Currency Exchange Service
Terms & Conditions
The parties to this agreement are:
Al Etihad Credit Bank (herein referred to as "Al Etihad Credit Bank" or "US") company number 06721866 whose registered in United Kingdom.
The Customer who is the person(s) of 18 years or over, firm(s) or organisation(s) (in this context referred to as the individual/individuals in clause 3.7.) who has either completed signed and delivered by post or electronically to Al Etihad Credit Bank the Registration Form and agreed to the terms and conditions of this agreement electronically or by signing and sending a copy of this agreement by post to Al Etihad Credit Bank to enable Al Etihad Credit Bank to provide services for the purchase or sale of currencies (herein referred to as the "Customer" or "You").
1. The Service Provided
1.1. The service provided by Al Etihad Credit Bank under this agreement is limited to dealing and entering into contracts for the sale and purchase of foreign currency with You.
1.2. No deals shall be entered into on your behalf for speculative purposes and You irrevocably warrant to Us that all Trades (being the purchase of currency) are for non-speculative purposes and that you have a genuine reason for wanting to exchange currency and the purpose of the transaction is not that you are not seeking to profit by pure speculation on currency movements. You further irrevocably warrant that You have full capacity to instruct Al Etihad Credit Bank to perform the service or place an Order and that You are acting as principal only and not as an agent for any third party whose identity has not been disclosed to Al Etihad Credit Bank at the time of the service or Order.
1.3. You shall depend exclusively on Your own expertise and opinion in determining that the transaction is suitable for Your purposes. You Shall not place any dependence whatsoever on remarks, advice of any kind upon the advantages or disadvantages of a proposed, Transaction or on information obtained from Al Etihad Credit Bank in connection with or relating to this Agreement, or the opinion of Al Etihad Credit Bank of the virtues or otherwise of any currency transaction, taxation matters or other matters of any nature.
1.4. Each transaction entered into by Al Etihad Credit Bank will be supported by a written document called a contract note setting out the details of the completed transaction Al Etihad Credit Bank will endeavor (but does not covenant) to send this contract note following the completed transaction to You directly from Al Etihad Credit Bank or its duly authorised agent and the contract note if sent may be an original or a copy.
2. Your Instructions
2.1. You may give Al Etihad Credit Bank instructions to perform the transactional service in writing by post, fax or electronically on line or by e-mail. Al Etihad Credit Bank will be entitled to require written confirmation of any instructions by post before accepting the instructions. Al Etihad Credit Bank will confirm instructions by sending an e-mail or fax to You.
2.2. No agreement for the Service will come into force until Confirmation from Al Etihad Credit Bank (such confirmation can be by telephone, e-mail or in writing) thereupon a legal and binding contract is formed between the Customer and Al Etihad Credit Bank to trade the relevant currencies at the Al Etihad Credit Bank quoted exchange rate but only on and subject to the Terms and Conditions of this agreement. Each Transaction, if accepted by Al Etihad Credit Bank will constitute a separate severable agreement.
2.3. Al Etihad Credit Bank reserves the right to require written confirmation of any Instruction from You and a signed copy of this agreement.
2.4. Al Etihad Credit Bank shall not be obligated to accept any instruction and may use its discretion at any time following receipt of any instructions to refuse acceptance.
2.5. Any instructions received by Al Etihad Credit Bank from the Customer or on Your behalf cannot be withdrawn, rescinded or amended in any way without the prior written consent of Al Etihad Credit Bank and at Al Etihad Credit Bank’s own discretion.
2.6. In the event that You notify Al Etihad Credit Bank that You are authorising a person to convey Your instruction to Al Etihad Credit Bank, Al Etihad Credit Bank may rely on the instructions of the said authorised person and carry out that person’s instructions as if conveyed by You in person. Receipt of instructions whether on line, e-mail or in writing from a person authorised by You (the "Authorised Person") shall constitute an unconditional authority to Al Etihad Credit Bank to carry out the Authorised Person’s instructions without limitation in connection with the currency exchange services provided by Al Etihad Credit Bank in accordance with the communication by the Authorised Person and You will be totally liable and responsible for any instruction given by the Authorised Person.
