Terms and Conditions

1.1 Agreement

These Terms and Conditions ("Terms") govern your use of international money transfer and remittance services ("Services") provided by Payvel PTY LTD (ABN 27 673 904 599) ("we", "us", "our", "Remittance Provider").

By using our Services, you agree to be bound by these Terms, our Privacy Policy, our AML/CTF Policy, and our Transaction Cancellation Policy.

1.2 Regulatory Information

We are a registered remittance service provider with the Australian Transaction Reports and Analysis Centre (AUSTRAC).

• AUSTRAC Registration Number: 100866211
• Australian Business Number (ABN): 27 673 904 599

We comply with:

• Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth) (AML/CTF Act)
• Australian Consumer Law
• Privacy Act 1988 (Cth)
• Payments System Modernisation Act 2025

1.3 Definitions

In these Terms:

• "You", "your", "Customer" means the person or entity using our Services
• "Sender" means the person initiating the money transfer
• "Recipient" or "Beneficiary" means the person or entity receiving the transferred funds
• "Transfer" means an international money transfer transaction
• "Exchange Rate" means the rate at which we convert one currency to another
• "Business Day" means a day other than Saturday, Sunday, or a public holiday in Australia
• "Designated Service" means a remittance service as defined under the AML/CTF Act

2.1 Eligibility Requirements

To use our Services, you must:

• Be at least 18 years of age
• Be an Australian resident or have a valid Australian visa
• Have a valid form of identification acceptable under the AML/CTF Act
• Not be listed on any sanctions lists or prohibited from receiving financial services
• Provide accurate and complete information during registration

2.2 Account Registration

To create an account:

• Complete our online registration form or in-person application
• Provide required identification documents (see Section 3)
• Verify your email address and/or mobile phone number
• Accept these Terms and our Privacy Policy
• Complete any additional verification steps we require

2.3 Account Security

You are responsible for:

• Maintaining the confidentiality of your login credentials
• All activities that occur under your account
• Notifying us immediately of any unauthorised access or security breach
• Using strong passwords and enabling two-factor authentication where available
• Using your login codes at all times, and not sharing them with third persons
• Not sharing your account access with any other person

We are not liable for losses resulting from unauthorised account access if you fail to maintain adequate security.

2.4 Account Suspension or Closure

We may suspend or close your account immediately if:

• You breach these Terms
• We suspect fraudulent, illegal, or suspicious activity
• Required by law, court order, or regulatory authority
• You fail to provide required identification or information
• You provide false or misleading information
• Your account remains inactive for 12 months
• We cease offering Services in your location

We will provide notice where legally permitted, but may act without notice where required for legal, regulatory, or security reasons.

3.1 Know Your Customer (KYC) Requirements

Under the AML/CTF Act, we must verify your identity before providing Services. You must provide:

For Individuals:

• Full legal name (including any previous names)
• Date of birth
• Residential address (not a PO Box)
• At least one primary photographic identification document: Australian driver's licence, or Australian passport, or Foreign passport with Australian visa
• Secondary identification if required (e.g., Medicare card, birth certificate, utility bill)

For Businesses:

• Business name and trading name
• ABN or ACN
• Business address
• Beneficial owner information (individuals who own 25% or more)
• Company extract or trust deed
• Identification for all beneficial owners and authorised signatories

3.2 Verification Process

We will verify your identity by:

• Checking your documents against government databases
• Using electronic verification services
• Conducting manual document verification
• Requesting additional information or documents if needed

Verification typically takes 1–24 hours but may take longer for complex cases.

3.3 Enhanced Due Diligence

We may require enhanced due diligence if:

• You are a politically exposed person (PEP) or family member of a PEP
• You are sending large or frequent transfers
• The transfer involves a high-risk country
• We identify unusual transaction patterns
• Required by our risk assessment procedures

Enhanced due diligence may include:

• Additional identification documents
• Source of funds verification (payslips, bank statements, sale contracts)
• Source of wealth information
• Purpose of transfer documentation
• Relationship to recipient verification

3.4 Ongoing Monitoring

We continuously monitor transactions for:

• Unusual patterns or behaviour
• Compliance with sanctions and watch lists
• Consistency with your profile and stated purpose
• Money laundering or terrorism financing indicators

We may request updated information or documentation at any time to maintain compliance.

