OFX Card Agreement (Business)

These terms and conditions apply from 1 June 2024.

This OFX Card Agreement (Business) contains the terms and conditions that govern your use of the OFX Card (the “Card Terms”), a prepaid debit card for businesses and their employees to make payments online and at point of sale offered by OzForex Limited trading as OFX (ABN 65 092 375 703) (“OFX”).

In this Agreement, “you” and “your” refers to you as the Client, and “we,” “us” and “our” refer to OFX. By using this OFX Card Service, you agree and accept all the terms of these Card Terms.

These Card Terms are in addition to and must be read in conjunction with the OFX General Terms and Conditions (Business) and any other agreement which you have entered into with OFX and which may apply to your use of the OFX Card, including any Additional Terms. If any inconsistency exists between these Card Terms and the OFX General Terms and Conditions (Business), these Card Terms shall prevail. OFX General Terms and Conditions (Business) means the legal agreement governing the provision of the Services provided by us in conjunction with the OFX Card.

Capitalised terms not defined in these Card Terms have the meanings set forth in the OFX General Terms and Conditions (Business).

These documents contain legal obligations for you and for us so you should read them carefully to make sure you understand them.

If you have any questions, please contact us on 1300 300 524 (local call) +61 2 8667 8091 (International) or email business@ofx.com.

You can get a copy of these Card Terms at any time by emailing us at business@ofx.com. By requesting, or using, an OFX Card, you confirm that you accept and agree to these Card Terms as it may be amended from time to time by us in accordance with these Card Terms or the OFX General Terms and Conditions (Business). If you do not agree or do not wish to accept these terms, please do not request, or use, an OFX Card.

1. The OFX Card

The OFX Card is a reloadable Mastercard or Visa prepaid debit card. When you are issued with an OFX Card, you will receive a virtual version of the OFX Card which is linked to your OFX Global Account (managed via your Business Account). You may request a physical version of the OFX Card which will also be linked to your OFX Global Account (managed via your Business Account). For the avoidance of doubt, each of the physical card and the virtual card are an OFX Card for the purposes of these Card Terms.

You can use your OFX Card to make Payments and draw down the Balance within your OFX Global Account.

Once you have loaded value into your OFX Global Account, you can use it anywhere in the world (where Mastercard or Visa prepaid debit cards (as applicable) are accepted) to access your available Balance to make Payments.  

OzForex Limited is the AFS Licensee and issuer of the non-cash payment product.

The Mastercard OFX Card is issued pursuant to a Mastercard program sponsored by PTRN Pty LTD who is the principal member and the Mastercard licensee.

The Visa OFX Card is issued by OzForex Limited as the principal member and the Visa licensee. The 24/7 Client service telephone number for all cardholders is 1300 300 524 (Local call) or +61 2 8667 8091 (International).

2. Requesting an OFX Card

You or an Authorised User must make a request for each OFX Card within your Business Account via the Secure Website or mobile app. We reserve the right to limit the number of OFX Cards you can request from us and have active at any one time.

We may require you to provide additional information, including the proposed card user’s personal details, including but not limited to name, address and date of birth.

You will be required to choose a PIN when setting up your OFX Card. Your PIN should not be given to anyone else and it should not include identifiable or recognisable numbers which could easily be guessed by someone else.

You may request a physical card and/or a virtual card. Please check the Fee Schedule for Fees associated with each type of card. Virtual cards may be used wherever card-not-present transactions are permitted and cannot be used where a physical card is required. A physical card must be activated prior to use. Where an OFX Card can be used by tapping your card against a contactless reader, Payments up to AUD100 can be made without your PIN, Payments above AUD100 will require you to enter your PIN. When you request a physical card it will be sent to the physical address associated with your Business Account.

3. Expiry Date

Each OFX Card will have an expiry date shown on the back of a physical card or within the card details of your Business Account and you must not use the OFX Card past its expiry date. Unless you notify us in advance of the expiry date that you do not want a new card, we will issue you a new OFX Card prior to the original expiry date. All OFX Cards are issued by us at our sole discretion.

4. Authorised Users

Whilst you are permitted to allow your employees to use your OFX Card, and request additional OFX Cards for use by employees or Authorised Users, you remain at all times the card holder to whom the OFX Card was issued and are at all times responsible and liable for the use of the OFX Card. Any transaction authorised by any one of the employees or an Authorised User via use of an OFX Card related to your Business Account is deemed to be effectively authorised by you.

You agree that any use of any of your OFX Cards, including but not limited to at a point-of-sale terminal and any contactless or card-not-present transactions, is you authorising and consenting to the associated Payment.

It is your responsibility to inform all employees who use one of your OFX Cards of the requirements and obligations associated with using an OFX Card, as well as any restrictions that you have implemented on the use of the OFX Card from within your Business Account. We are not liable to you for any charges incurred by any user of an OFX Card connected to your OFX Global Account who does not have sufficient authority from you.

