Home Legal Global Currency Account Terms of Service

Global Currency Account Terms  

These terms and conditions apply from 6 July 2020

These additional Global Currency Account Terms (the “Agreement”) govern your use of the Global Currency Account Service, a foreign currency payment solution for online merchants and for other businesses (the “GCA Service”) which is provided as a supplemental service by OFX Singapore Pte. Limited (UEN 201317103N) (“OFX”). In this Agreement, “you” and “your” refers to you, and “we,” “us” and “our” refers to OFX. By using this GCA Service, you agree and accept all the terms of this Agreement.

This Agreement is in addition to and must be read in conjunction with the Customer Agreement and any other agreement which you have entered into with OFX and which apply to your use of the GCA Service. If any inconsistency exists between the terms of this Agreement and the Customer Agreement, the terms of this Agreement shall prevail. “Customer Agreement” means the Terms and Conditions Master Agreement. Capitalised terms not defined in this Agreement have the meanings set forth in the Customer Agreement.

These documents contain legal obligations for you and for us so you should read them carefully to make sure you understand them. If you have any questions, please contact us on +65 6817 8748 or email customer.service@ofx.com

You can get a copy of this Agreement at any time by emailing us at customer.service@ofx.com

1.Our GCA service

You can load funds into your GC Account from an account in your name or from a third party to hold as electronic money (“e-money”) to use to make payments.

You must be using the GCA Service for business purposes and have a legitimate need to use it. You must not be carrying out Prohibited Business Activities (which are defined in section 15).

You may hold e-money in any currencies that we support. We may change these at any time, but we will usually give you two months’ notice before we withdraw a currency. You acknowledge that you accept any risks related to holding balances in multiple currencies and that exchange rates may fluctuate. You agree you will not use the GCA for speculative trading.

You can redeem the e-money at any time by giving us a payment instruction as set out in section 7, otherwise, the e-money held on a GCA does not expire other than when your account is closed. See section 9 for more information.

We do not pay interest on any e-money held in your GCA.

The GCA is an e-money account and it is not a bank or deposit taking account. We will segregate and safeguard funds corresponding to your e-money amount (‘relevant funds’) in a separate bank account in accordance with the Payment Services Act 2019. This protection continues until you ask us to redeem your e-money by instructing us to making a payment from your GC Account. This means in the event of our insolvency, your claim and the claims of other GCA Service customers are to paid from the relevant funds in priority to the claims of all other creditors.

2.Eligibility

To use the GCA Service you must complete the registration process to set up and become an OFX Customer. You must be approved by OFX to use the GCA Service and OFX reserves the right to reject any application for use of the GCA Service, for any reason.

3.Account Set Up

a.Registration

To open a GC Account and use the GCA Services you must submit additional information to us upon request. We will review your application and will notify you if we have approved or denied your application. If we approve your application, we will enable your access to the GCA Service.

b.Verification

The Anti-Money Laundering and Countering the Financing of Terrorism regulations require us to obtain, verify and record information that identifies you. Therefore, to comply with applicable laws, we may request additional documents or information to verify your identity, the nature of your business or the source of funds, including without limitation government-issued identification, invoices for goods or services delivered or received by you, and payment confirmations from a GCA Payor. Such information or documentation may be used in conjunction with any other information collected by OFX in relation to your OFX Customer account. Failure to provide such information or our inability to verify the accuracy of the information provided could result in denial of your application to use the GCA Service, suspension of your use of the GCA Service and/or revocation of your Account Credentials (as defined below). You agree that all information provided to us will be accurate and complete.

You acknowledge that we are required to provide your business name and certain information to our financial service provider/s as part of the GCA Service.

4.Account Credentials

Upon approval, you will be provided with a unique account number and other relevant account information (collectively the “Account Credentials”) to be used only to enable inbound payment to your GC Account. Account Credentials must be protected and kept secure and may only be disclosed to third parties for the sole purpose of receiving payments. You may not sell, transfer, or sublicense your Account Credentials to any third party. You must not disclose your Account Credentials to any third party other than a genuine payor. You agree to notify OFX immediately if you know of or suspect unauthorised use of your Account Credentials. OFX may terminate or revoke your Account Credentials for any reason in OFX’s sole discretion.

5.Information about your GC Account

We will email you whenever there is a payment in or out of your GC Account, confirming the reference, the amount of the payment in the currency used and any currency conversion, any charges, and the date the payment was received or made. This information is also available free of charge by logging into our ofx.com website (“Secure Website”) and selecting the GCA. 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. If you notice any errors or unauthorised transactions, please contact us immediately.

