Terms and Conditions - Money Transfer

Please read these terms carefully before using this site. By accessing, viewing, relying on or otherwise using our websites, you accept these Terms of Conditions and agree to be bound by them and by any other notice contained on our websites (as amended from time to time).

If you do not accept these Terms and Conditions, you are not authorised to use our websites.

Other documents

Meaning of words

  1. Account holder: The person(s) in whose name the account is held.
  2. Business Day A day that is not:
    a). a public holiday, special holiday or bank holiday in the place in sending or receiving country. or
    b). a Saturday or Sunday.
  3. You, Your, Client, Customer refer to the account holder.
  4. Bought Currency: The amount of currency received by the Client in return for the Sold Currency.
  5. Beneficiary: The person to whom or for whose benefit the funds are sent or deposited in bank;
  6. the singular includes the plural and vice versa
  7. notice includes a disclaimer, a disclosure or other statement, a consent and terms and conditions
These Terms and Conditions apply to:
  1. Main website
  2. Online portal
  3. Mobile application

User Responsibilities

  1. You must not permit others to use your account.
  2. Ensure information you have provided is true and correct. Any change in the information must be reported at the earliest.
  3. Refrain from using the account for unlawful, fraudulent or improper activity
  4. You must not breach GMT MONEY's Terms and Conditions.

Transactions

  1. The use of our site is for non-commercial transactions only.
  2. The transaction is legally binding once the client confirms the transaction.
  3. Your transfer instructions constitute authorization for us to complete the transfer. We are not liable under any circumstances for any losses or damages if, incorrect instructions are provided for the transaction
  4. We may close out a transaction without any notice in the following circumstances
    • If you have failed to initiate the payment and provide sufficient proof of transfer.
    • The payment for the transaction does not reach out accounts within 12 hours and proof of transfer is not provided.
    • Transaction has breached one or more terms of the agreement.
    • The client becomes of unsound mind or passes away.
  5. It may be not possible to modify the transfer instructions after confirming the transaction. While GMT MONEY will try to act on your request to amend your transfer instructions, we cannot always do so as the payment instruction may have already been processed by the time we receive and act on the modification instruction.

    In some cases, the remittance service providers prevent any modification to the instruction. Therefore, ensure that you have confirmed the transfer instructions are accurate before submitting the instructions to GMT MONEY.
  6. On occasion, we may require additional documentation from you and our support team will assist you during this process. To prove the source of your funds, you can provide the following documents
    • Company pay slips
    • Bank statements
    In case of source of funds are loans or sales, we require the following
    • Loan agreements
    • Sales invoices
  7. The standard transfer time is same day or next business day and measured in business days from the time your funds are received by GMT MONEY. The transaction processing time can exceed the specified transfer time due the following reasons.
    1. The day is not a business day.
    2. Internet bank transfer is initiated outside banking hours.
    3. Requirement of additional documentation to process the transaction.
    4. As a result of the application of Australian or other applicable laws.
  8. The transaction may be delayed, blocked or denied if:
    1. We are unable to obtain satisfactory evidence of your identity and reason for transfer.
    2. We have reason to believe that the transaction message is incorrect, unauthorized or forged.
    3. You provide us with incorrect or incomplete information.
    4. Your transfer order, information or documentation is not provided sufficiently in advance to allow us to process it in accordance to your transfer.


    To the fullest extent permitted by law, FEC is not liable for any debt, obligation, cost, expense, loss, damage, compensation, charge or liability of any kind paid, suffered, incurred, liable for, including but not limited to direct and indirect, consequential or special damage, loss of profits, loss of use, loss of revenue, anticipated revenue, interest, outgoing, payment of other such claim arising from any cause whatsoever, whether or not such loss, damage or claim is based on contract, statute, warranty, tort (including negligence) indemnity or otherwise.

Beneficiary Details

  1. You must provide the banking information and residential address of the beneficiary to register a transaction.
  2. In some countries, the beneficiary name is ignored and the amount is deposited based on account number only.
  3. In some countries, the transactions are processed by Bank Branch Code (e.g. IFSC code) and account number only. The bank, branch name and branch address are ignored when processing the transaction.
  4. We may request additional information regarding the beneficiary to process the transaction.

