These Terms and Conditions are intended for US resident Customers of Transfermate Inc., and if this does not apply to You, You are required to click here for the applicable Terms and Conditions.1. Definitions:
"Account" means the online Transfermate account which must be opened with Us before availing of the Transaction Service, whether accessed via the Website or using Our API.
"Anti-Money Laundering Policy" means the policy set out at Schedule 2 which sets out Our compliance with the regulations, legislation and codes which govern anti-money laundering and terrorist financing.
"Beneficiary" means the intended recipient of the Payment Transaction who will either be notified to Us by You or may be an existing customer of Ours who requests Us to work with You to make a Reactive Payment.
"Booking Reference" means the reference number specific to Your Payment Transaction which We will give You, which will enable both You and Us to identify the Payment Transaction.
"Business Day" means any day We are open for business for the purposes of executing Payment Transactions, excludes Saturday and Sunday, and may exclude national holidays or legal holidays in countries impacted by the Payment Transaction.
"Confidential Information" means all information in whatever form or method of disclosure, that is disclosed by one party to the other party, whether or not marked as confidential, to the extent a reasonable person would consider such information as confidential, and includes these Terms and Conditions.
"Contract" means the agreement formed between You and Us regarding a Payment Transaction which is subject to these Terms and Conditions
"Cut-off Time" means the time (currently 1PM GMT but subject to change) by which a Lodgement must be received by Us, in order for Us to be able to treat the Lodgement as received on that day.
"Effective Date" means 17 May 2019.
"Final Transfer" means the transfer of funds by Transfermate into the account of the Beneficiary.
"Funding Account" means the account in which You nominate to fund the Lodgement to the Transfermate Nominated Account.
"Future Dated Payment" is a payment whereby Your Order requires, and We agree, that the Payment Transaction should not be made at the earliest possible date, but at some future date as advised by You to Us.
"Intellectual Property Rights" or "IPR" means all intellectual property rights, including patents, supplementary protection certificates, petty patents, utility models, trademarks, database rights, rights in designs, copyrights (including rights in computer software) and topography rights (whether or not any of these rights are registered, and including applications and the right to apply for registration of any such rights) and all rights and forms of protection of a similar nature or having equivalent or similar effect to any of these which may subsist anywhere in the world, in each case for their full term, and together with any renewals or extensions.
"Lodgement" means the transfer of funds from Your Funding Account to the Transfermate Nominated Account following the formation of the Contract in respect of the Payment Transaction.
"Order" means the request from You to Us to undertake a Payment Transaction.
"Payment Transaction" refers to the agreement for Us to effect a funds transfer on Your behalf whether at a live exchange rate, a pre-agreed exchange rate or without a foreign exchange element.
"Reactive Payment" means a Payment Transaction which You have been requested to make by a customer of Transfermate using the Receivables Service, on whose behalf We have contacted You.
"Receivables Service" means the facility offered by Us as set out at Schedule 4, whereby We enable third parties to make a Reactive Payment to You, whereby You are the Beneficiary of the Payment Transaction.
"Schedule(s)" refer to the additional documents which supplement these Terms and Conditions, and where stated form part of the Agreement between You and Transfermate, all of which are accessible on the Website.
"Transaction Service" means the services provided by Us over the telephone or email, via Your Account or otherwise accessed on the Website, which enable You to make Payment Transactions and avail of Receivables Service (where applicable).
"Transfermate", "We", "Us" or "Our" mean TransferMate Inc., doing business as TransferMate Global Payments, Transfermate Education and such other names under which We may from time to time do business as, whether such name is registered or unregistered. Our Registered Office is 333 N. Michigan Ave, Suite 915, Chicago, IL 60601 and further details of Our regulatory status can be found on the Website.
"Transfermate Nominated Account" means Our bank account to which Your Lodgement is required to be made.
"Users" means You or the individual(s) (or company) which You have notified to Us and who are permitted by You to place the Order.
"Website" means www.transfermate.com.
"You", "Your" means the legal or natural person in whose name these Terms and Conditions are entered with Us, and includes where the context so permits, Your Users and authorised agents.2. Introduction & Basic Description of Service
- 2.1. These Terms and Conditions, with effect from the Effective Date:
- 2.1.1. govern the opening, use and closure of the Transaction Service and all accounts, services, programs, information and products related to the Transaction Service that You may use or access from time to time unless You are not resident in the United States - in which case You are required to click here;
- 2.1.2. require You to confirm that You have read, accepted and understand You are legally bound by said Terms and Conditions on each occasion where You ask Us to perform, and We agree to perform, a foreign exchange transaction on Your behalf following an Order from You;
- 2.1.3. may only be entered by You where You have the corporate power and / or legal capacity (meaning in the case of a natural person, being over 18 years of age) to enter a legally binding agreement and to perform Your obligations hereunder;
- 2.1.5. are available for download in PDF or Word Format;
- 2.1.6. may also be emailed or posted to You on request; and
- 2.1.7. shall be made available by Us in the English language only.
- 2.2. For the use of additional services such as the Receivables Service, You have to agree to these Terms and Conditions and:
- 2.2.1. enter a specific agreement with Us in writing which may or may not incorporate these Terms and Conditions; or
- 2.2.2. confirm by use of the additional services (such as the Receivables Service) that You have read and accepted the terms applicable to the additional service (such as those set out at Schedule 4 in respect of the Receivables Service).
- 3.1. We may modify these Terms and Conditions at any time and:
- 3.1.1 We will insert a notice on the Website highlighting that the Terms and Conditions have been modified and it is Your obligation to ensure You have read and understood the applicable Terms and Conditions before entering a Contract with Us;
- 3.1.2 any such modification will apply with immediate effect to any new Contract entered between You and Us, and Your continued use of or access to the Transaction Service and/or the Website shall be deemed as Your acceptance of the modified Terms and Conditions.
- 3.1.3 If, prior to entering a Payment Transaction, You do not agree with the modified Terms and Conditions, You are free not to continue with the Payment Transaction and to desist from further use of the Transaction Service without any further liability to You.
- 4.1. We provide money remittance services with a foreign exchange element.
- 4.3. Our Anti Money Laundering Policy, as may be modified by Us from time to time, forms a core part of the Account Opening Process and is set out at Schedule 2. We are entitled to inter-alia verify Your identity or the identity of the Users. We reserve the right to refuse to accept an Order until We are satisfied as to the matters on which We have sought clarification and verification. You undertake that You will observe all Anti-Money Laundering and Exchange Control laws and regulations in relation to any request by Us and will use all reasonable endeavours to assist Us to do likewise. In particular, You warrant that the information given by You is accurate and that the Lodgement will not constituent a breach of any Anti-Money Laundering and Exchange Control Laws and regulations.
- 4.4. Some legal or regulatory authorities may require additional information regarding You or particular transactions. You agree to supply all such information, which any legal or regulatory authority may require.
- 4.5. Upon completion of Our Account Opening Process You shall have an Account in operation with Us, however until You take the steps set out at Clauses 5 and 6 to conclude a Payment Transaction, neither party shall have any financial obligations towards the other party, nor are the parties under any legal obligation to conclude Payment Transactions.
- 5.1. To engage with Us to conclude a Payment Transaction, You must first place an Order by:
- 5.1.1. using the means set out at Clause 5.2 to request Us to:
- 18.104.22.168. purchase a specified amount of foreign currency for You; or
- 22.214.171.124. pay funds to a Beneficiary in Your local currency; and
- 5.1.2. providing Us with:
- 126.96.36.199 Your nominated Funding Account, including names, numbers and particulars of the account holders;
- 188.8.131.52 the amount to be transferred and the currency in which the Payment Transaction is to be effected;
- 184.108.40.206 full Beneficiary details where We do not already have these on the Account, though in certain circumstances this can be provided after the Order is placed;
- 220.127.116.11 the purpose for making the Payment Transaction;
- 18.104.22.168 the date on which You want Us to make the Future Dated Payment (if this facility is available); and
- 22.214.171.124 such other information or documentation that We may require, including but not limited to specific requirements in some jurisdictions (such as those required for currency control reasons).
- 5.1.1. using the means set out at Clause 5.2 to request Us to:
- 5.2. The means by which You may place an Order are by providing the information set out at Clause 5.1, adhering to the Security Guidelines, and contacting Us:
- 5.2.1 over the telephone (calls are typically recorded – for more information on this see Clause 10.1.2);
- 5.2.2 By email; or
- 5.2.3 By logging into Your Account.