2.7. Nothing in these terms and conditions will require Us to carry out any instructions which are outside the limits of the authorities of an Authorised Person.
2.8. Any omission or error contained in the contract note must be informed to Al Etihad Credit Bank in writing within two working days of the date of the contract note.
2.9. You will supply to Us, on request, a specimen of Your signature. A signature substantially resembling the specimen will be sufficient for Us to authenticate an instruction as being from the You.
2.10. If more than one person, firm or organisation completes the Registration Form for the Service then each individual constitutes the Customer and shall be jointly and severally liable (with all the individuals stated on the same Registration Form) under the terms and conditions of this agreement and You agree that Al Etihad Credit Bank may accept instructions from such individuals jointly or separately and such instructions shall be sufficient authority to bind, all of the individuals/the Customer to any set of instructions given pursuant to these Terms and Conditions.
3.1. You irrevocably undertake to take physical delivery on the Value Date (being the date that Al Etihad Credit Bank forwards the currency funds to your account) of the purchased currency after payment to Al Etihad Credit Bank of the full amount of the sold currency for each Transaction as stipulated by Al Etihad Credit Bank and to pay such further sums required to be paid by Al Etihad Credit Bank pursuant to the terms of the transaction at the discretion of Al Etihad Credit Bank.
3.2. Al Etihad Credit Bank shall accept any payment made to it directly from a third party bank account but shall not accept cheques or cash from a third party for more than 10,000 USDo (or the equivalent currency of). Al Etihad Credit Bank will require at least eight working days from receipt of funds for funds paid by cheque to clear. Only after funds have been cleared through the banking system shall funds be ready to be transmitted. At the discretion of the Al Etihad Credit Bank all cheques shall be scanned by an ultra violet light prior to being paid into the bank to assist with ascertaining whether the cheque is genuine. Payments made by cheque are acceptable only at the discretion of Al Etihad Credit Bank and where possible need to be accompanied with a copy of the sender’s passport or photo driving license so that the signature on the document can Veriphy the signature on the cheque and the identification document shall be used to ascertain where relevant if the name of the account holder is the same. Al Etihad Credit Bank reserve the right to request additional documentation from the cheque drawer. Traveller’s cheques are not accepted.
3.3. All payments due from You to Al Etihad Credit Bank for any purpose in connection with these Conditions shall be paid in full You shall have no right of set-off, counterclaim, deduction or withholding of any kind of any sum against payments at all. Payment shall become due and payable on verification of the Transaction as advised by Al Etihad Credit Bank and is not contingent on Your receipt of a Contract Note.
3.4. All transfers by the Customer to Al Etihad Credit Bank should include the Customer’s account number and name as reference.
3.5. Al Etihad Credit Bank cannot take payment in cash but can take payment by cheque (at the discretion of Al Etihad Credit Bank) for a sum of not more than £10,000 (ten thousand pounds). Al Etihad Credit Bank will require at least eight working days from receipt of funds for funds paid by cheque to clear, only after funds have been cleared through the banking system shall funds be ready to be transmitted. At the discretion of Al Etihad Credit Bank all cheques shall be scanned by an ultra violet light prior to being paid into the bank to assist with ascertaining whether the cheque is genuine. Cheques are accepted at the discretion of Al Etihad Credit Bank, customers paying by cheque should forward with the cheque where possible a copy of their passport or photo driving license, the signature on the document will be used to verify the signature on the cheque and the identification document shall be used to verify the name of the account holder where relevant. Al Etihad Credit Bank reserve the right to request additional documentation from the cheque drawer. Al Etihad Credit Bank does not accept traveller’s cheques. All Your money paid to Al Etihad Credit Bank will be used by Al Etihad Credit Bank to carry out its obligations incurred in connection with the Customers’ transactions and for payment of the service.
