Home Legal Global Currency Account Terms of Service

Global Currency Account Terms 

These terms and conditions apply from 1 July 2020

These additional Global Currency Account Terms (the “Agreement”) govern your use of the Global Currency Account Service, a foreign currency payment solution for online merchants and for other businesses (the “GCA Service”) which is provided as a supplemental service by OzForex (HK) Limited (BRN: 58236502) (“OFX”). In this Agreement, “you” and “your” refers to you, and “we,” “us” and “our” refers to OFX. By using this GCA Service, you agree and accept all the terms of this Agreement. This Agreement is in addition to and must be read in conjunction with the Customer Agreement and any other agreement which you have entered into with OFX and which apply to your use of the GCA Service. If any inconsistency exists between the terms of this Agreement and the Customer Agreement, the terms of this Agreement shall prevail. “Customer Agreement” means the Terms and Conditions Master Agreement. Capitalised terms not defined in this Agreement have the meanings set forth in the Customer Agreement. These documents contain legal obligations for you and for us so you should read them carefully to make sure you understand them. If you have any questions, please contact us on +852 2777 7147 or at hk@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 electronic payments. Payments may be received by you via transfers of funds initiated by: (i) certain companies such as online marketplaces 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 Funds received in your Global Currency Account (“GC Account”) will be held until withdrawn or transferred by you.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 and any other currency that OFX may enable from time to time (excluding Hong Kong dollar). The GC Account is not a bank account and is subject to certain limitations and restrictions, as described in greater detail in section 11 below.


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

3.Account Set Up


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


To help the government fight the funding of terrorism and money laundering activities, regulation requires us to obtain, verify and record information that identifies you. We will also require information on the marketplace, payment processor or GCA Payor connected with your GC Account/s, as applicable and as required in our sole discretion. Therefore, to comply with applicable laws, we may request additional documents or information to verify your identity (including but not limited to your name, address, date of birth), the nature of your business or the source of funds, including without limitation government-issued identification, invoices for goods or services delivered or received by you, and payment confirmations from a GCA Payor. Such information or documentation may be used in conjunction with any other information collected by OFX in relation to your OFX Customer account. Failure to provide such information or our inability to verify the accuracy of the information provided could result in denial of your application to use the GCA Service, suspension of your use of the GCA Service and/or revocation of your Account Credentials (as defined below). You agree that all information provided to us will be accurate and complete. You acknowledge that we are required to provide your business name and certain information to our financial service provider/s as part of the GCA Service.

4.Account Credentials

Upon approval, you will be provided with a unique account number and other relevant account information (collectively the “Account Credentials”) to be used only to enable inbound payment to your GC Account from GCA Payors. Account Credentials must be protected and kept secure and may only be disclosed to GCA Payors for the sole purpose of receiving payments from such GCA Payor. 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 GCA 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.Receiving Funds

5.1. Approved Marketplaces and Payment Processors

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


All funds received into a GC Account are received as payment in connection and to facilitate a Default Automatic Conversion (as described in clause 3.1). We do not accept cash; cheque; or other forms of payment. OFX reviews all payments received and may in its sole discretion reject any payment.

5.3. Funds Acceptance

Inbound funds must be received in the currency supported by the particular GC Account and payment method. GC Accounts may not be funded by wire transfers, cash or cheques. Any attempted payments to a GCA through an unsupported payment method or currency will be rejected and returned to the payor. Funds received through the GCA Service will be handled in accordance with your instructions and you will receive a funds receipt via email acknowledging receipt of funds into your GC Account.

Funds may only be held in a GC Account for a maximum of 90 (ninety) days starting on the day on which the money was received. OFX will conduct automatic checks of all funds held in a GC Account and process a Default Automatic Conversion as required and in accordance with the terms of this Agreement. You will receive a Deal Confirmation following such conversion.

5.4. Rejected Payments

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 fees, costs or expenses assessed by a third party in relation to a rejected or declined payment.

5.5. 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.

5.6. Account Balance

You acknowledge and agree that we do not hold your funds on trust and will not put your funds into a separate bank account. You acknowledge 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 in one or more pooled accounts held by us at one or more banks (“Pooled Accounts”). Any funds held in a GC Account represent an unsecured claim against OFX and are not insured by the Hong Kong Deposit Protection Board or any other applicable deposit protection scheme. We will have sole discretion as to the maintenance and establishment of Pooled Accounts 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 in a Pooled Account. 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 in a Pooled Account.

