Send Money Policy
AzraPay Send Money Policy
1. Introduction
1.1 Overview
AzraPay provides a digital platform for secure money transfers globally. This comprehensive policy explains:
- How to send money through our system
- Security measures protecting your transactions
- Fees, limits, and processing times
- Compliance requirements
- Dispute resolution procedures
By using AzraPay services, you agree to all terms outlined in this policy.
1.2 Scope
This policy covers all money sending activities conducted through:
- Mobile applications (iOS and Android)
- Web platform (desktop browser access)
- Partner locations (authorized agents)
- API integrations (business solutions)
This policy supplements but does not replace our Terms of Service and Privacy Policy.
1.3 Definitions
| Term | Definition | Examples |
|---|---|---|
| User | Registered account holder initiating transfers | Individual senders, business accounts |
| Beneficiary | Recipient of transferred funds | Family members, business partners |
| Transaction | Complete money transfer process | $100 sent to a bank account |
| KYC | Know Your Customer verification | ID submission, facial recognition |
| AML | Anti-Money Laundering compliance | Transaction monitoring, suspicious activity reporting |
2. User Eligibility
2.1 Requirements
To create an account and send money, you must:
- Be at least 18 years old (or legal age in your jurisdiction)
- Have legal capacity to enter binding contracts
- Provide valid identification:
- Passport
- National ID card
- Driver's license
- Have an active phone number and email address
- Reside in a supported country
Important: We cannot process transactions for users in sanctioned countries or from blocked entities.
2.2 Account Setup
The account creation process involves:
- Basic information:
- Full legal name (must match ID)
- Date of birth
- Contact details
- Security setup:
- Strong password creation
- Two-factor authentication (2FA) activation
- Identity verification (KYC):
- ID document upload
- Live selfie for facial matching
- Address verification (for some countries)
- Funding method:
- Bank account linkage
- Debit/credit card registration
Business accounts require additional documentation including company registration certificates and authorized signatory information.
2.3 Business Accounts
Business registration requires:
- Company documents:
- Certificate of incorporation
- Business license
- Tax identification number
- Ownership information:
- UBO (Ultimate Beneficial Owner) details
- Shareholding structure
- Authorized personnel:
- List of approved signatories
- Their completed KYC documents
- Business activity:
- Nature of business
- Expected transaction patterns
Business Benefits: Verified business accounts enjoy higher limits, batch payment options, and dedicated account management.
3. Transaction Process
3.1 Initiating Transfers
Complete guide to sending money:
Digital Platform Steps:
- Log in to your AzraPay account
- Select "Send Money" option
- Choose transfer type:
- Domestic (within same country)
- International (cross-border)
- Wallet-to-wallet transfer
- Bank account transfer
- Cash pickup option
- Enter recipient details:
- Full legal name (as per their ID)
- Account information (if bank transfer)
- Mobile wallet details (if applicable)
- Pickup location (for cash transfers)
- Specify amount to send
- Select funding source:
- AzraPay wallet balance
- Linked bank account
- Registered debit/credit card
- Review transaction details:
- Amount to be sent
- Fees charged
- Exchange rate (if applicable)
- Estimated delivery time
Agent Location Process:
- Visit an authorized AzraPay agent
- Present valid ID
- Provide recipient details
- Hand over cash amount plus fees
- Receive transaction receipt
Important: Always double-check recipient details before confirming. Incorrect information may delay or prevent delivery.
3.2 Verification
Security measures for every transaction:
User Authentication:
- OTP Verification:
- One-time password sent to registered phone/email
- Valid for 5 minutes only
- Biometric Confirmation:
- Fingerprint scan (mobile devices)
- Facial recognition
- 2FA Validation (if enabled):
- Authenticator app codes
- Hardware token verification
Compliance Checks:
- AML Screening:
- Real-time transaction monitoring
- Sanctions list verification
- Fraud Detection:
- Unusual activity patterns
- Device fingerprinting
- Location verification
- Risk Assessment:
- Transaction amount analysis
- Recipient profile review
- Source of funds verification
Transactions may be temporarily held for additional verification if our systems detect potential risks. This is to protect all parties involved.
