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Terms and Conditions | PFG Smart Credit

Terms and Conditions

  • 1The following terms and conditions apply to customers who are transacting through PFG Smart Credit, as an individual, or as a sole proprietor, trust, partnership, registered companies, registered associations, registered co-operatives or in the capacity of other statutory bodies.
  • 2These terms and conditions ("Terms and Conditions") govern the terms under which you may access and or use the website (for the purpose of these Terms and Conditions “website” will include our Agent Portal, Online Portals and App, where applicable) and the services associated with it (together, the "Money Transfer Service"). Any specific instruction or request for our Money Transfer Services are referred as “Transfer Request” herein.
  • 3The language of these Terms and Conditions is english and all services, instructions and all transactions carried out in connection with it shall be in english.

1.This Agreement

  • 1.1Capacity:
    The internet 'website' through which the Money Transfer Services of PFG Smart Credit are provided is also referred to as the ‘Portal’, the user availing the Money Transfer Service is generally referred to as ‘Customer, Agents, Affiliates or You’ and the entity offering the Money Transfer Service is referred to as the ‘PFG Smart Credit , our, we or us’. The terms ‘we or us’ includes our ‘correspondents, payment service providers, payment partners etc.’ mutatis mutandis.
  • 1.2Constitution of this Agreement:
    This is the master agreement which applies to all transactions you subsequently enter into with us. All the Transactions or other specific details of each individual Transfer Request will be agreed independently each time you book those Transfer Request, they will constitute separate agreements incorporating these Terms and Conditions.
  • 1.3Documents to Read:
    While you acknowledge your agreement to this Terms and Conditions, you acknowledge that in accordance with the requirements of the Corporations Act, you have been provided with copies of our
    • Website Terms of Use and
    • Privacy Policy
    (which are published on our Website) and that you have read and understood and agree to the contents of the said documents.
  • 1.4Keep Updated:
    Please review the information contained in this document before undertaking any transactions, as it may change at any time, without notice.
  • 1.5Headings
    The section headings contained in this Agreement are for reference purposes only and shall not affect the meaning or interpretation of this Agreement.

2.Our Payment Services

  • 2.1International Money Transfer Services:
    As a Registered Network Provider we are regulated by AUSTRAC (Australian Transaction Reports and Analysis Centre) and are authorized to provide international money transfer services. You should read service related information published on our Website to know how our Money Transfer Services operates. Money Transfer Services of PFG Smart Credit is offered to Customers through our internet website/portals.
  • 2.2No Financial Advice:
    PFG Smart Credit does not provide any Margin or Speculative Trading services or Foreign Exchange Forward Contracts or Financial Advice.
  • 2.3Other Services:
    PFG Smart Credit may at its sole discretion, also offer to provide through its Portal, various types of international money transfer services as published on the Website from time to time.
  • 2.4Use of Correspondents:
    PFG Smart Credit offers electronic payments of cleared funds to the beneficiary by direct credit to a nominated bank account or in cash or in electronic form through a ‘correspondent’ located anywhere in the world.
  • 2.5Appoint Agents or Affiliates
    PFG Smart Credit may appoint Agents or Affiliates for offering the services to Customers directly or through other Websites or Portals.
  • 2.6Limitations:
    PFG Smart Credit services are subject to various limits and specifications such as time-limits, Transfer Request limits, fees etc. which could be generic or specific to certain remittance channels, currencies, countries, mode of payout/pay-in etc.
  • 2.7Services to Registered Customers only:
    PFG Smart Credit shall be available only to Customers who are approved by PFG Smart Credit after they successfully complete the registration process. PFG Smart Credit May at its sole discretion may deny any or all services to any Customer, without assigning any reason whatsoever. All Customers have the option to use our online portal and/or to use the services through any of our Agents or Affiliates for completing the registration and for undertaking Transfer Request.

