Exchange Policy
Money Exchange Policies for AzraPay
Introduction
In an increasingly interconnected global economy, remittance services play a vital role in facilitating financial flows between countries and supporting millions of families worldwide. AzraPay Remittance is dedicated to providing a secure, efficient, and transparent platform that enables users to transfer funds across borders with ease. Central to this offering is the money exchange policy, which governs how funds sent in one currency are converted into another currency before reaching the recipient. This policy ensures that all currency conversions uphold the highest standards of fairness, regulatory compliance, transparency, and customer service. The foreign exchange market is dynamic and complex, with fluctuating rates influenced by economic, political, and market forces. AzraPay’s money exchange policy is designed to manage these complexities by providing users with competitive exchange rates reflective of real-time market conditions, clear fee structures, and guarantees of security and legal adherence. By setting clear guidelines and operational standards, this policy safeguards user interests and fosters trust in the platform’s remittance services. This document outlines the fundamental principles and operational procedures that constitute AzraPay’s money exchange framework. It is intended to be a comprehensive reference for users, regulatory bodies, and internal stakeholders, detailing how currency conversions are handled, the rights and responsibilities of all parties involved, and the measures in place to ensure a seamless and reliable exchange process.
Purpose of the Policy
The primary purpose of the money exchange policy is to establish a clear, transparent, and enforceable framework that governs the conversion of currencies within the AzraPay Remittance platform. This policy serves several critical objectives:
Ensure Transparency and Fairness: To provide users with upfront, accurate information regarding exchange rates, fees, and transaction costs, thereby eliminating hidden charges and fostering informed decision-making.
Maintain Regulatory Compliance: To comply with international and local financial laws, including anti-money laundering (AML), combating the financing of terrorism (CFT), currency controls, and consumer protection regulations, safeguarding both users and the company.
Guarantee Security and Integrity: To protect users’ funds and personal information during currency exchange processes through robust security protocols, fraud detection, and risk management measures.
Promote Efficient Processing: To enable timely currency conversion and settlement so recipients receive funds quickly, supporting the urgency often inherent in remittance transactions.
Standardize Operational Practices: To provide clear operational procedures and roles for AzraPay staff, partners, and third-party providers involved in currency conversion, ensuring consistency and accountability.
Support Dispute Resolution and Customer Service: To establish mechanisms for addressing user concerns, errors, or disputes related to currency exchange, ensuring prompt resolution and customer satisfaction.
Ultimately, the policy is designed to balance the interests of the users, regulatory requirements, and operational efficiency, creating a trustworthy and user-friendly environment for international money transfers.
Scope of Application
This money exchange policy applies comprehensively across all currency conversion activities facilitated by AzraPay Remittance. Its scope includes, but is not limited to, the following:
User Transactions: All individual and business users who send or receive funds using the AzraPay platform, regardless of transaction size, frequency, or destination.
Supported Currencies: Currency conversions involving any of the currencies supported on the AzraPay platform. This includes major fiat currencies (USD, EUR, GBP, etc.), emerging market currencies, and select digital currencies where applicable.
Service Channels: All channels through which AzraPay’s remittance services are accessed, including web portals, mobile applications, partner agents, and API integrations.
Geographical Reach: Transactions involving any countries and territories where AzraPay operates or facilitates money transfers, including cross-border remittances and domestic currency exchanges within the platform.
Third-Party Partners: Currency exchange operations that involve third-party banks, financial institutions, liquidity providers, or payment networks engaged by AzraPay to fulfill currency conversion and settlement.
Regulatory Jurisdictions: All legal and regulatory frameworks governing currency exchange in jurisdictions where AzraPay conducts business, ensuring compliance with local laws and international standards.
Excluded from the scope are currency exchanges conducted outside the AzraPay platform or remittance ecosystem, as well as transactions involving unsupported currencies or illegal activities as identified by regulatory frameworks.
This broad scope ensures that the money exchange policy comprehensively governs all relevant aspects of currency conversion within AzraPay’s remittance services, providing clear guidelines and accountability for all stakeholders.
Definitions & Terminology
To ensure clarity and common understanding, the following key terms are defined as they pertain to this policy:
Remittance: A transfer of money, typically by a foreign worker to an individual in their home country. In the context of AzraPay, this refers to the sending and receiving of funds through the platform.
Currency Exchange / Foreign Exchange (Forex): The process of converting one currency into another currency, usually involving a rate agreed upon at the time of the transaction.
Exchange Rate: The price at which one currency can be exchanged for another. It is usually expressed as the amount of the second currency that can be obtained for one unit of the first currency.
Base Currency: The currency from which the conversion begins in a transaction (i.e., the currency the sender uses to send money).
Quote Currency: The currency into which the base currency is converted, typically the currency received by the recipient.
Exchange Margin: The difference between the wholesale market exchange rate and the rate offered to users. This margin covers operational costs and risk and is disclosed as part of the fees.
Transaction Fee: A fixed or variable charge applied by AzraPay for processing the remittance and currency exchange service, distinct from the exchange margin.
Spot Rate: The current market rate for immediate currency exchange.
Rate Lock-In Period: A designated time window during which the exchange rate offered at the start of a transaction remains fixed before the transaction is finalized.
Anti-Money Laundering (AML): A set of laws, regulations, and procedures designed to prevent criminals from disguising illegally obtained funds as legitimate income.
Know Your Customer (KYC): Processes used to verify the identity of clients to prevent fraud and comply with regulatory requirements.
Settlement: The final transfer of funds after currency conversion, when the recipient’s account is credited.
Liquidity Provider: Financial institutions or market makers that supply the currency inventory and facilitate currency exchanges.
Unsupported Currency: A currency that AzraPay does not currently support for exchange or remittance services due to legal, regulatory, or operational reasons.
Prohibited Transaction: Any transfer or currency exchange activity that violates AzraPay’s terms, local laws, or international sanctions, including but not limited to funding illegal activities.
Customer Support: The service provided by AzraPay to assist users with inquiries, complaints, and dispute resolutions related to currency exchange or remittance.