5. Card Management and Approval Feature

You may request and impose via your Business Account limitations on the use of the OFX Cards that you have activated and that are connected to your OFX Global Account. Restrictions include the maximum amount for any one Payment and/or the places and merchants at which the OFX Card may be used.

Within your Business Account, you can allocate an OFX Card to be a Subscription Card or an Employee Card, both are OFX Cards for the purposes of these Card Terms. By choosing a Subscription Card, you agree that the card use will be limited to online purchases for corporate subscriptions. By choosing the Employee Card, you agree that the card will be used by your employees for business purposes only. You are able to set limitations on the use of the Employee Card within your Business Account.

Within your Business Account, you can request and apply approval settings, including but not limited to review and permission settings, that apply to particular OFX Cards, Payments and/or other uses associated with the Services. You can apply approval settings at an Authorised User level or at an OFX Card level. Cardholders can submit receipts and other documentation related to OFX Card Payments via the Business Account for review and/or approval as per the approval settings that you have implemented.

You can update and/or remove any limitations or approval settings at your discretion within the Business Account. Changes will be effective immediately, or if the change is subject to an approval, once the approval is granted.

We cannot guarantee that all limitations or approval settings placed on an OFX Card or the Business Account will be effective at all times, particularly when a limitation or setting implementation relies on properly functioning and / or third party networks.

You acknowledge and agree that you are responsible for notifying all cardholders of the limitations and any permission levels that apply to each OFX Card.

6. Pre-authorisation and Authorisation

Some merchants may require an amount to be pre-authorised prior to your full payment. Where pre-authorisation is sought, the amount will be reflected in the Balance of your OFX Global Account as unavailable and cannot be used for other purposes. Where the pre-authorised amount is not ultimately applied to the associated merchant, it will become available Balance.

If we are required to authorise a particular Payment connected to your OFX Card, we reserve the right to deny such authorisation if your Balance is insufficient or if it is not permitted due to limitations or restrictions applicable within these Card Terms. We may require additional information prior to providing authorisation, and we will not be liable to you for any loss associated with or in connection with the process of authorisation or denying the authorisation.

7. Payments, Currency Conversions and the OFX Global Account

Prior to being issued an OFX Card, you must have registered with us, have a valid and active Business Account and have opened an OFX Global Account. You must have an available Balance in your OFX Global Account to satisfy the total amount if the Payment, inclusive of any applicable fees and charges. If there are insufficient funds to settle the Payment, the Payment will be rejected.

You can make payments into your OFX Global Account and add funds to your Balance in accordance with and as set out in the OFX General Terms and Conditions (Business).

The Payment will be made in the local currency of the merchant you are making a Payment to unless you have insufficient funds in your corresponding currency OFX Global Account. When you have the full amount payable available in your corresponding currency OFX Global Account the funds will be pulled and your Balance will be updated accordingly. You can access the Payment details within your Business Account.

Where you have insufficient funds in your corresponding currency OFX Global Account, the Payment will include a Currency Conversion and you acknowledge and agree that such Currency Conversion will be an Automatic Conversion of funds from your home currency OFX Global Account to the applicable local currency of the merchant.

For example, if you are paying a merchant in the US and they are charging you in USD the Payment will be made from your USD OFX Global Account Balance where you have a sufficient USD Balance.

Where your USD Balance is insufficient, we will perform a Currency Conversion from AUD to USD using your AUD Balance. The exchange rate used will be the then current Spot Rate as per the Automatic Conversion provisions in the Master Terms and Conditions.

8. Fees and charges

You are entitled to request the number of cards associated with your subscription plan and you will be charged a Fee per OFX Card as per the Fee Schedule.

We will charge a Margin where the Payment involves a Currency Conversion. The Margin will be included in the exchange rate that is used to convert your chosen currency and the exchange rate will be available in the transaction history within your Business Account.

For more details please see the Fee Schedule on our Website.

9. Restrictions on Use

The OFX Card must be used at all times in accordance with these Card Terms and in accordance with the Master Terms and Conditions.

In addition to the general restrictions on the use of our Services contained in the OFX General Terms and Conditions (Business):

You or any cardholder who violates or breaches this Agreement may have their OFX Card, Business Account or access to all Services terminated, as well as any pending requests and Payments or Currency Conversions cancelled. You may also be held liable for any losses incurred by us or any other user of the Services.

You cannot use the OFX Card to withdraw cash at ATMs. The OFX Card is not a credit card nor a bank account, it is a non-cash payment product.

Any request to issue a OFX Card via the Business Account should be made fairly and honestly and must be reasonable in the circumstances. You should not submit any vexatious requests for additional OFX Cards to be issued. OFX, acting reasonably, may limit the number of OFX Cards that are issued to you or reject a request for a OFX Card in its sole and absolute discretion without providing a reason.