3.Customer Registration & Due Diligence

  • 3.1Registration Process:
    All new Customers are required to complete the registration Process as mentioned here below, before initiating a Transfer Request.
    • Customers may initiate their registration process online or through any of our Agents or Affiliates.
    • Before availing our services, all customers are required to complete the KYC process either directly or with any of our Agents or Affiliates at their location and the registration is to be approved by us. When the Service of an Agent used to complete the physical KYC process, the Agent will be the ‘Designated Agent’ of the customer.
    • All Customers (including authorised signatories of corporate Customers) are required to submit valid identification documents and proof-of-address documents as stipulated by PFG Smart Credit.
    • Corporate Customers may be required to submit additional documents and undergo an additional KYC process to complete their registration.
    • All documents submitted to PFG Smart Credit are to be either self- attested or verified and certified as ‘true-copies’ by authorized persons or Agents or Affiliates.
    • You will be solely responsible for the genuineness of each and every document and information submitted to PFG Smart Credit.
  • 3.2Verification Process:
    PFG Smart Credit may alter or amend the verification process, registration process etc. as it deems fit to ensure regulatory or policy compliance. We may also appoint agents or authorized personnel or third parties to complete the customer identification and verification process. You consent to check and verify your identification details with the document issuer or official record holder via third party systems, if required to register you as a Customer.
  • 3.3Suspend or Cancel the Registration:
    PFG Smart Credit may at any time suspend or cancel the registration of a Customer at its sole discretion, without assigning any reason whatsoever.
  • 3.4Corporate Customer to Appoint Authorized Signatories:
    Corporate Customers must Appoint one or more authorized signatories (even if you have a sole director who has already signed the agreement in the capacity of a director). An authorised signatory may have unlimited authority to give us instructions on your behalf or you may specify the stages of a Transfer Request they are authorised to undertake.
  • 3.5Instructions from Authorised Persons:
    We will rely on instructions received from the individual/s appointed by you as authorised signatories as per this agreement until such time as you revoke or vary that authority. Any change in the list of your authorized signatories or their status must be notified to us and updated on the Portal or by giving us two (2) business days notice in writing.
  • 3.6Due-Diligence:
    PFG Smart Credit may require certain Customers to undergo additional due-diligence process either during the registration process or at any time in future and a Customer’s right to use PFG Smart Credit services shall be contingent upon successful completion of the due-diligence process.
  • 3.7Change in Customer Registration Details:
    In the event of any change in the content or status of the primary identification documents and/or address documents and/or bank account details etc., you undertake to promptly inform PFG Smart Credit and/or Your profile on the Portal.
  • 3.8Information Binding on You:
    All information you have saved on the Portal including but not limited to your primary details, bank account details, beneficiary details etc. will be binding on you and/or the Agents or Affiliates.

4.Transfer Request

  • 4.1Initiating Transfer Requests:
    You may initiate online money transfer requests through our Portal, after completion of your registration.
  • 4.2Transfer Requests Binding:
    Money Transfer requests received by us shall be legally binding on you as soon as we receive your electronic money transfer request.
  • 4.3Confirmation of the Transfer Requests:
    We will provide you with confirmation of the Transfer Requests on the screen at the time you book the Transfer Requests. After you complete submission of a Transfer Request, we will send you an email or SMS confirmation of the Transfer Requests. The confirmation constitutes an error correction mechanism only. If you do not contact us immediately on receipt of the confirmation, the Transfer Requests details will be deemed to be correct.
  • 4.4Only Bonafide Transfer Requests:
    You undertake to initiate only bonafide Transfer Requests through us and to be fully responsible for all actions on your part which are in contravention of any rules/regulations that govern remittance services.
  • 4.5Mistakes from the Customer/Agents or Affiliates:
    While making a money transfer request, it is your sole responsibility to input all required information in a correct and complete manner, to facilitate error-free payment to the beneficiary. We shall not be responsible for losses resulting from incorrect or incomplete information submitted by you.
  • 4.6Beneficiary Account:
    You acknowledge that, while making money transfers to the bank accounts of beneficiaries, we will rely solely on the account number and bank details you give us for your Beneficiary Account and will not check to ensure that the name provided by you accords with the account number you have given us.
  • 4.7Security of the Username and Password:
    You will be responsible for ensuring the security of the username and password used to access our Portal. We shall rely on any instructions received pursuant to the use of the username and password without checking the identity of the user and you will at all times be bound by those instructions.
  • 4.8User Credentials to Corporate Customer:
    All authorized signatories of a corporate Customer will be issued with a username and password in order that they may provide us with Instructions online or by email, subject always to any limits on authorization that you may have set in the Portal. We will accept any instructions received pursuant to the use of the username and password without checking the identity of the user or their level of Authorization and you will at all times be bound by those Instructions.
  • 4.9Right to Refuse to Provide our Service:
    We shall always endeavour to comply with your instructions as quickly and as efficiently as possible. Nevertheless, we reserve the right to refuse to accept your instructions or to process the Transfer Requests and to do so without giving you any reasons and without incurring any liability to you for any resultant loss or damages incurred by you or any other party.
  • 4.10Right to Re-quote the Exchange Rate:
    You agree that the exchange rate we quote for A transfer request is contingent on the prompt performance of your obligations in To that Transfer Request. We reserve the right to re-quote the exchange rate if you fail to provide with required information or funds on time.
  • 4.11Out-of-Market Quote:
    You agree that if due to human or technical error, we quote a wrong exchange rate that is clearly a mistake on our part ("Out-of-Market Quote"), it will not be binding on us. You also agree to inform us as soon as you notice the mistake.
  • 4.12Advance Payments:
    You acknowledge that we bear the risk that you might default on settlement of a Transfer Request and, to mitigate this settlement risk, we reserve the right to request that you pre-fund your 'My Account' before booking a money-transfer-request.
  • 4.13 Personal Warranties:
    While entering into a Transfer Request with us, you also confirm that;
    • You are the lawful owner of the money you intend to transfer,
    • You are over the age of 18,
    • You are not acting on behalf of another person and that you will inform us if you are acting as a sole proprietor of a business, a trustee of a trust, a partner of a partnership or as a representative of a company,
    • If you are not making Transfer Request in your capacity as an individual that you are properly and lawfully authorized to enter into this agreement and any Transfer Requests with us,
    • You will not enter into any Transfer Request with us for speculative purposes,
    • Your decision to enter into a Transfer Request with us is entirely yours and that you will not rely on any information that may be provided from time to time by us on our Website or by our employees or consultants,
    • You are not using our Services for money laundering or terrorism financing activities,
    • You will provide all required additional KYC documents and source of funds if required to precede your transfer request or to complete any due diligence on you at any time.
  • 4.14 Secure Transactions:
    We have implemented and will maintain security systems for the transmission of our Customer’s Transfer Requests, consisting of encryption and "firewall" technologies that are understood in the industry to provide adequate security for the transmission of such information over the Internet. We do not guarantee the security of the Services or Transfer Request data, and we will not be responsible in the event of any infiltration of its security systems, provided that we have used commercially reasonable efforts to prevent any such infiltration. Customer further acknowledges and agrees that Customer, and not we, are responsible for the security of Transfer Request data or information or any other information stored on Customer’s servers, and that we are not responsible for any other party's servers.

