OFX GENERAL TERMS AND CONDITIONS (Business)
These OFX General Terms and Conditions v2.1 govern the relationship between OFX and its business Clients.
KEY TERMS AND CONDITIONS FOR YOUR ATTENTION FOR ALL CLIENTS
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 OFX General Terms and Conditions v2.1 in full.
All terms capitalised in this coversheet have the meaning given to them in the OFX General Terms and Conditions (Business) v2.1.
Clause | Effect |
---|---|
Limits your rights | |
5.1 B. and D. | Once you give an Instruction to us, you cannot cancel, withdraw or change such instruction thereafter. When an Instruction is received, the Payment and Currency Conversion 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 | |
6.9 and 6.10 | If you fail to provide us with information that is complete, accurate and truthful, send your funds to wrong recipient or 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. |
5.2, C. 7. | 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. |
11.5 and 17.4 | 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. |
12.2, 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, to the extent that your failure to take such reasonable steps impacts our ability to recover the funds or causes you further loss, we will not be liable to you. |
13.1, 13.2 | 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 Payment. 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 attributable to your equipment, any internet service or payment service, we will not be liable to you for any associated loss you may suffer. |
14.1, 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. |
15.8 | 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. |
18.1 | 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 | |
15.9 | 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 | |
14.2, 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. |
22.9 | 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. |
OFX GENERAL TERMS AND CONDITIONS (Business)
For Business Clients
These OFX General Terms and Conditions (Business) apply from 10 October 2024.
Version 2.1
You should read these OFX General Terms and Conditions (Business) 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
These OFX General Terms and Conditions is a legal agreement between you and us and governs your access to and use of our Services (the “Agreement”). 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
- Each time you access and use our Services, including Currency Conversions and Payments the terms and conditions contained in this Agreement apply. Each Currency Conversion and Payment will be treated as a separate transaction and the specific details of each transaction will be agreed separately each time you provide Instructions and will be confirmed in the Service Confirmation.
- 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.
- There may also be supplemental terms specific to the Services you use such as the additional Service terms listed on the Legal page of our Website, including but not limited to the OFX Card Agreement (Business), the OFX Subscription Agreement (Business) and the End User Licence Agreement. If these are relevant to the Services you receive or request, you agree that these will become part of this Agreement.
- In this Agreement, we refer to other documents, you should read them carefully to make sure you understand them. These documents can be found on our Website.
- In the event of any conflict or inconsistency between any of the documents we refer to, or rights and obligations that apply to you, the following order shall prevail:
- Service Confirmation
- Country-specific terms and conditions
- Supplemental and Additional Terms specific to the Services you use
- This Agreement
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 business@ofx.com.
2. Who This Agreement Affects
- This Agreement applies to all Clients who use our Services through our Website, telephone, mobile applications, software, APIs or any other access channels.
- In this Agreement, “we”, “us” or “our” means the relevant OFX group company. “Clients” and “you” refers to the legal entity that has registered as a Client.
- 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 expressly confirming your acceptance online 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 provide Services including technology products and services available via the Secure Website as well as financial services.
- Software – We grant you the right to access and use the Services via the Secure Website and the mobile app in accordance with your subscription type. This right is a non-exclusive, non-transferable, non-sub-licensable, royalty free and limited licence to access and use the Services only when you have an active Business Account with us and only in accordance with the terms of this Agreement. Your use of the Services will be restricted to use of the software in object code form for the purpose of processing our Services for your normal business purposes (which will not include allowing the use of the Software by, or for the benefit of, any person other than you or an Authorised User).
- Currency Conversions – We will convert one currency to another as requested by you at an agreed exchange rate. You can then hold the converted currency in your OFX Global Account or make a Payment;
- Payments (including both domestic and cross-border) – You can provide us instructions to make a Payment or transfer of your money to a designated Recipient Account. Such account can be your own OFX Global Account or your own bank account, or a third party’s OFX Global Account, or bank account. Where your Payment includes the exchange of currencies, we will perform a Currency Conversion and then make the Payment to the designated Recipient Account in the chosen currency; and
- OFX Global Account – The OFX Global Account is a multi-currency account that we issue you when you register for a Business Account. The OFX Global Account allows you to receive and hold funds as well as make Currency Conversions and Payments using the available Balance. Where eligible, you may also have an OFX Card connected to your OFX Global Account to make Payments.
4.2 Not for Investment Purposes
We do not offer any form of investment or speculative trading facilities.
4.3 Exchange Rates
- When you give us an Instruction for a Currency Conversion, we will provide you with a quote for an indicative exchange rate that may apply to your Currency Conversion. The exchange rate we quote is not the same as the market exchange rate, and is not guaranteed until the Currency Conversion is confirmed as rates can, and do change frequently. The exchange rate that applies to your Currency Conversion will be listed on the Service Confirmation.
- 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 Currency Conversion 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 Currency Conversion or Payment with you or open an OFX Global Account for you. Any advice we do provide will relate only to information that is already publicly available and/or to the mechanics of the Services. 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 Service you request and enter into is for you to decide.
4.5 Fees
- In consideration of the provision of the Services by us, you will be liable to us for the applicable Fees. These Fees vary depending on the Service provided. Details of the Fees are set out in the Product Disclosure Statement (“PDS”), the OFX Subscription Agreement (Business) and or the OFX Card Agreement (Business) as applicable, or as agreed in writing by mutual agreement.
- Fees for any technology products and services will be charged on a monthly recurring basis depending on the subscription plan you have agreed to and features made available to you. See the OFX Subscription Agreement (Business) for more information including payment options, pricing and other details.
- For a Currency Conversion a Margin will be included in the exchange rate that is agreed with you when the Currency Conversion becomes legally binding. Please be advised that your own bank or your Recipient’s bank may independently charge fees for sending or receiving the applicable funds. You should consult directly with the bank for information regarding any fees they may charge. We have no control over those and receive no part of them.
- For a Payment or Currency Conversion, we may charge a fee which will be quoted to you at the time of booking and will be expressed either as a flat fee or a percentage of the applicable Payment or Currency Conversion amount. Any fees charged by us in relation to a particular Payment or Currency Conversion will always be shown on the Service Confirmation as well as any receipt we may provide to you or make available within your Business Account.
- The Fee payable may vary depending on the way in which the Payment or Currency Conversion is completed. Your choice of payment in, receiving funds and or payments out will impact any Fee payable. Payments to us by card will attract a fee, and requesting and use of the OFX Card will attract various fees. See the PDS, OFX Subscription Agreement (Business) and/or the OFX Card Agreement (Business) for more details.
- Domestic Payments will be OFX fee free up to the maximum number of domestic payments available to you under your Subscription Plan. A Fee per transaction will be applied thereafter. The Fee will be included in the Payment details at the time of booking and confirmed via the Service Confirmation.
- In certain circumstances, certain intermediary fees might be levied upon a Payment. Where possible, we will estimate the amount of such fees in the Service Confirmation, but the Recipient Account may receive less than originally estimated. You acknowledge and agree that third party intermediary fees may apply to your Payment. 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 and the recipient).
- You must pay any Fees owed to us as soon as they become due and payable. We may refuse to provide any of our Services, or suspend your access to your Business Account, until we have received payment of the Fees in full.
- You authorise us to deduct our Fees or any amounts payable to us from your available Balance in your OFX Global Account. If do not have sufficient funds in your OFX Global Account, the remaining amount owed will be a debt due and payable by you. When funds are owed to us, we may deduct from funds sent to us for any Services in the future.
5. Using our Services
5.1 General Obligations
A. Instructions
To give us an Instruction, we require that you provide us with the value of the Payment or Currency Conversion, the payment date and the Recipient Account you want to pay (if applicable). When we receive an Instruction from you, we shall provide you, as applicable, with information on the maximum time it will take for the Recipient Account to receive the money, any Fees or charges payable by you and a breakdown of such charges. Where the Payment involves a Currency Conversion, you will be provided with the applicable exchange rate.
