TERMS AND CONDITIONS MASTER AGREEMENT
These OFX Terms and Conditions v1.23 govern the relationship between OFX and its customers.
KEY TERMS AND CONDITIONS FOR YOUR ATTENTION FOR ALL CUSTOMERS
This coversheet is not legal advice and should not be construed as such. Furthermore, this coversheet in no way forms any kind of agreement or obligation on behalf of OFX. It does not set out every change to the terms and conditions, and it does not provide a complete description of all terms and conditions.
Reading this summary does not replace reading the actual Terms and Conditions v1.23 in full.
All terms capitalised in this coversheet have the meaning given to them in OFX’s Terms and Conditions v1.23.
| Clause | Effect |
| Limits to your rights | |
| 6.4 | Once you give an Instruction to us, you cannot cancel, withdraw or change such instruction thereafter. When an Instruction is received, the Transaction becomes legally binding, and unless we have made a mistake and you inform us of such within a reasonable amount of time, it will be valid. Please note that certain US customers have a limited right to cancel a Transaction (see USA Country Specific Terms for more detail) |
| Circumstances in which we will not be liable to you | |
| 7.2(g) | If you experience a loss associated with fluctuations in the exchange rate, we will not be liable for such loss. |
| 8.1 | If we refuse to accept an Instruction, we will not be liable to you for any associated loss you may suffer. |
| 10.10 | If an unauthorised payments is made as the result of your fraudulent actions or your failure to notify us (without undue delay) of loss, theft or unauthorised use of your Secure details, we will not be liable to you for any associated loss you may suffer. |
| 10.11 | If you fail to notify us that we have sent funds to the wrong bank account as soon as possible, we will not be liable to you for any associated loss you may suffer. |
| 10.12(a) | If you fail to provide us with information that is complete, accurate and truthful, we will not be liable to you for any associated loss you may suffer. |
| 10.12(b) | If you make an error and your funds are not sent to the intended Recipient Account, we will not be liable to you for any associated loss you may suffer. |
| 12.5 | If we freeze or block an account we believe is being or has been used in connection to actual or suspected Illegal Activities, we will not be liable to you for any associated loss you may suffer. |
| 13.2(b) | If you fail to take immediate action to assist us in recovering funds mistakenly sent to a person or company with whom you have a personal or pre-existing business relationship with to the extent that your failure to take such reasonable steps impacts our ability to recover the funds or causes you further loss. |
| 14.2 | We will not, in any circumstances, be liable to you in excess of the amount of money you have actually paid us in relation to any particular Transaction. Except where we have acted fraudulently, with gross negligence or are at fault and the law does not allow us to exclude our liability, we will not be liable to you for indirect or consequential loss. If performance of the Services is delayed as a result of failures or malfunctions attributed able to your equipment, any internet service or payment service, we will not be liable to you for any associated loss you may suffer. |
| 15.1(c) | If you fall victim to a scam but we have met our obligations under the terms and conditions, we will not be liable to you for any associated loss you may suffer. |
| 16.5 | If someone obtains unauthorised access to your Personal Information or Secure Details as a result of your failure to keep your personal information or Secure Details safe, we will not be liable to you for any associated loss or losses you may suffer. |
| 19.1 | If we are required to comply with a legal order affecting you, we will not be liable to you for any associated loss or losses you may suffer. |
| Use of your Personal Information | |
| 12.4 | We may disclose any of the Personal Information we may hold about you, any Authorised User, the owner of a Recipient Account or any other individual linked to your account whose Personal Information, to regulatory authorities. See our Privacy Policy for more details |
| 16.6 | For the purposes of meeting our regulatory requirements, we may retain your Personal Information beyond the Termination of our Agreement. See our Privacy Policy for more details |
| Miscellaneous | |
| 15.2(c) | We do not guarantee that the Services will meet your requirements including that the Services will be available at a particular time or location or without defect. |
| 23.9 | If a Market Disruption occurs after we have provided you with a quote, we may revise any quote until we determine the Market Disruption has ended. |
Terms and Conditions
For Personal and Business Customers
Dated: 15 November 2022
Version 1.23
You should read these Terms and Conditions carefully and ensure you understand them. Please obtain independent advice or contact us if you have any questions.
1. About This Agreement
1.1. About
This Agreement (the “Agreement”) is a legal agreement between you and us and governs your access to and use of our Services. By accessing and using our Services, you agree to be bound by this Agreement. We use some words which start with capital letters in this Agreement. These are called Defined Terms and you can see what each of these words means in the Glossary at the end of this Agreement.
1.2 How This Agreement Works
A. Each use of our Services will be treated as a separate Transaction. The specific details of each Transaction, including the currencies, the amounts and the Recipient Account, will be agreed separately each time you request a Transaction in the confirmation by email you receive. This is called a Deal Confirmation. Whilst each Transaction will be a separate Agreement in its own right, it will still incorporate the terms and conditions contained in this Agreement.
B. The Country Section towards the end of this Agreement tells you which company in the global OFX group you will be dealing with. It also details any country-specific terms and conditions which will be applicable to your use of our Services and it forms part of this Agreement.
C. There may also be supplemental terms specific to the Services you use such as the additional service terms listed on the Legal and Policy page of our Website, including the Global Currency Account Terms of Service. If these are relevant to any particular Transaction, you agree that these will become part of this Agreement.
D. In this Agreement, we refer to other documents. Some of the documents we have listed below contain legal obligations for you and for us, so you should read them carefully to make sure you understand them.
Please click on the hyperlinks below to read our:
We may amend any of these documents from time to time. Such amendments will become effective as indicated in the updated document, when we post the revised policy or document on our Website or as per our communication of the changes to you. We will endeavour to provide notice as is required. If you continue to use our Services after the documents have been amended, you will be deemed as having accepted those changes. If you do not agree with any of the amendments, you may terminate your account with us. See Clause 17 (Changes to this Agreement) for full details.
E. In the event of any conflict or inconsistency between any of the documents we refer to, the following order shall prevail:
1. Deal Confirmation
2. Country-specific terms and conditions
3. Supplemental terms specific to the Services you use
4. This Agreement
5. Privacy Policy/Website Terms of Use/Cookie Policy
1.3. Copies
You can obtain a copy of this Agreement, or any other document referred to in this Agreement, at any time, from our Website at www.ofx.com, by calling the telephone numbers in the Contact Us section below, or by emailing us at customer.service@ofx.com .
2. Who This Agreement Affects
A. This Agreement applies to all Customers who use our Services through our Website, telephone, mobile applications, software, APIs or any other access channels.
B. In this Agreement, “we”, “us” or “our” means the relevant OFX company. “Customers” and “you” includes individual and business Customers.
C. Please read this Agreement carefully before you begin to use our Services. If you proceed to use our Services, you acknowledge that you understand this Agreement and have had the opportunity to obtain your own independent legal advice in relation to this Agreement.
3. E-Signatures
By selecting the “I agree” box or typing your name on any form we may ask you to sign, you agree that your electronic signature is your consent to be bound by this Agreement and any Transaction terms and conditions. You further agree that we may accept your electronic signature as the legal equivalent of your manual/handwritten signature and that no third-party verification is necessary to validate your signature in any way.
4. About Our Services
4.1. What we Provide
We are an online payments company. We provide “FX Services”, that is buying and selling currency from you, for personal or commercial purposes. There are two main types: Spot Contracts and Forward Contracts (Options are available in Australia and New Zealand only). We also offer “Payment Services”, which can either be a same-currency Transaction or a cross-currency Transaction.
4.2. Not for Investment Purposes
We do not offer any form of investment or speculative trading facilities.
4.3. Exchange Rates
A. When you give us an Instruction, we will provide you with a quote for an indicative exchange rate that may apply to your Transaction. The exchange rate we quote is not the same as the market exchange rate, and is not guaranteed until the Transaction is confirmed as rates can, and do change frequently. The exchange rate that applies to your Transaction will be listed on the Deal Confirmation email you receive.
B. We do not enter into any kind of set-off arrangements that would allow you to receive or pay only the amount of any gain or loss you may have made as the result of exchange rate movements when a Transaction completes.
4.4. No Financial Advice
We do not provide you with personal financial advice. We do not take into account your specific financial circumstances or needs when we enter into a Transaction with you. Any advice we do provide will relate only to information that is already publicly available and/or to the mechanics of your Transaction. You must obtain your own financial advice and make your own assessment as to whether our Services are appropriate for your requirements and financial circumstances. Selection of the type and timing of each Transaction you enter into is for you to decide.
4.5 Fees
A. Save for certain countries (see Country-specific terms and conditions), we do not charge any fees on a Transaction if the Transaction involves a currency conversion. Please be advised that your own bank or your Recipient’s bank may independently charge fees on the Transaction. You should consult directly with the bank for information regarding any fees they may charge. In our sole discretion, from time to time we may permit same currency-pair transfers that do not involve a conversion of currency. The fee for a same-pair currency transfer will be quoted to you at the time of booking and will be expressed either as a flat fee or a percentage of the transfer amount. Any fees charged by us in relation to a particular Transaction will always be shown on the Deal Confirmation email as well as the receipt we provide to you.
B. In certain circumstances, certain intermediary fees might be levied upon a Transaction. Where possible, we will estimate the amount of such fees in the Deal Confirmation, but the Recipient Account may receive less than originally estimated. You acknowledge and agree that third party intermediary fees may apply to your Transaction. We have no control over those, receive no part of them and they are you or your Recipient’s responsibility to pay (depending upon what may have been agreed between you).
5 Using our Services
5.1. Types of Accounts
A. Personal Accounts
Personal accounts are intended only to be used for Transactions related to personal, family or household purposes. Personal accounts may not be used for business, commercial or merchant transactions. Some features of our Services may not be available to personal account holders.
B. Business Accounts
Business accounts should be used when you are conducting Transactions for commercial purposes such as the sale of goods and services. When registering for a business account, we may collect personal information about the beneficial owners, principals or any employee of your business that will be permitted access to the account. You must be authorised to bind the business and submit information on its behalf. Business accounts should not be used for personal, family or household purposes otherwise there is a risk of the Transaction being cancelled and/or your account being closed.
5.2 Identity Verification
A. To provide you with our Services, we must collect certain information about you and any Authorised User you may appoint to provide an Instruction on your behalf. This is so that we can verify your identity and also meet any regulatory or legal obligations we may have. The information may include, but is not limited to, details such as name, contact details, date of birth, proof of identity and/or financial affairs. If you are a business, it may also include information about the way you are set up, your directors or management body, the laws you may be subject to, and the ownership of your company or business. Without this information, or if we are not satisfied with it, we may not be able to provide you with our Services.
B. We may also carry out electronic database searches and credit reference agency searches to verify your identity and, if necessary, the identity and credit standing of the owners, principals, employees or directors of your business or any Authorised User of your business account. This may create a credit “footprint” on the relevant individual’s file with any such credit reference agency. When opening an account, you agree that we are permitted to leave a footprint on credit files as part of the performance of our Services. For more information see clause 16.4 (Consent to Credit Reference Reports).
5.3 Owner of the Money You are Transferring
A. For each Transaction, unless we agree otherwise, you, or the business you represent, must be the beneficial owner of the money you intend to transfer or you are acting in your capacity as a trustee of trust money. We may request documentary evidence showing ownership of the funds. You may not enter into Transactions on behalf of third parties, unless you are expressly authorised to do so in accordance with this Agreement and can prove that to us if we ask you to.
B. We recognise that there may be situations where a third party is legitimately involved, while you are still the beneficial owner of the funds, including but not limited to: salary payment; from solicitor e.g. property sale, estate, trust; sale of shares where payment is from the investment firm; joint accounts; family member (to first party); pension payments; refund of a deposit on rental / holiday accommodation; inheritance payment, etc. In such circumstances we may ask you to provide us with additional documentary evidence so that we can meet our legal requirements.
5.4 Appointing Someone to Act on Your Behalf (Authorised Users)
A. If you are transacting with us as a Business Customer, you must appoint one or more Authorised Users (even if you have a sole director who has created the business account).
B. If you are transacting with us as a Personal Customer, you may choose to appoint one or more Authorised Users if you would like us to take an Instruction from someone else acting on your behalf.
C. You can do this by signing an Authorised Signatory Form. An Authorised User may have unlimited authority to give us an Instruction on your behalf, or you may specify the stages of a Transaction you authorise them to undertake. We may contact you to confirm the details on any Authorised Signatory Form we receive from you.
D. We will rely on an Instruction received from any individual(s) authorised by you in accordance with this Agreement until such time as you withdraw or change that authority by giving us 48 hours’ notice in writing. If you wish to change or remove an Authorised User, you may do so by completing a Change of Authorised Signatory Form or otherwise by notifying us in writing.
E. This Agreement also applies to Authorised Users, but you remain responsible for their actions. We accept no liability for carrying out a Transaction that has been instructed by your Authorised User if you did not want the Transaction to proceed.
F. You, or an Authorised User, can give us an Instruction, consent to a payment or confirm the payment to the Recipient Account via our Secure Website, verbally by telephone, or by email (where we agree in advance to email Instructions).
5.5 Keeping Your Account Safe
A. We will issue, or you can choose, a username for your account with us. We will also ask that you provide personalised security details (such as a password or fingerprint) and answers to security questions. Together these are known as your Secure Details and they allow us to verify your identity so that you can give us an Instruction. We may accept any Instruction received, using the Secure Details, without performing any further checks on the identity of the user.
B. You must take all reasonable steps to keep your Secure Details secret and safe, and you must take all reasonable steps to prevent loss, theft or fraudulent misuse of them. We recommend that you do not write them down in a format that is recognisable, save them electronically, choose simple passwords, or let someone else know them unless they are an Authorised User.
