Home Legal Global Currency Account Terms of Service

Global Currency Account Terms of Service

These terms and conditions apply from 15 November 2021.

These Global Currency Account Service Agreement terms and conditions (the “Agreement”) govern your use of the Global Currency Account Service, a foreign currency payment solution for online merchants and other businesses (the “GCA Service”) offered by OzForex Limited trading as OFX (ABN 65 092 375 703) (“OFX”).

In this Agreement, “you” and “your” or “Merchant” refers to you, and “we,” “us” and “our” refer to OFX. By using this GCA Service, you agree and accept all the terms of this Agreement.

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

These documents contain legal obligations for you and for us so you should read them carefully to make sure you understand them. If you have any questions, please contact us on 1300 300 524 or email customer.service@ofx.com.

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

1. Service Description

The GCA Service allows you to receive and make electronic payments.  Payments may be received via transfers of funds initiated by:  (i) companies such as online marketplaces or payment processors that facilitate the sales of goods and services by you; or (ii) other companies including vendors or other third-party payors that you have invoiced or otherwise charged for goods or services you have provided or will provide (collectively, companies making payments received by you as part of the GCA Service are referred to in these Terms of Service as “GCA Payors”). Funds received in your Global Currency Account (“GC Account”) will be held until withdrawn or transferred by you. Your GC Account will not support the receipt of multiple currency denominations. You must elect a single currency for each GC Account. OFX supports GC Accounts in the following currencies: U.S. dollar, Euro, British Pound, Canadian dollar, Australian dollar, Hong Kong dollar and any other currency that OFX may enable from time to time.  The GC Account is not a bank account and is subject to certain limitations and restrictions, as described in greater detail in Section 15.

2. Eligibility

To use the GCA Service you must complete the registration process to set up and become an OFX Customer. You must be approved by OFX to use the GCA Service and OFX reserves the right to reject any application for use of the GCA Service, for any reason.  You must be a business entity authorised to do business in Australia and have a legitimate need to use the GCA Service. Individuals are not eligible to use the GCA Service.

3. Account Set Up

a) Registration

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

b) Verification

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

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

4. Account Credentials

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

5. Information about your GC Account

We will email you whenever there is a payment in or out of your GC Account, confirming the reference, the amount of the payment in the currency used and any currency conversion, any charges, and the date the payment was received or made. This information is also available free of charge by logging into our ofx.com website (“Secure Website”) and selecting the Global Currency Account navigation. If you decide to turn off e-mail notifications, it is your responsibility to check these regularly and print or save a copy of this information for your records. If you notice any errors or unauthorised transactions, please contact us immediately.

6. Receiving Funds

a) Approved Marketplaces and Payment Processors

Where the GCA Payor is an online marketplace or payment processor, only those marketplaces or payment processors approved by OFX in its sole discretion may send funds to your GC Account. Payments sent by online marketplaces and or other payors that are subsequently not approved by OFX at its discretion will be declined and returned to the payor. You may request a list of online marketplaces and payment processors that are approved to send funds to your GC Account by contacting us at onlinesellers@ofx.com. You acknowledge that the payment and delivery of the funds to us is controlled solely by that marketplace or payment processor and is subject to their terms and conditions. Any issues or disputes with such payment or delivery must be resolved directly with the marketplace or payment processor as applicable and are not our responsibility.

b) Funds Acceptance

You may have multiple GC Accounts, either in the same currency or different currencies, provided we consider, in our sole discretion, there is a reasonable business need. You must elect a single currency for each GC Account. Funds must be sent electronically in the same currency you have elected for your GC Account by receiving funds from:

i. a bank account or another GC Account in your name; or

ii. from a bank account or another GC Account in someone else’s name. If you want to make the payment this way, we may require evidence that you are entitled to the funds.

Any attempted payments to a GCA 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 GC Account.

c) 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.

d) Delivery Issues

The payment and delivery of receivables to your GC Account, including the timing of receipt of the receivables and the amount of funds delivered, is controlled solely by the GCA Payor and may be subject to the GCA Payor’s terms and conditions or the terms of any applicable agreement between you and the GCA Payor. Any issues or disputes with the delivery, non-delivery or timing of the delivery must be resolved directly with the GCA Payor, and are not the responsibility of OFX.

7. Funds Held by Us

You acknowledge and agree that any funds held by us are funds that have been paid to acquire, or to acquire an increased interest in, a financial product (“Balance”). OFX may comingle and hold your Balance with the balances or funds of other OFX customers (“Pooled Account”). You agree not to attempt to use foreign currency Balances for speculative trading. Any funds held in a GC Account represent an unsecured claim against OFX and are not insured by the Federal Deposit Insurance Corporation in the United States of America (“FDIC”) or any other applicable deposit protection scheme. We will have sole discretion as to the maintenance and establishment of 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 GCA Services, you irrevocably assign to us all rights and legal interest to any interest or earnings attributable to holding your Balance.

