Telegraphic Transfers (New Zealand)

Transcription

1 Telegraphic Trasfers (New Zealad) Product Disclosure Statemet Issued 22 July

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3 Cotets. Product Disclosure Statemet. INTRODUCTION 3 TELEGRAPHIC TRANSFERS 4 Value Date 5 Cacellatio 5 Applyig for a Iteratioal Paymets Facility 6 Sedig Iteratioal Paymets 6 Accout ad Beeficiary Details 7 Fees ad Charges 8 Repeat Beeficiary Codig 8 Customer Service 8 Settlemet Methods 8 Cut-off Time 9 Fax ad Iteret Cofirmatios 9 Sigificat Beefits 9 Sigificat Risks 9 Dispute Resolutio 10 Compay Iformatio 10 Update to this PDS 10 PRIVACY OF YOUR PERSONAL INFORMATION 11 Our commitmet to your privacy 11 Collectio of iformatio 11 Use of iformatio 11 Iformatio quality ad security 12 Whe we might share your persoal iformatio 12 Overseas Trasfer 13 How we hadle Aggregated Iformatio ad De-idetified Iformatio 13 Recordig Phoe Calls 13 How do we keep ad safeguard your iformatio? 14 Direct Marketig 14 You ca access your persoal iformatio 14 TERMS AND CONDITIONS 15 2

4 Itroductio. The purpose of this Product Disclosure Statemet ( PDS ) is to iform you of how our Telegraphic Trasfers work to help you decide whether to use this product. This PDS provides you with key iformatio about Telegraphic Trasfers to esure that you receive the iformatio you eed to assist you i makig a iformed decisio about whether you wish to use Telegraphic Trasfers that are offered by Ceturio Fiace Limited. Ceturio Fiace Limited is part of the global America Express group that provides global paymet ad foreig exchage services. The ultimate holdig compay of the America Express group is America Express Compay, a America bak holdig compay. The America Express Compay is regulated by the Board of Goverors of the Federal Reserve System. I this PDS a referece to America Express, we, our or us is a referece to Ceturio Fiace Limited (Compay Number ) ad its related etities. 3

5 Telegraphic Trasfers. A Telegraphic Trasfer is a electroic message iitiated by oe fiacial istitutio directig aother fiacial istitutio to make a paymet o its behalf. The paymet is routed to the beeficiary s fiacial istitutio usig itermediary fiacial istitutio(s) ad a message platform. Oe such platform is kow as SWIFT (Society for Worldwide Iterbak Fiacial Telecommuicatios). Most fiacial istitutios have a uique Bak Idetifier Code (BIC). The SWIFT participats exchage messages betwee themselves ad due to the security built ito the system the receivig bak kows the message/istructios are authetic. The beeficiary fiacial istitutio will credit fuds to the beeficiary accout, depedet upo accuracy of paymet details. Telegraphic Trasfers are oe of the quickest ad most secure method of executig paymets abroad. The beeficiary geerally receives paymet withi hours after the trasactio has bee iitiated, however this will deped o: The currecy beig set Time zoe differeces Local exchage regulatios Local settlemet procedures The bak ad coutry to which the paymet is beig directed Fial destiatio poit The amout of the trasactio America Express ca sed Telegraphic Trasfers to most coutries i the world i over 132 differet currecies. Check with our Foreig Exchage Dealers for coutries to which paymets ca be set. 4

6 Value Date. Every foreig exchage trasactio specifies a date o which the exchage of currecy will take place. This is kow as the value date. The value date for most trasactios is geerally for spot value which is two bakig days after the date the trasactio is agreed, i order to recogise time delays iheret i paymet processig ad systems. Value today or value tomorrow trasactios are oly available by special arragemet. Cacellatio. If you have agreed to a exchage rate ad wish to cacel this agreemet, America Express will reverse the foreig exchage positio it has etered ito o your behalf, which may result i additioal costs. These costs are derived from the differece betwee the origial exchage rate agreed by you ad the cacellatio rate America Express ca source, at the time of cacellatio. If the trasactio has already bee trasmitted to the beeficiary fiacial istitutio ad credited to a accout, it is oly possible to recall fuds with the approval of the accout holder. This process ormally takes a miimum of oe week ad loger o occasios. If a customer wishes to cacel a Telegraphic Trasfer trasactio which has bee trasmitted, a cacellatio fee is applicable. I additio to America Express fees, there may be a charge made by the beeficiary s fiacial istitutio ad/or ay itermediary fiacial istitutio. You may also have to pay a amout which represets the differece i fuds credited back to our accout if there is a adverse chage i exchage rates betwee the time America Express processes the trasactio ad its cacellatio. Depedet o exchage rate fluctuatios, the amout refuded could be substatially differet from the origial amout of the trasactio. 5 To cacel a agreed foreig exchage positio or a Telegraphic Trasfer which has bee trasmitted, please cotact us immediately o

