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Financial Services Guide

Dated: 8 August 2024

PURPOSE AND CONTENTS OF THIS FINANCIAL SERVICES GUIDE

This Financial Services Guide (“FSG”) is prepared by NIUM Pty Limited ACN 601 384 025 (“NIUM”). 

This FSG is issued by Budgetly Pty Ltd, a company incorporated in Australia with registration number (ABN 53 631 548 920) (“Budgetly”, “us” “we” or “our”), an authorised representative of NIUM, Authorised Representative Number 001283126. This FSG is designed to provide you with important information regarding our services prior to providing you with a financial service and assist you in you in deciding whether to use any of the services offered in this FSG, including the following:

  1. who we are and how you can contact us;
  2. what services we are authorised to provide;
  3. how we are remunerated for these services;
  4. any (potential) conflicts of interest we may have; and
  5. our dispute resolution process.

If you would like further information, please ask NIUM or us. 

NIUM has authorised the distribution of this FSG. 

ABOUT NIUM

NIUM Pty Limited ACN 601 384 025, of Level 4, 152 Elizabeth Street, Melbourne VIC 3000 holds an Australian Financial Services Licence Number 464627 and is authorised to provide financial services including financial product advice and dealing in non-cash payment products in relation to retail and wholesale clients. 

NIUM can be contacted at:

Address: Level 4, 152 Elizabeth Street, MELBOURNE VIC 3000

Email: customer.success@nium.com 

Website: https://www.nium.com/ 

ABOUT BUDGETLY

Budgetly is the authorised representative of NIUM. 

Budgetly is authorised by NIUM to deal in (including arranging), and provide general financial product advice in relation to, the non-cash payment products to retail and wholesale clients.

General advice does not take into account your objectives, financial situation or needs. Budgetly is not authorised to give you personal financial product advice.

The following products that we distribute are non-cash payment products issued by Nium (collectively, the “Services”): 

  • The Visa prepaid card (“Card”). 
  • Pay In. 
  • Pay Out. 

You can contact Budgetly at: https://help.budgetly.com.au/ or support@budgetly.com.au

If you wish to utilise our services, you may issue us with instructions by contacting us via the above details.

When Budgetly arrange any of the above Services for you, we will give you a Product Disclosure Statement (“PDS”) when required. The PDS contains important information regarding the features, benefits, risks and fees applicable, and is designed to assist you in making an informed decision about whether to acquire the Services. You should read the PDS carefully to ensure you are informed before you acquire the Services.

PROFESSIONAL INDEMNITY INSURANCE

In compliance with section 912B of the Corporations Act 2001 (Cth) and Australian Securities and Investments Commission Regulatory Guide 126, NIUM maintains professional indemnity insurance in connection with the financial products and services it provides, including any claims in relation to the conduct of NIUM’s former representatives/employees.

RECORD KEEPING OBLIGATIONS

NIUM will seek to ensure that comprehensive and accurate records of all client transactions and advice provided, are properly maintained.

WHO DO WE ACT FOR?

NIUM is responsible for the financial services it provides to you under its Australian Financial Services Licence and does not act on behalf of any other financial services licensee. Budgetly provides financial services on behalf of Nium under NIUM’s Australian Financial Services Licence.

REMUNERATION, COMMISSION & BENEFITS EXPECTED TO BE RECEIVED BY NIUM AND BUDGETLY FOR PROVISION OF FINANCIAL SERVICES

Nium and Budgetly earn remuneration by charging fees to you in connection with the financial services provided to you. 

The Services are only able to be acquired from Budgetly when incorporated with their spend management platform (and not as standalone products) on a subscription basis. Budgetly receives a subscription fee paid by you when you acquire these Services. The fee amount depends on the specific plan you have subscribed to, and is set out on Budgetly’s website at budgetly.com.au or an electronic copy can be provided by us free of charge upon request. 

Budgetly and Nium also receive the following remuneration in connection with the Services acquired by you from Budgetly. 

If you would like further details of any of the remuneration arrangements, please ask us within a reasonable time after receiving this FSG and before we provide you with any financial services. 

