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How to transfer funds into your account balance

  • Updated

Australia

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How to transfer funds

  1. In Weel, go to Settings → Account Balance.
  2. Ensure the Transfer tab is selected - you'll see your BSB, Account number and Account name (Nium Pty Ltd).
  3. Log in to your business bank and start a transfer.
  4. Copy and paste the BSB, Account number and Account name using the Copy buttons
  5. Complete the transfer from your online banking.

You'll receive an email as soon as the funds land in your Weel account balance.

 

Why is the account name "Nium Pty Ltd"?

Australian banks have introduced Confirmation of Payee, a security check that validates the Account name you enter when making a transfer. As Weel funding accounts are issued by our underlying financial services provider, Nium Pty Ltd, your bank will recognise the payee name as "Nium Pty Ltd".

 

Important notes

  • For security reasons, the bank account name you are transferring money from should match the registered business name on your Weel account. Deposits will be rejected if the names do not match.

    This requirement is separate from the payee Account name, which must be Nium Pty Ltd as noted above.

  • If your bank supports the New Payments Platform (NPP), transfers are typically near-instant. Otherwise, funds transferred before 4:00pm AEST will usually settle on the same day.
  • RTGS deposits are not supported.

 

New Zealand

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How to transfer funds

  1. In Weel, go to Settings → Account Balance.
  2. Ensure the Transfer tab is selected - you'll see your Account number and Account name (NIUM (NEW ZEALAND) LIMITED).
  3. Log in to your business bank and start a transfer.
  4. Copy and paste the Account number and Account name using the Copy buttons
  5. Complete the transfer from your online banking.

You'll receive an email as soon as the funds land in your account balance.

 

Why is the account name "NIUM (NEW ZEALAND) LIMITED"?

As Weel funding accounts are issued by our underlying financial services provider, Nium (NEW ZEALAND) LIMITED, your bank will recognise the payee name as "NIUM (NEW ZEALAND) LIMITED".

 

NZ Bank Account Numbers

New Zealand bank account numbers follow a standard structure. Key points to note:

  • Format: Bank (2) – Branch (4) – Account (7) – Suffix (2 or 3)

  • If asked for a 3-digit suffix and only 2 digits are shown (e.g., "51"), add a leading zero → "051".

  • Example: 12-1234-1234567-51 should be entered as 12-1234-1234567-051.

 

Important notes

  • For security reasons, the bank account name you are transferring money from should match the registered business name on your Weel account. Deposits will be rejected if the names do not match.

    This requirement is separate from the payee Account name, which must be NIUM (NEW ZEALAND) LIMITED as noted above.

  • The initial external funding account must come from a New Zealand bank that does not allow the customer to alter or change the payer name. The banks that meet this definition are found on page 13 of the following document: https://www.fma.govt.nz/assets/Guidance/EIV-Explanatory-Note-Guideline-July-2021.pdf