3.3 Confirmation and Receipt
After successful processing:
Transaction Receipt Contains:
- Unique identifiers:
- Transaction ID (15-digit reference number)
- AzraPay tracking code
- Timing information:
- Initiation date/time
- Expected completion timeframe
- Financial details:
- Amount sent (in source currency)
- Amount received (if converted)
- Exchange rate applied
- Fees charged
- Party information:
- Sender details
- Recipient details
- Payment method used
Receipt Delivery Methods:
- In-app notification (immediate)
- Email confirmation (with full details)
- SMS text message (summary)
- Printable PDF (available in account)
Best Practice: Retain transaction receipts until the recipient confirms fund receipt. These serve as proof of payment if any issues arise.
4. Transaction Limits
4.1 Standard Limits
AzraPay imposes limits based on account verification level:
| User Tier | Verification Requirements | Daily Limit | Monthly Limit | Features |
|---|---|---|---|---|
| Basic (Tier 1) | Phone/Email only | $500 | $3,000 | Domestic transfers only |
| Verified (Tier 2) | Completed KYC | $5,000 | $25,000 | International transfers |
| Enhanced (Tier 3) | Additional documents | $10,000 | $50,000 | Priority processing |
| Business Standard | Company registration | $25,000 | $100,000 | Batch payments |
| Business Premium | Full compliance review | Custom | Custom | Dedicated support |
Country Variations: Some jurisdictions impose lower maximums due to local regulations. Check our country-specific guides for details.
4.2 Limit Adjustment
Process for increasing your limits:
Eligibility Requirements:
- Account history:
- Minimum 3 months activity
- No compliance issues
- Documentation:
- Proof of income (payslips, tax returns)
- Bank statements (3-6 months)
- Additional ID verification
- Business accounts:
- Financial statements
- Business activity proof
- Expected transaction volume
Application Process:
- Submit request through:
- Mobile app settings
- Customer support
- Upload required documents
- Undergo compliance review (3-5 business days)
- Receive approval/denial notification
- If approved, new limits take effect immediately
Important: Limit increases are granted at AzraPay's discretion based on risk assessment and regulatory requirements. Not all requests may be approved.
5. Fees and Charges
5.1 Fee Structure
AzraPay's transparent pricing model:
Transfer Fees:
| Service Type | Fee Structure | Minimum | Maximum |
|---|---|---|---|
| Domestic Transfers | $0.50 flat fee | $0.50 | $0.50 |
| International Transfers | 1.5% of amount | $2.00 | $50.00 |
| Priority Processing | $5.00 + standard fees | $5.50 | $55.00 |
| Cash Pickup | 2.0% of amount | $3.00 | $75.00 |
Currency Conversion:
- Exchange rate: Interbank mid-market rate
- Margin: 0.5% added to rate
- Example: Converting $1000 with 1.2000 EUR/USD rate:
- Base calculation: €833.33 (1000/1.2)
- With margin: €829.00 (approx)
Transparency: The exact fee and exchange rate are always displayed before you confirm any transaction.
5.2 Fee Exemptions
Cases where fees may be reduced or waived:
- Promotional offers:
- New user free transfers
- Seasonal promotions
- Volume discounts:
- Business accounts with high volume
- Enterprise agreements
- Special programs:
- Non-profit organizations
- Educational institutions
Note: Even when fees are waived, intermediary banks may still charge their own fees in some cases.
6. Delivery Timelines
6.1 Standard Processing
Typical delivery times by transfer type:
| Transfer Type | Processing Time | Factors Affecting Speed |
|---|---|---|
| Domestic Wallet Transfers | Instant - 15 minutes | Recipient wallet provider |
| Domestic Bank Transfers | 2 hours - 1 business day | Bank processing times |
| International Wallet Transfers | 5 minutes - 4 hours | Recipient country regulations |
| International Bank Transfers | 1-3 business days | Intermediary banks, currency conversion |
| Cash Pickup | 10 minutes - 24 hours | Agent location, amount |
Real-time Tracking: You can monitor transaction progress in your AzraPay app with estimated completion times.
