FOREX WORLD CLIENT AGREEMENT
The Forex World terms and conditions are laid out on this document and apply to individuals who are transacting privately with our Company.
To remit through Forex World you must initially fulfil our Customer on-boarding process and be an approved remittance customer as confirmed by Forex World.
By transacting with Forex World you are confirming that you have fully read our terms and conditions, you are satisfied and agree with what they state.
1. This Agreement
1.1 Transacting as an Individual
These terms and conditions apply to individuals/private customers (also known as “you”) who are transacting with Forex World Pty Ltd, trading as Forex World (ABN 48 101 220 777) (“Forex” or “us” or “we”).
1.2 Beneficial Ownership of Funds
You must be the owner of the money you are intending to transfer.
1.3 Remittance Instruction
Remittance Instructions must be received from you. No remittance instructions coming from a third party or agent or appointee will be accepted.
1.4 Structure of this Agreement
This agreement applies to all remittance transactions (bookings) you enter into with Forex World. Each individual transaction will be seen as agreed upon separately at the time you request (provided instructions and funds are received by Forex World) those Transactions. Each transaction constitutes separate agreements in their own right but will incorporate these terms and conditions.
2. Our Service
2.1 Remittance Service
Forex World Pty Ltd is registered with AUSTRAC as a Remittance Provider authorised to provide remittance products and services. We provide our remittance service exclusively from Individuals in Australia to beneficiaries in the Philippines. We have partnered with major banks and institutions bound by the Anti-Money Laundering Act (AMLA) enforced by Anti-Money Laundering Council (AMLC) and the Central Bank of the Philippines who exclusively provide the distribution of funds through various remittance products offered by these partners.
2.2 No Cash Policy
Forex World has a NO CASH transaction policy. All funds deposited into the Forex World account must be transferred electronically from an existing account. Cash presented to Forex World will not be accepted and Cash deposited into a Forex World account will be stopped and will not be processed. Funds will be refunded electronically to the person where funds originated from. A refund request form will be provided to the depositor and approved before refund is processed. A refund fee of $10 for cash deposits will apply.
2.3 Transaction Fees
Forex World applies a minimal transaction fee to every transaction sent through Forex. Transaction fees charged are dependent on the transaction type you select as per your Remittance Instruction. To view complete list of transaction fees click here.
2.4 Transaction Type
Our correspondent banking and institutional partners in the Philippines provide a range of transaction types which we offer to Forex World customers in Australia. Each transaction type may have varied limitations or restrictions posed by our partner or the regulator. To view complete list of Transaction Types and the individual terms and conditions applied to each, please click here.
2.5 Published Exchange Rate
Forex World publishes selling rates on our website between Monday to Friday, 9am to 6pm. Published exchange rates may change on a daily basis. Published rates are non-negotiable. Forex World reserves the right to change published rates at any time without prior notice.
2.6 Funded Instructions
Funded Instruction is when Forex World receives remittance instructions and deposited funds are sighted into the Forex World account. Funds received without instructions will not be processed. Instructions received without funds being sighted will not be processed. Date and time of processing will be when both the instructions and funds have been sighted and the exchange rate applied to the transaction will be that which is published on that day.
2.7 Transfer Value Limit
Forex World limits the maximum value you may credit into the Forex World account to $10,000 plus transaction fee at any one time.
2.8 Transactional Velocity Limit
Forex World limits each customer to a maximum of 5 transactions per week.
2.9 No Financial Advice
Forex World does not provide any financial advice. You must select the transaction type and timing of each Transaction yourself.
3. Your Instructions
Your remittance instructions may be received by Forex World in the following forms.
3.1 Username and Password protected online service – Forex International Remittance Service Technology (F.I.R.S.T.)
Forex World provides access to our F.I.R.S.T online remittance portal which is password protected. F.I.R.S.T. allows existing remittance customers to send remittance instructions to Forex World. Access to this online service will be provided to successful applicants via email with temporary password. It is your responsibility to ensure the security of your username and password. We will rely on any Instructions received pursuant to the use of the username and password from the user and you will at all times be bound by those Instructions.
3.2 Call-In Instructions
Forex World provides a call centre service where you can call in to provide your remittance instructions over the phone. During the call your identity will be verified and your instructions received and encoded into our remittance system. All calls are recorded.
3.3 Email Instructions
Email instructions may be received by Forex World from you. Complete transactional instructional information will be required from you in order for the transaction to be processed. Incomplete information provided may cause delays for which Forex World is not liable.
3.4 Other forms of instructions
Forex World does not accept and will not process any instructions received through other means and not limited to Social Media, Online Chat, SMS, Online Enquiry forms and such.
3.5 No Obligation to Accept Instructions or Process Transactions
Forex World will do its best to process your requested transaction as quickly as possible, but there may be circumstances in which we are not able to do so. For this reason, we reserve the right to refuse to accept your Remittance Instructions. We do this without giving you any reasons and without incurring any liability to you for any resultant loss or damages incurred by you or any other party. In this case, a refund of your deposited funds will be processed unless instructed otherwise by law enforcement or government agency.
4.1 Transaction Agreement
If you wish to Transact with Forex World, you may do so in three ways: online portal (F.I.R.S.T.), by telephone or by email. The Transaction will be binding on you once Instructions are received by us.
4.2 Instruction via Online (F.I.R.S.T.)
If you enter into a Transaction online, the Transaction is a request from you and will be legally binding as soon as we receive your electronic Instructions. A confirmation email will be sent to you.
4.3 Instruction via Email
If you send instruction to Forex World via email, the Transaction will be binding on you once we receive your email.
You agree with the fact that, if you send your remittance instructions via email, that it may not be processed immediately. We will send you an email reply with confirmation once we receive and process your Instructions.
4.4 Instruction via Telephone
If you contact us by telephone to provide you Remittance Transaction Instructions by telephone, the transaction will be legally binding at the conclusion of the telephone call. A system generated email will be sent to you (if your email address if provided and available within your customer profile in our system) confirming your transaction details.
All calls are received over a recorded line and in the event of any dispute, the transcript of our telephone conversation may be used as evidence as to the terms of the transaction and instruction.
Once your Remittance Instruction is received, the transaction becomes legally binding and you cannot cancel the Transaction in any circumstances. You may only be able to correct details regarding the Transaction if this Transaction has not yet been finalised/processed. Any corrections or changes requested by you in relation to your Transaction may incur additional processing fee once the Transaction has been saved/booked within the remittance system.
4.6 Published Exchange Rate ErrorIf we publish the exchange rate (including and not limited to over the phone, auto attendant, on our website and/or social media) a rate that is a mistake on our part which may be a result of a technical or human error, it is not binding on us. You must notify Forex World as soon as you identify the mistake and we will update the published rate as soon as possible.