A. FNB FOREX TERMS AND CONDITIONS

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1 A. FNB FOREX TERMS AND CONDITIONS 1. INTRODUCTION 1.1 The General Terms and Conditions and Product, Channel and Account Specific Terms and Conditions ( Terms and Conditions ), as set-out herein, form part of the Client s Agreement with the Bank for the use of its Foreign Exchange facilities. The Terms and Conditions set out in this document are applicable to all Foreign Exchange Transactions entered into between the Bank and its Clients. The Client must read this agreement carefully. It contains important information about the Client s and the Bank s legal rights and duties. The Client must communicate with the Bank via one or more of the following portals: website forex@fnb.co.za, telephone Forex (36739) the Client does not understand any part of these Terms and Conditions. This agreement must be read in conjunction with other terms and conditions that apply to the Client s banking relationship with the Bank. 1.2 These Terms and Conditions do not cover derivatives, documentary credits or guarantees. 2. DEFINITIONS 2.1 Authorised Person means the person who is duly authorised to instruct the Bank; 2.2 Agreement means the application form; these Terms and Conditions; the Foreign Exchange Transaction confirmation; and any other documents specifically incorporated herein by reference and/or related to the services and/or products provided by the Bank; 2.3 "Bank means FRB, acting through its divisions; 2.4 Balance of Payment or BOP Category Codes means codes that identify and categorise in numeric format the nature and purpose of a cross border transaction; 2.5 "Business Day" means any working day as applicable in the country in which the Transaction is settled; 2.6 C.F.C. Account means a customer Foreign Currency Account conducted by residents in the nostro administration of an Authorised Dealer, in terms of the provisions of the Rulings or in terms of a specific authority granted by the SARB. Funds standing to the credit of such an account are deemed to be local assets denominated in a Foreign Currency; 2.7 Channels means the way in which Foreign Currency is purchased from the Bank, i.e. online, telephone and branch. 2.8 Client means a natural or legal entity entering into a Transaction with the Bank; 2.9 CMA means the Common Monetary Area, which consists of Lesotho, Namibia, South Africa and Swaziland; 2.10 Discretionary Allowance means a specified amount set by the SARB that a Resident (natural persons) over the age of 18 years may avail of per calendar year; 2.11 Emigrant means a South African resident who is leaving or has left the Republic to take up permanent residence in any country outside the CMA; 2.12 Emigrant Blocked Account means the account of an emigrant from the CMA to which exchange control restrictions have been applied; 2.13 Exchange Control Regulations means the Exchange Control Regulations, published in terms of the Currency and Exchanges Act number 9 of 1933, as amended from time to time; 2.14 F.C. Account means a Foreign Currency Account conducted by residents (natural persons only) and non-residents in the nostro administration of Authorised Dealers, in terms of the provisions of the Rulings or a specific authority granted by the SARB; 2.15 FEC means a forward exchange contract; 2.16 FNB means First National Bank, a division of FirstRand Bank Limited Reg. No. 1929/001225/06, an Authorised Financial Services and Credit Provider (NCRCP20), a public company with limited liability duly incorporated in accordance with the company laws of the Republic of South Africa; 2.17 Foreign Bank Account means a foreign currency bank account conducted by Residents with a bank outside the CMA in terms of the provisions of the Rulings or a specific authority granted by the SARB "Foreign Cheque" means a cheque payable in Foreign Currency; 2.19 Foreign Currency means any currency other than currency, which is legal tender in the Republic, but excludes the currencies of Lesotho, Namibia and Swaziland. Foreign exchange must be deemed to include any bill of exchange, letter of credit, money order, postal order, promissory note, Rand to or from a Non-Resident Account, travellers cheque or any other instrument of foreign exchange; 2.20 Foreign Exchange Transaction means the purchase or sale of Foreign Currency with or for Rand; 2.21 Foreign Investment Allowance means a specified amount set by the SARB that a Resident (natural persons) over the age of 18 years may avail of per calendar year; 2.22 Foreign Nationals mean natural persons from countries outside the CMA who are temporarily resident in the Republic, excluding those on holiday or business visits; 2.23 FRB means FirstRand Bank Limited Reg. No. 1929/001225/06, an Authorised Financial Services and Credit Provider (NCRCP20), a public company with limited liability duly incorporated in accordance with the company laws of the Republic of South Africa; 2.24 Global Account means an account in a Foreign Currency that allows a Client to invest its Foreign Investment Allowance; 2.25 Immigrants mean natural persons who immigrated from countries outside the CMA with the firm intention of taking up or having taken up permanent residence in the Republic; 2.26 "LIBOR" means unless otherwise agreed to in writing between the Bank and the Client, the rate certified by the Bank to represent the London Inter Bank offer rate as published on Reuters as being the British Bankers Association Interest Settlement rate; 2.27 Limit Order means buying and selling a foreign currency at a foreign rate through spot deals up to a maximum of 6 months for an upfront fee. Page 1 of 15

2 2.28 "Net Asset Value" means the excess of a party's assets over its liabilities, as determined from its most recent financial statements: provided that if a party's liabilities exceeds its assets, its net asset value will be deemed to be zero; 2.29 Nominated Bank Account means the bank account selected by the Client, into which the Bank shall pay all monies due to the Client and from which the Bank may debit any amounts owed by the Client; 2.30 Non-Resident means a person (i.e. a natural person or legal entity) whose normal place of residence, domicile or registration is outside the CMA; 2.31 Non-Resident Area means all countries other than those included in the CMA; 2.32 Non-Resident Account means the account of a Non-Resident conducted in the books of an Authorised Dealer; 2.33 Party or Parties means either the Bank or the Client, or both, as the context indicates; 2.34 Passenger Ticket means a ticket issued in respect of travel arrangements, inclusive of electronically issued tickets ( e-tickets ); 2.35 "Prime Rate" means the interest rate (percent, per annum, compounded monthly) published by the Bank from time to time; 2.36 Product, Channel and Account Specific Terms and Conditions means the terms and conditions governing the respective Channels, accounts and products; 2.37 Rand means the monetary unit of the Republic as defined in Section 15 of the South African Reserve Bank Act, 1989 (Act No. 90 of 1989), as amended from time to time; 2.38 Regulations mean the Exchange Control Regulations, 1961 as promulgated by Government Notice R.1111 of , as amended from time to time; 2.39 Republic means the Republic of South Africa; 2.40 Resident means any person (i.e. a natural person or legal entity) who has taken up permanent residence; is domiciled; or registered in the Republic. For the purpose of the Rulings, this excludes any approved offshore investments held by South African residents outside the CMA. However, such entities are still subject to exchange control Rules and Regulations; 2.41 Resident Account means the account of a person resident, domiciled or registered in the Republic, including that of a CMA resident; 2.42 Resident Temporary Abroad means any resident who has departed from the Republic to any country outside the CMA, with no intention of taking up permanent residence in another country, but excluding those residents who are abroad on holiday or business travel; 2.43 Rulings mean the Exchange Control Rulings issued by the SARB under the powers delegated by the Minister of Finance which contain the permissions, conditions and limits applicable to the Transactions in Foreign Exchange, as well as details of related administrative responsibilities; 2.44 SARB means the Financial Surveillance Department of the South African Reserve Bank, responsible for the administration of exchange control in terms of the delegation from Treasury; 2.45 SARS means the South African Revenue Service; 2.46 Spot Rate means the rate is booked and the Transaction is settled on the same day; 2.47 Spot Deal means a Transaction where the Value Date is 2 (two) working days after the instruction date; 2.48 S.W.I.F.T means Society for Worldwide Interbank Financial Telecommunications; 2.49 "Trade Date" means a date upon which a Transaction is concluded and for which the rate is booked; 2.50 "Transaction" means a Foreign Exchange Transaction concluded between the Parties, comprising of a spot, forward or swap transaction, as the case may be; and 2.51 "Value Date" means the agreed date of settlement of a Transaction (provided that if any such Value Date occurs on a day other than a Business Day then the Value Date for such Transaction shall be the following Business Day). 3. GENERAL 3.1 The Bank is an authorised dealer in Foreign Exchange as envisaged in the Regulations. 3.2 The Terms and Conditions and the Foreign Exchange Transaction confirmation form part of the Client s Agreement with the Bank. 3.3 The Bank reserves the right to amend these Terms and Conditions from time to time. A copy of the latest Terms and Conditions is available on the Bank s website ( or can be obtained from a FNB branch. The Client is required to read these Terms and Conditions prior to placing an order. 3.4 The head notes to the clauses are inserted for reference purposes only and shall in no way govern or affect the interpretation hereof. 3.5 Unless inconsistent with the context, an expression which denotes any gender includes the other gender, a natural person includes a legal entity and the singular includes the plural and vice versa. 3.6 References to "writing", "written notice", "written instructions" and the like shall include telefax and No indulgence given to either Party shall constitute a waiver of any of the rights. 3.8 The Client may not cede and/or assign its rights and/or obligations in terms of any Transaction to any third party without written notification to the Bank. 3.9 Defined terms used in a sentence will generally have the initial letter capitalised Terms printed in BOLD place a strict obligation on You and should therefore be carefully read and understood If any provision of these Terms and Conditions including these disclaimers and limitations shall be unlawful or unenforceable then such provision shall fall away and shall not affect the validity and enforceability of the remaining terms or any of the Client s statutory rights which cannot be excluded by these Terms and Conditions If the inward payment presented by the Bank does not belong to the Client, it is the Client s responsibility to inform the Bank that the money should be returned. Failure to advise the Bank could result in fraud charges being instituted against the Client by the Page 2 of 15

