Please take time to read this document. It is important and explains how Zhongguo Remittance provides services. This agreement is written in plain English without the use of complex legal constructions. If you do not understand any part of this document, please ask us or seek professional advice before using any of our services.
2 Zhongguo Remittance
Zhongguo Remittance Pte. Ltd. (Company registration 200612239R) is a money remittance business licensed by the Monetary Authority of Singapore.
• "Company" means Zhongguo Remittance Pte. Ltd..
• "Client" means the client of the Company.
• "Services" include the provision of foreign exchange, local transfers, international transfers, loyalty programs, Account, Client and Beneficiary management, proprietary electronic touchpoint, Mobile Application and Website.
• "Account" means the aggregation of the Services made available to a Client.
• "Communication" means any form of communication including e-mail, instant messages, notifications, faxes, SMSs, any form of printed communication including postal and courier services, and any form of oral communication including face-to-face, audio and video interfaces.
• "Transaction" includes any transaction within the Services provided by the Company to the Client.
• "Beneficiary" means the recipient of any Transaction within the Services provided by the Company to the Client.
• "Instruction" means any Communication between the Client and the Company to undertake a Transaction.
• "Counter" means a physical place of business at any of the licensed locations operated by the Company.
• "Concierge" means a representative of the Company who may initiate any Service with a Client anywhere that is not a Counter.
• "Mobile Application" means any electronic application distributed by the Company directly or indirectly for the use of part or all of the Services.
• "Personal Information" includes current and historical Client, related Beneficiary and Transaction information, location and electronic device information.
• "Politically Exposed Person(s)" has the same meaning as defined by the relevant authority.
• "Related Person(s)" has the same meaning as defined by the relevant authority.
• "Website" means any website owned or operated directly or indirectly by the Company for the provision of part or all of the Services.
Where the context so admits, the singular shall include the plural and words in a specific gender shall include any other gender.
References in this document to any clause shall be taken as a reference to the clauses within this document unless otherwise expressly stated.
The words "include" or "including" in these Terms shall be deemed to be followed by "without limitation" and or "but not limited to" whether or not they are followed by similar phrases or words.
4.1 By applying to be a Client of the Company, the client agrees to be bound by these Terms and Conditions ("the Terms") as set out in this document. The Company may amend these Terms, fees or charges at its sole discretion without prior warning and with immediate effect. Any such amendments will be deemed accepted by the Client if the Client continues to use any of the Services.
4.2 These Terms supersede any prior Communications, provided that neither party may exclude liability for fraudulent misrepresentation or fraud.
5 Account Opening
5.1 The Client will provide the following documentation to the Company to apply for an Account: -
• identification documents,
• full name, personal information and contact details,
• proof of address, and
• any other information that the Company may deem necessary.
5.2 The Client warrants that any information supplied to the Company is accurate and up-to-date.
5.3 The Company may not verify the Client information immediately and will inform the Client later if the Account has been opened.
5.4 The Company will be under no obligation to provide a reason to the Client if the Account is not successfully opened.
5.5 Clients should not share any Client data including usernames, passwords, Client, Beneficiary or Account information with anyone else.
6.1 The eligibility of the Client to use any Service will be determined by the Company at its sole discretion, and the eligibility criteria will be updated and reapplied on a regular basis.
6.2 Continued eligibility will include risk analysis, due diligence, screening and verifications, and additional information and/or documents may be required to be submitted to the Company by the Client.
6.3 The Company shall not be obliged to disclose to the Client its reasons for any decision to close an Account or withdraw the provision of any Services.
7 Corporate Clients
7.1 When the Client is not an individual person, the following additional requirements will apply to the Client as a corporate body or other legal collective entity: -
7.1.1 The Client will provide information to the Company including those of: -
• its Related Persons,
• membership of professional bodies or associations, and
• places of business and relevant jurisdictions.
7.1.2 The Client will submit to the Company documents including: -
• business profile,
• the register of directors,
• significant shareholders,
• the Constitution, or Memorandum & Articles of Association if applicable,
• the secretary and auditors,
• latest submitted report and accounts, and
• resolutions empowering specific officer(s) to apply for an Account or submit Instructions, in accordance with the Client's Memorandum & Articles of Association.
7.2 Additional information may be required on a case by case basis, and will be reviewed on a more frequent basis.
8 Client and Beneficiary Information
8.1 The Client warrants that they, the Beneficiaries and their respective Related Persons are not Politically Exposed Persons or involved in scamming or other schemes of financial coercion.