6.Loading your Global Currency Account

You may have multiple GC Accounts, either in the same currency or different currencies, provided we consider, in our sole discretion, there is a reasonable business need. You must elect a single currency for each GC Account.

To load your GC Account, funds can be sent electronically in the same currency you have elected for your account by paying in:

• From a bank account or another GC Account in your name; or

• From a bank account or another GC Account in someone else’s name.

If you want to make the payment this way, we may require evidence that you are entitled to the funds.

Once we receive and accept the funds, we will issue the e-money by the next business day and update the balance of your GC Account accordingly. We will provide you with confirmation of the issue of the e-money as per section 5 above.

We do not accept cash, cheques, or other ways of loading funds onto your GCA. If funds are rejected, we will not be responsible for any costs you may incur. We may also need you to evidence ownership of any funds before returning them to you.

7.Paying out of your GC Account

You, or an Authorised User, can provide us Instructions to book a Transaction via our Secure Website, verbally by telephone, or by email where we agree.

You can ask us to make a transfer or payment from your GCA either as an immediate one-off transfer or payment, or set up an automatic conversion payment, that is, when you instruct us to convert funds from one currency to another and make a payment immediately upon us issuing the e-money (“Automatic Conversion”).

Transfers between GC Accounts: You can transfer funds between your GC Accounts or send e-money to someone else’s GC Account by adding the account details as a recipient either online or by calling us (a “Transfer”).

Before confirming any Transfer, we will tell you the amount of e-money you will use to purchase your required currency and the Spot Rate to be applied (if relevant). We do not usually offer automatic conversion Transfers on a GCA, but if we agree, we will convert the e-money at the Spot Rate we offer at the time we process your instruction. You can find the current rate by checking our Secure Website or by calling us, however, you acknowledge that exchange rates can fluctuate rapidly and a different rate may apply to a particular Transfer.

Payments from your GC Account: You can redeem e-money by giving us an instruction to pay another account in your name or someone else’s by way of a Transaction. This needs to include the details of the recipient you want to pay (in particular, their account number, which we rely on to make the payment, their full name and address and the full name and address of the recipient bank), the amount, and (if applicable) the currencies you want to exchange.

You can redeem e-money by paying in the same currency as your GCA or by paying in a different currency. If you wish to pay in a different currency, your confirmation of instructions will comprise your agreement to enter into a Transaction, that is a Spot Contract for a foreign exchange (FX) transaction. On receipt of your instruction, we will specify the Transaction details including:

• The amount of the “Sale Currency” required, that is, the currency you are selling to us which shall be debited from your GC Account,

• The amount of the “Purchase Currency”, that is, the currency you are buying from us,

• The exchange rate offered and Singapore Dollar equivalent,

• Any applicable fees,

• The recipient the funds are to be sent to.

We will redeem the e-money by debiting the relevant amount from your GC Account. You cannot make a payment from your account by direct debit or other means of payment including withdrawing cash. You cannot use the GCA to make a future dated payment or recurring payments. In addition, you cannot use the GCA Service to exchange e-money for Singapore Dollar currency notes.

If you elect to use Automatic Conversion, we will convert your funds immediately upon issue of the e-money 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:

a) We will convert funds from one currency to another and transfer such funds to your designated recipient at our then current Spot Rate;

b) The Transaction will be legally binding on you when we receive the relevant funds and issue the e-money; and

c) We will provide you with confirmation of the Transaction details via a Deal Confirmation.

“Spot Rate” is the rate that we receive from our bank service provider at the time that the conversion is initiated plus our margin.

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.

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 into your GC Account after this time. Otherwise, a Transfer or Transaction instruction cannot generally be withdrawn or changed once it has been received. See the Customer Agreement for more information.

How much a Transfer or payment costs: We do not normally charge a fee if your Transfer or Transaction requires a currency conversion.

When a same currency Transfer or Transaction is booked OFX will apply a Transfer Fee. The Transfer Fee will be notified to you prior to you confirming the Transfer or Transaction and we may from time to time agree a set Transfer Fee which will be recorded within your OFX Customer account profile. For each Transfer and Transaction we will provide you with confirmation of the details (including the Transfer Fee charged, if applicable) via a Deal Confirmation which acts as your Transaction receipt.

“Transfer Fee” means a flat fee per Transaction or a percentage of the payment amount in the currency the payment is being sent in, whichever is confirmed in the Deal Confirmation.

We will deduct any fees from your GC Account.