C. If you know or suspect that your Secure Details have been lost, stolen or misappropriated, or that there has been unauthorised use of our Services or any other security breach, you must notify us immediately by calling us on the numbers in Contact Us within the Country Section at the end of this Agreement or by emailing us at customer.service@ofx.com. In such circumstances we may suspend your account to protect you and refer the matter to our fraud department.
5.6 Keeping Our People Safe
A. We do not tolerate hostile, aggressive, threatening or abusive language or behaviour towards our people and reserve the right to terminate a telephone call, cancel a Transaction, decline to provide you with Services or close your account in any circumstances where any of our people may feel threatened, alarmed, distressed or afraid.
B. Where there are extenuating circumstances and you wish to appeal our decision, you are entitled to raise a complaint in line with our Complaints Policy in the Country Section at the end of this Agreement.
5.7 Communicating With You
A. When we need to contact you, we will do so by email, text, telephone or mobile application using the most recent details you gave us.
B. We may record telephone calls for training, quality assurance and compliance purposes. By entering into this Agreement you consent to the electronic recording of all telephone conversations that take place between you and us without an automatic warning tone or message being given. In the event of any dispute between you and us, the recording or transcript of our telephone conversation may be used as evidence of the nature and purpose of the call and any details that were agreed between you and us in relation to the provision of any of Services.
C. You must ensure that all information provided to us is accurate and up-to-date at all times. You must tell us of any changes by calling us, updating your details on our Secure Website or mobile app. or emailing us, as soon as you can. If you do not, this may impact the Services that we can offer you.
D. By entering into this Agreement, together with the consents you gave when registering with us, you consent to receive communications from us, including e-mails and phone calls directed to the e-mail address and/or telephone number you provide when you registered for an account with us. Such communications may include, but are not limited to, Transaction details or Deal Confirmations and receipts, requests for additional documents or information and notifications regarding updates to your account.
E. You may also receive marketing or promotional messages where permitted or if you have agreed to this when you created your account with us. You may opt out of receiving promotional e-mail communications at any time by changing your preferences on your account page on our Secure Website, clicking the unsubscribe link included on the email or by contacting Customer Service. To continue using our Services, there are certain communications directly related to your Transactions and your account which you cannot opt out from receiving.
6 Transactions
6.1 Instructions
A. To give us an Instruction, we require that you provide us with the value of the transaction, the currencies you want to exchange and the Recipient Account you want to pay, as applicable.
B. When we receive an Instruction from you, we shall provide you, as applicable, with the exchange rate, information on the maximum time it will take for the Recipient Account to receive the money, any charges payable by you and a breakdown of such charges.
6.2 When the Transaction is Legally Binding
Transactions become legally binding once the booking process has been completed online or when your email, giving an Instruction, has been processed or when the telephone call, in which you place an Instruction, has concluded. We will then send you an email headed “Deal Confirmation” which is our written record of the Instruction you have given us. If you do not contact us within 24 hours of receipt of the Deal Confirmation, the Transaction details will be deemed to be correct. Even if no Deal Confirmation is received, the Transaction is still legally binding, unless we have made a mistake, and this can be evidenced by the emails we have exchanged with you, the data available on our Secure Website or the transcript of the telephone conversation during which it was booked.
6.3 Third Party Liability
A. We enter into Transactions directly with you or with you via your Authorised User. We have no responsibility to any third party. The agreement is personal to you and you cannot transfer any rights or obligations under it to anyone else.
B. Please be advised that if you book a Transaction through a mobile device, your wireless carrier’s standard charges, data rates and fees may apply. If you access the Services using a mobile application developed for Apple iOS, Android or Microsoft Windows, you agree that Apple Inc., Google Inc. and Microsoft Corporation are not parties to this Agreement and are not responsible for the provision or support of the Services. Your access to the Services using a mobile application is subject to such applicable third-party provider’s terms of service.
6.4 Changing or Cancelling a Transaction
An Instruction from you cannot be cancelled, withdrawn or changed once you have given it unless we have made a mistake and you inform us as such, after receiving your Deal Confirmation. Exceptions apply as per USA Country Specific terms only. In exceptional circumstances, we may agree to cancel or change an Instruction after it has been received. If you think that such circumstances exist you should contact us immediately by telephone.
6.5 Quotes Made in Error
If we quote you a rate that is clearly a mistake on our part, as the result of a technical or human error, it is not binding on us and we reserve our right not to process the Instruction. You must notify us by telephone or email as soon as the mistake comes to your attention and we will send a revised quote as soon as possible.
6.6 You Agree to Act Quickly
By entering into this Agreement, you acknowledge that exchange rates can fluctuate rapidly, so being able to access the rate we quote you depends on you promptly performing your agreed actions. We reserve the right to cancel or suspend a Transaction if you do not provide us with any requested information or funds promptly.
6.7 Service Notification
Once we have carried out a Service for you, we will send you a notification including a reference, amount of the payment in currency used, any charges and the date the order was received. This information is also available on our Secure Website. If you decide to turn off e-mail notifications, it is your responsibility to check these regularly and print or save a copy of this information for your records.
7 FX Services
7.1 Spot Contracts
If you wish to enter into a Spot Contract, you may do so by giving us an Instruction online, by telephone, or by email, if we agree this with you in advance.
7.2 Forward Contracts
A. In jurisdictions where Personal Customers are able to enter into Forward Contracts, an Instruction to enter into a Forward Contract is only permitted by telephone. An Instruction from Business Customers may be done by telephone or online or by email (where use of email to do so, is agreed in advance). See the Country Section at the end of this Agreement for any further terms and conditions.
B. In giving us an Instruction for a Forward Contract, you must also specify the date you want the exchange to occur.
C. Advance Payment (deposit)
We may ask you to pay a deposit in full or part payment of a Forward Contract, at any point from the time you give us an Instruction until the Maturity Date. We will tell you whether a deposit is payable before you confirm the Forward Contract. We will state the amount of any deposit/s that must be paid and tell you the date by which they must be paid.
D. Failure to Pay the Advance Payment
If you do not pay the deposit by the date required, we may cancel the Forward Contract.
E. Change to the Maturity Date
You may ask us to bring forward (pre-deliver) or to extend (roll over) the Maturity Date in relation to the whole or only part of your Forward Contract. Agreeing to such a request is entirely at our discretion. If we agree, the rate may be adjusted to account for the timing of the new Maturity Date and no profit on the adjusted Transaction will be payable by us.
F. Payment of Full Amount on Settlement
You must transfer the full amount of funds due for the Forward Contract Transaction (which is the total amount due, less any Advance Payment you have already paid) together with any applicable fees payable, on or before the Maturity Date. If we have not received funds by the Maturity Date, you will be in breach of your obligations under the Forward Contract and we may cancel the Transaction.
G. Assumption of Risk
Due to the volatile nature of the foreign currency exchange market, the value of the currency sold by you may be less favourable on the date of settlement than its value upon booking the Forward Contract. You hereby expressly accept and assume such risk and agree that we have no liability to you for any losses you may incur due to fluctuations in the exchange rate.
7.3 Limit Orders
You may give us an Instruction for a Limit Order on a Spot Contract by telephone, or, if we agree this with you, through our Secure Website or by email.
A. When You Can Cancel a Limit Order
You may cancel a Limit Order at any time before the Target Rate is reached by contacting us by telephone only. You may not cancel a Limit Order after the Target Rate has been reached, whether or not we have notified you that the Target Rate has been reached. When the Target Rate is reached, you are legally bound by the Transaction.
B. How We Will Notify You About the Target Rate
We will notify you by telephone or email as soon as possible after the Target Rate has been reached.
The Target Rate will be deemed to have been reached only when the exchange rate nominated in your Limit Order has been filled with our provider. This will occur when the rate you have nominated has been exceeded by an amount that includes our Margin.
It is important that you know that exchange rates can change very quickly and the Target Rate may not remain for long. As such, you may need to act quickly when you receive a notification from us.
C. Target Rate
You may find that, in some cases, the exchange rate spikes and falls with the result being that the exchange rate you have nominated in your Limit Order has been reached but it may not get filled due to limited liquidity in the market. For the avoidance of doubt, we will not fill your Limit Order in those circumstances.
If the Target Rate does not become Sustainable and Purchasable during the relevant period, the Instruction will automatically expire.
D. Making Payment
As soon as you receive our notification that the Target Rate has been reached, you must take action to ensure that the funds reach our nominated account by the Delivery Date. If we do not receive the funds in time, we reserve our right to cancel the Limit Order.
7.4 Automatic Conversion
A. If you elect to use Automatic Conversion, we will convert your funds immediately upon receipt by us and transfer such funds to your designated Recipient Account. If you instruct us to undertake Automatic Conversion, either for a single Transaction or as a standing instruction, you acknowledge and agree that:
1. We will convert funds from one currency to another and transfer such funds to your designated Recipient Account at our then current Spot Rate;
2. The Transaction will be legally binding on you when we receive the relevant funds; and
3. We will provide you with confirmation of the Transaction details via a Deal Confirmation.
B. It is your responsibility to ensure that you give us accurate and complete details. We rely solely on the account number you give us and will not check that the name you provide matches the account number you have given us.
C. You may cancel an Automatic Conversion instruction at any time by giving us at least 24 hours’ notice, which will apply to any funds received by us after this time. Otherwise, a Transaction or Instruction cannot generally be withdrawn or changed once it has been received.
7.5 Deal Confirmation
In the Deal Confirmation email, we will specify the Transaction details including:
· The amount of the “Sale Currency” required, that is, the currency you are selling to us,
· The amount of the “Purchase Currency”, that is, the currency you are buying from us,
· The exchange rate offered,
· Any applicable fees,
· Who the funds are to be sent to (the “Recipient Account”),
· The “Booking Date”, that is, the date your Instruction is treated as finalised,
· The “Maturity Date” or “Delivery Date”, that is, the date on which the currency exchange is to be made by us and by which you must have provided cleared funds to cover the Transaction costs and any applicable fees. These should be in the same currency as your Sale Currency and into the bank account we specify, and
· Any terms and conditions for paying an Advance Payment or deposit (if applicable).
8 We Are Under No Obligation to Accept Your Instruction
8.1 No Obligation
We are under no obligation to accept an Instruction from you and we do not accept any liability for any loss you may incur as a result.
8.2 Security Breach
We will prevent the use of your Secure Details if we reasonably believe that:
· It is appropriate to protect their security or access,
· Their use is or may be unauthorised or fraudulent,
· It may otherwise compromise our security measures, or
· We have to do so under an applicable law or regulation or order of a court or other regulatory body.
We will tell you if we need to stop or suspend the use of your Secure Details, using the contact details you have provided to us, unless that would break the law .
8.3 Secure Details
Unless we have terminated the Agreement due to a security breach or a suspected security breach, we will allow you to use your Secure Details again once the reasons for suspending the use of your Secure Details no longer applies.
8.4 Security Breach Notification
We will also take reasonable steps to tell you (provided we are legally permitted to do so) if we become aware of a security breach that could impact you and let you know of any steps you may take to reduce any risk to you.
8.5 Transaction Limits
We may apply limits to the number of Transactions that you can make each day. We may also apply limits to the amount of money that you can transfer each day. Where this is the case, we will notify you separately and let you know if there is another way you can give us an Instruction.
9 When We Can Close Your Account
We have the right to close your account, at our sole discretion, if we reasonably believe the information you have provided to us is false or misleading or that a proposed Transaction may be connected in some way with Illegal Activities or may result in reputational harm or any other unacceptable business risk to us. If we do this, any monies we may owe to you will be returned to you in accordance with applicable laws. Likewise, any monies you owe to us must be paid.
10 Payment for Services
10.1 Your Client Reference Number
A. When you transfer your funds to us via a bank transfer, you need to include your client reference number so we can tell who the money has come from. This number will be included in the Deal Confirmation we send to you after you give us your Instruction.
B. You can also find your client reference number by accessing your online account and going to the “Our Account Details” tab and selecting an available currency. Your unique client reference number will be next to “Reference” on the last line of every bank account.
C. This number is unique to you for all your transfers and every currency and should be used by you every time you send money to us.
D. Funds from Business Customers must come from a business bank account.
10.2 Spot Contract Payments
You must pay us the full amount into our nominated account as soon as possible and within two Business Days of when the Transaction becomes legally binding. If we have not received the funds by that date, we will not be able to process the Transaction and reserve the right to cancel the Transaction. You should use your client reference number as the reference for all payments to us.
10.3 Forward Contract Payments
You must pay us the full amount of funds for the Forward Contract (less any Advance Payment(s) already paid) AND any fees that are payable before the Maturity Date. If we have not received the funds by the Maturity Date, we will not be able to process the Transaction and reserve the right to cancel the Transaction. You should use your client reference number as the reference for all payments to us.
10.4 Payment from Another’s Account
If you want to make the payment from someone else’s bank account, we may require evidence that you are entitled to do this and you must bring it to our attention as early as possible to avoid delays to your Transaction. You must be the beneficial owner of the applicable funds (see 5.3 Owner of the Money you Are Transferring).
10.5 Providing the Correct Details
A. It is your responsibility to ensure that accurate and complete payment information (including details of the Recipient Account) are provided to us on or before the Maturity Date or Delivery Date.
B. You must provide us with full details of the Recipient Account, including the account number, the full name and address of the recipient, the full name and address of the recipient’s bank and any other reasonably requested details. If you fail to do so, we will not be able to process the Transaction.
C. We rely solely on the Recipient Account bank account number you give us. We do not, as a matter of course, carry out any further checks to verify that the account details are correct so it is important that you give us the right details.
10.6 Full Amount of Funds Must Be Received
A. The full amount being transferred, plus any Transaction fees that may be payable and any other fees that have been requested or may be deducted by us or a third party, must be received by us in cleared funds before we credit your Recipient Account.
B. The exception to this is where certain business Customers have access to intra-day credit and the Transaction is carried out before funds have cleared, following proof being provided to us that the funds have been sent to us. Access to this feature is at our discretion and is not available to all business Customers.
