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Terms & Policies

Product Disclosure Statement for BAXE Business Account and BAXE Visa Business Rewards Debit Card

Issued by Hay Limited ABN 34 629 037 403
Australian Financial Services Licence No. 515459

1. About this Guide
This document forms the Product Disclosure Statement (PDS) for your BAXE Business Account (Business Account) and BAXE Visa Business Rewards Debit Card (Card). The PDS contains essential information, including the fees and other costs that apply to the Business Account and Card.

This PDS is issued by Hay Limited ABN 34 629 037 403 Australian Financial Services Licence (AFSL) No.515459 (Hay). This PDS is an important document designed to assist you in deciding whether to acquire the financial product to which it relates – the Account and Card. You should read this PDS in full before using your Business Account and Card.

The use of the Business Account and Card is governed by this PDS document which incorporates the Terms and Conditions of the Business Account and Card. The Terms and Conditions of use of the Business Account and Card may be attached to this PDS or provided as a separate document and should be read together.

The information in this PDS does not consider your individual objectives, financial situation or needs. Any advice in this PDS is general advice only. You should consider the appropriateness of any general advice to your circumstances before acting on it. Nothing is intended to constitute investment, legal, tax, accounting or other professional advice and you should seek professional advice on whether the Business Account and Card are appropriate for your particular circumstances.

2. Important information
The PDS has not been, and is not required to be, lodged with the Australian Securities and Investments Commission (ASIC). ASIC takes no responsibility for the contents of the PDS.

The PDS may only be used by people who receive it in Australia. The information in this PDS does not constitute an offer in any country other than Australia. The distribution of this PDS in countries outside Australia is limited and may be restricted by law. People who come into possession of this PDS who are not in Australia should seek advice on any such restrictions that apply.

The information in this PDS is subject to change and is up to date at the date of this PDS. Where new information is materially adverse, Hay will issue a new PDS or supplementary PDS. However, where the information is not materially adverse, Hay will not issue a new PDS or supplementary PDS, but you will be able to find the updated information on the BAXE website at as you apply for this product

3.Parties Involved in the Issue and Distribution of the Card

Hay Limited ABN 34 629 037 403 (Hay), is the holder of Australian Financial Services Licence (AFSL) No. 515459. Hay is a principal member of Visa Worldwide Under its AFSL, Hay is authorised to provide financial products and or services including the issuing of non-cash payment facilities such as the Business Account and Card.

Hay Limited has authorised FCG Financial Services Pty Ltd ABN 38 635 012 396 (also known as “BAXE”) (Corporate Authorised Representative number 001304467) to arrange, distribute, and deal in the non-cash payment financial products issued by Hay. BAXE merely acts as a conduit of information from Hay to the customer.

4.Roles of the Card Distributor
BAXE is responsible for the distribution and provision of general product information about the Business Account and Card as issued and approved by Hay. BAXE is also authorised by Hay to provide customer service support for the Business Account and Card.

Neither BAXE nor anyone else acting on its behalf, has the authority on behalf of Hay to:

  • tell you anything about the Card that is inconsistent with the information in this PDS;
  • give you personal financial product advice (i.e., financial product advice that has considered one or more of your objectives, financial situation and needs) about the Business Account and Card; and
  • do anything else on Hay’s behalf, other than marketing, arranging for the issue of and providing customer services for the Business Account and Card.

5.Available Balance
The Available Balance of your Business Account is held on trust for you at an Australian ADI (bank) in a segregated customer funds account.

In accordance with this PDS and the Terms and Conditions you acknowledge that the Available Balance can be used to meet our settlement obligations in respect of your transactions and to provide security for our settlement obligations.

Available Balance in your Business Account does not earn interest and it does not operate like a bank, credit union or building society account. Deposits into the Business Account are not bank deposits and are not protected by the Australian Government Financial Claim Scheme.

6.Who is Eligible for the Business Account and Card?
You will need to satisfy specific eligibility criteria to maintain this product. To qualify, you must:

  • be an individual;
  • be aged 18 years or older to apply for the account;
  • hold a valid Australian Tax File Number (TFN);
  • hold a valid Australian Business Number (ABN) issued by ATO; and
  • have valid Australian citizenship or permanent residency.

7.About the Business Account and Card
The financial product issued by Hay is a non-cash payment product e.g., a Visa Debit card. The Card is not a credit or charge card and is not a Stored Value card.