Transaction Limits: The minimum and maximum amounts that can be sent or received through AzraPay in a single transaction or within a specified period.
Compliance Officer: The designated personnel responsible for ensuring that AzraPay adheres to regulatory standards and internal policies related to money exchange.
Regulatory Compliance Framework for AzraPay Remittance
Regulatory Compliance Overview
In the financial services industry, regulatory compliance is a foundational pillar that ensures the integrity, security, and legality of all operations. For AzraPay Remittance, regulatory compliance is critical not only for legal adherence but also for building customer trust and safeguarding the global financial ecosystem. Given the nature of cross-border money transfers and currency conversions, AzraPay operates within a highly regulated environment governed by international standards and local laws that vary by jurisdiction. The regulatory compliance framework encompasses all policies, procedures, controls, and monitoring activities designed to ensure AzraPay meets the requirements set forth by financial regulators, law enforcement agencies, and international organizations. This framework includes a robust adherence to Know Your Customer (KYC) mandates, Anti-Money Laundering (AML) guidelines, counter-terrorism financing measures, currency controls, reporting obligations, and sanctions compliance. Failure to comply with these regulations can result in severe legal penalties, reputational damage, and the loss of operating licenses. Therefore, AzraPay invests heavily in compliance infrastructure, including staff training, technology systems for transaction monitoring, and ongoing audit processes.
Know Your Customer (KYC) Requirements
Purpose of KYC
Know Your Customer (KYC) is a fundamental process in the financial industry aimed at verifying the identity of clients before allowing them to use financial services. AzraPay’s KYC policy is designed to prevent identity theft, financial fraud, money laundering, and terrorist financing by ensuring that every user is properly identified and assessed for risk before performing remittance or currency exchange transactions.
KYC Procedures
Customer Identification: Before processing any transaction, AzraPay requires users to provide valid identification documents such as passports, national ID cards, or driver’s licenses. The platform may also collect additional personal information such as date of birth, address, and contact details.
Verification: Submitted documents are verified using manual review and automated systems that cross-check data against government-issued databases, watchlists, and third-party verification services to confirm authenticity.
Risk Assessment: AzraPay employs a risk-based approach to KYC, meaning higher-risk users (e.g., politically exposed persons, residents of high-risk countries) are subject to enhanced due diligence, including additional document requirements and transaction monitoring.
Ongoing Monitoring: KYC is not a one-time process; AzraPay continuously monitors user transactions for suspicious activity and periodically updates customer information to maintain compliance.
Record Keeping: All KYC records are securely stored for a minimum retention period as mandated by local regulations, facilitating audits and investigations when necessary.
KYC Challenges and Mitigations
Document Forgery: AzraPay utilizes advanced technologies like optical character recognition (OCR) and AI-powered fraud detection to detect forged or altered documents.
Data Privacy: Compliance with data protection laws such as GDPR is ensured to safeguard user information.
User Convenience: While maintaining rigorous KYC standards, AzraPay strives to create a smooth onboarding experience through user-friendly digital verification tools.
Anti-Money Laundering (AML) Guidelines
Overview of AML
Anti-Money Laundering (AML) refers to the policies and procedures implemented to detect, prevent, and report attempts to disguise illegally obtained money as legitimate funds. Money laundering is a global issue that facilitates criminal activity, terrorism, and corruption. AzraPay adopts comprehensive AML controls to ensure that its platform is not exploited for these purposes.
AML Policies and Controls
Transaction Monitoring: AzraPay employs automated systems that analyze transaction patterns and flag suspicious activities based on criteria such as unusually large amounts, rapid transaction frequency, or transfers to/from high-risk countries.
Suspicious Activity Reporting (SAR): When suspicious transactions are identified, AzraPay files reports with the relevant financial intelligence units (FIUs) or regulatory authorities as required by law.
Customer Due Diligence (CDD): AML procedures overlap with KYC but also include ongoing scrutiny of customer behavior post-onboarding to detect changes in risk profiles.
Employee Training: AzraPay mandates regular training for all employees to recognize AML risks, understand reporting requirements, and comply with internal controls.
Sanctions Screening: Users and transactions are screened against international sanctions lists (such as those maintained by the UN, OFAC, EU) to prevent dealings with prohibited entities or individuals.
AML Risk Mitigation
Enhanced Due Diligence: For high-risk customers and transactions, AzraPay applies stricter verification and monitoring procedures.
Transaction Limits: To reduce risk exposure, AzraPay enforces thresholds on transaction sizes, especially for new or unverified customers.
Audit and Compliance Reviews: Periodic internal and external audits verify adherence to AML policies and identify areas for improvement.
Central Bank & Government Regulations
Regulatory Environment
AzraPay operates within a multi-jurisdictional regulatory landscape that includes the laws and guidelines issued by central banks, financial regulatory authorities, and government agencies in the countries where the platform provides services. Compliance with these regulations is essential for AzraPay to maintain licenses, avoid penalties, and operate legally.
Central Bank Requirements
Licensing and Registration: AzraPay obtains necessary licenses for money transfer and foreign exchange services as mandated by central banks in operating regions.
Reporting Obligations: Regular reports on transaction volumes, suspicious activity, and customer data are submitted to regulators to demonstrate transparency and compliance.
Capital Requirements: AzraPay complies with minimum capital and reserve requirements designed to ensure financial stability and consumer protection.
Foreign Exchange Controls: Some jurisdictions impose restrictions on currency conversions, cross-border transfers, or foreign exchange exposure, which AzraPay strictly adheres to.
Consumer Protection: Central banks enforce regulations ensuring clear disclosure of fees, exchange rates, and dispute resolution procedures.
Government Oversight
Tax Compliance: AzraPay ensures adherence to tax reporting and withholding requirements related to remittance transactions.
Data Protection Laws: Compliance with national and international data privacy laws governs how user data is collected, stored, and processed.
Anti-Terrorism Financing: Governments require financial service providers to implement controls that detect and prevent financing of terrorism.
