These terms and conditions govern the use of the OCBC EasiRemit Service to make funds transfers to beneficiaries outside of Singapore (the "Service") using funds in accounts that the Customer have from time to time opened with the Bank ("Terms and Conditions"). These Terms and Conditions are to be read together with the OCBC terms and conditions governing deposit accounts and the OCBC terms and conditions governing electronic banking services (Personal). In the event of any conflict, these Terms and Conditions shall prevail over the terms and conditions governing deposit accounts and the OCBC terms and conditions governing electronic banking services insofar as they relate to the Service.
All terms and references used in these Terms and Conditions and which are defined or construed in the OCBC terms and conditions governing deposit accounts and the OCBC terms and conditions governing electronic banking services (Personal) but are not defined or construed in these Terms and Conditions shall have the same meaning and construction in these Terms and Conditions.
By using and continuing to use the OCBC EasiRemit Service ("Service"), the Customer agrees to be unconditionally bound by these Terms and Conditions which may be updated by the Bank in its sole discretion from time to time without notice to the Customer. The Customer agrees that his continued use of the Service after such update will constitute the Customer's acceptance of and agreement to be bound by the updated Terms and Conditions.
1. Definitions
1.1 “Account” for the purpose of this Service refers to savings account and current account held personally by the Customer with OCBC and does not include corporate, partnership, in-trust for, time deposits and any other types of account opened with OCBC.
1.2 “Beneficiary” means the person(s) designated by the Customer as the account holder, whether held jointly or singly, with the Beneficiary's Bank to receive the Foreign Amount.
1.3 “Beneficiary's Bank” means the bank in a country outside of Singapore specified and confirmed by the Customer and with whom the Beneficiary maintains a bank account into which the Foreign Amount is to be credited.
1.4 “Beneficiary's Account Number” means the unique account number assigned by the Beneficiary's Bank and which is specified by the Customer in his Remittance Request for funds transfers into the Beneficiary's Bank.
1.4.1 In the case of any Remittance Request for funds transfers into China, “Beneficiary's Account Number” shall mean the CUP card number assigned by the Beneficiary's Bank and specified by the Customer in his Remittance Request for funds transfer into the Beneficiary's Bank.
1.5 “Foreign Amount” means the funds denominated in the Foreign Currency specified by the Customer to be credited into the Beneficiary's Bank.
1.6 “Remittance Amount” means the funds denominated in Singapore Dollars which is to be debited from the Customer's Account(s) and converted into the specified Foreign Currency..
1.7 “Remittance Request” means the instructions given by the Customer to the Bank through any of the Channels for the Remittance Transaction.
1.8 “Remittance Transaction” means the transfer of funds made pursuant to each Remittance Request into the specified account maintained by the Beneficiary with the Beneficiary's Bank.
2. OCBC EasiRemit Service
2.1 The availability of the Service depends on selected service conditions including amount sent, destination, currency availability, regulatory issues, identification requirements, bank participation, bank hours of operation, including local and foreign holidays, and bank rules concerning availability of funds (collectively, “Restrictions”).
2.2 This Service is offered through channels such as automated cash deposit machines, automated teller machines and/or any other equipment as the Bank may designate for such purposes (each, an “ATM”), and OCBC Internet Banking Service (which includes, without limitation, the OCBC mobile banking services, by whatever name designated and presently known as the OCBC Mobile Banking Service) by electronic means via the use of personal computers or other access devices (including without limitation mobile phone, television) (collectively, “Channels”).
2.3 The Bank may, without giving any reason and without incurring any loss, liability or damage which may be incurred by the Customer as a result at any time and from time to time, add to, vary, alter, suspend or remove any part of the Service, including, without limitation:
(a) add or remove the countries and/or Beneficiary Banks to which Remittance Transactions may be made through the Service; or
(b) set, vary or cancel limits for any Remittance Transaction, whether in monetary or numerical terms or otherwise, and to vary their frequencies; or
(c) withdraw the Service entirely or through any of its Channels without notice.
2.4 The funds may be transferred through intermediary banks or other financial institutions before reaching the Beneficiary's bank, and those intermediary banks or other financial institutions are solely responsible for crediting the bank account designated by Customer.
2.5 The Bank will from time to time determine or specify the scope and features of the Service and are entitled to modify, expand, suspend, reduce or withdraw the Service without notice to you and without giving any reason thereof. We shall not be responsible or liable to you for any expense, loss, damage, liability or other consequence suffered by you or incurred by you in connection with any such action.
2.6 The Customer acknowledges that this Service is provided "as is" without warranty of any kind, either express or implied and the Customer uses it at his sole risk. All express, implied, statutory and other warranties, including without limitation the warranties of merchantability, fitness for a particular purpose, and non-infringement are expressly disclaimed to the fullest extent permitted by law. The Bank disclaims to the fullest extent permitted by law, any warranties for the security, reliability, accuracy, timeliness and performance of the Service.
