Fees may be imposed on a case-by-case basis. Time taken to manually process an erroneous transfer also varies on a case-by-case basis.
The type of information we receive from financial institutions for bank transfers is not standardised and occasionally incomplete. To ensure quick and automated processing of funds deposit, we have implemented a method that also requires your cooperation in doing your part; otherwise, it increases our administrative efforts in manually processing errors.
In order for us to better handle these administrative efforts, we have decided to levy admin fees in certain cases. You will incur admin fees of 1% when you do any one of the following as you deposit funds your Xfers Wallet:
1. Not Submitting a Deposit Request
You must submit a Deposit request before you can transfer money from your bank account to ours.
2. Exceeding Your Deposit Limit
You must not transfer more than your holding limit. If you transfer more than this amount within a 24 hour period, the manual process will be needed. The amount in excess of your limit will be moved into the Temporary Holding Balance wallet. More details check here.
3. Not performing a FAST Transfer
When you transfer from your bank account, you must perform a FAST transfer through your e-banking portal to our bank account (do not perform a transfer through over-the-counter transfer, ATM transfer, GIRO transfer).
4. Not adding your phone number or adding unnecessary details in the comments/description section
You must ONLY input your phone number (associated with your Xfers account) in the comments/description field when you transfer from your e-banking portal (do not add any other unnecessary character or spaces.
5. Deposit an amount different from what is made in the deposit request
You must make a deposit of the exact amount as specified in your deposit request, in one single bank transfer (do not split the deposit request amount into two separate transfers).
6. Deposit from a bank account that you have not registered or does not belong to you.
You must transfer only from the bank account which you have indicated when you submit a deposit request. As we have strict AML/TF and KYC policies, we will not accept funds from sources that have not been verified with us or do not belong to the Xfers account holder.
Deposit received in such cases will be returned to the source bank account within 30 days to 60 days following our submission for refund.
7. Deposit from a credit card
You must transfer ONLY from the bank account that has linked in your Xfers account, we cannot accept other payment methods to perform the deposit.
More details here.