3 Bank. The Bank will not be held liable for any damages, losses, legal actions and costs the Client may incur as a result of the Client failing to truthfully declare the monies are not that of the Client. The Bank reserves the right to debit the account into which the monies were incorrectly or erroneously paid with the full amount including any interest or exchange rate losses incurred. In the event the Bank is unable to debit the account with the outstanding amount the Client will remain liable to repay the Bank the full amount including any interest or exchange rate losses The provision of Foreign Currency involves special risks which may affect the value of an order placed by virtue of fluctuation in exchange rate as a result of changes in financial markets. These changes are outside of the control of the Bank Please note that Foreign Currency availability may be subject to monetary limits, currency exchange restrictions and anti money laundering regulations Each Transaction shall be subject to and conditional upon compliance with the Terms and Conditions and any relevant laws, including, without derogating from the generality of the aforegoing, the Regulations, the Protection of Constitutional Democracy against Terrorism and Related Activities Act 33 of 2004, and any rulings, laws, rules, regulations and directives of any competent authority in force at the time of entering into any Transaction with the Bank or which may come into force thereafter but be applicable to any Transaction already entered into The onus is on the Client to ensure that all Transactions comply with relevant laws, both local and international and monetary limits The Bank shall have no liability whatsoever in relation to any demands, claims, actions, losses, costs and damages of whatever nature the Client may suffer as a result of the Client s failure to comply with the Terms and Conditions and any related local and international rules, laws and regulations The Bank may request the Client to provide additional information/documentation as required in terms of the Exchange Control Rulings and/or other pieces of legislation Failure by the Client to provide the Bank with the requested documentation and information on time will result in: the Transaction being cancelled, with all costs debited to the Client s account; and/or a delay in processing the Client s Transaction until such time that all outstanding documentation/information has been received by the Bank. The Bank cannot be held liable for any loss incurred by the Client as a result of a delay in processing the Transaction. An administration fee will be levied and should any exchange rate loss occur the Client will be held liable for the loss Any delay on the Client s part in providing information and documentary evidence of the Client s underlying commitment in order to obtain exchange control approval by the settlement date will, without exception, prevent a settlement and could result in possible costs to the Client s account and/or the Client s payment not being effected timeously, in which case the Bank will not be liable for these costs or for the Client s payment not being effected timeously The Client is responsible to ensure that all information supplied to the Bank is correct. The Bank will not be responsible for incorrect information supplied by the Client in respect of any Transactions No Foreign Exchange Transaction will be processed unless the application has been fully completed and submitted and all requested information and/or documentation have been received It is the Client s responsibility to ensure that the Transaction complies with relevant laws, both local and international; 3.23 The Bank may from time to time be obliged to disclose information relating to this instruction to SARS, SARB, FIC, local and international counter party Banks for purposes of such counterparty complying with its rules, regulations or other legitimate duties and by entering into the Foreign Exchange Transaction with the Bank, the Client furthermore agrees and grants consent to the Bank to make such disclosure All foreign exchange transactions are required to be reported as per SARS s request 4. FEES AND CHARGES 4.1 Fees and charges applicable to the Client s order will inter alia be displayed on the ordering screen during the online process, and/or will be provided to the Client telephonically. 4.2 Commissions and charges are specific to the type of Foreign Exchange Transaction. 4.3 All Foreign Exchange Transactions and fees and charges credited and debited from and to the Client s Nominated Bank Account, will be displayed on the Client s transaction history; on the ATM mini statement of the Client s Nominated Bank Account; and/or on a transaction record from one of FNB s Branches. The Bank may at any time amend or introduce new fees for the use of the service. 4.4 Fee explanations, related fees, charges and penalty fees for the use of the service can be found in the pricing guide available at any FNB branch or on the Bank s website. 4.5 The Client will be charged commission, which amount may be amended from time to time The amount payable by the Client in respect of the Foreign Currency order shall be paid in Rand and calculated in accordance with the total amount of the Foreign Exchange Transaction and converted in accordance with the relevant exchange rate(s). 4.6 The Bank will debit and credit the Client s Nominated Bank Account, unless otherwise advised by the Client or by the Client s authorised representative If no account is specified, the Client will be obliged to advise the Bank in writing of the Nominated Bank Account to which the payment must be made by no later than 2 (two) Business Days prior to the Value Date. Failure to advise the Bank of the Client s Nominated Bank Account within the aforementioned timelines will entitle the Bank to: cancel the Foreign Exchange Transaction concerned, and the Client will be liable for any loss arising as a result thereof; Page 3 of 15

