Important Information about this document
This Product Disclosure Statement (PDS) is issued by Airwallex Pty Ltd (ABN 37 609 653 312), AFSL No. 487221 (Airwallex, our, we or us) and relates to any use of Qantas Business Money by you (you, your or Customer) that are arranged by Qantas Airways Limited (ABN 16 009 661 991) (Qantas) as Airwallex’s authorised representative (No. 261363). It is an important document that you should read carefully before making a decision to use Qantas Business Money.
Because Qantas Business Money is part of the Airwallex Platform service, the use of Qantas Business Money is governed by the Customer Agreement (as modified by the terms of this PDS). Accordingly, within this document there are a number of references to the Customer Agreement. You should consider all of this information before making a decision to acquire Qantas Business Money. You can download a PDF copy of this PDS and the Customer Agreement from the Qantas Business Money website or request us to send you a PDF copy free of charge by contacting us using the contact information set out on page 2. If there is any inconsistency between this PDS and the Customer Agreement, the terms of this PDS will prevail to the extent of any such inconsistency.
The information set out in this document is general information only. It has been prepared without taking into account your particular needs, objectives or financial situation. You should seek independent expert advice to help you decide whether Qantas Business Money is appropriate for your particular financial objectives, needs and circumstances. Unless expressly indicated in this PDS, capitalised terms used in this document have the meanings set out in section 19. All monetary amounts referred to in this PDF are in Australian dollars (unless otherwise indicated).
Independent expert advice
Transactions featured in this PDS may carry with them a certain element of risk involving foreign currency exchange. As such, you may also wish to obtain independent financial, taxation and accounting advice in relation to the impact of foreign exchange gains and losses on your particular financial situation.
No guarantee of performance or returns
Neither Airwallex, nor any of its related bodies corporate or associates, guarantees in any way the performance of the products, or any particular return from, or any increase in the value as a result of entering into foreign exchange transactions.
This PDS has not been lodged with the Australian Securities and Investments Commission and is not required to be by the Corporations Act 2001 (Cth).
Offer only in Australia
The offer in this PDS is available only to persons receiving this PDS (electronically or otherwise) in Australia and who are Australian residents. This PDS does not constitute an offer or recommendation in any jurisdiction, or to any person to whom it would be unlawful to make such an offer.
Updates to information
The information in this PDS is up-to-date at the time of preparation. Certain information in this PDS may change from time to time. Where we indicate to you that we will give notice of such changes, or where the updated information includes no materially adverse information, we will publish the updated information on the Qantas Business Money website.
You can ask us to provide you with a copy of any updated information by emailing us email@example.com. We will provide a paper copy or an electronic copy to you free of charge if requested by you using the contact information set out below.
Changes to your particulars
You must inform us immediately of any changes in your name or any other particulars such as address, contact number, etc. To do so, please log in to the Airwallex Platform and update your details under Account Settings or email us at firstname.lastname@example.org.
No Cooling-Off Period
No cooling-off period applies to the products covered by this PDS.
No ESG considerations
Labour standards or environmental, social or ethical considerations do not form part of the considerations in connection with Qantas Business Money.
Other information that may relate to Qantas Business Money can be found on the Qantas Business Money website.
Airwallex Pty Ltd (ABN 37 609 653 312), AFSL No. 487221
- Address: Level 7, 15 William Street, Melbourne, Victoria 3000
- Website: qantasbusinessmoney.com
- Email: email@example.com
- Telephone: +61 1300 926 096 (toll-free in Australia)
At Airwallex we knew there was a better way to make global payments. Since 2015 we’ve been driven by a simple goal – to simplify and enhance the lives of the people and the businesses we serve by connecting them through smart cross-border payment technology. With technology at our core, we build cross border financial infrastructure and applications that inspire global opportunities, and help our customers to scale their business in every corner of the globe. Airwallex began in Melbourne, and continues to operate from there but you’ll find our talented team spread across the world, including Hong Kong, Shanghai, Singapore, Beijing, London, Tokyo and San Francisco.
Airwallex Pty Ltd is regulated in Australia by ASIC under an Australian Financial Services Licence (number 487221). Airwallex is also registered with AUSTRAC, the Australian Transactions Report & Analysis Centre, under account number 100516662. Airwallex is not regulated by the Australian Prudential Regulation Authority or the Reserve Bank of Australia.
Airwallex is the issuer of this PDS and the provider of Qantas Business Money.
Qantas is the flag carrier of Australia and its largest airline by fleet size, international flights, and international destinations. It also owns and operates the QBR Program, under which QBR Members who purchase specified goods or services can earn Qantas Points and redeem Qantas Points for certain other goods or services. The terms and conditions regarding Qantas’ QBR Program can be found separately on the Qantas Business Rewards website.