Sanctions and Embargoes: AzraPay monitors government-issued sanctions and embargoes, restricting transactions involving prohibited countries or entities.
Coordination with Regulatory Authorities
AzraPay maintains proactive communication with regulatory bodies, responding promptly to inquiries, audits, or investigations. The company participates in industry forums and collaborates with law enforcement agencies to enhance the overall integrity of the remittance and foreign exchange markets.
AzraPay Remittance’s commitment to regulatory compliance is embedded in every aspect of its money exchange operations. By implementing rigorous KYC and AML frameworks and adhering to central bank and government regulations, AzraPay not only meets legal obligations but also creates a secure and trustworthy environment for its users. These measures protect the platform from misuse, promote financial transparency, and ensure that remittance services contribute positively to the global economy.
Supported Currencies & Countries, Currency Pairs, and Prohibited Countries & Sanctions for AzraPay Remittance
Supported Currencies & Countries
AzraPay Remittance supports a wide array of currencies and countries to meet the diverse needs of its global user base. Support is continually reviewed and expanded based on demand, regulatory compliance, and operational feasibility.
Supported Currencies
AzraPay offers exchange services for the following major and emerging market currencies:
| Currency Code | Currency Name | Countries / Regions Where Used |
|---|---|---|
| USD | United States Dollar | United States, Ecuador, El Salvador, etc. |
| EUR | Euro | Eurozone countries |
| GBP | British Pound Sterling | United Kingdom |
| JPY | Japanese Yen | Japan |
| AUD | Australian Dollar | Australia |
| CAD | Canadian Dollar | Canada |
| CHF | Swiss Franc | Switzerland, Liechtenstein |
| CNY | Chinese Yuan Renminbi | China |
| INR | Indian Rupee | India |
| PKR | Pakistani Rupee | Pakistan |
| BDT | Bangladeshi Taka | Bangladesh |
| PHP | Philippine Peso | Philippines |
| ZAR | South African Rand | South Africa |
| SAR | Saudi Riyal | Saudi Arabia |
| AED | UAE Dirham | United Arab Emirates |
| MXN | Mexican Peso | Mexico |
| BRL | Brazilian Real | Brazil |
| RUB | Russian Ruble | Russia |
| TRY | Turkish Lira | Turkey |
| KRW | South Korean Won | South Korea |
| NGN | Nigerian Naira | Nigeria |
| EGP | Egyptian Pound | Egypt |
Supported Countries
AzraPay services are available in over 80 countries worldwide, spanning:
North America (United States, Canada, Mexico)
Europe (United Kingdom, Germany, France, Spain, Italy, Poland, etc.)
Asia (India, Pakistan, Bangladesh, Philippines, China, UAE, Saudi Arabia, Turkey, South Korea, Japan)
Africa (South Africa, Nigeria, Egypt, Kenya, Ghana)
Latin America (Brazil, Argentina, Colombia, Peru)
Middle East (UAE, Saudi Arabia, Qatar, Bahrain)
AzraPay continually assesses new markets for expansion, ensuring compliance with local regulations and financial infrastructure readiness.
List of Supported Currency Pairs
AzraPay supports a comprehensive set of currency pairs facilitating direct or indirect exchange routes for remittance customers. The availability of pairs depends on market liquidity, regulatory factors, and operational capability.
Major Currency Pairs (Direct Conversion)
| Base Currency | Quote Currency | Description |
|---|---|---|
| USD | EUR | US Dollar to Euro |
| USD | GBP | US Dollar to British Pound |
| USD | JPY | US Dollar to Japanese Yen |
| USD | AUD | US Dollar to Australian Dollar |
| USD | CAD | US Dollar to Canadian Dollar |
| USD | INR | US Dollar to Indian Rupee |
| USD | PKR | US Dollar to Pakistani Rupee |
| USD | BDT | US Dollar to Bangladeshi Taka |
| USD | PHP | US Dollar to Philippine Peso |
| USD | ZAR | US Dollar to South African Rand |
| EUR | GBP | Euro to British Pound |
| EUR | USD | Euro to US Dollar |
| GBP | USD | British Pound to US Dollar |
| AUD | USD | Australian Dollar to US Dollar |
| CAD | USD | Canadian Dollar to US Dollar |
Additional Supported Pairs (Including Cross Rates)
| Base Currency | Quote Currency | Description |
|---|---|---|
| EUR | INR | Euro to Indian Rupee |
| EUR | PKR | Euro to Pakistani Rupee |
| EUR | BDT | Euro to Bangladeshi Taka |
| GBP | INR | British Pound to Indian Rupee |
| GBP | PKR | British Pound to Pakistani Rupee |
| GBP | BDT | British Pound to Bangladeshi Taka |
| JPY | USD | Japanese Yen to US Dollar |
| AUD | INR | Australian Dollar to Indian Rupee |
| CAD | INR | Canadian Dollar to Indian Rupee |
| INR | PKR | Indian Rupee to Pakistani Rupee |
| INR | BDT | Indian Rupee to Bangladeshi Taka |
| PKR | BDT | Pakistani Rupee to Bangladeshi Taka |
Indirect Currency Conversion
For currency pairs not directly supported, AzraPay may perform currency conversion via intermediate currencies, typically the USD or EUR, to complete transactions efficiently. This ensures users can send funds to a broad range of destinations even if direct pairs are unavailable.
Prohibited Countries and Sanctions List
AzraPay strictly adheres to all international sanctions, embargoes, and regulatory prohibitions to maintain compliance with global and local laws. The following countries and territories are currently subject to comprehensive sanctions or embargoes, and transactions involving these jurisdictions are prohibited.