- 5.3. You are solely responsible for ensuring that all details You provide at Clause 5.1 are correct. We will do everything We reasonably can to rectify any errors, inaccuracies or omissions in Your Order, but this may lead to a delay or failure in processing Your Order. We will not be liable for any loss, damage, cost or expense suffered by You or any party as a result of any such errors, inaccuracies or omissions in Your placement of an Order.
- 5.4. We may act on an Order from, or purporting to be from, You or the Users, until We have received prior written notice to the contrary and a reasonable opportunity to act on such notice. Any reference to the means by which We may receive an Order from You or Users includes, but shall not be limited to those means set out at 5.2.
- 6.1. Your Order constitutes an invitation from You for Us to negotiate a Payment Transaction with You. Our response to Your Order (by the means set out at Clause 6.2) represents a legal offer from Us for You to enter a Payment Transaction subject to certain conditions set out in the offer. This offer must be accepted by You, following which the Contract is formed between the parties subject to these Terms and Conditions. Confirmation of the Contract shall be emailed to You (the "Booking Confirmation") by Us after the Contract has been formed.
- 6.2. This Contract can be concluded by following any one or more of the means of placing an Order set out at Clause 5.2, though We reserve Our right to engage with You by whatever means We deem most appropriate in concluding the Contract. In each instance Your acceptance, by whatever means, serves as Your acceptance these Terms and Conditions as governing the offer made by Transfermate to enter the Contract for a Payment Transaction.
- 6.3. Non-negotiation of Orders:
- 6.3.1 We reserve the right to request further information before entering negotiations with You in respect of an Order;
- 6.3.2 Payment Transactions are subject to a minimum and maximum transaction value determined by Us, and We may decline to negotiate an Order which falls outside of these value points, notwithstanding that prior Orders of equivalent value were not declined; and
- 6.3.3 We may notify You of Our refusal to negotiate an Order without giving any reason. We will have no liability to You as a result of doing so.
- 6.4. Cancellation of Payment Transactions:
- 6.4.1. In the event of Your having formed a Contract with Us in error, You are advised to contact Us immediately on receipt of the Booking Confirmation requesting the Contract to be cancelled. Any loss arising on such cancellation will be charged to You and payable by You, and there may be additional cancellation fees attaching to Your request as set out in the Standard Fee Schedule or otherwise negotiated.
- 6.5. Non-execution or Delays in Payment Transactions:
- 6.5.1. Notwithstanding the formation of a Contract, We hereby reserve a contractual right to delay or not to complete the execution of the Payment Transaction in instances where:
- 126.96.36.199. abnormal and unforeseeable circumstances beyond Our control or prohibit or limit Us executing the Payment Transaction;
- 188.8.131.52. legal obligations covered by applicable regulations make the execution of the Payment Transaction a potentially illegal or non-compliant action;
- 184.108.40.206. due to the automation of the Transaction Service, errors in quoted rates may have occurred leading to the provision to You of erroneous rates at the time of placing the Order; or
- 220.127.116.11. errors, inaccuracies or omissions in Your Order may mean that a Payment Transaction cannot be completed (meaning Our making the Final Transfer) as scheduled.
- 6.5.2. We shall endeavour to inform You on as soon as possible in the event of non-execution of the Payment Transaction as set out in Clause 6.5.1 and in any event no later than the next Business Day, together with the reason for the failure unless We are prevented from disclosing same to You. We shall endeavour to complete the Payment Transaction if the impediment preventing execution can be removed, or where applicable, when the errors, inaccuracies or omissions are corrected.
- 6.5.3. Where the provisions of Clause 6.5.1 lead to a delay in execution of a Payment Transaction, any commitments provided by Us as to the timing of making the Final Transfer may be adversely impacted, and therefore We accept no liability for a delay to completing a Payment Transaction.
- 6.5.1. Notwithstanding the formation of a Contract, We hereby reserve a contractual right to delay or not to complete the execution of the Payment Transaction in instances where:
- 6.6. Effecting the Lodgement:
- 6.6.1. Under these Terms and Conditions which govern the Contract, You are legally obliged to complete the Lodgement of the agreed amount with the Booking Reference within 2 Business Days of the date on which the Contract is entered (the "Settlement Date"). Accordingly this Contract is suitable only if You are able to deliver, on or before the Settlement Date, the currency You have agreed to buy from Us.
- 6.6.2. Delivery of the Lodgement shall be by use of one of the two methods set out at Clause 7. Under no circumstances shall We accept a Lodgement by any other means, even if We have previously permitted such alternative means of making a Lodgement.
- 6.6.3. A failure by You to effect the Lodgement in full and by the Settlement Date is a breach of the Contract, in which event We will close out the Order at its then prevailing market rates and any loss or costs incurred by Us as a result of Your contractual breach shall be recoverable in full from You on demand by Us, including additional cancellation fees attaching to Your request as set out in the Standard Fee Schedule or otherwise negotiated. Late or incomplete settlement shall incur penalty interest on the total amount due, at a compound rate of 20% per annum, calculated daily and payable to Us on the date payment is made.
- 6.6.4. The time and date of receipt and recognition by Us of the Lodgement is the date at which the Lodgement is received by Us in cleared funds in Our Transfermate Nominated Account. If it is not a Business Day or if the cleared funds are received after Cut-off Time, the Lodgement shall be deemed to have been received by Us on the following Business Day and You must make allowances for this in order to ensure You comply with Your obligations under the Contract.
- 6.7. Processing the Final Transfer:
- 6.7.1. Upon full receipt and recognition of the Lodgement, We will comply with Our obligation under the Contract and process the Final Transfer on the same Business Day if the Lodgement is received before Cut-off Time, or on the following Business Day if the Lodgement is received after the Cut-off Time, unless We agreed to make a Future Dated Payment.
- 6.7.2. The amount credited by way of Final Transfer to the Beneficiary will be net of fees, charges, commissions and any interest due.
- 6.8. A confirmation of the Final Transfer (the "Payment Confirmation") will be issued to Your nominated email address. If You do not receive a Payment Confirmation within 24 hours of the date on which the Lodgement is made or within 4 Business Days from the date of the Contract was entered, You are obliged to contact Us. The Payment Confirmation will detail (where applicable):
- 6.8.1. the Booking Reference which enables You to identify the Payment Transaction, which shall also be provided to the Beneficiary unless You expressly request Us not to make such disclosure. By hereby permitting such disclosure, You agree to hold Us harmless for any damage or loss suffered by You resulting from enquiries from the Beneficiary or any holder of the Booking Reference. We represent and warrant that We will exercise ordinary care in releasing this information.
- 6.8.2. the date on which the Payment Transaction was effected;
- 6.8.3. the value date of the Payment Transaction;
- 6.8.4. a breakdown of the fees and charges payable by You;
- 6.8.5. the exchange rate used and the amount of the Final Transfer after the currency conversion; and
- 6.8.6. additional and further information as may be requested by You subject to an additional charge.
- 6.9. Upon You becoming aware of any unauthorised or incorrectly executed Payment Transaction, You must notify Us without delay. Where We establish that the Payment Transaction was unauthorised or erroneously effected by Us, We shall refund to You, the amount of the unauthorised or erroneous Payment Transaction plus any charges thereon.
- 6.10. You irrevocably agree that We may retain any Lodgements transmitted to Us pursuant to these Terms and Conditions if We learn that there is a suspicion that You may have breached any laws or regulations, or if We are required to do so by any legal or regulatory authorities. Such retained Lodgements shall not bear interest against Us.
- 6.11.If you are located within the State of Washington, You are entitled to a refund of all moneys received for transmittal within ten (10) days of receipt of a written request for a refund unless:
- 6.11.1. instructions have been given committing an equivalent amount of money to the person designated by you prior to receipt of a written request for a refund;
- 6.11.2. We have reasons to believe that a crime has occurred, is occurring, or may potentially occur as a result of transmitting the money as requested by the customer or refunding the money as requested by the customer; or
- 6.11.3. We are otherwise barred by law from making a refund.
- 7.1 By Wire Transfer or Electronic Funds Transfer:
- 7.1.1. The default mechanism by which You are expected to make the Lodgement is by payment of a wire transfer or electronic funds transfer in the currency agreed.
- 7.1.2. We will provide You with the requisite details of the Transfermate Nominated Account at the time at which the Contract is agreed, and it is Your obligation to ensure You use the correct Transfermate Nominated Account.
- 7.2. By Direct Debit ("DD") or Automated Clearing House ("ACH") payments:
- 7.2.1. This option is not available to You if You are a Sole Trader or personal customer.