Payment Methods

  1. Direct Deposit: To pay for your transaction by internet banking, you will need to use your bank’s online internet banking website to transfer your payment to Foreign Exchange Central. We only accept Electronic Funds Transfer(EFT) from your own Australian bank account. No transaction fee is applicable for this method of payment
  2. Credit Cards: When using this method of payment, the maximum transaction amount is AUD 500.00(or equivalent). The method of payment involves a transaction fee. Any refund also involves a similar fee.
    The use of third party credit cards are not permitted and you must be the primary cardholder. The name on the credit card must match your name on the account with us. Usage of third party cards will result in the cancellation of the transaction. We will refund the amount less any transaction charges that will be incurred as part of the refund. Refund policy is available here

Fees

All fees are set out in the Fees and Charges. The intermediary/correspondent/receiving banks may charge variable fees for providing the transfer of funds. This is beyond our control and we cannot reimburse the fees if charged. You agree to pay all fees as they become due and payable.
  1. Commission Fees
    Commission fee is charged when the transferred amount is less than the threshold amount. For amounts greater than the threshold, the commission fee is zero. The commission fees also depend on the type of currency sold and currency bought. If threshold amount is not specified, commission fee is always applicable. The fees are charged at the time of registering the transaction.
  2. Transaction Fees
    It is the fee that you pay when opting to pay by credit/debit card. This is the service charge for processing a credit transaction. If you choose to pay by direct bank transfer (Electronic Funds Transfer), this fee does not apply. The fees are charged at the time of registering the transaction.
  3. Cancellation Fees
    While GMT MONEY will try to act on your request to cancel your transfer instructions, we cannot always do so as we might have already started to process the transaction. As we offer locked-in exchange rates, cancellations will result in cancellation fees (AUD 20.00) and exchange variation charges.

Promotions

All promotions, bonuses or special offers run by FEC are subject to the main terms and conditions and promotion specific terms and conditions and any complimentary bonus credited to your account must be used in adherence with such terms and conditions. In the event that FEC reasonably suspects that a client has abused, is abusing or is attempting to abuse a bonus or other promotion, or is likely to benefit through abuse or lack of good faith from a policy adopted by FEC, then FEC may, at its sole discretion, deny, withhold or withdraw from any user any bonus or promotion, or rescind any policy with respect to that customer, either temporarily or permanently, or terminate access to that customer’s account.

Refund policy

At GMT MONEY, we want our customers to be completely satisfied with their remittance. We recommend you read our Refund Policy prior to your remittance. Refund policy is available here

Privacy Policy

GMT MONEY values the protection of your privacy, and treats your personal information with the highest levels of confidentiality. See our Privacy Policy for more information.

Refusal of service

Despite any right contained in these Terms and Conditions, in the event that you appears to be a Proscribed Person, then we may immediately refuse to process or complete any transaction or dealing of yours; suspend the provision of a product or service to you; refuse to allow or to facilitate any of your assets held by us to be used or dealt with; refuse to make any asset available to you to any other proscribed person or entity; or terminate these arrangements with you. We will be under no liability to you if we do any or all of these things. If we exercise our rights under this clause, you must pay any losses, costs or expenses we incur in relation to any action taken under this clause, including interest adjustments and or administrative costs under these Terms and Conditions.

Anti-Money Laundering

Under the Anti-Money Laundering and Counter-Terrorism Financing Act ("AML/CTF Act"), GMT MONEY reserves the right to re-identify you and other related parties involved with your deal in order to satisfy requirements under the AML/CTF Act and other legislation. Should you fail to provide necessary information in a timely manner when requested, you may be responsible for loss of deal value and remittance of any amounts may be forfeited.

Information Accuracy

FEC gives no warranty to the effect that the information is suitability, complete, accurate, up to date or reliable and expressly disclaims all and any liability to any person in respect of anything and of the consequences of anything done or omitted to be done by any person in reliance whether whole or partial, upon the whole or any part of the contents of the information.

No substitute for financial advice

No person should act on the basis of any matter contained in the information without considering and, if necessary, taking appropriate professional advice upon that person's own particular circumstances.

No responsibility or liability will be accepted by GMT MONEY for any loss or damage howsoever arising as a result from any individual or organisation acting in whole or part based on the website or materials. The details expressed in this website and materials are for general informational purposes only and are not intended or considered as any advice or recommendation for remittance or trade.

No person or organisation should act on the basis of any information contained the website and materials without considering and if necessary, taking appropriate professional advice.

Past market performance should not be taken as a guarantee or indication of future performance and no representation or warranty is expressed or implied regarding future performance.

Jurisdiction

Unless expressly agreed otherwise, this notice and the information in this site and all matters relating to either are governed by and construed according to the laws applicable in the State of New South Wales and the Commonwealth of Australia ("Australian law"). The information may not satisfy the laws of any other country. It is not directed at people in any other country. The information in this site is current at the date of publication but may be subject to change.
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