How do I deposit money into my Bobbob account?
The easiest way to send money from your bank account to your Bobbob Account is using your Bobbob PayID or BSB + Account number.
- Head to the Transact page by tapping the icon below - which can be found in the middle of the dock.
- Select Deposit Money
- You will see your personalised details appear
- Copy your BSB & Account Number or your PayID
- Open your bank app
- Enter/paste the BSB & Account number or PayID into your bank app
- Select the amount of A$ to send to your Bobbob account- and click pay!
- ⁉️ You must deposit from a bank account in your name. You cannot deposit from an account in anyone else's name, or from a joint account. If you do, your money will be returned to you and this process can take a while ⁉️
- Your deposit should show in your Bobbob account instantly but could take up to business days
Troubleshooting and FAQs
How to deposit to Bobbob fast 💨
To resolve any issue, try the following on your next deposit:
1. Deposit using your PayID (Recommended)
This is pretty much a sure thing. If you're depositing from your own account bank account (i.e. it is in your name) then your funds should arrive pretty instantly. For more info on how to do this, click here.
📢 Note, some banks may delay your first PayID payment for 24 hours - after that - ⚡️💸
2. Deposit from a big 4 bank
Although we're not their biggest fans, depositing from an account with them usually has more success. So if your bank doesn't offer PayID, this is your next best step. (PS: All big 4 banks offer PayID)
3. Call your bank
Our least favourite option (as we're not a fan of torture) - calling your bank is next on the list. You need to ensure you're depositing from a bank account in your name (not a joint account or ABN account). If you don't know, give your bank a buzz and ask them what the name is on your account. If this doesn't work,
If you’ve tried it all and still need help, contact us from the settings page of the app by clicking the ✉️ icon.
How long do deposits take - the short answer?
- PayID: PayID deposits to Bobbob are usually complete within 5 minutes.
- Bank Transfer: Bank Transfers deposits to Bobbob are usually complete within 5 minutes but may take up to 3 days. For more info, see the long answer below.
How long do deposits take - the long answer?
There are 2 types of rails your deposit transaction can be made on in Australia:
- New Payments Platform (NPP)
- How: BSB + Account Number and PayID
- Speed: ⚡️ (Instant, 24/7/365)
- Direct Entry (DE)
- How: BSB + Account Number
- Speed: 🐌 (1-2 Business days, Weekdays only 🙄)
- PayID: PayID deposits to Bobbob are usually near-instant because they’re guaranteed to be on the NPP. (Caveat - why usually? Some banks enforce a security feature that slows down first-time payments to new accounts, but future payments should then be alright. We then receive your PayID, Name and BSB/Account number - which allows you to withdraw from your Bobbob Account back to your bank account when you need your money back (See Withdrawals).
- Bank Transfer: When depositing using your Bobbob BSB + Account Number, your money may travel on either the NPP or DE rails. This isn’t your choice, it all depends on your bank! Usually, the bigger banks send payments on NPP which are usually near-instant. This may suffer the same caveat as above - that darn security feature. But your future deposits should be alright! When your bank is on the DE rails your payment can take between 1 - 3 business days. (We don’t like this either). The only real quick-fix is to move banks, unfortunately. What happens next:
Once we receive your A$ it is converted to US$ - this should only take a few seconds for us to do, but sometimes good things take time! So please be patient if this takes a little while. Once we have your US$, your deposit will reflect in your Bobbob app, and you’ll receive an email, too.
I’ve read ‘the long answer’ and waited, but my money hasn’t arrived? Or, my deposit was refunded.
Firstly, thanks for reading the long answer, as this will help a lot here. Your deposit may be pending for a few reasons:
- You deposited from a bank account not in your name This could have been from a joint account, an ABN account if you’re a sole proprietor or an SMSF account. If this has happened, we will endeavour to return your funds as soon as possible, as we cannot accept deposits from accounts not in your name for security purposes.
- Your bank sent your deposit on the DE rails AND we couldn’t find your name The DE rails are old (and somewhat archaic) and what sometimes happens is your name isn’t sent with your deposit. So we don’t know who the deposit belongs to. If this happens, we send the money back to the bank account we received it from. What also may happen - when you make the payment, your bank doesn’t send the money from your bank account, but instead sends it from the banks own bank account. So what Bobbob sees: hundreds of customers all depositing from the same bank account. When we see this, we return the funds back to where we received it from. In this instance, you need to do 2 things:
- Call your bank account and query them to expedite the return of your funds, and
- Move to a new bank (preferably one of the big 4) and deposit using PayID