- 7.2.2. In certain regions (as may be notified to You at the time of placing the Order) it is an option for You to make the Lodgement by way of DD/ACH payment, however We are under no obligation to provide You with this option and require that You make at least one transfer by the means set out at Clause 7.1.
- 7.2.3. It is imperative that You ensure that all details supplied by You on the direct debit mandate agreements (or ACH equivalent) are correct and valid, and that only authorised signatories on the Your Funding Account have signed this mandate, and confirm You shall indemnify Us for any losses incurred by Us as a result of errors made by You on the mandate.
- 7.2.4. You are obliged to ensure that (1) there are sufficient funds in Your Funding Account to meet the direct debit call and (2) sufficient funds remain in Your Funding Account until the direct debit has cleared. If a Lodgement by way of DD/ACH does not reach Transfermate Nominated Account due to insufficient funds or for any other reason, You must then complete the Lodgement by way of wire transfer to Us so that the Lodgement is not delayed.
- 7.2.5. We reserve the right to revoke the option of making Lodgements by DD/ACH payments where any DD/ACH payment made by You is reversed from the Transfermate Nominated Account.
- 7.2.6. We reserve the right to limit the amount of funds to be taken by DD/ACH.
- 7.2.7. If a DD/ACH Mandate is inactive for a period of 9 months or more, We reserve the right to deactivate the option to pay by DD/ACH without prior notice to You or to request You to update the DD/ACH Mandate.
- 7.2.8. In order to cancel a DD/ACH, You must contact Your bank to cancel. Transfermate cannot do this on Your behalf.
- 7.3. Other than by availing of the means set out at Clauses 7.1 and 7.2, no other means is available for funding the Transfermate Nominated Account, specifically We do not accept cash, cheques or any equivalent. Any attempts by You to make the Lodgement by any such prohibited means shall be invalid under the Contract, causing a delay and potentially a breach of the Contract.
- 7.4. Unless otherwise agreed with You, We do not have nor do We request, any access to Your nominated Funding Account and shall not unilaterally debit funds from Your Funding Account. You must initiate the Lodgement to the Transfermate Nominated Account.
- 8.1. In certain circumstances We may contact You by email ("Collection Email") on behalf of a third party (the "Biller") who has requested that We provide You with an option to discharge an invoice (meaning for this purpose an invoice, bill or other contractual debt due to the Biller) by way of the Transaction Service. This Collection Email includes a link to a secure section of the Website (the "Portal") and a request for You to make a Reactive Payment in order to settle the invoice from the Biller;
- 8.2. You are under no obligation to Us to make the Reactive Payment - this is a matter between You and the Biller. However should You wish to make the Reactive Payment, it is incumbent on You to ensure that You make it in the currency quoted on the Portal and a failure to do this shall result in the Payment Transaction being rejected, a potential breach of Your obligation to the Biller to discharge the invoice, and Your incurring additional fees and charges if We are required to perform an additional currency exchange.
- 8.3. If You are satisfied to make the Reactive Payment, You are required to go to the Portal and complete the Payment Transaction by strictly adhering to the requirements detailed by Us on the Portal.
- 8.4. Unless stated to the contrary in the Collection Email, You shall be required to open an Account with Us in accordance with Clause 4 before making the Reactive Payment. We shall make it clear at the time of opening the Account whether the Account is set up to enable You to make a single Reactive Payment only, in some case without a foreign exchange element, or whether in opening the Account You are thereafter permitted to make full use of the Transaction Service.
- 8.5. The options available to You as to how You make the Reactive Payment shall vary according to the instructions of the Biller, the applicable currency and Your location. We make no warranty or commitment as to the specific steps required to make a Reactive Payment. These shall be explained on the Portal and/or the Collection Email.
- 9.1. The current charges, interest, limits and exchange rates applicable to the Transaction Service are set out the Standard Fee Schedule.
- 9.2. We reserve the right to make changes to the Standard Fee Schedule from time to time and You will be asked to confirm Your agreement with the fees applicable prior to the entry of the Contract.
- 9.3. The then in force Standard Fee Schedule shall apply to each Contract You enter with Us, however a Contract already entered will not be impacted if changes to the Standard Fee Schedule take effect after the date the Contract is entered.
- 10.1. Communications:
- 10.1.1. All communications between You (and where the context so permits, Your User) and Us shall be by email or telephone. In addition You have the option of communicating with Us through the Website via live chat, however no Orders may be placed by using live chat.
- 10.1.2. Telephone calls (which for this purpose includes calls on fixed landlines, Skype calls or mobile lines) with You are typically recorded to protect both Your and Our own interests in the event of a dispute. For technical reasons it is not always possible for Us to record all telephone calls. The telephone recordings will, where available and once a transcript is furnished to You following prior request, be accepted as evidence of the instructions or communications recorded, and may be used as evidence in any dispute, action, proceedings involving the use by You of the Transaction Service. The absence of a telephone call recording shall not be deemed as detrimental in any such dispute, and in such circumstances We are entitled to rely on an undisputed Booking Confirmation.
- 10.2. User Set Up and Monitoring:
- 10.2.1. Before getting access to the Transaction Service, You shall notify Us of the Users that You require to be set up on the Transaction Service, unless You are a Sole Trader or personal customer, in which case it is understood that the only User of the Transaction Service shall be You, unless You place a request to the contrary.
- 10.2.2. All Users must be approved and registered by Us before using the Transaction Service. Access to the Transaction Service shall be restricted to approved Users and We are under no obligation to approve a User.
- 10.2.3. You are required to notify Us immediately if there are any changes to the list of Users.
- 10.2.4. You shall ensure each User is trustworthy, has the legal authority to access the Transaction System, and will adhere to the Security Guidelines. The selection of a User is at Your own risk and We are under no obligation to conduct checks on Your Users or oversee a User's activity on the Account.
- 10.2.5. By accepting these Terms and Conditions You are confirming that each User You appoint shall have all necessary authority to use the Account and the Transaction Service.
- 10.3. Access and Passwords:
- 10.3.1. Upon opening an Account or adding a User, You / the User shall be required to select a username and a password. The password must comply with the Security Guidelines.
- 10.3.2. Upon logging into the Account by providing the username and the corresponding password, access will be granted to You and We will not be required to take any further steps to verify that the person accessing the Account is Your User.
- 10.3.3. Each User's registration is for that User only. Users are prohibited from sharing their username and password with any other person, and to do so shall be treated as a material breach of these Terms and Conditions by You.
- 10.3.4. If You forget Your password, You must contact Us and, upon satisfactory completion of verification procedures, We shall issue You with a new password via email.
- 10.4. Safeguards and Corrective Measures
- 10.4.1. You warrant that You and the Users shall adhere to the Security Guidelines.
- 10.4.2. A failure to adhere to these Security Guidelines may lead to a loss to You or to Us, and You confirm that You accept all responsibility for any such loss, and indemnify Us for any loss We may incur as a result of You not following the Security Guidelines.
- 10.4.3. The Security Guidelines represent reasonable security measures in Our opinion, but are not intended as an exhaustive lists of steps that You must undertake to ensure online security.
- 11.1. We make no representations herein as to the effectiveness of the Transaction Service.
- 12.1. The Transaction Service is made available as is, and except for any express warranties made in these Terms and Conditions, to the maximum extent permitted by law, neither the Transaction Service or the Website is made available with any condition, warranty or representation from Us as to suitability or accessibility, either expressed or implied. This includes, without limitation, the conditions implied by law of satisfactory quality, fitness for purpose and the use of reasonable care and skill which, but for this legal notice, might have effect in relation to the Transaction Service or the Website.
- 12.2.You accept and acknowledge that We do not provide any investment advice, including without limitation, on the merits of the Payment Transaction and its likely implications. You must make a decision to enter into a Payment Transaction based solely on Your own judgment or with having availed of prior independent financial advice. It is for You to evaluate whether the Payment Transaction is appropriate in terms of Your experience, financial objectives, and circumstances.
- 12.3.While We endeavour to ensure that the information on the Website regarding the Transaction Service is correct, We do not warrant the accuracy and completeness of the material on the Website regarding the Transaction Service including the real-time tradable rates which may not be reflective of the current price of the currency. We may make changes to Our Website, including regarding the Transaction Service, at any time without notice. The material on Our Website regarding the Transaction Service may be out of date, and We make no commitment to update such material.
- 12.4.We reserve Our right to rely on 3rd party banking partners in certain jurisdictions who may operate the Transfermate Nominated Account, either in Our name or in the name of the banking partner. We make all reasonable efforts to ensure that when You make the Lodgement, these funds are held in a secure account segregated from Our own funds, however this protection may not be available to Us in every jurisdiction.
- 13.1. Transfermate (and where applicable its affiliates, suppliers or licensors) are the sole and exclusive owner(s) of all IPR which forms directly or indirectly (1) the Transaction Service, (2) the Website, or (3) the Account, and any other IPR arising from Your use of the Transaction Service or other ancillary services. This Agreement does not grant You title to or any ownership rights or interest, but only a right of limited use as expressly set forth in this Clause 13.
- 13.2. You are hereby granted a non-assignable, non-exclusive and limited licence to print and download extracts of IPR from the Website regarding Transaction Service for Your own use on condition that:
- 13.2.1. You are only to use the contents as authorised by Us;
- 13.2.2. no documents or related graphics are modified in any way;
- 13.2.3. no graphics are used separately from the corresponding text;
- 13.2.4. Our copyright and trademark notices appear in all copies;
- 13.2.5. You acknowledge that the names, images and logos identifying Us, Our products and services, are proprietary marks belonging to Us; and
- 13.2.6. no part may be reproduced or stored in any other website or included in any public or private electronic retrieval system or service without Our prior written permission.
- 13.3. You acknowledge and agree that all content on the Website, the Account or otherwise accessible on the Transaction Service is protected by copyright, trademark, patents and other proprietary rights and laws.
- 13.4. Any unauthorised use or any breach of this Clause 13 will result in immediate termination of the Agreement whereby You must, on request from Us, immediately destroy any downloaded or printed extracts from the Transaction Service or Website. This license is conditional on Your continued compliance with these Terms and Conditions and any rights not expressly granted herein are reserved.
- 13.5. Derivative use of the Transaction Service is strictly prohibited, including any use of data mining, robots or similar data gathering, reverse engineering and extraction tools irrespective of whether there is an intent to damage or impair the Transaction Service, and any such activities shall be deemed a material breach of these Terms and Conditions.
- 13.6. On termination of this Agreement, the licence herein granted ceases with immediate effect.
- 14.1. We, any other party (whether or not involved in creating, producing, maintaining or delivering Transaction Service, the Website or the Portal), and any of Our officers, directors, employees, shareholders or agents of any of them, exclude all liability and responsibility for any type of incidental, punitive, special, indirect or consequential damages arising from or connected in any way to, the Transaction Service, the Website or the Portal, that may result to You or a third party. This includes, without limitation, any indirect, punitive or consequential loss or damages, or any loss of income, profits, goodwill, data, contracts, business interruption, loss of use, loss or damage due to viruses, or other loss or damages, even if advised of the possibility of such damages, whether arising under any theory of contract, tort (including negligence), strict liability or otherwise.
- 14.2. Nothing in these Terms and Conditions will exclude or limit Our liability for:
- 14.2.1. Death or personal injury;
- 14.2.2. Fraud;
- 14.2.3. Misrepresentation as to a fundamental matter; or
- 14.2.4. Any liability which cannot be excluded or limited under applicable law.
- 14.3. If Your use of material on the Transaction Service results in the need for servicing, repair or correction of equipment, software or data, You assume all costs thereof.
- 14.4. We are entitled to assume that all Payment Transactions entered using usernames and passwords of You or the Users are authorised by You. We shall not be liable in any way for any direct, indirect or consequential loss suffered by You as a result of any Payment Transactions entered using these usernames and passwords.
- 14.5. We shall not be liable for any:
- 14.5.1. suspension, withdrawal or termination of Your access to the Transaction Service; or
- 14.5.2. interruptions to the Transaction Service.
- 14.6. Our liability to You is limited to the lesser of (i) the amount paid by You hereunder during the three (3) month period immediately preceding the date the loss or damage first occurs, or (ii) $5,000. Some jurisdictions do not allow the limitation or exclusion of liability for incidental or consequential damages so, to the extent not allowed by law, some of the above limitations may not apply.
- 14.7. You indemnify, defend and hold Us harmless against any and all costs, liabilities, losses, and expenses (including but not limited to reasonable legal fees) suffered by Us, which may result from (i) Your or a User's misuse of the Transaction Service, (ii) Your or a User's breach of the Agreement, or (iii) any failure by You or a User to comply with the law.
- 15.1. Neither party shall use Confidential Information of the other party for any purpose other than for the purpose of providing or using the Transaction Service or as otherwise expressly permitted herein.
- 15.2. Confidential Information shall not include, however, any information which (i) was publicly known prior to the time of disclosure by the disclosing party; (ii) becomes publicly known and made generally available after disclosure by the disclosing party to the receiving party through no action or inaction of the receiving party in violation of these Terms and Conditions; (iii) is already in the lawful possession of the receiving party at the time of disclosure by the disclosing party as shown by the content of the receiving party's files and records prior to the time of disclosure; (iv) is obtained by the receiving party from a third party without a breach of such third party's obligations of confidentiality; or (v) is independently developed by the receiving party without use of or reference to the disclosing party's Confidential Information, as shown by the receiving party's documents or other competent evidence in the receiving party's possession.
- 15.3. Each party shall exercise reasonable care not to disclose, and to prevent its employees and agents from disclosing, any Confidential Information of the other party.
- 15.4. If a party is compelled to disclose Confidential Information under the authority of a court or governmental agency, the compelled party shall promptly notify the other party. The other party shall have the opportunity to object to the compelled disclosure prior to production of such information.
- 15.5. At the request of the disclosing party, the receiving party shall return all of the disclosing party's Confidential Information to the disclosing party or certify the same has been destroyed.
- 16.1. On completing the Account Opening Process You shall have access to the Transaction Service until such time as such access is terminated as set out in this Clause 16.
- 16.2. You may cancel Your access to the Transaction Service at any time by giving Us written notice. You will remain responsible for any Payment Transactions made on Your Account until access to Your Account is actually disabled.
- 16.3. We may terminate, suspend or withdraw Your access to the Transaction Service at any time without prior notice if:
- 16.3.1. We suspect that You have breached these Terms and Conditions, including but not limited to Clauses 13 or 15, or have acted fraudulently.
- 16.3.2. We learn or have reason to believe:
- 18.104.22.168. of Your death, bankruptcy or lack of legal capacity;
- 22.214.171.124. a liquidator or receiver has been appointed in respect of the Your assets; or
- 126.96.36.199. You have committed an act of bankruptcy or that a bankruptcy petition has been presented against You.
- 16.3.3. We otherwise deem such termination, suspension or withdrawal appropriate, in Our sole discretion.
- 16.4. Payment Transactions, including but not limited to Future Dated Payments, in respect of which Contracts have been concluded and which are scheduled to be made after Your access to the Transaction Service is terminated or suspended will not be impacted by the termination, unless We explicitly notify You otherwise at the time of termination.
- 16.5. The respective obligations of parties, which by their nature would continue beyond the termination or expiration of this Agreement, including without limitation, the obligations regarding IPR, Confidential Information, limitation of liability and indemnification, shall survive the termination, suspension, withdrawal or cancellation of the Transaction Service.
- 17.1. We make available market information services generated internally containing, but not limited to financial market data, rates, news, charts or data. Market information provided by Us, whether made available on the Website, in email format or over the telephone is not intended as foreign exchange advice.
- 17.2. We do not guarantee the accuracy, timeliness, completeness or correct sequencing of the market information. We reserve the right to discontinue offering market information at any time without notice, and for the avoidance of doubt any market information provided to You is not an element of the Transaction Service and should not be regarded as bearing any relation to Your decisions to use the Transaction Service.
- 18.1. Where an official complaint in relation to the Transaction Service is received by Us, We will record the nature of the complaint and issue an acknowledgement email to you within 5 Business Days of receiving Your complaint. The acknowledgement will provide You with the contact name who is responsible for dealing with Your complaint. The official complaint must be made by email (you may also write, although this will slow down the process), and confirm that you wish to enter this process. Please email your complaint to email@example.com.
- 18.2. We will investigate your complaint as swiftly as possible and where applicable, You will receive a regular written update on the progress of the investigation.
- 18.3. We will try to resolve Your complaint within 90 Business Days of having received the complaint. If Your complaint cannot be resolved within 90 Business Days, We will write to You notifying You of the anticipated timeframe for the conclusion of the investigation.
- 18.4. If at any time You are unsatisfied with the handling of Your complaint or We cannot resolve the complaint within the 40 Business Days timeframe, You will be notified of Your right to refer the matter to the Consumer Financial Protection Bureau https://www.consumerfinance.gov/ with an address to Mail a complaint Consumer Financial Protection Bureau, PO Box 2900, Clinton, IA 52733-2900 (telephone (855) 411-2372 TTY/TDD: (855) 729-2372 8 a.m. to 8 p.m. ET, Monday through Friday.
