Fixed Source Order' which is a payment order where you indicate that you wish to send and convert a fixed amount of Source Currency to your recipient who will receive the converted amount in the Target Currency;
Fixed Target Order' which is a transfer where you indicate that you wish to send and convert a fixed amount of Target Currency to your recipient from the Source Currency you pay into OpenAX.
To set up a payment order via your OpenAX Account, you need to provide certain information to us including (a) the full name of your recipient, (b) your recipient’s bank account details or their OpenAX Account
details and (c) amount to be transferred. We may place limits on the amount you may send per transfer.
If your payment order is received by us after 5pm on a Business Day or not on a Business Day, your payment order will be deemed received on the following Business Day.
Once we have received your payment order, we will send you a confirmation by email. Each payment order is given a unique transfer number and is shown in the transaction history on your OpenAX Account. You should
quote this transfer number when communicating with us about a particular payment order.
We will only process your payment order if we hold or have received sufficient cleared funds in your OpenAX Account. It is your responsibility to fund your payment order in a timely manner. We cannot be
responsible for the time it takes for the money to be sent to us by your bank or payment service provider.
We carry out verification checks, and these checks may increase the time it takes to process your payment order. We cannot be responsible for any delays as a result of carrying out those checks.
The estimated completion time of your payment order is notified to you when you complete the setup of your payment order.
We will use reasonable efforts to ensure that the funds arrive in the recipient’s bank account or payment account within the timelines notified to you. We do not have any control over the time it may take for the
recipient’s bank or payment provider to credit and make available funds to the recipient.
If we are unable to complete your payment order, we will let you know and, if possible, the reasons for the refusal and an explanation of how to correct any factual errors. However, we are not required to notify
you if such notification would be unlawful.
You may cancel your payment order by following the instructions set out in our agreement. You cannot cancel your payment order once your funds have been converted into the Target Currency you requested.
You must make sure that the information you provide when setting up a payment order is accurate. If we have processed your order in accordance with the information you have provided to us it will be considered
correctly completed even if you have made a mistake.
If you provide incorrect information with your payment order, we will use reasonable efforts to recover the funds for you, and may need to charge you a fee for that.
You must set up your payment order from your OpenAX Account. Your order may either be: