4.Register with XTransfer
a)Create your account
We require that you provide XTransfer with all information required to register for an XTransfer Account before we provide you with XTransfer Credentials.
You acknowledge that we are required by law to carry out all necessary security and customer due diligence checks on you to provide the Services to you. You may need to provide additional information (in a format acceptable to us) so we can verify your identity as a condition of registering your XTransfer Account, processing your payment order, or providing our Services to you. You authorise us to obtain one or more of your credit reports, from time to time, to establish, update, or renew your XTransfer Account with us, or in the event of a dispute relating to this Agreement and/or activity under your XTransfer Account.
We have the right to request additional information including, but not limited to, information on shareholders, beneficial owners and/or senior management (directors or equivalent) of the business registering for an XTransfer Account. You agree to keep such information up-to-date in your XTransfer Account. You must advise XTransfer regarding any change in the ownership or its management by logging onto your XTransfer Account to update the profile. We may, directly or through any third party, make any inquiries we consider necessary to validate information that you provide to us, including checking commercial databases or credit reports, using confidential means.
All information you provide during the registration process or any time thereafter must be complete, accurate and truthful. You can login to your XTransfer Account to update your profile and/or information, whenever it changes. We may refuse to provide, or discontinue, the Services to any person or entity at any time for a reason, as elaborated further in section 6 of this Agreement.
You may only register for one XTransfer Account unless we explicitly approve the registration of additional accounts. XTransfer may refuse the creation of duplicate accounts for the same user. Where duplicate accounts are detected, XTransfer may close or merge these duplicate accounts without notification to you.
As part of the registration process, you will need to accept this Agreement, our Privacy and Security Policy and other XTransfer policies that may be included in the registration process. XTransfer holds the right to decline the opening or updating of an XTransfer Account and we also reserve the right to terminate or limit your XTransfer account at any point, at our sole discretion.
You will be able to see information regarding Funds collected on your behalf, any Fees applied, available promotions and transactions withdrawn from your XTransfer Account. You should check this information regularly and report any discrepancies or clarify any questions you have as soon as possible by contacting XTransfer customer support.
b)Authorized Representative and Eligibility
If the XTransfer Account registration is conducted by a representative on your behalf, you must provide XTransfer with relevant documents requested by XTransfer to evidence that such representative has been legally authorized by you to enter into this Agreement on your behalf under applicable law (e.g. an authorization letter). You must ensure that your authorized representative is 18 years or older, and XTransfer may request for evidence of your authorized representative’s age.
You must be in good standing with XTransfer in order to use XTransfer Services.
Managing your account
You must ensure that the information recorded on your XTransfer Account is always accurate and up to date, and we shall not be liable for any loss arising out of your failure to do so. We may ask you at any time to confirm the accuracy of your information or to provide documents or other evidence.
We may contact you by your registered email or in other ways (such as emails or electronic communications through your XTransfer Account) with information or notices regarding your XTransfer Account. If you don't maintain or check your email and other methods of communications, you may miss emails and/or other communications about your transactions and our Services. We shall not be liable for any consequence or loss arising from this.
Keep your account safe
We have implemented commercially reasonable administrative and technical procedures to protect your personal information from accidental loss and from unauthorized access, use or disclosure. However, we cannot guarantee that unauthorized third parties will never be able to defeat those measures or use such personal information for improper purposes.
Additional XTransfer products or services you use may have additional security requirements and you must familiarise yourself with those as notified to you.
Never disclose your XTransfer Account password or your customer reference number to any third party. Keep them safe. Change your password regularly. We will never ask you to provide your password to us or to a third party. Tell us if anyone asks for your password and contact firstname.lastname@example.org if you are not sure. Contact us if you need additional support. You must never let anyone access your XTransfer Account or watch you access it.
If you suspect your XTransfer Account, login details, password or other security feature is stolen, lost, used without authorisation or otherwise compromised, you are advised to change your password. We rely on you to regularly check the transactions history of your XTransfer Account. Contact email@example.com immediately in case of any unauthorised, incorrect, or misdirected transaction, or when you suspect that your XTransfer Account has been compromised. Any undue delay in notifying us may not only affect the security of your XTransfer Account but may result in you being responsible for financial losses.
XTransfer acts as a money services agent and provides an online Collection Agent Service and Payment Agent Service to receive and send, on your behalf, Funds for your sale & purchase of goods or services. Each Collection Agent Service and Payment Agent Service is an individual contract.
Use of our Services requires an XTransfer Account.