- 18.5. You may also contact the State Regulator. Details of each State Regulator are provided in the table below:
Alabama Securities Commission 401 Adams Ave Suite 280
Montgomery, AL 36104
If you have a complaint first contact Transfermate, Inc. at 866-539-7793. If you are unable to resolve your complaint involving an Alaska money transmission, or have other concerns about Transfermate and the money services it provides, please direct your complaint to:
Alaska Division of Banking & Securities,
550 West 7th Avenue, Suite 1850, Anchorage,
AK 99501, phone number: 888-925-2521 or 907-269-8140,
or visit the AK Division's website: www.commerce.alaska.gov/web/dbs
Department of Financial Institutions
100 N 15th Ave Suite 261
Phoenix, AZ 85007
Arkansas Securities Department
201 E Markham
Heritage West Bldg Ste 300
Little Rock AR 72201-1692
California Department of Business Oversight 1515 K Street, Suite 200
Sacramento, California 95814-4052
Colorado Division of Banking 1560 Broadway, Suite 975
Denver, CO 80202
Connecticut Department of Banking 260 Constitution Plaza
Hartford CT 06103-1800
Delaware Office of the State Bank Commissioner 555 E Loockerman St
Dover DE 19901
Department of Insurance, Securities and Banking 801 1st St NE #701
Washington DC 20002
Florida - Office of Financial Regulation
Division of Consumer Finance
200 East Gaines St
Tallahassee, Florida 32399
Georgia Department of Banking and Finance
2990 Brandywine Road
Atlanta, Georgia 30341-5565
Hawaii Division of Financial Institutions
Department of Commerce and Consumer Affairs
King Kalakaua Building
335 Merchant Street, Rm. 221
Honolulu, HI 96813
Phone: (808) 586-2820
FAX: (808) 586-2818 / firstname.lastname@example.org
Idaho Department of Finance
800 Park Blvd., Suite 200
Boise, ID 83712
P.O. Box 83720
Boise, ID 83720-0031
Toll-Free (Within Idaho Only): 1-888-346-3378
Illinois Dept of Financial and Professional Regulation,
Division of Financial Institutions
100 West Randolph, 9th Floor
Chicago, IL 60601
Indiana Department of Financial Institutions
30 South Meridian Street, Suite 300
Indianapolis, Indiana 46204
Tel: 800-382-4880 or 317-232-3955.
Iowa Division of Banking
200 East Grand Ave Ste 300
Des Moines IA 50309-1827
Phone: (515) 281-4014
Kansas Office of the State
700 SW Jackson, Suite 300
Topeka, Ks. 66603
Kentucky Department of Financial Institutions
1025 Capital Center Dr, Ste 200
Frankfort KY 40601
Louisiana Office of Financial Institutions
8660 United Plaza Blvd 2nd Fl
Baton Rouge LA 70809
Maine Department of Professional and Financial Regulation,
Office of Consumer Credit Regulation
State House Station #35
Augusta ME 04333
500 North Calvert Street, Suite 402
Baltimore, Maryland 21202
Tel: 410-230-6100 or 888-784-0136
Fax: 410-333-3866 or 410-333-0475
Massachusetts Division of Banks
1000 Washington St Fl 10
Boston MA 02118-2218
Michigan Dept of Insurance and Financial Services
PO Box 30220
Lansing MI 48909-7720
Minnesota Department of Commerce
85 7th Place East, Suite 500
St. Paul, MN 55101
Mississippi Department of Banking and Consumer Finance
PO Box 23729
Jackson MS 39225
Missouri Division of Finance
P. O. Box 716
Jefferson City, MO 65102-0716
Division of Banking & Financial Institutions
301 South Park, Suite 316, Helena, MT 59601
PO Box 200546, Helena, MT 59620-0546
Phone: (406) 841-2920
Fax: (406) 841-2930 TTY: (406) 841-2974
Nebraska Department of Banking & Finance
P.O. Box 950006
Lincoln, NE 68509
New Hampshire Banking Department
53 Regional Drive Suite 200
Concord NH 03301
New Jersey Dept of Banking & Insurance
Office of Consumer Finance, Division of Banking
20 West State St. - 7th Floor
PO Box 040
Trenton NJ 08625-0040
New Mexico Regulation & Licensing Department
Financial Institutions Division
PO Box 25101
Santa Fe, New Mexico 87504
Tel: (505) 476-4885
Fax: (505) 476-4670
New York State Department of Financial Services
1 State Street
New York, NY 10004-1511
North Carolina Commissioner of Banks
4309 Mail Service Center,
Raleigh, NC 27699-4309
North Dakota Department of Financial Institutions
2000 Schafer Street, Suite G
Bismarck, ND 58501-1204
Ohio Department Of Commerce
Division Of Financial Institutions
77 South High Street
Columbus, OH 43215-6120
Oklahoma Banking Department
200 North Lincoln Boulevard
Oklahoma City, OK 73105
Oregon Department of Consumer & Business Services
Division of Finance and Corporate Securities
PO Box 14480
Salem, OR 97309-0405
Pennsylvania Department of Banking
17 North Second St 13th Fl
Harrisburg PA 17101
Oficina del Comisionado de Instituciones Financieras
PO Box 11855, Fernández Juncos Station
San Juan, PR 00910-3855
Building Centro Europa,
Ave. Ponce de León 1492,
Phone: (787) 723-3131
Rhode Island Department of Business Regulation
Division of Banking
1511 Pontiac Avenue Cranston, RI 02920
The South Carolina Office
Of the Attorney General
Money Services Division
Rembert C. Dennis Bldg.
1000 Assembley Street
Columbia, SC 29201
South Dakota Department of Labor and Regulation
Division of Banking
1601 N. Harrison Avenue, Suite 1
Pierre, SD 57501
Tennessee Department of Financial Institutions
400 Deaderick St, 6th Floor
Nashville, TN 37243
If you have a complaint, first contact Transfermate, Inc., at 866-539-7793. However, if you still have an unresolved complaint involving a Texas money transmission, please direct your complaint to: Texas Department of Banking and Finance, 2601 North Lamar Blvd, Austin TX, 78705, phone number: 877-276-5554, or visit TX Department of Banking’s website: www.dob.texas.gov
Utah Financial Institutions
P.O. Box 146800
Salt Lake City, Utah 84114-6800
State of Vermont
Department of Financial Regulation
89 Main Street, Montpelier, VT 05620-3101
Virginia State Corporation Commission
Bureau of Financial Institutions
P.O. Box 1197
Richmond, VA 23218
Washington Department of Financial Institutions
Division of Consumer Services
P.O. Box 41200 Olympia, WA 98504-1200
West Virginia Division of Financial Institutions
900 Pennsylvania Avenue
Charleston, WV 25302
Department of Financial Institutions
4822 Madison Yards Way, North Tower
Madison, WI 53705
Wyoming Department of Audit
122 W 25th St, #3e
Cheyenne, WY 82001
- 19.1. The Agreement and any disputes or claim (including non-contractual disputes or claims) arising out of or in connection with it or its subject matter or formation are governed by and construed in accordance to the laws of the State of Illinois without regard to its conflicts of law provisions, and each party hereto irrevocably submits to the exclusive jurisdiction of the state courts of Illinois. This provision shall apply to the maximum extend permissible, regardless of whether You reside or transact business with Us elsewhere in the United States of America.
- 19.2. Without limiting the foregoing, You acknowledge and understand that laws regarding foreign exchange contracts vary throughout the world, and it is Your obligation alone to ensure that You fully comply with any law, regulation or directive, relevant to Your country of residency with regards to the use of the Transaction Service. For avoidance of doubt, the ability to access to the Transaction Service does not necessarily mean that the Transaction Service, and/or Your activities through it, are legal under the laws, regulations or directives relevant to Your state or country of residence.
- 19.3. This Agreement expresses the complete and final understanding of the parties with respect to the Transaction Service and the subject matter hereof, and supersedes all prior communications between the parties, whether written or oral with respect to the subject matter hereof.
- 19.4. Throughout this Agreement, whenever required by context, the use of the singular number shall be construed to include the plural, and the use of the plural the singular, and the use of any gender shall include all genders.
- 19.5. Either party shall be excused from any delay or failure in performance hereunder, other than the payment of money, caused by or due to any cause beyond its reasonable control, including, but not limited to acts of God, earthquake, flood, third party labour disputes, utility curtailments, power failures, explosions, civil disturbances, vandalism, riots, war, governmental actions, and acts or omissions of third parties.
- 19.6. The Contract entered by You pursuant to a Payment Transaction shall not be transferable, negotiable or assignable by You, and any attempt to do so is void. Subject to the foregoing, this Contract will be binding upon, and inure to the benefit of, the parties and their respective successors and permitted assigns, and is for the sole benefit of the parties, and nothing herein will be construed as giving any rights to any person not a party to the Contract.
- 19.7. We shall be entitled to sub-contract any or all of Our obligations or assign or sub-license any or all of Our rights under the Agreement. We shall remain responsible for obligations which are performed by the sub-contractors and for the acts or omissions of the sub-contractors as if they were the acts or omissions of Transfermate.
- 19.8. No failure or delay by a party to exercise any right or remedy provided under this Agreement or by law shall constitute a waiver of that or any other right or remedy, nor shall it prevent or restrict the further exercise of that or any other right or remedy. No single or partial exercise of such right or remedy shall prevent or restrict the further exercise of that or any other right or remedy.
- 19.9. The provisions of this Agreement, and the rights and remedies of the parties under this Agreement, are cumulative and are without prejudice and in addition to any rights or remedies a party may have whether arising under common law, equity, statute, custom or otherwise. No exercise by a party of any one right or remedy under this Agreement, or under common law, equity, statute, custom or otherwise, will (save to the extent, if any, provided expressly in this Agreement, or by common law, equity, statute or custom) operate so as to hinder or prevent the exercise by it of any other such right or remedy.
- 19.10. If any provision or part-provision of this Agreement is or becomes invalid, illegal or unenforceable, it shall be deemed modified to the minimum extent necessary to make it valid, legal and enforceable. If such modification is not possible, the relevant provision or part-provision shall be deemed deleted. Any modification to or deletion of a provision or part-provision under this Clause 19.10 shall not affect the validity and enforceability of the rest of this Agreement.
- 19.11. Without prejudice to any other rights or remedies that both parties may have, both parties acknowledge and agree that damages alone may not be an adequate remedy for any breach of this Agreement by the other party. Accordingly, either party shall be entitled to the remedies of injunctions, specific performance or other equitable relief for any threatened or actual breach of this Agreement by the other party.
- 19.13. No one other than a party to this Agreement shall have any right to enforce any of these Terms and Conditions.
- 19.14. The parties will have the status of independent contractors, and nothing herein will be deemed to place the parties in any other relationship, including employer-employee, principal-agent, partners or joint ventures.
- 19.15. Unless specified to the contrary herein, notices to be given to Transfermate under the Agreement shall not be effective unless in writing and hand-delivered (e.g. via courier) or mailed by registered or certified mail to TransferMate Inc. at the registered office set out herein.
- 19.16. These Terms and Conditions together with all Schedules, appendices, exhibits and attachments hereto constitute the sole and complete agreement between the parties with regard to its subject matter, and supersedes all proposals, understandings, representations, prior agreements or communications relating to the subject matter of the Agreement.
Schedule 1: Standard Fees Schedule
Words not defined here shall have the meaning set out in the Transfermate Standard Terms and Conditions (here)
You authorise Us to deduct Our fees for the Transaction Service in accordance with the receipt issued after the Transaction Service is completed and before the Final Transfer is made. The current fees for the Transaction Service are set out below.
While amounts are stated below in US Dollars only, the limits and bands apply mutatis mutandis to Euro or GB Sterling, i.e., if We state "amounts over $5,000", if You are dealing in Euro, this should be read as "amounts over €5,000". For all other currencies We shall calculate the applicable fee in Euro and convert to Your local currency.Corporate FX transfers
- Corporate clients transferring $5,000 or more attract no transfer fee for the Order.
- For Orders under $5,000 a fee of $5 applies
- We may permit an exceptional Order under $1,000 USD at Our discretion, but have no obligation to do so. A fee of $15 applies. If We believe that these transfers are no longer exceptional, a separate agreement on fees shall be required.
- If We agree in exceptional circumstances to complete same currency Payment Transactions, a fee shall apply and unless a different fee is notified to You prior to concluding the Contract, a standard fee of $15 shall apply.
- Where the Final Transfer is to be made to a bank that is not meeting SEPA requirements, We will charge an additional fee of $10 where foreign exchange occurs or such additional fee to be notified to You should the Order be a same currency Order.
We charge transfer fees based on the method of payment You choose, as follows:
Final Transfer currency
Eurozone (not France)
Australia / New Zealand
US / Canada
|Rest of World||Fees to be agreed when transfer requested|
All transfers booked on the Website are a standard $15.00;
- We may permit an Order under $1,000 USD at Our discretion as an exception, but have no obligation to do so. A fee of $15 applies. If We believe that these transfers are no longer occasional a separate agreement on fees must be made.
We use electronic fund transfers as a default payment method, however, where You make a Lodgement to Us via a method of payment other than electronic funds transfer and We incur a charge from the bank, We reserve the right to pass this fee on to You.
In the event that You wish to cancel a Contract, We reserve the right to charge You a cancellation fee of $20 in addition to reimbursing Us for the loss arising on such cancellation.
- The foreign exchange rate changes every 3 seconds and the rate agreed between Us in the Contract shall be the applicable rate to the Contract.
- Subject to the fees detailed herein, We will always endeavour to send the full payment amount for each Payment Transaction unless there are costs beyond Our control which We shall pass onto You. Typically such costs arise outside of the EEA, and where these are foreseeable, We shall notify You of these costs and the impact on the Payment Transaction before concluding the Contract.
- We do not, under any circumstances, accept any liability for any direct or indirect losses that result from Receiver/Intermediary Bank Fees, meaning the fees the receiving bank or an intermediary may charge their client to receive Your payment, which will vary depending on the locations involved in the Payment Transaction.
- We do not charge or provide interest to either corporate or non-corporate clients.
Schedule 2: Anti-Money Laundering Policy
Words not defined here shall have the meaning set out in the Transfermate Standard Terms and Conditions (here)
Money laundering is the process by which criminally obtained money or other assets are exchanged for "clean" money with no obvious link to its criminal origin. By preventing money laundering, the movement of funds derived from criminal activities will be inhibited. This will in turn, restrict the availability of funds used for terrorist activities. Transfermate views Money Laundering as a serious criminal offence, and as such, complies with regulatory requirements intended to forestall and prevent money laundering. These include:
- Confirming the identity of Our clients.
- Retaining transaction and identification records for a minimum period of five years.
- Training staff in terms of anti-money laundering regulations.
- Appointing a nominated officer responsible for monitoring and reporting any and all suspicious activities to the relevant authorities.
Please note that Transfermate reserves the right to refuse a transaction at any time should suspicion arise that it may be connected to money laundering or any other criminal activity. In addition, Transfermate will be obliged to report this suspicious activity and in line with regulations, is prohibited from disclosing this to the client.
By providing Us with false identification or contact details, We will deem this a misuse of the Transaction Service. We are legally bound to report such misdemeanours to the relevant authorities, and as such You may be the subject of a criminal investigation.
Transfermate will NOT do business with anyone suspected of, or directly involved in Money Laundering, or where funds have been sourced by any illegal activity.
To assist the world wide fight against the funding of terrorism and money laundering activities, world wide laws require Transfermate to obtain, verify and record information that identifies each person who opens an account with Us. This can be done in many ways, some of which may require You to provide documentation. Below are examples of documentation that may be required. Your customer service representative will guide You through this process.
Examples of Information required - natural persons
When You open an Account, You will be asked for information such as Your name, date of birth, address, identification numbers and source of funds. To verify this information, Transfermate uses the latest available technology, but You maybe asked for identification documents such as, certified copies of documents showing nationality, residence, Your address and a photograph of You. Typical verification documents are Your passport/drivers licence plus a utility bill/bank statement.
Examples of Information required - Companies
When You open an Account, a corporation, partnership, trust or other legal entity may need to provide other information, such as its principal place of business, local office, employer identification number. To verify this information, Transfermate uses the latest available technology but You may be asked for certified articles of incorporation, government-issued business license, a partnership agreement or a trust agreement.
If You are required to provide certified copy documents, they must be of good quality, signed and dated with the words "True copy of the original" (or similar) and can be certified by the following people: accountant, lawyer, police officer or Your bank manager. If You cannot get one of these people Your customer relationship representative will work with You to find an appropriate substitute. The person certifying the ID document should be contactable so please write their contact details on the copy of the document. This information needs to be scanned back to Us and the originals posted to the firm. Transfermate may conduct additional security checks on clients at Our discretion.