7 Applyig for a Iteratioal Paymets Facility. Please cotact us o to apply for a iteratioal paymet facility to sed Telegraphic Trasfers. Oe of our sales cosultats will explai our product to you ad make arragemets for you to complete our applicatio form. Busiess applicats must iclude evidece of the establishmet of your busiess, your busiess fiaces icludig audited fiacial statemets ad details of the types of trasactios udertake by your busiess. Your applicatio will be reviewed i terms of relevat idetificatio checks ad credit policies. You will be advised of the outcome of your applicatio withi 14 days. Our approval of your applicatio will iclude cofirmatio of settlemet method with you. Settlemet of paymets ca be made by either Direct Debit or Direct Credit at our discretio or, subject to our approval, with a America Express corporate or busiess card issued i your ame or ay authorised officer (o your corporate or busiess accout) ( Corporate Card ). Use of your Corporate Card is i accordace with the terms ad coditios goverig the Corporate Card, as issued ad ameded by us from time to time ( Card Member Terms ad Coditios ). All iteratioal paymet facilities are subject to the attached terms ad coditios. Sedig Iteratioal Paymets. Oce your iteratioal paymets facility has bee approved, you may sed Telegraphic Trasfers up to your approved limit. There are two steps to sed a Telegraphic Trasfer. The first step is to agree a exchage rate. The secod step is to provide us with the accout ad beeficiary details. You ca obtai a quote for a exchage rate either by usig our olie system, FX Iteratioal Paymets (FXIP), or you ca call our Foreig Exchage Dealers o Oce you cofirm agreemet to the exchage rate, you ca oly cacel the Telegraphic Trasfer i accordace with the Cacellatio sectio of this documet. If you agree to a foreig exchage quote by phoe, you must sed the accout ad beeficiary istructios to us by facsimile, usig our stadard Iteratioal Telegraphic Trasfer or Bak Draft Requisitio form before we ca trasmit the Telegraphic Trasfer. This form icludes sufficiet space to provide full beeficiary details. These order forms must be faxed to us o O receipt of your facsimiled istructios, the sigature authorisig the paymet will be checked agaist our records. If you require more tha oe sigature to authorise a paymet, you must sed paymets usig FXIP. If you use FXIP, you ca obtai foreig exchage quotes, agree to a foreig exchage quote ad also provide the accout ad beeficiary details olie. Please cotact us o to arrage access to the FXIP ad receive the appropriate procedures. 6

8 Please ote that uder New Zealad law we caot sed paymets to certai idividuals ad busiesses prohibited uder New Zealad law. Similarly, uder Australia ad US laws, we caot sed paymets to certai sactioed coutries or to idividuals ad busiesses prohibited uder Australia ad US laws. Uder certai US laws, fuds forwarded to us for oward trasmissio to US sactioed coutries, idividuals or busiesses may be retaied by us pedig a appropriate licese from the US govermet. Accout ad Beeficiary Details. It is importat to have accurate ad complete details whe sedig a Telegraphic Trasfer. Madatory iformatio that is required to be completed by the customer, either o the Iteratioal Telegraphic Trasfer or Bak Draft Requisitio form or via olie orderig iclude: Complete ame of beeficiary s fiacial istitutio o abbreviatios Complete address of the fiacial istitutio brach where the accout is maitaied SWIFT Code for the beeficiary s fiacial istitutio Complete ad accurate ame of beeficiary Beeficiary s fiacial istitutio accout umber icludig ay additioal idetifiers (eg IBAN for the Europea Uio). 7