3.6. For the avoidance of doubt, no onward payments will be made to You until Al Etihad Credit Bank receives cleared funds from You.
3.7. Al Etihad Credit Bank will need at least Two Working Days from receipt of funds for funds to clear and 8 working days for a cheque to clear.
3.8. Al Etihad Credit Bank will make any payments to You under this Agreement in full but reserves the right to deduct such sums required by law in respect of taxation liabilities if any.
3.9. In respect of late payment of any sum due to Al Etihad Credit Bank pursuant to this Agreement Al Etihad Credit Bank shall charge You from the due date until payment is received from You in full in cleared funds whichever shall be the greater of (a) or (b):
(a) a minimum of £10 a day for each day that the payment remains unpaid; or
(b) interest in respect of the late payment, at the rate of ten percent per annum above the Bank of England base rate from time to time in force, the interest will be payable on demand and calculated daily.
3.10. Al Etihad Credit Bank will be entitled to charge compound interest.
3.11. All funds provided by You under this agreement (as security or for whatsoever reason) may be appropriated by Al Etihad Credit Bank if (amongst other reasons) Al Etihad Credit Bank incurs any costs, losses or liability arising out of the Customer’s Transaction, including, without limit, liabilities incurred with third party banks or similar entities or any clearing house or regulatory body. Also Al Etihad Credit Bank may at its sole discretion offset any monies held by Al Etihad Credit Bank in respect of any one of Your Transactions, against any costs, losses or liabilities that Al Etihad Credit Bank incurs in connection with or arising out of any Transaction that You may have with Us, however the Customer may not insist on Al Etihad Credit Bank doing so.
4. The Customer’s responsibilities and warranties inter alia
4.1. You warrant that You will, on request, supply Us with all the information and documentation necessary to enable Us to comply with relevant legislation or rules pertinent to the Service particularly in connection with Al Etihad Credit Bank’s obligation under law to ensure that Customers are not exchanging currency for speculative purposes.
4.2. You warrant that You will provide any information to Al Etihad Credit Bank that Al Etihad Credit Bank may reasonably require and that You shall notify Al Etihad Credit Bank immediately You become aware of any error or changes in any information or details that You have provided Al Etihad Credit Bank with.
4.3. You warrant that the currency You wish to trade belongs to You legally and beneficially and has not been obtained by illegal means and is not tainted by criminal activity.
4.4. It is Your sole responsibility to ensure that you are contactable and that You supply Al Etihad Credit Bank with your telephone number and e-mail to enable Al Etihad Credit Bank to contact you and that all details You supply to Al Etihad Credit Bank to enable Al Etihad Credit Bank to perform the Service, including Your contact details, details of any Order and Your account details are accurate and that You have not withheld or left out any information that would render those details false or incorrect.
4.5. You shall be liable to pay any receiving fee charged by your nominated bank and it is Your responsibility to establish whether your nominated bank charges such a fee Al Etihad Credit Bank accepts no liability for such charges.