6.2 Delays and Issues
Common reasons for delayed transfers:
- Compliance reviews:
- Additional KYC verification
- Source of funds checks
- Technical factors:
- Bank system outages
- Network connectivity issues
- Operational factors:
- Public holidays in sending/receiving countries
- High transaction volumes
- Recipient issues:
- Incorrect account details
- Closed recipient accounts
Action Required: If your transfer is delayed beyond the estimated time, contact our support team with your transaction ID for investigation.
7. Currency and Exchange
7.1 Supported Currencies
AzraPay supports transactions in:
Major Currencies:
- USD (US Dollar)
- EUR (Euro)
- GBP (British Pound)
- JPY (Japanese Yen)
- AUD (Australian Dollar)
Other Supported Currencies:
- BDT (Bangladeshi Taka)
- INR (Indian Rupee)
- PKR (Pakistani Rupee)
- NGN (Nigerian Naira)
- PHP (Philippine Peso)
- 20+ additional currencies
Availability: Not all currencies are available for all corridors. Check the app for specific country pair options.
7.2 Exchange Rates
How currency conversion works:
Rate Determination:
- Base rate: Interbank mid-market rate
- Margin: 0.5% added to rate
- Lock-in: Rate guaranteed for 60 seconds
Example Calculation:
Sending $1000 when EUR/USD rate is 1.2000:
- Interbank calculation: 1000/1.2 = €833.33
- AzraPay rate: 1.2000 + 0.5% = 1.1940
- Final amount: 1000/1.1940 ≈ €837.52
Important: Exchange rates fluctuate constantly. The rate is only guaranteed once you confirm the transaction.
8. KYC & Compliance
8.1 Requirements
Documentation needed for verification:
Individuals:
- Identity Proof (one of):
- Passport (valid)
- National ID card
- Driver's license
- Address Proof (one of):
- Utility bill (last 3 months)
- Bank statement
- Government-issued document
- Selfie Verification:
- Live photo matching ID
- Liveness detection
Businesses:
- Company Documents:
- Certificate of incorporation
- Business license
- Tax registration
- Ownership Structure:
- UBO declarations
- Shareholder register
- Authorized Persons:
- List of signatories
- Their individual KYC
8.2 AML/CFT
Our anti-financial crime measures:
Monitoring Systems:
- Transaction Screening:
- Real-time monitoring
- Unusual pattern detection
- Sanctions Checking:
- OFAC, EU, UN sanctions lists
- PEP (Politically Exposed Persons) screening
- Risk Scoring:
- Behavioral analysis
- Network mapping
Regulatory Reporting:
- Suspicious Activity Reports (SARs)
- Currency Transaction Reports (CTRs)
- International cooperation with regulators
Compliance: We are legally obligated to report suspicious transactions to financial intelligence units.
9. Security Measures
9.1 Protection Systems
How we safeguard your transactions:
Technical Security:
- Encryption:
- AES-256 for data at rest
- TLS 1.3 for data in transit
- Authentication:
- Multi-factor authentication
- Biometric verification
- Network Security:
- DDoS protection
- Intrusion detection systems
Operational Security:
- Fraud Prevention:
- AI-based anomaly detection
- Behavioral biometrics
- Access Control:
- Role-based permissions
- Privilege escalation protocols
- Audit Trails:
- Comprehensive activity logging
- Blockchain-based verification
9.2 User Responsibilities
Your role in maintaining security:
Account Protection:
- Password Management:
- Use strong, unique passwords
- Change periodically
- Never share credentials
- Device Security:
- Keep OS and apps updated
- Use device passcodes
- Avoid public WiFi for transactions
Transaction Safety:
- Recipient Verification:
- Confirm details before sending
- Use trusted contacts
- Fraud Awareness:
- Watch for phishing attempts
- Verify unusual requests
Warning: AzraPay will never ask for your password or 2FA codes via email, phone, or SMS.
