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Terms & Policies

Product Disclosure Statement for BAXE Account and Card

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


1. About this Product Disclosure Statement

This document forms the Product Disclosure Statement (PDS) for your BAXE Account (Account) and BAXE Card (Card). The PDS contains essential information, including the fees and other costs that apply to the Account and Card.

This PDS is issued by Hay Limited ACN 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 Account and Card.

The use of the Account and Card is governed by this PDS document which incorporates the Terms and Conditions of the Account and Card. The Terms and Conditions of use of the Account and Card may be attached to this PDS or provided as a separate document. Both the PDS and the Terms and Conditions of use contain important information regarding your Account and Card.

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 Account and Card are appropriate for your particular circumstances.

2. Important information

The PDS has been 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

Changes to the PDS

Information regarding your Account and Card may need to be updated from time to time. Any updated information that is not considered to be material change to Cardholders will be made available on the Website. Any updated information that may be material change to Cardholders will be included in a replacement or supplementary PDS.

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.

Available Balance in your Account does not earn interest and it does not operate like a bank, credit union or building society account. Deposits into the Account are not bank deposits and are not protected by the government deposit scheme.

The benefits of the Account and Card are set out in clause 8 of this PDS.

3. Parties Involved in the BAXE Account and BAXE Card Product

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 Inc. Under its AFSL, Hay is authorised to provide financial products and or services including the issuing of non-cash payment facilities such as the Account and the Card. When providing financial products and or services to the customer, Hay acts on its own behalf.

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.

BAXE can be contacted via:

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

4. Roles of the Card Distributor and Issuer

BAXE is responsible for the distribution and provision of general product information about the Account and Card as issued and approved by Hay. BAXE is also authorised by Hay to provide customer service support for the 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 Card; and
  • do anything else on Hay’s behalf, other than marketing, arranging for the issue of and providing customer services for the Card.

5. Available Balance

The Available Balance is the balance of your Account as shown in the BAXE App. Hay is responsible for the settlement of transactions of the Account and Card.

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.

6. Who is Eligible for the Card?

You must;

  • be an individual;
  • be aged 18 years or older to apply for the account;
  • have valid Australian citizenship or permanent residency.

7. About the BAXE Account and BAXE Card

  • The Account and Card are financial products that are regulated by the Corporations Act 2001 (Cth).
  • You can obtain an Account and Card via the BAXE App.
  • You can deposit funds to the 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 Account.
  • Once you have Available Balance in the 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 Account is linked to your Card. You can make Pay Anyone transactions from your Account via the BAXE App.
  • You can only access the Available Balance in the Account. The Card is not a credit card. It is a pre-paid card which always means that, you access your funds.
  • The BAXE Account cannot have a negative balance. If there are insufficient funds in the Account, the transaction will be declined;
  • Your Account is not a bank account, and no interest will be payable on the Available Balance.

8. Significant Benefits to Account and Card holders

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 Account are:

  • you can make payments from and receive payments to your Account instantly in the same way you do a bank account (even though the 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. Significant Risks of the BAXE Account and BAXE Card

The significant risks of the 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 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 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 Card or Account 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 Account and Card;
  • the Financial Claims Scheme (see does not apply in relation to your Card or your Account. If Hay fails, any Available Balance held on your 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 Account or Card may have on your personal tax liability.

10. Fees

The fees for the Account and Card are:

Transaction Fees

Account opening


Account keeping




Direct Debit Dishonour


ATM withdrawal

$0 at all major bank ATMs*

Domestic Transaction


International transaction


Transaction Dispute Fees

Card payments

Up to $25

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 Account and Card are:

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


Minimum balance (i.e. maximum Overdraft Limit)


Maximum total deposits per day


Maximum single deposit transaction


Maximum ATM cash out per day


Maximum transfer limit per day (DE/NPP)


Maximum card spend per day


Maximum card spend (individual transaction)


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

12. Cooling off rights

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

13. Problems, Disputes and Complaints

Where your Card is used for Unauthorised Transactions, you have a Disputed Transaction. Hay will seek to reverse the transaction if we can under the Visa Scheme Rules. Your ability to dispute a transaction or reverse an Unauthorised Transaction may be lost if you do not notify us immediately. It is your responsibility to regularly review your online transaction history to identify Unauthorised Transactions.

Under these Terms and Conditions, Hay may not be responsible for any loss to you if you do not dispute an Unauthorised Transaction within 45 days.

When you provide feedback to BAXE and Hay, we have the opportunity to improve our services to you. If you have a query about the Account and Card, you should initially direct the query to BAXE.

BAXE can be contacted via:

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 take the following steps:

  • letting you know who is handling your complaint;
  • keeping you informed of what is happening; and
  • resolve your complaint within 30 Business Days.

Hay will check with you to make sure you are satisfied with how your complaint was handled.

If Hay is unable to resolve your complaint within 30 days, you may be eligible to escalate the complaint to Hay’s external dispute resolution service, the Australian Financial Complaints Authority (AFCA). AFCA provides fair and independent financial services complaint resolution that is free to consumers.

AFCA can be contacted at the following:

14. Legal terms and conditions

The Terms and Conditions for use of the Account and Card are set out in the Terms, which can be accessed at You should read and understand these terms before acquiring the 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 Card and BAXE Account and restrictions of use;
  • security requirements and what to do where you lose your Card, or your 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 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. We strongly encourage you to read and understand the Terms and Conditions as well as the Privacy Policy before obtaining the Account and Card.

15. 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 our obligations in respect of your personal information and how we will deal with such a complaint; and
  • whether your personal information is likely to be disclosed by us 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 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 Account.