5.Telephonic/ Fax / Written / Email Instructions

  • 5.1No Obligation to Act on any Telephonic Instruction:
    We will not be under any obligation to act on any telephonic instruction received from you.
  • 5.2Fax or Written Communication should be Signed:
    In the event of you submitting a fax or written communication to us, the submission shall be signed by you and the signatures shall be in the same manner and way as has been mentioned in the primary ID documents submitted to us.
  • 5.3e-mail Instructions from Registered e-mail Address only:
    In case of e-mail instructions the same will be given by you from your registered email address to our designated e-mail IDs.
  • 5.4Reconfirmation of Instructions Received:
    We may act upon such instructions after taking reasonable measures to verify the genuineness of the same in compliance with the rules and regulations of Australia and we reserve the right to seek reconfirmation of such instructions over telex/fax/telephone/e mail etc..
  • 5.5Other Instructions:
    All such instructions to us, other than through the Portal will be attended in a turnaround time period of 7 working days.
  • 5.6Reliance on Your Instructions:
    You authorize us (at our discretion), to rely upon and act or omit to act in accordance with such instructions which may be or purport to be given to or received by us from designated sources in connection with or in relation to your account maintained with us.
  • 5.7Right to Decline Transfer Request:
    We shall not be bound to act in accordance with the whole or any part of the Transfer Request or any other instruction and may at our sole discretion and exclusive determination, decline or omit to act, or defer acting in accordance with any such instruction, and the same shall be at your risk.
  • 5.8Declined Transfer Request shall be Informed:
    We shall not be liable for the consequences of any such refusal or omission to act or deferment of action, provided we inform you of our decision not to act on your instruction within a reasonable time after we exercise our discretion.