8.2 The Client agrees that it will inform the Company of any changes to: -
• the information and documents provided to the Company for the purpose of opening the Account,
• related Beneficiary details.
8.3 If the Client changes any Beneficiary information included in Clause 10.3, when an Instruction has been given but the Transaction has not completed, then the Company may delay the Transaction and charge additional fees.
9.1 The Client may instruct the Company to perform a Transaction, but the Company is not obliged to accept any Instruction and may refuse to do so without reason.
9.2 Payment for an Instruction is binding on the Client as soon as the Client confirms the Instruction in the Website, Mobile Application or at a proprietary electronic touchpoint, signs the Instruction at the Counter or with the Concierge, or confirms the Instruction via Communication with the Company.
9.3 Confirmation details of the Instruction will be sent in an automated Communication to the Client.
9.4 The Company reserves the right to change the quoted foreign exchange rate, if applicable, at any time prior to the Client funds being received by the Company.
9.5 The Client agrees that the Company may make audio and/or video recordings of conversations and that such recordings shall be admissible in evidence in any proceedings and shall be binding on the Client.
10.1 In relation to money transfer transactions, a Transaction is completed only upon the actual receipt of the funds by the Beneficiary.
10.2 The Company agrees to enter into each Transaction on the basis that the Client: -
• has full capacity to instruct the Company to perform the Service,
• is acting personally and not in the interests of a third party or undisclosed persons,
• is not speculating on currency movements, and
• shall be solely responsible for requesting the timing and nature of all Transactions.
10.3 The Client shall provide all Beneficiary information including: -
• full name, address and contact details,
• purpose of transaction, Beneficiary’s relation with the Client,
• bank name, address, branch, routing information and account number,
• collection pick-up, delivery location or agent outlet.
10.4 If requested, the Client shall provide all information and documents supporting the Transaction including: -
• bank transfer/withdrawal receipt, bank statement, or other documents showing the origin of fund,
• income tax, payslip, sells agreement, or other documents showing the Client’s earnings/income/wealth,
• invoice, purchase agreement, or other documents showing the purpose of transaction.
10.5 The Company will only process the Transaction(s) after payment is received in full, including any commission or fees payable to counterparties and third parties.
10.6 The Company shall not offer an opinion nor enter into any Communication with the Client pertaining to financial advice.
10.7 Any foreign currency rate displayed or referred to prior to the confirmation is indicative only.
10.8 The exchange rate applicable to a Transaction will be that which the Company confirms, only when cleared funds have been received in full.
10.9 Rates are locked at the time of confirmation as set out in Clause 9.3 and cannot be changed at the Client's request.
10.10 Unless otherwise agreed, the Beneficiary will receive the funds in the currency of the country of the Beneficiary.
10.11 Any dispute regarding the Transaction must be made to the Company within 48 hours, and will not be considered without acknowledgment of receipt of Communication by the Company.
10.12 No interest will be payable on any Transaction.
10.13 The Client accepts the Company's records of Transactions as final and conclusive and binding for all purposes, except where there is indisputable error.
11.1 The Client may pay for any Transaction using cash over the Counter, by bank transfer or equivalent, or cheque.
11.2 Cash payments will be subject to local authority regulations and may incur a cash handling fee.
11.3 The Client must pay for any Transaction within 48 hours from giving the Instruction.
11.4 If the Client paid any Transaction in its original amount instead of the amount after any form of discount, that discounted difference in amount will not be refundable.
11.5 In addition to any right of set-off which the Company is entitled to, the Company may at any time set-off any amounts owing by the Client to the Company against any amounts owing by the Company to the Client at the Company's prevailing rates and notify the Client accordingly.
12.1 Fees, commission and all other charges associated with any of the Services will be published by the Company in a tariff of charges.
12.2 Transaction fees charged do not include or replace any other costs related to the completion of a Transaction or the fees and charges of the Beneficiaries' bank, correspondent, intermediary or agent.
12.3 In addition to transaction fees, the Client will bear the fees and charges of the Beneficiaries' bank, correspondent, intermediary or agent, which may be deducted from the proceeds of the Transaction.
12.4 Incorrect or incomplete Beneficiary information may result in the Transaction failing to complete and additional charges being applied.
12.5 If the Client recalls a Transaction before completion, then additional fees will be paid by the Client to the Company.
12.6 Transaction trace requests will not be initiated less than 48 hours from the Transaction confirmation Communication, may be charged for, and may take up to 30 days to complete.