3.5 Suspicious Matter Reporting

If we suspect a transaction involves money laundering, terrorism financing, or other criminal activity:

• We must report it to AUSTRAC
• We cannot inform you that we have made or will make a report (tipping off prohibition)
• We may delay, block, or refuse the transaction
• We may be required to freeze funds or close your account
• We will not be liable for any losses resulting from compliance with our legal obligations

3.6 Sanctions Screening

We screen all transactions against:

• Australian sanctions lists (Department of Foreign Affairs and Trade)
• United Nations sanctions lists
• International sanctions lists (US OFAC, EU, UK)

We will block transactions involving sanctioned individuals, entities, or countries. Blocked funds may be frozen or reported to authorities.

3.7 Countries we don't offer services to and from

DR Congo, Congo, Iran, Syria, Myanmar, South Sudan, Zimbabwe, Afghanistan, Belarus, Yemen, Venezuela, Sudan, North Korea, Iraq, Libya, Somalia, Lebanon, Russia/Ukraine (Crimea, Donetsk, Luhansk regions), Belarus, Guinea Bissau, Burkina Faso.

We will block transactions to and from the above countries. This may be subject to review.

3.8 Record Keeping

We retain your information and transaction records for at least 7 years as required by the AML/CTF Act. See our Privacy Policy for details on how we handle your information.

4.1 Available Services

We offer the following remittance services:

• Bank deposit transfers – Funds deposited directly to recipient's bank account
• Mobile wallet transfers – Funds sent to recipient's mobile wallet (if available)

Service availability varies by destination country.

4.2 Transfer Process

To send a transfer:

1. Log in to your account or visit our location
2. Enter transfer details: Recipient details as shown in the application, Recipient bank details, Amount to send (in AUD or destination currency), Purpose of transfer
3. Review the quote: Exchange rate, Transfer fees, Amount recipient will receive, Estimated delivery time (Instant to 48 hours except technical delay)
4. Provide payment: PayID
5. Confirm and authorise the transfer
6. Receive confirmation with transaction reference number
7. Complete Payment: Enter the transaction reference number/ID as the reference in your bank app.
8. Process completed

4.3 Payment Methods

We accept the following payment methods:

• PayID – Processing time: Instant to 1 business day

Payment method availability and fees may vary. All fees will be disclosed before you authorise the transfer.

4.4 Transfer Limits

The following limits apply:

Transaction Limits:

• Minimum transfer: $10 AUD
• Maximum transfer amount per transaction: $10,000, applicable only to customers who have successfully completed EDD verification.

Daily/Monthly/Yearly Limits:

• Monthly limit: $10,000 AUD
• Daily limit: $5,000 AUD (single or combined)
• Yearly Limit: $120,000

We may increase limits for verified customers or reduce limits based on risk assessment. Higher limits may be available upon request and additional verification.

4.5 Prohibited Transactions

You must not use our Services to:

• Send or receive funds for illegal purposes
• Purchase illegal goods or services
• Engage in money laundering or terrorism financing
• Violate sanctions or export control laws
• Send funds to or from sanctioned countries or individuals
• Conduct transactions involving: Illegal drugs or drug paraphernalia, Weapons, ammunition, or explosives, Counterfeit goods, Stolen property, Gambling or betting services (where prohibited), Adult content or services (where prohibited), Pyramid schemes or multi-level marketing, Cryptocurrency purchases (unless specifically permitted)

We reserve the right to refuse any transaction we believe violates these Terms or applicable laws.

5.1 Fee Structure

Our fees consist of:

Transfer Fees:

• Transaction fee: $3 or 0.5% of transfer amount
• Fees are determined by us.

Payment Method Fees:

• Bank transfer/PayID

5.2 Exchange Rates

Our exchange rates include:

• The live exchange rate we obtain from third party
• Our margin or markup

Exchange Rate Types:

Locked Rate:

• We guarantee the exchange rate for 15 minutes to 72 hours
• The rate is fixed when you authorise the transfer
• The rate lock expires if you don't complete payment within the specified time

Market Rate:

• The rate applies at the time we process your transfer
• Rates fluctuate based on market conditions
• You accept the currency risk

We display the exchange rate and total cost before you authorise the transfer. The rate shown is the rate that will apply to your transfer.