6.Transferring Funds

You may only transfer funds from a GC Account by initiating a Transaction, please refer to the Customer Agreement and section 7 below for more detail. We may withdraw funds from a GC Account for the purpose of return to the person by whom it was paid; in accordance with a Default Automatic Conversion or any other Transaction; to transfer your Balance to a third party if we’re required to by law, court order or other legal process; to pay fees owed to OFX or a third party; or to transfer the funds to a Pooled Account.


7.1.Default Automatic Conversion

Prior to your use of the GCA Services, you must instruct us to convert the funds that are held in your GC Account for a period of 90 (ninety) days or more without booking any relevant Transaction, to automatically convert into Hong Kong Dollars and be transferred to your Hong Kong Dollar nominated bank account. You acknowledge and agree that we will convert funds at our then current Spot Rate and you waive any right you may have to disclosure by us of the exchange rate prior to the conversion, including for such Transactions under HKD$100,000. The Default Automatic Conversion will be processed as an Automatic Conversion as per clause 7.3. You may update your instructions to us by notice in writing.


In addition to the Default Automatic Conversion your instructions 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, when same currency Transactions are booked OFX will apply a Transfer Fee. The parties may agree to change the applicable Transfer Fee from time to time with such Transfer Fee applying to applicable Transactions you enter into following the agreed change. For each Transaction we will provide you with confirmation of the details (including the Transfer Fee charged, if applicable) via a Deal Confirmation. “Transfer Fee” means a flat fee per Transaction or a set percentage of the total value of your Transaction, whichever is confirmed in the Deal Confirmation.

7.3.Automatic Conversion

Our automatic booking function enables automatic currency conversion and transfer of funds upon receipt from a GCA Payor (“Automatic Conversion”). If you elect to use Automatic Conversion, we will convert your funds immediately upon receipt from a GCA Payor and transfer such funds to your designated recipient account. If you instruct us to undertake Automatic Conversion, either for a single Transaction or as a standing instruction, you acknowledge and agree that:

a) We will convert funds from one currency to another and transfer such funds to your designated recipient at our then current Spot Rate;
b) The Transaction will be legally binding on you when we receive funds from a GCA Payor; and
c) We will provide you with confirmation of the Transaction details via a Deal Confirmation.

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


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.

8.Account History

When payment is received in to your GC Account, we will send a funds notification confirmation to the email address associated with your GCA Service. We will not provide automated monthly account statements, however, you can view a history of your transactions and details of your GC Account by logging into your OFX Customer account and selecting the Global Currency Account navigation. If you notice any errors or unauthorized transactions in your account history, please contact us immediately by email at onlinesellers@ofx.com, or by or phone at +852 2777 7147.

9.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 incurred by us resulting from a recalled payment.


You are responsible for determining any and all taxes or duties that may be assessed, incurred or apply to the payments made or received to or from your GC Account, including but not limited to any value-added, sales, use or withholding taxes (“Taxes”). It is your sole responsibility to remit any such Taxes to the appropriate government tax authorities. You also are responsible for any applicable reporting requirements, including without limitation reporting in accordance with laws related to customs or foreign currency controls.

In compliance with applicable law, we may be required to make certain reports to tax authorities regarding your Transactions 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 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.

11.Restrictions on Use of Service

11.1.No Outbound Payments

OFX is not a bank and does not take deposits, and the GCA Service and the corresponding GC Account is not a banking product or bank account and cannot be used by you as a bank account. No depositor-creditor relationship is established between you and OFX. Outbound payments by you are strictly prohibited. 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 Section 7 of this Terms of Service.

11.2.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. OFX will block funds from any individual or for suspected or actual use for personal, family or household purposes.