B. When the Payment or Currency Conversion is Legally Binding
Payments and Currency Conversions become legally binding once the booking process has been completed online regardless of the payment date. If email or telephone instructions are permitted, Payments and Currency Conversions become legally binding when the Instruction is received via email and has been processed or when the telephone call, in which you place an Instruction, has concluded. A Service Confirmation is available in your Business Account which is a written record of the Instruction you have given us. If you do not contact us within 24 hours of receipt of the Service Confirmation, which is immediately available within your Business Account transaction history, the details will be deemed to be correct. Even if no Service Confirmation is received, the Payment or Currency Conversion 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.
C. Third Party Liability
- We provide the Services directly to 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.
- Please be advised that if you access the Services 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.
D. Changing or Cancelling an Instruction
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 immediately. 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.
E. Service Confirmation
Once we have carried out a Service for you, a record of the Service provided will be available in your Business Account. We may also send you a Service Confirmation via email including any applicable reference, amount of the payment and currency used, any charges and the date the order was received. If you decide to turn off e-mail notifications, it is your responsibility to check your emails or your Business Account regularly to review your Service Confirmations and print or save a copy of this information for your records.
Where the Service includes a Currency Conversion, the Service Confirmation will include the following details:
- 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 or charges,
- 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 conversion and any applicable fees. These should be in the same currency as your Sale Currency and either available in your OFX Global Account or paid into the bank account we specify, and
- Any terms and conditions for paying an Advance Payment or deposit (if applicable).
5.2 Types of Payments
A. Immediate Payments
Payments for when you have a need to send or transfer money to a Recipient Account at the time you provide the Instructions. The Payment Date will be the date the Instructions are received, and the applicable funds are available to settle the Payment. The Immediate Payment may include a Currency Conversion which means a foreign exchange contract under which we agree to exchange money at an agreed rate within two Business Days of the contract commencing.
Payments made via an OFX Card are immediate payments whereby you authorise a third party to pull the applicable value from the available Balance in your OFX Global Account.
B. Scheduled Payments
Payments for when you have a need to send or transfer money to a Recipient Account at a date in the future. The Payment Date is chosen by you when booking the Payment and on that date, we will fulfil the Instructions, as long as the applicable funds are available to settle the Payment. Where the Scheduled Payment includes a Currency Conversion, you acknowledge that you are not locking in an exchange rate at the time of providing the Instructions and that exchange rates may vary between the time when the Instruction is provided and the Payment Date. By instructing us to provide a Scheduled Payment, you are instructing us to execute an Automatic Conversion on the Payment Date (see clause 5.3, C for more details on Automatic Conversions). The applicable exchange rate will be the Spot Rate on the date that is the same as the Payment Date.
C. Forward Contracts
- Forward Contracts are not available in all jurisdictions. You may book a Forward Contract by telephone or online or by email, only with prior written approval from us. See the Country Section at the end of this Agreement for any further terms and conditions which may be applicable to you.
- The Forward Contract involves a Payment and a Currency Conversion. In giving us an Instruction for a Forward Contract, you must also specify the date you want the exchange to occur. This will be the Maturity Date. The agreed exchange rate will be confirmed on the date you provide the Instructions for the Forward Contract.
- 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. - Failure to Pay the Advance Payment
If you do not pay the deposit by the date required, we may cancel the Forward Contract. - 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. - Payment of Full Amount on Settlement
You must transfer the full amount of funds due for the Forward Contract (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. - 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 Maturity Date 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.
D. Limit Orders
You may give us an Instruction for a Limit Order by telephone, through our Secure Website or by email, only with prior written approval from us.
- 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 Currency Conversion and Payment (if applicable). - 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. - 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. - 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 are available in your OFX Global Account. If the funds are not available and we do not receive the funds in time, we reserve our right to cancel the Limit Order and you may be liable for any losses.
5.3 Currency Conversions
To book a Currency Conversion you must log into your Business Account and provide us Instructions including as a minimum the value to be converted and the currencies involved. We may accept instructions by telephone, or by email, only if we agree this with you in advance.
A. Quotes Made in Error
If we quote you an exchange 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.
B. You Agree to Act Quickly
By entering into this Agreement, you acknowledge that exchange rates can fluctuate rapidly, so being able to access the exchange rate we quote you depends on you promptly performing your agreed actions. We reserve the right to cancel or suspend the Services if you do not provide us with any requested information or funds promptly. The agreed exchange rate is presented to you at the time of booking the Currency Conversion. The exchange rate is not guaranteed until the Currency Conversion becomes legally binding. You must have cleared and available funds to satisfy the Currency Conversion within two Business Days otherwise your Currency Conversion will expire and will be cancelled and a late settlement fee will be incurred. This late settlement fee is the equivalent of the Reversal Loss, see clauses 10.2 and 17.2.
C. Automatic Conversion
A. If you elect to use Automatic Conversion and when you book a Scheduled Payment involving a Currency Conversion, we will convert your funds immediately upon receipt of cleared funds by us or on the Payment Date if provided as part of the Instructions, and we will make a Payment to your designated Recipient Account. If you instruct us to undertake Automatic Conversion, either for a single Currency Conversion or as a standing instruction, you acknowledge and agree that:
- We will convert funds from one currency to another and transfer such funds to your designated Recipient Account at our then current Spot Rate. You waive any right you may have to disclosure by us of the exchange rate prior to conversion;
- For an Automatic Conversion the Currency Conversion and Payment will be legally binding on you when we receive the relevant funds. For a Scheduled Payment, the Currency Conversion and Payment will be legally binding on you when we receive the Instructions;
- We will provide you with confirmation of the Currency Conversion and Payment details via a Service Confirmation; and
- Exchange rates fluctuate due to external market conditions so the exchange rate used for the Currency Conversion of your funds may vary each time Currency Conversion is executed. The exchange rate used on your Currency Conversion will be disclosed on your Service Confirmation and in your transaction history. If you notice any errors or unauthorised transactions in your account history, please contact us immediately.
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 details of the Recipient Account, including whether 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’ written notice either via email or by updating your Instruction within your Business Account, which will apply to any funds received by us after this time. Otherwise, a Currency Conversion, Payment or Instruction cannot generally be withdrawn or changed once it has been received.
5.4 OFX Global Account
- About your OFX Global Account
The OFX Global Account is a multi-currency account that allows you to receive, hold and transfer funds in and out of it in accordance with this Agreement. You may have multiple currency accounts, either in the same currency or different currencies, provided we consider, in our sole discretion, there is a reasonable business need. The OFX Global Account is not a bank account and is subject to certain limitations and restrictions, as described in this Agreement.
To receive funds OFX supports currency accounts with local Account Credentials as well as SWIFT account credentials. All currencies are supported to receive via SWIFT account credentials unless specified otherwise.
To make payments from your OFX Global Account, OFX supports payments using local payment rails as well as SWIFT. All currencies are supported to make payments via SWIFT rails.