3. Remittance Requests
3.1 The Customer is solely responsible for ensuring the accuracy, adequacy and completeness of each Remittance Request, details of the Beneficiary and the Beneficiary's Bank. The Bank shall not be obliged to verify the accuracy, adequacy and completeness of any Remittance Request, including matching the identity of the Beneficiary as disclosed by the Customer with the Beneficiary's Account Number specified and/or confirmed by the Customer. The Bank shall not be responsible for any loss or damage suffered by the Customer as a result of:-
(a) any Remittance Request being inaccurate, inadequate, incomplete, ambiguous or inconsistent in any way; or
(b) any failure, refusal, delay or error by any third party through whom the Remittance Transaction is made to the intended Beneficiary.
3.2 The Customer shall not use or attempt to use the Service to transfer funds from the Account(s) unless the available balance(s) in the Accounts is/are sufficient for this purpose.
3.3 The Bank shall not be obliged to carry out any Remittance Request unless and until the Customer's Account(s) has sufficient funds to pay the relevant amount of the Remittance Amount together with any fee or charge imposed by the Bank in connection with the Remittance Transaction. The Customer irrevocably and unconditionally authorises the Bank to withdraw the Remittance Amount together with the applicable service charge, from the Customer's Account(s) on the date of the Remittance Transaction on which the relevant Remittance Request is processed by the Bank or such other day as the Bank may at its absolute discretion determine.
3.4 The Customer agrees that the Bank shall be entitled to earmark the Remittance Amount in respect of all Remittance Requests proposed to be effected on or in respect of the Account for the purpose of crediting the Beneficiary's Bank within 4 to 7 working days depending on the destination of the remittance.
3.5 The Customer agrees that a Remittance Request may not be countermanded through any means at all (whether orally, in writing, by facsimile, by electronic mail or in person). All Remittance Transactions arising from the use of any of the Channels to operate designated Joint Account(s) shall be binding on all Joint Account(s) holders. In addition, the Customer authorises the Bank to accept, follow and act upon all instructions when identified by the Customer's ATM Card, ATM-PIN, access code, one-time password or such other form or means of identification and the Bank shall not be liable for acting upon such instructions in good faith. Such Remittance Request(s) shall be deemed irrevocable and binding upon the Customer upon the Bank's receipt notwithstanding any error, fraud, forgery, lack of clarity or misunderstanding in respect of such Remittance Request(s).
3.6 Without prejudice to the Terms and Conditions herein, any refund of funds may be permitted at the Bank's sole discretion at such buying rate of exchange, determined by the Bank for the relevant currency fees all charges and expenses which shall be borne by the Customer.
4. Exchange Rate and other charges
4.1 Each Remittance Request shall specify the Remittance Amount in Singapore Dollars. The Remittance Amount shall be converted into the equivalent Foreign Amount at such exchange rate as determined by the Bank from time to time.
4.2 In addition to the applicable exchange rate, a non-refundable service charge will be applied. The Customer agrees to pay the Bank any service charge as may be imposed by OCBC Bank from time to time for the use by the Customer of the Service.
4.3 Any calculation, conversion, determination or certification by the Bank of a rate or amount in relation to any Remittance Transaction or utilisation of the Service shall, in the absence of a clear and obvious error, be conclusive evidence of the matters to which it relates.
4.4 The service charge paid by Customer to the Bank for the Service does not include any charges that may be imposed by the designated Beneficiary's bank or any third party such as charges and/or fees for depositing or withdrawing funds or foreign exchange margins. The Customer acknowledges and agrees that these third party charges may reduce the amount ultimately received by the Beneficiary.
4.5 The Bank reserves the right to refuse to act upon any Remittance Request without assigning any reason.
5. Remittance Transactions
5.1 Without prejudice to any other provision in these Terms and Conditions, the Service shall be subject to Restrictions and the following:
(a) the Beneficiary maintaining an account with the Beneficiary Bank in the relevant country outside of Singapore, and that such account has not been closed, terminated or otherwise left dormant;
(b) the Bank having received sufficient information from the Customer on the Beneficiary and the accounts of the Beneficiary in order to effect any Remittance Transaction pursuant to a Remittance Request;
(c) all applicable laws and regulations, including those of the relevant country (including, without limitation, any law or regulation relating to currency conversion and exchange control).
5.2 The Customer shall be wholly responsible for all Remittance Transactions executed via any of the Channels. The Bank may debit the Account(s) with the amount of any withdrawal or transfer in accordance with the Bank's record of Remittance Transactions. All Remittance Transactions arising from the use of any of the Channels to operate designated Joint Account(s) shall be binding on all Joint Account(s) holders.
