Commonwealth Bank PayID Limits: Default, Business Options & Security Explained

Discover how Commonwealth Bank PayID limits work and how they can impact your transactions. PayID is a fast, secure way to transfer money using just a phone number or email address. For personal accounts, the default PayID transaction limit is typically $1,000, but business customers can access much higher limits, including transactions up to $150 million through CommBiz. In this video, we cover the basics of PayID, default personal and business limits, how to check or change your PayID limit in the CommBank app or NetBank, and important security measures to keep your funds safe. You’ll also learn about first-time payment holds, verification processes for large transfers, and the importance of staying vigilant against scams. If your business requires higher limits, Commonwealth Bank offers tailored solutions and alternative payment methods such as BPAY or international transfers. Whether you’re managing personal finances or running a business, understanding PayID limits helps you stay in control of your payments. 00:10 — What is payid? 00:19 — Default limits 00:33 — How to check your limit 00:43 — Security & restrictions 00:54 — Need higher limits? Read more - https://bankchart.com.au/news/commban... #CommBank #PayID #BankingTips #MoneyTransfers #CommBiz #FinanceGuide