As at the date of this Agreement OFX allows you to receive, hold, complete a Currency Conversion and make Payments out of the following currencies, unless specified otherwise in any other communication to you. OFX may update this list from time in its sole discretion:
Australian Dollar (AUD) (1)(2) | Japanese Yen (JPY) | Japanese Yen (JPY) |
Bahrain Dinar (BHD) | Kenyan Shilling (KES) | Singapore Dollar (SGD) (1) |
Canadian Dollar (CAD) (1) (2) | Kuwait Dinar (KWD) | South African Rand (ZAR) |
Chinese Yuan (CNH) | Malaysian Ringgit (MYR) (1) (3) | Swedish Krona (SEK) |
Czech Koruna (CZK) | Mexican Peso (MXN) | Swiss Franc (CHF) |
Danish Krone (DKK) | New Zealand Dollar (NZD) | Thai Baht (THB) |
Euro (EUR) (2) | Norwegian Krone (NOK) | Turkish Lira (TRY) |
Hong Kong Dollar (HKD) (1) | Omani Rial (OMR) | Ugandan Shilling (UGX) |
Hungarian Forint (HUF) | Philippine Peso (PHP) (1) (3) | UK Sterling (GBP) (1) (2) |
Indian Rupee (INR) (1) (3) | Polish Zloty (PLN) | US Dollar (USD) (1) (2) |
Indonesian Rupiah (IDR) 1) (3) | Qatar Rial (QAR) | United Arab Emirates Dirham (AED) |
Israeli Shekel (ILS) | Romanian Leu (RON) |
(1) OFX supports payment via local rails
(2) OFX supports local Account Credentials
(3) These are restricted currencies. You cannot fund these currencies directly. They can only be bought by converting another supported currency and followed by an immediate Payment.
B. Account Credentials
When we issue you with an OFX Global Account, you will be provided with a unique account number and account information (collectively the “Account Credentials”) to be used to pay into your OFX Global Account, receive funds from third parties or from your own bank account and to enable us to credit your OFX Global Account. Account Credentials are not bank account details that relate to a bank account held by you. 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 us 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 our sole discretion.
C. Default Automatic Conversion
Prior to your use of the OFX Global Account Service, you must provide your Australian Dollar nominated beneficiary bank account for the purposes of transferring or returning funds to you in accordance with applicable Additional Terms or as notified to you in writing by us. You acknowledge and agree that the funds will be returned in Australian Dollars and we will convert the funds, if needed, at our then current Spot Rate. The transfer will be processed as an Automatic Conversion as per (clause 5.3, C Automatic Conversions) above. You may update these instructions by notice to us in writing.
D. Payments in and adding funds to your OFX Global Account:
- Funds received using your Account Credentials will be held in the same currency in which they are received;
- Funds can be received via a direct transfer from a bank account or other OFX Global Account in your name;
- Funds can be received from a bank account or another OFX Global Account in someone else’s name. To receive funds from a third party, we may require evidence that you are entitled to the funds;
- You may authorise us or our vendor to debit a bank account in your name. If you choose this method, you must complete a Direct Debit Agreement to authorise this payment and there will be delay of three business days on your first debit. You acknowledge and agree the applicable direct debit provider may charge fees for processing payments using the direct debit authority; or
- You may use a debit or credit card in your name. If you choose this method you acknowledge and confirm that you will need to provide us with card details including the card holder name, that all card details provided are correct, and that you are authorised to use the card and associated funds as intended. You also acknowledge and confirm that you will not exercise any chargeback unless we have breached this Agreement or your card was used without your authority (excluding by any Authorised User). If you initiate a chargeback, we may suspend your access to the Services and investigate the circumstances. We reserve the right to charge you reasonable fees in connection with such investigation.
Depending on the method of the payment into your account, Fees and charges may apply. See the PDS and OFX Subscription Agreement (Business) for more information. We reserve the right to change or limit the ways in which you can pay in or add money to your OFX Global Account at any time without notice to you.
Any attempted payments to an OFX Global Account through an unsupported payment method or currency will be rejected and returned to the payor. We do not accept cash; cheque; or other forms of payment into your OFX Global Account.
Funds will be credited to your Balance when we are in receipt of the cleared funds. Log in to your Business Account via the Secure Website to track your Balance.
E. Payments out and withdrawing funds from your OFX Global Account
- You may only transfer funds within your OFX Global Account or drawdown your Balance by initiating a Payment. This includes a Payment initiated via an OFX Card.
- We may withdraw funds from your account for the purpose of return to the person by whom it was paid; in accordance with an Automatic Conversion or other Instruction from you; to transfer your Balance to a third party if we’re required to by a law, court order or other legal process; to pay fees to OFX or a third party; or to transfer the funds to a separate bank account where it will be held on trust.
- Transfers between your own accounts within the OFX Global Account. You can transfer funds between your accounts (a Currency Conversion) or send funds to someone else’s OFX Global Account by adding the account details as a Recipient Account and booking a Payment.
F. Rejected Payments
OFX reviews all payments received and may in its sole discretion reject any payment. If an inbound payment is rejected or declined, a bank or other third-party provider may assess a fee in relation to the rejection. In addition, OFX may, in its discretion, assess a fee on you to cover the investigation costs and expenses. You acknowledge and agree that any fees, costs or expenses associated with a declined or rejected payment will be borne by you or the payor. In no event will we be responsible for any costs, fees or expenses assessed by a third party in relation to a rejected or declined payment.
C. Delivery Issues
The payment and delivery of receivables from third parties, including the timing of receipt of the receivables and the amount of funds delivered, is controlled solely by the third party payor and may be subject to the third party payor’s terms and conditions or the terms of any applicable agreement between you and the third party payor. Any issues or disputes with the delivery, non-delivery or timing of the delivery must be resolved directly with the third party payor and are not the responsibility of OFX. OFX will not be a party to any such dispute.
H. Funds Held by Us
You acknowledge and agree that any funds paid to us and held by us are funds that have been paid to acquire, or to acquire an increased interest in, a financial product. These funds represent stored value and are reflected in the balance shown within your Business Account (“Balance”). OFX may comingle and hold your Balance with the balances or funds of other OFX Clients (“Pooled Account”). Any funds held in an OFX Global Account represent an unsecured claim against OFX and are not insured by any applicable deposit protection scheme including the Australian Government’s Financial Claims Scheme or the Federal Deposit Insurance Corporation in the United States of America. We will have sole discretion as to the maintenance and establishment of the Pooled Account and you will not have any right to or be entitled to draw funds from any Pooled Account. You will not receive any interest or other earnings accrued on your Balance or any other funds held by us. In consideration of your using our Services, you irrevocably assign to us all rights and legal interest to any interest or earnings attributable to holding your Balance.
I. Transaction History
You can access your transaction history including Currency Conversions, exchange rates, Payments, amounts received, Fees charged and other applicable information within your Business Account via the Secure Website.
You can request a statement by contacting us, please contact us in any of the ways set out in the ‘Contact Us’ section.
J. Additional Obligations
- OFX reserves the right to impose limitations and or restrictions on your use of the Services, including by imposing Additional Terms on you that we reasonably consider necessary for the prudential management of the OFX Global Accounts, including but not limited to, a Balance maximum, Payment or receivables value maximum, and or a specific time limitation on funds held in an OFX Global Account.
- Recalled Payments – We do not accept any liability for returns or recalls initiated by you or by a payor. If you receive a payment that is recalled and returned to the payor for any reason, you are solely responsible for the full amount of the returned payment (including any fees incurred by us as a result of the return payment). In the event a payor debits or recalls funds that have been credited to your Balance, you hereby indemnify us for any claims or losses in respect of any such deductions, together with any costs or expenses incurred by us in connection with dealing with the debit or recall requests. We reserve the right to collect from you any loss by us resulting from a recalled payment.
- Negative account balances – Negative account balances are not permitted and you agree to ensure you always have a zero or positive balance. If for any reason your Balance reflects a negative balance, you must immediately send funds to us to restore a positive balance. A negative balance represents an amount you owe to us. If you fail to take steps to bring the negative balance to a positive balance, we may suspend your access to our Services and/or take legal action to recover the outstanding amount.
- Taxes and liabilities – You are responsible for reporting and remitting to the appropriate government tax authorities any taxes or duties that may be assessed on or apply to any payment received into or paid out of your OFX Global Account. In compliance with applicable law, we may be required to make certain reports to tax authorities regarding your Payments or funds received in connection with the Services. You may be subject to withholding taxes or other tax liabilities with respect to importing services from a foreign entity. In addition, you may be subject to Goods and Services Tax (GST), Value Added Tax (VAT), sales tax, income tax, or other tax liabilities as a seller of goods or services. You must check with your local tax advisor to determine whether taxes apply to you, and it is your responsibility to pay such taxes to the appropriate tax authority.
