Terms of Use - Recipient Only Payments

Effective as and from 25 January 2020

IMPORTANT: PLEASE READ THE FOLLOWING TERMS AND CONDITIONS CAREFULLY. BY AUTHORISING AND PROVIDING ACCESS TO A THIRD PARTY TO RECEIVE PAYMENTS VIA OFX, YOU ACKNOWLEDGE THAT YOU HAVE READ THEM AND THAT YOU AGREE TO BE BOUND BY THEM.

These Terms of Use – Recipient Only Payments (“Terms”) apply to individuals who are engaging with OzForex Limited trading as OFX (ABN 65 092 375 703) and each of its affiliate companies (together, “OFX”, “us” or “we”) as a recipient only of payments made by an Authorised Partner via OFX (“Recipient” or “you”).

1. OTHER DOCUMENTS: You acknowledge that you have access to the following documents which, in addition to these Terms, to the extent applicable, apply to your interactions with OFX:
(a) Our Website Terms of Use;
(b) Our Privacy Policy;
(c) Our Money Laundering Statement; and
(d) Our Regulation information.

To the extent of any inconsistency between these Terms and the above-mentioned documents, these Terms prevail.

2. SERVICES: These Terms apply to you as you have registered with OFX to receive payments as a Recipient from one or more Authorised Partners via OFX. By registering with OFX as a Recipient you will be able to receive funds in connection with a transaction that has been booked by an Authorised Partner.

You will be given access to an online account via www.ofx.com (your “OFX Account”) by which we will collect certain information from you and provide you with details of funds to be paid to you from the Authorised Partners.

Your Authorised Partners are wholly authorised to provide instructions to OFX with respect to transactions for which you are a Recipient. As a Recipient only, OFX cannot provide you with other payment services, products or financial service offerings provided by OFX. In order to enjoy a wider set of services you must reside in a country or jurisdiction in which OFX is authorised to offer those services and register as an OFX customer including agreeing to the applicable OFX customer agreement.

OFX reserves the right to refuse to process any payment in its sole discretion without notice and without providing any further information to you.

3. AUTHORISATION: As a condition to receiving funds from an Authorised Partner via OFX, you must:
a) have registered as a Recipient; and
b) authorised the relevant Authorised Partner within your OFX Account,
prior to the relevant Cut-off Date.

OFX is not obliged to act on any changes on your OFX Account (including bank account details or the authorisation link to the Authorised Partner) after the Cut-off Date for a payment.

You may cancel your authorisation of an Authorised Partner at any time; however, OFX is authorised by you to pay any transactions for which the Cut-off Date has occurred prior to cancellation.

4. BANK ACCOUNT DETAILS: So that we may pay you, you must provide us with:
a) full details of your bank account into which we are instructed to pay funds, including:
• your full name and address as the account holder;
• full name and address of the bank;
• account number; and
• any identifying number for the bank such as a sort code or BSB;
b) your preferred currency for the payment.

We may refuse to pay funds to you as a Recipient if the details you give us are not complete or you have not provided us with information we have asked for.

We do not verify the accuracy of bank account information provided by you and you acknowledge that we may rely solely on the bank account information you provide us.

You acknowledge and agree that any changes to your OFX Account will only be made by you.

5. SECURITY PROCEDURES: We will issue you with a username and personalised security credentials (such as a password or fingerprint) and security questions (“security procedures”) so that you may access your OFX Account online via www.ofx.com. We may accept any changes to your OFX Account received using the security procedures without further checking the identity of the user.

You must take all reasonable steps to keep your security procedures secret and safe, and to prevent loss, theft or fraudulent misuse of them. For example, you should not write them down in a format that is recognisable, save them electronically, choose simple passwords, or let someone else use them.

If you know or suspect that your security procedures have been lost, stolen or misappropriated, you must notify us immediately by calling us or emailing us at customer.service@ofx.com.

6. RECEIPT OF FUNDS: We will notify you once we have made the payment. Such notification will include a reference number, the amount of the payment in the currency used, and any charges (if applicable). This information is also available on your OFX Account.

7. EXCHANGE RATES: The rate of exchange which applies to transactions for which you are a Recipient are determined by the relevant Authorised Partner in its sole discretion.

8. NO CASH: We do not deal with cash or cheques and you acknowledge that we will transmit all funds by electronic means only.