5.3 The Customer accepts the Bank's record of Remittance Transactions as conclusive and binding for all purposes. Without prejudice to the generality of the foregoing, in the event of any unsuccessful attempt by Customer to credit the Beneficiary's Bank Account (including partially successful fund transfers) through any of the Channels for any reason whatsoever, the Bank's determination of the actual amount (if any) transferred shall be conclusive and binding on the Customer.
6. Exemption of Liability & Indemnity
6.1 The Bank does not warrant that the transfer of funds will reach the Beneficiary. It may make use of any branch, or correspondent, agent or sub-agent and shall not be under liable for any errors, negligence, suspension or default of any of them or for any failure to identify the Beneficiary, the Beneficiary's bank or any mispayment by any of them nor shall the Bank be under any liability for any errors, mutilations, delays, mis-delivery or failure of delivery in the transmission of any message in connection with this transaction whether or not in code or any such means of transmission or for any imposition of any exchange control or other restriction, all such risks being borne by the customer. Under no circumstances shall the Bank be liable for any consequential damages of any sort.
6.2 The Customer agrees that the Bank shall not be liable for any loss or damage which the Customer may suffer as a result of the Customer's use of or failure to obtain the Service (including without limitation any unsuccessful withdrawal, deposit or transfer of funds, payment, or any failure to access the Account(s)). In particular, the Bank shall under no circumstances be liable if the Service through any of the Channels is unavailable, limited or affected in any way for any reason whatsoever including power or other failure. Without prejudice to the generality of the foregoing, the Bank may impose a daily limit of such amount as the Bank may determine from time to time without notice to the Customer on the maximum aggregate amount that may be transferred from the Account(s) using any of the Channels during any day or other period as determined by the Bank from time to time.
6.3 Without prejudice to the foregoing, In the event that the Foreign Amount is not received by the Beneficiary, whatever the reason, any liability of the Bank will be conditional upon its receipt of confirmation from the Bank's branch, correspondent, agent or sub-agent of the failed remittance abroad and shall be limited to refunding the Remittance Amount.
6.4 The Bank, its correspondents and agents shall not be liable for any delay or loss caused by or as a consequence of any law, order or regulation or directive of any country which imposes any exchange or currency restrictions affecting the conversion or transfer of the Foreign Amount or the failure of any clearing, settlement or payment system in any country or any other cause whatsoever.
6.5 The Bank, its correspondents and agents shall not be liable for any diminution in the value of the funds or its total loss due to Restrictions, taxes, force majeure, war, strikes, sabotage, computer breakdown or any other causes beyond the Bank's control or any event which makes it impossible or impractical for the Bank to perform its obligations under this application.
6.6 Without in any way affecting and notwithstanding any other provision in these Terms and Conditions, the Bank shall not be responsible for any charges imposed or any other claim or action made or taken by the Beneficiary, or any loss, liability or damage which may be suffered by the Customer, including but not limited to in any of the following circumstances:
(a) The Customer does not have sufficient funds in his Account(s) to enter into a Remittance Transaction;
(b) an order of court prohibits withdrawals from the relevant Account(s);
(c) the Customer's Account(s) or the relevant account(s) of the beneficiary is/are closed;
(d) the Remittance Transaction will cause the Customer's Account(s) balance to go over any applicable credit limit;
(e) the Customer did not provide the Bank with complete and correct payment information, including, without limitation, the name, address, account(s) number, and payment amounts for the Beneficiary on a Remittance Transaction;
(f) the Customer did not correctly use the Service;
(g) any Remittance Transaction is prohibited by any applicable law or regulation; or
(h) any circumstances beyond the Bank's reasonable control that prevents the crediting of the Beneficiary's account, despite reasonable precautions being taken by the Bank, and without in any way affecting and notwithstanding any other provision in these Terms and Conditions, the Customer shall indemnify the Bank and keep it harmless from and against all or any loss, liability or damage which the Bank may incur as a result of the above or any of the Customer's acts or omissions in relation to or arising out of our use of the Service.