10. Merchants

a) Surcharges – Some merchants may include a surcharge on top of the payment amount in connection with the use of your OFX Card. The surcharge may be included in the total Payment or it may be charged separately and appear as a separate transaction.

b) Goods and Services – We are not responsible or liable for the condition, suitability or legality of any goods and services you purchase using your OFX Card from a merchant. If a dispute arises in relation to your purchase, you must resolve it directly with the merchant. We are not liable for any losses you may incur arising from your purchase, the goods or services or the acceptance of your OFX Card by the merchant.

c) Merchant Decisions – A merchant may choose to accept or reject your OFX Card and we are not responsible for such decision nor liable for any losses that may be incurred as a result of such decision.

11. Chargebacks and Refunds

In certain circumstances we may be able to initiate a reversal, also known as a chargeback, on an amount that you have paid to a merchant. For example, if you did not receive the goods or services from the merchant or you have a legitimate dispute with the merchant.

You must try to resolve the issue directly with the merchant first, this is the quickest and easiest way to attempt to get your money back. If you cannot resolve the issue with the merchant, you must contact us as soon as possible to avoid losing any rights you may have to dispute the matter.

You must request a chargeback in writing and include as a minimum detail of the Payment, including the amount and date, and give legitimate reasons why you are requesting the chargeback. We may request further information to support the request, if you do not provide sufficient information, we may not be able to process or progress your request.

You must act quickly, both Visa and Mastercard have operating rules and time limits within which a chargeback must be requested, and a dispute raised. Generally, the time limit is within 120 days, however for certain issues the time limit may be shorter. That means we must lodge a detailed claim on your behalf within 120 days of the Payment date. We are not liable to you for any loss if you do not make the request within the required time limit.

Once we have received your written request, we will investigate the circumstances. We agree to acknowledge your request within 5 Business Days, however, the investigation will take longer. If the resolution of the dispute is that you are entitled to reverse the Payment, we will credit your Balance in the original currency of the Payment where possible. Where we are required to convert the currency, we will use the then available Spot Rate to credit your Balance in AUD.

Notify us of a dispute by emailing business@ofx.com or by mail to Level 19, 60 Margaret Street, Sydney NSW 2000.

12. Transaction Limits

a) We reserve the right to place a limits on your use of the OFX Card which may include transaction limits on a per day or per transaction basis.

b) We may also restrict the countries, place and/or merchant where an OFX Card may be used where we suspect there is a breach of these Card Terms and/or it is required to align with our compliance and risk appetite.

13. Anti-Money Laundering and Counter Terrorist Financing (AML/CTF)

We will immediately suspend or cancel an OFX Card where we suspect that there is fraud or a security issue, or we suspect that your OFX Card is being used in connection with any Illegal Activities.

Please see the OFX General Terms and Conditions (Business) for more details on your obligations and our rights in relation to AML/CTF.

14. Cancelling an OFX Card

By You – If you or an Authorised User wants to cancel or temporarily suspend an OFX Card connected to your OFX Global Account, you can do so via your Business Account at any time.

By Us – In addition to any other rights we may have under these Card Terms or the OFX General Terms and Conditions (Business), we may cancel or suspend an OFX Card at any time where there is an actual or suspected breach of these Card Terms by you or any Authorised User or an employee.

Where an OFX Card is cancelled for any reason, you remain liable for all transactions and Payments connected to your OFX Card prior to its cancellation.

15. Lost or Stolen Cards

If you think your OFX Card has been lost or stolen, or used without your authorisation, and/or your PIN is known to someone else, you must notify us immediately by emailing us at business@ofx.com or calling 1300 300 524 (Local call) or +61 2 8667 8091 (International). We will take action as reasonably necessary, including but not limited to freezing your card and/or your OFX Global Account. We may require your assistance and additional information and you agree to assist us with any investigation.

Without limiting any terms within the OFX General Terms and Conditions (Business), you will remain liable for any unauthorised transactions on your OFX Card where you have contributed to any loss by breaching any clause of these Card Terms, including but not limited to any delay in notifying us of a lost or stolen OFX Card. You can freeze and unfreeze your OFX Card by logging into your Business Account and actioning the freeze. Freezing your card will have immediate effect. You acknowledge and agree that you have control over the freezing and unfreezing of your OFX Card via your Business Account. OFX is not liable for any loss or damage incurred by the freezing or unfreezing of your OFX Card.

16. Security

You must ensure that your card details, including any PIN are kept securely and not disclosed to anyone other than an Authorised User. Never write your PIN or Account Credentials on your card or on a document kept with your card.

You must check your transaction history within your Business Account regularly to see if there are any unauthorised transactions on your account. If you have any concerns about any entries within your transaction history, you must contact us immediately.

You must comply with any additional security requirements that we require from time to time as notified by us.

17. Changes to these Card Terms

We may change these Card Terms from time to time. Any changes will be made in accordance with OFX General Terms and Conditions (Business).

18. Glossary

OFX Card means the reloadable Mastercard or Visa prepaid debit card and includes all associated services, features and products.