5.1. Al Etihad Credit Bank shall have the right (without prejudice to any other right of action which Al Etihad Credit Bank might have) to at any time and at its sole discretion without Al Etihad Credit Bank incurring liability to You for any losses caused as a result of doing so, terminate all or part of any Transaction without notice to You of Your liability upon or at any time after the happening of any of the following events:
5.1.1. You fail to make any payment for a Service when due whether formally demanded or not and in accordance with these Terms and Conditions;
5.1.2. You materially breaches any of the Terms and/or Conditions on Your part of this Agreement or fail to perform and/or observe and/or comply with Your obligations to Al Etihad Credit Bank in respect of a Transaction or You are materially in breach of any statute, regulation or rule;
5.1.3. it becomes or may become unlawful for Al Etihad Credit Bank to maintain or give effect to all or any of its obligations under the these Terms and Conditions or otherwise to carry on its business, or if Al Etihad Credit Bank is requested to stop the Transaction (or any part thereof) by any regulatory body or other authority that has jurisdiction over Al Etihad Credit Bank’s activities whether or not the request is legally binding or if Al Etihad Credit Bank in its absolute discretion considers it desirable or necessary to do so for its own protection;
5.1.4. if Al Etihad Credit Bank has any cause or obligation imposed by the UK Money Laundering Regulations;
5.1.5. You become unable to pay Your debts as they fall due or be adjudicated bankrupt or commit any act of bankruptcy or You proposes or enter into a form of composition or arrangement with Your creditors generally or permit an execution of distress to be levied on any of your goods or You become insolvent or if a receiver is appointed or you go into administration or go into liquidation whether compulsory or voluntary (not being merely a voluntary liquidation while solvent for the purposes of a solvent amalgamation or reconstruction and in such a way that the company resulting there from effectively agrees to be bound by or take on the obligations imposed on that other party under this Agreement);
5.1.6. if to continue with any transaction would expose Al Etihad Credit Bank to liability to which Al Etihad Credit Bank is not protected against;
5.1.7. You become incapacitated by mental or physical ill health;
5.1.8. anything set out above or anything similar occurs or anything contrary to the laws of any applicable jurisdiction.
5.2. If You become conscious of any such happening referred to in clause 5.1 or any of its sub-clauses, You irrevocable undertake that you shall advise Al Etihad Credit Bank of the happening immediately.
5.3. If Al Etihad Credit Bank has to terminate any Transaction it may (as well as for any other reasons set out in this agreement which would allow Al Etihad Credit Bank to do so) retain all or any of the Customer’s money if required to do so by law and deal with the Customer’s money as ordered by a Court or other body of competent jurisdiction.
5.4. Al Etihad Credit Bank shall have a right to terminate without incurring any liability to You or any third party connected to You any transaction where the price Al Etihad Credit Bank quotes to You is an error and Al Etihad Credit Bank shall not be liable for any loss caused to You.
5.5. Al Etihad Credit Bank may accept instructions at the weekend or other times at its discretion. Prices quoted will be based on Al Etihad Credit Bank’s last trading price which was given prior to the market closing and in the unusual event that the price market price has moved significantly so that Al Etihad Credit Bank cannot make a profit on the price quoted to You when the market opens, Al Etihad Credit Bank shall be entitled to terminate the contract and treat it as void without incurring any liability to You or any third part connected to You.
6. Further Limitation of Al Etihad Credit Bank’s Liability
6.1. This clause sets out Al Etihad Credit Bank’s entire liability to the Customer for any losses, costs (including legal costs), damages, expenses, taxes, charges or any other liability Whatsoever and wheresoever (the "Claim").
6.2. The limitation and exclusion of liability is set on the basis that You know that the foreign exchange market is volatile and if You did not this statement has drawn this fact to your attention.
6.3. Al Etihad Credit Bank will not be liable to You for any claim resulting from Your non-compliance in connection with any obligation You have under the Terms and Conditions of this Agreement.
6.4. Al Etihad Credit Bank shall not be liable to You for any liability arising out of any Transaction pursuant to these Conditions by reason of any cause including contract, negligence, tort, breach of statutory duty or otherwise save for direct loss caused by the gClydesdale Banks negligence of Al Etihad Credit Bank in performance of a Transaction.
6.5. Without prejudice to clause 6.3. above and any other clause in this agreement and subject to the provisions of this clause Al Etihad Credit Bank’s total aggregate liability to the Customer for any Liability incurred in connection with this Agreement and its Terms and Conditions shall not exceed the lesser of (a) the total amount paid by You to Al Etihad Credit Bank in respect of the Transaction giving rise to the Claim or (b) £500,000.
6.6. Notwithstanding anything in this Agreement, in no circumstances shall Al Etihad Credit Bank be liable for special damages, loss of profits, goodwill, contract, business, anticipated savings, loss caused by the act, omission, failure or delay of any third party in the transmission, provision or delivery of any Service or any special, indirect, incidental or consequential loss regardless of the form of action (including loss or damage suffered by You as a result of an action brought by a third party) even if such loss was reasonably foreseeable or was or was not in the contemplation of the parties at the date of this agreement or Al Etihad Credit Bank was advised as to the possibility thereof. However, Al Etihad Credit Bank shall remain liable for death or personal injury caused by Al Etihad Credit Bank in connection with this Agreement.
