JP Morgan - Australia

JP Morgan (AU) is the banking provider we use to facilitate transfers from your bank account to a specific funding account.

Your remitting bank determines any charges incurred for your transfers.

📘 IMPORTANT:

During onboarding, you will need to provide us with:

• your business registration country
• the countries from where your business is currently operating from and
• the country where your corporate bank account is located and from where funds will be transferred to your Nium account.

Our teams will use this information to guide you on which banking partner to use for an optimal funding experience.

How long will it take for transfers to be added to a funding account?

The following are generic timeframes, with "T" being the day of booking and before the processing bank's cut-off time. Your Bank should be able to provide you with their own settlement cycles for each currency, as these may differ according to your bank. Timescales may also be impacted according to your Bank’s cut-off time.

These timeframes are indicative and should only be used as a reference point.

Once JP Morgan receives a transfer, it is instantly credited to your funding account. This means that if a transfer is sent before your bank’s cut-off time and is received by JP Morgan (even after working hours) it will be available for you to use – effectively offering a 24/7 credit reflection.

CURRENCY	TYPE OF TRANSFER	TIMEFRAMES
AUD	DE	T
AUD	NPP	Instant
AUD	Swift	T+1

Virtual Account Numbers (VAN)

JP Morgan provides a virtual account number for each funding account. You can use this virtual account number to transfer money to your Nium funding account. Transferring money to a virtual account number is the same as sending a bank transfer to a regular account number. The virtual account number can be retrieved from the Nium Portal by following the instructions found in the section How do I deposit money to a funding account-Prepaid

Once JP Morgan receives the transfer, it will automatically be applied to your funding account.

How much does JP Morgan cost?

The only cost for using JP Morgan is the cost of a transfer applied by your bank or any intermediary bank involved in the payment process. JP Morgan does not add any additional bank charges.

Transfer types

Local transfers in AUD
Swift transfers in AUD

AUD transfers

If you are transferring AUD from within Australia, JP Morgan can receive both DE and NPP transfers.
Funds must be routed through a wire transfer if you are transferring AUD from outside Australia. This is the routing information for an AUD transfer:

Common causes for delays

Issue	Description
Payment was made after your bank’s cut-off times	If your bank’s cut-off time is at 4:00 pm and you request a payment to be sent at 4:15 pm, this payment will not leave your bank until the next processing time, which could also be the next day. Please ask your bank for their cut off times, as these may affect your outbound payments.
Weekends and bank holidays	Payments are not processed on weekends and bank holidays. The processing data will be the next available day (e.g., Monday in case of weekends).
Currency holidays	If you send a currency with a country holiday, this may impact your transfer. For example, Australian bank holidays will stop AUD from being credited to an AUD account, regardless of the location you send your transfer from. Transfers can be expected to be deposited on the next working day. You can view the list of currency holidays here.

What if a transfer is delayed?

If your transfers do not reach your account within the expected timeframes, please email prefunding.solutions@nium.com, with the proof of payment.

For cross-border transfers, please send an email to prefunding.solutions@nium.com, with the date that you sent the transfer, and your transfer currency and amount. Please also attach the MT103 (Swift payment confirmation).

The MT103 is provided by your bank and includes the information below:

Field	Description
20	Transaction Reference Number
23B	Bank Operation Code
32A	Value Date / Currency / Interbank Settled
33B	Currency / Original Ordered Amount
50A/ F/ K	Ordering Customer (Payer)
52A /D	Ordering Institution (Payer's Bank)
53A/ B/ D	Sender's Correspondent (Bank)
54A/ B/ D	Receiver's Correspondent (Bank)
56A/ C/ D	Intermediary (Bank)
57A/ B/ C/ D	Account with Institution (Beneficiary's Bank)
59/59A	Beneficiary
70	Remittance Information (Payment Reference)
71A	Details of Charges (BEN / OUR / SHA)
72	Sender to Receiver Information
77B	Regulatory Reporting

How long will it take for transfers to be added to a funding account?​

Virtual Account Numbers (VAN)​

How much does JP Morgan cost?​

Transfer types​

AUD transfers​

Common causes for delays​

What if a transfer is delayed?​