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Terms & Policies

Terms and Conditions for the BAXE Account and BAXE Card

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


  1. About
  2. Meaning of words
  3. The BAXE Account
  4. Eligibility
  5. Anti-Money Laundering and Counter-Terrorist Financing
  6. Activating your BAXE Card 
  7. Using your BAXE Products
    07.01 Loading value on your BAXE Account and BAXE Card
    07.02 Limits
    07.03 ATM withdrawals
    07.04 Card transactions
    07.05 Account transactions
    07.06 Using your BAXE Card for foreign currency transactions
    07.07 Restrictions on use
  8. Fees
  9. Security
    09.01 Protecting your BAXE Card information and PIN
    09.02 What to do when you suspect your BAXE Account or BAXE Card is compromised
  10. Responsibility for mistaken or Unauthorised Transactions
    10.01 Mistaken payment
    10.02 Incorrect payments/issues with a purchase
  11. Lost, stolen BAXE Card or compromised PIN
  12. Transaction history
  13. Card cancellation
  14. Card expiry 
  15. How to close your BAXE Account
  16. How we can communicate with each other (notices)
  17. Privacy
  18. Limits and responsibility
  19. Complaints
  20. Changes to these terms
  21. Governing law 


1. About

These Terms and Conditions (Terms) are our agreement with you about the use of your BAXE Account (Account) and BAXE Card (Card). If you commence using the Account and Card you will be deemed to have read, understood, and accept these Terms in relation to the Account and Card. It is called acceptance by conduct. It does not require your signature to be binding.

It is important that you understand these Terms because they set out our agreement on what will happen with things like how Hay or BAXE use your information, security, fees and charges and limits.

Please also carefully read the Product Disclosure Statement (PDS) made available to you before applying for your Account and Card as these Terms form part of the PDS and together form our agreement with you for use of the Account and Card.

You should also read through the Target Market Determination (TMD) and Financial Services Guide (FSG) made available to you before you applied for the Account and Card as together these form Hay’s agreement with you for the issuing and use of these products.

You can find the PDS here
You can find the TMD here
You can find the FSG here

If you need further assistance or if you don’t understand any items in these documents, BAXE can be reached at:

Mail: PO Box 10023 Adelaide Street, BRISBANE QLD 4000

Email: [email protected]



2. Meaning of words

In these Terms, words that commence with a capital letter have the following meaning:

Acceptance Brand means the symbols Visa uses at merchants and ATMs to inform Cardholders their Card can be used to make purchases or cash withdrawals.
Accountholder means the person in whose name a virtual BAXE Account is held by Hay.
Available Balance means the dollar value (in AUD $) that is available in your BAXE Account at a particular point in time which you can view by using the BAXE App.
BAXE means the product offered by FCG Financial Services Pty Ltd that comprises the BAXE Account.
BAXE Account means the digital (virtual) account held by Hay to which the Accountholder can deposit funds.
BAXE App means the mobile application that operates and supports the BAXE Account.
BAXE Card means a physical Visa debit card which is issued by Hay and which is linked to the BAXE Account
Cardholders means the person to whom a BAXE Card is issued by Hay.
Device means any equipment (electronic or otherwise) or artefact designed to be used to access your BAXE Account. 
Freeze means an action initiated by us or by a Cardholder which result in all transactions on the Account and Card suspended pending investigation and or instructions to Unfreeze.
Hay means Hay Limited ABN 34 629 037 403 Australian Financial Services Licence No. 515459 (also referred to as we or us).
Issuer means Hay Limited ABN 34 629 037 403 Australian Financial Services Licence No. 515459 as the Issuer of both the BAXE Account.  
Merchant means authorised vendors who are able to accept and process a Visa Debit Card.
Passcode means the 6-digit passcode you nominate to protect access to the BAXE App. 
Pay Anyone means a payment from your BAXE Account to another person’s account with an Australian Financial Institution by using the BSB and account number of the person to whom you are making the payment.
PIN means personal identification number and the set of digits used to protect access to your BAXE Card which is created by you when signing up to BAXE.
Purchase Transaction means a purchase transaction of goods and or services using the BAXE Card at a Merchant.
Terms and Conditions means the detail and rules that apply to the opening, fulfilment and use the BAXE Account. They are an essential part of a contract between the Accountholder and Hay Limited as the BAXE Account Issuer.
Unauthorised Transactions means a transaction which you haven’t authorised and without your knowledge and consent.
Unfreeze means the releasing of the Freeze either at a conclusion of an investigation by us or on instructions of the Cardholder.
Visa means Visa Worldwide PTE Ltd.
Visa Debit means authorised physical or digital cards with the Visa Acceptance Brand or markings.


