Frequently Asked Questions
Frequently Asked Questions
Getting Started: What can I use Amico for?
Amico helps you formalise a loan between friends or family, and manage the repayment through open banking. Turning handshake deals into something more secure, without the hassle of legal paperwork.
Getting Started: What is Amico Repay?
Amico Repay manages ongoing family loan repayments through automated payment transfers. Once set up, payments transfer automatically via open banking on the agreed schedule. Both the borrower and lender see real-time balance updates, complete payment history, and upcoming transfers. No more manual coordination, no more awkward reminders.
Getting Started: How is Amico Repay different from tracking payments myself?
Amico Repay doesn't just track repayments - it actually facilitates the payment transfers via open banking. Instead of remembering to make manual bank transfers each month, payments happen automatically on schedule. The loan history updates in real time as transfers complete. Everyone stays informed, and there's zero manual coordination needed. The benefit is that this is all tracked in a dedicated loan history so both parties can see the individual repayments and running total of the remaining loan. No more tracking through your bank records and updating manual spreadsheets.
Getting Started: Do I need Amico Document to use Amico Repay?
No. Amico Repay manages the repayments for loans created through Amico Document. You can create your loan agreement with Amico Document first (which includes all your terms, interest rate, and repayment schedule), then set up Amico Repay to automate those repayments. Or you can use Amico Repay, set up interest rates and terms, and authorise the automatic payment via open banking.
Getting Started: How long does setup take?
Just minutes. You'll connect your bank account via open banking, then authorise your repayment schedule. Once that's done, payments transfer automatically from that point forward.
Getting Started: Can I use Amico for loans I've already given?
Yes. If you've already loaned money to a friend or family member, you can backdate your contract to formalise the arrangement and keep things clear. Or, you could formalise the outstanding loan and terms into Amico Repay and manage the repayment process in the app.
Getting Started: Can I have more than one loan at a time?
Yes. Amico lets you manage multiple loans. But remember, responsible lending is key.
Getting Started: Is there a minimum loan amount?
Nope. You and the other party can agree on whatever amount works for you.
Getting Started: Is there a minimum age to use Amico?
Yes, you must be 18 or older to register an account and create or agree to a loan.
Legal & Documentation: Is the loan agreement legally binding?
Yes. Your Amico contract is legally binding and can be downloaded anytime if you ever need it.
Legal & Documentation: Can I document a loan without the lender?
No. Both parties need to have an Amico account and agree to the terms before the contract is finalised. This ensures clarity and protects both sides.
Legal & Documentation: What happens if we decide to cancel a loan agreement?
If both parties agree to terminate an active loan, you can do this in the app. Once confirmed, the loan will be marked as terminated for your records.
How It Works: How do automated payment transfers work?
You connect your bank account to Amico using open banking (the same secure technology major NZ banks use). You authorise Amico to transfer the agreed payment amount on your scheduled dates. On each payment date, the money transfers automatically from your account to the lender's account via Amico. Both parties get notified when the transfer completes, and the ledger updates immediately.
How It Works: What is open banking?
Open banking is a secure way to connect your bank account to other financial services. It's the same technology used by major NZ banks and financial apps. When you use open banking with Amico, we can facilitate payment transfers, but we can't see your bank password, we can't access your other accounts, and we can only transfer the specific amounts you've authorised through your official banking app.
How It Works: What information does the lender see?
The lender sees the same information that the borrower sees: upcoming payment dates, when transfers complete, current balance remaining, complete payment history, and loan terms. Everyone's always on the same page. Neither the lender or borrower can see the other's bank account or details - only the loan details and history.
How It Works: Can I see payment history?
Yes. Your Amico Repay dashboard shows the complete payment history including dates, amounts, and running balance. Both the borrower and lender have access to this information anytime.
Payments & Flexibility: Can I pay the loan off early through Amico?
At present, no. Amico manages set scheduled payments and for now does not allow variations of the payment amount, or schedule, such as paying off the loan in full. If you choose to do this, you can pay off the loan directly with the lender, and have them select 'Forgive Loan' in Amico which will cease payments and update the status of the loan agreement.