Airwallex and Qantas have entered into an arrangement with each other in relation to Qantas Business Money, under which Qantas is authorised by Airwallex to arrange for the issue of Qantas Business Money and to provide general advice regarding the same, as an authorised representative of Airwallex.
Because Airwallex is the issuer of Qantas Business Money, Airwallex is acting on its own behalf when it provides Qantas Business Money to you, and not for you.
Qantas, as an authorised representative of Airwallex:
- arranges for the issue of Qantas Business Money for Airwallex; and
- provides general advice regarding Qantas Business Money, and in doing so acts for Airwallex.
This PDS relates to the financial services provided by Airwallex and arranged by Qantas as Airwallex’s authorised representative (Qantas Business Money). Qantas arranges your access to Qantas Business Money, but Qantas Business Money is provided by Airwallex through the Airwallex Platform. Qantas Business Money comprises the Wallet, Foreign Exchange, Payout, Collection and Global Account Services, and Card Services, each of which is described in more detail under the relevant section heading below.
Qantas arranges for you to access our facility through which funds can be held, sent and received electronically through the Airwallex Platform (Wallet). Funds can only be held in the Wallet in certain Supported Currencies which may change from time to time.
Funds held within the Wallet can be exchanged to Supported Currencies by entering into a FX Conversion with Airwallex. More details on FX Conversions are set out in section 6 below.
The funds held in the Wallet can also be used to make payouts using the Payout Services. Payouts can be made through, and collections can be made from, the Platform.
You can load funds into your Wallet through a bank transfer by following the prompts on the Platform (Top Up or Top Up Service). Funds can be paid and debited from your Wallet through the Payout Service, and can also be collected and credited to your Wallet through the Global Account service. More details about the Payout Service are in section 7 below, and more details about the Global Account Service are set out in section 8 below. We may add, vary, or dispose of additional methods of receiving or loading money into the Wallet from time to time.
It is important to understand that the Wallet is not a bank account, it is considered a purchased payment facility by APRA and a non-cash payment facility by ASIC. By loading electronic funds into your Wallet you make a purchase of stored value that is then held in an escrow account with an authorised deposit-taking institution and protected by a bank guarantee (Bank Guarantee). You will not earn interest on balances in your Wallet. Airwallex is entitled to keep any interest it earns with respect to your Wallet balances. The Bank Guarantee is issued by that Australian authorised deposit-taking institution (Guarantor) in favour of Global Loan Agency Services Australia Nominees Pty Ltd (External Trustee or GLAS) who holds the benefit of the Bank Guarantee on trust for all Wallet holders. At any point in time, the amount guaranteed under the Bank Guarantee will be larger than the aggregate electronic funds balances of all Wallet holders. The Bank Guarantee has been issued to satisfy an exemption published by the Reserve Bank of Australia under section 25 of the Payment System (Regulations) Act 1998 (Cth) on 4 March 2004 (Exemption). In the event of our insolvency, you will be able to make a written demand to the Trustee for the payment of the electronic money balance held in your Wallet.
You acknowledge that if you make a written demand on the Trustee, the Trustee may convert the relevant balances of your Wallet to Australian Dollars and/or United States Dollars at the prevailing rate the Trustee reasonably determines. More than one Bank Guarantee may be held by the Trustee and a Bank Guarantee may be issued by the Issuer in either Australian Dollars or United States Dollars. You acknowledge and agree that: (i) if Airwallex no longer needs to rely on the Exemption, such as where Airwallex is granted an Australian authorised deposit taking institution licence, neither Airwallex nor the Trustee needs to maintain the Bank Guarantee; and (ii) before relying on a Bank Guarantee, Airwallex may hold the funds in your Wallet on trust until such time that Airwallex arranges for a Bank Guarantee(s) to be issued to the Trustee, after which, your funds will be held by Airwallex, and not on trust for you; and (iii) neither Airwallex nor any other party is required to give you notice of the occurrence of (i) or (ii).
You can contact the Trustee at:
Global Loan Agency Services Australia Nominees Pty Ltd
Mail: Level 23, Governor Phillip Tower, 1 Farrer Place, Sydney NSW 2000 Australia;
Phone: +61 2 7202 4631;
Website: glas.agency; and
We may require you (by notice) to maintain a minimum balance in your Wallet in order to ensure that you have sufficient funds to settle transactions you may enter into with us from time to time.
Qantas Business Money supports a range of Supported Currencies. The Supported Currencies may differ depending on the Service. For example, you are only permitted to hold certain Supported Currencies in your Wallet. More information about the Supported Currencies for each service are available on www.airwallex.com or the Airwallex Platform.