Hay will open a virtual account in your name to which you can deposit funds which will become your Available Balance. The Card accesses these funds to enable you to conduct transactions at merchants that accept Visa debit cards.

  • The Business Account and Card are financial products that are regulated by the Corporations Act 2001 (Cth).
  • You can obtain a Business Account and Card via the BAXE App.
  • You can deposit funds to the Business Account which can be accessed by the Card. Deposits can be made by electronic funds transfers from an account held with another financial institution.
  • The Card is linked to your Business Account
  • Once you have Available Balance in the Business Account, you can use the Card anywhere in the world (where Visa Debit cards are accepted) to access your funds and make payments. • You can use the Card to withdraw cash at ATMs (subject to daily limits).
  • Your Business Account is linked to your Card. You can make Pay Anyone transactions from your Business Account via the BAXE App.
  • You can only access the Available Balance in the Business Account. The Card is not a credit card. It is a pre-paid card which always means that, you access your funds.
  • The Business Account cannot have a negative balance. If there are insufficient funds in the Account, the transaction will be declined.
  • Your Business Account is not a bank account, and no interest will be payable on the Available Balance.

8.Benefits of the Accountholders and Cardholders
The significant benefits of the Card are:

  • it reduces the need to carry cash and is a convenient way to make payments at merchants who accept Visa Debit Cards;
  • you can see detailed information about merchants you purchase goods from;
  • you can only access the value that you have loaded which helps you control spending;
  • the Card can be used on the internet or telephone to make payments;
  • the Card can be used to withdraw cash at ATMs (subject to daily limits);
  • no Hay currency conversion fees apply (although other financial institutions involved in the conversion may do so);
  • if your Card is lost or stolen you can immediately Freeze the Card through the BAXE App; and
  • you can cancel the Card within the BAXE app.

Significant benefits of the Business Account are:

  • you can make payments from and receive payments to your Business Account instantly in the same way you do a bank account (even though the Business Account is not a bank account);
  • you can easily search all transactions via amount, date, merchant name and location;
  • you can track monthly spending via categories and merchants;
  • you can track travel spending per country or trip automatically with travel mode;
  • you can easily see foreign exchange values of your held funds in AUD to local international currency;
  • you receive the Visa exchange rate at the interbank rate at the time of settlement (no margin, spread or fees charged by Hay).

9.Risks of the BAXE Business Account and Car
The significant risks of the Business Account and Card are:

  • unauthorised transactions could happen if your Card is lost or stolen, if your PIN is revealed to an unauthorised person, as a result of fraud, or if you breach the Terms and Conditions of the Business Account and Card outlined in this PDS or the Terms and Conditions;
  • you might not be able to get your money back if unauthorised transactions or mistaken transactions occur. The more you load to your Business Account the more you could lose due to an unauthorised transaction;
  • due to equipment errors, malfunctions or equipment being used incorrectly, the same transaction may be processed more than once, or transactions may not be processed at all;
  • merchants and ATM operators (domestic and international) may charge fees for using the Card at their facilities and these fees may increase;
  • if the network enabling the use of a Business Account or Card is unavailable, you may not be able to perform transactions or get information using the Card;
  • merchants may, at their discretion, refuse to accept the Card as a method of payment. You should always check with the merchant that it will accept the Card before purchasing any goods or services;
  • you will not earn interest on any Available Balance that is stored on your Business Account and Card;
  • the Financial Claims Scheme (see does not apply in relation to your Business Account or your Card. If Hay fails, any Available Balance held on your Business Account will not be protected by the FCS, and you may lose all or part of your Available Balance; and
  • as Hay has not considered your individual circumstances or needs and you should get your own independent tax advice on the impact that the Business Account or Card may have on your personal tax liability.

10. Fees
The fees for Business Account and Card are: td>

Transaction Fees

Account opening


Account keeping




Direct debit dishonour


ATM withdrawal

$0 at all major bankATMs *

Domestic Transaction


International transaction


Card Replacement Fee


Transaction Dispute Fees

Card payments


Non-card payments and transfers

Up to $25

*Hay does not charge any ATM fee. A fee may be charged by the ATM Operator

11. Limits
The limits that apply to the Business Account and Card are:

Maximum value you can store in your Business Account at any one time


Maximum total deposits per day


Maximum single deposit transaction


Maximum transfer limit per day (BPAY)


Maximum transfer limit per day (DE/NPP)


Maximum combined Business Account transfer limit per day


Maximum card spend per day


Maximum card spend per day (individual transaction)


Maximum ATM cash out per day


At any time, Hay can adjust the limits. You can find the current limits that apply to your Business Account and Card within the BAXE App or at

12.Cooling off rights
There are no cooling-off rights attached to the Business Account or Card. However, you may cancel the Card or close your Business Account at any time.