10. Dispute Resolution
10.1 Process Overview
Steps to resolve transaction issues:
- Initial Contact:
- Report issue within 30 days
- Provide transaction details
- Investigation:
- AzraPay reviews transaction
- May contact both parties
- Timeframe: 5-7 business days
- Resolution:
- Funds recovery (if possible)
- Alternative solutions
- Final determination
- Escalation (if unsatisfied):
- Financial ombudsman
- Regulatory bodies
10.2 Common Issues
Frequently encountered problems:
Recipient Claims Non-Receipt:
- Verification Steps:
- Confirm correct recipient details
- Check bank/wallet processing times
- Obtain proof of sending
- Resolution:
- Trace transaction path
- Contact recipient institution
- Initiate recall if possible
Incorrect Amount Received:
- Verification Steps:
- Review exchange rate applied
- Check for intermediary fees
- Resolution:
- Provide rate calculation
- Compensate for errors (if any)
Documentation: Keep all transaction records until the matter is fully resolved.
11. Refund Policy
11.1 Eligibility
When refunds may be issued:
- Failed Transactions:
- Funds not delivered
- Technical errors
- Incorrect Details:
- Wrong recipient information
- If caught before processing
- Regulatory Blocks:
- Compliance rejection
- Sanctions matches
Note: Refunds are not available for completed transactions where funds were successfully delivered.
11.2 Processing
How refunds are handled:
Timeframes:
- Standard refunds: 5-7 business days
- International returns: 7-14 business days
Methods:
- Original Payment Method (default)
- AzraPay Wallet Credit (faster)
Fees:
- Service fees may not be refunded
- Exchange differences may apply
12. Prohibited Transactions
12.1 Restricted Activities
Transactions we cannot facilitate:
Illegal Activities:
- Drug trafficking
- Weapons trade
- Human trafficking
- Counterfeit goods
Financial Crimes:
- Money laundering
- Terrorist financing
- Tax evasion
- Sanctions evasion
Other Restrictions:
- Gambling (unless licensed)
- Ponzi schemes
- Adult services (varies by jurisdiction)
12.2 Monitoring
How we detect prohibited activity:
- Automated Systems:
- Pattern recognition
- Behavioral analysis
- Manual Reviews:
- Compliance team checks
- Enhanced due diligence
- Third-Party Data:
- Sanctions lists
- Adverse media
Consequences: Accounts involved in prohibited transactions will be frozen and reported to authorities.
13. High-Risk Transactions
13.1 Identification
What we consider high-risk:
Transaction Patterns:
- Structuring:
- Multiple small transactions
- Just below reporting thresholds
- Unusual Activity:
- Sudden large transfers
- Inconsistent with profile
Participant Factors:
- Recipient Risk:
- Sanctioned jurisdictions
- High-risk industries
- Sender Risk:
- Incomplete KYC
- PEP connections
13.2 Handling
Our response to high-risk transactions:
- Flagging:
- Automated system alert
- Risk scoring
- Verification:
- Additional documentation
- Source of funds proof
- Decision:
- Approve with monitoring
- Reject with explanation
- Report to authorities
Timeframes: Enhanced due diligence may add 1-3 business days to processing times.
14. Privacy
14.1 Data Protection
How we handle your information:
Collection:
- Purpose Limitation:
- Only what's necessary
- Clear business need
- Types of Data:
- Identity information
- Transaction records
- Device information
Usage:
- Service Provision:
- Processing transactions
- Compliance requirements
- Improvements:
- Product enhancements
- Fraud prevention
14.2 Your Rights
Control over your data:
- Access:
- Request copies of your data
- See processing purposes
- Correction:
- Update inaccurate information
- Complete incomplete data
- Deletion:
- Right to be forgotten
- Subject to legal holds
Requests: Submit data rights requests through our privacy portal or customer support.
15. Policy Updates
15.1 Notification
How we communicate changes:
- Advance Notice:
- 30 days for major changes
- 7 days for minor updates
- Channels:
- Email to registered address
- In-app notifications
- Website announcements
- Content:
- Summary of changes
- Effective date
- Impact explanation
15.2 Version Control
Tracking policy changes:
- Archive:
- Previous versions available
- Date-stamped documents
- Acceptance:
- Continued use constitutes acceptance
- Option to terminate if不同意