9. NO LIABILITY FOR DELAYS: You acknowledge that delays in the transmission and receipt of payments may occur. In particular, you acknowledge that we operate an online payments platform that could be subject to technical or other problems, the nature and duration of which may be beyond our control. Our service also involves the use of intermediaries who are outside our control. Accordingly, while we use our best endeavours to ensure the timely transmission of funds, we cannot guarantee that transfers of funds will always be made on time and cannot accept any liability to you for any loss suffered by you as a result of any delays in the transmission of funds.

10. DISCLAIMER: OFX makes no warranty, express or implied, concerning the suitability, completeness, quality or exactness of the information and representations provided on its website or your OFX Account. We will not take into consideration the investment objectives, financial situation or needs of any particular person.

The OFX website and your OFX Account contain information obtained from various sources and has each been prepared in good faith and with all reasonable care.

Neither OFX nor any of its providers of information, have any liability to you or any third party, for the accuracy of the information or representations contained on its website or your OFX Account.

11. EXCLUSION: OFX excludes all rights, representations, guarantees, conditions, warranties, guarantees, undertakings, remedies or other terms in relation to processing payments to you and in relation to your OFX Account to the maximum extent permitted by law.

All websites, portals and your OFX Account is provided on an AS IS basis and OFX does not guarantee the availability or suitability of the technology.

12. PRIVACY: The privacy policy at ofx.com forms part of this agreement.

13. ANTI-MONEY LAUNDERING: We are subject to AML/CTF Laws and we are required to collect certain Personal Information under such AML/CTF Laws. You consent to us disclosing your Personal Information that we may have in connection with AML/CTF Laws.

You agree to providing OFX with sufficient information to ensure that it can verify your identify in accordance with applicable Australian AML/CFT laws and regulations. You must provide any and all information and documentation as reasonably requested. OFX may access third party electronic databases necessary to assist it to identify you and such databases could contain credit information. OFX may therefore collect information about you that it has obtained from businesses that provide information about the credit worthiness of individuals, including consumer credit reports.

14. WARRANTIES: You warrant that you have full authority to enter into these Terms and receive the services and you acknowledge that we may refuse to process any payment if we find at any stage that you do not have such authority.

15. COMPLAINTS: If you have a complaint about our service, please contact the OFX Customer Support Services Department on one of the numbers below or email legal.notice@ofx.com. OFX remains dedicated to providing best practice customer service and complies with all applicable corporate obligations.

Australian Eastern Standard Time: +61 2 8667 8090
Greenwich meantime: +44 207 614 4194
North American Eastern Standard Time: Canada – 1800 680 0750 OR USA – 1888 288 7354

For any queries in relation to the funds received (or to be received) please contact the relevant Authorised Partner.

16. MODIFICATIONS: These Terms are available on the OFX website – www.ofx.com . We may amend these Terms from time to time. Such modifications will become effective upon the earlier of posting to our OFX website or otherwise communicating the changes to you. Your continued use of our services after the effective date of the posting will be deemed acceptance of the amended Terms. If you do not agree with any of the amendments, your sole remedy is to close your OFX Account with us by written notice to customer.service@ofx.com.

OFX encourages you to periodically review the website for the latest information.

17. GOVERNING LAW: These Terms are governed by the laws of the state of New South Wales, Australia. You submit to the jurisdiction of the Courts of New South Wales.

18. DEFINITIONS:

AML/CFT Laws means the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth) in Australia, the rules and any other subordinate instruments as amended from time to time as well as the equivalent laws in the jurisdictions in which OFX operates, as applicable.

Authorised Partner means a Corporate Client of OFX that instructs OFX to make a payment to a designated recipient via an API link.

Corporate Client means any registered domestic and foreign companies, registered associations, registered co-operatives, trusts, partnerships, government bodies or other statutory bodies that have successfully registered and been onboarded by OFX as an OFX customer to receive its financial services.

Cut-off Date means the date indicated by the Authorised Partner to you directly being the date on which the Authorised Partner confirms its list of designated recipients for a payment to be made.

Personal Information has the meaning given in the Privacy Act 1988 (Cth) in Australia or the equivalent law in the applicable jurisdiction including the General Data Protection Regulation, which became law in Europe in May 2018, being in general terms, information or opinion about an identified individual, or an individual who is reasonably identifiable whether the information or opinion is true or not and whether the information or opinion is recorded in material form or not.