6.Pay-in Policy

  • 6.1Payment of Customer Fund:
    For all Transfer Requests you make, you agree to either deposit the transfer amounts and the applicable fees into our designated bank account or pay the amounts to your Designated Agent on the same day.
  • 6.2State Customer Unique ID:
    It will be your responsibility to quote your Customer Unique ID, Transfer Reference Number(TRN), CRN (BPay) etc. correctly when you deposit the funds directly into our bank account.
  • 6.3Cash and Cheques not Accepted:
    You acknowledge that we may not accept cash or cheques and you agree to make all payments to our account electronically.
  • 6.4Payment through Agents:
    You acknowledge that we may accept Cash Payments (upto a maximum of $9,999) and EFTPOS Payments (wherever available) through your designated agent. All Transfer Requests originated by you online, for which payments are made through your designated agent, will be deemed as Transfer Requests submitted through the agent.
  • 6.5Pay-in Methods:
    We may offer you multiple methods like internet bank transfer, EFTPOS, BPay etc. (together referred to as “Payin Methods”) to transfer your money to us.Payin methods are not part of our Money Transfer Services, they are services provided by third parties. We cannot guarantee the use of any particular Payin Method and may change or stop offering a Payin Method at any time without a notice to you.
  • 6.6Payment instrument:
    Payment instrument must be in your name. Any payment instrument (for example, the credit card or debit card) you use with your chosen Payin Method must be in your name.
  • 6.7Chargebacks:
    Chargebacks on your payment instrument. If you selected a Payin Method which gives you chargeback rights, you promise that you will only exercise this chargeback right if:
    • we have breached this Agreement; or
    • there was an unauthorised use of your payment instrument. You promise that you will not exercise your chargeback right for reasons which we are not responsible, including a dispute with your recipient or there is insufficient funds in your payment instrument. If we need to investigate or take any actions in connection with a chargeback raised by you, we may charge you for our costs in doing so and you agree to bear all such costs.
  • 6.8Settlement Delays:
    Your Transfer Requests can be processed for settlement only after receipt of your funds into our designated bank account and you acknowledge that any delay on your part or on the Agent’s part to remit funds could result in settlement delays.
  • 6.9Funds Not Received In Time:
    If we do not receive the funds in time, we reserve our right to rollover or cancel the Transfer Request, without notice to you and you shall be liable to reimburse us all consequential losses, additional costs etc., including loss of exchange on account of rollover and/or cancellation.
  • 6.10Full Amount:
    In the event that we agree to make a payment for you without having received the full amount, you acknowledge that we are not waiving our right to claim the full amount after the Transfer Request has been processed.
  • 6.11Fund Held by Us:
    You acknowledge and agree that we do not hold your funds on trust and will not put your funds into a separate bank account.
  • 6.12No Interest Paid:
    You acknowledge and agree that we will not pay to you any interest on any funds held by us on your behalf, whether by way of Pre-Funding or otherwise.

6.Pay-in Policy

  • 6.1Payment of Customer Fund:
    For all Transfer Requests you make, you agree to either deposit the transfer amounts and the applicable fees into our designated bank account or pay the amounts to your Designated Agent on the same day.
  • 6.2State Customer Unique ID:
    It will be your responsibility to quote your Customer Unique ID, Transfer Reference Number(TRN), CRN (BPay) etc. correctly when you deposit the funds directly into our bank account.
  • 6.3Cash and Cheques not Accepted:
    You acknowledge that we may not accept cash or cheques and you agree to make all payments to our account electronically.
  • 6.4Payment through Agents:
    You acknowledge that we may accept Cash Payments (upto a maximum of $9,999) and EFTPOS Payments (wherever available) through your designated agent. All Transfer Requests originated by you online, for which payments are made through your designated agent, will be deemed as Transfer Requests submitted through the agent.
  • 6.5Pay-in Methods:
    We may offer you multiple methods like internet bank transfer, EFTPOS, BPay etc. (together referred to as “Payin Methods”) to transfer your money to us.Payin methods are not part of our Money Transfer Services, they are services provided by third parties. We cannot guarantee the use of any particular Payin Method and may change or stop offering a Payin Method at any time without a notice to you.
  • 6.6Payment instrument:
    Payment instrument must be in your name. Any payment instrument (for example, the credit card or debit card) you use with your chosen Payin Method must be in your name.
  • 6.7Chargebacks:
    Chargebacks on your payment instrument. If you selected a Payin Method which gives you chargeback rights, you promise that you will only exercise this chargeback right if:
    • we have breached this Agreement; or
    • there was an unauthorised use of your payment instrument. You promise that you will not exercise your chargeback right for reasons which we are not responsible, including a dispute with your recipient or there is insufficient funds in your payment instrument. If we need to investigate or take any actions in connection with a chargeback raised by you, we may charge you for our costs in doing so and you agree to bear all such costs.
  • 6.8Settlement Delays:
    Your Transfer Requests can be processed for settlement only after receipt of your funds into our designated bank account and you acknowledge that any delay on your part or on the Agent’s part to remit funds could result in settlement delays.
  • 6.9Funds Not Received In Time:
    If we do not receive the funds in time, we reserve our right to rollover or cancel the Transfer Request, without notice to you and you shall be liable to reimburse us all consequential losses, additional costs etc., including loss of exchange on account of rollover and/or cancellation.
  • 6.10Full Amount:
    In the event that we agree to make a payment for you without having received the full amount, you acknowledge that we are not waiving our right to claim the full amount after the Transfer Request has been processed.
  • 6.11Fund Held by Us:
    You acknowledge and agree that we do not hold your funds on trust and will not put your funds into a separate bank account.
  • 6.12No Interest Paid:
    You acknowledge and agree that we will not pay to you any interest on any funds held by us on your behalf, whether by way of Pre-Funding or otherwise.