Your XTransfer Account does not constitute a bank account or other financial instrument.
However, you may access information such as your registered user information, transaction history and other information related to such your use of the Services through logging into your XTransfer Account.
You agree to provide us with complete and accurate information when you register for an account. The Services are intended to enable payments for commercial activities and must not be used for personal payments or remittances without any underlying commercial transactions. You may not assign or transfer your right to utilize the Services to a third party or otherwise grant any third party a legal or equitable interest in connection with your use of the Services.
The Services may include some or all of the following services, which may change from time to time:
- Payment Agent Services - Providing a remittance service (for e.g. paying your supplier) to you, per instructions through your XTransfer Account;
- Collection Agent Services - Receive payments from your buyers on your behalf;
- Foreign Exchange Services - Currency conversion of Funds;
- Funds settlement to your User Bank Account, in a selected & available currency;
- You can view and manage transaction activity online through your XTransfer Account on the XTransfer website;
- Any additional services that are made available by XTransfer from time to time.
XTransfer does not act as an escrow agent, trustee, fiduciary or stakeholder for you or your payer/payee. XTransfer assumes no liability to or in respect of any products, services or any other part of your business. You assume exclusive responsibility for your product, services, clients, and shall indemnify and hold XTransfer harmless from any claim by any of your clients, suppliers, employees, agents, contractors against XTransfer.
The XTransfer Account is a virtual account ledger and not a bank account. Funds held in your XTransfer Account shall not bear interest and are not subject to protection of the Hong Kong Deposit Protection Scheme. By accepting this Agreement, you acknowledge that XTransfer is authorized to retain any interest, that arises with respect to the sum of any Funds collected by XTransfer on your behalf. Any such interest so generated will be disclosed upon your request.
All Funds to be collected must relate to a payment for goods or services provided by you, and must be received from a third party. You agree that you will not deposit your own funds into your XTransfer Account.
You are solely responsible for reporting to all applicable government tax authorities all Funds received of any applicable taxes that apply to such Funds.
We reserve the right to terminate your XTransfer Account or Services at any time and you may cancel your Services at any time by giving us 30 days’ notice. It is strictly forbidden to use the Services for any illegal purposes including, but not limited to, fraud and money laundering. You are prohibited from using the Services in any attempt to abuse, exploit, or circumvent any law or regulation.
Funds transferred to XTransfer are beneficially owned by XTransfer until Fund settlement into your User Bank Account and will not be held on trust by XTransfer on your behalf. XTransfer will hold the Funds in a designated underlying bank account in its name for the sole purpose of providing the Services. The Funds in this underlying bank account will be comingled and pooled together with those of other users of Services offered by XTransfer.
XTransfer has implemented commercially reasonable administrative and technical measures to protect and safeguard the Funds, including holding the Funds in a designated bank account segregated from XTransfer’s corporate funds and Funds will not be used for its operating expenses or for any other corporate purposes. According to laws and regulations in different jurisdictions, XTransfer may be required to apply additional safeguarding measures on Funds.
b)Making payments via XTransfer Payment Agent Service
Each payment instruction under the Payment Agent Service is an individual contract between you and XTransfer. You can make payments to your Beneficiaries. In this regard you can instruct us to make a payment on your behalf. The Fee for making a payment will be provided before you make such instruction.
Your Payment Order
You must submit payment orders online via your XTransfer Account.
To set up a payment order via your XTransfer Account, you need to provide certain information to us including, but not limited to:
- the full name of your Beneficiary;
- your Beneficiary's Bank Account details;
- amount to be transferred and currency;
- an invoice reference that the Beneficiary can identify the payment; and
- a copy of the invoice, when XTransfer deems necessary;
Your payment order might be subject to maximum sending amount limits. We may vary this limit from time to time by notification to you on our Website.
It is your responsibility to ensure the Beneficiary’s bank details are accurate and complete.
Once we have received your payment order, we will send you a confirmation to your registered email or in other ways through your XTransfer Account to confirm that we have received your payment order. Each payment order is given a unique transaction ID and is shown in the transaction history on your XTransfer Account. You should quote this transaction ID when communicating with us about a particular payment order.
Execution of your payment order
We will only process your payment order if we have received the full transfer amount and our Fees from you and you may pay us by authorizing us to debit available Funds held on your behalf, bank transfers and other means acceptable to us. If you authorize us to debit Funds held on your behalf, it is your responsibility to ensure you have sufficient Funds to cover your payment order and any applicable Fees. We will update your XTransfer Account following each such debit.