Countries Subject to Comprehensive Sanctions
| Country / Region | Reason for Prohibition |
|---|---|
| Democratic People’s Republic of Korea (North Korea) | UN, US, EU sanctions for nuclear proliferation |
| Iran | US and EU sanctions related to nuclear program |
| Syria | US, EU sanctions related to civil conflict and terrorism |
| Crimea region (Ukraine) | Sanctions related to annexation by Russia |
| Cuba | US embargo |
| Venezuela | Certain sanctions, depending on transaction type |
| Belarus | Sanctions related to political repression |
Prohibited Entities and Individuals
AzraPay screens all transactions against international watchlists to block dealings with:
Individuals and entities designated under UN, US OFAC, EU, UK, and other sanction lists
Terrorist organizations and affiliates
Persons involved in money laundering, human trafficking, or other criminal activities
Restricted Countries (Limited Services)
Some countries are subject to partial sanctions or restrictions, and AzraPay may limit or prohibit certain transaction types involving these jurisdictions:
Libya
Somalia
Yemen
Sudan
Users will be notified if transactions to or from these regions are restricted.
Notes and Updates
AzraPay regularly updates its supported currencies, countries, and sanctions lists to reflect changes in international policy, market conditions, and legal requirements.
Users are encouraged to review policy updates to ensure compliance.
Violations of sanctions or prohibited country policies may result in transaction blocking, account suspension, or legal action.
AzraPay Remittance supports a broad and carefully curated list of currencies and countries to serve its users worldwide efficiently and legally. Its extensive currency pair offerings enable flexible remittance options, while robust sanctions policies protect the platform from illicit use and ensure adherence to international regulations. Together, these policies reinforce AzraPay’s commitment to secure, transparent, and compliant money exchange services.
Exchange Rate Policy for AzraPay Remittance
Exchange Rate Policy Overview
The exchange rate policy at AzraPay Remittance is designed to ensure that currency conversions are fair, transparent, and reflective of the most accurate and up-to-date market conditions. Given the fluctuating nature of foreign exchange markets, AzraPay commits to delivering competitive rates through advanced rate sourcing mechanisms, providing users with clear information on the rate applied, and protecting them against undue volatility during transaction processing. This policy serves to establish the principles, operational procedures, and user protections related to exchange rate determination, update frequency, locking mechanisms, and margin application, all critical for maintaining customer trust and regulatory compliance.
Rate Sourcing & Real-Time Updates
Multiple Liquidity Providers
AzraPay sources exchange rates from multiple reputable liquidity providers, including international banks, financial institutions, and foreign exchange platforms. This multi-source approach ensures access to the most competitive bid and ask prices, maximizing value for users.
Aggregated Market Data
Rates are aggregated from a variety of sources such as Reuters, Bloomberg, and other leading financial data vendors to reflect real-time market prices. This aggregation accounts for global market movements, economic events, and geopolitical factors affecting currency valuations.
Real-Time Rate Updates
To maintain accuracy, AzraPay updates exchange rates dynamically throughout the business day. Rates refresh every few seconds to minutes depending on the currency pair’s liquidity and volatility, ensuring users see rates that closely track the actual forex market.
Handling Market Volatility
During periods of extreme volatility or market disruption, AzraPay’s systems automatically implement safeguards such as temporary rate freezes, widening spreads, or transaction holdbacks to protect users from adverse rate swings.
Rate Locking Duration
Definition and Purpose
Rate locking refers to the timeframe during which an exchange rate, once quoted to the user, is guaranteed to remain unchanged while the transaction is being processed. This prevents the final amount from changing unexpectedly due to market fluctuations between the quote and transaction confirmation.
Typical Locking Window
AzraPay provides a rate lock-in period generally ranging from 3 to 10 minutes, depending on the currency pair and transaction size. During this time, the quoted exchange rate and fees are fixed, giving users confidence in the amount their recipient will receive.
Expiry and Re-quoting
If the user does not confirm the transaction within the locking period, the quoted rate expires, and a new rate will be provided upon resubmission. This process ensures all rates are current and reflective of the latest market conditions.
Special Cases
For very large transactions or less liquid currency pairs, the lock-in duration may be shorter or may require manual confirmation.
In highly volatile periods, AzraPay may shorten or suspend rate locking to mitigate risk.
Margin & Spread Details
What is a Margin?
The margin, or spread, is the difference between the wholesale interbank exchange rate (the rate at which AzraPay acquires currency) and the rate offered to customers. This margin covers operational costs, liquidity risk, and market fluctuations, and forms part of AzraPay’s revenue model.
Transparent Margin Disclosure
AzraPay is committed to transparency and clearly discloses the margin applied on each transaction within the fee and rate breakdown before user confirmation. Users can see:
The interbank rate
The offered exchange rate
The margin amount expressed in both percentage and absolute terms
Margin Variability
Margins vary based on several factors:
Currency Pair: Majors such as USD/EUR typically have tighter margins due to higher liquidity; exotic or emerging market pairs have wider margins.
Transaction Size: Larger transactions may attract smaller percentage margins due to economies of scale.
Market Volatility: Margins may widen temporarily during periods of significant market uncertainty.
Payment Method: Different payout and funding methods (bank transfers, cash pickups, mobile wallets) may influence margin levels due to processing costs.
Competitive Positioning
AzraPay regularly benchmarks its margins against industry standards and competitors to ensure that users receive competitive rates, balancing affordability with sustainable operational models.
Additional Fees
Margins are distinct from any fixed or variable transaction fees which AzraPay may charge for remittance processing. Both margin and fees are itemized separately for full clarity.
AzraPay Remittance’s exchange rate policy is built on the principles of fairness, accuracy, and transparency. By sourcing rates from multiple trusted providers, providing real-time updates, offering a secure rate lock-in period, and openly disclosing margins, AzraPay ensures users have confidence and clarity throughout the currency conversion process. This policy protects users from unexpected rate changes, facilitates efficient transactions, and aligns with global best practices for financial transparency and customer trust.
Transaction Limits Policy for AzraPay Remittance
Overview of Transaction Limits
AzraPay Remittance implements transaction limits as part of its risk management, regulatory compliance, and operational efficiency framework. These limits are designed to protect both the users and the platform from fraud, money laundering, and operational errors, while ensuring a smooth and compliant remittance experience. Transaction limits govern the maximum and minimum amounts that users can send or receive over specified time periods and are closely tied to the user’s verification status, geographic location, and the currency involved.
