How do refunds, reversals and chargebacks work with my OKX Card?

Published on 30 July 2026Updated on 30 July 20264 min read

For OKX Pay and OKX Card, read the applicable PDS, FSG, TMD, and Cashback Reward Program Terms available here or by contacting OKX Help Centre. You should read these documents in full before making any decision about these products.

Refunds and chargebacks with the OKX Card generally follow standard Mastercard® processes. However, because card payments involve stablecoin-to-fiat conversion at the time of purchase, refunds can look slightly different from a typical fiat-only card.The key thing to remember: merchants settle in fiat (typically EUR), even though payment is funded by stablecoins held in the Pay feature.

Key terms

  • Refund
    A merchant-initiated return of funds after a completed purchase (for example, when you return an item).

  • Reversal / void
    A cancellation of a transaction that was authorized but not fully completed or settled (common with hotels, fuel stations, or certain online orders).

  • Chargeback
    A formal dispute process via the card network when you believe a transaction is unauthorized or incorrect and you can't resolve it directly with the merchant.

Important: Because Bano Pty Ltd is not a subscriber to the ePayments Code, the specific protections and timeframes under that Code for unauthorised transactions do not apply to OKX Card transactions. Your chargeback rights are governed by the Mastercard network rules and the terms set out in the PDS.

What happens when I receive a refund?

  1. The merchant submits the refund through their payment provider.

  2. Mastercard routes it back through the issuer flow.

  3. The refund is credited back to the card-related balance path (as shown in the app).

Important: because settlement is in fiat and payment funding is in stablecoins, the refunded amount may reflect:

  • the original purchase amount in the purchase currency

  • network exchange rate effects (for non-EUR purchases)

  • any conversion mechanics involved in the original transaction

The final posted amount and status will be visible in the OKX app once the refund is processed.

Why might my refund amount differ from the original purchase?

Refund differences can happen for normal card-payment reasons, including:

  • Non-EUR currency rate changes between purchase date and refund date (Mastercard exchange rate applies)

  • Partial refunds, tip adjustments, or merchant corrections

  • Pre-authorizations (for example, hotels) where the final charged amount differs from the initial hold

This isn't unique to crypto-backed cards, but users may notice it more if they expect the exact same stablecoin amount back.

Bano Pty Ltd and OKX are committed to treating you fairly in relation to refunds. Any difference in amount reflects the operation of the Mastercard network exchange rate and/or the stablecoin-to-fiat conversion rate at the time of processing.

Stablecoin risk: The OKX Card is funded by stablecoins (USDG) held in your Pay account. While stablecoins are designed to maintain a stable value relative to a reference currency, they are not guaranteed by any government or deposit insurance scheme. Stablecoins are not equivalent to holding fiat currency in a regulated deposit-taking institution.

What timelines should I expect?

Refund timing mostly depends on the merchant and their bank/payment provider:

  • Reversals/voids — can be fast (same day to a few days)

  • Refunds — often take several business days

  • Chargebacks — can take weeks, depending on the evidence and network process

If a refund has been initiated, confirm receipt/confirmation from the merchant and monitor the transaction status in the OKX app.

How do I dispute a transaction?

Before filing a dispute:

  • Try to resolve the issue directly with the merchant first.

  • Collect evidence (receipts, order confirmations, delivery proof, communications).

To open a dispute, contact OKX Support and provide:

  • Transaction date/time

  • Merchant name

  • Amount/currency

  • Reason for dispute

  • Supporting documents/screenshots

What if I see a duplicate charge?

Sometimes what looks like a duplicate may be:

  • An authorization + final settled transaction (not a true duplicate)

  • Multiple authorizations that later disappear (common with hotels/fuel)

If both transactions remain posted as completed, share full details with support for investigation.

Complaints and dispute resolution: If you have a complaint about your OKX Card or OKX Pay, contact OKX Help Centre at www.okx.com/en-au. OKX Help Centre handles complaints on behalf of Bano Pty Ltd (the product issuer and AFSL holder)(AFCA Member Number 78414). If your complaint is not resolved to your satisfaction, you may escalate it to the Australian Financial Complaints Authority (AFCA) at www.afca.org.au or by calling 1800 931 678. For full details of OKX's complaints handling process, refer to the PDS.

OKX Pay Wallet and OKX Card are issued by Bano Pty Ltd (ABN 93 643 260 431, AFSL 536984), with OKX Australia Pty Ltd acting as distributor and authorised representative of Bano Pty Ltd in relation to those products. The Issuer is not a subscriber to the ePayments Code. This information is general in nature and does not take into account your objectives, financial situation or needs. You should consider whether it is appropriate for your circumstances and seek professional advice before making any decision. Digital assets are volatile and carry a high level of risk; you may lose some or all of your investment. Before acquiring or continuing to use the OKX Card, you should obtain and consider the Target Market Determination (TMD) to understand whether this product is likely to be consistent with your objectives, financial situation and needs. This document is intended for consumers within the target market described in the TMD. If you are outside the target market, this product may not be appropriate for you.