8.Loss that you want to claim from us

In addition to the grounds set out in the Customer Agreement, and to the extent permitted by law, we will not be liable to you:

• In respect of any delays due to normal business maintenance of our Secure Website or OFX website;

• In respect of any act or omission of an e-commerce marketplace or payment processor, including those resulting from your entry into this Agreement; and

• In respect of any failure of a third-party sending funds to your GC Account that are not received by OFX due to error or fraudulent activity.

9.Duration and termination of this Agreement

This Agreement will remain in force until terminated by you or us.

Your rights – Unless otherwise agreed in writing by you, you may terminate this Agreement, or subject to any applicable laws close your GC Account/s at any time upon written notice to us.

Termination by Us – We may terminate this Agreement at any time by giving you two calendar months’ notice in writing. We may also suspend, limit your access or terminate this Agreement, the Customer Agreement and any other Agreement you have entered into with us, immediately in the event of fraud or breach of this Agreement by you. If your OFX Customer Account is closed or deactivated for any reason, your access to the GCA Services will also be terminated or suspended (at our discretion).

If we suspend your GC Account or limit your access to the GCA Services, you agree to provide us with any information we reasonably need to reactivate it.

When you or we close your GC Accounts, you must redeem any e-money that is still in the GC Account within a reasonable time by asking us to make a payment to another account in your name. We do not charge for redemption but there may be a charge for the Transaction (see ‘How much a transfer or payment costs’). After this time, you may not be able to access your GC Account and will need to contact Customer Service to redeem any remaining e-money.

If you owe us money, we may deduct the amount owed from any balance on your GC Accounts without further notice to you.

Dormant Accounts – If a GC Account remains inactive for an extended period of time, being four (4) months without a Transfer or Transaction, upon written notice to you we may close your GC Account at our sole discretion. At the time of closure, you must redeem any e-money that is still in the GC Account within a reasonable time by asking us to make a payment to another account in your name. We may provide you with a copy of your transaction history upon request and we will retain your records in accordance with applicable laws.

10.Warranties and indemnities

In addition to any warranties, representations or covenants you made to us under the Customer Agreement, you agree that the following statements are true and accurate, and you acknowledge that we may refuse to follow an instruction or terminate the GC Services in the event that they are not true and accurate:

• You are over the age of 18,

• You have full authority to enter into this Agreement and services under it;

• You are the beneficial owner of the money being transferred;

• You are not acting on behalf of another person unless you inform us that you are acting as:
* a corporate partner of a partnership:
* trustee of a trust; and

• You will report and remit to the appropriate government tax authorities any taxes or duties that may apply.

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,

You agree to pay us any costs, expenses or fees we may reasonably incur as a result of your failure to perform your obligations under this Agreement. This includes any legal costs, on a solicitor and own client basis, that we may incur in order to enforce our rights or recover any amounts you owe us. You also agree to pay us any fees, costs, duties and taxes validly charged by third parties in relation to the services you enter into, including fees charged by your recipient bank.

If you are merchant receiving funds from an e-commerce marketplace or via a payment processor, you acknowledge that:

• The payment and delivery of the funds to us is controlled solely by that marketplace or payment processor and is subject to their terms and conditions. Any issues or disputes with such payment or delivery must be resolved directly with the marketplace or payment processor as applicable and are not our responsibility.

• We do not in any circumstances assume liability to you for any loss suffered by you in connection with any act or omission of a marketplace or payment processor, including any act or omission made in connection with or arising as a result of your entry into this Agreement or any Transaction.

• We do not accept liability for returns or recalls initiated by you or, by a marketplace or by a payment processor. You are solely responsible for returns or recalls initiated by you, or by a marketplace, or by a payment processor. If a marketplace or payment processor debits or recalls funds, you indemnify us in respect of any such amounts, together with any costs or expenses incurred by us in connection with dealing with the debit or recall requests. We reserve the right to debit your GC Account or invoice you separately for any such amounts.

11.Limitation of Liability

No Indirect or Consequential Damages – IN NO EVENT WILL OFX OR ITS AFFILIATES, SERVICE PROVIDERS, SUPPLIERS, VENDORS, OR THEIR RESPECTIVE SUBSIDIARIES, OFFICERS, AGENTS, PARTNERS OR EMPLOYEES BE LIABLE FOR ANY DIRECT, INDIRECT, INCIDENTAL, SPE- CIAL, CONSEQUENTIAL OR EXEMPLARY DAMAGES INCLUDING BUT NOT LIMITED TO, DAMAGES FOR LOSS OF PROFITS, GOODWILL, USE, DATA OR OTHER INTANGIBLE LOSSES (EVEN IF OFX HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES) ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT, OUR WEBSITE, THE GCA SERVICE OR ANY OTHER OFX SERVICE (INCLUDING WITHOUT LIMITATION THE INABILITY TO USE THE GCA SERVICE).