3. The BAXE Account and BAXE Card

When you are issued with a BAXE Card you will receive a physical card which is linked to your BAXE Account, and which can be viewed using the BAXE App. Once you deposit funds into your Account, you can access these funds to conduct a Purchase Transaction, Pay Anyone, or a cash withdrawal by using the Card anywhere in the world where Visa Debit cards are accepted.

You can view your Available Balance at any time by using the BAXE App. 

The BAXE Account is not a bank account.

You can only access the Available Balance. Hay does not offer a credit facility and overdrawing the Available Balance in the Account is strictly prohibited. We reserve to decline any transaction request the result of which will exceed the Available Balance in the Account.


4. Eligibility

Retail Individuals will need to satisfy specific eligibility criteria to maintain this product. To qualify, the Retail Individual must:

Be an individual person; and

Be aged 18 years or older; and

 Have a valid Australian residential address.


5. Anti-Money Laundering and Counter-Terrorist Financing

As an issuer of the BAXE Account, we must comply with the Anti-money Laundering and Counter-terrorism Financing Act 2006 (Cth) (AML Act) and its related Regulations. There are several obligations under the AML Act which we must comply with including know your customer and certain reporting obligations.  Accordingly, as part of the application process we will require evidence of who you are and where you live. As part of our legal obligations, we need to verify this information and accordingly, we check the information you provide against records maintained by credit reporting and fraud prevention agencies/ organisations. However, we don’t perform a credit check on you and the searches we perform are only for verifying your identity.

You must let us know as soon as possible when any of your details change.

We may need to block, delay, refuse transactions, suspend, or close your BAXE Account where we reasonably consider that a transaction is fraudulent or in breach of the AML Act or where we have concerns regarding your money laundering or terrorism financing risk. We must block the BAXE Account until we verify your identity.  We are not responsible for any loss that arises where this occurs. Where we can, we will let you know why we have stopped the transaction or Frozen the BAXE Account. However, in some cases our legal obligations will stop us from being able to tell you and failing to inform you of the reasons is not a breach by us of these Terms.


6. Activating your BAXE Card

Once your application for the Account and Card is approved, we will post you the Card. Before you use your Card for the first time you will need to Unfreeze it in the settings of your BAXE App.


7. Using your BAXE Products

07.01 Depositing value to your BAXE Account and BAXE Card

At any time you or someone on your behalf can deposit funds to your Account through the mechanism we specify. Predominantly, these deposits will occur through transferring funds electronically from another account with another financial institution. You can find instructions for how you can transfer value to your BAXE Account in the BAXE App

We may also add new ways to deposit funds into your Account in the future and BAXE will publish these ways in the BAXE App. We encourage you to check the BAXE App from time to time for this and other important information.

Payments to your Account will be credited to your Available Balance when they have cleared.

Once deposits have cleared and are showing in your Account as cleared funds, you can use the Card to access these funds by transacting through Merchants and withdraw cash at ATMs that accept Visa.

07.02 Limits

There are default limits that apply to the Account and Card for:

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, we can adjust the limits to protect your interests or ours. If we decide to adjust the limits, we will inform you of these changes via the BAXE App. Unless it is for security or financial integrity reasons, we will inform you of any changed to the daily limits in advance no less than 10 Business Days before the change take place.

You can find the actual limits that apply to your Account and Card within the BAXE App.

We will let you know via the BAXE App if your limits are adjusted.

07.03 ATM withdrawals

You can withdraw cash from your Available Balance using your Card at any ATM up to the limit that applies for ATM transactions.

There are no Hay fees for using ATMs. However, you may be charged fees by other financial institutions or ATM providers when using some ATMs.

07.04 Card transactions

You can use your Card to make payments anywhere that Visa Debit cards are accepted.

Within Australia you can make contactless transactions under $100 without using your PIN. Contactless limits may vary in different countries. Like with any transaction, please make sure you check the amount is correct on the terminal before authorising a contactless transaction.

We will deduct the amount of any transaction using your Card from your Available Balance. You can’t stop payment on a transaction after it has been completed. For mistaken or disputed payments please refer to clause 10.