13.1 A Transaction may be cancelled if the Client: -
• provided any false, inaccurate or insufficient information or document to the Company,
• breaches these Terms, or any relevant regulatory authority rule or regulation,
• does not fund the Transaction within the time specified,
• remains uncontactable for more than 48 hours,
• applies, or is filed against, for bankruptcy, or
• becomes of unsound mind or dies.
13.2 The Client, or its representative(s), agree to inform the Company immediately of any circumstance referred to in Clause 14.1.
13.3 The Company may cancel a Transaction: -
• if it is required to do so by any relevant authority, or under any rule or regulation, or it becomes unlawful for the Company to complete the Transaction, or
• for any other reason, including market volatility or exchange rate fluctuations.
13.4 In the event of a Transaction being cancelled, the Client will be liable for all associated costs, which may be deducted from the Client's funds without recourse against the Company.
14.1 The Company shall not be liable to the Client or any third parties for any: -
• third party fees, taxes or charges including Beneficiary bank charges,
• losses or charges sustained by the Client as a direct or indirect result of Force Majeure or any other unforeseeable circumstances or situations beyond its control,
• delays or losses whether direct or indirect in completing a Transaction caused by circumstances beyond its control, including such as may be related to Beneficiary information, availability of funds, non-performance of agents, correspondents or banks.
• losses resulting from currency fluctuations, scams or schemes of financial coercion,
• breach of its data or security systems,
• unavailability of the Services (wholly or partially) for any reason whatsoever,
• withdrawal of the Services (wholly or partially) by the Company for any reason whatsoever,
• downtime or other temporary disruption to any of the Services.
• losses resulting from the misuse or loss of any device using a Mobile Application or Website and the Client will indemnify the Company accordingly.
14.2 The Client agrees to the use of the Websites and Mobile Application(s) as provided and waives all claims against the Company for any unintended consequences from the use of such on the Client's electronic devices.
14.3 Under no circumstances shall the total liability of the Company to the Client exceed the value of the fee or commission of the Transaction in question.
14.4 The Client will be responsible to ensure that they use suitable software and hardware security on their electronic devices to ensure that nothing malicious is passed to the Company including viruses, malware, trojan horses or other damaging software.
15 Anti-Money Laundering and Countering Financing of Terrorism
15.1 The Client warrants that any Personal Information or Instructions given to the Company are not in breach of any local or International laws relating to anti-money laundering and countering financing of terrorism.
15.2 The Company may of its own accord, without necessarily informing the Client, delay the processing of a Transaction, and may return funds to the Client without explanation.
16.1 The Client shall fully indemnify the Company, its directors and employees from and against all losses, claims, liabilities, damages or costs that maybe incurred in exercising or defending its rights in or pursuant to this agreement.
16.2 The Client warrants to inform the Company if the disambiguation of these Terms are unclear.
17.1 The Client agrees that Communications: -
• are confidential and may not be disseminated to any third party,
• received in error will be reported immediately to the Company,
• may be compromised, including alteration, interception or non-delivery, and
• made by the Company are not guaranteed as to accuracy of content.
17.2 When the Client is a foreign worker, the Client agrees that the Company may contact the employer of the Client and disclose Personal Information as may be necessary.
17.3 Any printed communication will be considered delivered 2 business days after sending.
17.4 Any electronic communication will be considered delivered after confirmation of transmission.
18 Intellectual Property
18.1 All materials, electronic, printed or published relating to the Company or any of its Websites, Communications, Mobile Applications or Services remain the property of the Company, and all rights are reserved.
18.2 The Client may print and retain only transactional information relating to their Transactions for non-commercial and personal use, and may not distribute any part of this information.
18.3 The Client may not attempt to view, copy, change or reverse engineer any code, process flow or procedure that forms part of the Services and shall ensure that such other person or legal entity that the Client involves will not do so. The Company will treat this as a criminal offence, and will pursue all its rights accordingly.
19 Governing Law
19.1 This agreement in relation to Zhongguo Remittance Pte. Ltd. and its Clients will be governed by Singapore law, and the Client shall consent and submit exclusively to the jurisdiction of the Singapore courts.
19.2 Any dispute between a Client and the Company must first be referred to the Company in writing. In the event that the dispute cannot be resolved, it must then be submitted to local mediation before recourse to any courts.
19.3 If any clause of this document is found to be unenforceable, then the clause shall be removed and the Terms will remain in force without it.