Should we receive less than the agreed amount of funds from you (for example, as a result of your bank deducting a fee prior to transfer), we reserve the right to proceed with the Transaction using that lesser amount which will result in a lesser amount being transferred to your Recipient Account.
10.7 Failure to Make Payment
If you fail to make full payment for any Transaction when due; or when a payment is returned unpaid or is otherwise dishonoured and no alternative form of payment is received by us, we will not be able to process your Transaction and may take other action such as cancelling a Transaction (see Clause 11), closing your account or pursuing you for any losses we may have suffered as a result.
10.8 Funds Held by Us
A. If you send funds to us prior to giving us an Instruction and want us to hold your funds, pending completion of the Transaction, you must provide us with your Instruction as soon as possible. If you do not do so, we will attempt to return the funds to you.
B. You acknowledge and agree that we do not hold your funds in trust and will not transfer your funds into a separate bank account or pay you any interest on any funds held by us.
10.9 Paying Out of Funds
A. We will pay your funds by electronic means only.
B. Once a Transaction has been completed, provided that no outstanding amounts are owed to us, the Purchased Currency, held by us, will be available for onward payment to you or to the Recipient Account.
C. We will not pay out funds until all payments to us have cleared, including the full amount being transferred and any fees that may be due.
10.10 Unauthorised Payments
A. If you believe that you did not authorise a Transaction relating to a Payment Service, please notify us without undue delay. If we determine that you did not authorise a Transaction in accordance with the process in Section 6, we will refund you the value of the transaction as soon as practicable unless:
1. We reasonably believe you have acted fraudulently, or
2. You have failed to take care of your Secure Details or failed to notify us without undue delay after becoming aware of the loss, theft or unauthorised use of your Secure Details.
In both cases, you will be liable for any associated loss.
B. If we investigate further and find that you authorised the payment(s), you must return any refund(s) we provided to you as soon as possible.
10.11 Errors on Our Part
A. We are liable to you for the correct execution of your Instruction, unless we can show we acted in accordance with your Instruction and the Recipient Account received the requested amount of funds. You should check Deal Confirmation emails, receipts and other information when you receive it from us and contact us immediately if there is anything which is incorrect or which you need us to clarify or confirm. If you do not do so, we will not be liable to you for any associated loss.
B. Where we have incorrectly executed a Transaction and we are liable, we shall refund you the amount of the Transaction without undue delay.
C. Regardless of whether we are liable to refund you, we shall immediately and without charge:
1. make efforts to trace any non-executed or incorrectly executed Transaction; and
2. notify you of the outcome.
D. We are liable to you for any charges incurred by you where we have incorrectly executed a Transaction.
10.12 Errors on Your Part
A. All information you provide to us must be complete, accurate and truthful at all times and you must update this information whenever it changes. We are not responsible for any financial loss arising out of your failure to do so. We may ask you at any time to confirm the accuracy of your information and/or provide additional supporting documents.
B. Should you make an error (for example, you give us the wrong Recipient Account details) and your funds are not sent to the intended Recipient Account as a result, we will not be liable for any loss you incur but we will make reasonable efforts to help you trace the money. Whether the funds can be recovered will depend on a number of factors including which bank the money has been paid to and any local laws that may apply. You can ask us in writing for any relevant information we may have to help you reclaim payment of the funds.
C. You agree to take all available steps to recover any such funds if the mistaken Recipient Account is owned or controlled by someone related to you or associated with you in some way.
11 Cancellation of Transactions
11.1 When We May Cancel a Transaction
A. We reserve the right to cancel any Transaction, without prior notice to you, if we believe there is a valid reason for us to do so including, but not limited to, any of the following:
1. An Instruction is not complete or you have not provided us with any additional information we may have asked for;
2. We do not believe the Instruction came from you (at our sole discretion, acting reasonably) and we have been unable to verify that the Instruction did come from you;
3. You have not paid us money you may owe us when it is due;
4. You are resident in certain countries where we do not or cannot do business;
5. It would mean we may break a law, regulation, code, or other duty that applies to us or may expose us to claims by third parties;
6. We reasonably believe an Instruction is connected to fraud, money laundering, terrorist financing, tax evasion, or other criminal activity;
7. We believe it could expose us or another member of our group of companies to legal or regulatory action;
8. We believe your account has been misused for example, using a Business Account for personal Transactions;
9. If you breach any other material term in this Agreement or any terms and conditions relating to any individual Transaction;
10. In the event that a dispute arises between us that is unable to be resolved without delaying the Transaction (for the purposes of minimising loss to us).
11. If any information or warranty you have given us is or becomes, in our opinion, inaccurate, incorrect or misleading;
12. In the event of your death or loss of capacity;
13. If bankruptcy proceedings are commenced against you or we reasonably believe that you are insolvent or at risk of insolvency or bankruptcy;
14. If our banking partners refuse to process a payment or similar events that are outside of our control; or,
15. If you terminate this Agreement.
B. There may be a delay in the Services we provide while we check that none of the above reasons apply. We will notify you if we are or have been unable to process a Transaction and the steps you may need to take to correct any errors in your Instruction.
C. You must notify us immediately if you become aware of any event referred to above happening or being possible or likely to happen.
11.2 Consequences of Cancelling a Transaction
When we cancel a Transaction, we buy back the currency that we have bought for your Transaction at the prevailing market rate. If the value of the currency you have asked us to exchange has strengthened, a loss will be incurred on the Transaction and you will be liable to pay us the amount of that loss, together with any reasonable expenses or other costs we incur as a result. This is called a “Reversal Loss”.
11.3 No Payment of Profit
We will not pay you any profit arising from us cancelling a Transaction, or for any other reason, under any circumstances.
11.4 Right to Deduct Money Owed
The amount of any Reversal Loss is a debt payable by you and you agree that we may immediately, without notifying you, deduct the total amount of any Reversal Loss (together with any other costs we may have incurred) from any funds we may hold for you, including from any deposit whether related to the cancelled Transaction or not. If the amount we are seeking to recover exceeds the amount of any deposit or other funds held by us, you agree to pay us the balance.
11.5 Additional Costs You May Be Liable For
A. Your failure to pay any amount owed to us is considered a material breach of this Agreement. In addition to the amount owed, you will be liable for any costs we may incur during collection of such amounts. Collection costs may include lawyers’ fees and expenses, the cost of arbitration or court proceedings, collection agency fees, applicable interest and any other related costs.
B. You agree that we may charge you interest on any sum that remains payable to us after it fell due. Interest will accrue and will be calculated daily and be compounded monthly from the date payment was due until the date full payment is made by you. Please refer to the Country Section at the end of this Agreement for details of any applicable interest rates.
11.6 Notice of Monies Due
If we cancel a Transaction, we will contact you explaining the amount of any sums that are payable to us and the amount of any sums being withheld by us.
11.7 Set Off
A. In addition to other remedies available to us, if you fail to pay any amount when it becomes due under this Agreement, we may set-off such amount against any amount payable by us to you.
B. We are entitled to set-off against any amounts due to us by you, any amounts received by us from or on behalf of you. We may determine the application of any amounts which are to be set-off at our discretion.
12 Anti-Money Laundering and Countering Financing of Terrorism (“AML/CFT”)
12.1 AML/CFT Compliance
Please read our Money Laundering Statement within the Legal section of our website at ofx.com.
By entering into this Agreement, you agree that you will not knowingly do anything to put us in breach of the Anti-Money Laundering and Counter-Terrorism Financing laws in any jurisdiction in which we operate. You undertake to notify us if you become aware of anything that would put us in breach of any AML/CFT law.
12.2 Means of Payment
A. To reduce the risk that our Services could be used for money laundering purposes, we will not accept payment in cash, by cheque or by debit or credit card. All money is received and remitted by us by means of electronic bank transfer only.
B. You must ensure that you use your client reference number as the reference on your electronic payments. You acknowledge that if you do not include your client reference number we may not be able to link the payment to you and may have to cancel the Transaction and attempt to return the funds to the account from which we received them.
12.3 You Have No Grounds for Suspicion
By giving us an Instruction, you confirm that you are not aware and have no reason to suspect that: (i) the money you are transferring comes from or is related to Illegal Activities; or (ii) the money you are transferring will be used to finance, or used in connection with, Illegal Activities.
12.4 Consent to Use of Information by Us
A. All information you provide to us could be made available to regulatory authorities in both the country of origin of the funds and in the country to which the funds are being sent.
B. We are subject to various laws relating to AML/CFT. You consent to us disclosing, in connection with any of these laws, any of the personal information we may hold about you, any Authorised User, the owner of a Recipient Account or any other individual linked to your account whose personal information we may hold, such as any of the owners, directors, shareholders or other persons involved in the running of a business who have a Business Customer account with us. You agree that any personal information provided to us by you in relation to any of these individuals has been provided in accordance with the terms of this Agreement, specifically clause 16 (How We Use Your Information).
12.5 Freezing or Blocking the Transfer of Funds
In certain circumstances, we may freeze or block an account where we believe or are told that it is being, or has been used, in connection with actual or suspected Illegal Activities. Freezing or blocking can arise as a result of the account monitoring that is required by AML/CFT laws and or at the direction of a court, regulator or government authority. If this occurs, we are not liable to you for any consequences you may suffer or losses you may incur whatsoever and you agree to indemnify us for all losses, costs, expenses, claims and damages that we may suffer or be found liable for, in connection with the freezing or blocking of your account.
12.6 Right to Refuse to Provide a Service
We reserve the right to refuse to accept you as a Customeror to refuse to process any Transaction at any stage of our relationship if we reasonably believe the information you have provided to us is false or misleading or that a proposed Transaction may be connected in any way with Illegal Activities or may result in reputational harm or any other unacceptable business risk to us.
12.7 Reporting Obligations
We are obligated to report all suspicious activities and Transactions to the relevant authorities. In almost all instances we are not permitted by law to inform you of any such reporting.
13 Indemnities
13.1 Your Liability to Us
A. You agree to indemnify us for any losses, costs, expenses or fees we may incur as a result of your failure to perform any of your obligations under this Agreement. This includes any legal costs that we may incur in enforcing any of our rights or recovering any amounts due to us. You also agree to indemnify us for any fees, costs, duties and taxes charged by any third parties in relation to the Transactions you enter into, including fees or charges which may be charged by your Recipient Account’s bank, whether or not those fees or charges were notified to you in advance.
B. You agree to indemnify us (and our respective affiliates, subsidiaries, officers, directors, employees, contractors, agents, licensors and suppliers) from and against any and all claims, fines, civil penalties (including but not limited to regulatory fines for data breaches), losses, judgments, damages, liabilities, interest and expenses including, but not limited to, legal fees arising out of or in relation to any claim, action, or other proceedings brought by any third party that may arise out of or relate to: (i) any actual or alleged breach of your obligations, representations or warranties, as set out in this Agreement; (ii) your fraudulent, negligent, wrongful or improper use of the Services; (iii) your violation of any law, rule, or regulation of any country; (iv) any other party’s access and/or use of the Services using your Secure Details.
C. It is important to note that if you are a Business Customer, these indemnities apply to any individual assigned a User Account and to the business entity which is registered as a Customer with us, jointly and severally. We may decide to take action against any individual in a personal capacity, or against the business entity, or both, at our discretion, should you breach this Agreement leading to a loss, cost, damage or liability for us.
13.2 Our Liability to You
A. If we make an error and your funds are sent to the wrong Recipient Account or we complete a Transaction incorrectly or late, unless dealt with elsewhere in this Agreement, we will take urgent action at our own expense to recover the funds. Subject to the exclusion at clause 13.2(b), we will refund the applicable funds to you. We will not be liable to you if the bank where the Recipient Account is held received the funds and they then made the error.
B. Where the mistaken Recipient Account is held by a person or company with whom you have a personal or pre-existing business relationship with, you must immediately take all reasonable steps to assist us to recover any such funds. To the extent that your failure to take such reasonable steps impacts our ability to recover the funds from the mistaken Recipient Account or causes you further loss, we will not be liable to you under this clause.
14 Limitation of Our Liability
14.1 Liability Cap
A. Our liability to you for each and every Transaction is limited to the amount of money you have actually paid us in relation to any particular Transaction.
B. For the avoidance of doubt and without limiting any other provision of this Agreement:
1. If your funds are sent to the wrong account or otherwise fail to reach your Recipient Account as the result of a mistake made by us, we will credit your Recipient Account with the same amount of funds (subject always to your obligations under this Agreement), but that shall be the full extent of our liability to you in these circumstances.
2. If we cancel or refuse to process one or more of your Transactions for any reason, we shall refund to you any funds that we hold on your behalf, but that shall be the full extent of our liability to you in these circumstances.
14.2 Where Our Liability to You is Excluded or Reduced
A. We will not be liable to you for loss incurred by you under this Agreement that is:
1. Non-financial loss including, but not limited to, loss for emotional pain or suffering;
2. Indirect, consequential or special damages or loss including, but not limited to, loss of business, loss of revenue, loss of profit, loss of income, loss of market share, loss of opportunity; loss of goodwill; loss of opportunity to realise a gain as a result of foreign exchange fluctuations; or loss of interest on funds, whether such loss arises in contract, tort (including negligence) or any other legal theory;
3. Suffered as a result of or in connection with a change in laws and regulations applicable to us;
4. Suffered as a result of or in connection with delay to the provision of the Services and where that delay was caused by circumstances outside of our reasonable control including, but not limited to delays caused by:
I. The action or inaction of third parties to this Agreement including intermediaries on whom we rely on to provide the Services to you;
II. Network or equipment failure, including failure, unavailability or defect to our online dealing platform; and
III. The need for us to undertake further due diligence to meet our regulatory requirements and protect ourselves from unacceptable business risk;
5. Suffered as the result of or in connection to:
I. Your own mistake; or
II. Your own network or equipment failure;
6. Incurred when you have acted or whilst you are acting:
I. Fraudulently, with negligence or gross negligence; or
II. In breach of any of the terms of this Agreement.
B. Our liability to you will be proportionately reduced to the extent that:
1. We could not reasonably have predicted your loss;
2. We have acted in accordance with our obligations under this Agreement; or
3. we have acted in accordance with our obligations under laws and regulation applicable to us in relation to this Agreement.