4 take whatever action is required to ensure that settlement of the Foreign Exchange Transaction takes place (but without any obligation on the Bank to do so) which will include debiting any such amounts from any account held in the Client s name with the Bank or the Client s Nominated Bank Account The aforegoing provisions shall not prejudice any rights the Bank may have as a result of the Client s failure to pay amounts due to the Bank. 4.7 The Bank is irrevocably authorised by the Client to debit any account held in the Client s name with the Bank and/or the Client s Nominated Bank Account, with any amount: 4.8 incorrectly credited to the account; 4.9 overpaid to the Client; 4.10 paid in error; fees and charges set in the pricing guide; the amount reflected on the Client s monthly statement; any legal fees associated with the recovery of any and all sums from the Client; interest on outstanding amounts. Interest charged will not exceed the maximum interest rate as per the National Credit Act. Interest is calculated from the date on which the Client should have paid to the Bank to the date on which the Client actually pays the Bank the overdue amount; costs, fees and expenses (including legal fees on the attorney and own client scale and other out-of-pocket expenses and any VAT or other similar tax) which the Bank incurs in connection with maintaining and enforcing the Bank s rights under this Agreement; The Bank has the right where the Client is in default of this Agreement and/or where an amount was overpaid to the Client or paid in error to: immediately place any of the Client s funds (credits) on hold; Immediately debit any account held in the Client s name with the Bank and/or the Client s Nominated Bank Account with the amount in question; immediately freeze or close the Client s account; immediately set-off any outstanding amounts that are due and payable against funds (credits) available in the Client s accounts held with the Bank, in accordance with the set-off provision The Authorisations granted to the Bank above shall not preclude the Bank from any other remedy available to it whether in terms of this Agreement or by law. 5. EXCHANGE RATE 5.1 Where Foreign Currency is bought or sold by the Client to or from the Bank, the agreed exchange rate will be settled for the specific Value Date. If an exchange rate is settled in any other form, such as the negotiation of sight or usance bills, the rate will be adjusted on the Value Date by the Bank by the difference between the Bank's telegraphic transfer rate and the appropriate sight or usance rate. 5.2 The exchange rates quoted by the Bank but not yet accepted by the Client in writing and/or telephonically, may be updated at any time. 5.3 By accepting a quote from the Bank the Client agrees to purchase the foreign exchange at the rate quoted at the time of its request. 5.4 Any discrepancies contained in the Foreign Exchange Transaction confirmation must be advised to the Bank in writing before close of business on the Trade Date referred to in the Foreign Exchange Transaction confirmation. The Client s failure to revert to the Bank prior to the aforementioned time period will constitute the Client s agreement to the content of the Foreign Exchange Transaction confirmation and the Terms and Conditions contained herein. 6. CONVERSION 6.1 Conversion of Rand to Foreign Currency will take place at an exchange rate quoted by the Bank at spot (i.e. a deal where the delivery of funds takes place within 2 (two) Business Days, on the specified Value Date) or at a forward exchange rate (i.e. the sale or purchase of Foreign Currency at a fixed rate of exchange, for delivery at a specified future date), depended on the nature of the rate agreed to with the Bank. 6.2 A Spot Transaction is a contract of buying or selling currency for settlement (payment and delivery) on the spot date, which is normally 2 (two) Business Days after the Trade Date. 6.3 A forward contract is a contract where the terms are agreed now but delivery and payment will occur at a future date. 6.4 Forward exchange rate is the exchange rate at which a bank agrees to exchange one currency for another at a future date when it enters into a forward contract with the Client. 6.5 The Foreign Currency rates as set out in the Foreign Exchange Transaction Confirmation (confirmation of the Client s Foreign Currency order) whether online or telephone, are fixed by the Bank and is the rate at which the Client agrees to purchase the Foreign Currency. 7. DELIVERY OR COLLECTION OF FOREIGN EXCHANGE FROM THE BANK 7.1 For collection at the Client s chosen FNB branch, the Bank requires to view the following: identity Documents (ID), smart card and passport for all beneficiaries of Foreign Currency; a valid air ticket for all beneficiaries of Foreign Currency; in case of land travel, proof of accommodation or if no formal accommodation has been booked, then the Client s car registration number (clear photocopies are required in the case of deliveries); and the Client s Online Payment Reference Number. Page 4 of 15

5 7.2 On delivery or collection of the Client s foreign exchange, the Client will be required to complete and sign a purchase application form, as provided by the relevant FNB Branch. 7.3 The Bank requires a minimum of 24 (twenty four) hours to arrange and prepare all collections. 7.4 Collection at RMB branches can be done between 09h00 to 15h30 on Mondays to Fridays and 08h30 to 11h00 on Saturdays. 7.5 The Bank will endeavour to meet the Client s requirements in terms of delivery and collection times and will notify the Client if the requested date and time cannot be met. 8. CANCELLATIONS, PARTIAL PAYMENTS, EARLY DRAW-DOWNS AND EXTENSION OF FOREIGN EXCHANGE TRANSACTION 8.1 In the event of the Client wanting to: cancel a Transaction in whole or in part; effect partial settlement of a Transaction; make an early drawdown; and/or extend the Value Date of a Transaction; 8.2 The Client must instruct the Bank, at least 2 (two) Business Days prior to the Value Date or the proposed earlier Value Date of the Transaction, as the case may be, to effect such variation. 8.3 Such instructions shall be by electronic dealing system in writing by or by telephone. The Bank has to be advised of any proposed changes by telephone and/or by Where the instruction is by telephone, the Client is furthermore required to confirm the telephonic instruction in writing or by within 1 (one) Business Day of giving the telephonic instruction, should no confirmation be received the Transaction will remain unchanged. 8.4 The Client s Nominated Bank Account will be debited prior to the Client receiving the Client s Foreign Currency. 8.5 In the event of any loss of profit arising as a result of a request to vary the initial Transaction instructions as contemplated above and as determined by the Bank in accordance with its standard procedures, such loss will be for the Client s account and will be payable at the time of such variation, and/or on the originally agreed Value Date of the Transaction. The Client authorises the Bank to debit the Client s Nominated Bank Account, or any account held in the Client s name with the Bank, in the amount of the loss incurred due to the variation contemplated above. 8.6 The Bank will not be responsible for any costs, claims, damages and loss incurred as a result of a reversal and/or cancellation of a Transaction. 8.7 The Client will be required to pay a cancellation fee. The Client authorises the bank to debit this fee from the Nominated bank account or any account held in the client s name with the bank. 9. WARRANTIES 9.1 The Client warrants that: the Transactions entered into are required to cover a firm and ascertained exchange receipt or commitment (as the case may be) and that the period for which such Transactions are entered into will not extend beyond the date upon which such receipt, or commitment (as the case may be), is due the Authorised representative is duly authorised and has the contractual capacity to sign to enter into a Foreign Exchange Transaction. If it is found that contractual capacity does not exist, the Transaction may be cancelled, and the Client will be held liable for any losses incurred in this regard. The Bank will not be responsible for any costs, claims, damages and incidental loss incurred as a result of the cancellation of the Transaction; to the best of the Client s knowledge, the transaction does not contravene any local or international law, statute, rule or regulation; the Client has read this document and knows and understands the contents hereof and agrees to be bound by the Terms and Conditions of this document; the information furnished and documentation presented in support of this application are in all respects true and correct the Client will inform the Bank if any of this information changes; the currency applied for will only be used for the specific purpose stated herein; the Client has not applied for the same exchange facilities with another authorised dealer; no other foreign exchange cover exists for the obligations covered by the Transaction(s) entered into; each Transaction shall accord with approvals or permissions granted to the Client by the SARB and that the Client shall not be in contravention of any of the rules, laws, regulations or directives applicable for the period of the Transaction; the Client warrants that the Client s taxes are up to date. The Client will provide the Bank with the Client s original and valid tax clearance certificate when so requested or required the Client will not use the discretionary allowance to disguise transfers for other purposes and agrees that the gift and l oan portion may only be sent to Non-Resident individuals and South African residents who are temporarily abroad the Client has been informed of the limit applicable to the above Transaction and acknowledge that this limit will not be exceeded at the conclusion of this Transaction the Client is aware of the fees and Terms and Conditions that apply to the transaction/s in question; and the Client understands that information about fees and Terms and Conditions is available in the pricing guide as published on the Bank s website on or from any FNB branch. Page 5 of 15