No Liability for Delays – Without limiting the foregoing, to the fullest extent permitted by applicable law, we and our affiliates (and their respective employees, directors, officers, agents and representatives) will not be liable for: (a) any damages arising out of or in connection with the GCA Service or any Transfers or Transactions entered into through the GCA Service; or (b) any delay by us or our affiliates in performing our obligations under this Agreement, regardless of whether the failure or delay is caused by an event or circumstance beyond our control.

Limited Aggregate Liability – Notwithstanding the foregoing, in no event will our aggregate liability arising out of or in connection with this Agreement or the GCA Service, whether in contract, tort (including negligence, product liability or other theory), warranty, or otherwise exceed the amount of money earned by us in connection with your use of the GCA Service during the 12-month period immediately preceding the event giving rise to the claim for liability.

Indemnification – You agree to indemnify, defend and hold harmless us and our affiliates (and their respective officers, directors, employees, agents and representatives) from and against any and all claims, costs, losses, damages, judgments, tax assessments, penalties, interest and expense (including reasonable attorney’s fees) arising out of: (a) any actual or alleged breach of your representations, warranties or obligations set forth in this Agreement; or (b) your wrongful or improper use of the GCA Service.

12.Disputes

Complaints Policy – Any dispute in relation to this Agreement or the Services provided by us must first be referred to us and will be dealt with in accordance with our Complaints Policy.

Arbitration – If the dispute is not resolved in accordance with the Complaints Policy, the parties agree to submit the dispute to a single arbitrator to be appointed by the parties in dispute or, failing agreement within days after any party has given to the other party in dispute a written request to concur in the appointment of 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 such submission shall be a submission to arbitration in accordance with the Rules of the SIAC as presently in force by which the parties in dispute agree to be so bound.

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 address:

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

Enforcement – 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. Subject to clause 15.4, 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 Dispute section.

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, or to recover any sums payable by you under this Agreement, and you expressly submit to the exclusive jurisdiction of any such court of law.

13. Governing Law

This Agreement shall be interpreted in accordance with the laws of Singapore and both parties submit to the juris- diction of the courts of Singapore. You are solely responsible for understanding and complying with any and all laws, rules and regulations of Singapore that may be applicable to you in connection with your use of the GCA Services, including but not limited to, those related to export or import activity, taxes or foreign currency transactions.

14.General Terms

Notices – Except as otherwise stated in this Agreement, all notices to OFX shall be in writing and delivered via email to: LegalNotice@ofx.com Attn: Legal Counsel. All notices to you shall be delivered to your email address as provided by you upon registration.

Amendment – We may vary some or all of the terms of this Agreement or the GCA Service by posting the new terms on our Website. Unless expressly agreed, no variation shall constitute a general waiver of any provisions of this Agreement, nor shall it affect any rights, obligations or liabilities under or pursuant to this Agreement which have al- ready accrued up to the date of variation, and the rights and obligations of the parties under or pursuant to this Agreement shall remain in full force and effect, except and only to the extent that they are so varied.

• Acceptance – Once we have given you notice of the proposed changes, if you do not tell us that you object to the changes before the date on which they are due to come into effect, then you will be deemed to have accepted them and they will take effect on the date indicated.

• Termination – If you do object to the changes, then you have the right to end this Agreement subject to section

Assignment – You may not assign this Agreement or any rights under it, in whole or in part, without OFX’s prior written consent.

No Waiver – The failure of OFX to exercise or enforce any right or provision of this Agreement shall not constitute a waiver of our right to enforce the same right or provision on a future date.

Severability – If any provision of this Agreement is found to be illegal or unenforceable, that provision will be limited to the minimum extent necessary so that this Agreement will otherwise remain in full force and effect.

Translated Agreement – 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 shall apply.

15.Some definitions

“Prohibited Business Activities” means using the GCA Service or receiving or making payments in connection with the following products or services (we may add to this list at any time):

• Adult entertainment Casinos

• Charities

• Dealing in Artefacts with Archaeological, Historical, Cultural and/or Religious Significance Dealing in Items of Rare Scientific Value

• Dealing in Ivory or Other items Related to Protected Species Oil and Related Activities

• Cryptocurrency issuers Illegal products / services

• Online-only or unregulated gambling or lotteries

• Regulated Banking and/or Investment including peer to peer and crowdfunding Regulated Money Service Businesses

• Regulated Payment Service Providers

• Unfair, predatory or deceptive practices

• Unregulated financial services

• Weapons, ammunition, explosives, radioactive/nuclear or toxic materials