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How to set up the refund currency for cancelled transfers?

**This new feature will be implemented on your web app on May 29th, 2024, for Airwallex UK/EU entity customers, and on April 29th, 2024, for all other Airwallex entity customers.**

In the event of transfer cancellation, account admin users will be able to set the refund currency preference in Transfers Settings, as opposed to automatic refund in the payment currency previously (except for currencies that cannot be held in the Wallet).

There are two refund currency options:

  1. Refund in the currency you pay (source currency): the payout amount (less any applicable fees) will be refunded to your Wallet in the source currency. Please note that there may be an FX delta if the market rate has changed since the time of the original conversion. This can result in an FX gain or loss and will be reflected in your Wallet Transactions activity as a separate fee item.
  2. Refund in the currency the recipient gets (payment currency): the payout amount (less any applicable fees) will be refunded to your Wallet in the payment currency (except for currencies that cannot be held in the Wallet).

Notes:

  1. Currencies that cannot be held in the Wallet: For cancelled transfers in payment currencies that cannot be held in the Wallet, the payout amount (less any applicable fees) will always be refunded in the source currency and an FX delta will apply. 
  2. FX Delta: The FX margin applied to the original conversion will be used. For FX Conversions in Major Currencies that are required as a result of amendments or cancellations, the FX margin listed in the relevant fee schedule will apply. The Treasury Management Terms and fee schedule have been updated to reflect this - if you are a Business Account customer please refer to our website for the updated version.
  3. For Post-fund customers, if you cancel unfunded transfers with currency conversions, there may be an FX delta for the unsettled conversion, which will be passed on to you in the source currency.
  4. For cancelled transfers using MYR as the source currency, the payout amount (less any applicable fees) will always be refunded to your Wallet in MYR due to regional restrictions and an FX delta will apply.