Qantas arranges for you to access the foreign exchange or FX Conversion function of Qantas Business Money, which allow you to exchange one Supported Currency for another Supported Currency at an agreed exchange rate by making a request through the Platform. Exchange rates can vary from time to time and at different rates for different currencies.
The foreign exchange transactions executed by Airwallex with you are “over the counter” (OTC) forex transactions, which means the currencies exchanged are not traded on a licensed financial market such as a stock exchange. Each transaction is customised to meet your needs and is therefore dependent on the following factors:
type of currency to be exchanged;
the exchange rate;
the transaction amount;
the settlement date of the transaction; and
the transaction fee.
Commercial activities for which FX Conversions may be useful include:
import and export businesses whereby invoices are quoted in foreign currencies;
businesses with staff in multiple countries;
repatriation of funds, overseas profits or interest in foreign currencies; and
any other foreign currency payments.
Supported Currencies can be exchanged through a spot foreign exchange transaction which generally settles within 2 Business Days (Spot Contract)
A Spot Contract is a contract to exchange funds in your Wallet to a Supported Currency. Spot Contracts can be used when you wish to give effect to a prompt payment in a foreign currency. Once you have requested a Spot Contract to take place, you will be provided with a confirmation of that transaction and typically the transaction will settle within 2 Business Days of receipt of the confirmation (assuming your Wallet contains sufficient funds to give effect to the transaction).
Generally, for most customers, you will need to ensure that your Wallet has sufficient balance in the right currency at the time you place your instructions for a FX Conversion as otherwise your instructions may be declined. You can however request that you be allowed to post fund transactions. If we approve your request, you must ensure that you have sufficient funds in your Wallet by the relevant settlement cut-off time specified in our confirmation for transaction or as otherwise notified to you through the Platform.
We have the power to terminate FX Conversions in a number of circumstances specified in the Customer Agreement, including if the balance of your Wallet is insufficient to settle your obligations in connection with the FX Conversion. The termination of an FX Conversion may result in Break Costs payable by you as set out in more detail in section 13.
Example A – Spot Contract (T+2)
For example, Coffee Shop Pty Ltd is buying coffee supplies from a European supplier and needs to send EUR100,000 to that supplier’s bank account in Italy in the next few days.
Assuming the Coffee Shop has a Qantas Business Money account, the Coffee Shop owner or its representative logs onto Qantas Business Money and requests to convert Australian dollars to euro to and to pay those funds to the supplier in 2 Business Days’ time.
Through the Qantas Business Money account, Airwallex gives the Coffee Shop an estimated rate of 0.7500 and informs the Coffee Shop that it will need AUD133,333.33 in its AUD Wallet to effect the Spot Contract. The Coffee Shop’s representative immediately accepts the rate of 0.7500 and Airwallex provides a confirmation.
However, because the Coffee Shop has no funds in its AUD Wallet and it has been approved by Airwallex to post fund the transaction, it needs to send the AUD133,333.33 to Airwallex by the settlement cut-off time, so the Coffee Shop transfers those funds today and they arrive as cleared funds in the Coffee Shop’s AUD Wallet held with Airwallex the next Business Day.
The funds arrive before the settlement cut-off time and on the next day (being 2 Business Days’ from the payment instruction), Airwallex takes the funds from the AUD Wallet and dispatches the EUR100,000 payment to the supplier’s Italian bank account originally specified by the Coffee Shop.
Example B – Spot Contract (Today)
For example, Coffee Shop Pty Ltd is buying a coffee supplies from a European supplier and needs to send EUR100,000 to that supplier’s bank account in Italy today.
Assuming the Coffee Shop has a Qantas Business Money account and is approved to request Spot Contracts that settle “Today”, the Coffee Shop’s representative logs onto Qantas Business Money and requests to convert Australian dollars to Euros to pay those funds to the supplier today.
Through Qantas Business Money, Airwallex gives the Coffee Shop an estimated rate of 0.7500 and informs the Coffee Shop that it will need AUD133,333.33 in its AUD Wallet to effect the Spot Contract. The Coffee Shop’s representative immediately accepts the rate of 0.7500 and Airwallex provides a confirmation.
The Coffee Shop already has AUD133,333.33 funds in its AUD Wallet, so Airwallex takes the funds from the AUD Wallet and dispatches the EUR100,000 payment to the European supplier’s bank account originally specified by the Coffee Shop today.
Please note: These examples are illustrative only and do not take into account transaction costs or actual exchange rate movements.
Generally, you will only be configured to make FX Conversions at “Market FX” unless you request and are approved to use “Lock FX”.
Market FX means that the foreign exchange rate provided to you for a FX Conversion is only an estimate that may change between the time the FX Conversion is confirmed. Because the rate is generally determined by having reference to the live market, it does not include any additional mark-up for locking the rate for any period of time.