6 10. INDEMNITY 10.1 The Client specifically indemnifies the Bank against and holds it harmless from all demands, claims, actions, losses, costs and damages of whatever nature that may be brought against the Bank or that the Bank or the Client may suffer or incur arising from any unauthorised or unlawful access to the Client s accounts or data or any loss, destruction or theft of or damage to any of the Client s or the Bank s data or equipment The Client indemnifies the Bank against and hold it harmless from all: any penalties or fines that apply to the Transaction or incurred as a result of the Transaction; any claim, cost, loss, damage or actual expenses it suffers or incurs because of an act, omission and/or the Client s non-compliance The Client understands and confirms that the Transaction may be delayed, blocked and/or cancelled for reasons that are outside of the Banks control and the Client indemnifies the Bank against and holds it harmless from all demands, claims, actions, losses, costs and damages of whatever nature that may be brought against the Bank as a result thereof. This includes reasons such as the local or international laws or policies that apply to the Transaction tthe Client indemnifies the Bank and holds it harmless from all demands, claims, actions, losses, costs and damages of whatever nature that may be brought against the Bank for any loss or damage that the Client may sustain as a result of any omissions, errors or delays in transmission, or for misinterpretation of instructions on receipt, or for any loss or damage from whatever cause, including failure to identify properly the person mentioned in the message. The Client will hold the Bank harmless for such loss or damage, unless such loss or damage was caused by the Bank s intentional conduct or gross negligence. The Client will furthermore hold the Bank harmless for non-receipt of funds by any recipient hereunder, where the transmission is delayed, blocked or cancelled due to inter alia: sanctions and restrictions being imposed; or the instruction is incomplete; ambiguous (confusing) or contains errors. The Client warrants that the Client is aware that the enforcement or transgression of local and foreign legislation, regulations and/or policies (including without limitation those dealing with money laundering; terrorist related activities and sanctions) in relation to this transaction may cause the Client or third parties loss or damage and the Client hereby indemnifies and holds the Bank harmless against any claim, demand, penalty or action against the Bank that the Client or any other party may have against the Bank as a result of such enforcement or transgression. The Bank shall under no circumstances be liable for any loss, damages, demands, claims or penalties incurred as a result of such enforcement or transgression. Any profit/loss arising from such enforcement or transgression will be for the Client s own account The Bank shall make every effort to process orders placed via this Service without any delay. However, the Client understands that delays can sometimes occur due to applicable local or international laws or policies that apply to the Transaction; technical problems and/or matters out of the Bank's control and hereby holds it harmless from all demands, claims, actions, losses, costs and damages of whatever nature that may be brought against the Bank as a result thereof. 11. LIMITATION ON THE BANK'S LIABILITY 11.1 The Bank shall make every effort to process orders placed via this Service without any delay. However, the Client understands that delays can sometimes occur due to technical problems or matters out of the Bank's control The Bank uses reasonable care and skill in providing this Service. However, the Bank does not warrant that access to this Service shall be continuous and/or error free The Bank will not be liable to the Client or any other person for any loss or damage the Client suffers because of any one or more of the following: if the Bank is unable to perform any of its obligations to the Client due to the failure of any technical systems or for any other reason beyond the Bank's reasonable control including amongst other things, war, terrorism, government action, natural disaster and industrial dispute; for any damage to the Client s computer equipment as a result of using the website or this Service; and/or for any claims and/or damages (including, without limitation, indirect or consequential loss, loss of profit and whether in contract or in delict) suffered by the Client or incurred from the Client s use or delay or inability to use the website or this Service however caused The Bank's maximum liability to the Client in respect of each use of this Service shall be to refund the purchase price of th e Client s order. Any delay on the Client s part in providing documentary evidence of the Client s underlying commitment in order to obtain exchange control approval by the settlement date will, without exception, prevent a settlement and could result in possible costs to the Client s account and/or the Client s payment not being effected timeously, in which case the Bank will not be liable for these costs or for the Client s payment not being effected timeously. 12. DOMICILE AND COMMUNICATIONS 12.1 The Bank hereby selects the following address as the address at which all legal notices; processes and communication must be delivered to: FNB Legal: 3rd Floor, 1 First Place, BankCity, Cnr Pritchard and Simmonds Streets, Johannesburg, This address is known in law as the Bank s domicilium citandi et executandi If the Client does not provide the Bank with a domicilium address, the Client will be deemed to have elected either the Client s residential address/registered address or the Client s last address known to the Bank, as the address to which the Bank may: serve any legal notices, processes and communications; execute on any judgment the Bank obtains against the Client; Page 6 of 15

7 send day-to-day (operational) communications; 12.3 For clarity, day-to-day (operational) communications may be communicated to the Client by the Bank by way of: recorded telephone calls; ; statement message; online message; website; post; and/or via the Bank s sms service portals Notwithstanding anything to the contrary contained herein, it is specifically recorded that the Bank may send statements, billing reports and/or invoices to the Client by way of , and may communicate billing information to the Client via recorded telephone calls Any legal notice or communication required or permitted to be given in terms of the Terms and Conditions by the Client will be valid and effective only if in writing and delivered by hand, electronic mail or telefax Day-to-day (operational) communications may be sent by the Client to the Bank via recorded telephone calls, and post A notice will be treated and presumed as having been received by the Party to whom it was sent, unless contrary is proven: if delivered by hand during normal hours - on the date of delivery; if posted by prepaid registered post - at 10h00 on the 4th (fourth) day after the post office issued the registration receipt; if sent by fax - on the date shown on the receipt the fax machine generated; and if sent by - on the date on which the notice was ed If the Client claims that the Client did not receive the notice by that date, then the onus rests on the Client to prove such non delivery In the event that the Client receives a written notice or communication from the Bank, either personally or through its authorised representative, even if it was not sent to or delivered at the Client s chosen address, fax number, postal address or address, it will still be deemed by the Bank to be a valid notice Notwithstanding anything to the contrary contained in the Terms and Conditions, a written notice or communication received by the Client from the Bank shall be adequate written notice or communication to the Client, notwithstanding that the Terms and Conditions of this clause were not strictly complied with The Client may, by written notice to the Bank, change the Client s chosen domicile to another physical address. Please note that such change will only become effective on the seventh (7th) Business Day after acknowledgement of receipt of the notice by the addressee If the Client change the Client s address but do not notify the Bank, the Client agree that the Bank has the right to send notices to the Client and serve legal processes at the Client s last address known to the Bank or to any other address of which the Client has given the Bank proper notice It is therefore important to ensure that the Bank has the most updated contact details on record, as the Bank will carry no responsibility in the event that the Client does not receive communications from the Bank due to outdated or dysfunctional contact details. 13. EXCHANGE CONTROL REGULATIONS 13.1 General Foreign exchange bought by the Client may only be used for the purposes for which it has been made available Foreign exchange may not be bought more than 60 (sixty) days prior to the Client s departure The Client is not allowed to apply for the same exchange facilities with another authorised dealer Any unused foreign exchange must be sold to an authorised dealer within 30 (thirty) days of the Client s return to South Africa The Client is responsible for adhering to the exchange control limits as set by the SARB The Client is limited to having in its possession a maximum of R10, cash in Rand when travelling outside the CMA Foreign Currency can only be bought by South African residents. Citizens of other CMA countries may not use this service The Bank must report all Foreign Exchange Transactions to the SARB Foreign currency availability is subject to monetary limits, currency exchange restrictions and anti-money laundering regulations Certain outwards payments require certain documents before the Transaction can be processed in order to comply with Exchange Control Regulations. The Client must contact the Forex Advisory Team on 08601FOREX should the Client require any further information in this regard Discretionary Allowance SA residents over the age of 18 (eighteen) years qualify for a discretionary allowance as set by SARB Discretionary Allowances may be apportioned as follows: travel Allowance; monetary gifts and loans; study allowance; maintenance transfers; donations to missionaries The Discretionary Allowance may not be used to disguise transfers for other purposes The Client s Discretionary Allowance can be used to pay invoices that are made out to the Client s in the Client s individual capacity Travel allowance payments may only be sent to the Client s own Foreign Bank Account The gift and loan portion may only be sent to Non-Resident individuals and Resident individuals who are overseas temporarily. It may not be sent to Residents who are overseas for holiday or for business. 14. BREACH 14.1 The Client will be in breach if the following happens: failure to adhere to the Terms and Conditions set-out herein; Page 7 of 15

