Last updated Wed, Jun 3, 2026.
1. Definitions
For the purposes of this Policy:
1.1 "Customer" means the person who initiated a payment through Radius.
1.2 "Beneficiary" or "Institution" means the third-party recipient of the original payment, including but not limited to universities, schools, government bodies, and other payees.
1.3 "Third-Party Refund" means funds returned by a Beneficiary that were originally paid to the Customer through Radius on the Customer's behalf.
1.4 "Business Day" means any day other than a Saturday, Sunday, or public holiday in the Customer's country of residence.
2. Scope and Nature of Service
2.1 A Third-Party Refund arises when a Beneficiary returns funds originally paid through Radius on the Customer's behalf. In such cases, Radius acts as an intermediary to return the funds to the Customer.
2.2 Refund processing through Radius is offered as a convenience and is not an entitlement.
2.3 The terms set out in this Policy apply to all Third-Party Refunds regardless of amount or timing.
3. Exchange Rate
3.1 All refunds are processed at the prevailing market rate on the date Radius confirms receipt of the funds, or on the date the refund is finalized, whichever applies.
3.2 Exchange rates fluctuate, and the rate applied at the time of the refund may not match the rate applied to the original payment.
3.3 Radius's processing and service charges on completed orders are non-refundable.
3.4 Where a refund is approved, only the underlying principal amount received from the Beneficiary is eligible for refund, subject to the deductions set out in this Policy.
4. Refund Currency Options
4.1 The Customer may elect to receive a refund in either local or foreign currency. In both cases, a 2.5% administrative fee applies. This fee covers the operational, compliance, handling, and processing costs associated with international refunds.
4.2 Where the Customer elects local currency, the 2.5% fee is deducted from the refund amount.
4.3 Where the Customer elects foreign currency, the 2.5% fee applies in addition to any applicable bank charges.
5. Third-Party Bank Charges
5.1 The Customer's receiving bank may impose a separate fee to process the incoming transaction.
5.2 Such charges are determined by the receiving bank and fall outside Radius's control. The Customer is responsible for any such charges.
6. Processing Timeline
6.1 Refunds are processed within 10 to 30 Business Days from the date the Customer is notified by the Beneficiary that the funds have been successfully transferred to Radius.
6.2 This timeline reflects the nature of international cross-border foreign exchange transactions, which involve multiple financial intermediaries and require time to settle. It also accounts for the time required for Radius to process the refund in compliance with applicable local and international fund transfer regulations.
6.3 Radius will notify the Customer once the refund has been processed.
7. Notification Requirements
7.1 The Customer is required to notify Radius of any expected refund by sending an email to [email protected].
7.2 The notification must include:
(a) the Radius transaction ID associated with the original completed order;
(b) the amount refunded by the Beneficiary, and in what currency;
(c) official documentary proof of the refund issued by the Beneficiary or the Beneficiary's bank, meeting the requirements set out in Section 8.
7.3 For privacy reasons, Radius can only discuss account funds or transactions with the account owner. All inquiries must come from the email address associated with the Customer's Radius account.
7.4 Radius cannot begin tracking a refund with its partner banks until this information has been received. Delays in providing the required information may result in corresponding delays to the processing timeline set out in Section 6.
8. Acceptable Proof of Refund
8.1 A notification under Section 7 is not complete until Radius has received valid documentary proof of the refund. An email, chat message, screenshot, or informal written statement from the Beneficiary confirming that a refund "has been issued" or "is being processed" does not, on its own, constitute valid proof.
8.2 Valid proof must take the form of an official document issued by the Beneficiary or the Beneficiary's bank. Acceptable documents include a bank refund or remittance advice, a SWIFT confirmation copy (for example, an MT103), a telex copy, or an official refund letter issued on the Beneficiary's letterhead.
8.3 The document must clearly show some or all of the following elements:
(a) the date the refund was processed or remitted;
(b) a transaction reference for the refund, with the Acquirer Reference Number (ARN) preferred, or an equivalent reference such as a SWIFT reference or Unique Transaction Reference (UTR);
(c) the amount refunded;
(d) the currency in which the refund was made;
(e) the name of the originating institution or bank that issued the refund;
(f) the name of the recipient or recipient account to which the refund was sent.
8.4 These elements allow Radius to identify and trace the returned funds with its banking partners. Without them, Radius cannot confirm that a refund has been issued, cannot match it to the original order, and cannot begin tracing the transaction.
8.5 Where the proof provided does not contain enough of these elements for Radius to locate the funds, Radius will treat the refund as unverified and will request further documentation before processing can begin.
8.6 Providing incomplete or unverifiable proof may result in delays to, or suspension of, the processing timeline set out in Section 6 until valid proof is received.
9. Customer Acceptance
9.1 Customers who do not accept the terms set out in this Policy must arrange any refund directly with the Beneficiary.
9.2 The terms governing refunds processed through Radius are non-negotiable, and Radius does not process Third-Party Refunds under any other conditions.