Your Customer Service Representative will contact You to assist You with this process
What happens if I don't provide the information requested or my identity can't be verified?
We may not be able to open an Account or carry out transactions for You. If You already have an Account, We may have to close it.
Details of Your specific requirements to open an Account with Transfermate will be communicated to You by Your customer services representative.
Words not defined here shall have the meaning set out in the Transfermate Standard Terms and Conditions (here)
- 1. Definitions
"We", "Us" or "Our" mean Transfermate Inc.
- 2. Introduction
The Gramm-Leach-Bliley-Act and Customer's Non-Public Information.
The Gramm-Leach-Bliley Act (the "GLBA") requires companies that collect non-public information (such as telephone number, address, date of birth, occupation, and social security number) from its customers also provide them with a Privacy Notice relating to the specific use and disclosure of such information. All customers of TransferMate, have the ability to "Opt-out" of non-public information and may do so anytime by following the steps outlined in the Section below entitled "A Customer's Opt-Out Right".
TransferMate understands our customer's privacy is important. The Firm values our relationship with every customer and has always been committed to protecting the confidentiality of all non-public personal information ("NPI"). This Policy serves simultaneously as our Privacy Notice and explains why we collect NPI, what we do with NPI, and how we protect our customer’s privacy. This Policy should be read in conjunction with other related policies and applies to all business units within the Firm, including all representative offices, branches, agents and subsidiaries thereof and to all TransferMate employees and workers, including staff of controlled subsidiaries, agency workers, consultants and contractors (collectively "Employees").
- 3. Catagories of Non-Public Information That Transfermate Collects From the Customer
The information we collect from the customer ("non-public information" or "NPI") may include:
- 3.1. Telephone number, address and/or email address, banking information, Social Security Number, date of birth, citizenship, nationality, occupation, copies of photographic identification, and incorporation documents.
- 3.2. Information regarding a customer's transactions with us, such as transaction history, transaction amounts, purpose of each transaction, beneficiary contact and bank account information.
- 3.3. Additionally, as well as information about a customer's interactions with our websites, we collect information that cannot be used to identify or contact the customer, such as traffic pattern information and transactional information on the Transaction Service. Demographic information regarding, for example, user IP addresses where they have been clipped or anonymized; browser types, and other anonymous statistical data involving the use of our website will be collected by the Firm.
4. How Transfermate Collects Non-Public Information
We collect personal information, for example, when the customer:-
- 4.1. Creates a profile or synchronizes information on our website; and
- 4.2. Provides us with their contact information, as well as beneficiary information.
5. Who Transfermate Discloses Non-Public Information to
Customer information may be shared between our associated companies and third parties for the provision of foreign exchange services. TransferMate, does not sell, publish or freely give away NPI or transactional information. All customer NPI is treated strictly in accordance with the governing laws of the United States and individual State laws.
NPI is collected to meet both internal and external compliance requirements, and to allow us to open a foreign exchange account for customers to be in a position to commence business. Traffic pattern information is used to monitor pages accessed or visited while enabling the Firm to better meet the requirements and needs of our customers. Transactional information reflects the business a customer engages into with Transfermate. This also provides a historical record of business activity which is necessary as a means of monitoring and mitigating money laundering and terrorist financing, as well as enabling us to keep up to date with our customer's foreign exchange needs.
Transfermate may use customer NPI internally for the purposes of furthering our business, which may include analyzing customer information, matching customer information with the information of others, processing transactions, maintaining accounts, resolving disputes, preventing fraud, verifying a customer's identity and performing customer due diligence.The Firm may also use and disclose NPI to:
- 6.1. Correct technical problems or malfunctions in how we provide our products and services to the customer and the processing of that information;
- 6.2. Protect our rights and property and the rights and property of others;
- 6.3. Take precautions against liability;
- 6.4. Respond to claims that a customer's information violates the rights or interests of third parties;
- 6.5. Comply with law or respond to judicial process; and
- 6.6. Regulatory or law enforcement agencies or for investigations on matters related to public safety, to the extent permitted by applicable laws or regulations.
7. A Customer's Opt-Out Right
Other than those disclosures permitted by law, A customer may restrict NPI sharing with certain third parties, and may opt-out at any time.If a customer wishes to "opt-out" of information sharing, she must:
- 7.1. Send an email to Transfermate at email@example.com with the subject line "Opt Out" and indicating in your message that you wish to opt-out of information sharing with third parties, and;
- 7.2. Complete, print and submit the attached Opt-Out Form and send via overnight or registered mail to: Transfermate, Inc., 333 North Michigan Avenue, Suite 915, Chicago, IL 60601
The Customer's opt-out choice will become effective upon our receipt of the form.
The Firm maintains administrative, electronic, and technical safeguards that comply with both federal and state regulations; and that are designed to protect the confidentiality and security of a customer's NPI. We also restrict access to NPI to those employees who have a legitimate business need for the information.
In the event of a data security breach that requires us to notify customers, TransferMate, will send notification by email. Customers are therefore obliged to keep a registered email address current. Customers are required to promptly notify us of any change in their email address on record by contacting firstname.lastname@example.org and providing an updated email address and contact information. A customer's continued use of the site and the Firm's services constitutes consent to receive electronic notice in the event of such a breach.
NPI of TransferMate's former customers will be treated as described in this policy and notice.
Unless otherwise authorized by TransferMate's, Board of Directors, the North American Compliance Manager will annually review this GLBA Policy and Notice, as well as direct any material changes to be made.
Please find our Notice of Intent to "Opt Out" attached at the following link: https://www.transfermate.com/en/us_OptOut
Schedule 4: Additional Terms for Receivables Service
Words not defined here shall have the meaning set out in the Transfermate Standard Terms and Conditions (here)
These Receivables Terms are applicable if You have opted to avail of Transfermate's Receivables Service whereby You, in addition to being able to engage with Us as a payer in a Payment Transaction, can now request Transfermate to receive payments from a third party (the "Payer" or "Reactive Payer" as defined in the Terms and Conditions) in order for that third party to discharge an invoice (meaning for this purpose an invoice, bill or other contractual debt) by way of the Transaction Service.
"Biller" or "You" or "Your" means a party who wishes to use the Transaction Service to facilitate Payers discharging invoice(s), and includes where the context so permits, Your Users and authorised agents.
"Invoice Reference" means the reference number specific to Your invoice, which We will give You, which will enable You, Us and the Payer to identify Your request for payment.
"Payer" means a person, business or organization that is making a payment to You, or receiving a bill or invoice from You, whom You ask Us to contact regarding the participation in the Payment Transaction.
"Receivables Transaction" means the process by which You receive funds from a Payer in accordance with instructions entered by You on the Portal.
"Portal" means the customisable website on which the Transaction Service is delivered to You.
"Receivables Account" means the account which You nominate for the receipt of payments.
"Virtual Account" means the account in which We retain payments made to You until You instruct Us otherwise.
- 1.1. To enable Us to conclude Receivables Transactions on Your behalf You must first create the Portal by:
- 1.1.1. complying with the Account Opening Process;
- 1.1.2. logging into Your newly created Account with details provided during the Account Opening Process;
- 1.1.3. creating a unique URL which is available and is neither a breach of IPR nor offensive or misleading;
- 1.1.4. uploading Your company logo which must comply with the parameters specified by Us at the time (such parameters may include but not be limited to using a specific file type, size limit and dimensions); and
- 1.1.5. providing Us with such additional information that We may reasonably deem necessary during this process.
- 1.2. We shall notify You that the above steps at Clause 1.1 have been completed, confirm Your access to the Portal and provide You with the means by which You can access the Portal. You shall also be provided with administrative log in details to enable You to host, develop, design and maintain the Portal.
2. Uploading Invoices and Concluding a Payment Transaction
- 2.1. In respect of each invoice in respect of which You want Us to effect a Receivables Transaction, You shall upload the following information to the Portal in the form specified by Us at the time:
- 2.1.1 the correct Invoice Reference;
- 2.1.2 the currency in which You wish the Payer to pay Us the funds;
- 2.1.3 details, including correct email and phone number of the Payer (this should be done once and We shall then retain Payer details on file for future Receivables Transactions);
- 2.1.4 outstanding amount to be paid;
- 2.1.5 invoice due date and the date that the Payer is to discharge the invoice by;
- 2.1.6 confirmation on whether, following receipt of funds from the Payer, You want Us to retain the funds in a Virtual Account or transfer them to a specified Receivables Account; and
- 2.1.7 such other information as may be required from You as set out on the Portal.