8. Transferring Funds

You may only transfer funds from a GCA by initiating a Transaction, see clause 12 below for more detail. We may withdraw funds from a GCA for the purpose of return to the person by whom it was paid; in accordance with an Automatic Conversion or other Transaction; 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.

9. Transfers between GC Accounts:

You can transfer funds between your GC Accounts or send funds to someone else’s GC Account by adding the account details as a beneficiary either online or by calling us and booking a Transfer (“Transfer”).

10. Transaction and Transfer costs:

We do not normally charge a fee if your Transfer or Transaction requires a currency conversion, an OFX Margin is included in the exchange rate quoted to you.

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

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

11. GC Account holder rights:

a) All GC 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 GC Accounts we issue are guaranteed by the National Australia Bank Limited ABN 12 004 044 937 (“NAB”) up to the amount specified in a bank guarantee (“Bank Guarantee”) issued by the NAB (and subject to the terms and conditions of the Bank Guarantee) and held on trust by Global Loan Agency Services Australia Nominees Pty Ltd as independent trustee (“Trustee”). The Trustee holds the Bank Guarantee on trust for each GC Account holder. We will maintain all applicable arrangements for as long as we need to rely on the Exemption Notice.

b) The Trustee must make a demand on NAB for payment under the Bank Guarantee  in the following circumstances:

i. 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 GC Account holder in respect of the GCA Service 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

ii. the insolvency of OFX.

c) If a GC Account holder contacts the Trustee alleging a breach by OFX of its obligations to the GC Account holder in respect of the GCA Services, the Trustee will:

i. notify OFX;

ii: advise you to make a complaint using our Complaints Policy; and

iii. 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

d) 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 GC Account(s).

e) In consideration of receiving the Bank Guarantee, we have granted NAB security over certain deposits we hold with the NAB (“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.

f) We may from time to time, in our sole discretion, replace the Bank Guarantee with an alternative equivalent bank guarantee issued by another bank.

g) OFX reserves the right to impose limitations and or restrictions on your use of the GCA Service via imposing Additional Terms on you that we reasonably consider necessary for the prudential management of the GC Accounts, including but not limited to, a funds hold balance maximum, transaction value maximum, and or a specific time limitation on funds held in a GC Account.

12. Transactions

a) Default Automatic Conversion – Prior to your use of the GCA 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 and you waive any right you may have to disclosure by us of the exchange rate prior to conversion. The transfer will be processed as an Automatic Conversion as per12.(c) below. You may update your instructions to us by notice in writing.

b) Booking Transactions – In addition to the Default Automatic Conversion, your instruction can be either immediate (that is a Spot Transaction) or Automatic Conversion. “Transaction” has the meaning given to that term in the Customer Agreement. Transactions can be booked by telephone or via the OFX website. For information regarding Transactions, including but not limited to the terms and any fees applicable to booking and processing Transactions, please refer to the Customer Agreement. Please note that whilst OFX does not generally charge any OFX fees for foreign exchange Transactions (a Margin is included in the exchange rate), when same currency Transactions are booked OFX will apply a Transfer Fee.

c) Automatic Conversion – You may instruct us to convert funds from one currency to another and transfer such funds to your designated beneficiary immediately upon receipt by us of funds from a GCA Payor (“Automatic Conversion”). If you instruct us to undertake Automatic Conversion, either for a single Transaction or as a standing instruction, you acknowledge and agree that:

i. We will convert funds from one currency to another and transfer such funds to your designated beneficiary at our then current Spot Rate;

ii. The Transaction will be legally binding on you when we receive funds from a GCA Payor; and

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

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

d) Exchange rates fluctuate due to external market conditions so the exchange rate used for conversion of your funds may vary for each transfer. The exchange rate used on your Transaction will be disclosed on your Deal Confirmation and in your transaction history.

e) When payment is received into your GC Account, we will send a funds notification confirmation to the email address associated with your GCA Service. We will not provide account statements, however, you can view a history of your transactions and details of your GCA Service by logging into your OFX account and selecting the Global Currency Account navigation. If you notice any errors or unauthorised transactions in your account history, please contact us immediately.

f) Without limiting any rights we may have under the Customer Agreement, for the avoidance of doubt we may refuse to maintain a GC Account, perform a Transaction or to Close Out a particular Transaction if to do so would put us at risk of breaching any applicable Laws or licensing obligations which may apply to us from time to time.

13. Additional Obligations

a) Recalled Payments – We do not accept any liability for returns or recalls initiated by you or by a GCA Payor. If you receive a payment that is recalled and returned to the GCA 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 GCA Payor debits or recalls funds that have been credited to your GC Account, 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.

b) Negative account balancesNegative account balances are not permitted. If for any reason your GC Account 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.

c) 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 your GC Account or in relation to a Transaction or Transfer. In compliance with applicable law, we may be required to make certain reports to tax authorities regarding your Transactions, Transfers or payments received in connection with the GCA Service. 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.