7. Pay-out Policy

  • 7.1Mode of Pay-outs:
    We offer to effect payout to beneficiaries in multiple modes, each classified as a separate ‘payment service’ as published on our portal. Your Transfer Request will be paid to the beneficiary as per the payment service chosen by you at the time of booking the Transfer Request.
  • 7.2Funds Transmit:
    You acknowledge that we will transmit your funds by electronic means only
  • 7.3First-In-First-Out:
    You acknowledge that, when more than one Transfer Request is awaiting settlement, though First-In-First-Out will be the general rule, we may make any single pay-out in preference for another, at our sole discretion and convenience.
  • 7.4Services of Correspondents:
    We may use the services of Correspondent(s) to give effect to your money transfer requests. A ‘Correspondent’ could be a bank or an agency or a payment service provider, located anywhere in the world, who acts on our behalf, directly or indirectly.
  • 7.5Correspondents Fees and Charges:
    A Correspondent who acts on our behalf may at times deduct additional fees and charges from the funds transferred by us, so that the beneficiary may receive an amount that is less than the payout amount shown in the Transfer Receipt and debit the fees and charges to our account held with the ‘Correspondent’. In the latter case, you agree to reimburse us, all such charges and fees paid to the Correspondent.
  • 7.6Delivery of Funds :
    Delivery of funds to the beneficiary as ‘Bank Account Deposit’ or as ‘Cash PickUp’ will normally be completed within 1-3 business days (Expected Time) and if the beneficiary's bank/branch/payout location is different from the Correspondent Bank, it may take additional time to forward funds to the beneficiary's branch/bank.
  • 7.7Immediate Cash:
    If the funds are to be paid out as ‘Immediate Cash’, it will normally be completed within 24 hours (Expected Time) depending upon the payout location and payout partner chosen by you.
  • 7.8Enquiry:
    Where the funds are not available for payment to the beneficiary by the Expected Time you may request us to generate on behalf of you an enquiry into the delay (the enquiry). Where the delay is not caused by us you will indemnify us for all or any costs or expenses incurred by us as a result of generating, carrying out and completing the enquiry including without limitations, legal costs on a solicitor and client basis.
  • 7.9Delay Beyond Expected Time:
    The transfer of the funds may be delayed past the Expected Time due to circumstances beyond our control that includes but are not limited to cut off times for transmissions imposed by the Correspondent, delays or complications in past or otherwise, delays, errors or omissions in transit or transmissions; acts or omission of a correspondent or any other third party or delays and complication in overseas banking/payments system etc.
  • 7.10No Claim for Damages:
    To the maximum extent permissible by law, neither we nor any of our employees accept responsibility and will not be liable for any loss or damage resulting from delays that arise as a result of the circumstances specified above or any act or thing done or omitted to be done by us while acting in good faith on your instructions.
  • 7.11Your Mistake:
    If your funds are sent to the wrong beneficiary as the result of a mistake made by you, and we have acted in accordance with your Instructions, we will be under no obligation either to recover the funds or to resend the funds to the correct beneficiary account. You will need to book a new money-transfer- request.
  • 7.12Our Mistake:
    If your funds are sent to the wrong beneficiary as the result of a mistake made by us, we will take urgent action at our own expense to recover those funds, provided that you take immediate action to assist us to recover any such funds if the mistaken beneficiary is related to you or associated with you in some way.

8. Amendment Policy

  • 8.1Amendments to Processed Transfer Request:
    Issuing amendments to Transfer Request already submitted could result in delays in settlements and may incur additional charges. We may at our sole discretion accept or refuse to act on such requests.
  • 8.2Amendments to Beneficiary Details:
    If you wish to make amendments to beneficiary details after booking a Transfer Request, the request must be submitted online through the Portal. Based on the status of the Transfer Request, following actions may be taken;
    • If the booking of the Transfer Request is incomplete and still under process, amendments shall be processed as required by you.
    • If the payment instructions have already been transmitted to our Correspondent, wherever possible we shall forward the requests. However, such requests will be subject to the rules and regulations in the destination country.
    • If the payment has already been effected to the beneficiary by the Correspondent before amendment requests are received by them, no amendment will be possible.
  • 8.3Incorrect Beneficiary Details:
    If we receive intimation from our Correspondent that your payment cannot be effected due to incorrect beneficiary details furnished by you, we shall notify the same to you on your registered email address. If a suitable amendment request is received from you immediately, the same shall be transmitted to our Correspondent, without any risk and responsibility on our part.
  • 8.4Retrieve and Return:
    If no such amendment request is received from you within a reasonable time, we shall take all efforts to retrieve and return the funds to you.
  • 8.5Amendment Charges:
    All amendments shall be issued at our sole discretion and will be subject to you paying additional amendment charges, if any.