8 failure to make payment in terms of the provision of the Transaction; the Client is in breach of any of the warranties and representations provided in these Terms and Conditions; the Client is placed under provisional or final sequestration or liquidation, provisional or final judicial management or business rescue is unable to pay its debts as they fall due,or enters into debt counselling or attempts to compromise with its creditors, or enters into an arrangement, compromise or a composition with or for the benefit of its creditors, or commits an act of insolvency, as defined in the Insolvency Act, 1936; or either Party fails to pay any amount(s) due to any other person(s) whomsoever and from whatsoever cause in an amount(s) in aggregate in excess of 3% of the defaulting party's Net Asset Value and, as a result of such failure the other person(s) become(s) entitled to demand payment of an amount(s) that was/were otherwise not yet due If the Client is in breach, the Bank may do the following: any amounts outstanding will become due and payable immediately in terms of any Transactions concluded; the Client will be responsible for the loss incurred by the Bank as a result of the Client s breach of the provision of the Terms and Conditions; the Bank has the right to immediately cancel the Transaction and to claim damages from the Client; and/or the Bank has the right to immediately demand specific performance and/or entitled to stipulate an early termination date with regard to all Transactions then in existence, by written notice to the Client. 15. CERTIFICATION OF INDEBTEDNESS 15.1 A certificate signed by any manager of the Bank (whose appointment and designation need not be proved) as to any of the Client s indebtedness in terms of any Transaction/s, or as to any other fact, shall be prima facie evidence of the Client s indebtedness to the Bank, or of such other fact, for the purpose of any application; action; judgement; order, or for any other purpose whatsoever. 16. AUTHORISED PERSONS 16.1 Only duly Authorised persons may give the Bank instructions on the Client s behalf. 17. VARIATIONS OF THESE TERMS AND CONDITIONS 17.1 These Terms and Conditions are subject to change from time to time. A copy of the latest Terms and Conditions are available at any FNB branch or on the Bank s website. The Client is required to read these Terms and Conditions before placing an order. 18. CONTACT DETAIL 18.1 Any complaints or queries relating to the programme must be directed to the Forex Advisory Team: Telephone number: (086) Address: FNB Forex, 9th Floor, FNB Place, Bank City, Johannesburg, 2001; Electronic Mail: forex@fnb.co.za. 19. GOVERNING LAW 19.1 These Terms and Conditions will be governed, construed and take effect in all respects in accordance with the laws of the Republic of South Africa The Client agrees that the Bank may bring legal proceedings against the Client relating to these Terms and Conditions in any Magistrate s Court that has the authority to hear and decide on the case (this authority is called jurisdiction). The Client agrees to the jurisdiction of the Magistrate s Court even if the amount claimed from the Client is more than the Magistrate s Court limit. This does not prevent the Bank from bringing legal proceedings in a High Court that has jurisdiction, at the discretion of the Bank. 20. CONSENT TO DISCLOSURE OF INFORMATION 20.1 By making use of this service, the Client consents to the Bank providing information about: these Terms and Conditions; the Client s breach of the Terms and Conditions; fraudulent activities to which the Client is a party to; the Client s application for foreign currency; and/or the Bank s termination of the Foreign Exchange Transaction This consent extends to any credit bureaux, the Financial Intelligent Centre, SARB, SARS; different divisions within the Bank; fraud prevention schemes established by the Bank; and/or other banks. The Bank will only disclose the abovementioned information when it is necessary to preserve the rights and interests of the Bank, other banks, the financial industry or the public in general. 21. ebucks 21.1 The Client s participation in the programme The programme is owned, run and managed by FNB-eBucks, a business unit of the Bank FNB Forex is an earn-partner of the ebucks Rewards Programme, which allows the Client to earn ebucks on qualifying Foreign Exchange Transactions The Bank may, at its discretion, include or exclude any qualifying Foreign Exchange Transaction from taking part in the programme These Terms and Conditions must also be read in conjunction with the terms and conditions published on the ebucks website, (hereinafter referred to as the ebucks website ). In the event of a conflict between these Terms and Conditions and the terms and conditions published on the ebucks website, the terms and conditions on the ebucks website will prevail. Page 8 of 15

9 21.2 Earning ebucks The Client will earn rewards in the form of ebucks on qualifying Foreign Exchange Transactions, subject to compliance with the Qualifying Criteria below The Client is responsible for all tax implications on any ebucks earned or spent. The Bank recommends that the Client obtain independent professional advice regarding the tax consequences arising from the receipt or spend of any ebucks In order to earn ebucks, the Client must meet the qualifying criteria, as determined by the Bank from time to time Qualifying Criteria The Client must be a Bank Client within the Smart, Personal, Wealth or Business Banking segments; The Client must be a member of the ebucks Rewards Programme with an ebucks account; All the Client s Bank accounts must be in good standing (means an account that is open, active and not more than one month in arrears); The Transactions must be inward or outward Foreign Exchange payments in a Foreign Currency (not South African Rands); and The inward or outward Foreign Exchange payments must be made via online banking or through formal standing instruction: Online Banking: means that Client has accepted the rate and asked for the payment to be made via our FNB online banking Channel; Formal Standing Instruction: a formal standing instruction for inward payments is where the Client has agreed for the Bank to process the inward swift according to set rules without contacting the Client; and a formal standing instruction for outward payments is where the Client has a regular defined payment which the Client has authorised the Bank to make on his behalf without subsequent intervention Exclusions The ebucks Rewards Programme is not available to those Clients already loaded on special discount or receiving pensioner pricing The Client will not earn ebucks on certain Transactions as notified by the Bank from time to time, including but not limited to foreign notes, travellers cheques, Foreign Currency Account funding, Customer Foreign Currency Account funding, cash passport, PayPal, MoneyGram or any other foreign exchange products General Earn Rules and Account Information The ebucks received will be linked to the charges on the Foreign Exchange Transactions (e.g. an earn of 15% will mean the Client may get 15% back on the commission the Bank charges on the original Transaction). The rewards are calculated in terms of the Earn Rules which will be determined by us from time to time. A copy of these Earn Rules, including the earn table with the earn percentages are available on The Bank will display the total ebucks the Client earns under the Client s account profile on the ebucks website. This will be the sole record of ebucks earned. The Client may also enquire about the ebucks the Client has earned via the ebucks Call Centre The Client s rewards will reflect on the Client s account monthly in arrears, as shown on the Client s monthly statement. The Client will also be able to view the Client s rewards via the Client s online banking profile The Client must ensure the ebucks displayed under the Client s account profile on the ebucks website are correct. Should the Client have a dispute in respect to the Client s rewards as reflected on the Client s monthly statement, the Client must bring it to the Bank s attention in writing via the ebucks Call Centre within thirty (30) days after the Bank displays the ebucks under the Client s ebucks account profile. Failure to do this will mean that the Client s statement is final and binding The Bank has the right to reverse ebucks accumulated by the Client via Foreign Exchange Transactions, if the ebucks were awarded in error, or accumulated as a result of disqualified Transactions Spending ebucks The Client may spend the Client s ebucks in accordance with the terms and conditions published on the ebucks website Amendments to the programme s terms and conditions The terms and conditions relating to the ebucks Rewards Programme for FNB Forex and the Earn Rules may be amended by the Bank from time to time. A copy of the latest terms and conditions will be made available online The Bank will inform the Client of these changes either on the ebucks and/or website or by sending the Client the amended terms and conditions ebucks may also amend the programme terms and conditions. ebucks will publish changes on the ebucks.com website End or suspension of the programme FNB Forex may end or suspend its participation as a partner in the ebucks Rewards Programme on reasonable notice to the Client The Client will not lose the ebucks earned up to the date FNB Forex ends or suspends its participation in the programme and the Client will be able to spend the Client s accumulated ebucks in accordance with the terms and conditions published on the ebucks website Contact Information Any complaints or queries relating to the programme must be directed to the Forex Advisory Team: Telephone: Forex (36739) forex@fnb.co.za Page 9 of 15

