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TERMS AND CONDITIONS

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 3. Modification: 4. Description of the Transaction Service and Account Opening Process 5. Placing an Order 6. Concluding a Payment Transaction 7. Funding the Transfermate Nominated Account 8. Reactive Payments 9. Charges, Interest and Exchange rates 10. Communications, Users Access and Security 11. Service Level 12. Representation and Warranties 13. Intellectual Property and Limited License 14. Liability and Indemnity 15. Confidentiality 16. Term, Termination and Cancellation of Access 17. Market Information 18. Redress and Complaints Procedure
Alabama
Alabama Securities Commission 401 Adams Ave Suite 280
Montgomery, AL 36104
1-800-222-1253
www.asc.alabama.gov
Alaska
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
Arizona
Department of Financial Institutions
100 N 15th Ave Suite 261
Phoenix, AZ 85007
Phone: 602-771-2800
Fax: 602-381-1225
https://dfi.az.gov/
Arkansas
Arkansas Securities Department
201 E Markham
Heritage West Bldg Ste 300
Little Rock AR 72201-1692
800-981-4429
www.securities.arkansas.gov
California
California Department of Business Oversight 1515 K Street, Suite 200
Sacramento, California 95814-4052
866-275-2677
www.dbo.ca.gov
Colorado
Colorado Division of Banking 1560 Broadway, Suite 975
Denver, CO 80202
Phone: 303-894-7575
Fax: 303-894-7570
www.colorado.gov
Connecticut
Connecticut Department of Banking 260 Constitution Plaza
Hartford CT 06103-1800
800-831-7225
www.ct.gov/dob
Delaware
Delaware Office of the State Bank Commissioner 555 E Loockerman St
Ste 210
Dover DE 19901
302 739-4235
Banking.delaware.gov
District of Columbia
Department of Insurance, Securities and Banking 801 1st St NE #701
Washington DC 20002
202 727-8000
disb.dc.gov
Florida
Florida - Office of Financial Regulation
Division of Consumer Finance
200 East Gaines St
Tallahassee, Florida 32399
www.flofr.com
850.487.9687
Georgia
Georgia Department of Banking and Finance
2990 Brandywine Road
Suite 200
Atlanta, Georgia 30341-5565
888-986-1633
dbf.georgia.gov
Hawaii
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 / dfi@dcca.hawaii.gov
Idaho
Idaho Department of Finance
800 Park Blvd., Suite 200
Boise, ID 83712
P.O. Box 83720
Boise, ID 83720-0031
208-332-8000
Toll-Free (Within Idaho Only): 1-888-346-3378
E-Mail: finance@finance.idaho.gov
finance.idaho.gov
Illinois
Illinois Dept of Financial and Professional Regulation,
Division of Financial Institutions
100 West Randolph, 9th Floor
Chicago, IL 60601
1-888-473-4858
www.idfpr.com
Indiana
Indiana Department of Financial Institutions
30 South Meridian Street, Suite 300
Indianapolis, Indiana 46204
Tel: 800-382-4880 or 317-232-3955.
Fax: 317-232-7655
dficomplaints@dfi.in.gov
Iowa
Iowa Division of Banking
200 East Grand Ave Ste 300
Des Moines IA 50309-1827
Phone: (515) 281-4014
E-Mail: IDOBcomplaints@idob.state.ia.us
www.idob.state.ia.us
Kansas
Kansas Office of the State
Bank Commissioner
Attn: Complaints
700 SW Jackson, Suite 300
Topeka, Ks. 66603
785 296-2266
E-mail: complaints@osbckansas.org
www.osbckansas.org/mt/laws.html
Kentucky
Kentucky Department of Financial Institutions
1025 Capital Center Dr, Ste 200
Frankfort KY 40601
800-223-2579
E-mail: kfi@ky.gov
www.kfi.ky.gov
Louisiana
Louisiana Office of Financial Institutions
8660 United Plaza Blvd 2nd Fl
Baton Rouge LA 70809
225-925-4660
E-mail: complaints@ofi.la.gov
www.ofi.state.la.us
Maine
Maine Department of Professional and Financial Regulation,
Office of Consumer Credit Regulation
State House Station #35
Augusta ME 04333
800-332-8529
www.maine.gov/pfr/consumercredit/index.shtml
Maryland
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
DLFRFinReg-DLLR@maryland.gov
https://www.dllr.state.md.us/finance/
Massachusetts
Massachusetts Division of Banks
1000 Washington St Fl 10
Boston MA 02118-2218
888-283-3757
http://www.mass.gov/ocabr/
Michigan
Michigan Dept of Insurance and Financial Services
PO Box 30220
Lansing MI 48909-7720
877-999-6442
www.michigan.gov/difs
Minnesota
Minnesota Department of Commerce
85 7th Place East, Suite 500
St. Paul, MN 55101
800-657-3602
mn.gov/commerce/industries/financial-institutions/money-transmission/
Mississippi
Mississippi Department of Banking and Consumer Finance
PO Box 23729
Jackson MS 39225
800-844-2499
www.dbcf.state.ms.us
Missouri
Missouri Division of Finance
P. O. Box 716
Jefferson City, MO 65102-0716
573-751-3242
finance.mo.gov
Montana
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
https://banking.mt.gov/
Nebraska
Nebraska Department of Banking & Finance
P.O. Box 950006
Lincoln, NE 68509
877-471-3445
ndbf.nebraska.gov/industries/money-transmitters
New Hampshire
New Hampshire Banking Department
53 Regional Drive Suite 200
Concord NH 03301
www.nh.gov/banking
800-437-5991
New Jersey
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
800-446-7467
www.state.nj.us/dobi
New Mexico
New Mexico Regulation & Licensing Department
Financial Institutions Division
PO Box 25101
Santa Fe, New Mexico 87504
Tel: (505) 476-4885
Fax: (505) 476-4670
http://www.rld.state.nm.us/financialinstitutions/
New York
New York State Department of Financial Services
1 State Street
New York, NY 10004-1511
(800) 342-3736
https://www.dfs.ny.gov/
North Carolina
North Carolina Commissioner of Banks
4309 Mail Service Center,
Raleigh, NC 27699-4309
888-384-3811
www.nccob.gov
North Dakota
North Dakota Department of Financial Institutions
2000 Schafer Street, Suite G
Bismarck, ND 58501-1204
www.nd.gov/dfi
701-328-9933
Ohio
Ohio Department Of Commerce
Division Of Financial Institutions
77 South High Street
21st Floor
Columbus, OH 43215-6120
Phone 614-728-8400
Fax 614-728-0380
E-mail: Web.dfi@com.ohio.gov
http://www.com.ohio.gov/fiin/
Oklahoma
Oklahoma Banking Department
200 North Lincoln Boulevard
Oklahoma City, OK 73105
405-521-2782
www.ok.gov/banking
Oregon
Oregon Department of Consumer & Business Services
Division of Finance and Corporate Securities
PO Box 14480
Salem, OR 97309-0405
866-814-9710
dfr.oregon.gov/business/financial-industry/Pages/money-trans.aspx
Pennsylvania
Pennsylvania Department of Banking
17 North Second St 13th Fl
Harrisburg PA 17101
800-722-2657
www.banking.state.pa.us
Puerto Rico
Oficina del Comisionado de Instituciones Financieras