C. These exceptions will not apply to the extent that we acted fraudulently, with gross negligence or the law does not allow us to exclude or limit liability.
15 Warranties
15.1 Your Warranties
a) You agree that the following statements are true and accurate, and you acknowledge that we may refuse to process, or cancel, any or all Services and Transactions, if we find at any stage that they are not true and accurate:
1. You are over the age of 18,
2. You have full authority to enter into this Agreement and to instruct the Services under it;
3. You are the owner or beneficial owner of the money being transferred (or otherwise have the right to transfer the money in accordance with this Agreement);
4. You have a valid legal reason for entering into each Transaction and will not enter into any Transaction for speculative purposes;
5. If you are a Personal Customer;
I. you are resident in the country in which you are transacting.; and,
II. you will not use your account for business, commercial or merchant transactions.
6. If you are a Business Customer;
I. You are incorporated, or registered, in the country in which you are transacting and have full authority to enter into this Agreement and any Transactions;II.
II. You will inform us if you are acting as: (a) a sole proprietor of a business; (b) a trustee of a trust; or (c) a partner of a partnership;
III. If you are acting as a trustee of a trust, you are properly authorised to enter into this Agreement and any Transactions in accordance with the terms of the relevant trust deed;
IV. you will not use the account for personal, family or household purposes;
V. any Authorised User linked to your account is validly appointed by you, is authorised to act on your behalf and all information provided by the Authorised User is accurate, true and not misleading;
VI. in making your decision to enter into a Transaction, you will not rely on any market-related information that may be provided from time to time by us on our Secure Website or by our employees or consultants; and
VII. you are authorised to bind the business and submit information on its behalf and you acknowledge that you may be held personally liable by us for any breach of any term of this Agreement.
B. If you are acting as a trustee of a trust, this Agreement binds you in your personal capacity and in your capacity as trustee of the trust.
C. By entering into this Agreement, you assume responsibility for carrying out your own due diligence on the identity of the holder of your intended Recipient Account. While we reserve the right to cancel Transactions where we suspect there may be Illegal Activities or where our compliance requirements are not met, it remains ultimately your responsibility to ensure that the Recipient Account is legitimate. We will not be liable where you fall victim to a scam and where we have met our obligations under this Agreement.
D. By entering into this Agreement, you acknowledge that there may be delays in the transfer and receipt of payments and whilst we will do everything in our power to ensure the transfer of funds, you accept that we cannot guarantee that transfers of funds will always be made on time.
15.2 Our Warranties
A. We represent and warrant that:
1. we have the right, power and authority to enter into this Agreement and to perform all of our obligations under it;
2. the Services will be provided in accordance with generally accepted industry standards;
3. we have used, and will continue to use, reasonable commercial efforts to provide the Services and to protect your account and money.
B. We will make every effort to process Transactions in a timely manner, but we make no guarantees or warranties regarding the time it takes to complete a particular Transaction because our Services are dependent upon many factors outside of our control. Additionally, we do not have any control of, or liability for, any acts or omissions of the bank where the Recipient Account is held or any goods or services that are paid for using our Services.
C. Whilst we make every effort to provide our Services to you with the utmost care and diligence, we do not warrant or guarantee that the Services will meet your requirements; that the Services will be available at a particular time or location; that the Services will be uninterrupted, error-free, without defect; that any defects or errors will be corrected; or that the services are free of viruses.
16 How We Use Your Information
16.1 Privacy Policy
You acknowledge that the terms of the Privacy Policy as disclosed to you (see clause 1.2 (How this Agreement Works)), and as may be amended from time to time, forms part of the basis upon which we provide Services to you.
The following provisions apply contractually between you and us in relation to privacy and data protection.
You acknowledge and agree that we may use, store, retain and otherwise process information, including personal information, or data provided by you in connection with this Agreement, in line with any Data Protection and Privacy laws that may apply or as may have been disclosed to you during the onboarding process and as set out in these terms.
16.2 Recipients and Authorised Users
You acknowledge that, to provide our Services to you, we may need to obtain personal information about your Authorised Users, your Recipient Account holders and other people involved in your business including but not limited to ultimate beneficial owners (if you are a Business Customer). You agree to provide us with the information that we request and you agree that, in relation to any information you give us about other people, you have disclosed to the individual/s concerned that we will collect, use and disclose their information in accordance with this Agreement. You acknowledge that if you refuse or fail to provide any requested information relating to your Authorised Users, Recipients and / or any other relevant third party that we may not be able to process your Transaction.
16.3 Biometric Information
When you sign up for an OFX account, you will provide certain Biometric Data. OFX uses a third-party service provider to collect and store your Biometric Data for the purposes of identifying you. OFX does not collect, capture, receive or otherwise obtain your Biometric Data without notifying you in writing in advance or without your consent or the consent of your legally authorised representative. You may decline to provide your Biometric Data. However, if you decline to provide Biometric Data, we may not be able to provide Services to you. Click here for more information.
16.4 Consent to Credit Reference Reports
You acknowledge and agree that we may access any electronic databases we deem necessary to assist us to identify you and to assess your creditworthiness. You agree that we may obtain, use and retain information about you that we have obtained from any business that provides information about the creditworthiness of individuals, including a consumer credit report from a credit reporting agency. In doing so, we may give information about you to a credit reporting agency for the purpose of obtaining a consumer credit report about you and allowing the credit reporting agency to create or maintain a credit information file containing information about you and you accept and agree that this may create a credit “footprint” on your file with any such credit reference agency
16.5 Protecting Your Information
We collect and store all information electronically and take all reasonable steps to protect information from unauthorised access, but we cannot accept liability for unauthorised access or use of your personal information or Secure Details where you have failed to keep your personal information or Secure Details safe.
16.6 Retaining your Personal Information after Termination
We will be legally obligated to use your information for other purposes, for example, to keep records to meet our regulatory obligations, following termination of this Agreement. If you withdraw any consent provided to us, we may not be able to continue to provide Services to you, but we will be required to retain your Personal Information for as long as may be necessary to meet any regulatory requirements.
17 Changes to this Agreement
17.1 Making Changes to this Agreement
A. We may make changes to this Agreement for a number of reasons including, but not limited to, changes in:
1. the Services we offer or introducing a new Service,
2. technology, the banking system or industry,
3. expected changes, to laws or regulations,
4. our costs, or,
5. how we need to operate to manage our business sustainably over the long term.
B. We will notify you of any changes by email and by posting an updated version of this Agreement on our Website.
C. The amount of notice we provide will depend on the type of changes we are making and the country you reside in (see the Country Sections section at the end of this Agreement).
D. This will not affect any rights or obligations you already have, but you will be bound by the new terms when you enter into any Transactions after the changes have been made to this Agreement.
17.2 Accepting Changes to this Agreement
If you do not tell us that you want to terminate this Agreement before the change happens, we will treat you as having accepted the change.
18 Termination of this Agreement
18.1 When We Can Each Terminate
A. This Agreement will remain in effect until it is terminated by you or us.
B. By You
You may terminate this Agreement at any time without charge by notifying us in writing or telling us (we may ask you to confirm this in writing), providing all monies owed to us have been paid. Any Transactions or Services that have been requested, prior to termination, will be completed prior to termination taking place.
C. By Us
We may terminate this Agreement, by providing notice to you of our intention to do so, at any time. Where there is a specific notice period in respect of our decision to terminate, it is listed in the Country Section at the end of this Agreement, otherwise we will provide prior notice. We may also suspend or limit your access to our Services or we may terminate this Agreement on shorter notice, or immediately, if we reasonably believe that:
1. You have seriously or repeatedly broken the terms of this Agreement,
2. You have given us false or misleading, incomplete, incorrect or inaccurate information,
3. You are no longer eligible for a Service,
4. A Service you have requested is, we believe, connected to or allegedly connected to fraud, money laundering, terrorist financing, tax evasion, or any other Illegal Activity,
5. not doing so would mean we may break any law, regulation, code, or other duty that applies to us,
6. not doing so may expose us to claims by third parties,
7. You have been threatening or abusive towards any of our people,
8. Your account is dormant (i.e. you have not used any of our Services for more than 24 months),
9. not doing so could otherwise expose us (or any of the OFX companies) to legal or regulatory action,
10. in the event of your death or loss of mental capacity; or
11. You become bankrupt, or we reasonably believe that you are insolvent or at risk of insolvency.
D. In the event of any of the above, you must still pay us any monies owed to us in relation to any Transactions and / or Services in accordance with clause 18.2 (Final Settlement) below.
18.2 Final Settlement
A. For the purposes of this clause 18.2 the following defined terms apply;
“Close-out Amounts” means the losses we would incur or gains we would realise on the Termination Date in replacing the material terms and option rights of the parties under a Transaction. We may consider any of the following in determining the Close-Out Amount:
1. quotations for replacement Transactions from third parties;
2. third party market data; or
3. internal quotes or market data.
We may determine Close-out Amounts for groups of Transactions if they are all accounted for. Unpaid Amounts and Expenses in respect of Terminated Transactions are excluded from the Close-out Amount calculation.
“Expenses” means any amounts incurred by you or us in enforcing and protecting the rights under this Agreement.
“Termination Amount” means the sum of:
1. the Close-Out Amounts; plus
2. any Expenses; plus
3. any Unpaid Amounts due from you to us; minus
4. any Unpaid Amounts due from us to you.
“Termination Date” means the date on which a Transaction is cancelled.
“Unpaid Amounts” means all amounts (excluding the Termination Amount) that have become payable by one party to the other under this Agreement and which remain unpaid as at the Termination Date.
A. When a Transaction is cancelled or this Agreement is terminated, for any reason, we will calculate the Termination Amount on the date of such cancellation/termination.
B. Where the Termination Amount is an amount owing to us, it will be immediately due and payable to us. You agree to pay the Termination Amount within 7 days of being notified by us of the total amount due.
19 Legal Disputes
19.1 Legal Action
We may be required to respond to and comply with valid legal orders affecting you. As a result, we may take certain actions such as suspending payments, freezing accounts, releasing your funds, or disclosing data or information about you or your Transaction, to the extent we are required to do so, to a court, a regulatory body, government agencies or other enforcement authorities. Unless prohibited by applicable law or regulatory requirements, we will make reasonable efforts to notify you of any such action. You acknowledge that we do not have any obligation to contest or appeal any legal requirement which may involve you. We are not liable for any losses, whether direct or indirect, that you may incur in relation to our response to, or compliance with, a legal requirement.
19.2 Recovery of Money Payable by You
You acknowledge that nothing in this Agreement shall prevent us from taking immediate legal action for monetary damages, interim or permanent relief, approaching a court for an urgent injunction or to appeal the decision of an arbitrator or to recover any monies you may owe us as a result of the cancellation of a Transaction or termination of this Agreement. You hereby expressly submit to the exclusive jurisdiction of any such court of law.
20 How to Make a Complaint
For details of our internal complaint handling procedures please refer to the Country Section or to our Complaints Policy which can be found on our Website. Alternatively, you can ask us to send you a copy using the Contact Us details below.
21 Electronic Communications Consent
A. As an online service, most of our communications with you, including but not limited to Deal Confirmations and updates to agreements and disclosures, will be provided to you in electronic format, unless otherwise required by applicable law or in accordance with your stated preferences at the time of registration of your account with us. We will provide these communications to you by posting them on our Website or by emailing them to you at the email address listed in your account. You agree and consent to receive such communications in electronic format (please note that consent to communications for marketing purposes is treated separately and you have the right to “opt out” of such communications). You further agree that such electronic communications have the same meaning and effect as if we had provided you with a paper copy. You may withdraw your consent to receive all communications electronically at any time by contacting us (see Contact Us details below) but if you do so, you will no longer be able to use our Services, unless we agree otherwise.
B. You may print and retain a copy of all our communications, if you so wish.
C. In the event that your contact email address changes, you must notify us.
22 Intellectual Property
A. All intellectual property, including but not limited to our logo, Secure Website and mobile app are owned by us or third parties, and all right, title and interest relating to them shall remain our property, or that of our subsidiaries, and/or any such other third parties.
B. Our Secure Website, mobile app and Services may be used only for the purposes permitted by this Agreement. Unless you have our express written consent, you are authorised to view and retain a copy of the pages of our Secure Website and mobile app for your own personal, non-commercial use only. Other products, services and company names appearing on our websites or mobile application may be trademarks of their respective owners.
23 Other Important Terms
23.1 Which Laws apply?
For information on which country’s laws apply to this Agreement and where you may bring legal proceedings, please see the Country Section below.
23.2 Notices
Where notice in writing is required under this Agreement, it may be sent by post or email. Proof of posting will be proof of receipt; in the case of email on the day of dispatch or in the case of delivery by post, 48 hours from the date of posting. Documents shall be sent to the last known postal address or email address you have provided to us.
23.3 Remedies and Waivers
Any failure by you or us to exercise any right or provision under this Agreement will not affect the right to enforce the same right or provision on a future date and will not affect any other rights under this Agreement, nor will it affect any right or remedy either of us may have under any applicable law or regulation, unless expressly stated otherwise.
23.4 Transfer of Obligations Under this Agreement
Unless you have our express written consent (not to be unreasonably withheld), the rights and obligations under this Agreement may not be transferred by you. This Agreement is with you, the Customer, and we have no obligations to any other party. We may transfer this Agreement to any third party, providing we tell you in advance.