Daily, Weekly, and Monthly Limits
Daily Limits
Daily transaction limits define the maximum amount a user can send or receive within a 24-hour period. These limits help prevent suspicious activity and provide users with manageable thresholds to plan their remittance needs.
Example: A standard verified user might have a daily sending limit of USD 5,000.
Daily limits apply cumulatively across all transactions initiated by a user on the platform within that day.
Weekly Limits
Weekly limits extend the daily limits by aggregating all transactions over a rolling 7-day period. This helps monitor ongoing activity and detect unusual transaction patterns.
Example: Weekly limit might be USD 20,000 for mid-tier verified users.
Weekly limits are recalculated daily, factoring in the transactions made in the previous six days plus the current day.
Monthly Limits
Monthly limits control the total transaction volume a user can send or receive over a calendar month or a rolling 30-day period. This limit supports compliance with regulatory caps imposed by financial authorities.
Example: Monthly sending limits might be capped at USD 50,000 for high-tier verified users.
Users approaching monthly limits are notified to avoid transaction interruptions.
Tiered KYC-Based Limits
AzraPay applies a tiered system for transaction limits, directly linked to the level of Know Your Customer (KYC) verification completed by the user. This approach balances regulatory compliance with user convenience.
Tier 1 – Basic Verification
Verification: Minimal identity verification (e.g., name, phone, email).
Limits: Low transaction limits, e.g., USD 1,000 per day, USD 5,000 per month.
Usage: Suitable for casual users or first-time remitters.
Restrictions: Limited access to certain countries or currency pairs.
Tier 2 – Standard Verification
Verification: Government-issued ID verification, proof of address.
Limits: Moderate limits, e.g., USD 10,000 daily, USD 50,000 monthly.
Usage: For regular users requiring higher transfer volumes.
Additional Requirements: Possible source of funds documentation.
Tier 3 – Enhanced Verification
Verification: In-depth verification including additional identity checks, income proof, and possibly face verification.
Limits: High limits, potentially exceeding USD 100,000 monthly.
Usage: For businesses, high net-worth individuals, or frequent large-volume senders.
Compliance: Subject to enhanced due diligence and ongoing transaction monitoring.
Upgrading Verification Tiers
Users may request to upgrade their KYC tier by submitting required documentation. Upgrades are subject to review by AzraPay’s compliance team and can result in increased transaction limits and access to more services.
High-Value Transaction Handling
Definition of High-Value Transactions
High-value transactions are defined as any individual transaction or aggregate transactions exceeding thresholds set by AzraPay or regulatory authorities (e.g., USD 10,000+).
Additional Verification & Approval
High-value transactions may require manual review and approval by AzraPay’s compliance team before processing.
Users may be asked for additional documentation such as proof of income, source of funds, or transaction purpose.
Temporary holds or delays may occur during this review.
Reporting Obligations
Transactions exceeding certain thresholds are reported to financial intelligence units (FIUs) as required by anti-money laundering laws.
Suspicious activity reports (SARs) are filed if transactions appear unusual or suspicious.
Risk Mitigation Measures
Real-time monitoring to detect patterns indicative of structuring (breaking large transactions into smaller ones to avoid limits).
Automated alerts for unusual activity or sudden large transactions from new or low-tier users.
Restrictions on rapid consecutive transactions to prevent abuse.
User Notifications and Limit Management
Users are notified in advance when approaching their daily, weekly, or monthly limits.
Clear messaging on the platform informs users of their current limits and steps to increase them.
Transactions exceeding limits are automatically blocked with instructions provided for resolution.
AzraPay’s transaction limits policy provides a structured, tiered framework that balances customer flexibility with the need for regulatory compliance and fraud prevention. By setting daily, weekly, and monthly limits linked to KYC verification levels and applying rigorous handling procedures for high-value transactions, AzraPay ensures secure, legal, and user-friendly remittance operations.
Fees & Charges Policy for AzraPay Remittance
Overview of Fees & Charges
AzraPay Remittance is committed to providing its users with clear, fair, and transparent pricing related to currency exchange and remittance services. This fees and charges policy defines the structure and components of all applicable costs, including exchange fees, transaction fees, and any additional charges. The policy is designed to ensure users understand exactly what they are paying for and to uphold trust through transparent disclosures.
Exchange Fee Structure
Components of Exchange Fees
The total fees applied to a remittance transaction typically consist of:
Exchange Margin (Spread): The difference between the wholesale interbank exchange rate and the customer exchange rate, representing a percentage markup or margin.
Transaction Fee: A fixed or variable charge applied per transaction to cover processing costs.
Payment Method Fees: Additional charges associated with specific funding or payout methods, such as credit card surcharges or cash pickup fees.
Regulatory Fees or Taxes: Applicable government taxes, levies, or regulatory charges mandated by jurisdictions.
Fee Models
AzraPay employs the following fee models:
Flat Fee: A fixed charge per transaction regardless of the amount.
Percentage-Based Fee: A fee calculated as a percentage of the transaction amount, often used in conjunction with exchange margins.
Hybrid Model: Combination of fixed and percentage fees depending on transaction size or corridor.
Fee Examples
| Transaction Amount | Exchange Margin (%) | Transaction Fee (USD) | Total Estimated Fee (%) |
|---|---|---|---|
| $100 | 1.5% | $2 | ~3.5% |
| $1,000 | 1.2% | $5 | ~1.7% |
| $10,000 | 1.0% | $10 | ~1.1% |
Transparent Pricing Policy
Upfront Disclosure
Before a transaction is confirmed, AzraPay provides a detailed breakdown of all fees and the exchange rate applied. This includes:
The exact exchange rate offered.
The base interbank rate for reference.
The margin or spread added.
The transaction fee.
Any additional applicable charges.
No Hidden Fees
AzraPay guarantees no hidden fees or unexpected charges will be applied after transaction confirmation. All costs are visible and agreed upon by the user prior to payment authorization.
