June 2026, with 128 million accounts reachable and 38+ million PayIDs registered. source
Average daily turnover in Australia's FX market rose 34% to US$201 billion in April 2025 from US$150 billion in April 2022; Australia is the 11th largest FX market, the Australian dollar is the seventh most traded currency, and AUD/USD is the sixth most traded pair at around 5% of transactions. source
Launched in 2018, the NPP connects over 100 banks, financial institutions and fintechs. source
APRA's register lists PayPal Australia and Wise Australia as purchased payment facility providers, and Revolut Payments Australia (trading as Revolut Bank Australia) as an ADI gazetted in July 2026. source

Licensing: who can send money from Australia

Remittance service providers and virtual asset service providers must both enrol with AUSTRAC and apply for registration through AUSTRAC Online, and cannot start providing remittance or virtual asset services until AUSTRAC approves the registration. source
AUSTRAC registers independent remittance dealers, remittance network providers, remittance network provider affiliates and virtual asset service providers; AUSTRAC can take up to 90 days to assess an application, and the 90 days restart when it asks for more information. source
Registration lasts 3 years; a renewal can be lodged from 90 days before expiry, and a registration that is not renewed lapses and is removed from the register. source
Registered providers must report changes, such as to beneficial owners, key personnel, countries of operation or foreign licences, within 14 days; a remittance network provider told of a change by an affiliate must report it within 7 days. source
Providers of the newly regulated virtual asset services that applied for registration before 29 July 2026 can keep providing them until AUSTRAC decides the application; already registered providers keep their status but must update their details before their next renewal. source
ASIC Corporations (Non-cash Payment Facilities) Instrument 2026/167 extends the earlier 2016/211 relief until April 2031; its low value exemption applies where no holder can have more than $1,000 available and the issuer's total for the class does not exceed $10,000,000 at any time. source
APRA authorises large purchased payment facility providers whose facilities are widely available, accepted as a means of payment and redeemable in Australian currency on demand; they form a special class of ADI. source
Treasury's Tranche 1 draft legislation (released March 2026) would treat payment facilitation services, such as merchant acquiring and cross-border transfer services, as financial services needing an AFS licence; amendments would commence 12 months after Royal Assent, and providers without relevant authorisations would have 6 months to apply. source
Under the draft prudential regime, stored value facility providers holding $200 million or more in stored value on a group basis would register with APRA, replacing the current purchased payment facility regime. source
A non-ADI that is an actual or prospective provider of third-party payment services with a need to settle clearing obligations can apply to the RBA for an Exchange Settlement Account. source
NPP participants must be ADIs (full or restricted licence) holding an RBA Exchange Settlement Account; other firms can offer NPP payments as identified institutions through a sponsoring NPP participant, using that participant's settlement account. source

This page explains the rules in general terms and is not legal or regulatory advice. Check the primary source and take advice on how the rules apply to your firm.

Holding customer funds

An AFS licensee must pay client money into an account with an Australian ADI (or a kind prescribed by regulations) designated for the purpose, on the day it is received or the next business day (Corporations Act 2001, section 981B). source
Treasury's draft law adds a safeguarding obligation for payment service providers that hold payment money: for providers regulated only by ASIC, the default method is to segregate funds into a trust account with an ADI, and other methods such as insurance or a guarantee need ASIC approval. source
The draft safeguarding rules sit in both the AFS licensing and prudential frameworks, APRA can permit other methods through prudential standards, and the rules operate separately from client money provisions to avoid commingling payment money with other money. source
Stored value facility accounts would not be protected by the Financial Claims Scheme; Treasury states that safeguarding instead protects user funds in an insolvency, and the draft also bans SVFs from paying interest and gives users a right to redeem. source
Treasury lists safeguarding payment-related money among the licensing obligations in the full Tranche 1 package, which it released for consultation in March 2026. source

Collection and funding rails

Rail	Operator	What matters	Source
NPP (Osko, PayID, PayTo)	Australian Payments Plus (AP+)	Payments 24/7 including weekends and public holidays between accounts at different institutions, using Osko, PayID addressing and PayTo mandates for real-time account-to-account collections.	source
RITS Fast Settlement Service	Reserve Bank of Australia	Settles NPP transactions on an RTGS basis 24 hours a day, every day of the year, across Exchange Settlement Accounts.	source
RITS (RTGS)	Reserve Bank of Australia	For non-NPP settlement, open 7:30 am to 10:00 pm AEST/AEDT on days when banks are open in Sydney or Melbourne; closed on weekends and on eight national public holidays.	source
Direct entry (BECS)	Settled in RITS through the RBA's Low Value Settlement Service	Most direct entry obligations settle the same day in five multilateral net settlements during each RITS business day; cheque and most card obligations settle at around 9.00 am the next business day.	source

The send-side stack, layer by layer

A starting shortlist for each layer, described from each provider's own documentation. Confirm terms, coverage and licences with each provider.