23.5 Severability
If any term under this Agreement, whether in full or in part, is found to be illegal, invalid or unenforceable, under any law or enactment, it will no longer form part of this Agreement. That will not affect the legality, validity or enforceability of the rest of this Agreement which will otherwise remain in full force and effect.
23.6 Headings Used
The headings used to identify this Agreement’s provisions, do not have any substantive meaning or interpretative value.
23.7 Entire Agreement
Except where expressly stated otherwise, this Agreement will prevail over any conflicting policy or agreement and supersedes all prior agreements or understandings you may have with us.
23.8 Force Majeure
Where we are prevented from providing the Services because of telecommunications or utility failures, equipment failures, labour strife, riots, war, terrorist act, pandemics, unforeseen government-imposed restrictions, fire or other acts of nature or any other circumstances outside of our reasonable control (a “Force Majeure Event”), we will be relieved of our obligations under this Agreement.
23.9 Market Disruption
If, in our reasonable opinion, a Market Disruption occurs after we have provided you with a quote, we may revise any quote, or any rate or margin component of any of our Services, with immediate effect, until we reasonably determine the period of Market Disruption has ended.
23.10 No Partnership or Agency
Nothing in this agreement is intended to, or shall operate to create a partnership between the you and us, or authorise either party to act as agent for the other, and neither party shall have the authority to act in the name or on behalf of, or to otherwise bind the other, in any way including, but not limited to, the making of any representation or warranty, the assumption of any obligation or liability and the exercise of any right or power.
23.11 Survival: Clauses that Remain Valid
Upon termination of this Agreement for any reason, the following sections of this Agreement, shall remain in effect: clause clause 13 (Indemnities); 14 (Limitation of Our Liability); clause 15 (Warranties); clause 20 (How to Make a Complaint); clause 23.1 (Which Laws apply?); clause 23.7 (Entire Agreement); and clause 23.11 (Survival: Clauses that Remain Valid).
GLOSSARY
In this Agreement:
Advance Payment means a payment of all or part of any sum that is due to us on the Maturity Date.
Authorised Signatory Form means a form that we will give you to enable you to appoint somebody else to perform a Transaction on your behalf. This person will then become an “Authorised User”.
Automatic Conversion – when you instruct us to convert funds from one currency to another and enter into a Transaction immediately upon us receiving funds into our account.
Business Day means a day other than a Saturday, Sunday or public holiday on which banks are open for business in the jurisdiction of the company in the global OFX group with whom you have contracted.
Customer/s means as defined in clause 2 (Who This Agreement Affects).
Data Protection and Privacy Laws means all laws and regulations relating to the processing of your Personal Data under this Agreement
Deal Confirmation means the notification we send you confirming the details of the Instruction you have given us.
Delivery Date means the date on which we have requested that you deliver your funds to our account for transmission.
Forward Contract means a foreign exchange contract under which we exchange money at an agreed exchange rate and at an agreed time which is between 48 hours and 12 months from the time of the contract commencing.
FX Service means the Service where we buy and sell currency from you for personal or commercial purposes. Being Spot Contracts, Forward Contracts, and Options (available in AU and NZ only).
Instruction means a request made by you or any of your Authorised Users to enter into a Transaction. It shall be taken to include any information, communications or documents incidental to or relating to a Transaction whether we process the Transaction or not.
Illegal Activities means any actual or alleged unlawful or criminal acts including but not limited to money laundering, terrorism financing or any similar activities.
Limit Order means an Instruction to enter into a Spot or Forward Contract at a rate you have nominated (“Target Rate”).
Margin means the difference between the retail exchange rate we quote to you and the wholesale exchange rate we obtain from our provider.
Market Disruption means a situation wherein markets cease to function in a regular manner, typically characterised by rapid and large market declines. Market disruptions can result from both physical threats to the stock exchange or unusual trading (as in a crash).
Maturity Date means, in relation to a Forward Contract, the date on which the currency exchange is to be made by the Company and includes any agreed variation to the original date, being either an earlier or a later date.
“OFX” means as defined in clause 2 (Who This Agreement Affects).
Payment Services means the Service where we send your money to someone else, rather than to an account owned by you. It also covers the Service where we send your money to an account owned by you where there is no FX.
Rate means the foreign currency exchange rate that we quote you for a Transaction.
Recipient Account means the account to which you are sending your funds.
Secure Details means the log in details for your account, or other passwords we may require you to provide to us any time you wish to access any of our Services.
Secure Website means the private login area for our Customers on www.ofx.com and the OFX app.
Services means FX Services and Payment Services, provided by us through our Secure Website, mobile applications, software, APIs or other access channels.
Spot Contract means a foreign exchange contract under which we agree to exchange money at an agreed rate within 48 hours of the contract commencing.
Spot Rate means the rate that we receive from our bank service provider at the time that the conversion is initiated plus our Margin.
Sustainable and Purchasable: means, in regard to foreign exchange market rates, the rate at which a Limit Order will be executed. The rate must be traded in the market with volume sufficient to sustain that rate level for a commercially reasonable timeframe.
Target Rate means the rate (calculated after we apply our margin) at which the customer has instructed us to carry out the Transaction if and when the stipulated rate is Sustainable and Purchasable.
Transaction means a contract to use a Service and shall be taken to refer to a series of Transactions pursuant to standing Instructions given by you or any Authorised User.
Website means any public-facing website owned by us including, www.ofx.com.
COUNTRY SECTIONS
i. Australia
ii. Canada
iii. Hong Kong
iv. European Union
v. New Zealand
vi. Singapore
vii. United Kingdom
viii. United States of America
i. AUSTRALIA
A. Contact Us
OzForex Limited (trading as OFX)
Address: Level 19, 60 Margaret Street, Sydney NSW 2000 Australia
Telephone: +612 8667 8090
Email:
Personal Customers: Customer.service@ofx.com
Business Customers: dealers@ofx.com
B. Complaints
If you are not satisfied with any aspect of our service, please contact us in any of the ways set out in the ‘Contact Us’ section above. For details of our complaint handling procedures please refer to our Complaints Policy which can be found on our website. Alternatively, you can ask us to send you a copy.
C. Escalation of Complaints
If more than 30 days from the date of your complaint has passed and you have not received a final response, or you are dissatisfied with our final response, you may lodge a complaint with the Australian Financial Complaints Authority (AFCA). AFCA provides fair and independent financial services complaint resolution that is free to consumers.
For more information, please contact:
Australian Financial Complaints Authority
Address: GPO Box 3, Melbourne VIC 3001
Telephone: 1800 931 678 (Free call)
Email: info@afca.org.au
Website: www.afca.org.au
D. Governing Law
This Agreement shall be interpreted in accordance with the laws of New South Wales, Australia and you agree to submit to the jurisdiction of the courts of New South Wales, Australia.
E. Company Information
This Agreement is between you and OzForex Limited (trading as OFX). ABN 65 092 375 703. Our registered office is at Level 19, 60 Margaret Street, Sydney NSW 2000, Australia. We are authorised by ASIC (AFS Licence number 226 484). https://asic.gov.au
F. Unclaimed Funds
In the event of unclaimed funds over $100, we will endeavour to make reasonable efforts to ensure the money is returned to its owner. If we cannot trace the owner, the funds will be sent to the Chief Commissioner within four months, in accordance with the Unclaimed Money Act 1995.
G. Interest
You agree that we may charge you interest on any sum that remains payable to us after we cancel any or all of your Transactions at a rate of 2% (or the highest rate permitted by law, whichever is higher) per annum over the cash rate target of the Reserve Bank of Australia (or of such monetary authority as may replace it). Interest will accrue and will be calculated daily and be compounded monthly from the date payment was due until the date full payment is made by you.
H. Disclosure Documents
In addition to the items brought to your attention in clause 1.2(d) of the Agreement, you should click on the documents’ named below and ensure that you have also read these carefully and make sure you understand them, before using our Services.
· Our Product Disclosure Statement (“PDS ”).
· Our Financial Services Guide (“FSG”).
You agree and consent to receive and access any applicable disclosure documents, or any updates to these documents, including the PDS and FSG, in electronic format including via hyperlink. You may withdraw your consent to receive such documents electronically at any time by contacting us (see the “Contact Us” section ).
I. Foreign Exchange Services
We hold an Australian Financial Services Licence authorising us to provide foreign exchange products and services. We offer Spot Contracts (to be settled within 2 days) and Forward Contracts (to be settled between 2 days and 12 months), the details and mechanics of which are explained in our PDS. You should read the PDS before entering into this Agreement, so that you understand exactly how our service operates.
J. Arbitration
If your dispute does not fall within the rules of the AFCA, and cannot be escalated to them in accordance with this Agreement, you may submit the dispute to arbitration to be determined by the Arbitrators and Mediators of Australia Expedited Commercial Arbitration Rules, and to the extent permitted under those rules, the Arbitrator will be a person recommended by the New South Wales Chapter of the Institute of Arbitrators and Mediators of Australia. You agree to accept the determination of the arbitrator
K. FX Options
1. Options
Options may be entered into only by telephone. You must first sign an Option Agreement form before entering into an Option Transaction. The Option will become legally binding as and from the time that the Option Transaction details are orally agreed between us during the telephone call. After the telephone call, we will send you an Option Confirmation. The Option Confirmation confirms the details that we agreed; if you do not contact us within 1 Business Day of receipt of the Option Confirmation, the details of the Option Transaction will be deemed to be correct. If you do not receive the Option Confirmation, the Transaction is still legally binding, provided we have acted correctly, based upon your Instruction, which shall be evidenced by the recording or the transcript of the telephone conversation in which it was booked.
2. Payment of Premium.
When you contact us to purchase an Option, we will quote you a Premium on a transaction by transaction basis. Any Premium agreed for the Option must be paid within two Business Days of the Option being entered into.
3. Non-Payment of the Premium
In the event that you fail to pay the Premium, we reserve the right to terminate the Option upon 24 hours oral or written notice. In the event that we do terminate the Option, the Premium remains payable by you as a debt.
4. Premium Non-Refundable
You acknowledge and agree that the Premium is a separate, non-refundable fee. It does not relate to the underlying foreign exchange Transaction that will be entered into if the Option is exercised and will not be applied to reduce any settlement sums payable under any Transaction.
5. Exercise of Option
If you decide to exercise the Option, you must notify us of your decision to do so either by telephone or in writing on or about 3pm Tokyo time on the Expiry Date. That is, about 5pm AEDT and 4pm AEST. If you do not notify us of your intention to Exercise the Option, it will expire worthless.
6. Consequences of Exercising the Option
You acknowledge that, upon exercise of the Option, you will automatically have entered into the Spot Contract detailed in the Option Confirmation and will be bound by the terms and conditions of this Agreement that apply to Spot Contracts. In particular, you must immediately provide us with details of your Recipient Account and deliver to us in full the funds you are transferring within two Business Days of Exercising the Option.
7. Expiry In the event that we have not received a notification from you by 3pm Tokyo time (5pm AEDT/4pmAEST) on the Expiry Date, the Option will expire at that time.
L. Survival
Upon termination of this Agreement for any reason, the following sections of this Country Section, in addition to any payment obligations and any other provision that in order to give proper effect to its intent, shall survive and remain in effect: Section D. (Governing Law); Section J. (Arbitration); and Section L. (Survival).
ii. CANADA
A. Contact Us
CanadianForex Limited (trading as OFX)
Address: Suite 1002, 145 King Street, Toronto, ON M5H 1J8
Telephone: 1-800-680-0750
Email: Customer.service@ofx.com
B. Complaints
If you are not satisfied with any aspect of our service, please contact us in any of the ways set out in the ‘Contact Us’ section.
For details of our complaint handling procedures please refer to our Complaints Policy which can be found on our website. Alternatively, you can ask us to send you a copy.
C. Governing Law
The laws of the province or territory in Canada where you live or where your business is located and the laws of Canada apply to this Agreement.
D. Company Information
This Agreement is between you and ©CanadianForex Limited (trading as “OFX”). We are registered in Alberta (2024240554). Our office is at Suite 1002, 145 King Street, Toronto, ON M5G 1J8, Canada. We are authorised by the FinTRAC (FINTRAC reg no. M08560392 ) https://www.fintrac-canafe.gc.ca/ and OFX is also provincially registered as a money service business with Revenu Quebec (registration number 10713).
E. Translation of Agreement
For customers outside of Québec, a copy of this Agreement is available in French. Any translation of this Agreement is provided solely for your convenience and is not intended to modify the terms of this Agreement. In the event of a conflict between the English version of this Agreement and a version in a language other than English, the English version will prevail.
F. Interest
You agree that we may charge you interest on any sum that remains payable to us after we cancel any or all of your Transactions at a rate of 3% per annum over the cash rate target of the Reserve Bank of Canada (or of such monetary authority as may replace it). Interest will accrue and will be calculated daily and be compounded monthly from the date payment was due until the date full payment is made by you.
G. Warranties
Some provinces and territories do not allow for the exclusion of warranties. In these provinces and territories you are provided with only the warranties that are expressly required by applicable law..
H. Québec Terms
If you are an individual residing in the Province of Québec and you are using the Services for personal, family, or household purposes, the following terms apply to you:
1. Disclaimer of Warranties
The sole warranty applicable to this Agreement is the legal warranty provided under the civil code of Québec and any warranty provided for under the Consumer Protection Act (Québec).
2. Modification of Terms
The provisions relating to our Services, the price and payment terms for our Services, the party providing the Services, termination rights and any provision of the Privacy Policy may be changed if thirty (30) days’ notice in writing is given that sets out (i) the new or amended clause and the clause in its original form and (ii) the date that the new or amended clause takes effect. You shall have the right to terminate this Agreement during the notice period.
3. Governing Law
This Agreement shall be interpreted in accordance with the laws of the Province of Québec and the federal laws of Canada, each as applicable. You agree to submit to the jurisdiction of the courts of the Province of Quebéc.