5.5 Restrictions on Use of Services
A. You have no right (and will not permit any third party) to copy, adapt, reverse engineer, decompile, disassemble, modify, adapt or make error corrections to the Services in whole or in part.
B. You must not:
- sublicense, assign or novate the benefit or burden of any software licence granted to you in whole or in part;
- allow the Services to become the subject of any charge, lien or encumbrance;
- deal in any other manner with any or all of its rights and obligations under this Agreement including any licence granted;
- use any technology (device, software or hardware) to damage, intercept or interfere with our Secure Website including the mobile application;
- control, possess or access more than one Business Account without authorisation from us;
- use the Services in a manner that results in or may result in complaints, disputes, claims, reversals, chargebacks, fees, fines, penalties and other liability to us, another user, a third party or You;
- use the Services, or permit others (knowingly or otherwise) to use the Services in any fraudulent manner or for any fraudulent activity;
- use the Services for engaging in, any restricted or Illegal Activities, including but not limited to terrorist financing, money laundering, distributing or funding drugs or drug paraphernalia, illegal gambling or malicious hacking;
- use an anonymising proxy;
- take any action that imposes an unreasonable or disproportionately large load on Our infrastructure;
- facilitate any viruses, Trojan horses, worms or other computer programming routines that may damage, detrimentally interfere with, surreptitiously intercept or expropriate any system, data or information;
- use any robot, spider, other automatic device, or manual process to monitor or copy any part of the Services, Website or mobile application without OFX’s prior written permission;
- take any action that may cause us to lose any services provided by any of our third party suppliers that support the provision of the Services, including but not limited to any card scheme provider; or
- use the Services to test card behaviours.
C. Not a Bank Account – Our Services and the corresponding OFX Global Account is not a banking product or bank account, does not take deposits and cannot be used by you as a bank account. You are not permitted to authorise withdrawals using Account Credentials or otherwise initiate an outbound funds transfer using your Account Credentials other than by initiating a Payment in accordance with this Agreement.
D. No Personal Use – The Services are intended for business-related and commercial activities only. You are not permitted to use the Services for personal, family or household purposes. The Services cannot be used in conjunction with an OFX Personal Account. OFX will block funds from any individual or for suspected or actual use for personal, family or household purposes.
E. Unsupported Business Activities – in addition to any other restrictions contained in this Agreement, You may not use the Services or accept payments in connection with the following business activities, products or services. This is a non-exhaustive list:
Money Services, Virtual Currency or stored value | Money transmitter, FX broker, payday lenders, collection agencies, bill payment services, check/cheque cashing, correspondent banking. Cryptoassets/Cryptocurrencies. Crypto Miners /Virtual Currency administrators. |
Counterfeit goods | Unauthorized sale of or resale of brand name or designer products or services. |
Gambling | Betting, sports forecasting, lotteries, online gaming, off-track betting. |
High-Risk Regulated Products or Services | Marijuana dispensaries and related businesses, tobacco, e-cigarettes, e-liquids, online pharmaceuticals, weapons and munitions. Wildlife products, mining and extraction, migration agents, political organisations, adult entertainment, pawnbrokers |
Intellectual property or proprietary rights infringement | Sales, distribution, or access to counterfeit music, movies, software, or other licensed materials without the appropriate authorization from the rights holder; any product or service that directly infringes or facilitates infringement upon the trademark, patent, copyright, trade secrets, or proprietary or privacy rights of any third party; use of OFX intellectual property without express con- sent from OFX; use of the OFX name that is inconsistent with this Agreement or in a manner that otherwise harms OFX or the OFX brand; any action that implies an untrue endorsement by or affiliation with OFX. |
Illegal Activities | Firms involved in servicing human trafficking, child labour, prostitution |
Any other category of product or service that OFX decides to prohibit in its sole discretion. Additional restrictions apply to Clients located in the US. See Country Specific section for details. |
Without limiting any of its other rights, a breach of this clause will result in immediate suspension and or termination of the Agreement at OFX’s sole discretion.
6. Payment for Services
6.1 Your Account Details
- So we can tell who the money has come from you must use your personalised Account Credentials. Funds will then be allocated to your OFX Global Account Balance.
- You will also be allocated a unique client reference number which is to be used by you every time you call us.
- Funds from Business Clients must come from a business bank account.
- We will pay your funds by electronic means only.
6.2 Payments
You must have the full amount payable (plus any applicable fees) available in your OFX Global Account. For immediate Payments the funds are required within two Business Days of when the Payment becomes legally binding. For Forward Contracts and Scheduled Payments the funds are required before the Maturity Date. If we have not received the funds by the applicable date, we will not be able to process the Payment and reserve the right to cancel the Payment. Where you have the full amount payable as available Balance in your OFX Global Account, the funds will be pulled from your Balance and used to satisfy the Payment as soon as the Payment becomes legally binding.
6.3 Currency Conversions
You must have the full amount of the currency you want to exchange in your OFX Global Account. If we have not received the funds by the applicable date, we will not be able to process the Payment and we will cancel the Currency Conversion.
Where we do not receive the applicable funds within two Business Days for your Currency Conversion, your Currency Conversion will be cancelled and you will be required to get a new quote and book in a new Currency Conversion. You will be charged a late settlement fee equal to the Reversal Loss in accordance with clauses 10.2 and 17.2.
To the extent that you have available Balance in your AUD OFX Global Account, you acknowledge that the Reversal Loss will be deducted immediately upon becoming a debt due and payable to us. If you have insufficient funds available in your AUD OFX Global Account, the Reversal Loss will be included in your next Currency Conversion or Payment and will show as a Fee payable. Where you have the full amount payable as available Balance in your OFX Global Account, the funds will be pulled from your Balance and used to satisfy the Currency Conversion as soon as the Currency Conversion becomes legally binding.
6.4 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 Payment. You must be the beneficial owner of the applicable funds (see 7.2 Owner of the Money you Are Transferring).
6.5 Providing the Correct Details
- 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 Payment Date, Maturity Date or Delivery Date (as applicable).
- 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 provide the applicable Services.
- 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.
6.6 Full Amount of Funds Must Be Received
- The full amount being transferred, plus any 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. We will not pay out funds until the full amount payable is available to us.
- The exception to this is where certain business Clients have access to intra-day credit and the Payment 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 Clients.
- 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 Payment using that lesser amount which will result in a lesser amount being transferred to your Recipient Account.
6.7 Failure to Make Payment
If you do not have sufficient funds available in your Balance, or you fail to make full payment for any Payment or Currency Conversion when due (including where a payment method in fails or is dishonoured), we will not be able to process your Instructions and we may take other action such as invoking our cancellation rights (see clause 10 Cancellation), closing your account or pursuing you for any losses we may have suffered as a result.
6.8 Unauthorised Payments
A. If you believe that you did not authorise a Payment or Currency Conversion, please notify us without undue delay. If we determine that you did not authorise a Payment in accordance with this Agreement, we will refund you the value of the Payment as soon as practicable unless:
- We reasonably believe you have acted fraudulently, or
- 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.
6.9 Errors on Our Part
- 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 the Service Confirmation, receipts (if applicable) and other information within the Secure Website 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. - Where we have incorrectly executed a Payment and we are liable, we shall refund you the amount of the Payment to account in your name without undue delay.
- Regardless of whether we are liable to refund you, we shall immediately and without charge:
- Make efforts to trace any non-executed or incorrectly executed Payment; and
- Notify you of the outcome.