Real-Time Fee Calculation
Fees and rates are calculated in real-time based on current market conditions and the user’s transaction details. This ensures pricing accuracy and fairness.
Fee Variability
Fees may vary depending on:
Currency pair involved.
Transaction size.
Payment and payout methods.
Regulatory or tax changes.
User Access to Fee Information
AzraPay makes all fee-related information readily accessible through:
Platform FAQs and help sections.
Transaction previews.
Customer service support.
Fee Refund Conditions
Refund Eligibility
AzraPay may issue refunds for fees under certain conditions including, but not limited to:
Duplicate Transactions: Accidental multiple submissions confirmed.
System Errors: Technical or operational faults resulting in incorrect fees.
Failed Transactions: Transactions canceled or not processed due to errors.
Fraud or Unauthorized Transactions: Verified unauthorized use of user accounts.
Non-Refundable Fees
Certain fees are non-refundable, such as:
Fees on completed transactions successfully processed.
Fees related to currency fluctuations after transaction finalization.
Fees imposed by third parties (e.g., partner banks) unless AzraPay agrees otherwise.
Refund Process
Refund requests must be submitted via the AzraPay customer support channel within a specified timeframe (e.g., 30 days).
AzraPay reviews all refund claims thoroughly.
Approved refunds are processed using the original payment method or credited to the user’s account.
Refund timelines vary but typically range from 5 to 15 business days.
Dispute Resolution
Users disputing fee charges can escalate through AzraPay’s dispute resolution process.
The company commits to transparent communication and timely resolution.
Unresolved disputes may be referred to appropriate regulatory bodies.
AzraPay Remittance’s fees and charges policy emphasizes fairness, clarity, and transparency. By clearly outlining exchange fee components, providing real-time pricing, and offering well-defined refund and dispute processes, AzraPay empowers users with confidence and control over transaction costs. This policy supports AzraPay’s commitment to ethical financial services and regulatory compliance.
Transaction Lifecycle Policy for AzraPay Remittance
Initiation and Processing
Transaction Initiation
The transaction lifecycle begins when a user initiates a remittance or currency exchange request via the AzraPay platform—whether through the website, mobile app, or other supported channels.
User Input: The user provides necessary details including:
Source currency and amount.
Destination currency and recipient information.
Payment method (bank transfer, card payment, wallet funding, etc.).
Purpose of transaction if required by regulation.
Validation: The system performs initial validations to ensure:
Compliance with transaction limits.
Verification status of the user.
Validity of recipient information.
Availability of funds in the user’s account or payment method.
Processing
Upon passing initial validations, the transaction enters processing:
Rate Quotation and Locking: The system generates a real-time exchange rate quote with a lock-in duration, ensuring price certainty for the user.
Fee Calculation: All applicable fees and charges are calculated and presented.
Payment Authorization: The user authorizes payment; AzraPay verifies fund availability through the chosen payment gateway or banking partners.
Anti-Fraud & Compliance Checks: The transaction undergoes automated screening for fraud, sanctions compliance, and AML risk indicators.
Queueing & Routing: Validated transactions are queued for processing by liquidity providers and payout partners according to the transaction corridor.
Confirmation & Completion
Transaction Confirmation
After successful payment authorization and compliance clearance:
Transaction Confirmation: AzraPay generates a unique transaction reference and confirms the transaction to the user.
Funds Conversion: Currency conversion is executed at the locked-in exchange rate.
Funds Disbursement: Converted funds are transferred to the recipient’s bank account, wallet, or payout location.
Completion
Settlement: AzraPay ensures settlement confirmation from all intermediaries and payout partners.
Transaction Finalization: The transaction status updates to “Completed” in the user’s account.
Record Keeping: All transaction data, including timestamps, exchange rates, fees, and confirmations, are securely stored for auditing and regulatory purposes.
Exceptions & Failures
Transactions may be delayed or canceled due to compliance issues, payment failures, or operational disruptions.
Users are promptly informed, and refunds or retries are initiated as appropriate.
Notifications to Users
Pre-Transaction Notifications
Users receive immediate confirmation upon submission of the transaction request with details of the quoted rate, fees, and estimated delivery time.
In-Process Notifications
Real-time updates inform users of key transaction milestones such as:
Payment receipt.
Compliance clearance.
Funds converted.
Funds sent to recipient.
Completion Notifications
Final notification confirms successful transaction completion.
Users receive transaction receipts, which include:
Transaction ID.
Exchange rate applied.
Fees charged.
Amount received by recipient.
Date and time of completion.
Issue & Exception Alerts
In case of delays, errors, or compliance holds, users receive timely alerts with instructions or explanations.
Customer support contact information is provided for assistance.
Notification Channels
Notifications are delivered via:
Email.
SMS.
In-app push notifications.
User dashboard messages.
The transaction lifecycle at AzraPay Remittance is a carefully orchestrated process designed to provide users with clarity, security, and timely updates from initiation through completion. By implementing robust validation, compliance, processing, and notification procedures, AzraPay ensures a seamless, transparent, and trustworthy remittance experience.
Reversals & Refunds Policy for AzraPay Remittance
Refund Policy for Failed Transactions
Definition of Failed Transactions
A transaction is classified as failed if it does not successfully complete the full remittance process, due to reasons such as:
Payment authorization failure.
Compliance clearance denial.
Technical errors or system outages.
Recipient account issues (e.g., invalid details, closed accounts).
Cancellation initiated by user before completion.
Refund Eligibility
Users are entitled to a full refund of the transaction amount plus any transaction fees paid if the transaction fails to process successfully.
Refunds are issued only when funds have not been successfully delivered to the beneficiary or partner institution.
Fees related to third-party services (such as card processing fees) may be non-refundable unless specifically covered by provider policies.
Refund Process
Refunds are initiated automatically or upon user request through customer support.
Refunds are returned using the original payment method whenever possible.
The typical refund processing time is within 5 to 15 business days, depending on banking and payment gateway processing times.