Lock FX means that the foreign exchange rate provided to a customer for a FX Conversion will be guaranteed for a pre-agreed period of time and will reset after that period of time (for example, each 1 minute or each 8 hour block of time). Because the rate is guaranteed by Airwallex for a period of time, this carries additional market risk and Airwallex will quote an additional mark-up for FX Conversions under Lock FX.
Example – Market FX with Market Movements
For example, Coffee Shop Pty Ltd is buying a coffee supplies from a European supplier and needs to send EUR100,000 to that supplier’s bank account in Italy in the next few days.
Assuming the Coffee Shop has an approved account with Airwallex and is only approved to make FX Conversions at Market FX, the Coffee Shop’s representative logs onto the Airwallex Platform and requests to convert Australian dollars to euro to pay those funds to the supplier in 2 Business Days’ time.
Through the Airwallex Platform, Airwallex gives the Coffee Shop an estimated rate of 0.7500 and informs the Coffee Shop that it will need AUD133,333.33 in its AUD Wallet to effect the FX Conversion. However, the Coffee Shop’s representative delays confirming the rate and in the meantime significant market movement has occurred and the rate changes to 0.7490. The representative then confirms the FX Conversion and Airwallex gives a confirmation to the Coffee Shop showing that the confirmed rate is 0.7490 and that AUD133,511.34 will be needed in the AUD Wallet.
The Coffee Shop must send AUD133,511.34 to Airwallex by the settlement cut-off time to avoid breaching its obligations to settle the FX Conversion and paying potential break costs to Airwallex if it fails to settle in time.
The Coffee Shop’s representative could have instead requested to be approved for Lock FX and then to avoid the risk of exchange rate movement they could have requested a quote held for a period of time (a, “validity period”) and then had any subsequent FX conversions entered into during that validity period executed at the quoted exchange rate.
Please note: These examples are illustrative only and do not take into account transaction costs or actual exchange rate movements.
When you request to set up a Qantas Business Money account or at a later time we may require that you pay us an amount (the Holding Amount). This Holding Amount is an amount paid to us by way of deposit against the potential liabilities you may incur in connection with the various transactions you may enter into with us (including in connection with FX Conversions).
The amount of any required Holding Amount is calculated based on your individual circumstances, but it is generally a percentage of the maximum exposure we may have to you at a given time (for example, the maximum aggregate value of all FX Conversions you are permitted to book at any given time).
This Holding Amount may be applied towards any amount you owe to us or Qantas, as our authorised representative. We can ask you, with not less than two days’ notice, to increase the Holding Amount at any time, for example, if there are movements in the foreign exchange markets, Airwallex has applied a portion of your Holding Amount to meet an amount you owe to Airwallex or Airwallex considers that there has been an adverse change in your financial position or credit worthiness.
The Holding Amount may be deducted from your Wallet and held by us in an escrow account or a hold may also be placed over a part of your Wallet corresponding to the Holding Amount (in which case, you will not be able to use this Holding Amount).
The Holding Amount will be returned to you in the circumstances specified in the Customer Agreement (for example, after you terminate your relationship with us and there are no outstanding obligations to us). We do not pay you interest on the Holding Amount and we may retain any interest earned on the Holding Amount.
Qantas arranges for you to access Airwallex’s Payout Services, whereby Qantas Business Money enables you to make payments to bank accounts in Supported Jurisdictions and Supported Currencies.
Airwallex enables payouts through the Payout Services through various channels including payouts by SWIFT as well as payouts using local payment channels such as ACH in the USA.
Payouts via SWIFT can be made in a range of Supported Currencies but are generally slower and are generally more expensive than local payment channels. Payouts via local payment channels are generally faster than SWIFT payouts and are generally less expensive than SWIFT payouts.
The Supported Currency via local payment channels are also sometimes limited to the local currency. For example, if you choose to pay a beneficiary domiciled in the United States through the ACH local payment channel, the payout will generally need to be in USD.
In some cases, the type of beneficiary account you intend to make a payout to may be restricted, depending on the local payout channel. For example, if you intend to make a payout to a beneficiary located in London via a United States local payout channel, you may not be able to do this as the rules of the local payout channel in the United States would not permit this.
The collection and Global Account services are a currency collection service (Collection) where Airwallex will provide you with local bank account details (Global Account) in Supported Jurisdictions and Supported Currencies which you can provide to payers. Funds paid into the Global Account by payers are collected by Airwallex so that they can be credited to your Wallet. Funds collected through the Global Account are generally reflected in the balance of your Wallet and are not shown as a separate balance for that particular Global Account.