D. We are liable to you for any charges incurred by you where we have incorrectly executed a Payment.
6.10 Errors on Your Part
- 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 us with additional supporting documents.
- 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. To the extent reasonably practicable for us to do so and subject to applicable laws, we may provide relevant information that we have to help you reclaim payment of the funds upon request from you in writing.
- 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.
7. Business Account
- Business Accounts are to be used when you are utilising the Services for commercial purposes such as the sale of goods and services. 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 Services being refused and the Business Account being closed.
- The Business Account and the Services are provided on an as is basis. OFX does not guarantee any minimum performance, suitability or availability standards. The availability of products and features provided as part of the Services are subject to change, such change will be communicated to you via our Website. OFX is not liable for any failure or non-availability of the technology services or any technology products and features within the Secure Website. If you experience technical difficulties, please contact us as soon as possible.
- All Services must only be used or accessed for lawful purposes and in accordance with this Agreement including but not limited to any restrictions or prohibitions.
7.1 Identity Verification
- To provide you with our Services, we must collect certain information about you, other relevant third parties and your business. We may also be required to verify such information in accordance with our regulatory and legal obligations. See clause 15 (Important Privacy Information) and the Privacy Policy for details on how we manage personal information.
7.2 Owner of the Money You are Transferring
- 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 Payments 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.
- 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.
- The funds held in your OFX Global Account belong to you as the registered Client and owner of the OFX Global Account. You must not place a charge or other form of security over your OFX Global Account.
7.3 Appointing Someone to Act on Your Behalf (Authorised Users)
- You must appoint one or more Authorised Users (even if you have a sole director who has created the business account). You may appoint as many Authorised Users as you wish, subject to our approval and any OFX Subscription Agreement (Business) restrictions that may apply. Each Authorised User will have Secure Details.
- You can do this by logging into your Business Account and requesting to appoint someone or you can sign 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 Payment or Currency Conversion that you authorise them to undertake and or approve. We may contact you to confirm the details of a request to appoint an Authorised User or on any Authorised Signatory Form we receive from you.
- We will rely on an Instruction received and any other act of approval or rejection 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 at least 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 within your Business Account.
- We will complete screening and other KYC checks on all Authorised Users as we see fit. We may ask for additional information, including but not limited to ID documentation and evidence of authorisation to act on behalf of You.
- This Agreement also applies to Authorised Users, but you remain responsible for and remain bound by their actions. We accept no liability for carrying out any Services that have been instructed by your Authorised User which you didn’t want. If a dispute arises between you and your Authorised User, you acknowledge that we are not party to that dispute.
7.4 Keeping Your Account Safe
- 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.
- 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.
- 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 business@ofx.com. In such circumstances we may suspend your account to protect you and refer the matter to our fraud department.
7.5 Keeping Our People Safe
- 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 Payment or Currency Conversion, decline to provide you with Services or close your Business Account or OFX Global Account in any circumstances where any of our people may feel threatened, alarmed, distressed or afraid.
- 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.
7.6 Communicating With You
- When we need to contact you, we may do so by email, text, telephone or mobile application using the most recent details you gave us. We will mostly communicate with you electronically, see clause 20 (Electronic Communications Consent) for more details.
- We may record telephone or video calls for training, quality assurance and compliance purposes. By entering into this Agreement you consent to the electronic recording of all telephone or video 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 or video 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 the Services.
- 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.
- By entering into this Agreement, together with the consents you gave when registering with us, you consent to receiving 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 Service Confirmations and receipts, requests for additional documents or information and notifications regarding updates to your account.
- 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 marketing or promotional messages at any time by changing your preferences within your Business Account, clicking the unsubscribe facility included in each electronic marketing message or by contacting us via any of the ways set out in the ‘Contact Us’ section. To continue using our Services, there are certain communications directly related to the Services and your Business Account which you cannot opt out from receiving.
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 apply.
8.4 Transaction Limits
We may apply limits to the number of Payments and / or Currency Conversions 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 Business Account, at our sole discretion, if we reasonably believe the information you have provided to us is false or misleading or that a proposed Payment or Currency Conversion 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 if permitted in accordance with and subject to applicable laws. Likewise, any monies you owe to us must be paid.
10. Cancellation of Transactions
10.1 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:
- An Instruction is not complete or you have not provided us with any additional information we may have asked for;
- 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;
- You have not paid us money you may owe us when it is due;
- You are resident in certain countries where we do not or cannot do business;
- 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;
- We reasonably believe an Instruction is connected to fraud, money laundering, terrorist financing, tax evasion, or other criminal activity;
- We believe it could expose us or another member of our group of companies to legal or regulatory action;
- We believe your account has been misused for example, using a Business Account for personal Transactions;
- If you breach any other material term in this Agreement or any terms and conditions relating to any individual Payment, Currency Conversion or use of the OFX Global Account;
- In the event that a dispute arises between us that is unable to be resolved without delaying the Payment or Currency Conversion (for the purposes of minimising loss to us).
- If any information or warranty you have given us is or becomes, in our opinion, inaccurate, incorrect or misleading;
- In the event of your death or loss of capacity;
- If we reasonably believe that you are insolvent or at risk of insolvency;
- If our banking partners refuse to process a payment or similar events that are outside of our control; or,
- 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 your Instruction 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.
10.2 Consequences of Cancelling a Currency Conversion
When we cancel a Currency Conversion, we buy back the currency that we have bought for your Currency Conversion 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 Currency Conversion 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”.
10.3 No Payment of Profit
We will not pay you any profit arising from us cancelling a Currency Conversion, or for any other reason, under any circumstances.
10.4 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 your Balance, whether related to the cancelled Currency Conversion or not. If the amount we are seeking to recover exceeds the amount of your Balance, you agree to pay us the balance.
10.5 Additional Costs You May Be Liable For
- 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.
- 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.
10.6 Notice of Monies Due
If we cancel a Currency Conversion, you will be notified within the Secure Website explaining the amount of any sums that are payable to us and the amount of any sums being withheld by us.
10.7 Set Off
- 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.
- 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.
11. Anti-Money Laundering and Countering Financing of Terrorism (“AML/CFT”)
11.1 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.
11.2 Means of Payment
- To reduce the risk that our Services could be used for money laundering purposes, we will not accept payment in cash or by cheque. For funds received by credit card or debit card, or via a third party payment, we reserve the right to complete any other checks or request any additional information as we require. We may decide to not accept the funds and will attempt to return the funds to the account from which we received them.
- You must ensure that you use your Account Credentials when making electronic payments to us. You acknowledge that if you do not include the correct Account Credentials we may not be able to link the payment to you and may have to cancel the Payment and attempt to return the funds to the account from which we received them.
11.3 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.
11.4 Consent to Use of Information by Us
- 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.
- You agree that any personal information provided to us by you will be used in accordance with this Agreement, see clause 15 (Important information about privacy) for more information.
11.5 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 without giving any prior notice or reason for doing so. 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.
11.6 Right to Refuse to Provide a Service
We reserve the right to refuse to accept you as a Client or to refuse to process any Service 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 Payment or Currency Conversion may be connected in any way with Illegal Activities or may result in reputational harm or any other unacceptable business risk to us.
11.7 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.
12. Indemnities
12.1 Your Liability to Us
- 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 Services provided, 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.
- 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.
- These indemnities apply to any individual assigned Secure Detailsand to the business entity which is registered as a Client 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.
12.2 Our Liability to You
- If we make an error and your funds are sent to the wrong Recipient Account or we complete a Payment 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.
- 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.
13. Limitation of Our Liability
13.1 Liability Cap
- Our liability to you for each and every Payment or Currency Conversion is limited to the amount of money you have actually paid us in relation to any particular Payment or Currency Conversion.
- For the avoidance of doubt and without limiting any other provision of this Agreement:
- 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 or your OFX Global 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.