6.7. Al Etihad Credit Bank shall not be liable to You for any delay or non-performance of its obligations under this Agreement arising from any cause or causes beyond its reasonable control (force majUSDe circumstances) including, without limitation, any of the following: fire, flood, storm, Act of God, war, governmental act, explosion, civil commotion, riot, failure of computer equipment or communications systems, industrial dispute of a third party, strikes, lock-out and other industrial action.
6.8. Further, Al Etihad Credit Bank will not be liable for fraudulent instructions given by an employee of the Customer posing as You or as someone authorised by the Customer.
6.9. Al Etihad Credit Bank shall not be liable for any charges or deductions made by a third party in the processing of a Your payment.
6.10. Al Etihad Credit Bank shall not be liable for any loss of Customer’s funds due to a crash of any bank.
6.11. In the event that Al Etihad Credit Bank refuses to perform the service Al Etihad Credit Bank will have the right to refuse without giving a reason. Al Etihad Credit Bank shall not be liable to You for any losses or damages suffered by You or those of any other party resulting directly or indirectly from such refusal.
6.12. Banks have specific cut off times for the receipt and dispatch of electronic payments. Al Etihad Credit Bank accepts no responsibility for and shall bear no liability in respect of any delay in onward payment, late arrival of funds or instruction of payment relating to the cut off times of any bank or such delay attributable to the bank or any other third party.
6.13. If Al Etihad Credit Bank has made attempts to contact You using the contact details You have supplied but cannot make contact with You, Al Etihad Credit Bank shall be entitled to terminate the transaction immediately and without notice to You notwithstanding and without prejudice to any other remedy and power available to Al Etihad Credit Bank and without liability of any kind being incurred by Al Etihad Credit Bank for so doing. In such a situation You shall remain liable for any losses incurred as a result of such termination.
7. Further Customers’ Liability to Al Etihad Credit Bank
7.1. You hereby indemnify and irrevocably undertake that you shall keep Al Etihad Credit Bank indemnified and will immediately indemnify Al Etihad Credit Bank against any and all costs, losses whether consequential losses or otherwise and against claims, liabilities incurred or suffered by Al Etihad Credit Bank arising or in connection with the proper performance of its Services under the terms and conditions of this agreement. Also in the enforcement of its rights hereunder including legal costs incurred in connection with enforcement of these terms and conditions and in connection with any dispute or difference arising under this agreement between Al Etihad Credit Bank and You that is resolved in favour of Al Etihad Credit Bank. Also to irrevocably indemnity Al Etihad Credit Bank from any cause or causes and in particular, without prejudice to the generality of the foregoing, in respect of all amounts necessary to compensate Al Etihad Credit Bank for any and all liabilities sustained or incurred by Al Etihad Credit Bank (including, but not limited to, Al Etihad Credit Bank’s loss of profits,) as a result of or in connection with third party banks or similar entities, clearing house, regulatory body or bodies and for:
7.1.1. any default in or late payment by You of any sum under these Conditions when due;
7.1.2. any breach by You of clause 1.2. above and or other Term or Condition of this Agreement;
7.1.3. Al Etihad Credit Bank doing and carrying out all and any measure and steps at all to carry out any of Your transactions, instructions whether on line or written, sent by fax, post, e-mail or otherwise from or purporting to be from you or an authorised person pursuant to and in accordance with clause 1.1. above;
7.1.4. Al Etihad Credit Bank exercising its right under clause 5.1 and its sub-clauses to terminate all or any part of any Transaction and in such circumstances Al Etihad Credit Bank shall have the right, in substitution to its right to seek an indemnity from You, to set-off against any of Your money held by Al Etihad Credit Bank any amounts owed by You to Al Etihad Credit Bank in respect of any Service.