The accounts through which the Global Account services will be provided are accounts opened with a bank in the Supported Jurisdiction in the name of Airwallex (and not in the name of the Customer). The funds collected through such accounts are kept separate from Airwallex’s own funds but your funds may be pooled with the funds of other customers of Airwallex. Such accounts are generally not trust accounts.
Airwallex will sweep funds representing your portion of the balance of such Global Account (or an equivalent amount in AUD or another currency on a marked to market basis) into its escrow account held with the Guarantor by the next Business Day on which the funds are received in the Global Account.
Qantas arranges for you to be issued a Card by Airwallex. Airwallex issues the Card through the Visa payment scheme. The Card is linked to your Wallet and allows you or any Additional Cardholder to make payments for goods and services using the balance of your Wallet. The Card can be used anywhere Visa is accepted electronically.
Where you request a Card, it may be issued as a virtual card or, if we approve you for physical cards, a physical card. Virtual cards may be for one time use or may allow you or an Additional Cardholder to make transactions repeatedly. The Card Supplement sets out more information about the differences between these types of Cards.
All cards will have an expiry date. You must not use a Card after its expiry date.
You and any of your Authorised Users (which are authorised to request Cards) may request us to issue a Card in your name or in the name of an Additional Cardholder. Please refer to the Card Supplement for who is eligible to be an Additional Cardholder.
Generally, Cards should only be used by the person in whose name they have been issued. However, your Authorised Users can use a Card issued in your name.
When you or an Additional Cardholder uses a Card to make transactions in a Supported Currency that you are permitted to hold in your Wallet, the amount of the transaction will be deducted from the balance of your Wallet in that Supported Currency.
Where your transaction is not in a Supported Currency that you are permitted to hold in your Wallet, but is in a Visa Currency, the currency conversion will be handled by Visa by converting the AUD in your Wallet to the transaction currency using an exchange rate determined by Visa. We will not have any control over this conversion process and Visa may charge you a fee as part of this conversion process.
If you do not have a sufficient balance in the relevant Supported Currency and you have automatic exchange rate conversions enabled for a Card, Airwallex will: (a) automatically convert the transaction currency to your Primary Currency at your prevailing FX exchange rate; and (b) deduct the transaction amount from the Wallet balance of your Primary Currency.
Example – Card Services
You use your Card to make two payments. Payment A is USD$10,000 to a merchant in the United States. Payment B is MYR50,000 to a merchant in Malaysia. Your Wallet currently holds AUD$40,000 and USD$8,000 but no MYR (as it is not a Supported Currency you are permitted to hold in your Wallet).
Payment A is in a Supported Currency that you are permitted to hold in your Wallet so its balance will normally be deducted from the balance of your Wallet maintained in that currency. In this case, you do not have enough USD in your Wallet. Even though you have AUD, this amount will not be automatically converted to USD. As you do not have sufficient balance in your Wallet in the right currency the transaction is declined. You could have however converted AUD to USD by making a foreign exchange conversion prior to making the transaction so that your Wallet has at least USD$10,000.
However, if you have automatic currency conversions enabled for your Card and your nominated Primary Currency is AUD, then an equivalent of USD$2,000 will be converted from your AUD balance that you hold in your Wallet by making a foreign exchange conversion so that Payment A can be processed. If you have automatic currency conversions enabled for your Card and your Primary Currency is GBP, then the transaction will be declined as you do not have sufficient balance in your Wallet in the relevant currency for both the transaction or automatic currency conversion.
Payment B is not in a Supported Currency that you are permitted to hold in your Wallet but is at the time a Visa Currency. Visa would handle the conversion of the AUD balance of your Wallet to Malaysian Ringgit for the purposes of the transaction.
Please note: This example is illustrative only and does not take into account transaction costs or actual exchange rate movements.
Eligibility to earn Qantas Points: All QBR Members with a Qantas Business Money account will be eligible to have Qantas Points credited to their nominated QBR Program membership account in connection with their use of Qantas Business Money for eligible transactions. Qantas Points will be credited to Qantas Business Money accounts within 2 business days of an eligible transaction.
Wallet Services: You can use the Wallet Services to hold funds for future payments, including in foreign a range of Supported Currencies.
Stored value guaranteed by an ADI: By loading electronic funds into your Wallet you make a purchase of stored value that is then held in an escrow account with an ADI and protected by a Bank Guarantee. The Bank Guarantee is issued by that ADI in favour of an External Trustee who holds the benefit of the Bank Guarantee on trust for all Wallet holders. At any point in time, the amount guaranteed under the Bank Guarantee will be larger than the aggregate electronic funds balances of all Wallet holders. This means that in the event of our insolvency you will be able to make a written demand to the External Trustee for the payment of the electronic money balance held in your Wallet.