9 Fees ad Charges. America Express levies the followig fees ad charges i respect of each Telegraphic Trasfer ( TT ): TT set i foreig currecy Up to NZD TT received i foreig currecy Up to NZD TT set i NZD Up to NZD Amedig a TT Up to NZD Requestig a trace o a TT Up to NZD Cacellatio of a TT* Up to NZD Trade Services Fee Up to 2.4% Other tha the Trade Services Fee, these fees iclude GST. *I additio to the fee, you may also have to pay a amout which represets the differece i fuds credited back to our accout if there is a adverse chage i exchage rates betwee the time America Express processes the trasactio ad its cacellatio. May fiacial istitutios overseas impose processig fees whe hadlig Telegraphic Trasfers. These fees are set by the processig istitutio ad vary betwee istitutios ad coutries. As a result, the amout of the paymet actually received by the beeficiary may ot ecessarily be the same as that requested by the customer. Repeat Beeficiary Codig. Oce your iteratioal paymets facility has bee approved, each customer s beeficiary details are recorded i our processig system, esurig accurate iformatio is maitaied. Customer Service. Customer service issues for ay Telegraphic Trasfer are hadled by our Iteratioal Paymets customer service team. They will be able to aswer ay questios relatig to Telegraphic Trasfer issuace ad procedures. Iteratioal Paymets customer service cotact: phoe Settlemet Methods. Settlemet i NZD is available via either: A pre-authorised Direct Debit from the customer s omiated bak accout (subject to our approval). A electroic Direct Credit to America Express bak accout. You must pay us i full i cleared ad trasferable fuds for the amout of ay trasactio, as well as our applicable service fees before we pay, trasmit or exchage ay fuds for you. America Express does ot accept cheque or cash paymets for Direct Credit paymets. Your Corporate Card (subject to our approval). Use of your Corporate Card is i accordace with your Card Member Terms ad Coditios. Each settlemet method is also subject to the attached terms ad coditios. 8

10 Cut-off Time. Orders placed by facsimile (icludig receipt of Direct Credit fuds) are required by 3.00pm (Aucklad time) for paymets to be trasferred same day. Orders placed olie i FX Iteratioal Paymets must be completed by 5.00pm (Aucklad time) for paymets to be trasferred same day. Please ote, while the beeficiary geerally receives paymet withi hours after the trasactio has bee iitiated, the paymet ca take up to 72 hours i certai circumstaces. Where a order relates to a time critical trasactio, orders must be placed at least 3 busiess days prior to the date ad time whe paymet is required i order for customers to be assured of their paymet beig received o time. Fax & Iteret Cofirmatios. Trasactio Receipts ad completed Trasactio Cofirmatios are faxed to the customer. This procedure is geerated automatically as the trasactios are processed. Customers orderig via the iteret receive a olie trasactio referece ad cofirmatio posted to their secure ibox. Sigificat Beefits. Fast, efficiet trasfers throughout the world. Able to trasfer fuds i up to 132 differet currecies. Competitive exchage rates. Sigificat Risks. Paymets may be delayed or become lost if icomplete or iaccurate paymet istructios are provided. I the evet of cacellatio, ay refud will be calculated at the curret exchage rate o date of receivig the refud which may cause a foreig exchage gai or loss depedig o the movemets i exchage rates. For facsimile istructios, you should be careful as there is a risk of fraudulet facsimile istructios that ca be made by someoe who has access to your busiess details ad a copy of authorized users specime sigatures. We reserve the right to implemet additioal security checks at ay time. We use a rage of correspodet fiacial istitutios to eable paymets to be effected. There is a risk that paymets may be delayed by oe or more of these istitutios due to factors outside our cotrol. As the fees set by third party processig istitutios vary, the amout of the paymet actually received by the beeficiary may ot ecessarily be the same as requested. There is o coolig-off period. Oce you cofirm agreemet to the exchage rate, you ca oly cacel the Telegraphic Trasfer i accordace with the Cacellatio sectio of this documet. 9