Payments & Flexibility: What happens if I miss a payment date?
If a scheduled payment doesn't go through (perhaps the account didn't have sufficient funds), both the borrower and lender will be notified. Amico will push the loan end date out so you can catch up on that payment later. Amico keeps a record of all payments and any missed dates.
Security & Privacy: Is my banking information secure?
Yes. We use bank-level encryption and open banking protocols approved by NZ financial institutions. We cannot access your bank account in any way other than to execute the recurring payment that you authorise. We can't see your bank password, we can't access your other accounts, and we can only transfer the amounts you've specifically authorised. Your banking information is protected with the same security standards as online banking.
Security & Privacy: What banking information does Amico access?
Amico only has the ability to transfer the specific payment amount you've authorised. We can't see your other transactions, we can't move money without your permission, and we can't access any other accounts you have, or any other information.
Security & Privacy: Can Amico withdraw money without my permission?
No. You authorise specific payment amounts on specific dates when you set up Amico Repay. We can only transfer those exact amounts on those scheduled dates. We can't make any other withdrawals, change the amounts, or access your account for anything else.
Security & Privacy: What happens to my data if I stop using Amico?
Your loan agreement and payment history remain accessible to you and your lender for record-keeping purposes (you may need this for tax or bank documentation later). The connection to your bank account can be disconnected at any time. We keep your information secure and private, and we don't share it with anyone outside of your loan arrangement.
Security & Privacy: Why do you need my personal details?
To keep things official, Amico needs enough details to verify each party involved. This ensures all agreements are valid and protects both lender and borrower.
Security & Privacy: Can I delete my Amico account?
Yes, but any active loans must be settled first to ensure no one is left in the lurch. Some details may also need to be retained under legal requirements.
Security & Privacy: How does Amico use my information?
Your data is only used to provide Amico's services, in line with our Disclosure Statement and End User Licence Agreement.
Technical & Setup: Which banks does Amico work with?
Amico works with all major NZ banks through open banking. If your bank supports open banking connections, you can use Amico Repay. During setup, you'll see if your bank is supported.
Technical & Setup: What if I change banks?
Just update your banking connection in Amico. You'll disconnect the old bank and connect your new account. Your loan agreement, payment history, and repayment schedule all stay the same - only the connected account changes.
Technical & Setup: How do I access Amico Repay?
You can access Amico Repay through the Amico App on your smartphone. To set up open banking you will also need to have your bank's app installed, to complete the authorisation process.
Technical & Setup: What if I'm having technical problems?
You can email hello@amico.finance and our team will help you sort it out. We're a small NZ-based team of real people, and we respond to every message. Whether it's a setup issue, a connection problem, or just a question about how something works, we're here to help.
Cost & Billing: How much does Amico Repay cost?
Amico Repay charges a small transaction fee of 0.75% per loan repayment, capped at $5 per transaction for large loan repayments.
Cost & Billing: Is there a setup fee?
There are no setup fees.
Cost & Billing: Who pays for Amico Repay - the lender or borrower?
Typically the borrower pays for Amico Repay as they're the one benefiting from automated payment transfers.
Cost & Billing: Can I cancel Amico Repay?
Yes. If you decide to cancel Amico Repay, you can stop the automated payment service. Your loan agreement remains valid, and you'll need to arrange repayments manually going forward. Your payment history up to that point stays in Amico for your records.
For Lenders: I'm the lender - how do I get my borrower to set up Amico Repay?
Ask your borrower to download the Amico App, and get them to create an Amico account so you can start the loan process with them. They will follow the steps to create a loan agreement and then set up the bank authorisation.
For Lenders: What if my borrower hasn't set up Amico Repay yet?
We send gentle reminders to help them complete the setup. Most borrowers appreciate the convenience once they realise it only takes a few minutes and then they never have to think about coordinating payments again.
For Lenders: Can I see when my borrower has completed setup?
Yes. Your Amico dashboard shows the status of your loan, including whether Amico Repay has been set up. Once your borrower completes their setup, the loan status will be "active" and the agreed schedule will be visible in the loan terms.