Top Up and Collection services: You can use the Top Up and Collection services to top up funds to your Wallet and receive funds into your Wallet through a Global Account in an overseas Supported Jurisdiction. The main benefit of a Global Account is that you can accept bank transfers in Supported Currencies in an overseas Supported Jurisdiction, which may allow you to avoid potentially expensive cross border transfer or currency conversion fees.
Payout Services: You can use the Payout Services to make payments in a range of Supported Currencies, including to third parties in overseas Supported Jurisdictions. This may allow you to avoid potentially expensive cross border transfer or currency conversion fees.
Foreign Exchange Services: You can perform foreign exchange transactions through FX Conversions at competitive rates which are typically only available to wholesale buyers of foreign exchange.
Card Services: You can also access the balance of your Wallet to make payments for goods or services using a Card (when we have agreed to issue you with a Card). The Card is designed to be accepted anywhere Visa cards are accepted electronically. A Card reduces the need for the user to carry cash and is a convenient way of making payments for goods and services anywhere traditional Visa payments are accepted, both online and in store.
Foreign exchange risk: Foreign exchange rates fluctuate all the time and currency markets can be volatile. Due to these fluctuations, the rate at which you exchange currency may change between the time you have entered into a transaction and the time at which it settles.
Fraud and unauthorised transactions: There is a risk your Wallet may be used for fraudulent and unauthorised transactions if the security of your Qantas Business Money account, your Card or your access to Qantas Business Money is compromised. It is important that you safeguard your Qantas Business Money login details as well as any passwords, equipment or software you use to access Qantas Business Money. If you do not, then you may be liable for any unauthorised transactions.
Payment network risk:There is a risk that the payment partners and payment network that Airwallex uses to provide the Payout Services may be unavailable for a period of time. This means you may not be able to use some or all of the Payout Services through the Airwallex Platform for a period of time while the payment partners or payment network is interrupted.
Counterparty default risk: There is a risk that a person with whom Airwallex has a contract in relation to the provision of the Payout Services (such as payment partners and payment networks) may fail to meet their contractual obligations. If this happens, you may not be able to use the Payout Services as designed, and this could result in loss.
Airwallex’s liability: We limit our liability for unauthorised transactions and a range of other circumstances, which means that in some circumstances we may not be liable to you for losses caused by our system or equipment failure, payment fraud, third party delays or fees, and unauthorised transactions (including consequential and indirect loss).
Suspension/reversal of transactions and suspension/termination of your account: We have the right to suspend or reverse certain transactions or suspend access to the Payout Services for a range of reasons. We may do this where we suspect criminal or illegal behaviour, other regulatory reasons, or where your Wallet has a negative balance. In addition, under the Customer Agreement we have the right to suspend or terminate your access to the Services for similar reasons.
Mistaken transactions:You should check all instructions you provide us carefully. Once you have provided us with an instruction and we have issued you with a confirmation, we may be limited in our ability to cancel, amend or reverse the transaction. Any cancellation, amendment or reversal may also result in costs to you.
Third-party delays or fees: As a global payments network, Airwallex’s payments infrastructure relies on arrangements with third parties that allow Airwallex to make global payments for you, including to Airwallex’s banking partners in Supported Jurisdictions. The domestic requirements and practices of those third parties vary and it is possible that you will experience delays or failed transfers if your transaction does not meet the requirements of those third parties. In addition, third parties such as the recipient’s bank, as well as any correspondent banks, may charge their own fees to process a payment. Neither Qantas nor Airwallex take or receive these fees nor are we liable for them, as such charges are beyond our control.
First, go to the on the Qantas Business Money website, access and read this PDS and the Customer Agreement.
Then, complete an application form for an Qantas Business Money account. One of our product specialists may need to contact you to discuss your specific requirements so as to enable you to open a Qantas Business Money account.
Through your Qantas Business Money account you will be able to access the Platform. You can access Qantas Business Money through the Platform as well as obtaining information about your Wallet by following the relevant prompts.
You should provide all requisite details including, business information, your personal details and any additional documents when applying for a Qantas Business Money account. We may require this information to fulfil our legal Know Your Customer and Anti-Money Laundering obligations as well as assessing whether to provide you with the Qantas Business Money.
Once you have set up your Qantas Business Money account, you can also request that Authorised Users be permitted to access Qantas Business Money on your behalf. You must ensure we’re informed of all Authorised Users and changes to their details. Authorised Users may be given varying levels of authority through the Qantas Business Money account.
You are liable for any instructions or requests for Qantas Business Money made by an Authorised User on your behalf. If you want to change an Authorised User you must notify us immediately and you will be liable for their instructions and requests until you do so. More information on Authorised Users is set out in the Customer Agreement.
The “Base Rate” is the rate we are able to obtain for the currency pairs and generally represents our cost price to convert funds from one currency to another currency.