11 Dispute Resolutio. America Express is committed to customer satisfactio as part of its service philosophy. We have established iteral procedures to resolve the complaits regardig our products. If you have a complait about the service or products provided to you, please take the followig steps; direct your complait, at first istace, to the poit of purchase or otherwise, cotact America Express by telephoe o If your complait is ot satisfactorily resolved withi 20 busiess days, please address your complait i writig to: The Complaits Maager Foreig Exchage Services Ceturio Fiace Limited 600 Great South Road Greelae, Aucklad We make every edeavour to resolve the complaits i a prompt ad fair maer. Compay Iformatio. Ceturio Fiace Limited (Compay Number ) was icorporated uder the Compaies Act 1955 o 21 March 1986 ad was re-registered uder the Compaies Act 1993 o 27 Jue The public file relatig to the compay, icludig a copy of the compay s most recet fiacial statemets, ca be viewed o the Compaies Office website at at o cost. Updates to this PDS. The iformatio i this PDS is curret as at 22 July America Express may make available updated iformatio relatig to this PDS. You may access this updated iformatio via the iteret at or alteratively you may request a paper copy of this iformatio free of charge from our Foreig Exchage Dealers o Whe a ew or supplemetary PDS is posted o our website, it will be deemed to have bee made available to you as at the time it was posted o our website. 10

12 Privacy of your Persoal Iformatio. Our commitmet to your privacy. America Express ad the America Express group is proud of their reputatio for, ad commitmet to, safeguardig iformatio about their customers. The America Express Customer Privacy Priciples have bee i place for may years ad provide a miimum stadard which applies throughout America Express worldwide. I New Zealad, we adhere to the Privacy Act A copy of our Privacy Policy Statemet is located o our website at or may be obtaied by callig us o Collectio of iformatio. America Express ad the America Express group limit the collectio of iformatio about our customers to what we eed to kow to fulfil our legal ad regulatory obligatios, to provide customer services ad to offer ew products ad services to our customers. Geerally, we collect persoal iformatio directly from you, such as whe you apply for or request a product or service. Depedig o the product, we may also collect persoal iformatio through third parties such as credit reportig agecies whe you apply for a foreig exchage facility. Use of iformatio. We may use the iformatio we collect about you o its ow or combie it with other iformatio to: deliver products ad services, icludig: recogise you whe you retur to our websites or use our apps complete trasactios tell you about updates to your accouts, products, ad services update you about ew features ad beefits aswer questios ad respod to your requests made through our websites or apps ad through third-party websites (icludig social media) use the locatio of your mobile device for locatiobased services that you may request determie how to best provide services to you ad maage your accouts, such as the best way ad time to cotact you improve our websites or apps ad make them easier to use advertise ad market our products ad services ad those of our busiess parters icludig to: sed or provide you with marketig, promotios ad offers 11

13 aalyse whether our marketig, promotios ad offers are effective help us determie whether you may be iterested i ew products or services coduct research ad aalysis, icludig to: better uderstad our customers allow you to rate ad review our products ad services produce data aalytics, statistical research, ad reports review ad improve our products ad services ad make them easier to use maage fraud ad security risk, icludig to: detect ad prevet fraud or crimial activity safeguard the security of your iformatio assess credit risks relatig to our busiess, icludig to evaluate ad process your applicatios for our products ad services ad maage your existig accouts use it i other ways as required or permitted by law or with your coset Iformatio quality ad security. We use available techology ad well defied employee practices to esure that customer persoal iformatio is processed promptly, accurately ad completely. We use security techiques to protect our customer data ad to limit access to that data. Whe we might share your persoal iformatio. We do ot share Persoal Iformatio with ayoe except as described below. We oly share Persoal Iformatio as required or as permitted by law as follows: with credit bureaus ad similar istitutios to report or ask about your fiacial circumstaces, ad to report or collect debts you owe; with regulatory authorities, courts, ad govermetal agecies to comply with legal orders, legal or regulatory requiremets, ad govermet requests; with our Service Providers, regulatory authorities, ad govermetal agecies to detect ad prevet fraud or crimial activity, ad to protect the rights of America Express or others; withi the America Express Family of Compaies; 12