Card

Nium and/or Budgetly receive the following fees from you as remuneration in connection with the use of the Card: 

  • Physical Card issuance: There is a standard fee of up to AUD $20.00 for each initial, replacement or renewed physical Card that is issued to you, including those issued upon expiration. This standard fee includes standard delivery in Australia. Additional fees apply for express or international delivery options, where such options are available. 
  • Foreign exchange margin on international transactions: Transactions made in a currency other than in AUD will be subject to the Visa prevailing foreign exchange rate at the time of the transaction, plus a foreign exchange margin of up to 2.99%, depending on the transaction currency. 
  • ATM withdrawal fee: If your Card is enabled by Budgetly for ATM use, there is a fee of AUD $3.00 for each withdrawal made at an ATM in Australia and AUD $5.00 for each withdrawal made at an ATM outside Australia. 
  • Fraudulent Chargeback Fee: AUD $50.00 per chargeback request, where you have acted fraudulently or dishonestly. 

Nium will also receive fees from Budgetly for activities associated with operating and maintaining the Card program, including card issuance and card transaction processing. The exact fee applicable depends on the nature of the activity and transaction concerned. 

In addition, Nium and Budgetly may receive a rebate from Visa of the interchange fee charged to merchants in connection with the use of the Card, as calculated by Visa based on transactions using the Card and Visa Scheme rules as they relate to the Card at the time of each transaction. 

Pay Out 

Nium receives fees from you for Proof of Payment/Trace Requests, Returns, Cancellations and Recalls, as follows: 

  • Proof of Payment/Trace Requests: AUD $25.00 per transaction, plus any applicable bank charges. 
  • Returns: AUD $10.00 per return, plus any applicable bank charges. 
  • Cancellations: AUD $25.00 per request. 
  • Recalls: AUD $50.00 per request, plus any applicable bank charges. 

Nium will also receive a fee from Budgetly for each Pay Out transaction. The exact fee applicable depends on the payment method. 

Others 

Nium will also receive certain other fees from Budgetly for the provision of the financial services. 

The employees of Nium and Budgetly may also receive salaries, performance bonuses and other benefits from Nium and Budgetly respectively.

REFERRALS TO NIUM OR BUDGETLY

NIUM or Budgetly may pay referral fees to any businesses or companies that refer their customers to use the Card, Pay In or Pay Out, which may be a percentage of the remuneration received by NIUM or Budgetly or a fixed amount agreed with each referrer. If you would like further details please ask us within a reasonable time after receiving this FSG and before we provide you with any financial services.

DISCLOSURE OF ANY RELEVANT CONFLICTS OF INTEREST

NIUM and Budgetly are not related entities. Subject to disclosures in any PDS or other transaction documents, NIUM and Budgetly do not have any relationships or associations which might influence us in providing you with our services.

DISPUTE RESOLUTION

If you have a query about the Services, you should initially direct the query to Budgetly. Budgetly can be contacted at: https://help.budgetly.com.au/ or support@budgetly.com.au

If you are unable to resolve your issue with Budgetly directly, you can escalate your complaint to NIUM. NIUM has an internal dispute resolution process in place to resolve any complaints or concerns you may have, as quickly and fairly as possible in the circumstances. Any complaints or concerns should be directed to Nium at customer.success@nium.com. We will seek to resolve your complaint within 30 calendar days or such further time period that may reasonably be required given the nature of the complaint. Nium will investigate your complaint, and provide you with its decision, and the reasons on which it is based, in writing. 

If you are dissatisfied with the outcome, you have the right to lodge a complaint with the Australian Financial Complaints Authority, an approved external dispute resolution scheme, of which NIUM is a member. The Australian Financial Complaints Authority can be contacted at:

Australian Financial Complaints Authority Phone: 1800 931 678 

Post: GPO Box 3, Melbourne, Victoria 3001 

Website: www.afca.org.au 

PRIVACY

In this section “we”, “us” or “our” refers to both NIUM and Budgetly.

Your privacy is important to us and we are committed to compliance with the Privacy Act 1988 (Cth) and the Australian Privacy Principles. Information collected from you at registration or in subsequent communications is used to establish and administer the Services, comply with our regulatory obligations and for us to determine your suitability as a client. We may disclose your personal information to external parties who act on our behalf in the operation of our business or in connection with the transactions to be undertaken. Such external parties are required and committed to protecting your privacy and where they are offshore, we take reasonable steps to ensure that to the maximum extent reasonably possible any information sent has the same level of privacy protection as we provide here in Australia. We will not otherwise disclose your personal information without your consent, except as authorised or required by privacy laws. Please contact us via the email provided if you have any concerns.

Full details of Budgetly’s privacy policy are available at https://www.budgetly.com.au/privacy-policy and full details of Nium’s privacy policy are available at https://www.nium.com/privacy-notice/