9. Cancellation Policy

  • 9.1Cancellation Confirmation:
    A Transfer Request once booked is legally binding and shall not be treated by you as cancelled in any circumstances, unless and until you receive an email or written confirmation of cancellation from us.
  • 9.2Processed Transfer Request:
    We may not be able to stop or cancel a payment if it has already been processed by us.
  • 9.3Any Transfer Requests booked by you may be cancelled by us under following circumstances, without notice to you;
    • We have reasons to suspect the genuineness of the Transfer Request or feels that the Transfer Request could contravene any regulations or policies in force.
    • The information or documents provided by you are incomplete or incorrect and not sufficient to proceed with the Transfer Request in a time bound manner.
    • You have failed to remit amounts payable to us, to our designated bank account within the stipulated time.
    • The payment could not be effected to the beneficiary and the funds are or will be returned by the Correspondent.
  • 9.4Cancelling a Booked Transfer Request:
    If you wish to cancel a booked Transfer Request, the request must be made online through the Portal. Based on the status of the Transfer Request, following actions will be taken;
    • If the payment is under processing, cancellations shall be processed as required by you.
    • If the payment instructions have already been transmitted to the Correspondent, PFG Smart Credit shall at its sole discretion, cancel a Transfer Request subject to the condition that we should either have confirmation from the Correspondent that funds have not been and cannot be delivered to the beneficiary for valid reasons and/or you should submit satisfactory documentary proof of non receipt of funds from the beneficiary.
  • 9.5Cancellation Time:
    Actual time taken for completing a cancellation process may vary and is dependent on the stage or status of the Transfer Request when the request is received by us or by our Correspondents etc.
  • 9.6Retrieve Funds from Beneficiary:
    If the payment has already been effected to the beneficiary by the Correspondent before the cancellation request is received by them, no cancellation will be normally possible. However, if you still wish to have the funds retrieved, wherever possible, such requests shall be forwarded by us to the Correspondent without any risk and responsibility on our part. It will be your responsibility to engage with the beneficiary to have the funds repatriated.
  • 9.7Refund of Cancelled Transfer Requests:
    While making a cancellation request, you acknowledge and agree that we may not be able to return the original Transfer Request amount in full and the amounts finally payable to you will be after deducting;
    • Transfer Request fees/cancellation charges of PFG Smart Credit as well as that of our Correspondents,
    • any foreign exchange losses incurred by us or our correspondents, and
    • any out of pocket expenses incurred by us.
  • 9.8Requirements for Refund:
    In all cases of cancellations, the amounts payable to you shall be returned only after the amounts are actually received back into our bank account. If for any reason we agree to refund the amounts to you beforehand, you agree to submit to us a valid Statutory Declaration indemnifying us, as per the format prescribed by us.
  • 9.9Refund only through the Same Channel:
    Refund on account of cancellation of Transfer Requests shall be made only to your "My Account" in our Portal or to the Agent through whom the Transfer Request was initiated.
  • 9.10Refund in the Same Currency:
    All amounts refunded to you shall be in the currency originally tendered and the currency conversions shall be done at the exchange rates prevailing at the time of cancellation.
  • 9.11Not entitled to any Gain or Profits:
    You agree that you shall not be entitled to any foreign exchange gain or profit we may get on account of cancellation of a Transfer Request.
  • 9.12Loss Incurred by Us During Cancellation:
    You acknowledge that the amount of any loss realized on the cancellation of a Transfer Request is a debt payable by you and agree that we may immediately deduct the total amount of any loss (together with any expenses or other fees) from any funds we hold in relation to any Transfer Request whether in the form of a Pre-Funding or otherwise. If the amount we are seeking to recover exceeds the amount available in your "My Account" or other funds held by us, you agree to pay the balance within seven days of being notified by us of the total amount due.
  • 9.13Interest On Unpaid Amount:
    You agree that we may charge you interest on any sum that remains payable to us after we cancel any or all of your Transfer Requests at a rate of two per cent per annum over the cash rate target of the Reserve Bank of Australia (or of such monetary authority as may replace it). Interest will accrue and will be calculated daily and be compounded monthly from the date the payment was due until the date full payment is made by you.