10 B. PRODUCT SPECIFIC TERMS AND CONDITIONS 1. SWIFT The Product Specific Terms and Conditions have to be read in conjunction with the General Terms and Conditions detailed above. 1.1 INWARD PAYMENT TRANSFERS This service is only available to South African Residents including holders of temporary resident permits and work permits. Residents of other Common Monetary Areas may not use this service Emigrants who conduct Emigrant Blocked Accounts and Non-residents are not allowed to use this service, due to the Exchange Control restrictions. Emigrants who conduct Emigrant Blocked Accounts and Non-residents can contact the Non-Resident centre for further information When receiving funds from abroad the Client will be provided with a quote, which has to be accepted within 30 (thirty) days, failing to do so will result in the funds being returned to the originating bank. Should the funds be returned to the originating bank the Client will be responsible for the costs and fees involved therein The Bank provides the Client with the ability to request and accept a quote online By accepting the online quote the Client agrees to purchase the foreign exchange at the rate quoted at the time of the Client s application. Note that the rate is only quoted when Transaction is finalised and could be delayed due to outstanding documentation Inward Transactions done via online banking may only be single Transactions (one Transaction using one BOP Category Code). An inward Transaction may not be split into multiple Transactions using various BOP Category Codes If an inward payment needs to be split into numerous Transactions to comply with the current reporting arrangements, it should be noted that the Transaction can only be split into a maximum of 5 Transactions If the Client requires splitting the Transaction into more than 5 Transactions, the Client must contact the Forex Advisory Desk The Client s Nominated Bank Account will be credited as soon as the Transaction has been processed and approved by the Bank Please note certain inward Transactions require certain documentation before the Transaction can be processed in order to comply with Exchange Control Regulations. The Client should contact the Bank at the Forex Advisory Team on 08601FOREX should the Client require any further information in this regard. 1.2 OUTWARD PAYMENT TRANSFERS This service is only available to South African Residents including holders of temporary resident permits and work permits. Residents of other Common Monetary Areas may not use this service Emigrants who conduct Emigrant Blocked Accounts and Non-residents are not allowed to use this service, due to the Exchange Control restrictions. Emigrants who conduct Emigrant Blocked Accounts and Non-residents can contact the Non-Resident centre for further information The Bank will provide the Client with the ability to make a payment to an international bank account online, via provided that the Client has a Transactional account with the Bank The Client may not transfer funds to an offshore account held in the Client s name without adhering to exchange control requirements and providing the Bank with the requested documentation/information. Should the Client not be able to provide the Bank with the requested information/documentation and the Client wishes to cancel the Transaction as a result thereof and/or amend or cancel the Transaction due to the Client no longer wishing to proceed with the Transaction, the Client will be held liable for any costs incurred as a result thereof i.e. exchange rate movement costs etc. The Foreign Currency Rate, as set out when confirming payment online is fixed by the Bank and is the rate at which the Client agrees to purchase the Foreign Currency. Please note that should the Client apply after hours and the markets are closed the Client will be presented with the last available rate, which cannot be booked until the markets are open. As a result, the rate accepted by the Client and the rate booked may differ accordingly Upon acceptance of the quotation and the disclaimer the deal will be booked, the Client s Nominated Bank Account will be debited and the Client will be liable for all amounts owed to the Bank in this regard. 2. CASH NOTES 2.1 The Client s Nominated Bank will be debited prior to the Client receiving the Client s Foreign Currency. 3. CARD PURCHASES 3.1 Any Transactions or payment made in a currency other than Rand will be charged to the Client s Nominated Bank Account at the VISA or MasterCard rate of exchange that applies on the date of settlement. The Transaction will be shown on the Client s account statement in Rands. 4. PAYPAL 4.1 A copy of the PayPal Terms and Conditions is available online at or can be obtained from a FNB Branch. Page 10 of 15

11 5. MONEYGRAM 5.1 A copy of the MoneyGram Terms and Conditions is available online at or can be obtained from a FNB Branch. 6. CASH PASSPORT 6.1 The daily withdrawal limit is country and bank specific. These limits are not set by the Bank. 7. CHEQUES 7.1 Travellers Cheques Each beneficiary of Travellers Cheques must sign their own Travellers Cheques as per SARB requirements Travellers Cheques are not accepted in all countries. The use of Travellers Cheques may therefore be restricted in accordance with in country legislation. It is the Client s responsibility that the Client is equated with the necessary in-country restrictions The Card Associations have set maximum daily limits for the purchasing of travellers cheques. Such limits have to be adhered to at all times. 7.2 Foreign Cheques Collection of Foreign Cheques Foreign Cheques presented to the Bank will be sent back to the foreign drawee bank for clearance on a collection basis Foreign Cheques may be returned by drawee banks at any time after the date of deposit, due to any of the following reasons: forged, fraudulent alteration of the cheque, signature or endorsement or missing endorsement; any other forged, false, fraudulent or missing information on the back of the cheque, which has been accepted or printed by the collecting bank or any other party; or any alteration on the back of the foreign cheque The Client, with full knowledge of the risks associated with the acceptance of a Foreign Cheque, authorises the Bank to collect Foreign Cheques for deposit into the Client s Nominated Bank Account The Client undertakes to indemnify and hold the Bank harmless against all and any damages and losses sustained by the Bank at any time and expenses incurred by the Bank as a result of the Bank carrying out the Client s instructions to collect the Foreign Cheque and the Client hereby waives any claim the Client may have against the Bank and indemnifies the Bank in respect of any loss or damage, of whatsoever nature, which the Bank may suffer as a result of collecting the Foreign Cheque, as aforesaid, unless as a result of the Bank s negligence. 8. FOREX TRADING 8.1 Dealing Dealing involves the buying and selling of Foreign Currency, by way of Spot Deals up to the maximum of t Limit Orders General Orders involve buying and selling Foreign Currency at a specified rate, through Spot Deals up to the maximum of 6 (six) months for an upfront fee In the event of large markets moving past the agreed strike price, the order will take place at the specified Stop Loss or Profit take price depending on the direction of market rate movements Should the order fail due to insufficient funds in the Client s Nominated Bank Account, no deal will be booked, and the Bank will await the Client s instructions. If the client requires a deal to be booked it will be booked at the prevailing market rate and not at the specified order stop loss or profit take rates Should no deal be booked due to the strike rate not being matched, the Client will be contacted and will need to advise the Bank of further instructions Order charges will be stated and charged upfront and must be accepted by the Client before placing an order or an amendment to the order When a strike takes place, the order becomes binding and a settlement will immediately take place The Client may make multiple amendments, however, the Client will be responsible for the cost incurred in respect of each amendment Cancellations of Limit Orders In the event of the client wanting to cancel a limit order application: It shall instruct the Bank prior to the order expiry date. Such instruction shall be by telephone, the client must confirm the telephonic instruction, in writing or by telefax within 24 hours of giving the telephonic instruction If the order has been executed and the deal has been booked the client shall be liable for any loss or profit arising from the cancellation of the deal booked will be for the account of the client and will be payable at the time of such variation, or on the originally agreed value date for the transaction, as determined by the bank A cancellation fee will be charged to the clients account Confirmation Written confirmation of Limit Order will be communicated to the client by electronic mail Written confirmation of a Spot transaction will be communicated to the client by electronic mail or electronic dealing system only on request from the client The failure by the Bank to make a confirmation as provided for shall not invalidate the transaction concerned A confirmation which has been provided by the Bank shall constitute prima facie proof of the subject matter of the transaction concerned unless the client notifies the Bank in writing (which may be sent by telefax) or by telephone, that it disputes the confirmation, before 16h00 Page 11 of 15