Postal Address:
PO Box 11855, Fernández Juncos Station
San Juan, PR 00910-3855

Physical address:
Building Centro Europa,
Ave. Ponce de León 1492,
6th floor
Santurce
Phone: (787) 723-3131
http://www.ocif.pr.gov/
Rhode Island
Rhode Island Department of Business Regulation
Division of Banking
1511 Pontiac Avenue Cranston, RI 02920
401-462-9500
www.dbr.state.ri.us
South Carolina
The South Carolina Office
Of the Attorney General
Money Services Division
Rembert C. Dennis Bldg.
1000 Assembley Street
Columbia, SC 29201
(803) 734-1221
msb@scag.gov
South Dakota
South Dakota Department of Labor and Regulation
Division of Banking
1601 N. Harrison Avenue, Suite 1
Pierre, SD 57501
605.773.3421
dlr.sd.gov/banking
Tennessee
Tennessee Department of Financial Institutions
400 Deaderick St, 6th Floor
Nashville, TN 37243
615-741-2236
E-mail: tdfi.contact@tn.gov
www.tennessee.gov/tdfi/
Texas
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
Utah Financial Institutions
P.O. Box 146800
Salt Lake City, Utah 84114-6800
Phone: (801)538-8830
E-mail: dfi@utah.gov
www.dfi.utah.gov
Vermont
State of Vermont
Department of Financial Regulation
89 Main Street, Montpelier, VT 05620-3101
802-828-3301
www.dfr.vermont.gov
Virginia
Virginia State Corporation Commission
Bureau of Financial Institutions
P.O. Box 1197
Richmond, VA 23218
800-552-7945
https://www.scc.virginia.gov/bfi/
Washington
Washington Department of Financial Institutions
Division of Consumer Services
P.O. Box 41200 Olympia, WA 98504-1200
1-877-746-4334
www.dfi.wa.gov/cs/
West Virginia
West Virginia Division of Financial Institutions
900 Pennsylvania Avenue
Suite 306
Charleston, WV 25302
304-558-2294
www.dfi.wv.gov/consumers/Pages/default.aspx
Wisconsin
Department of Financial Institutions
4822 Madison Yards Way, North Tower
Madison, WI 53705
(608) 261-7578
www.wdfi.org
Wyoming
Wyoming Department of Audit
122 W 25th St, #3e
Cheyenne, WY 82001
307-777-6605
audit.wyo.gov

 
19. General Terms

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 Non-Corporate Transfers

We charge transfer fees based on the method of payment You choose, as follows:

Lodgement Location
Final Transfer currency
Fee
UK
All
£10
Eurozone (not France)
Sterling
€10
France
All
€15
Australia / New Zealand
All
$20
US / Canada
All
$20
Rest of World Fees to be agreed when transfer requested

All transfers booked on the Website are a standard $15.00;

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.

Cancellation Fee:
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.

Other Rates and Charges:

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:

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.

Certification
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.

Schedule 3: Gramm-Leach-Bliley-Act Privacy Policy and Notice

Words not defined here shall have the meaning set out in the Transfermate Standard Terms and Conditions (here)