14 with our Service Providers who perform services for us ad help us operate our busiess (we require Service Providers to safeguard Persoal Iformatio ad oly use your Persoal Iformatio for the purposes we specify); with fiacial istitutios or Co-brad Parters with whom we joitly offer or develop products ad services (but they may ot use your Persoal Iformatio - i particular your address - to idepedetly market their ow products or services to you uless you coset that they ca do so); i the cotext of a sale of all or part of the America Express Family of Compaies or their assets; or for specific products or services, whe you have give your coset. Overseas Trasfer. We may trasfer Persoal Iformatio to Service Providers or compaies withi the America Express Family of Compaies throughout the world, for example, to process trasactios ad provide you with our products or services. Regardless of where we process your iformatio, we still protect it i the maer described i this olie privacy statemet ad accordig to all applicable laws. How we hadle Aggregated Iformatio ad De-idetified Iformatio? Aggregated Iformatio or De-idetified Iformatio does ot idetify you idividually; it helps us to aalyse patters amog groups of people. We may share Aggregated Iformatio or De-idetified Iformatio i several ways, for example: for the same reasos as we might share Persoal Iformatio; with Busiess Parters to help develop ad market programs, products or services ad preset targeted cotet icludig Targeted Advertisig; with Busiess Parters to coduct aalysis ad research about customers, website ad app users; or with Third-Party Ad-Servers to place ads (icludig ads of our Busiess Parters) o various websites ad apps, ad to aalyse the effectiveess of those ads. Recordig Phoe Calls. America Express may also moitor ad record your telephoe coversatios with us for staff traiig ad service quality cotrol purposes. 13

15 How do we keep ad safeguard your iformatio? We use admiistrative techical ad physical security measures to protect your Persoal Iformatio. These measures iclude computer safeguards ad secured files ad facilities. We take reasoable steps to securely destroy or permaetly de-idetify Persoal Iformatio whe we o loger eed it. We will keep your Olie Iformatio oly as log as we must to deliver our products ad services, uless we are required by law or regulatio or for litigatio ad regulatory ivestigatios to keep it. You ca access your persoal iformatio. We will take reasoable steps to make sure that the persoal iformatio we collect, use or disclose is accurate, complete ad up-to-date. If your persoal details chage, such as your telephoe umber or billig address, please cotact us so that we ca cotiue to provide you with our products ad services. Followig a request, we will provide you with a copy of persoal iformatio which we hold about you. We will promptly ackowledge ad ivestigate ay complaits about the way we maage persoal iformatio. Direct Marketig. You ca choose how you would like to receive marketig commuicatios, icludig direct marketig - whether we sed them to you through postal mail, , SMS ad/ or telephoe. If you choose to ot receive marketig commuicatios from us, we will hoor your choice. Please be aware that if you choose ot to receive such commuicatios, certai offers attached to the products or services you have chose may be affected. We will still commuicate with you i coectio with servicig your accout, fulfillig your requests, or admiisterig ay promotio or ay program i which you have elected to participate. 14

16 Terms ad Coditios. 1. Itroductio. These terms ad coditios (22 July 2015 editio) apply to all Telegraphic Trasfer trasactios carried out by Ceturio Fiace Limited ( America Express, we, our or us ) at the request of the compay which has completed the applicatio form for foreig exchage services ( you or your ). By sigig the applicatio, you agree to be boud by these terms ad coditios. 2. Fees ad Charges. You agree to pay all fees ad charges i relatio to processig a Telegraphic Trasfer. These fees ad charges iclude those disclosed i the product disclosure statemet, but may also iclude fees ad charges which a third party charges us for processig a Telegraphic Trasfer o our behalf. You ackowledge that i some cases the third party may ot charge us a fee, but will istead deduct this fee from the amout the beeficiary receives. We also reserve the right to susped or cacel your iteratioal paymets facility if ay outstadig amouts or fees ad charges owig o ay Telegraphic Trasfer remai upaid. 3. Authorised Users. It is your resposibility to otify us i writig of all chages i your Authorised Users ad to provide us with the specime sigature ad security details if a Authorised User is to be added to the accout. 4. Phoe, Fax or Iteret Istructios. You authorise us to rely upo ad act o your behalf i accordace with ay phoe, fax or iteret istructios, provided that: i the case of the phoe, the istructios are provided to us by a Authorised User; i the case of a fax, the istructios are siged by you or the sigature appears reasoably similar to the specime sigature of oe of your Authorised Users; i the case of the iteret, the istructios are submitted to us usig the user ID ad password we have give to you; ad we reserve the right, at our discretio, to request additioal iformatio relatig to ay trasactio or to declie to carry out ay trasactio, i which case we shall ot be liable to you for the delay or o-completio of the trasactio. We are ot obliged to eter ito ay trasactios with you. You ackowledge that oce you cofirm agreemet to the exchage rate, you ca oly cacel the Telegraphic Trasfer i accordace with the Cacellatio sectio of the Product Disclosure Statemet. 5. Delayed Paymet. We are uable to guaratee receipt of fuds by the recipiet withi the stadard clearig process timeframe, as the trasactio may be delayed by factors outside of our cotrol, such as iaccurate paymet istructios ad/or delays by third party fiacial istitutios. The stadard timeframes are provided by way of idicatio oly. You agree that we are ot liable for ay costs, losses or damages if a paymet is delayed ad we have acted o your istructios i good faith. 15