11.3.Unsupported Business Activities

You may not use the GCA Service or accept payments in connection with the following business activities, products or services (we may change or update this list at any time at our full discretion):

Prohibited industries

• Adult entertainment Casinos
• Charities
• Dealing in Artefacts with Archaeological, Historical, Cultural and/or Religious Significance Dealing in Items of Rare Scientific Value
• Dealing in Ivory or Other items Related to Protected Species Oil and Related Activities
• Cryptocurrency issuers Illegal products / services
• Online-only or unregulated gambling or lotteries
• Regulated Banking and/or Investment including peer to peer and crowdfunding Regulated Money Service Businesses
• Regulated Payment Service Providers
• Unfair, predatory or deceptive practices
• Unregulated financial services
• Weapons, ammunition, explosives, radioactive/nuclear or toxic materials


12.1.Your rights

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

12.2.Termination by Us

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

12.3.Effect of Termination

Any termination or suspension of the GCA Service will not relieve you of your obligations under this Agreement, including payment of any chargeback, recalled receivables, fees or other amounts owed to us or incurred through the date of termination. You acknowledge and agree that we have the right to recover, and you are responsible for the payment of any chargebacks, fees, costs and expenses assessed by a merchant or other third party for your activity prior to the suspension or termination of your use of the GCA Services. Subject to our set-off rights and other conditions in this Agreement or the Customer Agreement, any funds held at the time of termination will be paid in accordance with the Default Automatic Conversion instructions. We will not be liable to you for compensation, reimbursement, or damages of any kind in connection with any termination or suspension of the GCA Service or a GC Account.

12.4.Dormant Accounts

If your GC Account remains inactive for an extended period of time, that is four (4) months without a Transaction, upon notice to you we may close your GC Account at our sole discretion. If funds are in a GC Account at the time of closure, we will attempt to return them to you in accordance with the 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.

12.5.Unclaimed Funds

If funds remain in your GC Account for an extended period of time, they may be deemed “abandoned” or “unclaimed” by you under applicable law. To the extent required by applicable law, we will attempt to provide notice to you prior to the expiration of the relevant dormancy period. If you fail to contact us upon expiration of the notice period, we will may be required to deliver the unclaimed funds to the appropriate government agency.

13. Additional Representations, Warranties and Covenants

In addition to any warranties, representations or covenants you made to us under the Customer Agreement and this Agreement, you represent, warrant and covenant to us that in relation to your use of the GCA Service that: (i) any funds received from a GCA Payor constitute a payment for a bone fide commercial transaction related to the sale of goods or services; (ii) you are in compliance with all applicable foreign tax legislation, including the U.S. Foreign Account Tax Compliance Act (“FATCA”) (as applicable) and agree that you will remain compliant; (iii) you will accurately represent your relationship with OFX and the nature of the Account Credentials to any GCA Payor; (iv) any payments received through the GCA Service were not derived from the sale of illegal, unauthorized or impermissible goods or services in violation of this Agreement or the Customer Agreement; (v) you will comply with all applicable laws, rules and regulations; (vi) the information you submit as part of your registration for the GCA Service is current, accurate and complete; and (vii) utilising the GCA Service to receive payments from a GCA Payor will not breach any agreements you have with such GCA Payor.



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.

15.Limitation of Liability

15.1.No Indirect or Consequential Damages


15.2.No Liability for Acts or Omissions of a GCA Payor

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 CAG Payor, including any act or omission made in connection with or arising as a result of your entry into this Agreement or any Transaction.

15.3.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

16.Additional Indemnity

In addition to your indemnity obligations under the Customer Agreement, you will 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 expenses (including reasonable solicitors’ fees) arising out of any claim brought by a third party that arises out of or relates to any payment received by you through the use of the GCA Service, including without limitation any dispute concerning products or services sold by you or transactional issues arising with GCA Payors.

17.Governing Law

This Agreement shall be interpreted in accordance with the laws of Hong Kong and both parties submit to the jurisdiction of the courts of Hong Kong.

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

18.General Terms


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


We may modify this Agreement or the GCA Service at any time by posting a revised version on our website or by otherwise communicating such amendments to you. Any modification to these Terms of Service will become effective upon posting or notice to you. You will be deemed to accept the modification if you use the GCA Service after the amended Agreement has been posted.


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

18.4.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.


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.

18.6.Translated Agreement 

Any translation of this Agreement is provided solely for your convenience and is not intended to modify the terms of this Agreement. In the event of a conflict between the English version of this Agreement and a version in a language other than English, the English version shall apply.