Users receive confirmation notifications upon initiation and completion of refunds.
Non-Refundable Scenarios
Transactions completed successfully.
Voluntary cancellations after funds have been disbursed.
Fees incurred due to regulatory or compliance reasons outside AzraPay’s control.
Exchange Reversal Rules
When Exchange Reversals Occur
Exchange reversals occur when a currency conversion or remittance transaction must be undone or corrected after execution due to:
Erroneous exchange rates applied due to system or human error.
Fraudulent or unauthorized transactions identified post-processing.
Legal or regulatory interventions requiring transaction rollback.
Recipient account errors detected after funds disbursement.
Conditions for Reversal
Reversals are subject to review by AzraPay’s compliance and operations teams.
AzraPay will attempt to recover funds from recipient financial institutions or wallets before reversal.
If reversal is not feasible (e.g., funds already withdrawn), AzraPay will work with users to find an equitable resolution.
Impact on Exchange Rates and Fees
Exchange reversals will be processed at the original transaction rates to ensure fairness.
Any differences in exchange rates due to timing or market changes are typically absorbed by AzraPay.
Transaction fees may be refunded partially or fully depending on the nature of the reversal.
Partial Transaction Failures
Definition
Partial transaction failure occurs when only a portion of a transaction amount fails to reach the recipient, due to intermediary bank rejections, payout partner limitations, or network issues.
Handling Partial Failures
AzraPay will notify the user promptly regarding the partial failure and the amount successfully transferred.
The failed portion will be refunded back to the sender’s account or original payment method.
AzraPay will investigate the cause of the failure and work to resolve the underlying issue.
User Options
Resubmit the failed portion for processing with corrected details or via an alternative method.
Request a full refund if the user prefers to cancel the transaction entirely.
Seek customer support assistance for alternative solutions.
Reporting & Record Keeping
Partial failures and resolutions are logged for audit and compliance purposes.
Users receive detailed transaction statements showing split status for partial successes and failures.
AzraPay Remittance’s reversals and refunds policy is designed to protect users and maintain operational integrity by providing clear guidelines for handling failed transactions, exchange reversals, and partial failures. The policy balances user rights to refunds with operational realities and regulatory requirements, ensuring transparency, fairness, and timely resolution of transaction issues.
Exchange Rate Volatility Handling
Overview
Foreign exchange markets are inherently volatile, with rates fluctuating rapidly due to economic data releases, geopolitical events, monetary policy decisions, and market sentiment. AzraPay implements robust controls and strategies to mitigate the financial risks posed by such volatility to both the platform and its users.
Volatility Monitoring
AzraPay continuously monitors global forex markets through real-time feeds from multiple liquidity providers.
Automated alerts flag periods of unusual volatility, such as sudden rate spikes or drops beyond predefined thresholds.
The platform tracks historical volatility patterns to anticipate and prepare for potential market disruptions.
Risk Mitigation Measures
Dynamic Spread Adjustment: During high volatility, AzraPay widens the bid-ask spread to account for increased risk and potential price slippage.
Rate Lock Time Reduction: The rate lock period for user transactions may be shortened to reduce exposure to rapid market moves.
Temporary Suspension of Transactions: In extreme cases, AzraPay may temporarily halt new transaction acceptance for affected currency pairs until market conditions stabilize.
User Notifications: Users are informed of any volatility-related adjustments or suspensions to maintain transparency.
Hedging Against Volatility
AzraPay uses internal and external hedging mechanisms (see Section 9.2) to offset potential losses from adverse currency movements.
Residual risk is actively managed through portfolio diversification and exposure limits.
Internal Hedging Strategy
Purpose
To minimize the financial impact of exchange rate fluctuations on AzraPay’s operations and maintain stable pricing for customers, an internal hedging strategy is deployed.
Hedging Instruments and Approaches
Forward Contracts: AzraPay enters into forward FX contracts to lock in exchange rates for anticipated currency flows, securing costs and revenues.
Currency Swaps: The platform uses swaps to exchange currency exposures and balance sheet positions.
Options Contracts: Selective use of options contracts allows AzraPay to limit downside risk while retaining upside potential.
Natural Hedging: AzraPay manages currency exposures by balancing incoming and outgoing flows in various currencies where possible.
Hedging Governance
The treasury and risk management teams collaborate to define hedging policies, limits, and triggers.
Hedging positions are reviewed daily and adjusted according to market conditions and transactional flows.
Comprehensive risk reports are generated to monitor hedge effectiveness and residual exposure.
Accounting and Compliance
All hedging activities comply with applicable accounting standards (e.g., IFRS or GAAP) and regulatory requirements.
Documentation and audit trails are maintained for all hedge transactions.
Partner Liquidity Protocols
Importance of Liquidity
Liquidity from banking partners, FX providers, and payout networks is critical to AzraPay’s ability to execute remittance transactions promptly and at competitive rates.
Partner Selection and Due Diligence
AzraPay partners exclusively with financially stable institutions with proven liquidity and operational reliability.
Rigorous due diligence includes credit risk assessment, regulatory compliance checks, and operational capacity evaluation.
Liquidity Monitoring and Management
AzraPay continuously monitors partner liquidity levels to ensure sufficient capacity to handle transactional volumes.
Real-time tracking of fund availability and settlement statuses prevents transaction delays.
Contingency protocols are in place to switch partners or sources quickly in case of liquidity shortfalls.
Settlement and Funding Protocols
Defined settlement windows align with partner banking hours and market operating times.
AzraPay maintains buffer funds and collateral arrangements to meet short-term liquidity demands.
Transparent reconciliation processes ensure accurate and timely fund transfers between AzraPay and its partners.
Risk Sharing and Agreements
Contracts with liquidity partners include clauses for risk sharing, dispute resolution, and performance guarantees.
Partners are required to maintain compliance with anti-money laundering and counter-terrorism financing standards.