17 6. Direct Credit Settlemet. Uless we have approved you to settle through Direct Debit Settlemet, you must pay us electroically i full i cleared ad trasferable fuds for the amout of ay trasactio, as well as our applicable service fees o or before the Value Date. Paymets will ot be trasferred util receipt of cleared fuds. Customers may choose to utilise a priority or RTGS (real time gross settlemet) fuctioality o their bakig system whe executig a electroic fuds trasfer to esure delays are miimised. America Express does ot accept cheque or cash paymets for Direct Credit paymets. If you fail to pay the required cleared fuds o or before the Value Date, we reserve the right to either: 7. Direct Debit Settlemet. If we have approved you to settle through Direct Debit Settlemet, followig receipt of your istructios iitiatig the trasactio, the stadard clearig process may require up to three busiess days to elapse before your paymet is completed. You are obliged to make sufficiet cleared fuds available to satisfy the trasactio, icludig our fees ad charges. Should ay trasactio be rejected due to your failure to do so, you are liable to pay us ay fees ad charges icurred as a result of the trasactio, icludig ay rejectio fees charged by third party fiacial istitutios. Cacel the trasactio, i which case you are liable for all fees ad charges icurred by us i relatio to the cacelled trasactio; or Adjust the applicable exchage rate to accommodate a ew Value Date for the trasactio. 16

18 8. Settlemet o Corporate Card. If we have approved you to settle via your Corporate Card, you ca obtai a foreig exchage quote for a outboud Telegraphic Trasfer by callig our Foreig Exchage Dealers o or through A exchage rate is agreed ad bidig at the time you verbally approve the exchage rate or accept the rate olie at You will be charged a service fee for trasactios settled via your Card Member Corporate Card ( Trade Service Fee ). The Trade Service Fee will be otified to you before acceptace of the foreig exchage quote ad upo the submissio of each order for a outboud Telegraphic Trasfer to be settled by your Corporate Card. Rates ad charges paid by you to America Express i settlemet of a Telegraphic Trasfer may be shared betwee America Express ad its related etities. Your Corporate Card ca oly be used to settle trasactios where there is a associated purchase of goods or services ad caot be used for fudig purposes or compay to compay trasfers. You may be asked to provide supportig documetatio or iformatio to validate the purpose of your trasactio. Use of your Corporate Card is i accordace with your Card Member Terms ad Coditios. No Liability You uderstad that America Express is oly providig a meas of paymet for the Telegraphic Trasfer trasactio ad will ot be liable or resposible i ay way for the Telegraphic Trasfer trasactio or for ay liability or expese that you may icur i relatio to the Telegraphic Trasfer trasactio. You ackowledge that it is your resposibility to satisfy yourself that the goods ad services provided i relatio to the TT trasactio meet your requiremets. You agree to idemify America Express agaist all claims by third parties arisig out of this PDS or the TT trasactios. No Disputes Notwithstadig ay other sectio of this PDS, you agree that you will have o etitlemet to request America Express to dispute the Telegraphic Trasfer trasactio or to withhold or recover moey from the beeficiary. You agree that, except i the case of fraudulet trasactios, where America Express is prove to be at fault, America Express will uder o circumstaces be required to reverse or charge back ay charges relatig to the Telegraphic Trasfer trasactio. 17