10. Fees And Charges

  • 10.1Our fees and charges for providing various services are displayed on the Transfer Request screen when you initiate a Transfer Request.
    A Transfer Request once booked is legally binding and shall not be treated by you as cancelled in any circumstances, unless and until you receive an email or written confirmation of cancellation from us.
  • 10.2Additional Charges:
    In addition to the fee for initially providing the service, following additional charges are applicable to each service, as listed against them.
    Cancellation of a PFG Smart Credit Transfer After successful submission of it. Minimum $10.00 and Maximum $25.00, plus any foreign exchange loss and out of pocket expenses incurred by us.
    Amendments to original payment details. Minimum $10.00 and Maximum $25.00, plus any out of pocket expenses incurred by us.
    Enquiries
    a)Routine queries regarding status of a payment. $ 0.00
    b) Investigations or inquires at the request of the Customer which incur additional expenses. Actual Costs
    c) Transfer Request Reports/Statements for periods earlier than 12months $ 25.00 (for each 12month period)
    Failed Payments and return of a payment: by overseas banks or correspondents Minimum $10.00 and Maximum $25.00, plus any foreign exchange loss and out of pocket expenses incurred by us.
    Refund or payment of AUD funds to customers Maximum $25 per transfer
    Maintenance Fee for dormant and inactive accounts Maximum $25 per calendar year
  • 10.3 Denominated in AUD:
    Above fees are denominated in Australian Dollars and does not include any fees and charges levied by our Correspondent
  • 10.4Right to Change the Fee/Charge:
    PFG Smart Credit reserves the right to change the fee or charge for any service, without notice and at its sole discretion.

11. My Account

  • PFG Smart Credit may at its sole discretion, provide an Account (My Account) facility for customers who register for online services. If the facility is provided, you agree to the following.
  • 11.1The Facility:
    You acknowledge that My Account is only a facility we provide to help you easily track all your direct money Transfer Requests with us. The facility does not cover the Transfer Request you undertake through any of our Agents or Affiliates at their locations.
  • 11.2 All Amounts to be Accounted In My Account:
    All amounts you directly deposit to our bank account and all payments we execute at your request will be accounted in your My Account. Similarly, any other amounts you owe to us or we pay to you will also be accounted in your My Account.
  • 11.3Credit to My Account only:
    You agree that all amounts payable to you by us, like cash rewards, amounts refunded to you upon cancellation of a Transfer Request etc., will always be credited to your My Account only.
  • 11.4Current Balance:
    You acknowledge that the ‘Current Balance’ displayed on your My Account is the latest balance available in your My Account and it is the Net amount, considering:
    • all amounts due to us, from you, on account of Transfer Request, booked by you online, including the Transfer Requests that are yet to be settled and
    • all amounts due to you from us on account of any cancelled Transfer Request, amounts pre-funded by you, any cash rewards you have earned etc.
  • 11.5Making Payments to Us:
    To make payments to us (i.e. to deposit funds into your My Account), you may use any payment option listed on our Website.
  • 11.6Remitting Money to our Bank Account:
    Whenever you remit any amount to our designated bank account, we will identify the amount using your Customer Unique ID / CRN (for BPay) or the Transfer Reference Number (TRN) etc. you have quoted while making the remittance. You acknowledge that your remittances will reflect in your My Account only after we sight the amounts in our bank account statement.
  • 11.7Mistakes:
    You agree that we shall not be held responsible for any losses incurred by you on account of our delay in identifying the amounts you have remitted to our bank account without correctly quoting any of the reference numbers mentioned under item 11.6.
  • 11.8Pre – Fund:
    There are no restrictions on the number or amount of deposits you may make to pre-fund your My Account. You can also pre-fund your My Account and wait till you get your desired exchange rate for making a money transfer request.
  • 11.9Fund Your My Account Well in Time:
    Whenever you make a transfer request, the total amount including fee, as shown in your ‘Transfer Receipt’, will be automatically charged to your My Account and it will reflect in your Current Balance. As soon as you provide necessary funds in your My Account, we effect the payment to the beneficiary and the completed transfers will reflect in your My Account reports. You agree to adequately fund your My Account well in time to help us process your Transfer Requests promptly.
  • 11.10Right to Deduct from Your My Account:
    We reserve our right to deduct from your My Account balance or from any amounts we hold on your behalf by way of prefunding or otherwise, if there are unpaid dues outstanding against you.
  • 11.11Surplus Amounts:
    You may at any time choose to withdraw surplus amounts available in your My Account, by submitting an online request to us and the amounts will be remitted to your registered bank account after a due verification process.
  • 11.12Bank Account Details:
    You agree to submit your bank account details and to ensure that your bank account name, account number, branch code etc. are correctly saved in the Portal. Whenever we have to make a payment to your bank account, the amounts will be remitted only as per the latest account details you have saved on our Portal.
  • 11.13Withdrawal from My Account:
    We may at our sole discretion charge you a transaction fee for remitting amounts you have withdrawn from your My Account, to your bank account.
  • 11.14Maintenance Fee for Dormant Accounts:
    We may at our sole discretion charge you an annual account maintenance fee if your My Account is remaining dormant, i.e. without any debit (payment) transaction for 12 months continuously.
  • 11.15 No Interest:
    You acknowledge and agree that we will not pay to you any interest on the balances available in your Account.