- If we cancel or refuse to process one or more of your Payments or Currency Conversions for any reason, we shall refund to your OFX Global Account Balance any funds withdrawn, but that shall be the full extent of our liability to you in these circumstances.
13.2 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:
- Non-financial loss including, but not limited to, loss for emotional pain or suffering;
- 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;
- Suffered as a result of or in connection with a change in laws and regulations applicable to us;
- 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:
- The action or inaction of third parties to this Agreement including intermediaries on whom we rely to provide the Services to you;
- Network or equipment failure, including failure, unavailability or defect to our online dealing platform; and
- The need for us to undertake further due diligence to meet our regulatory requirements and protect ourselves from unacceptable business risk;
- Suffered as the result of or in connection to:
- Your own mistake; or
- Your own network or equipment failure;
- Incurred when you have acted or whilst you are acting:
- Fraudulently, with negligence or gross negligence; or
- In breach of any of the terms of this Agreement.
B. Our liability to you will be proportionately reduced to the extent that:
- We could not reasonably have predicted your loss;
- We have acted in accordance with our obligations under this Agreement; or
- 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.
14. Warranties
14.1 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:
- You are over the age of 18,
- You have full authority to enter into this Agreement and to instruct the Services under it;
- 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);
- You have a valid legal reason for entering into each Payment or Currency Conversion and for opening an OFX Global Account and will not enter into any transaction for speculative purposes;
- You are incorporated, or registered, in the country in which you are transacting and have full authority to enter into this Agreement and request the Services;
- 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;
- If you are acting as a trustee of a trust, you are properly authorised to enter into this Agreement and request any Services in accordance with the terms of the relevant trust deed;
- You will not use the account for personal, family or household purposes;
- 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;
- In making your decision to register and provide Instructions, 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
- 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. Whilst we reserve the right to cancel Payments, Currency Conversions or close an OFX Global Account 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.
14.2 Our Warranties
A. We represent and warrant that:
- We have the right, power and authority to enter into this Agreement and to perform all of our obligations under it;
- The Services will be provided in accordance with generally accepted industry standards;
- 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. OFX excludes all rights, representations, conditions, warranties, guarantees, undertakings, remedies or other terms in relation to the Services to the maximum extent permitted by law.
15. Important Privacy Information
By registering with us to use our Services, you consent to us collecting, using and disclosing personal information about you in the ways set out in this clause 15, the Privacy Policy and as permitted by Privacy Law.
We cannot register you for use of our Services without your personal information. Once you become a Client, we may also be unable to administer your Business Account or continue to provide our Services.
15.1 Collection of personal information
- Generally, we collect personal information from you directly when you register to use our Services, through your ongoing use of our Services and when you communicate with us such as over the phone, email or other electronic transmissions of data.
- We collect information when you use our Secure Website and you interact with our Website (including via cookies). See our Cookies Policy for more information.
- We may also collect personal information from third parties and publicly available sources, such as credit reference agencies, government and regulatory authorities, identity verification and fraud detection service providers, community forums, social medial platforms, our business partners, advertising and market research companies. This may also include someone acting on your behalf, for example see clause 15.5.
- For the types of personal information we collect, refer to our Privacy Policy.
15.2 Purpose of collection
We collect, use and disclose personal information about you to:
- provide you with information about our Services;
- assess your registration to use our Services;
- check details provided to us, verify your identity and authority to act;
- provide and administer our Services;
- promote and advertise our product and services, or those of our business partners and related bodies corporate;
- manage business operations, such as training staff, risk management, planning, research and statistical analysis;
- prevent, detect and investigate actual or suspected fraud, money laundering or other crimes and harmful activities;
- design or improve products and services;
- gain insights about you and your use of our Services to optimise user experience and the effectiveness of our promotional activities;
- comply with laws that may require or authorise us to obtain personal information about you, such as the AML/CTF laws; and
- other purposes disclosed at the time of collection, you have consented to or that are permitted by law.
15.3 Disclosure of personal information
We may disclose personal information about you with other companies in the OFX group. Personal information may also be disclosed to other third parties where you consent, we consider it necessary to provide our Services, we have a duty to disclose or an applicable law allows us to do so for legitimate interests or business reasons. Examples of the types of third parties include:
- persons you have authorised to access your Business Account or personal information;
- our service providers or professional advisors;
- payment processors, including intermediary banks and financial institutions;
- credit reference and identity verification agencies;
- our partners, business associates or contractors;
- enforcement agencies, government or regulatory authorities;
- for online sellers, the relevant marketplace; and
- third parties wishing to acquire an interest in any part our business for assessing or implementing any such acquisition.
Some of these recipients may be overseas. While is it not practical to list every country where such recipients are located, countries where we are likely to disclose your information include the United States of America, Canada, United Kingdom, countries in the European Economic Area, New Zealand, Hong Kong and Singapore.
15.4 Access and correction of personal information
Our Privacy Policy explains how you can access and correct the personal information we hold about you. It also contains information on how to complain if we breach a Privacy Law and how we deal with your complaint. Our contact details can be found in the Country Specific section of this Agreement.
15.5 Authorised Users and other Relevant Third Parties
To provide our Services to you, we may need 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 of your business (“Relevant Third Parties”). You agree to provide us with the information that we request and you agree that, prior to providing us any information on Relevant Third Parties, you have disclosed to the individual(s) concerned that we will collect, use and disclose their information in accordance with this Agreement. You acknowledge, we may not be able to provide our Services if you refuse or do not provide any requested information relating to Relevant Third Parties.
15.6 Biometric information
When you register to use our Services, you will provide certain biometric data for the purposes of identifying you. OFX uses a third-party service provider to collect and store your biometric data. You may decline to provide your biometric data. However, if you decline, we may not be able to provide our Services to you. For more information see our Biometric Information Retention Schedule and permanent Destruction Guideline.
15.7 Consent to credit reference reports
You agree that we may access any electronic databases 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.
15.8 Protecting your personal information
We 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.
15.9 Retaining your personal information after termination
There are legal requirements and other legitimate reasons that require us to retain your personal information following termination of this Agreement. For example, under relevant AML/CTF laws we need to keep your personal information and information about your transactions for a number of years from the end of your relationship with us. Subject to any legal requirements and other legitimate business purposes, we will destroy, erase or anonymise your personal information when it is no longer needed.
16. Changes to this Agreement
16.1 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:
- the Services we offer or introducing a new Service,
- technology, the banking system or industry,
- expected changes, to laws or regulations,
- our costs, or,
- how we need to operate to manage our business sustainably over the long term.
B. We will notify you of any changes electronically and post an updated version of this Agreement on our Website. However, we will not send a notification if we only make immaterial changes such as a minor changes to presentation, correcting errors or changing terms that only apply to clients in other jurisdictions.
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.
16.2 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.
17. Termination of this Agreement
17.1 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 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:
- You have seriously or repeatedly broken the terms of this Agreement, including but not limited to a breach of clause 5.5,
- You have given us false or misleading, incomplete, incorrect or inaccurate information,
- You are no longer eligible for a Service,
- 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,
- Not doing so would mean we may break any law, regulation, code, or other duty that applies to us,
- Not doing so may expose us to claims by third parties,
- You have been threatening or abusive towards any of our people,
- Your account is dormant (i.e. you have not used any of our Services for more than 24 months),
- Not doing so could otherwise expose us (or any of the OFX companies) to legal or regulatory action,
- In the event of your death or loss of mental capacity; or
- 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 17.2 (Final Settlement) below.
17.2 Final Settlement
A. For the purposes of this clause 17.2 the following defined terms apply;
“ Reversal Loss” 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 Currency Conversion. We may consider any of the following in determining the Reversal Loss:
- Quotations for replacement Currency Conversions from third parties;
- Third party market data; or
- Internal quotes or market data.