However, given the nature of foreign exchange markets, there is no single rate that we are able to obtain. The Base Rate is determined by us having reference to live exchange rates from our banking partners and market data sources and then calculating a blended rate from those sources. The blended rate may involve calculating the weighted average of one or more exchange rates available to us.
We do not include a mark-up specific to you in the Base Rate as it is generally a reflection of our costs. However, foreign exchange markets generally only operate 5 days per week Monday to Friday. During the weekend, and other times when markets are closed, or where rates are unavailable to us, an additional mark-up or fee may be applied to the Base Rate to account for such situations.
Airwallex and Qantas each charge a FX transaction fee for every FX Conversion made through Qantas Business Money.
The FX transaction fee will be a fixed percentage mark-up agreed with you and will vary depending on the transaction amount. The real-time indicative exchange rate being the Base Rate plus the customer mark-up will be shown whenever a transaction is created on the Webapp and available to customers to retrieve if they’re accessing the Airwallex Platform through Airwallex APIs.
FX transaction fees may change from time to time at our sole discretion. Qantas and Airwallex reserve the right to offer lower prices to specific customers or groups of customers as a discount, promotion or customer recognition programme.
Example – Market FX with Market Movements
Using the Coffee Shop as an example once more, where we quote the Coffee Shop an estimated exchange rate of AUD to euro of 0.7500 the rate given to the Coffee Shop is made up of the following components:
the Base Rate (explained above);
the customer mark-up or transaction fee agreed with you; and
any other product specific mark-up or fee agreed with you (e.g., if you’re approved for Lock FX, we will add a product specific mark-up).
(b) and (c) are referred to in the Customer Agreement as the “Customer Margin”.
The pricing for the Customer Margin is dynamic and depends on a range of circumstances. The Base Rate will also fluctuate having regard to market conditions and other factors outside of our control.
Please note: These examples are illustrative only and do not take into account transaction costs or actual exchange rate movements.
When you make a payment, “Local” or “SWIFT” payment options may be available. The SWIFT fee applies to payments that are made to people via the SWIFT network and Local fees are applicable to payments using other payment options. Local payment options are generally cheaper than traditional SWIFT payment options.
If you choose a SWIFT payment option, you will generally be given the choice to choose between a “SHA” or “OUR” cost. A “SHA” cost SWIFT payment is where the cost of the SWIFT payment is shared between you and the recipient of the funds using us and correspondent banks in the payment network. In such cases, the recipient may not receive the entire payment amount. A “OUR” cost SWIFT payment is where the recipient pays no fees associated with the SWIFT payment and receives the entire payment. The relevant payment fee will be made available to you through the Airwallex Platform.
Third parties such as the recipient’s bank, as well as any correspondent banks the money passes through while in transit, may charge their own fees to process a payment. These fees are a fixed USD fee based on payment method and currency. Like transaction fees, these are agreed with you when entering into the FX Conversion.
Transaction fees are calculated to cover any such costs, however there may be instances where a third party fee is levied from your funds and an amount less than what you paid arrives at the recipient’s account. Neither Qantas nor Airwallex take or receive these fees nor are we liable for them, as such charges are beyond our control.
In a situation where incorrect payment details are provided and the settlement or receiving banks refuse to process your payment, or if the transaction is cancelled, administrative charges may be incurred and could be deducted from your payment amount.
You may be able to manage the impact of some of these transaction related fees through the Airwallex Platform.
When a FX Conversion is terminated prior to its settlement date (for example, where you do not pay us the required funds to settle the FX Conversion by the settlement cut-off date or in other circumstances specified in the Customer Agreement) you may be liable to pay us a certain amount as a genuine and reasonable pre-estimate of our loss in connection with the termination (Break Cost). The Break Costs may be significant, so you should ensure you double check before booking a FX Conversion.
At the time of your enter into an FX Conversion, the size of these breakage costs on early termination cannot be predicted, as rates can increase as well as decrease by an unpredictable amount.
FX Conversions are designed to be held for the term of the contract. Break Costs may also be influenced by factors including bid-offer spreads, credit-worthiness, market liquidity and timing of execution. Example scenarios can be provided on request.
You must not use Qantas Business Money for any speculative trading or related purposes. Airwallex does not pay you any gains that it may make in connection with the termination of an FX Conversion under any circumstances.
If your transaction is in a Visa Currency, the foreign currency transactions will be converted from the balance of your Wallet maintained in the Base Currency by Visa at its own conversion rate. These foreign currency transactions will be converted directly to Australian dollars or will be first converted from the currency in which the transaction was made to US dollars and then converted to Australian dollars by Visa. The conversion rates used by Visa is based on a wholesale market rate selected by Visa. Generally, the conversion rate applied to refunds of a transaction will be different to the conversion rate applied to the original transaction.
