We charge a daily fee for holding large amounts in your balances if you live in Australia.
Why am I being charged this fee?
In Australia, we’re authorised as a Purchased Payment Facility (PPF). To align with our regulations, we have to hold extra money (aka capital) in addition to the money that we hold for you in your account. So, when you hold large amounts of money with us — it costs us a bit more.
This daily fee contributes to our capital so we can continue letting you hold large amounts in your account.
How much can I hold before I get charged?
Each currency you hold has its own free allowance limit — the free allowance includes your balance plus any amount of that currency you hold in a jar.
If you have both a personal and business account, the balances in your personal account don't affect the free allowances in your business account (and vice versa).
How does the fee work?
If you go over your free allowance for more than 3 days, we’ll start charging the annual fee of 1.6%. This is equivalent to approximately 0.00437% daily.
After this, we’ll charge you for any days in the month where you hold over your free allowance. We’ll add up your daily fees, and take the total from your account at the end of each month.
For example: if you have 24,000 AUD in your account for a month, then you’ve exceeded the allowance by 1,000 AUD. So, we’ll take approximately 1.30 AUD at the end of the month as a fee.
If you hold large amounts of EUR, your EUR balance is charged a daily fee of 0.001% instead.
What are the free allowances per currency?
You can hold up to the following amounts for free:
AUD — 23,000
EUR — 15,000
GBP — 13,000
USD — 18,000