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Global Currency Account Terms of Service

This e-Tailing Service Agreement (the “Agreement”) governs your use of the e-Tailing Service, a foreign currency payment solution for online merchants (the “Service”) offered by NZForex Limited (CN 2514293) (“OFX”). In this Agreement, “you” and “your” or “Merchant” refers to you, and “we,” “us” and “our” refer to OFX. To use this Service, you must accept all the terms of this Agreement.

This Agreement, along with the Corporate Client Agreement and any other agreement with which you have entered into with OFX apply to your use of the Service. If any inconsistency exists between the terms of this Agreement and the Corporate Client Agreement, the terms of this Agreement shall prevail.

1. Introduction

1.1 Service Overview – The Service is a payment transfer service that allows you to receive funds from an e-commerce platform that facilitates the sale of products and services by a third party (“Marketplace”) in the local currency for conversion to another currency designated by you.

1.2 Eligibility – To use the Service you must: (i) complete the registration process to set up a Corporate Client Account; and (ii) be a business entity authorised to do business. Individuals are not eligible to use the Service.

1.3 Account Credentials – Upon registration, you will be provided with a unique account number and account information (“Account Credentials”). Account Credentials must be protected and kept secure. You may not sell, transfer, sublicense, or disclose your Account Credentials to any third party, other than a Marketplace. 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. Account Credentials may only be disclosed to a Marketplace for the sole purpose of receiving payments from the Marketplace for the sale of permissible products or services.

2. Receiving Payments

Only a Marketplace approved by OFX may send funds to your account. OFX reviews all payments received and may in its sole discretion reject any payment. You acknowledge that the payment and delivery of the funds to us is controlled solely by the Marketplace and is subject to the terms and conditions of the Marketplace. Any issues or disputes with such payment or delivery must be resolved directly with the Marketplace and are not the responsibility of OFX.

2.1 Funds Held by Us – 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.

3. Conversion of Funds

3.1 Booking Transactions – You must book a Transaction prior to our receipt of funds from a Marketplace. A “Transaction” is a specific instruction to convert funds from one currency to another and transfer such funds to your designated beneficiary. 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 Corporate Client Agreement. Failure to book a Transaction prior to receipt of funds may result in delays or other issues with conversion of your funds.

3.2 No Third Party Beneficiaries – We will only make payments of converted funds to you as the sole beneficiary. We will not make payments to any third party.

4. Merchant Obligations

4.1 Recalls Initiated by a Marketplace – We do not accept liability for returns or recalls initiated by you or by a Marketplace. You are solely responsible for returns or recalls initiated by you or by a Marketplace. In the event that a Marketplace debits or recalls funds that have been provided to our account, you here by indemnify us in respect of any such amounts, together with any costs or expenses incurred by us in connection with dealing with the debit or recall requests. We reserve the right to invoice you separately for any amounts that are debited from our account.

4.2 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 account.

5. Limitations on Use of Service

5.1 No Withdrawals – The e-Tailing Service is not a banking product or bank account and cannot be used by you as a bank account. You are not permitted to authorise withdrawals using Account Credentials or otherwise initiate a funds transfer using the Account Credentials.

5.2 No Personal Use – The Service is intended as a solution to receive payments for e-commerce business-related activity and is not intended for personal use. OFX will block funds from any individual or for personal or household purposes.

5.3 Restricted Uses – There are certain categories of businesses for which the e-Tailing Service cannot be used. You confirm that you will not use the Service or accept payments in connection with the following activities, products or services:

GamblingBetting, sports forecasting, lotteries, online gaming, off-track betting.
Money ServicesMoney transmitter, payday lenders, collection agencies, bill payment services, check cashing.
Counterfeit goodsUnauthorised sale of or resale of brand name or designer products or services.
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.
High-Risk Regulatd Products or ServicesMarijuana dispensaries and related businesses, tobacco, e-cigarettes, e-liquids, online pharmaceuticals, weapons and munitions.
Any other category of product or service that OFX decides to prohibit in its sole discretion

6. Verification

You may be required to provide OFX with certain information and documents to verify your identity, the nature of your business or the source of funds, including but not limited to government issued identification, invoices for products delivered or received by you or payment confirmations from the Marketplace sending the funds. OFX may request additional information to enable it to comply with applicable laws or regulations. Failure to provide such information may result in denying or suspending use of the Service and/or Account Credentials.

7. Termination

7.1 Your rights – Unless otherwise agreed in writing by you, you may terminate this Agreement at any time upon notice to us.

7.2 Termination by Us – We may suspend or terminate this Agreement for any reason at any time upon notice to you.

7.3 Effect of Termination – 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 the date of termination.

8. Privacy

You acknowledge that you have received, read in full, and agree with the terms of our Privacy Policy, linked to and 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 provider as part of the Service.

9. Representations and Warranties

You represent and warrant to us that: (a) you are a duly incorporated, registered, or organised business entity in good standing; (b) you have full power and authority to enter into this Agreement; (c) the information you submit as part of your registration is current, accurate and complete; (d) any funds received by us in connection with the Service will represent a payment for bona fide e-commerce transaction for permitted products or services; (e) you will comply with all applicable laws, rules and regulations; (f) you will not use the Service, directly or indirectly for any fraudulent or illegal undertaking; and (g) entering into this Agreement and/ or conducting Transactions will not breach any agreements you have with any Marketplace.

10. Disclaimer

THE E-TAILING SERVICE IS PROVIDED ON AN “AS IS” AND “AS AVAILABLE” BASIS WITHOUT ANY WARRANTIES, EITHER EXPRESS, IMPLIED OR STATUTORY, INCLUDING WITHOUT LIMITATION ANY IMPLIED WARRANTIES OF TITLE, MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND NON-INFRINGEMENT. OFX makes no representations or warranties regarding uninterrupted and continuous access to the Service or the times required to complete a particular transaction because such events are dependent on many factors outside of our control.

11. Limitation of Liability


11.2 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 Service or any transactions entered into through the 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.

11.3 No Liability for Acts or Omissions of a Marketplace – 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, including any act or omission made in connection with or arising as a result of your entry into this Agreement or any Transaction.

11.4 Limited Aggregate Liability – Notwithstanding the foregoing, in no event will our aggregate liability arising out of or in connection with this Agreement or the 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 Service during the 12-month period immediately preceding the event giving rise to the claim for liability.

12. Indemnification

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

13. Governing Law; Venue

This agreement shall be interpreted in accordance with the laws of New Zealand and you submit to the jurisdiction of the courts of New Zealand. You are solely responsible for understanding and complying with any and all laws, rules and regulations of New Zealand that may be applicable to you in connection with your use of this Service, including but not limited to, those related to export or import activity, taxes or foreign currency transactions.

14. General Terms

14.1 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: OFX (NZForex Limited) Level 26, PWC Tower, 188 Quay Street, Auckland, New Zealand, Attn: Legal Counsel OR 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.

14.2 Amendment – We may modify this Agreement or the 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 Service after it has been posted.

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

14.4 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.

14.5 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.