12 on the business day following receipt of such confirmation. Where notification is by telephone, the client must confirm the telephonic notice, in writing within 24 hours of giving the telephonic notice. 8.3 Forward Exchange Contracts Qualifying Criteria for Forward Exchange Contracts The Client must provide the Bank with proof of a fixed and ascertainable foreign exchange commitment for the period of the contract i.e. pro forma invoice, for a Forward Exchange Contract longer than six months No documents are required for a Forward Exchange Contract that is shorter than six months The Client must have credit lines in place with the Bank The Client must be least eighteen (18) years of age The Client must be the registered account holder of the Nominated Bank Account All applications for drawing under the Forward Exchange Contract must be advised to the Bank 2 (two) Business Days in advance, and due to Exchange Control Regulations, Forward Exchange Contracts cannot fall past due Forward Exchange Contracts longer than 6 (six) months In terms of the Exchange Control Rulings, foreign currency may be sold forward to South African residents subject to the currency being required to cover a firm and ascertained Foreign Exchange commitment due to a non-resident arising from a Transaction either permissible in terms of the Exchange Control Rulings, or in respect of which a specific authority has been granted by the Exchange Control Department of the South African Reserve Bank A firm and ascertained foreign exchange commitment can only be confirmed by furnishing one or more of the following documents to an authorised dealer: purchase order; pro forma invoice; copy of letter of credit; order confirmation and/or original invoice It should be noted that the documents referred to above must be presented to the Client s nearest First National Bank International Banking Centre or ed to foreigncurrencyacc@fnb.co.za, within the prescribed period of 14 (fourteen) days after establishment of a Forward Exchange Contract Forward Exchange Contracts shorter than 6 (six) months For Forward Exchange Contracts of less than six months (when originally entered into), an underlying Foreign Exchange exposure is necessary, but these contracts may be actively managed by entering and exiting the foreign exchange market as required Documentation must be presented to the pay-away bank upon pay-away, if not already provided Settlements not resulting in the physical conversion of Foreign Currency to and from Rand, due to the non delivery of documentary evidence, will take place in Rand Forward Exchange Contracts not settled by the maturity date shall be cancelled by the Bank and the Client shall be liable for any costs incurred by the Bank Confirmation All transactions are concluded between the Bank and the client telephonically, which are recorded. A confirmation in respect of each transaction shall be made by the Bank to the client promptly on the trade date Written confirmation of Forward Exchange Contract will be communicated to the client by electronic mail or electronic dealing system. Written confirmation of a Spot transaction will be communicated to the client by electronic mail or electronic dealing system only on request from the client The failure by the Bank to make a confirmation as provided for shall not invalidate the transaction concerned A confirmation which has been provided by the Bank shall constitute prima facie proof of the subject matter of the transaction concerned unless the client notifies the Bank in writing (which may be sent by telefax) or by telephone, that it disputes the confirmation, before 16h00 on the business day following receipt of such confirmation. Where notification is by telephone, the client must confirm the telephonic notice, in writing or by within 24 hours of giving the telephonic notice Settlement of Transactions Payments to the client in terms of a transaction will be made to the account for the currency concerned specified by the client in terms of standard settlement instructions provided by the client to the Bank and accepted by the Bank or, if no such instructions have been provided, to the account specified by the client when the transaction is entered into, and recorded in the settlement confirmation, or as otherwise agreed. If no account is so specified, and accepted or recorded, and if no other arrangement has been agreed, the client will be obliged to advise the Bank in writing of the account to which the payment must be made by no later than two business days prior to the value date, and failure to do so will entitle the Bank: to cancel the transaction concerned, and any loss or profit arising on such cancellation (as determined by the Bank in accordance with its standard procedures) will be for the account of the client; or to take whatever action is required to ensure that settlement of the transaction takes place (but without obligation on the Bank to do so) which will include, but not be limited to, payment of rand to the client s principal demand deposit account maintained with the Bank (if any) Payment of foreign currency to the Bank in terms of a transaction must be made to the Bank s relevant Nostro account, depending on the currency concerned In the event of the client not giving timeous valid instructions to the Bank to debit a particular rand account with amounts due by the client to the Bank in respect of any transaction, the Bank will be entitled, but not obliged, to debit any such amounts to the client s principal demand deposit account maintained with the Bank (if any). The foregoing shall not prejudice any rights which the Bank may have as a result of the client s failure to pay amounts due to the Bank. Page 12 of 15

13 C. CHANNELS The Channel Specific Terms and Conditions have to be read in conjunction with the General Terms and Conditions detailed above. 1. ONLINE 1.1 General The Bank will provide the Client with the ability to purchase and sell Foreign Currency online, via provided that the Client has a Transactional account with the Bank Emigrants who conduct Emigrant Blocked Accounts and Non-residents are not allowed to use this service, due to Exchange Control restrictions The Online Service is only available for the currencies listed from time to time on the Bank s website The exchange rates quoted by the Bank may be updated at any time By accepting the online quote the Client agrees to purchase the foreign exchange at the rate quoted at the time of the Client s application. Should the Client apply after hours and the markets are closed the Client will be presented with the last available rate, which cannot be booked until the markets are open. As a result, the rate accepted by the Client and the rate booked may differ accordingly None of the information provided in connection with the online service constitutes financial advice, nor should it be construed as financial advice. The Bank shall not be liable for any investment or other decisions made on the basis of the information provided or relied upon. 2. TELEPHONE 2.1 Foreign exchange can be purchased and sold via the telephone channel. 3. BRANCH 3.1 Foreign Currency can be purchased and sold via the Branch channel. D. ACCOUNTS The Accounts Specific Terms and Conditions have to be read in conjunction with the General Terms and Conditions detailed above. 1. GLOBAL ACCOUNT 1.1 Qualifying criteria for the opening of a Global Account The Client must have an existing South African cheque account with the Bank The Client must be a South African citizen The Client must be at least 18 (eighteen) years old The Client s taxes must be up to date. 1.2 Global Account Payments When the Client funds the Client s Global Account from the Client s FNB cheque account, the following documents are required, but not limited to: If using the Client s Foreign Investment Allowance: Original Tax Clearance Certificate in respect of Foreign Investment Allowance for Individuals; Original MP1423 form; and a certified copy of the Client s identity document If using the Client s Annual Discretionary Allowance for Investment Purposes: Original MP1423 form; and a certified copy of the Client s identity document The MP1423 form and tax certificate are available for download at If the Client instructs the Bank to conclude all incoming transfers at the Spot Rate the Bank will not provide the Client with a quote for the incoming transfers. The Bank will conclude ALL incoming transfers at the Spot rate for that day and will credit the Bank s linked Global Account When the Client withdraws cash from the Client s Global Account and the Client requires payment in a currency other than that of the Client s Global Account, conversion will take place at the exchange rate quoted by the Bank at the time of withdrawal The Client will enjoy the benefit and take the risk of any profits or losses caused by changes in the exchange rate. The Bank does not guarantee the exchange rate. 1.3 General provisions The Exchange Control Regulations of the SARB govern all transactions on the Client s Global Accounts All transactions on the Client s Global Account(s) must be conducted online unless otherwise advised. To enable the Client to transact online, the Client must register for and activate online banking. When using the online banking channel the Client is bound by the terms and Page 13 of 15