13. Disputing a Transaction
We encourage you to review your transaction history regularly. Where your Card is used for Unauthorised Transactions, we will seek to reverse the transaction if we can under the Visa Scheme Rules (Chargeback). Your ability to dispute a transaction or reverse an Unauthorised Transaction may be lost if you do not notify us immediately (see Chargeback and Disputed Transaction in section 2 of the Business Account and Card terms and conditions).

It is your responsibility to regularly review your online transaction history to identify Unauthorised Transactions. Under these Terms and Conditions, we may not be responsible for any loss to you if you do not dispute an Unauthorised Transaction within 45 days of the transaction date.

14.Feedback and resolving complaints
When you provide feedback, Hay and BAXE have the opportunity to improve services to you. If you have a query or complaint relating to the Business Account and Card that BAXE has provided to you, you should initially direct the query to BAXE via:

Mail: PO Box 10023 Adelaide Street, BRISBANE QLD 4000
Email: [email protected]

Please provide a full explanation of your feedback or complaint. BAXE may request further details from you.

Either BAXE or Hay will undertake the following:

  • Keep a record of your complaint;
  • Acknowledge your complaint within 1 business day;
  • Respond within 30 calendar days;
  • If we cannot complete our investigation within 30 calendar days, we will let you know why.

If you are unable to resolve your issue with BAXE directly, you can escalate your enquiry to Hay via [email protected] or by phone 1800 080 081. Hay will check with you to make sure you are satisfied with how your complaint was handled.

If we are unable to resolve the matter to your satisfaction, you may refer the compliant to the Australian Financial Complaints Authority (AFCA). AFCA provides fair and independent financial services complaint resolution that is free to consumers. It’s important you raise your concerns with us first before going to AFCA, as AFCA will generally encourage this before they will investigate.

The contact details for AFCA are:

Mail: GPO Box 3, Melbourne VIC 3001
Phone: 1800 931 678 (free call)
Email: [email protected]

15. Terms and conditions
The Terms and Conditions for use of the Business Account and Card are set out in the Terms, which can be accessed at

You should read and understand these terms before acquiring the Business Account as they primarily govern the legal relationship between you and us.

You can download an electronic copy of the Terms via the BAXE app or website. The Terms cover:

  • how to use your BAXE Business Account and Card and restrictions of use;
  • security requirements and what to do where you lose your Card, or your Business Account is compromised;
  • what will happen where you make a mistaken payment, or an unauthorised transaction occurs;
  • limits on what Hay is responsible for;
  • suspension and termination of your Card or Business Account; and
  • changes to the Terms and Conditions.

The above points are a high-level summary of what is covered in the Terms and Conditions and not a substitution for reading the those. Hay strongly encourages you to read and understand the Terms and Conditions as well as the Privacy Policy before obtaining the Business Account and Card.

16. Applicable laws

Hay is committed to complying with the Australian Privacy Act. The Privacy Policy sets out detailed information about how, why and when personal information is collected, disclosed, used, stored and otherwise handled by Hay. The Privacy Policy is available at . You may request a copy of the Privacy Policy in hard copy.

The Privacy Policy sets out:

  • the purposes for which Hay collect your personal information;
  • the consequences if you don’t provide your personal information to Hay;
  • the third parties to which Hay disclose your personal information;
  • how to access and seek correction of your personal information;
  • how to complain about a breach of Hay’s obligations in respect of your personal information and how Hay will deal with such a complaint; and
  • whether your personal information is likely to be disclosed by Hay to overseas entities and in which countries these entities reside.

Anti-Money Laundering and Counter Terrorism Finance Laws

The AML-CTF Laws require Hay and BAXE to collect and verify certain identification information about you. Hay will collect personal information from third parties to verify your identity for this purpose as well.

Hay may be required to disclose certain information about you to AUSTRAC. Hay may not be permitted to tell you when this occurs. Hay may also be prohibited from fulfilling our obligations to you, such as continuing to provide you with the Business Account or the Card. Hay may also be required by the AML-CTF Laws to delay or suspend the Card or your access to the Business Account.