We carry out verification checks, and these checks may increase the time it takes to process your payment order. We cannot be responsible for any delays as a result of carrying out those checks.
The estimated completion time of your payment order is not in XTransfer's control and it may take one to fifteen (1-15) Business Days. XTransfer offers no guarantee on the time it takes.
Refusal of your payment order
Payment orders may be temporarily withheld in the event when XTransfer determines that payment would violate applicable laws or place XTransfer in excessive security, financial, or reputational risk. Funds may be forfeited as per the requirements of applicable laws.
If we are unable to complete your payment order, we will let you know and, if possible, inform you of the reasons for such refusal and explain how to correct any factual errors. However, we are not required to notify you if such notification would be unlawful or cause XTransfer to violate rules or regulations applicable to XTransfer.
We may, at our sole discretion, refuse to perform a Payment Agent Service transaction or alter the terms, at any time
Cancellation of your payment order
You may cancel your payment order if we have not already processed it. You cannot cancel your payment order once the Funds have been debited and/or the payment order has been sent from our end.
Errors in your payment order
You must make sure that the information you provide when setting up a payment order is accurate. We cannot be held responsible for funds being sent to the wrong Beneficiary Bank Account as a result of you providing incorrect payment details. In the event when XTransfer receives inaccurate payment information which is later rejected, you may be charged fees which we can deduct from your Funds.
In case of any incorrect or misdirected payment, we shall take reasonable measures to assist you with tracing and, if reasonably possible, recovering such payments, but we shall not be liable for any payments that cannot be recovered
Additional fees & charges
In some circumstances, intermediaries (such as correspondent banks) may deduct a charge or fee. We will use our reasonable efforts to avoid these charges or to otherwise ensure that such charges are disclosed to you prior to our making the payment, however where such charges cannot be avoided or anticipated, you agree to be liable for such charges or fees. We will not under any circumstances be liable for any direct or indirect losses that results from intermediary, correspondent or receiving bank or any other third party fees or charges.
c)Receiving Payments via XTransfer Collection Agent Service
Get your XTransfer Credential
The Collection Agent Service enables you to receive Funds from your payers. Upon applying for XTransfer Credentials, you will be provided with the information you need to receive funds through the Services. You will provide your XTransfer Credentials to your payers from whom you wish to receive payments through the Services. For each Collection Agent Service transaction, you must individually confirm the details of such transaction before XTransfer executes the transaction by releasing the Funds and updating the entries in your XTransfer Account. XTransfer may charge a Fee for Collection Agent Service transaction, and will provide you the details of such Fee (if appropriate) before the transaction.
Please note XTransfer relies on Service Providers to carry out the services. You agree to avoid any direct communication with any Service Provider that is involved in supporting the Service. Any direct contact with a bank or other Service Provider regarding the Service may result in immediate termination of your use of the Service. You acknowledge that Service Providers do not have a relationship with you and owe no duty of care to you by reason of your use of XTransfer services. In particular, you have no right in any bank account which the XTransfer Credentials relate to, and you must not represent to your payers or any other person that such bank account belongs to you (except that you may inform payers the XTransfer Credentials relating to your XTransfer Account for payment purposes). If you rely on any information provided by the Service Providers to XTransfer, you do so at your own risk.
Reject Incoming Payment
Service will only accept payment amounts in the currencies you set up in your XTransfer Account. We reserve the right to reject partial or full payments at any time. Payments may be rejected for any reason, including but not limited to reasons relating to compliance related regulations or XTransfer’s compliance policies or if we note that the payment coming into the account is not from a third party but instead from one of your own named accounts. When rejecting a payment, XTransfer will be under no obligation to disclose the reason for the rejection.
Notification of Funds Arrival
The time it takes for inbound payments to reach XTransfer is not in XTransfer's control. XTransfer shall use commercially reasonable efforts to inform you of inbound payments of Funds. XTransfer offers no guarantee that such information will be accurate, complete or timely.
You must provide XTransfer with a copy of the trade contract or proforma invoice to claim the Funds, before you can request a settlement of the Funds to your User Bank Account. Funds not paid out within the 90 days’ period, will be returned to the source of payment. XTransfer reserves the right to charge a Fee for any returned payments and is not responsible for any losses incurred during the return process.
d)Foreign exchange services
XTransfer offers foreign exchange services. Each foreign exchange transaction will be an individual contract between you and us. Funds held on your behalf can be converted into selected & available currencies for making a payment or withdrawal to your bank account respectively.