19 You agree that you must pay America Express the full amout for ay disputed charges i relatio to the Telegraphic Trasfer trasactio, ad ot withhold ay amout pedig dispute resolutio uder ay agreemet betwee you ad the beeficiary. You agree that ay disputes i relatio to the Telegraphic Trasfer trasactio must be resolved directly betwee you ad the beeficiary, with ay required adjustmets i relatio to disputes to be made betwee you ad the beeficiary. 9. Idemity. You agree to idemify us ad keep us idemified agaist ay claim, actio, demad, loss, damage, cost, expese, or liability icurred by or threateed agaist us as a direct or idirect result of or i coectio with ay Telegraphic Trasfer trasactio, icludig without limitatio, if we act or fail to act o ay phoe, facsimile or iteret istructio whether or ot such istructio is issued by you, except to the extet caused by our ow egliget, reckless or wilful coduct. 10. Liability. You agree that if ay Telegraphic Trasfer trasactio is rejected by the payee fiacial istitutio or if we cacel your trasactio or facility i accordace with these Terms ad Coditios, you are liable to pay to us ay amout the owig i relatio to that trasactio or accout, icludig ay outstadig fees ad/or costs or expeses we icurred i termiatig the trasactio or cacellig your accout. 11. Limitatio of Liability. You agree that we shall ot be liable to you for: ay performace, delay or failure which is due to a cause beyod our reasoable cotrol icludig, without limitatio, delays i receipt of paymet istructios ad other details, delays i receipt of cleared fuds, failure of ay commuicatios system or delays caused by a third party. We use fuds trasfer ad draft issuace services of JP Morga Chase Bak, Citibak N.A., America Express Bak, Westpac Bakig Corporatio, ad other third party licesed baks, ad shall ot be liable for ay failure or error i such services, ay loss of profits or ay icidetal, idirect, cosequetial, puitive or special damages, regardless of how they arise; ad/or ay amout i excess of NZD$10,

20 12. Set Off. You agree that we are etitled to set off ad withhold ay moies we hold for you or owe you agaist ay amouts you are obliged to pay us uder these Terms ad Coditios. You also agree that we are etitled to set off ay advace part paymet or other credit held o your behalf for ay reaso agaist ay debt or amout you owe us, icludig amouts owed for ay foreig exchage or moey trasfer trasactios. We may exercise this right of set off i our complete discretio where the debt owed to us has bee outstadig for more tha 5 busiess days. If a set off is effected uder this clause, we will iform you of the remaiig balace(s) (if ay) the owig o all of your accout(s) held with us. 13. Compliace with Law. You ackowledge that America Express is subject to various legal obligatios (such as ati-moey lauderig ad sactios) i the markets i which it operates, ad declare that your istructios will ot breach ay laws i New Zealad or ay other coutry. America Express may delay, block or refuse to process ay trasactio without icurrig ay liability if we suspect that the trasactio may breach ay law i New Zealad or ay other coutry. 14. Geeral. These terms ad coditios are govered by New Zealad law. We ca chage these terms ad coditios at ay time. America Express may require additioal fiacial or idetity iformatio whilst processig your applicatio or reviewig it o a aual basis. Authority to Ceturio Fiace Limited uder the Privacy Act: To provide you with your Foreig Exchage service, America Express eeds to: collect persoal iformatio about you; ad obtai your agreemet i relatio to hadlig this persoal iformatio. If you do ot provide the iformatio requested or give your agreemet below, America Express may ot be able to provide you with the Foreig Exchage service. The America Express Privacy Policy Statemet sets out policies o maagemet of persoal iformatio. I accordace with the Privacy Act, you ca access persoal iformatio about you held by America Express ad advise if you thik it is iaccurate, icomplete or out-of-date. 19

21 To arrage access to persoal iformatio about you, request a copy of the America Express Privacy Policy Statemet or equire geerally about privacy matters, write to: The Privacy Officer Ceturio Fiace Limited 600 Great South Road Greelae, Aucklad I this sectio persoal iformatio meas iformatio about you, icludig your fiacial circumstaces ad the use of Foreig Exchage products. I agree that, subject to the Privacy Act, you ad your agets may do the followig: Trasfer persoal iformatio cofidetially to your related compaies ad other orgaisatios which issue or service America Express Foreig Exchage products, subject to appropriate coditios of cofidetiality. This icludes trasferrig persoal iformatio to the Uited States or other coutries for data processig ad servicig. Moitor ad record all telephoe coversatios betwee America Express ad the authorised represetative of the compay. Please ote currecy coversatio rates chage accordig to market coditios. For the latest figures, please call i New Zealad. 20

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23 America Express. Registered Trademark of America Express Compay. AE /08/15