AzraPay Remittance’s risk management framework robustly addresses the challenges of exchange rate volatility, operational risk from liquidity dependencies, and market uncertainty. By actively monitoring volatility, employing sophisticated internal hedging strategies, and enforcing strict partner liquidity protocols, AzraPay ensures financial stability, pricing integrity, and service reliability for its customers.
Dispute Resolution
AzraPay Remittance is committed to resolving all user concerns in a timely, transparent, and customer-focused manner. Our dispute resolution framework is designed to handle complaints related to exchange rates, transaction errors, delays, unauthorized transactions, or any other service dissatisfaction.
Customer Complaint Process
Users who experience issues with their transactions can file a formal complaint via AzraPay’s in-app support chat, email support, or customer helpline. To ensure quick and accurate handling, users must provide relevant transaction details such as the transaction ID, date, amount, and a brief description of the issue. Upon receipt, AzraPay assigns a unique complaint reference number and sends an acknowledgment to the user.
Resolution Timeframe
AzraPay aims to resolve standard complaints within 5 business days from the date of acknowledgment. Complex issues requiring investigation with external partners (such as banking intermediaries or payment gateways) may take up to 15 business days. Users will be kept informed at each stage, including interim updates and final resolution reports.
Escalation Matrix
If users are not satisfied with the resolution at the first level, they may escalate the issue to the Dispute Resolution Manager by referencing the original complaint number. If further dissatisfaction persists, the matter can be elevated to the Compliance Department, which performs an independent review. In case the complaint still remains unresolved, users may seek recourse through relevant financial regulatory authorities as per the governing laws of the user's or beneficiary’s jurisdiction.
Blacklisted & High-Risk Transactions
AzraPay Remittance takes a proactive stance in identifying, preventing, and managing blacklisted and high-risk transactions to uphold global financial security standards and regulatory compliance. The platform employs both automated and manual mechanisms to detect suspicious activity and ensure funds are not used for illicit purposes.
Detection Criteria
Transactions are flagged as high-risk based on multiple factors, including but not limited to: abnormal transaction amounts, frequency inconsistent with a user’s historical behavior, use of proxy/VPNs to mask location, transfers to or from sanctioned countries, and mismatches in sender/beneficiary details. Transactions originating from or destined to entities on international watchlists (e.g., OFAC, EU Sanctions List, UN Sanctions List) are automatically blacklisted.
Blocking and Notification Rules
Once a transaction is flagged as high-risk or blacklisted, it is immediately blocked from processing. The user is promptly notified through email and in-app messaging, explaining the reason for the hold and the steps required for resolution. Funds involved in such transactions are frozen temporarily until the investigation is concluded. If a transaction is found to be in violation of AzraPay’s compliance policies or applicable laws, it may be permanently blocked and reported to relevant authorities.
Manual Review Protocol
Flagged transactions undergo a thorough manual review by AzraPay’s Compliance and Risk Management teams. During this review, users may be contacted to provide additional verification documents or clarification on the nature of the transaction. Based on the outcome, the transaction is either cleared and processed, or rejected with a detailed explanation. AzraPay maintains detailed logs of all reviews for audit and regulatory purposes.
User Privacy & Data Security
AzraPay Remittance places the utmost importance on protecting the privacy and personal data of its users. The platform is built on a foundation of security-first architecture, ensuring that every remittance exchange request and associated data is handled with stringent safeguards in line with global best practices. AzraPay’s user privacy and data security policies are designed to instill trust, ensure compliance with international data protection standards, and defend against evolving cyber threats.
Secure Transmission of Exchange Requests
All data transmitted between users and AzraPay systems—including remittance initiation, account authentication, and transaction details—is secured using TLS (Transport Layer Security) with up-to-date encryption protocols (e.g., TLS 1.3). API requests and responses are authenticated using token-based authorization mechanisms, ensuring that only legitimate and authorized traffic is processed. Sensitive user actions such as login, password reset, and KYC document submission are subject to multi-factor authentication (MFA) for additional protection against unauthorized access.
Data Encryption Policy
AzraPay uses end-to-end encryption for all user data, both in transit and at rest. Personally identifiable information (PII), financial records, and transaction history are stored in encrypted databases using AES-256 encryption. Encryption keys are securely managed with periodic rotation and stored in Hardware Security Modules (HSMs) that meet international security certifications. Access to decrypted data is strictly controlled, monitored, and limited to authorized personnel under role-based access policies.
GDPR and Local Law Compliance
AzraPay adheres to the General Data Protection Regulation (GDPR) for users within the European Economic Area (EEA) and aligns its practices with local privacy laws across jurisdictions where it operates. This includes providing transparent privacy policies, securing lawful consent for data processing, and enabling user rights such as data access, correction, and deletion. AzraPay also implements Data Protection Impact Assessments (DPIAs) for major updates and continuously audits its privacy controls to maintain compliance.
Policy Updates & Communication
AzraPay Remittance is committed to transparency and accountability in managing its policies, ensuring that all stakeholders—including users and partners—are well-informed about changes that may affect their interaction with the platform. A structured policy update and communication framework helps maintain operational clarity, regulatory compliance, and trust across the ecosystem.
Version Control and History
All AzraPay policies are version-controlled with detailed logs capturing the date of update, nature of the change, and the reason behind each revision. A historical archive of previous versions is maintained to ensure traceability and to meet audit and regulatory requirements. Any substantive policy change undergoes internal review and approval by compliance and legal teams before publication.
Communication to Users
Users are promptly informed of policy updates via multiple communication channels, including in-app notifications, email alerts, and announcements on the official website. Critical updates—such as changes in fees, KYC requirements, or privacy practices—are highlighted clearly, often with a summary and effective date. Where required, users may be prompted to accept updated terms before proceeding with services.
Partner Notification Process
AzraPay ensures that all registered partners—including agents, banks, payment providers, and compliance associates—receive timely communication regarding relevant policy updates. This is typically handled through direct partner portals, email bulletins, or scheduled calls with account managers. Partners may also receive updated policy documentation, FAQs, and guidance to align their operations with the changes.
