POLi is a near instant deposit method, currently available on Swyftx for you to deposit your money into your account as quickly and easily as possible.
POLi deposits are via the POLi payment portal that we have available for access on your Swyftx AUD deposit page. This will be available to you for use navigate to the deposit tab for AUD. When you are on this page, as shown below in field 1, you will be able to select the POLi deposit option and then initiate this process here. It is always important to also read the "Important Deposit Information" outlined in field 2 shown below as it provides key information for making a deposits, such as a minimum limits and any fees that may be incurred here.
From there you can select the 'Deposit with POLI' option as depicted below:
1. Check amount and bank support
POLi is a payment processor that instantly notifies Swyftx of a successful bank transfer. When you start a payment with the POLi deposit option, you'll be asked to chose an amount you'd like to deposit. Please also confirm that your bank is shown in the supported banks list.
2. Choose your bank
Next, you'll be asked to chose which bank you bank with, go ahead and chose yours.
3. Login to your account
Once you've chosen your bank, you'll be asked to enter your Internet Banking login details. POLi uses these details (which it does not store, capture or save) to automatically enact a once off bank transfer to Swyftx. You can read more about the security of the transaction here: POLi Security
4. Chose your account
POLi will show you a simple drop down off accounts that you own, select the account you'd like to use to send your deposit to Swyftx.
5. Confirm the transaction
The final steps is to confirm the details of the transaction. You'll see the amount, who you're paying (Swyftx), which account you're paying from and depending on your bank, you may be prompted for 2FA authorization. As long as you're happy with that information, you can go ahead and complete the transaction.
Because POLi is conducting this payment via your bank automatically, it's able to reliably notify Swyftx that a transfer has been sent, enabling us to instantly approve your deposit, even though we won't actually receive your funds to our bank account for up-to 1 business day following the transfer. For this reason, Swyftx will for a short period of time limit your withdrawal capabilities until we receive confirmation of your funds clearing to our bank account.
Please note, that some banks may discourage the use of services like POLi due to the nature of how the payment system works. Swyftx recommends you fully understand the risks and make your own independent decision about using the POLi pay deposit method before proceeding. Swyftx also offers PayID & OSKO Bank Transfer deposit methods which are also instant.