5.3 Fee Disclosure

Before you authorise a transfer, we will clearly display:

• The amount you are sending (in AUD)
• The exchange rate
• All fees charged by us
• The amount the recipient will receive (in destination currency)
• The total cost to you

5.4 Third-Party Fees

• Intermediary Bank Fees: Some transfers pass through intermediary banks that may deduct fees. Where this is possible, we will inform you before you authorise the transfer.
• Recipient Bank Fees:The recipient's bank may charge fees for receiving international transfers. These fees are set by the recipient's bank and are beyond our control. We will inform you if recipient bank fees commonly apply to your destination.
• Agent Fees: For cash pickup services, the agent location may charge additional fees. We will disclose these fees where known.

5.5 Fee Changes

We may change our fees at any time. Changes will:

• Be published on our website
• Apply to new transfers only (not transfers already authorised)
• Be displayed before you authorise any transfer

6.1 Estimated Delivery Times

Delivery times vary by:

• Destination country
• Transfer method (bank deposit, mobile money payment)
• Payment method
• Time of day transfer is sent
• Compliance and verification requirements

Typical Delivery Times:

• Bank deposit: Minutes – 5 business days
• Mobile wallet: Minutes to 24 hours (This feature is not in service at the moment)

These are estimates only and not guarantees unless we specifically state otherwise.

6.2 Guaranteed Delivery

Where we offer guaranteed delivery:

• We commit to delivering funds by the specified date and time
• If we fail to meet the guarantee, you may be entitled to a refund
• Guarantees are subject to: You providing correct recipient details, No compliance holds or regulatory delays, Recipient bank accepting the transfer, No force majeure events

6.3 Factors Affecting Delivery

Delivery may be delayed by:

• Compliance checks – AML/CTF screening and verification
• Recipient bank processing – Some banks process transfers slower than others
• Intermediary banks – Transfers may pass through multiple banks
• Public holidays and weekends – Banks may not process on non-business days
• Time zones – Transfers sent late may not process until next business day
• Incorrect recipient details – Errors may cause delays or rejection
• High-risk destinations – Additional checks may be required
• Large transfer amounts – May require enhanced verification
• Technical issues – System outages or connectivity problems

6.4 Tracking Your Transfer

You can track your transfer by:

• Logging into your account
• Using the transaction reference number or checking the application timestamps
• Contacting customer support
• Receiving status update notifications (email/SMS)

Transfer statuses include:

• Pending payment – Awaiting your payment
• Processing – We are processing your transfer
• In transit – Funds have been sent to recipient's bank/agent
• Completed – Funds delivered to recipient
• On hold – Transfer delayed for compliance or verification
• Cancelled – Transfer cancelled
• Failed – Transfer unsuccessful (funds will be refunded)

6.5 Delivery Confirmation

We will notify you when:

• Your transfer is successfully delivered
• Funds are available for recipient to collect
• There is a delay or issue with your transfer

You can also contact the recipient to confirm they have received the funds.

7.1 Required Recipient Details

You must provide accurate recipient information:

For Bank Deposits:

• Recipient's full legal name (as it appears on their bank account)
• Bank name
• Bank account number
• Bank branch code / routing number / SWIFT code / IBAN (as required by destination country)
• Recipient's address
• Recipient's phone number (recommended)

For Mobile Wallet (N/A):

• Recipient's full name
• Mobile wallet provider
• Mobile phone number
• Recipient's address

7.2 Name Matching

The recipient name you provide must match:

• The name on the recipient's bank account (for bank deposits)
• The name on the recipient's government-issued ID (for cash pickup)
• The name registered to the mobile wallet (for mobile wallet transfers)

Transfers may be delayed or rejected if names do not match.

7.3 Verifying Recipient Details

You are responsible for ensuring recipient details are correct. We recommend:

• Double-checking all details before submitting
• Confirming details directly with the recipient
• Sending a small test transfer for new recipients
• Saving verified recipient details for future use

7.4 Incorrect Recipient Details

If you provide incorrect recipient details:

• The transfer may be delayed, rejected, or sent to the wrong person
• We are not liable if we process the transfer according to the details you provided
• You will be responsible for any fees to recall or correct the transfer
• Recovery of funds is not guaranteed

If you realise you provided incorrect details, contact us immediately.

8.1 Accurate Information

You must:

• Provide true, accurate, and complete information
• Update your information promptly if it changes
• Not impersonate another person or entity
• Not provide false or misleading information

8.2 Lawful Use

You must use our Services only for lawful purposes and in accordance with these Terms and applicable laws.

If you have any questions about these Terms, please contact us at connect@payvel.com.