We may determine the Reversal Loss for groups of Currency Conversions if they are all accounted for. Unpaid Amounts and Expenses in respect of terminated Currency Conversions are excluded from the Reversal Loss 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:
- The Reversal Loss; plus
- Any Expenses; plus
- Any Unpaid Amounts due from you to us; minus
- Any Unpaid Amounts due from us to you.
“Termination Date” means the date on which a Currency Conversion 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.
B. When a Currency Conversion is cancelled or this Agreement is terminated, for any reason, we will calculate the Termination Amount on the date of such cancellation/termination.
C. 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.
17.3 Dormant OFX Global Accounts
If your OFX Global Account remains inactive for three (3) months without a Payment or Currency Conversion, upon notice to you we may close your OFX Global Account at our sole discretion. If funds are in your OFX Global Account at the time of closure, we will attempt to return them to you in accordance with your Default Automatic Conversion instructions. We may provide you with a copy of your transaction history upon request and we will retain your records in accordance with applicable laws.
17.4 Suspension
In addition to and notwithstanding any other rights in this Agreement, we may suspend or terminate your Business Account and or your access to any Service at any time for any reason where we have a legitimate business reason to do so. 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.
18. Legal Disputes
18.1 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 Business Account (including details relating to your OFX Global Account, Payments and Currency Conversions), 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.
18.2 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 Payment, Currency Conversion or termination of this Agreement. You hereby expressly submit to the exclusive jurisdiction of any such court of law.
19. How to Make a Complaint
For details of our internal complaint handling procedures, as well as details on how to make an external complaint, 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.
20. Electronic Communications Consent
- As an online service provider, our products and services are fully digital and our communications with you, including but not limited to Service Confirmations, disclosure documents and updates to agreements and disclosures, will be provided to you in electronic format, unless otherwise required by applicable law. The way in which we will provide these communications to you includes but is not limited to by posting them on our Website, providing you with a link, by emailing them to you at the email address listed in your account, SMS or an in-app notification. You agree and consent to receive such communications in electronic format. Without this consent, you will no longer be able to use our Services, unless we agree otherwise. These communications are generally called “service messages”.
- You further agree that such electronic communications have the same meaning and effect as if we had provided you with a paper copy.
- Marketing and promotional messages are treated separately and you can opt in to receive marketing messages. You also have the right to opt out of such marketing and promotional communications. See clause 7.6, E. for more information. .
- You may print and retain a copy of all our communications, if you so wish.
- In the event that your contact email address changes, you must notify us.
21. Intellectual Property
- 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. You may not use our logo, or any similar logo, without prior written consent from us.
- We own all Intellectual Property Rights in and to the Services, including but not limited to the Secure Website, the mobile app, the software and any applicable products and features.
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 only 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. You must not use any of the Services in any way that would infringe on our or any third party’s intellectual property rights, or otherwise be in breach of any applicable laws.
22. Other Important Terms
22.1 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.
22.2 Notices
Where we are required to provide you notice in writing under this Agreement, we will do so electronically. See clause 20 (Electronic Communications Consent). We may still decide to send you paper documents in certain circumstances by post . Proof of posting will be proof of receipt 48 hours from the date of posting. Documents shall be sent to the last known postal address.
Where you are required to provide notice in writing under this Agreement you must do so via email to the email address specified in the applicable clause or if no email address is specified, to business@ofx.com . Emails will be deemed to be delivered, on the day of sending the notice, or if sent outside of usual business hours, at 9:00am the next Business Day.
22.3 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.
22.4 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 Client, and we have no obligations to any other party. We may transfer this Agreement to any third party, providing we tell you in advance.
22.5 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.
22.6 Headings Used
The headings used to identify this Agreement’s provisions, do not have any substantive meaning or interpretative value.
22.7 Entire Agreement
Except where expressly stated otherwise, this Agreement will prevail and supersedes all prior agreements or understandings you may have with us.
22.8 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, we will be relieved of our obligations under this Agreement.
22.9 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.
22.10 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.
22.11 Survival: Clauses that Remain Valid
Upon termination of this Agreement for any reason, the following sections of this Agreement, shall remain in effect: clause 12 (Indemnities); 13 (Limitation of Our Liability); clause 14 (Warranties); clause 19 (How to Make a Complaint); clause 22.1 (Which Laws apply?); clause 22.7 (Entire Agreement); and clause 22.11 (Survival: Clauses that Remain Valid).
GLOSSARY
In this Agreement:
Account Credentials means the unique account number and account information related to your OFX Global Account.
Additional Terms means the additional terms and or conditions, set out in the Additional Terms notice issued to you by OFX, which apply to you and vary or amend the terms of this Agreement. We may modify such Additional Terms by communicating the revisions to you and such modification will be effective upon notice to you.
Advance Payment means a payment of all or part of any sum that is due us on the Maturity Date. c
Authorised Signatory Request means a request from you to appoint somebody else to request Services via your Business Account on your behalf. This person will then become an “Authorised User”.
Automatic Conversion is when you instruct us to convert funds from one currency to another and enter into a Payment immediately upon us receiving cleared funds into our account.
Balance means the balance shown in your Business Account.
Business Account means an account within the Secure Website where you can access our Services.
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.
Currency Conversion means the Service where we exchange the chosen currencies at an agreed exchange rate.
Client/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.
Delivery Date means the date on which we have requested that you deliver your funds to our account.
Direct Debit Agreement means the direct debit agreement that is provided to you within the Secure Website and must be accurately completed by you prior to any direct debit transaction being implemented or completed by us or the applicable third party debiting organisation.
Fees mean the applicable charge or fee associated with the Services as indicated at the time of requesting the particular Service, providing the Instruction or incurring the fee in accordance with this Agreement.
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.
Immediate Payment has the meaning given in clause 5.2, A Immediate Payments.
Instruction means a request made by you or any of your Authorised Users to enter into a Payment or Currency Conversion. It shall be taken to include any information, communications or documents incidental to or relating to a Payment or Conversion whether we process it or not.
Intellectual Property Rights means patents, rights to inventions, copyright and related rights, trade marks, business names and domain names, rights in get-up, goodwill and the right to sue for passing off, rights in designs and unregistered designs, rights to use, and protect the confidentiality of, confidential information (including know-how, trade secrets, and datasets), technology and all other intellectual property rights, in each case whether registered or unregistered and including all applications and rights to apply for and be granted, renewals or extensions of, and rights to claim priority from, such rights and all similar or equivalent rights or forms of protection which subsist now or in the future, anywhere in the world.
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 Currency Conversion at an exchange rate you have nominated (“Target Rate”). If you instruct us to pay a Recipient Account, it will also include a Payment.
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).
OFX Card means the Mastercard prepaid debit card or Visa debit card and includes all associated services, features and products.
OFX Global Account means a multi-currency account allocated to you, that is not a bank account, that allows you to receive, hold and transfer funds in and out of.
Payment means the transfer or movement of your money by us as instructed by you to a designated Recipient Account. This includes both domestic payments and cross-border or remittances. Payments can be booked to be made immediately (to be settled within 48 hours) or scheduled for some time in the future (see Forward Contract and Scheduled Payment for more information).
Payment Date means the date on which the Payment or Currency Conversion (as applicable) is executed.
Payment Services means the Service where you book a Payment and we send your money to a designated Recipient Account.
Pooled Account means the separate account which holds commingled OFX client and OFX Global Account funds.
Privacy Law means any relevant privacy or data protection laws relevant to the country of the company in the OFX group you are dealing with in accordance with clause 1.2.
Recipient Account means the account to which you are sending your funds.
Scheduled Payment has the meaning given in clause 5.2, B.
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 Clients on www.ofx.com and the OFX Australia Business app and includes the products and features available to access or purchase within the Secure Website.