14 conditions regulating the use of this service ( Remote Banking Agreement ) of which a copy is available on can be obtained from any of a FNB branch The Client may not use the Client s Global Account(s) exclusively to fund the Client s travels other than under the Client s Discretionary Allowance The Client s Global Account(s) may never be overdrawn Spot Transactions or forward exchange contracts may not be credited to a Global Account unless this is to fund an overdrawn account for immediate pay away (same day). Any debit interest on a Global Account must be converted to Rands on the first Business Day of the next month The Bank will send the Client notifications about activities on the Client s Global Account(s) by SMS, , or both. When receiving notifications about the Client s activities on the Client s Global Account, the Client is bound by the terms and conditions regulating the use of this service Transactions can take up to 5 (five) Business Days to reflect in the Client s Global Account Because of the restrictions and rules imposed by the SARB, the Bank may not allow another person to transact on the Client s Global Account(s) Prior to closing the Client s Global Account(s), all available funds have to be transferred to the Client s cheque account. The Client s Global Account(s) will only be closed once it has a zero balance Please note that the Client will not be able to close the Client s cheque account with the Bank unless the Client has closed the Client s Global Account The Bank will deduct fees and charges owing by the Client to the Bank directly from the Client s cheque account or any other account held in the Client s name with the Bank.Interest If Interest is payable on the Client s Global Account the Bank will calculate and pay interest in the same currency as the Client s Global Account. 1.4 Debiting the Client s Nominated Bank Account The Bank is irrevocably authorised by the Client to debit the Client s Nominated Bank Account with: fees and charges set in the pricing guide; the amount reflected on the Client s monthly statement; 2. CUSTOMER FOREIGN CURRENCY ACCOUNTS ( CFC ) and FOREIGN CURRENCY ACCOUNTS ( FCA ) TERMS AND CONDITIONS 2.1 Qualifying criteria Customer Foreign Currency Accounts Available to residents and non-residents of South Africa Foreign Currency Accounts Available to South African residents and Non-residents only Foreign Currency Accounts may only be funded from the following: Foreign currencies; Other Non-Resident accounts; Re-deposits of funds previously drawn from a Non-Resident account; Payments in Rand by Residents eligible for transfer in terms of the Rulings, or where specific approval has been obtained from the South African Reserve Bank via an Authorised Dealer An Application to Sell Form is to be completed in respect of Foreign Currency credited to the Non-Resident Account and an Application to Purchase Form when funds are transferred abroad, irrespective of the amount A South African Resident must approach his/her bankers and complete a Sales Form. The funds are transferred via the S.W.I.F.T System to ensure that clause above is adhered to. 2.2 General Deposits and withdrawals are subject to 2 (two) Business Days notice Payments required in currencies other than that of the deposit will be converted at the time of the withdrawal at an exchange rate quoted by the Bank at that time Any profits or losses arising from fluctuations in exchange rates are for the Client s Nominated Bank Account and the Bank does not underwrite or in any way guarantee the rand value in any currency of any balance or amount in another currency Interest on the accounts will be capitalised monthly in arrears in the currency of the account and credited to the Client s Customer Foreign Currency Account / Foreign Currency Account on the 1st (first) day of the following month Interest rates are at a margin related to bid rates for the currency which are subject to fluctuation and change without notice Monthly statements of the accounts will be mailed to the Client through or post Transactions shall be made in accordance with the terms of the instructions as held by the Bank. Telephonic, electronic and/or faxed instructions are not acceptable forms of instruction, unless the Bank holds a Waiver and Indemnity for Electronic Instructions ( WIEI ) duly signed in terms of the mandate held by the Bank. In the case of a company, a resolution by the Client s Board of Directors appointing the Authorised signatory to sign the WIEI, must accompany the WIEI. 2.3 The Bank shall be entitled to debit any of the Client s Nominated Bank Account held with the Bank in settlement of any amounts owing by the Client to the Bank in respect of any Customer Foreign Currency Account/ Foreign Currency Account document. Page 14 of 15

15 2.4 Interest on Arrears Customer Foreign Currency Accounts Interest shall accrue on the outstanding balance from time to time of each foreign currency amount or each Rand amount due and payable, but unpaid, by any party to the other. The interest rate will be the relevant overnight LIBOR rate, plus 2 (two) percentage points for any foreign currency amount and the Prime Rate, plus 2 (two) percentage points for any Rand amount Foreign Currency Accounts The interest rate will be the relevant overnight LIBOR rate, plus the margin agreed to with the Bank. 3. NON-RESIDENT ACCOUNT TERMS AND CONDITIONS (only available to non-south African residents) 2.1 Non-Resident Rand Account/s may only be funded from the following: Foreign currencies; Other Non-Resident Accounts; Re-deposits of funds previously drawn from a Non-Resident Account; Payments in Rand by South African residents eligible for transfer in terms of the various Sections of the South African Reserve Bank Exchange Control Rulings, which may be amended from time to time without notice, or where specific approval has been obtained from the South African Reserve Bank through an Authorised Dealer. 2.2 Sell and Purchase forms are not to be completed in respect of Rand deposited to a Non-Resident Account. 2.3 An Application to Sell Form is to be completed in respect of foreign currency credited to the Non-Resident Account and an Application to Purchase Form when funds are transferred abroad, irrespective of the amount. The Client must ensure that all application forms are completed in full. 2.4 A South African Resident must approach his/her bankers and complete a Sales Form. The transfer of funds will take place via the S.W.I.F.T System. 2.5 Sell and Purchase forms are not to be completed in respect of Rand deposited to a Non-Resident Account. However, the Bank will not remit funds abroad unless original documentary evidence can be presented which confirms that the Transaction complies with the existing South African Reserve Bank Exchange Control Rulings. Photocopies and fax are not acceptable. 2.6 A Client who is a Non-Resident may not make use of the Bank s online application procedure. 2.7 The Client confirms, understands and warrants in favour of the Bank that: the Client will not make loans to South African residents without obtaining SARB approval via the Bank; the Client is aware that all deposits made to a non-resident Rand Account require scrutiny by the Exchange Control Official to ensure that the Transaction complies with the existing South African Reserve Bank Exchange Control Rulings; the Client is aware that Deposits will be blocked until the official can determine whether the Transaction complies with the Exchange Control Rulings; the Client is aware that prior SARB approval is required to avail of any form of borrowing such as local financial assistance for example home loan, overdraft facility etc. and the Non-Resident Account may not be overdrawn at any time Cheques/deposits to the Non-Resident Bank Account will be returned without notice. Page 15 of 15

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