Sponsor banks and safeguarding accounts

Provider	What it does	Source
Cuscal	Authorised deposit-taking institution providing real-time payments on the NPP, direct entry and RTGS, with settlement, dispute resolution, reporting and reconciliation services for banks, fintechs and corporates.	source
Banking Circle Australia	Australian Settlements Limited (trading as Banking Circle in Australia), regulated as an ADI, offers sponsorship for direct clearing and settlement access to NPP, BECS, BPAY and card networks, without the client needing its own clearing connections or central bank settlement account.	source

Collections and pay-ins

Provider	What it does	Source
Zepto	NPP-based PayTo, Enterprise PayID and NPP payments for real-time collections, refunds and wallet funding, including activating thousands of PayIDs at once.	source
Monoova	PayTo, custom PayIDs and automation across domestic payment rails, with real-time reconciliation, reporting and FX capability for international payments.	source
Stripe (PayTo)	Accepts one-time and recurring PayTo payments in AUD, with mandates approved in the customer's banking app via PayID or BSB and account number; Stripe typically reports the final status within 60 seconds of mandate authorisation.	source

Stablecoin ramps

Provider	What it does	Source
AUDD (AUDC Pty Ltd)	AUD stablecoin issued by AUDC Pty Ltd under an Australian Financial Services Licence, backed 1:1 by Australian dollars held as cash in bank accounts or cash equivalents, and available on chains including Ethereum, Stellar, XRP Ledger, Solana and Hedera.	source
Independent Reserve	Australian crypto exchange registered with AUSTRAC as a digital currency exchange (DCE-100461150-001), with 24/7 AUD deposits by bank transfer, business accounts and an OTC desk for institutions.	source

FX and liquidity

Provider	What it does	Source
Convera Australia	Convera Australia Pty Ltd (AFSL 404092) sends single or batch payments in over 140 currencies to more than 200 countries and territories, collects in more than 100 currencies and offers forwards, FX options and FX swaps.	source
OFX	Business payments in 30+ currencies to 170+ countries with currency accounts, spot transfers, forward contracts and limit orders; OFX states it has held an AFS licence for more than 25 years.	source

KYC and KYB providers

Provider	What it does	Source
Document Verification Service (IDMatch)	Government identity verification services, authorised by the Identity Verification Services Act 2023, that let organisations check identity document details against government records 24/7.	source
ABN Lookup web services	Australian Business Register web services that integrate ABN Lookup validation and data into an organisation's own applications.	source

Bank data and open banking

Provider	What it does	Source
Basiq	Open banking and Consumer Data Right data platform covering all major institutions, with access to 99% of the Australian and New Zealand population; a wholly owned subsidiary of Cuscal and an accredited data recipient under the Consumer Data Right.	source
Consumer Data Right	Government-regulated data sharing now active in banking and energy; only providers accredited by the ACCC can offer services using the Consumer Data Right.	source

When money can leave Australia

NPP payments settle in the Fast Settlement Service 24 hours a day on every day of the year, so AUD collections can arrive on weekends and holidays. source
All other RITS settlement runs only on days when banks are open in Sydney or Melbourne, from 7:30 am to 10:00 pm AEST/AEDT, and closes on weekends and on New Year's Day, Australia Day, Good Friday, Easter Monday, Anzac Day, the King's Birthday, Christmas Day and Boxing Day where observed in NSW and Victoria. source
In 2026 Christmas Day falls on Friday 25 December and Boxing Day is observed on Monday 28 December in all states and territories, so non-NPP settlement in RITS stops from Friday 25 to Monday 28 December; New Year's Day 2027 is a Friday. source
Direct entry batches settle in five net settlements on each RITS business day, so direct entry funding and payouts do not settle on weekends or RITS holidays. source
An Exchange Settlement Account must be kept in credit at all times, so an ESA holder has to pre-position funds for outgoing settlement. source

Corridors from here

Frequently asked questions

Do I need to register with AUSTRAC to send money from Australia?

Yes. Remittance service providers must enrol and register with AUSTRAC and cannot start providing remittance services until registration is approved. AUSTRAC can take up to 90 days to assess an application, and registration lasts 3 years.

Do I also need an ASIC licence?

Under current law an Australian financial services licence is needed for financial services such as issuing a non-cash payment facility, subject to exemptions such as ASIC's low value relief. Treasury's Tranche 1 exposure draft, released in March 2026 and not yet enacted, would make cross-border transfer services a licensed financial service, starting 12 months after Royal Assent.

How must customer money be held in Australia?

AFS licensees must pay client money into a designated account with an Australian ADI on the day it is received or the next business day. Treasury's draft law would add a payments safeguarding rule with a trust account at an ADI as the default method.

Can a payment company connect to the NPP directly?

Direct NPP participants must be ADIs holding an RBA Exchange Settlement Account. Other firms can offer NPP payments through a sponsoring participant, and non-ADI payment providers can apply to the RBA for an Exchange Settlement Account.

When can AUD move on weekends?

NPP payments, including PayTo collections, run and settle 24/7. RITS settlement for other payments runs 7:30 am to 10:00 pm on business days only, and direct entry settles in five batches each business day.

Sources

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About Polynopsis

Polynopsis is liquidity management software for cross-border payment companies. The name joins poly, many, and synopsis, a seeing together: one live view of money spread across many banks, payout partners, exchanges and stablecoin wallets, including money in flight, with a warning before any corridor runs dry.

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