Detailed information about the above fees and charges are available on the Qantas Business Money website. You can ask us to provide you with a copy of this information by emailing us at firstname.lastname@example.org. We will provide a paper copy or an electronic copy to you free of charge if requested by you using the contact information set out on page 2 of this PDS.
There may be tax implications associated with your use of Qantas Business Money and any transactions you enter into with us. The tax implications for you of obtaining one of our foreign exchange products will vary according to your personal circumstances. In particular, transactions may give rise to taxable gains or tax deductible losses. The treatment of those transactions for taxation purposes will depend on your individual circumstances and we recommend that you seek professional tax advice.
Where GST is applicable to a fee or charge described in this PDS, the relevant fee or charge will be inclusive of GST.
To comply with anti-money laundering legislation, Airwallex is required to collect personal information (as defined in the Privacy Act 1988 (Cth)) for the purposes of identifying and verifying your identity.
If you would like to make a complaint regarding any of our products or Qantas Business Money, please contact our Customer Support team at email@example.com or 1300 926 096 (toll-free in Australia).
Airwallex is a member of an independent dispute resolution scheme, the Australian Financial Complaints Authority (AFCA). In the event that your complaint or concern cannot be resolved following our internal complaints procedure, you can escalate the matter to AFCA. Their contact details are:
Australian Financial Complaints Authority
Mail: GPO Box 3, Melbourne VIC 3001
Phone: 1800 931 678 (toll-free in Australia)
You can find out more by contacting us using the details at the beginning of this PDS. You can also look at our website for more information.
Additional Cardholder means a person other than you to whom we have issued a Card to access the balance of your Wallet at your request.
Airwallex API means the technical interface setting out the protocols and specifications required to effect an integration of the Customer’s technical systems with the Airwallex Platform for Authorised Users to use Qantas Business Money.
Airwallex Platform or Platform means the proprietary technology and associated products (including but not limited to those found on the Webapp and through an Airwallex API) devised by Airwallex to provide customers with Qantas Business Money.
ASIC means the Australian Securities and Investments Commission.
Authorised User means a person that is authorised to provide us with instructions and requests in connection with Qantas Business Money on your behalf.
Base Rate has the meaning given in section 13.
Break Cost has the meaning given in section 13.
Business Day means a day (other than a Saturday, Sunday or public holiday) on which banks are open for general banking business in Melbourne, Australia.
Card Supplement means the issuing terms available on the Qantas Business Money website.
Card means the ‘Visa Commercial Card’ or similarly named payment instrument issued by Airwallex to you or any of your Additional Cardholders which can be used as a means of making payment using the balance of your Wallet. The Card may be issued as a physical card or virtual card.
Collection has the meaning given in section 8.
Customer means the person using Qantas Business Money.
Customer Agreement means the Payout and FX Terms available on the Qantas Business Money website (as modified by the terms of this PDS).
FX Conversion means an agreement in which one currency is sold or bought against another currency at an agreed exchange rate.
Global Account means the Collection account service provided by Airwallex that allows you to receive funds in the Supported Currency in a Supported Jurisdiction as set out in more detail in section 8.
Holding Amount has the meaning given in section 6.
Lock FX has the meaning given in section 6.
Market FX has the meaning given in section 6.
Payout Service means the payment service provided by Airwallex that allows you to make payments funds in the Supported Currency in a Supported Jurisdiction as set out in more detail in section 7.
Product Disclosure Statement or PDS means this document.
Qantas Business Money has the meaning given in section 4.
Spot Contract has the meaning given in section 6.
Supported Currency means, in respect of each feature of a Service, each currency approved by Airwallex from time to time that can be collected, exchanged and/or paid out (as applicable) using that feature through the Airwallex Platform.
Supported Jurisdiction means in respect of the Global Account and Payout Services each jurisdiction approved by Airwallex from time to time where a Global Account and Payout Service is maintained for the purposes of collecting and making payments.
Top Up or Top Up Service has the meaning given in section 5.
Qantas means Qantas Airways Limited (ABN 16 009 661 991).
QBR Members means persons who are registered as members of the QBR Program.
QBR Points means points issued by Qantas to customers enrolled in the QBR Program.
QBR Program means the business rewards and loyalty program described on Qantas’ website at www.qantas.com/au/en/business-rewards (also accessible by www.qantas.com/business) and known as Qantas Business Rewards, or any replacement program.
Visa Currency means a currency supported by Visa in which payments may be made using the Card that is not a Supported Currency that you are permitted to hold in your Wallet.
Wallet or Wallet Service has the meaning given in section 5.
Webapp means the user interface that the Customer and its Authorised Users may use to access the Airwallex Platform and Qantas Business Money.