- 2.2. The Portal is intended to contain a list of the countries into which We are able to send invoices on Your behalf and also the currency in which We are able to bill Payers. While We make reasonable efforts to manage this listing, We do not warrant that this listing is up to date or accurate.
- 2.3. Your uploading of the information at Clause 2.1 constitutes a request from You to Us to negotiate a Receivables Transaction with You in respect of the invoices. The response to Your request may provide applicable exchange rates for each currency entered and shall confirm Our ability to process the Receivables Transactions in the countries. This response represents a legal offer from Us to enter Receivables Transactions subject to certain conditions set out in the offer, and the limitations and restrictions provided for in Clause 2.4 herein. This offer containing the Receivables Transaction(s) We can facilitate, must be accepted by You, by approving the Receivables Transaction, following which a legal contract is formed between the You and Transfermate subject to these Receivables Terms (the "Receivables Contract").
- 2.4. In some circumstances We may not be able to bill into a country or in a currency notwithstanding what has been set out on the Portal, or We may be prohibited from dealing with a particular Payer. We hereby reserve Our right to bring this limitation or restriction to Your attention after the Receivables Contract has been entered, and as such Our ability to fulfill the Receivables Contract is conditional on Us being able to offer the Transaction Service in a country or in a currency or to a Payer at the time the Receivables Contract is entered, and until the funds from the Payer have been received by Us.
- 2.5. Failure by a Biller to notify the Payer of the Biller's reliance on the Receivables Transaction to discharge invoices is likely to impact on the likelihood that the Payer will participate in the Receivables Transaction. We may, without being obliged to do so, provide You with a facility to send a Payer(s) the Collection Email (as defined in the Payables Terms and Conditions). We do not prescribe the means by which such notification should be made by You, nor is it required under this Agreement, however We shall monitor uptake from Payers to identify where such notification is not operating effectively, and reserve Our rights to engage with You to improve the effectiveness of this process.
- 2.6. You may request that We send Payers the Collection Email on Your behalf and provide them with the Invoice Reference in order that they can discharge invoices to You. We shall comply with this request unless We are prevented from negotiating a Receivables Transaction with a Payer under Clause 2.4 or as set out on the Portal.
- 2.7. As part of issuing the Collection Email, We will set out the means by which the Payer can comply with the Receivables Transaction obligations, and the documentation (if any) that We require from the Payer in order to allow the Payer participate in the Receivables Transaction. In the event that Payer declines to engage with Us or if We deem that the We cannot accept funds from Payer, We shall notify You of same within 2 Business Days, and may require that You remove Payer details from the Portal.
- 2.8. You have the option of requesting that Your Portal's URL is attached to the Collection Email, by adding it to the invoice(s) template from Your accounting software. In addition You have the option of using Your logo on the emails sent to Payers. These options, where applicable, shall be available to You to select on the Portal, however the options may not be possible on every Collection Email.
- 2.9. Our commitment at Clause 2.6 to issue the Collection Email is subject to Your understanding that We:
- 2.9.1 have liberty to use whatever means We deem appropriate;
- 2.9.2 shall make it clear to the Payer that We are acting on Your behalf but have no authority to bind You;
- 2.9.3 do not pursue Payers beyond providing them with means of making a payment to You;
- 2.9.4 do not serve as a collections agent on Your behalf;
- 2.9.5 cannot compel a Payer to participate in the Receivables Transaction; and
- 2.9.6 shall ensure that funds received from the Payer are lodged to the Virtual Account or to the Receivables Account (if applicable) in accordance with Clause 4.
- 2.10. If the Payer terminates its relationship with Us or notifies Us that they no longer wish to avail of the Transaction Service, You shall be updated within 2 Business Days of Our being made aware. We may require that You remove Payer details from the Portal and You shall not be permitted to upload invoices in respect of that Payer without Our first receiving the consent of the Payer to recommence Our engagement with it.
3. Mass Uploads:
- 3.1. In addition to uploading single Payment Transactions as set out in Clause 2.1, You have the option to upload a batch of transactions (this capability is known as a "Mass Upload").
- 3.2. On request from You, We shall provide You with a template setting out the information required by Us to process a Mass Upload.
- 3.3. You are required to follow this template and produce a statement listing the transaction requests for Mass Upload together with attached invoice(s) in the following format; PDF, DOCX, XLS, subject to file size limitation as detailed on the Portal. Our requirements and supported formats may be modified by Us from time to time, and We reserve the right to notify You of any modified requirements during the Mass Upload process.
- 3.4. We shall validate that the uploaded file contains the necessary information for Mass Uploads, engage with You where there are errors on the uploaded file, and confirm details of the successful Mass Upload when applicable.
- 3.5. The payment request can be authorised and a Collection Email sent to the Payer once the Biller authorises same, by way of tick box confirmation.
4. Receiving the Funds from the Payer
- 4.1. On Our receipt of funds from Payer We shall provide You with email confirmation within 1 Business Day that a specific Invoice Reference has been discharged pursuant to a Receivables Transaction.
- 4.2. Unless You provide Us with any instruction to the contrary with regard to these funds, they will be retained by Us in the Virtual Account, in the currency set on that Virtual Account. The decision to use of a Virtual Account instead of nominating a Receivables Account is a matter for You and We cannot advise You on the wisest course of action for Your needs. There are risks associated with the use of a Virtual Account and You are advised to seek advice should You wish to retain funds in a Virtual Account, in particular if You do not have a specific purpose in mind for the onward use of those funds.
- 4.3. Following a specific request from You We shall transfer the Funds into Your Receivables Account as designated on the Portal. This request may be made while the funds are in the Virtual Account or prior to the receipt of funds from the Payer.
- 4.4. We shall transfer the funds due to You into the Receivables Account within 1 to 2 Business Days of receiving the cleared funds from the Payer. The transfer into the Receivables Account shall specify the name of the Payer and the Invoice Reference to enable You to identify the Payment Transaction.
Schedule 5: Security Guidelines
Words not defined here shall have the meaning set out in the Transfermate Standard Terms and Conditions (here)
KEEPING SAFE ONLINE:Logging On and Passwords:
You have a responsibility to exercise reasonable care to prevent unauthorised access to the computer that You use to access the Account and Portal.
When logging on to the Account, You will be asked to provide Your user name and password.
Never give the username and/or password to anyone else.
You should change the password regularly.
While We will ask You for funding account details, We will not ask You for any passwords or PIN or any other information required to access Your own bank account. We will never call or email You and ask You to change the beneficiary bank details of a payment, or ask You to reveal full security details, i.e., Your password and/or PIN - never disclose Your password/PIN to anyone. Additionally, take extra caution when opening unexpected emails and do not download any attachments unless You are confident they are safe.Phishing Awareness:
Be vigilant and watch out for fraudulent (or "phishing") e-mails that claim to be from Us that ask for personal information or security details. Avoid sending personal details or accounts or passwords in an email. If You suspect a phishing attack, You must immediately call Us or alternatively forward the suspect e-mail to Us.Firewalls and Anti-Virus:
The online system is protected by a firewall, which forms a barrier between the outside Internet and the internal network, however it is incumbent on You to ensure You periodically review Your security arrangements, and You are required to maintain a firewall on Your computer to protect it from unauthorised access. Never log into Your Account on a device that does not have an up-to-date anti-virus software or a firewall.
If You do suspect Your passwords or User details have become known to an unauthorised third party, or have been lost or mislaid or otherwise, You must contact Us immediately. You will be liable for the losses resulting from any resultant unauthorised transactions on Your Account. We will not refund any suspicious/fraudulent payments that have been authorised by Users.
After a 20 minute period of inactivity Your current session on the Website will automatically timeout. To restart Your session, all You have to do is re-enter Your User ID and password at the login screen.
We use what is known as 256 bit SSL to ensure the highest level of security of information passing between Our customers and Ourselves. The online system requires the use of a secure browser to access account information and perform transactions.
You represent and warrant that You have implemented and plan to operate and maintain appropriate protection in relation to the security and control of computer viruses, or other similar harmful devices, and will not transmit to in any way whether directly or indirectly or expose Our Website or Transaction Service to any harmful material or device.
Are You sending money to claim a lottery prize or winnings, or on a promise of receiving a large sum of money? Are You sending money because You were "guaranteed" a credit card or loan? Are You responding to an Internet or phone solicitation that You aren't sure is honest? Are You sending money to someone You do not know?
If so, do not proceed with this transaction. Processed payments may not be reversible after a certain point in the transaction. Contact Us for any help.
When contacting Our call centre You will be asked a number of security questions.
If You do not comply with security obligations, You may be liable for unauthorised payments from Your bank account(s).