We do not allow negative balances in your Account. If you do not have sufficient balance in your Account, all transactions will be denied. It is your obligation to ensure that you have sufficient Available Balance to complete a transaction.

Sometimes a transaction cannot be processed due to reasons outside of our control, like where there are network issues which may affect the relevant payment terminal. We are not responsible where a transaction authorisation is declined for any reason.

07.05 Account transactions

You can make Pay Anyone payments from your Account using the BAXE App. It is solely your responsibility to ensure that you enter the correct BSB and account information when authorising internet payments from your Account. Where you enter the wrong information:

funds may be credited to the account of an unintended recipient if the BSB number and/ or identifier do not belong to the person you name as the recipient; and

it may not be possible to recover funds from an unintended recipient.

07.06 Using your BAXE Card for foreign currency transactions

All transactions in foreign currencies will be converted into Australian dollars.

All foreign currency transactions will be processed using the foreign exchange rate determined by Visa at the time of settlement. We do not charge fees, margins, or spreads for foreign exchange payments.

The actual foreign exchange rate that has been applied will be shown in your BAXE App on settlement.

7.07 Restrictions on use

You must not use your Card and or the Account for any illegal purpose including purchasing anything that is illegal under Australian law.

If we suspect that the Account and or Card are being used for illegal activity, we will Freeze the Account and Card without notice to you.

You must not allow any other person to use your Account or Card. Doing so is a breach of these Terms and entitles us to Freeze your Account and Card. You will also not be able to reclaim any Unauthorised Transactions because you allowed someone else to use your Account and Card. You can only have one Card at a time.


8. Fees

Current fees and charges that apply to your BAXE Account can be found here

We will debit your Available Balance for any fees that are payable to us.

We will let you know at least 30 days before a change takes effect through the BAXE App of any fee changes to enable you sufficient time to decide whether you wish to continue to use your BAXE Account if you don’t like the change.

Merchants and financial institutions may also impose fees or surcharges which are separate to the fees and charges we charge as Issuers. We have no control over these third-party fees and cannot challenge these once a transaction is approved by you.


9. Security

09.01 Protecting your BAXE Card information and PIN

It is important that you keep your BAXE App and Card information, PIN and Passcode secure. This means that you must not write down the PIN or the Passcode either on the Card or on something you carry with the Card or share your PIN or Passcode with any other person. You must not, without proper cause, disclose the card number to any person.

09.02 What to do when you suspect your BAXE Account or BAXE Card is compromised

If you suspect that the security of your Account and or Card has been compromised, you may want to Freeze your Card and request we Block your Account to avoid continued unauthorised use. You can Freeze your Card yourself via the BAXE App.

BAXE may instruct Hay to suspend your Card (Freeze) and Account (Block) in line with the Terms and Conditions of the Account and Card.

Hay may temporarily block, suspend or terminate your BAXE Card or Account without notice if Hay suspect fraud or an unauthorised transaction has occurred, or where Hay is required by applicable laws.

BAXE will contact you to validate the transaction or activity before removing the suspension.

If you believe your Card has been lost, damaged, or compromised (not just temporarily lost) then you must immediately report your Card lost or stolen within the BAXE App and request a new Card.


10. Responsibility for mistaken or Unauthorised Transactions

Where you think a transaction is unauthorised or is otherwise incorrect, please report immediately via the BAXE App and provide as much information as you can about the relevant transaction so it may be investigated.

There are specific circumstances and time frames where Hay can claim a refund in connection with a disputed transaction. This means the ability to investigate a disputed transaction is limited to the time frames imposed by payment service providers and schemes that Hay deal with so it is important to let Hay know as soon as possible after you become aware of a disputed transaction.

If you suspect that the security of your Account and or Card has been compromised, you may want to Freeze your Account and Card to avoid continued unauthorised use.

10.01 Mistaken payment

Where you make a mistake when making a payment, you must inform us as soon as you realise that a mistaken payment was made. You must provide us with sufficient details of the transaction, so we try and trace it. We will try to reverse the transaction and retrieve your funds. However, if we can’t reverse the transaction, we are not responsible, and you will be liable for the mistaken payment.

10.02 Incorrect payments/ issues with a purchase 

If you have a problem with a purchase made with your Card or a disputed transaction, the first step is to get in touch with the merchant you made the purchase from.

If you cannot resolve the matter with the merchant, contact us about the disputed transaction via the BAXE App.