6.7 The Bank shall not be liable for and the Customer shall indemnify the Bank and keep the Bank indemnified against any consequences, claims, proceedings, losses, damages or expenses (including all legal costs on an indemnity basis) whatsoever and howsoever caused that may arise or be incurred by the Bank in providing the Service to the Customer, whether or not arising from or in connection with and including but not limited to the following:
(a) the Bank taking any instructions and acting upon them; or
(b) the improper or unauthorised use of the OCBC Phone Banking Service, OCBC ATM Service, OCBC Internet Banking Service, the Customer's Phone Code, T-PIN, ATM Card, ATM-PIN, ICode, IPIN, Security Code and/or Security Device; or
(c) the Bank, or other bank or financial institution or any other party refuses to accept the Customer's instructions for any reason whatsoever including, but not limited to the negligent act or omission by the Bank, its servants, agents or contractors; or
(d) any rejection of the Remittance Request by any ATM or other machines or any failure to effect or complete any funds transfer howsoever caused; or (e) any neglect, refusal or inability on the part of the Bank to authorize or approve any Remittance Request for any reason whatsoever; or
(f) any malfunction, defect or error in any ATM or other machines or systems, interference to network coverage, delay in transmission due to any reason such as excessive network traffic, service interruption or incorrect data transmission whether belonging to or operated by the Bank of otherwise, howsoever caused; or
(g) the Bank, its servants, agents or contractors are unable to perform any of its obligations due whether directly or indirectly to the failure of any machine, data processing system or transmission link or anything beyond the control of the Bank; or its servants, agents or contractors or as a consequence of any fraud or forgery; or
(h) any delay or failure or malfunction in any transmission, despatch or communication facilities; or
(i) any access (or inability or delay in accessing) and/or use of any browser to allow access to the OCBC Internet Banking Service or for any defect in any such browser.
7. Communications with the Customer
7.1 The Customer shall notify the Bank in writing (or, in such other mode(s) and/or methods agreed by the Bank from time to time) of any change in the Customer's particulars.
7.2 Any statement, advice, confirmation, notice, demand and all other correspondence by the Bank under these Terms and Conditions (the “Correspondence”) shall be served on the Customer:-
(a) (where the Customer is an individual) on the Customer (or the Customer's personal representatives) personally;
(b) by sending it to the Customer at the Customer's last address registered with the Bank; or
(c) by telex or facsimile addressed in any such manner as aforesaid to the Customer's telex or facsimile address last registered with the Bank.
The Correspondence shall be deemed to have been delivered on the day it was delivered personally or transmitted by telex or facsimile or if sent by post on the day following posting.
7.3 In the case of Joint Accounts, any notice served in accordance herewith on one of the Customers shall be deemed validly served on all the Customers.
8. English Version To Prevail
If there are inconsistencies in meaning between the English-language version of these terms and conditions and the terms and conditions as may be translated into any other language, the English-language version shall prevail.
9. Amendment(s)
9.1 The Bank may at any time at its absolute discretion and upon written notice to the Customer, amend any one or more of these terms and conditions. Such amendment(s) shall take effect from the date stated in the notice, which in most instances shall be no less than 30 days from the date of the notice.
9.2 Where the Customer continues to use this Service after such notification, the Customer shall be deemed to have agreed with and accepted the amendments. If the Customer does not accept any such amendments, the Customer shall forthwith discontinue use of this Service.
9.3 In the event that the Bank decides in its absolute discretion to discontinue the provision the Service governed by these terms and conditions permanently, the Bank shall give written notice of such discontinuation to the Customer. Such discontinuation shall take effect from the date stated in the notice, which in most instances, shall be no less than 30 days from the date of the notice.
9.4 The Bank may notify the Customer of any changes to these terms and conditions by:-
(a) publishing such changes in the statements of account to be sent to the Customer;
(b) displaying such changes at the Bank's branches or ATMs;
(c) posting such changes on the Bank's website;
(d) electronic mail or letter;
(e) publishing such changes in any newspapers; or
(f) such other means of communication as the Bank may determine in its absolute discretion.
10. Waiver
No failure or delay by the Bank in exercising or enforcing any right or option under these Terms and Conditions shall operate as a waiver thereof or limit, prejudice or impair the Bank's right to take any action or to exercise any right as against the Customer or render the Bank responsible for any loss or damage arising therefrom.
11. Severability
If any one or more of the provisions in these Terms and Conditions are deemed invalid, unlawful or unenforceable in any respect under any applicable law, the validity, legality and enforceability of the remaining provisions of these Terms and Conditions shall not in any way be affected or impaired.
12. Third Party Rights
A person who is not a party to any agreement governed by these Terms and Conditions has no right under the Contracts (Rights of Third Parties) (Chapter 53B) to enforce any of these Terms and Conditions.
13. Applicable Law and Jurisdiction
These Terms and Conditions shall be governed and construed in all respects in accordance with the laws of the Republic of Singapore but in enforcing these Terms and Conditions the Bank is at liberty to initiate and take actions or proceedings or otherwise against the Customer in the Republic of Singapore or elsewhere as the Bank may deem fit, and the Customer hereby agrees that where any actions or proceedings are initiated and taken in the Republic of Singapore, the Customer shall submit to the jurisdiction of the Courts of the Republic of Singapore in all matters connected with the Customer's obligations and liabilities under or arising out of these Terms and Conditions.
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