Language. In the event that this Agreement is characterized or construed as a contract of adhesion under Québec law, the party to this Agreement on whom the essential terms and conditions or stipulations are unilaterally imposed and are not negotiable (the adhering party) acknowledges having been provided by the other party with a French version of the Agreement at no cost, and thereafter, has explicitly expressed its willingness to be bound by the Agreement written exclusively in English. The parties have expressly required and mutually agree to be bound exclusively by the English version of the Agreement. The parties further agree that all documents related to this Agreement, including notices and other communications, be drafted exclusively in English. Dans l’éventualité où la présente convention est qualifiée ou interprétée comme étant un contrat d’adhésion en vertu du droit applicable au Québec, la partie à cette convention pour qui les stipulations essentielles sont unilatéralement imposées et sont non négociables (la partie adhérente) reconnaît qu’une version française de celle-ci lui a été remise sans aucun frais par l’autre partie, et par la suite, avoir expressément exprimé sa volonté d’être liée à la convention rédigée exclusivement en anglais. Les parties ont expressément requis et conviennent mutuellement d’être liées exclusivement par la version anglaise de la convention. Les parties conviennent également à ce que tous les documents se rattachant à la convention, incluant les avis et autres communications, soient rédigés exclusivement en anglais.
I. Payment by Electronic Funds Transfer (“EFT”)
If you choose to fund your Transaction using an EFT, you must pre-authorize OFX to debit an account held by you at an outside financial institution (“Bank Account”). Your authorization and use of the EFT payment method is governed by the terms and conditions of the Pre-Authorized Debit (PAD) Agreement. In order to authorize your Bank Account, log in to your OFX User Account and follow the prompts to ‘Add a Bank Account.’ Before activating pre-authorized EFTs, we must validate your Bank Account information and ownership of the Bank Account. To obtain such verification, we utilize a microdeposit validation process whereby we will deposit a small sum in your Bank Account and request confirmation from you of the exact amount(s) of such deposits. In addition, we reserve the right at any time to request additional information from you such as bank statements, a voided check or other documentation in order to verify ownership of the Bank Account or your authority to access and authorize debits from the Bank Account. Once we validate your Bank Account, you will be able to fund any Transactions booked with us by EFT. Your authorization shall remain in effect until cancelled or revoked in accordance with the terms of this Agreement and the PAD Agreement. You may revoke your authorization at any time by providing verbal or written notice to us. You acknowledge that revocation of a PAD Authorization will not terminate or affect any obligations you have under this Agreement. You must notify us immediately if there is any discrepancy between the amount of your Transaction (as stated on the Confirmation) and the amount withdrawn from your Bank Account by EFT. If an EFT fails due to insufficient funds or is otherwise rejected, we may resubmit the EFT for processing in accordance with the rules of the Canadian Payments Association.
J. Regulatory Reporting
In accordance with Canadian law, OFX is required to report certain information about Forward Contracts to a swap data repository. You hereby consent and authorize disclosure of such information.
K. Fees
We do not charge fees for any Transactions in which the amount of the transfer exceeds $10,000 CAD. For Transactions in which the amount is less than $10,000, we charge a fee of $15. For more information about our Fees, please visit our FAQs. Any fees charged by us in relation to a particular Transaction will be identified on the Deal Confirmation as well as the receipt provided upon payment. Please be advised that your bank or your Recipient’s bank may independently assess fees on the Transaction. You should consult directly with your bank for information regarding those fees. In our sole discretion, from time to time we may permit same currency-pair transfers that do not involve a conversion of currency. The fee for a same-pair currency transfer will be quoted to you at the time of booking and will be expressed either as a flat fee or a percentage of the transfer amount.
L. Forward Contracts
1. British Columbia, Alberta, Manitoba and Nova Scotia
Each party represents that it is a Qualified Party within the meaning of the legislation pertaining to the relevant jurisdiction. This is the [B.C. Securities Commission Blanket Order 91-501 Over-The-Counter Derivatives Transactions]; [Alberta Securities Commission Blanket Order 91-507 Over-the-Counter Trades in Derivatives]; [Manitoba Securities Commission Blanket Order 91-501 Over-the-Counter Trades in Derivatives]; or, [Nova Scotia Securities Commission Blanket Order 91-501 Over-the-Counter Trades in Derivatives] each as they may have been and may from time to time be amended, restated or replaced.
2. Saskatchewan
Each party represents that it is a Qualified Party within the meaning of Saskatchewan Financial and Consumer Affairs Authority General Order 91-908 Over-the-Counter Derivatives as it may have been and may from time to time be amended, restated or replaced and an accredited investor within the meaning of National Instrument 45-106 Prospectus Exemptions as it may have been and may from time to time be amended, restated or replaced.
3. New Brunswick
You are a “Qualified Party” as defined in New Brunswick Local Rule 91-501 Over-the-Counter Trades in Derivatives because you are seeking to hedge (within the meaning of the term “hedging” as defined in the Local Rule) exposure to one or more risks to which you are exposed because of your activities, including exchange rate risks and the risk related to fluctuations in the price of an underlying interest, by engaging in a derivatives transaction, or a series of derivatives transactions, where the underlying interest is the underlying interest directly associated with that risk or related underlying interest.
4. Quebec
You are an “accredited counterparty” as defined in the Derivatives Act (Québec) because you are seeking to hedge (within the meaning of the term “hedging” as defined in the Derivatives Act (Québec)) exposure to one or more risks to which you are exposed because of your activities, including exchange rate risks and the risk related to fluctuations in the price of an underlying interest, by engaging in a derivatives transaction, or a series of derivatives transactions, where the underlying interest is the underlying interest directly associated with that risk or related underlying interest.
M. Termination and Modification
1. We may suspend or terminate your OFX account or your access to any Services at any time for any reason. We may add, remove, suspend, discontinue, or modify all or some of the Services. We may at any time impose additional conditions upon use of a Service or any feature or aspect of a Service. We have full discretion to add, waive or increase fees in relation to the Services at any time. We will take reasonable steps to notify you of such changes or termination. In no event, will we be liable to you or any third party for any compensation, reimbursement of damages of any kind that arise out of termination or suspension of the Service. You may terminate this Agreement or any other supplemental Service at any time by closing your account. To close your account, please contact Customer Service at 1-800-680-0750 or by email at info@ofx.com.
2. The provisions relating to the Services, the price and payment terms for the Services, the party providing the Services, termination rights and any provision of the Privacy Policy may be modified or amended upon thirty (30) days prior written notice setting forth (i) the new or amended clause and the clause as it read formerly; and (ii) the date that the new or amended clause takes effect. You shall have the right to terminate this Agreement during the notice period.
N. Survival
Upon termination of this Agreement for any reason, the following sections of this Country section, in addition to any payment obligations and any other provision that in order to give proper effect to its intent, shall survive and remain in effect: Section D. (Governing Law); Section H. (Warranties); Section I. (Quebec Terms); and Section O. (Survival).
iii. EUROPEAN UNION
A. Contact Us
OFX Payments Ireland Limited (trading as OFX)
Address: Fitzwilliam Court, 2 Leeson Close, Dublin 2, D02 YW24, Ireland Tel: +353 1 582 5307
Telephone:
+353 1 582 5307 (International)
Ireland: 1-800-948-364 (Local call)
Germany: 0800-181-7242 (Local call)
Spain: 900-838628 (Local call)
France: 0805-080584 (Local call)
Email: Customer.service@ofx.com
B. Complaints
If you are not satisfied with any aspect of our service, please contact us in any of the ways set out in the ‘Contact Us’ section. For details of our complaint handling procedures please refer to our Complaints Policy which can be found on our website. Alternatively, you can ask us to send you a copy.
C. Escalation of Complaints
a) If we are unable to resolve your complaint, you may be entitled to refer it to the Financial Services and Pensions Ombudsman (“FSPO”) by using the online form available at https://www.fspo.ie/complaint-form.aspx or calling +353 1 567 7000 to ask for a form. You can find further information on eligibility at https://www.fspo.ie/.
b) Alternatively, you can also submit your complaint to FSPO using the EU Online Disputes Resolution Platform, which has been set up by the European Commission to make it easier to bring complaints. The website address is http://ec.europa.eu/odr
c) If we are unable to resolve your complaint and you are a business, it must be submitted to arbitration by an arbitrator appointed by the Chartered Institute of Arbitrators, Paris, France, or a similar body, whose decision shall be binding upon the parties.
D. Governing Law
This Agreement shall be interpreted in accordance with the laws of Ireland. If you are using our Services for personal purposes within the EEA, either party may bring a claim in the jurisdiction in which you are resident. Otherwise, both parties submit to the exclusive jurisdiction of the courts of Ireland, except for an action for injunctive relief, which may be brought in any appropriate jurisdiction.
E. Company Information
This Agreement is between you and ©OFX Payments Ireland Limited (trading as “OFX”). We are registered in Ireland (Company No. 642716). Our registered office is at Fitzwilliam Court, 2 Leeson Close, Dublin 2, D02 YW24, Ireland. We are authorised by the Central Bank of Ireland as an Electronic Money Institution Firm Ref. No. C190174). http://www.centralbank.ie/
F. Forward Contracts
Forward Contracts must be entered into to facilitate payment for identifiable goods, services or direct investment. We may ask you for evidence to support this. For this reason, Forward Contracts can only be booked on the phone.
G. Safeguarding
Once any FX Service has been concluded, we will segregate and safeguard the funds for onward payment (‘relevant funds’) in a separate bank account in accordance with the Irish Payment Services Regulations 2018. This means in the event of our insolvency, you have priority over relevant funds and no creditor should be able to claim relevant funds held in this account.
Funds held prior to the FX Service being concluded are not considered relevant funds and will not be segregated or safeguarded.
H. Execution Times
Once we have completed any FX Service you require, then provided this has occurred before our cut-off time we will carry out any related Payment Service on the same day. The exception to this is where you have asked us to make a payment on a future date, in which case we will process your Instruction on that date as long as it is a Business Day, or the next Business Day if it isn’t.
The cut-off time that applies depends on where you have asked us to send the money to. You can find our cut-off times on our website or you can ask us for them.
I. Changes to This Agreement
The amount of notice we will give you will depend on the type of changes we are making. If it affects the Services we offer, we will give you two months’ notice.
J. Interest
You agree that we may charge you interest on any sum that remains payable to us after we cancel any or all Transactions at a rate of 2% per annum over the base rate of the European Central Bank (or of such monetary authority as may replace it). Interest will accrue and will be calculated daily and be compounded monthly from the date payment was due until the date full payment is made by you.
K. Survival
Upon termination of this Agreement for any reason, the following sections of this Country Section, in addition to any payment obligations and any other provision that in order to give proper effect to its intent, shall survive and remain in effect: Section D. (Governing Law) and Section K. (Survival).
iv. HONG KONG
A. Contact Us
OzForex (HK) Limited (trading as OFX)
Address: 29F, Bonham Majoris, 40-44 Bonham Strand, Sheung Wan, Hong Kong
Telephone:
Personal Customers: (+852) 3008 5721
Business Customers: (+852) 2777 7147
Email:
Personal Customers: customer.service@ofx.com
Business Customers: asiadealing@ofx.com
B. Complaints
If you are not satisfied with any aspect of our service, please contact us in any of the ways set out in the ‘Contact Us’ section. For details of our complaint handling procedures please refer to our Complaints Policy which can be found on our website. Alternatively, you can ask us to send you a copy.
C. Escalation of Complaints
If more than 21 days from the date of your complaint has passed and you have not received a final response, or you are dissatisfied with our final response, you may be eligible to refer your complaint for arbitration to the Hong Kong International Arbitration Centre.
For more information, please contact:
Hong Kong International Arbitration Centre
Address: 38th Floor, Two Exchange Square, Central, Hong Kong
Telephone: (852) 2525 2381
Email: adr@hkiarb.org.hk
Website: www.hkiac.org/
D. Governing Law
This Agreement will be interpreted in accordance with the laws of Hong Kong and you agree to submit to the jurisdiction of the courts of Hong Kong.
E. Company Information
This Agreement is between you and OzForex (HK) Limited (trading as “OFX”). Business Registration Number 58236502. Our registered office is at 44/F Edinburgh Tower, The Landmark, 15 Queen’s Road Central, Hong Kong. We are authorised by the Customs and Excise Department as a Money Service Operator (no. 12-08-00582). https://www.customs.gov.hk/
F. Forward Contracts
1. Please note, Forward Contracts are not available to personal customers in Hong Kong. We only offer Forward Contracts to domestic and foreign corporations whose principal business does not include dealing in currency in any form and who enter the Forward Contract for the purposes of hedging exposure to currency exchange risks in connection with their business operations.
2. Prior to us offering you a Forward Contract, you must provide evidence, satisfactory to us, at our sole discretion, that your principal business does not include dealing in currency and that you are purchasing a Forward Contract solely for the purposes of hedging your exposure to currency risks in connection with your business.
G. Warranties
In addition to and without limiting the rights and obligations under any other section of this Agreement, you warrant that for the purposes of entering into a Forward Contract:
1. You are and will remain a duly incorporated corporation or duly registered business;
2. Your principal business does not include dealing in currency in any form;
3. You have a genuine need to enter into a Forward Contract for the purpose of minimising your exposure to currency exchange risks in connection with your business; and
4. You will not use a Forward Contract for any purpose other than hedging.
You must notify us immediately if you become aware of any change of circumstances which may result in a breach of any warranty in this clause. A breach of any of these warranties is considered a material breach of this Agreement.
H. Translation of Agreement
A copy of this Agreement is available in Traditional Chinese. Any translation of this Agreement is provided solely for your convenience and is not intended to modify the terms of this Agreement. In the event of a conflict between the English version of this Agreement and a version in a language other than English, the English version will prevail.