Services means all products and services provided by us or made available to use by us through our Secure Website, mobile applications, software, APIs or other access channels. Including features and technologies as updated from time to time, as well as Currency Conversion, Payment Services, the Business Account and the OFX Global Account.
Service Confirmation means the notification available within your Business Account, or sent to you if you choose this option, confirming the details of the Instruction you have given us.
Spot Rate means the rate that we receive from our bank service provider at the time that the Currency Conversion is initiated plus our Margin.
Subscription Plan means the nominated plan you select to access the Services. Each Subscription Plan has defined products, features, limits and capabilities. See the OFX Subscription Agreement (Business) for details of each Subscription Plan.
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 Client has instructed us to carry out the Transaction if and when the stipulated rate is Sustainable and Purchasable.
Website means any public-facing website owned by us including, www.ofx.com.
COUNTRY SECTIONS
- Australia
- Canada
- European Union
- Hong Kong
- New Zealand
- Singapore
- United Kingdom
- 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: 1300 300 524 (Local call), +61 2 8667 8091 (International)
Email: business@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
G. Interest on overdue Funds Owed to Us
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 an electronic format including via hyperlink. See clause 20 (Electronic Communications Consent) for more details.
I. Licensing
We hold an Australian Financial Services Licence and are regulated by ASIC, licence number 226284. You should read the PDS before entering into this Agreement, so that you understand exactly how our service operates. Funds Held by Us – 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.
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. Account holder rights:
- All OFX Global Accounts are issued by us in reliance of the Reserve Bank of Australia’s “Exemption Notice for Certain Guaranteed Holders of Stored Value Under Section 25” dated 4 March 2004 (“Exemption Notice”). As a condition of reliance on the Exemption Notice, our obligations in respect of the OFX Global Accounts we issue are guaranteed up to the aggregate amount specified in one or more bank guarantees (“Bank Guarantee”) issued by an authorised deposit-taking institution (“ADI”) (and subject to the terms and conditions of the Bank Guarantee(s)) and held on trust by Global Loan Agency Services Australia Nominees Pty Ltd as independent trustee (“Trustee”). The Trustee holds the Bank Guarantee(s) on trust for each holder of stored value. We will maintain all applicable arrangements for as long as we need to rely on the Exemption Notice.
- The Trustee must make a demand on NAB for payment under the Bank Guarantee in the following circumstances:
- where OFX is found by any court or tribunal in Australia or the Australian Financial Complaints Authority (“AFCA”) to be in breach of any obligation to any OFX Global Account holder in respect of the Services which breach is not remedied within 10 business days following receipt of a final non-appealable judgement or determination of the court, tribunal or AFCA; and
- the insolvency of OFX.
- If an OFX Global Account holder contacts the Trustee alleging a breach by OFX of its obligations to the OFX Global Account holder in respect of the Services, the Trustee will:
- notify OFX;
- advise you to make a complaint using our Complaints Policy; and
- advise you of your right to make a complaint with AFCA.
- The Trustee’s contact details are:
Global Loan Agency Services Australia Nominees Pty Ltd (ACN 608 945 008)
Email: apac@glas.agency , Attention: Transaction Management Group (OFX), Level 23, Governor Phillip Tower, 1 Farrer Place, Sydney NSW 2000,
ph. +61 2 7202 4631
- AFCA contact details can be found here.
- Where a demand and payment is made to you in accordance with the terms of the Bank Guarantee, we will debit that amount from your Balance.
- In consideration of receiving the Bank Guarantee(s), we have granted the relevant ADI security over certain deposits we hold (“Security”). This Security may, from time to time, include funds held in the Pooled Account to the extent it is lawful for us to grant a security interest over those funds.
- We may from time to time, in our sole discretion, replace a Bank Guarantee with an alternative equivalent bank guarantee issued by another ADI or with multiple Bank Guarantees issued by one or more ADIs.
- You acknowledge that:
- if OFX no longer needs to rely on the Exemption Notice, such as where OFX is granted an ADI licence, neither OFX nor the Trustee need maintain the Bank Guarantee(s); and
- if OFX is not able to satisfy the requirements of the Exemption Notice, the Bank Guarantee(s) will not be maintained, and your funds will be held in a bank account on trust for you and separately from our own funds.
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); K. (Account Holder Rights) and Section M. (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 Clients 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:
- 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). - 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. - 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
I. 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 Service 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
- 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.
- 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.
- 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.
- 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
- 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
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
- 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/.
- 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
- 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).
L. Limitation of Liability
14.1A does not apply to you.
IV. HONG KONG
A. Contact Us
OzForex (HK) Limited (trading as OFX)
Address: 29F, Bonham Circus, 40-44 Bonham Strand, Sheung Wan, Hong Kong
Telephone:
Personal Clients: (+852) 3008 5721
Business Clients: (+852) 2777 7147
Email:
Personal Clients: customer.service@ofx.com
Business Clients: 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”). Company Registration Number 1588862. 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
- Please note, Forward Contracts are not available to personal Clients 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.
- 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:
- You are and will remain a duly incorporated corporation or duly registered business;
- Your principal business does not include dealing in currency in any form;
- 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
- 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 Cantonese. 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 11 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 Clients: 0800 161 868 (Free call)
Business Clients: 0800 161 898 (Free call)
Email:
Personal Clients: customer.service@ofx.com
Business Clients: 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. Forward Contracts
This Service is only available to Clients 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.
G. 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).
H. 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.
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. (Governing Law); and Section J. (Survival).
VI. SINGAPORE
A. Contact Us
OFX Singapore PTE. Limited (trading as OFX)
Address: Capital Tower, 168 Robinson Road, #12-01 to #12-04, Singapore, 068912
Telephone:
Personal Clients: +65 6817 8747
Business Clients: +65 6817 8748
Email:
Personal Clients: customer.service@ofx.com
Business Clients: 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
- 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.
- 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
- 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 (Licence no. PS20200277) https://www.mas.gov.sg/
G. Safeguarding
- 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 all relevant money 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 Clients, but these 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.
- We will safeguard relevant money in SGD, GBP, AUD or USD (“Segregated Currencies”). Where the relevant money received is not a Segregated Currency, we will convert the money in one of the Segregated Currencies. To calculate the SGD equivalent of the relevant money that OFX is to required to safeguard, you agree to OFX using the requisite exchange rate derived from our independent third-party market rates provider as at the date the applicable relevant money is received by us.
- 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 I. (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 Clients: 020 7614 4194
Business Clients: 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
- 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.
- For Personal Clients: 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/.
- For Business Clients: 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
- 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).
- 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.
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 Service Confirmation. You can ask us when we expect the Recipient Account to receive the payment |
J. Changes to This Agreement
- 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.
- 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
- 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.
- 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).
P. Limitation Liability
Section 5, paragraph 13A does not apply to you.
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 Clients:
+1-415-449-1379 (International)
1-888-288-7354 (Local call)
Business Clients:
+1-415-449-1375 (International)
1-888-966-6888 (Local call)
Email: Customer.service@ofx.com
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 Client, 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 Clients residing or registered in the State of Washington:
You, the Client, 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:
- The monies have been transmitted and delivered to the person designated by the Client prior to receipt of the written request for a refund;
- 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;
- 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 Client or refunding the money as requested by the Client; or
- We are otherwise barred by law or regulation from providing you with a refund.
H. If You Make a Mistake
- 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:
- Call us at +1 888-288-7354;
- Write us at USForex Inc. dba OFX, 49 Stevenson St, 13th Floor, San Francisco, CA 94105; OR
- E-mail us at compliance@ofx.com
- 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:
- Your name and address and telephone number;
- The error or problem with the transfer, and why you believe it is an error or problem;
- The name of the person receiving the funds, and if you know it, his or her telephone number or address;
- The dollar amount of the transfer; and
- Your Transaction Deal ID number.
- 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 Client 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 Service 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 Service 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. 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 N. (Survival).