7.2. You may give Al Etihad Credit Bank written or on line instructions entirely at Your own risk and You will fully indemnify Al Etihad Credit Bank and keep Al Etihad Credit Bank fully indemnified against any losses that Al Etihad Credit Bank may incur as a result of accepting instructions from the Customer an authorised person or instructions that Al Etihad Credit Bank believes have come from the Customer or an authorised person Al Etihad Credit Bank shall be under no obligation to make enquiries as to whether the instructions are genuinely from the Customer or the authorised person if Al Etihad Credit Bank believes that they are and You agree that Al Etihad Credit Bank may accept such instructions as being genuine and You also agree to be bound by the terms and conditions of this agreement in connection with such instructions.
7.3. For the avoidance of doubt if any transaction in connection with this agreement is terminated in accordance with any of the Terms and Conditions of this agreement the Customer’s liability to indemnity shall not terminate.
8. Telephone Conversations
8.1. You consent to Al Etihad Credit Bank recording and storing all telephone conversations with you with or without further informing you of doing so and for Al Etihad Credit Bank to use the recording or transcript of the recorded conversation(s) to check any instructions given to Al Etihad Credit Bank by You or your Authorised Representative or to resolve disputes arising between Al Etihad Credit Bank and You or to use for the purposes of quality control and or staff training. You also consent to Al Etihad Credit Bank destroying such recordings or transcripts if any if and when Al Etihad Credit Bank deems it appropriate to do so.
9.1. Nothing in this Agreement is intended to confer any benefit on any third party (whether referred to herein by name, class, description or otherwise) or any right to enforce any provision of this Agreement or these Conditions (save for as mentioned in clause 9.8 of this contract) and accordingly the Contracts (Rights of Third Parties) Act 1999 shall not apply to any provisions of this Agreement or these Conditions.
9.2. The parties are independent contractors and this Agreement will not establish any relationship of partnership, joint venture, employment, franchise or agency between the parties.
9.3. The provisions of Clause 6 & 7 and their sub-clauses shall survive termination of any instruction, transaction or termination of this Agreement.
9.4. All the Terms and Conditions of this agreement including this Condition comprise all the terms and conditions of this entire Agreement and understanding between the parties. No other statement, written or oral communications between the parties made prior to this Agreement whether relating to it or otherwise, including statements in any brochure or promotional literature of Al Etihad Credit Bank, shall be incorporated into this agreement or have any legal effect provided that neither party shall benefit from excluding liability for fraudulent misrepresentation or fraud.
9.5. Al Etihad Credit Bank may at any time in the future change these Terms and Conditions by publishing the new terms and conditions on the Al Etihad Credit Bank website, You acknowledge and agree that You will regularly review the Al Etihad Credit Bank website for any amendments or variations to these terms and conditions. Where such terms are not expressly accepted by You your continued use of the Al Etihad Credit Bank’s currency exchange service shall deem an acceptance by You to be bound by any such modification to these terms and conditions. Any notice in writing to you sent by E-mail and Signed by a director of the company with amendments of Terms and Conditions shall also be binding upon you (but in these circumstances only with Your agreement) from the date on which notification of the any change is sent to You. Any amendment to Terms and Conditions however published shall not be retClydesdale Bankpective or affect any rights or obligations that may already exist in respect of any Instructions.
9.6. No employee of Al Etihad Credit Bank or agent has any authority to vary these terms and/or conditions orally or to make any representation on behalf of Al Etihad Credit Bank as to their effect. No addition to or variation of these terms and conditions shall be binding on You unless in writing signed by a director of Al Etihad Credit Bank or published on the Al Etihad Credit Bank web site.
9.7. Any provision or part thereof of the Terms and Conditions of this Agreement which is or may be illegal, void or unenforceable shall be treated as severable from the remaining Terms and Conditions of this Agreement and the remainder of the provision in question and shall not affect any other provisions, terms or conditions of this Agreement all of which shall continue in full force and effect as if the affected provision or part thereof had been removed.