I. Interest
You agree that we may charge you interest, at a rate of 2% (or the highest rate permitted by law, whichever is higher) per annum (over the official cash rate as published by the Hong Kong Monetary Authority or any authority that may replace it) on any monies owed to us. Interest will accrue and will be calculated daily and be compounded monthly from the date the payment was due until the date full payment is made by you.
J. Termination
We may, at any time, terminate your account or any service associated with it without giving any prior notice or reason for doing so. In addition to our rights in clauses 12.3 Termination of this Agreement and 6 Cancellation of Transactions, we may refuse to perform a Transaction, cancel a Transaction or all current Transactions you have with us without notice to you if you are in breach of your obligations under this Agreement or any Transaction.
K. Unclaimed Funds
We adhere to the expectations set out by the Hong Kong Monetary Authority in relation to dormant accounts and unclaimed deposits.
L. Survival
Upon termination of this Agreement for any reason, the following sections of this Country Section, in addition to any payment obligations and any other provision that in order to give proper effect to its intent, shall survive and remain in effect: Section D. (Governing Law); Section G. (Warranties); and Section L. (Survival).
v. NEW ZEALAND
A. Contact Us
NZForex Limited (trading as OFX)
Address: Level 7, 16 Kingston Street, Auckland Central, New Zealand 1010
Telephone:
Personal Customers: 0800 161 868 (Free call)
Business Customers: 0800 161 898 (Free call)
Email:
Personal Customers: customer.service@ofx.com
Business Customers: dealers@ofx.com
B. Complaints
If you are not satisfied with any aspect of our service, please contact us in any of the ways set out in the ‘Contact Us’ section. For details of our complaint handling procedures please refer to our Complaints Policy which can be found on our website. Alternatively, you can ask us to send you a copy.
C. Escalation of Complaints
If more than 45 days from the date of your complaint has passed and you have not received a final response, or you are dissatisfied with our final response, you may be eligible to refer your complaint to the approved dispute resolution scheme of which we are a member for the purposes of the Financial Services Providers (Registration and Dispute Resolution) Act 2008.
For more information, please contact:
Financial Services Complaints Limited
Address: Level 4, 101 Lambton Quay, Wellington 6011
Email: info@fscl.org.nz
Telephone: (Call Free) 0800 347 257
Website: https://www.fscl.org.nz/
D. Governing Law
This Agreement shall be interpreted in accordance with the laws of New Zealand and you agree to submit to the jurisdiction of the courts of New Zealand.
E. Company Information
This Agreement is between you and NZForex Limited (trading as “OFX”). Company Number 2514293 | NZBN: 9429031497541). Our registered office is at C/ Bell Gully, Level 22, Vero Centre, 48 Shortland Street, Auckland, New Zealand, 1010. We are registered under the Financial Service Providers’ (Registration and Dispute Resolution) Act 2008.
F. Disclosure Documents
In addition to the items brought to your attention in clause 1.2(d) of the Agreement, you should click on the documents’ named below and ensure that you have also read these carefully and make sure you understand them, before using our Services.
· Our Product Disclosure Statement (“PDS ”).
You agree and consent to receive and access any applicable disclosure documents, or any updates to these documents, including the PDS and FSG, in electronic format including via hyperlink. You may withdraw your consent to receive such documents electronically at any time by contacting us (see the “Contact Us” section ).
G. Derivatives Investor Money
1. We will hold funds that qualify as ‘derivatives investor money’ in a separate bank account on trust for you in accordance with the Financial Markets Conduct Regulations 2014. This separate bank account may contain funds of other OFX customers, but the relevant funds will be held separately from OFX’s own funds. You will not receive any interest or other earnings accrued on your funds or any other funds held by us in the Segregated Accounts and OFX is entitled to keep any interest earned.
2. In the event of OFX’s insolvency, you will get a refund/pay out of your derivative investor money held by OFX in the same currency as that which was received by OFX, and the requisite exchange rate to be used will be derived from our independent third-party market rates provider as at the date of the pay-out.
H. Options
This Service is only available to Customers who qualify as a Wholesale Investor under the Financial Markets Authority Act 2011, as may be amended from time to time. We may request any and all evidence at our discretion to verify that you are a Wholesale Investor, including but not limited to completion of a Safe Harbour or Eligible Investor Certificate, prior to providing you this Service.
1. Options
Options may be entered into only by telephone. You must first sign an Option Agreement form before entering into an Option Transaction. The Option will become legally binding from the time that the Option Transaction details are orally agreed between us during the telephone call. After the telephone call, we will send you an Option Confirmation. The Option Confirmation confirms the details that we agreed; if you do not contact us within 1 Business Day of receipt of the Option Confirmation, the details contained in the Option Transactionwill be deemed to be correct. If you do not receive the Option Confirmation, the Transaction is still legally binding and will be evidenced by the recording or transcript of the telephone conversation in which it was booked.
2. Payment of Premium
When you contact us to purchase an Option, we will quote you a Premium on a transaction by transaction basis. The Premium agreed for the Option must be paid within two Business Days of the Option being entered into.
3. Non-Payment of the Premium
In the event that you fail to pay the Premium in accordance with this clause, we reserve the right to terminate the Option upon 24 hours oral or written notice. If we do terminate the Option, the Premium remains payable by you.
4. Premium Non-Refundable
You acknowledge and agree that the Premium is a separate, non-refundable fee. It does not relate to the underlying foreign exchange Transaction that will be entered into if the Option is exercised and will not be applied to reduce the settlement sum payable under any Transaction.
5. Exercise of Option
If you decide to exercise the Option, you must notify us of your decision to do so either by telephone or in writing on or about 3pm Tokyo time on the Expiry Date. That is, about 5pm AEDT and 4pm AEST. If you do not notify us of your intention to Exercise the Option, it will expire worthless.
6. Consequences of Exercising the Option
You acknowledge that, upon exercise of the Option, you will automatically have entered into the Spot Contract detailed in the Option Confirmation and will be bound by the terms and conditions of this Agreement that apply to Spot Contracts. In particular, you must immediately provide us with details of your Recipient Account and deliver to us, in full, the funds you are transferring within two Business Days of Exercising the Option.
7. Expiry
In the event that we have not received a notification from you by 3pm Tokyo time (5pm AEDT/4pmAEST) on the Expiry Date, the Option will expire at that time.
H. Unclaimed Funds
Money in bank accounts will become unclaimed if the person who owns the account has not operated the account for a period of five years. We will endeavour to make reasonable efforts to ensure the money is returned to its owner. If we cannot trace the owner, Unclaimed money will be paid to the Inland Revenue Department (IRD).
I. Interest
You agree that we may charge you interest on any sum that remains payable to us after we cancel any or all Transactions at a rate of 2% (or the highest rate permitted by law, whichever is higher) per annum over the base rate of the Reserve Bank of New Zealand (or of such monetary authority as may replace it). Interest will accrue and will be calculated daily and be compounded monthly from the date payment was due until the date full payment is made by you.
J. Survival
Upon termination of this Agreement for any reason, the following sections of this Country Section, in addition to any payment obligations and any other provision that in order to give proper effect to its intent, shall survive and remain in effect: Section D. (Governing Law); and Section J. (Survival).
vi. SINGAPORE
A. Contact Us
OFX Singapore PTE. Limited (trading as OFX)
Address: OUE Downtown Gallery, 6A Shenton Way, #4-01 to #4-09 and #05-02, Singapore, 068815
Telephone:
Personal Customers: +65 6817 8747
Business Customers: +65 6817 8748
Email:
Personal Customers: customer.service@ofx.com
Business Customers: asiadealing@ofx.com
B. Complaints
If you are not satisfied with any aspect of our service, please contact us in any of the ways set out in the ‘Contact Us’ section. For details of our complaint handling procedures please refer to our Complaints Policy which can be found on our website. Alternatively, you can ask us to send you a copy.
C. Escalation of Complaints
If more than 45 days from the date of your complaint has passed and you have not received a final response, or you are dissatisfied with our final response, you may be eligible to refer your complaint to the Singapore International Arbitration Centre (“SIAC”) or the Monetary Authority of Singapore (“MAS”).
For more information, please contact:
Singapore International Arbitration Centre (“SIAC”)
Telephone: +65 6713 9777
Email: corpcomms@siac.org.sg
Website: www.siac.org.sg
D. Arbitration
1. If the dispute is not resolved in line with our Complaints Policy, the parties agree to submit the dispute to a single arbitrator to be appointed by both parties. Failing such an agreement following a written request from one party to appoint an arbitrator, a single arbitrator is to be appointed on the request of any party by the Chairman at the time of the Singapore International Arbitration Centre (“SIAC”) and it shall be a submission to arbitration under the Rules of the SIAC in force at the relevant time by which the parties in dispute agree to be so bound.
2. The place of arbitration shall be Singapore and the arbitration shall be conducted wholly in the English language. Arbitration may be commenced by either party by serving on the other party a Notice of Arbitration which has been filed with the SIAC by hand or email or facsimile or courier service to the following contact details:
Singapore International Arbitration Centre
32 Maxwell Road, #02-01 Maxwell Chambers Singapore 069115 Attention: The Registrar
Fax: +65 6224 1882
Email: casemanagement@siac.org.sg
3. The parties will accept the determination of the arbitrator as final and binding upon the parties and will submit to the non-exclusive jurisdiction of the courts of Singapore for the enforcement of the determination. Unless expressly stated otherwise in this Agreement, the parties shall not be entitled to commence or maintain any action in a court of law upon any dispute in relation to this Agreement or the Services provided by us, except for the enforcement of the determination of the arbitrator pursuant to this clause.
E. Governing Law
This Agreement shall be governed by and interpreted in accordance with the laws of Singapore and you agree to submit to the jurisdiction of the courts of Singapore.
F. Company Information
This Agreement is between you and OFX Singapore Pte. Limited (trading as “OFX”). UEN 201317103N. Our registered office is at 229 Mountbatten Road, 0-38, Mountbatten Square, Singapore, 398007. We are authorised by the Monetary Authority of Singapore (MAS) as a Major Payment Institution (License no. PS20200277 https://www.mas.gov.sg/
G. Safeguarding
1. We will segregate and safeguard funds that qualify as ‘relevant money’ in a separate bank account in accordance with the Payment Services Act 2019. We will hold the SGD equivalent amount of all relevant funds on trust in one or more accounts we have with a safeguarding institution, each a ‘Segregated Account’. A Segregated Account may contain funds of other OFX customers, but the relevant funds will be held separately from OFX’s own funds. You will not receive any interest or other earnings accrued on your funds or any other funds held by us in the Segregated Accounts and OFX is entitled to keep any interest earned.
2. To calculate the SGD equivalent of any non-SGD funds received or held by OFX and that are required to be safeguarded, you agree to OFX using the requisite exchange rate derived from our independent third-party market rates provider as at the date the non-SGD is received by us.
3. In the event of OFX’s insolvency, you will get a refund/pay out in the same currency as that which was received by OFX, and the requisite exchange rate to be used will be derived from our independent third-party market rates provider as at the date of the pay-out.
H. Interest
You agree that we may charge you interest, at a rate of 7.5% (or the highest rate permitted by law, whichever is higher) per annum, on any monies owed to us after we cancel any or all of your Transactions. Interest will accrue and will be calculated daily and be compounded monthly from the date the payment was due until the date full payment is made by you.
I. Survival
Upon termination of this Agreement for any reason, the following sections of this Country Section, in addition to any payment obligations and any other provision that in order to give proper effect to its intent, shall survive and remain in effect: Section D. (Arbitration); Section E. (Governing Law); and Section J. (Survival).
vii. UNITED KINGDOM
A. Contact Us
UKForex Limited (trading as OFX)
Address: 4th Floor, The White Chapel Building, 10 Whitechapel High Street, London, E1 8QS
Telephone:
Personal Customers: 020 7614 4194
Business Customers: 020 7614 4195
Email: customer.service@ofx.com
B. Complaints
If you are not satisfied with any aspect of our service, please contact us in any of the ways set out in the ‘Contact Us’ section. For details of our complaint handling procedures please refer to our Complaints Policy which can be found on our Website. Alternatively, you can ask us to send you a copy.
C. Escalation of Complaints
1. If more than 35 days from the date of your complaint has passed and you have not received a final response, or you are dissatisfied with the outcome of the final response you have the right to complain to the Financial Ombudsman Service (“FOS”) within six months of receiving the final response or the last date upon which you should have received the final response. The FOS can be contacted at: Exchange Tower, London, E14 9SR or by telephoning 0800 023 4567 or emailing complaint.info@financial-ombudsman.org.uk. Further information and eligibility requirements can be found on www.financialombudsman.org.uk.
2. For Personal Customers: In certain circumstances you may also be able to submit your complaint to the Financial Conduct Authority (“FCA”). The FCA can be contacted by telephoning 0800 111 6768. Further details can be found on http://www.fca.org.uk/.
3. For Business Customers: Should we be unable to resolve your complaint, it must be submitted to arbitration by an arbitrator appointed by the Chartered Institute of Arbitrators, or a similar body, whose decision shall be binding upon the parties.
D. Governing Law
This Agreement shall be interpreted in accordance with the laws of England and Wales. You and we both agree that the English courts will have exclusive jurisdiction, except for an action for injunctive relief, which may be brought in any appropriate jurisdiction. However, if you are a resident of Northern Ireland you may also bring proceedings in Northern Ireland, and if you are resident of Scotland, you may also bring proceedings in Scotland.
E. Company Information
1. This Agreement is between you and ©UKForex Limited (trading as “OFX”). We are registered in England and Wales (Company No. 04631395). Our registered office is at 4th Floor, The White Chapel Building, 10 Whitechapel High Street, London, E1 8QS. We are a wholly owned subsidiary of OzForex Limited (ABN 65 092 375 703).
2. We are authorised by the Financial Conduct Authority as an Electronic Money Institution (Firm Ref. No. 902028). http://www.fca.org.uk/
F. Forward Contracts
The Forward Contract must be to facilitate payment for identifiable goods, services or direct investment. We may ask you for evidence to support this. For this reason, Forward Contracts can only be booked on the phone.