Any order for foreign exchange transaction (either buy or sell) may only be made by you through your XTransfer Account and we will confirm key details through an email, SMS or a message through your XTransfer Account on the purchase/sale currency amounts, the quoted exchange rate and any applicable fees or transmission costs. All offered terms have to be accepted by you through your XTransfer Account, and you may only use Funds available for use in your account with respect to any foreign exchange transactions.
We will let you know the exchange rate, when you request a currency conversion.
When we refer to an exchange rate in this Agreement, it means XTransfer exchange rate which is derived from various sources and is relevant for the currency pair (for example, GBP to EUR, USD to AUD) selected at the time of requesting a conversion. We may change our reference rate provider(s) from time to time without notice to you.
At all times, XTransfer does not support foreign exchange transactions entered into for investment or speculative purposes such as trying to profit from fluctuations in foreign exchange rates and you must tell us if that is your intention. We may, without further notice to you, decline to deal with you and/or suspend access to or close your XTransfer Account if we have reason to believe that you are using any foreign exchange transaction for investment or speculative purposes.
XTransfer is not obliged to accept an instruction from you to perform a foreign exchange transaction and reserves the right to decline to enter into a specific foreign exchange transaction with you.
Accepting a quotation from us, does not automatically guarantee a conversion has been accepted by us. Only a confirmation mail or message does.
Conversion requests once initiated and confirmed through your online XTransfer account cannot be cancelled if we have already sent you a confirmation mail or message and have begun the process of conversion.
e)Settlement to Your User Bank Account
Pre-Approval of your User Bank Account
In order to complete settlement of your Funds to your User Bank Account, you must log onto your XTransfer Account and request a Fund settlement. Before executing a settlement from your XTransfer Account to your User Bank Account, we require you to provide the details of your User Bank Account. We may seek to ensure you are in good standing with the account-holding financial institution from time to time.
In order to receive Funds settlement, you must have a User Bank Account that has been pre-approved by XTransfer. You must not request settlement to any bank account that has not been pre-approved.
The Service has no peer-to-peer functionality and you may receive Funds in only one place, your User Bank Account.
Funds collected on your behalf shall be settled to your User Bank Account. Under your instructions and provided that you fulfil relevant requirements of XTransfer, XTransfer may allow funds to be settled to your authorized import/export agent’s bank account, and for such purposes, any such settlement will be deemed payment to you and XTransfer’s obligation to settle Funds to you extinguishes upon payment to your authorized import/export agents. XTransfer has the right to accept or reject funds paying to certain settlement accounts. XTransfer reserves the right to offset from any settlement to you any Funds owed to XTransfer by you, including, but not limited to, all Fees payable under this agreement.
Funds can be settled in different currencies, subject to availability. If you wish to settle in different currencies, you must select the currency before the Fund can be settled into your User Bank Account. XTransfer cannot be used for foreign exchange after the settlement.
Funds may be temporarily withheld in the event when XTransfer or one of its Service Providers determines that settlement would violate applicable laws or place XTransfer or our Service Providers in excessive security, financial, or reputational risk. We also reserve the right to withheld funds if there is a recall request from the payee bank for a dispute raised. In such circumstances, we will fully investigate and you agree to co-operate with us till we conclude such investigation. Funds may also be forfeited as per the requirements of applicable laws.
You must ensure that your User Bank Account information is correct and accurate. We cannot be held responsible for Funds being sent to the wrong bank account as a result of you providing incorrect payment details. In the event when XTransfer receives inaccurate payment information which is later rejected, you may be charged fees which we can deduct from your Funds. In case of any incorrect or misdirected payment, we shall take reasonable measures to assist you with tracing and, if reasonably possible, recovering such payments, but we shall not be liable for any payments that cannot be recovered.
XTransfer may rely on third party banking counterparts or on local payment providers with whom we have payment arrangements and who are regulated in respective jurisdictions and comply with the local laws, in order to complete settlement.
The time it takes for settlement is not in XTransfer's control and it could take two to fifteen (2-15) Business Days. XTransfer offers no guarantee on the time settlement takes.
We carry out verification checks, and these checks may increase the time it takes to process your payment order. We cannot be responsible for any delays as a result of carrying out those checks.
XTransfer will initiate a settlement to your User Bank Account in the amount you selected, less any Fees that may be imposed by other Services Providers. Any fees charged by your bank are not the responsibility of XTransfer. The Funds settled to your User Bank Account will not be returned to XTransfer unless the settlement was in error/ not completed.
f)Accessing Our Services
We will try to make sure our Services are available to you when you need them. However, we do not guarantee that our Services will always be available or be uninterrupted. We may suspend, withdraw, discontinue or change all or any part of our Service without prior notice. You are responsible for making all arrangements necessary for you to have access to our Services.