9.8. The benefit of these Terms and Conditions or Agreement may not be assign or transfer by the Customer without the express written consent of Al Etihad Credit Bank. Al Etihad Credit Bank may without notice to You assign and/or novate the rights and/or obligations of Al Etihad Credit Bank under this Agreement to any third party and You hereby consents without reservation to any such assignment or novation.
9.10. Failure by Al Etihad Credit Bank to exercise any right or of any delay, forbearance or indulgence in exercising any right, power or remedy under this Agreement by Al Etihad Credit Bank shall not operate as a waiver of that right, power or remedy or preclude its exercise at a subsequent time.
9.11. Where there is a conflict between any of the provisions of these Terms and Conditions with any other documentation produced pursuant to this Agreement then these Conditions shall prevail unless Al Etihad Credit Bank specifically agree in writing signed by a director of Al Etihad Credit Bank that such other documentation and information shall have priority in whole or in part or where the Terms and Conditions of this Agreement have been modified pursuant to clauses 9.5 and 9.6 of this Agreement.
9.12. Implied terms are excluded from these Terms and Conditions to the extent permitted by law.
10. Applicable Law
10.1. The formation and construction of this Agreement, these Terms and Conditions shall be governed and construed in all respects in accordance with the laws of England and Wales, regardless of which county this agreement and these terms and conditions were signed or agreed in.
10.2. Each party hereby agrees that any dispute or legal issue including those in connection with formation, construction or performance arising in connection from this Agreement, these Terms and Conditions and Trades made under them shall for all purposes be determined by the law of England and Wales and considered exclusively by the English and Welsh Courts who shall have sole jurisdiction over this Agreement, its terms and conditions and trades made under it and the decision(s) of such court(s) shall be binding on both parties.
Authorized and regulated by FSA as Small Payment Institution under No 511088
Customs and Excise MLR No 12492642
Data Protection Number Z2309500
Terms and Conditions Governing Money Remittance Service
The parties to this agreement are:
Al Etihad Credit Bank Financial Services Ltd (herein referred to as "Al Etihad Credit Bank" or "Us") company number 06721866 whose registered address is 44a Albert Rd, Winnipeg, MB, R3C 2R7, Canada.
The Customer who is the person(s) of 18 years or over, firm(s) or organisation(s) (in this context referred to as the individual/individuals in clause 3.7.) who has either completed signed and delivered by post or electronically to Al Etihad Credit Bank the Registration Form and agreed to the terms and conditions of this agreement electronically or by signing and sending a copy of this agreement by post to Al Etihad Credit Bank to enable Al Etihad Credit Bank to provide a money remittance service (herein referred to as the "Customer" or "You").
1. The Service Provided
1.1. The service provided by Al Etihad Credit Bank under this agreement is limited to operating an online money remittance service that allows Customer to send and receive payments (the "Service").
1.2. The Al Etihad Credit Bank money remittance of funds is at the discretion of Al Etihad Credit Bank.
2.1. Funds will be remitted to the respective beneficiaries as identified by Customer.
2.2. Al Etihad Credit Bank is only responsible for funds which Al Etihad Credit Bank holds. Al Etihad Credit Bank are not responsible for funds during the process of transfer.
2.3. Customer acknowledges that Al Etihad Credit Bank is not a bank. Accounts are not insured by any government agency; Al Etihad Credit Bank does not act as a trustee, fiduciary or escrow holder in respect of any balance in the Customer’s account.
2.4. Customer acknowledges that Al Etihad Credit Bank does not pay interest on any money held in the Customer’s account.
2.5. Funds received before 2pm on a business day will be processed on the same day. Funds received after 2pm will be processed on the following business day. Funds that are being sent abroad will be processed according to the Al Etihad Credit Bank exchange rate on that day.
Al Etihad Credit Bank is required by statute to make a disclosure to the Serious Organised C