G. Safeguarding
Once any FX Service has been concluded, we will segregate and safeguard the funds for onward payment (‘relevant funds’) in a separate bank account in accordance with the UK Payment Services Regulations 2017. This means in the event of our insolvency, you have priority over relevant funds and no creditor should be able to claim relevant funds held in this account.
Funds held prior to the FX Service being concluded are not considered relevant funds and will not be segregated or safeguarded.
H. Execution Times
Once we have completed any FX Service you require, then provided this has occurred before our cut-off time we will carry out any related Payment Service on the same day. The exception to this is where you have asked us to make a payment on a future date, in which case we will process your Instruction on that date as long as it is a Business Day, or the next Business Day if it isn’t.
The cut-off time that applies depends on where you have asked us to send the money to. You can find our cut-off times on our website or you can ask us for them.
We might delay or not execute a payment where we have established that there are reasonable grounds to suspect that your request for a payment to be executed was placed subsequent to fraud or dishonesty perpetrated by a person other than you.
I. How Long Will My Transfer Take?
| Type of Payment | How long does it take after we process your Instruction? |
| Payment in sterling or euros to an account in the European Economic Area (‘EEA’) | By the end of the next Business Day |
| All other payments in EEA currencies to accounts in the EEA | No later than four Business Days |
| Payments to accounts outside the EEA or payments in non-EEA currencies | This varies and will be stated on your Deal Confirmation. You can ask us when we expect the Recipient Account to receive the payment |
J. Changes to This Agreement
1. To make changes to this Agreement, we may be required to give you notice. The amount of notice we are to give you will depend on the type of changes we are making. If the changes affect the Payment Services we offer, we will give you two months’ notice. Otherwise, we can make any changes by telling you before we make them. This will not affect any rights or obligations you may already have, but you will be bound by the changes to this Agreement when you enter into subsequent Transactions.
2. If you do not tell us you want to terminate this Agreement before the change happens, then we’ll treat you as having accepted the change. If you wish to terminate this Agreement, you can do so without charge but you will need to complete any Transactions or Payment Services that have been requested.
K. Termination of This Agreement
1. By Us
We may terminate this Agreement and close your Account with us at any time by giving you two calendar months’ notice in writing. See clause H, above, and clause 17 (Changes to this Agreement) for more details. We may also terminate this Agreement on less notice or immediately , in accordance with clause 18 (Termination of this Agreement) of this Agreement.
2. By You
You may terminate this Agreement at any time without charge by notifying us in writing or telling us (we may ask you to confirm this in writing). If you wish to terminate this Agreement, you can do so without charge but you will need to complete any Transactions or Payment Services that have been requested.
L. Interest
You agree that we may charge you interest on any sum that remains payable to us after we cancel any or all Transactions at a rate of 2% per annum over the base rate of the Bank of England (or of such monetary authority as may replace it). Interest will accrue and will be calculated daily and be compounded monthly from the date payment was due until the date full payment is made by you.
M. Language
All communications and notices to be given or sent under this Agreement shall be in English.
O. Survival
Upon termination of this Agreement for any reason, the following sections of this Country Section, in addition to any payment obligations and any other provision that in order to give proper effect to its intent, shall survive and remain in effect: Section D. (Governing Law); and Section I. (Survival).
viii. UNITED STATES OF AMERICA
A. Company Information
This Agreement is between you and USForex Inc. (trading as “OFX”). We are registered in Delaware, USA (EIN: 72 1621909). Our registered office is at 13th Floor, 49 Stevenson Street, San Francisco, CA 94105, USA (Company No. 046311395). We are authorised by the Nationwide Multistate Licensing System NMLS (#1021624) and hold licenses for each State in which we operate. https://nationwidelicensingsystem.org/
B. Contact Us
USForex Inc., dba OFX
Address: 49 Stevenson St, 13th Floor San Francisco, CA 94105
Telephone:
Personal Customers:
+1-415-449-1379 (International)
1-888-288-7354 (Local call)
Business Customers:
+1-415-449-1375 (International)
1-888-966-6888 (Local call)
C. Complaints
If you are not satisfied with any aspect of our service, please contact us in any of the ways set out in the ‘Contact Us’ section.
For details of our complaint handling procedures please refer to our Complaints Policy which can be found on our website. Alternatively, you can ask us to send you a copy.
D. Escalation of Complaints
If more than 60 days from the date of your complaint has passed and you have not received a final response, or you are dissatisfied with our final response, you may be eligible to commence an inquiry with an external dispute resolution (EDR) body. As each state has its own EDR process we recommend visiting the USForex licensing webpage (https://www.ofx.com/en-us/legal/state-licensing/ ) or contacting USForex to determine the relevant complaints handling body depending upon which state you reside in.
E. Governing Law
This Agreement, and all claims or defenses based on, arising out of, or related to this Agreement of the relationship of the Parties created hereby, including without limitation those arising from or related to the negotiation, execution, performance, or breach of this Agreement, whether sounding in contract, tort, law, equity, or otherwise, shall be governed by, and enforced in accordance with, the internal laws of the State of California including its statute of limitations, without reference to its choice of law rules or any principle calling for application of the law of any other jurisdiction.
F. Choice of Forum
Any disputes arising out of or related to this Agreement, or any other aspect of the Parties’ relationship shall be heard only in the courts of San Francisco, California, to the exclusion of all other courts and fora. The Parties irrevocably consent to the jurisdiction of, and venue in, such courts and waive any objection that such courts are an inconvenient forum.
G. Cancellation and Refunds
You may cancel a Transaction for a full refund within 30 minutes from the time the payment is authorized, unless the funds have been paid to the Recipient’s Account. To cancel a Transaction, you must notify us within the 30-minute timeframe by telephone at 1-888-288-7354. We will issue a refund within three (3) business days from the receipt of funds from your financial institution. If your Transaction is cancelled outside of the 30-minute window, the Transaction will be reversed in accordance with this Agreement and you may incur Reversal Losses. Notwithstanding the above, residents of certain jurisdictions may have additional rights with respect to refunds and should review the following:
California
The following applies to transactions that are initiated by senders residing in California. RIGHT TO REFUND: You, the customer, are entitled to a refund of the money to be transmitted as the result of this agreement if we do not forward the money received from you within 10 days of the date of its receipt, or do not give instructions committing an equivalent amount of money to the person designated by you within 10 days of the date of the receipt of funds from you unless otherwise instructed by you. If your Instructions as to when the monies shall be forwarded or transmitted are not complied with and the money has not yet been forwarded or transmitted, you have a right to a refund of your money. If you want a refund, you may mail or deliver your written request to us at 49 Stevenson St, 13th Floor, San Francisco, CA 94105. If you do not receive a refund, you may be entitled to your money back plus a penalty of up to a $1,000 and attorneys’ fees pursuant to Section 2102 of the California Financial Code.
Washington
The following applies only to transaction that are initiated by Customers residing or registered in the State of Washington:
You, the customer, are entitled to a refund of all moneys received for transmittal within ten days of receipt of a written request for refund unless any of the following occurs:
I. The monies have been transmitted and delivered to the person designated by the customer prior to receipt of the written request for a refund;
II. We have acted upon your Instruction committing an equivalent amount of money to the person designated by you prior to us receiving your written request for a refund;
III. We, or our authorized delegate, has reason to believe that a crime has occurred, is occurring, or could be likely to occur as a result of transmitting the money as requested by the Customer or refunding the money as requested by the Customer; or
IV. We are otherwise barred by law or regulation from providing you with a refund.
H. If You Make a Mistake
1. You must take care to ensure that any Instructions you provide are correct. If we process a Transaction in accordance with your Instruction, you acknowledge that we are not responsible for any mistake caused by your failure to provide accurate an Instruction including delivery to the wrong Recipient Account or delivery of the wrong amount. You further acknowledge that we have no obligation to recover, reimburse or resend funds that are delivered to the wrong account as a result of you providing an incorrect Instruction. Notwithstanding the above, we will make reasonable efforts to assist you in recovering funds sent in error. If you think there has been an error or problem with your remittance transfer, then, as soon as possible:
I. Call us at +1 888-288-7354;
II. Write us at USForex Inc. dba OFX, 49 Stevenson St, 13th Floor, San Francisco, CA 94105;
OR
III. E-mail us at compliance@ofx.com
2. You must contact us within 180 days of the date we promised to you that funds would be made available to the recipient. When you do, please tell us:
I. Your name and address and telephone number;
II. The error or problem with the transfer, and why you believe it is an error or problem;
III. The name of the person receiving the funds, and if you know it, his or her telephone number or address;
IV. The dollar amount of the transfer; and
V. Your Transaction Deal ID number.
3. We will determine whether an error occurred within 90 days after you contact us and we will correct any error we may have made promptly. We will tell you the results within three (3) business days after completing our investigation. If we decide that there was no error, we will send you a written explanation. You may ask for copies of any documents we used in our investigation.
I. Payment by ACH Debit
- Linking a Bank Account
If you choose to fund your Transaction by Automated Clearing House Debit, you must first link an account held by you at an outside financial institution (“Bank Account”) to your OFX User Account. In order to link your Bank Account, log in to your OFX account and follow the prompts to ‘Add a Bank Account.’ Once we validate your Bank Account, you will be able to fund any Transactions booked with us by ACH Debit from your linked Bank Account. You can unlink your Bank Account at any time by contacting Customer Service.
- Authorization and Revocation
You hereby authorize OFX to initiate electronic debits from your Bank Account as directed by you in the amounts specified by you or, if necessary, credit your Bank Account to correct any erroneous debits. Such authorization shall remain in full force and effect until cancelled or revoked in accordance with the terms of this Agreement. You may revoke your authorization by providing verbal or written notice to us. You must provide your notice of cancellation in a sufficient amount of time to allow us a reasonable opportunity to act upon the cancellation request. You acknowledge that cancellation or revocation of an ACH Debit authorization will not terminate or affect any obligations you have under the Terms.
- Warranties and Representations
By linking your Bank Account, you warrant and represent that you have the authority, acting individually without notice to any other account holder, to provide authorization under this Agreement, including the authorization of debit entries from of the Bank Account. You further represent and warrant to OFX that the information you provide to OFX is accurate and complete.
- Account Validation
Before activating your linked Bank Account, we must verify your bank account information and ownership of the Bank Account. Most Bank Accounts may be verified by an automated confirmation of your online banking credentials. In order to verify banking credentials, we utilize a third-party provider to initiate a real-time connection with your financial institution. Use of this verification service is subject to the third-party’s terms and conditions and we accept no liability for any errors or loss, damage or expense which may be caused to you, as a result of any acts or omissions of such a third party. Not all banks support use of banking credential verification. As such, we may instead utilize a microdeposit validation process whereby we will deposit a small sum in your Bank Account and request confirmation from you of the exact amount(s) of such deposits. In addition, we reserve the right at any time to request additional information from you such as bank statements, a voided check or other documentation in order to verify ownership of the Bank Account or your authority to access and authorize debits from the Bank Account. - Unauthorized Debits, Errors and Failures
You must notify us immediately if you discover any discrepancy between the total amount of your Transaction (as stated on the Deal Confirmation) and the amount withdrawn from your Bank Account by ACH Debit. If an ACH Debit fails due to insufficient funds or is otherwise rejected, we may attempt to re-debit your bank account one or more times.
J. Regulatory Reporting
In accordance with U.S. federal law, OFX is required to report certain information about Forward Contracts to a swap data repository. You hereby consent and authorize disclosure of such information.
K. Fees
We do not charge any origination fees on any Transaction so long as the Transaction entails a currency conversion. Please be advised that your bank or your Recipient’s bank may independently assess fees on the Transaction. You should consult directly with the banks for information regarding those fees. In our sole discretion, from time to time we may permit same currency-pair transfers that do not involve a conversion of currency. The fee for a same-pair currency transfer will be quoted to you at the time of booking and will be expressed either as a flat fee or a percentage of the transfer amount. Any fees charged by us in relation to a particular Transaction will be shown on the Deal Confirmation as well as the receipt provided upon payment.
L. Legal Process
We may be required to respond to and comply with valid legal orders affecting you, including but not limited to, writs of attachment, liens, subpoenas or other court orders (“Legal Process”). As a result, we may take certain actions such as holding payments, releasing your funds, or disclosing data or information about you or your Transaction to government agencies or other enforcement authorities. Unless prohibited by applicable law or regulatory requirements, we will make reasonable efforts to notify you of any such action. You acknowledge that we do not have any obligation to contest or appeal any Legal Process involving you. OFX is not liable for any losses, whether direct or indirect, that you may incur in relation to our response or compliance with a Legal Process.
M. Severability
In the event any provision or part of this Agreement is found to be invalid or unenforceable, only that particular provision or part so found, and not the entire Agreement, will be inoperative.
N. Termination or Modification
We may suspend or terminate your OFX account or your access to any Service at any time for any reason. We may add, remove, suspend, discontinue, or modify all or some of the Services. We may at any time impose additional conditions upon use of a Service or any feature or aspect of a Service. We have full discretion to add, waive or increase fees in relation to the Services at any time. We will take reasonable steps to notify you of such changes or termination. In no event, will we be liable to you or any third party for any compensation, reimbursement of damages of any kind that arise out of termination or suspension of the Services. You may terminate this Agreement or any other supplemental Services at any time by closing your account. To close your account, please contact us in any of the ways set out in the ‘Contact Us’ section.
O. Survival
Upon termination of this Agreement for any reason, the following sections of this Agreement, in addition to any payment obligations and any other provision that in order to give proper effect to its intent, shall survive and remain in effect: Section e. (Governing Law); Section f. (Choice of Forum); Section l. (Legal Process); Section m. (Severability) and Section o. (Survival).