The XTransfer Services are provided “as is.” XTransfer and its Service Providers hereby disclaim all warranties of any kind, express or implied, including, without limitation, the warranties of merchantability, fitness for a particular purpose and non-infringement. Neither XTransfer nor its Service Providers, makes any warranty that our Services will be error free or that access thereto will be continuous or uninterrupted. You understand that you use our Services, or otherwise obtain content, at your own discretion and risk.
10.Limitation of our liabilities
TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, UNDER NO CIRCUMSTANCES WILL XTRANSFER OR ITS AFFILIATES BE LIABLE UNDER ANY THEORY OF TORT, CONTRACT, STRICT LIABILITY OR OTHER LEGAL OR EQUITABLE THEORY FOR LOST PROFITS, INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL, EXEMPLARY, OR PUNITIVE DAMAGES, EACH OF WHICH IS EXCLUDED BY AGREEMENT OF XTRANSFER AND YOU REGARDLESS OF WHETHER SUCH DAMAGES WERE FORESEEABLE OR WHETHER XTRANSFER OR ANY ENTITY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. NOTWITHSTANDING ANYTHING IN THIS AGREEMENT TO THE CONTRARY, XTRANSFER’S CUMULATIVE LIABILITY, INCLUDING FOR CLAIMS, EXPENSES, DAMAGES OR INDEMNITY OBLIGATIONS UNDER OR IN CONNECTION WITH ITS OBLIGATIONS UNDER THESE TERMS AND CONDITIONS, WILL NOT EXCEED THE TOTAL FEES PAYABLE BY YOU TO XTRANSFER FOR THE SERVICES, WHERE SUCH SERVICES ARE PROVIDED IN THE TWELVE (12) FULL MONTHS PRECEDING THE DATE OF THE EVENT GIVING RISE TO THE CLAIM UPON WHICH LIABILITY IS BASED. IN NO EVENT SHALL XTRANSFER, ITS AFFILIATES, AGENTS, REPRESENTATIVES, DIRECTORS, OFFICERS, OR EMPLOYEES BE LIABLE FOR ANY ACT OR OMISSION RESULTING FROM CIRCUMSTANCE BEYOND THEIR REASONABLE CONTROL.
Nothing in this Agreement excludes either party’s liability for any loss to the extent it is caused by fraud, dishonesty or deceit, death or personal injury caused by a party’s negligence or the negligence of its employees or agents or any other liability that cannot be excluded by law.
a)IT and infrastructure
We will not be liable for any loss or damage caused by a virus, or other technological attacks or harmful material that may infect your computer equipment, computer programs, data or other proprietary material related to your use of our Services.
We have no control over websites linked to and from our website and so we assume no responsibility for their content or any loss or damage that may arise from your use of them.
In case of an unauthorised settlement or mistake due to our error, we shall at your request refund the amount including all Fees deducted by us. This shall not apply:
- i) if you do not notify us promptly of any security issues on your XTransfer Account (e.g. loss of your password), via the emergency number, which is published on our Website;
- ii) if the transaction was unauthorised but you have compromised the security of your XTransfer Account with intent or gross negligence, or the unauthorized settlement arises from your failure to keep the personalized security features of your XTransfer Account safe, in which cases you shall be solely liable for all losses, except as otherwise required by applicable laws/regulations in respective jurisdictions.
- iii) if you don’t let us know about the unauthorised or incorrectly completed transaction within 6 months from the date when you sent your settlement request.
Sub-clause (i) above shall not apply to settlement requests made after you have notified us via emergency number, in which case we shall remain liable and compensate any unauthorised transaction to you.
In addition, we rely on you to regularly check the transactions history of your XTransfer Account and to contact customer support immediately in case you have any questions or concerns.
In the case of any incorrect or misdirected settlement, we will use commercially reasonable efforts to help you with tracing and recovering such settlement. We (and our affiliates) cannot be liable for our inability to deliver or delay as a result of things which are outside our control.
In the unlikely event of loss or claims or costs and expenses arising out of your breach of this Agreement, any applicable law or regulation and/or your use of our Services, you agree to fully compensate us and our affiliates and hold us harmless. This provision will continue after our relationship ends.
XTransfer will not be liable for the loss or damage caused by any third party Service Providers.