11. Lost, stolen BAXE Card or compromised PIN

You will not be responsible for Unauthorised Transactions:

that occur before your Card is issued to you;

that occur after you have Frozen or cancelled your Card and while it remains Frozen; or

where you didn’t contribute to the Unauthorised Transaction.

We may consider that you have contributed to an Unauthorised Transaction where:

you have not kept your Card, PIN or Passcode reasonably secured; or

there was an unreasonable delay in Disabling or cancelling your Card where you believed it was lost, stolen or otherwise compromised; or

there was an unreasonable delay in reporting any unauthorised or mistaken payments.


12. Transaction history

You can view your transaction history on the BAXE App at any time. We take security very seriously but please regularly check it to make sure there is nothing unusual such as:

transactions you don’t recognise;

transactions you didn’t authorise;

transactions where you never received the relevant goods or services;

transactions where the purchase price differs to the purchase amount; or

you think a transaction may have been duplicated.


13. Card cancellation

We may Disable or cancel the Card where we have concerns about its security and or for the purpose of protecting your Available Balance where we suspect the Card has been compromised.

If we become aware that you haven’t done what you’ve agreed to do as set out in these Terms we may Freeze or cancel your Account. If this happens, we will let you know as soon as possible and refund your Available Balance to your nominated account.


14. Card expiry

The expiry date is shown on your Card. We will contact you prior to the expiry to let you know next steps for continuing to use your BAXE Card after the expiry date.


15. How to close your BAXE Account

You can close your Account via the BAXE App. Hay needs to wait for all payments to be settled before your Account is closed. After your Account is closed, you will no longer be able to use your BAXE Card.

You will remain liable for any transactions that were not processed, or that occur, on your Account (including, but not limited to, outstanding merchant purchases) at the time the Account is closed.

You must also pay to Hay all unpaid fees and charges prior to closing the Account.

Once the Account is closed and Hay are satisfied that all outstanding transactions have been presented and settled, Hay will refund you the Available Balance in your Account.


16. How we can communicate with each other (notices)

You can contact us via the BAXE App or the BAXE website.

We may give you any information, notices or other documents related to the BAXE Account by:

notification (including a push notification) or message sent to you or your device through the BAXE App;

by email to the email address recorded for you in the BAXE App;

by letter to the address recorded for you in the BAXE App.


17. Privacy

Hay and BAXE will collect, handle and use your personal information in accordance with the privacy policy available at

The policy contains important information about the purposes for which Hay collects your personal information, who the information may be disclosed to (including any overseas disclosures), how you can access and seek correction of the personal information Hay holds about you or how you can make a complaint about the handling of your personal information.


18. Limits and responsibility

Hay is responsible for things that occur that are our fault. This includes things like your Available Balance being incorrectly debited due to our error.

Hay is not responsible for things outside of our control like;

where a merchant does not accept your Card;

delays or interruptions not caused by Hay;

transactions not being able to be processed, despite Hay taking reasonable precautions;

a dispute between you and the supplier of goods or services purchased with the Card.

To the extent permitted by law and Visa scheme rules, the most Hay is responsible for is the maximum value of a transaction processed due to our error or, for other things that Hay may be responsible for, the amount of your Available Balance.


19. Complaints

If you have a complaint or dispute relating to the BAXE Account or BAXE Card, please follow the below procedure:

Step 1
Contact BAXE in the first instance via:

Please provide a full explanation of your complaint. BAXE will seek to resolve the complaint immediately, or by no later than 5 business days after receiving your complaint.

Step 2
If you are not happy with the outcome, you may request that Hay’s customer advocate review your complaint and Hay’s proposed resolutions. The customer advocate may contact you for more information. The customer advocate will contact you with their decision.

Step 3
If you are still not satisfied with the decision or BAXE do not respond to you within 30 days after you make the initial complaint, you can contact Hay’s external dispute resolution provider, Australian Financial Complaints Authority (AFCA). AFCA’s details are:

Australian Financial Complaints Authority
Email: [email protected]
Phone: 1800 931 678
Mail: Australian Financial Complaints Authority, GPO, Box 3, Melbourne VIC 3001


20. Changes to these terms

Hay and BAXE may change these Terms and any information in the PDS relating to the Terms at any time by uploading the new Terms or PDS to the BAXE website and letting you know about the changes via the BAXE App. If you keep using your BAXE Card or BAXE Account after the change becomes effective, this shows that you agree to the changes.


21. Governing law

The laws of New South Wales will govern the BAXE Account and BAXE Card, and any legal questions concerning this agreement.