14. Restrictions on Use of Service

a) Not a Bank Account – The GCA Service and the corresponding GC 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 Transaction in accordance with this Agreement.

b) No Personal Use – The GCA Service is intended for business-related and commercial activities only. You are not permitted to use the GCA Service for personal, family or household purposes. The GCA Service 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.

c) Unsupported Business Activities – You may not use the GCA Service or accept payments in connection with the following business activities, products or services:

Money ServicesMoney transmitter, payday lenders, collection agencies, bill payment services, check/cheque cashing.
Virtual Currency or stored valueSale of stored value or credits maintained, issued or accepted by anyone other than the merchant. Virtual currency that can be monetized, resold or converted.
Counterfeit goodsUnauthorized sale of or resale of brand name or designer products or services.
GamblingBetting, sports forecasting, lotteries, online gaming, off-track betting.
High-Risk Regulated Products or ServicesMarijuana dispensaries and related businesses, tobacco, e-cigarettes, e-liquids, online pharmaceuticals, weapons and munitions.
Intellectual property or proprietary rights infringementSales, 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
Any other category of product or service that OFX decides to prohibit in its sole discretion

15. Termination

a) Your rights – You may terminate this Agreement, or, subject to any applicable Laws, close your GC Account at any time upon notice to us.

b) Termination by Us – We may close, suspend, or limit your access to your GC Account or the GCA Service, if you breach this Agreement, the Customer Agreement, or any other agreement you enter into with OFX including any Additional Terms. In addition, we may suspend or terminate this Agreement, for any reason at any time upon notice to you. If your OFX Corporate Account is closed or deactivated for any reason, your access to the GCA Service will also be terminated or suspended (at our discretion).

c) Effect of Termination – Subject to our set-off rights, legal and or regulatory requirements, and other conditions in this Agreement, any funds held at the time of termination will be paid in accordance with a Default Automatic Conversion. We will not be liable to you for compensation, reimbursement, or damages of any kind in connection with any termination or suspension of the Service. Upon termination, you will remain liable for all fees, charges and other obligations that have been incurred through to the date of termination.

d) Dormant Accounts – If your GC Account remains inactive for three (3) months without a Transaction, upon notice to you we may close your GC Account at our sole discretion. If funds are in your GC 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.

16. Privacy

You acknowledge that you have received, read in full, and agree with the terms of our Privacy Policy, incorporated into this Agreement by reference, which contains your consent to our collection, use, retention and disclosure of personal information. The Privacy Policy also explains how and for what purposes we collect, use, retain, disclose and safeguard the personal information provided to us. You acknowledge that we are required to provide your business name and certain information to our financial service provider as part of the GCA Service.

17. Additional Representations, Warranties and Covenants

In addition to any warranties, representations or covenants you made to us under the User Agreement, you represent, warrant and covenant to us that in relation to your use of the GCA Service: (i) any funds received by us constitute a payment for a commercial transaction related to the sale of goods or services; (ii) you are not using the GCA Service for personal, family or household purposes; (iii) you are in compliance with all applicable foreign tax legislation, including but not limited to the U.S. Foreign Account Tax Compliance Act (“FATCA”) (if applicable) and agree that you will remain compliant; (iv) you will accurately represent your relationship with OFX and the nature of the Account Credentials to any GCA Payor; (v) any payments received through the GCA Service were not derived from the sale of illegal, unauthorized or impermissible goods or services in violation of the Terms, including our Acceptable Use Policy; and (vi) using the GCA Service to receive payments from a GCA Payor will not breach any agreements you have with such GCA Payor.

18. Disclaimer


OFX makes no representations or warranties regarding uninterrupted and continuous access to the GCA Service or the times required to complete a particular transaction because such events are dependent on many factors outside of our control.

19. Limitation of Liability


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

c) No Liability for Acts or Omissions of a Marketplace or Payment Processor– We do not in any circumstances assume liability to you for any loss suffered by you in connection with any act or omission of a Marketplace or a payment processor, including any act or omission made in connection with or arising as a result of your entry into this Agreement or any Transaction or direct debit of funds following a recall by the Marketplace or a payment processor.

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

20. Indemnification

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

21. Governing Law

This Agreement shall be interpreted in accordance with the laws of New South Wales, Australia and you submit to the jurisdiction of the courts of New South Wales, Australia.

You are solely responsible for understanding and complying with any and all laws, rules and regulations of New South Wales that may be applicable to you in connection with your use of the GCA Service, including but not limited to, those related to export or import activity, taxes or foreign currency transactions.

22. General Terms

a) Notices – Except as otherwise stated in this Agreement, all notices to OFX shall be in writing and delivered via courier or certified or registered mail to: OzForex Limited Level 19, 60 Margaret Street Sydney NSW 2000, Attn: Legal Counsel OR in writing and delivered via email to: Legal.Notice@ofx.com Attn: Legal Counsel. All notices to you shall be de livered to your email address as provided by you upon registration.

b) Amendment – We may modify this Agreement or the GCA Service at any time by posting a revised version on our website or by otherwise communicating it to you. Such a modification will become effective upon posting or notice to you. You will be deemed to accept the modification if you use the GCA Service after it has been posted.

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

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

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

23. Definitions

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. Reference to the singular includes a reference to the plural and vice versa.