12 Use of the App

  • PFG Smart Credit may at its sole discretion, provide an App facility for customers who register for online services. If the facility is provided, you agree to the following.
  • 12.1
    In consideration of you agreeing to abide by these Terms and Conditions, we grant you a non-transferable, non-exclusive licence to use the App, subject to these Terms and Conditions, our Privacy Policy and the applicable app-store terms (incorporated into these Terms and Conditions by reference) as may be amended from time to time. We reserve all other rights.
  • 12.2
    Except as expressly set out in these Terms and Conditions or as permitted by any local law, you agree:
    • not to copy the App (except where such copying is incidental to normal use of the App, or where it is necessary for the purpose of back-up or operational security); and
    • not to rent, lease, sub-license, loan, alter, translate, merge, adapt, vary or modify the App.
  • 12.3
    You acknowledge that the App has not been developed to meet your individual requirements, and that it is therefore your responsibility to ensure that the facilities and functions of the App meet your requirements.
  • 12.4Current Balance:
    We only supply the App for domestic and private use. You agree not to use the App for any commercial, business or resale purposes, and we have no liability to you for any loss of profit, loss of business, business interruption, or loss of business opportunity. Specifically (but without limitation), we do not accept any liability for loss or damages to you or any third party resulting from any delay in us processing an Instruction or refusal by us to execute a Transfer Request pursuant to these Terms and Conditions.
  • 12.5
    The App is provided to you free of charge and as a result no representations, conditions, warranties or other terms of any kind are given in respect of the App, and all statutory warranties and conditions are excluded to the fullest extent possible under applicable law.
  • 12.6Remitting Money to our Bank Account:
    In relation to your use of the App, we do not, in any event, to the extent permitted by law, accept responsibility for:
    • any failure to perform the Services, or any losses or delays in the transmission of messages, due to circumstances outside our control or due to our obligations under any applicable laws, rules or regulations;
    • malfunctions in communications facilities which cannot reasonably be considered to be under our control and that may affect the accuracy or timeliness of messages we send to one another;
    • errors in the App or with the Service caused by incomplete or incorrect information provided to us by you or a third party; or
    • any loss or damage suffered by you as a result of you using our App on a ‘jailbroken’, ‘rooted’ or otherwise modified device.

13Electronic Communications

  • 13.1
    You acknowledge that these Terms and Conditions shall be entered into electronically, and that the following categories of information ("Communications") may be provided by electronic means:
    • these Terms and Conditions and any amendments, modifications or supplements to it;
    • your records (e.g. of Transfer Requests) through the Service;
    • any initial, periodic or other disclosures or notices provided in connection with the Service, including without limitation those required by law;
    • any customer service communications, including without limitation communications with respect to claims of error or unauthorised use of the Service; and
    • any other communication related to the Service or PFG Smart Credit.
  • 13.2
    The Service does not require Communications to be provided in paper format or through other non-electronic means. You may withdraw your consent to receive Communications electronically, but if you do, your use of the Service shall be terminated. In order to withdraw your consent, you must contact us using our contact information at the end of these Terms and Conditions.
  • 13.3
    You must promptly update us with any change in your email address

14Termination

  • 14.1
    We may terminate these Terms and Conditions with immediate effect if you:
    • become, or we reasonably believe or become aware you are likely to become, insolvent or are declared bankrupt;
    • are in breach of any provision of these Terms and Conditions;
    • use the Service or the website in a way that is disruptive to our other customers, or you do anything which in our opinion is likely to bring us into disrepute;
    • breach or attempt to breach the security of the website (including but not limited to: modifying or attempting to modify any information; unauthorised log-ins, unauthorised data access or deletion; interfering with the service, system, host or network; reverse engineering of any kind; spamming; hacking; falsifying data; introducing viruses, Trojan horses, worms or other destructive or damaging programs or engines; or testing security in any way); or
    • are, in PFG Smart Credit's reasonable belief, using the Service in connection with fraudulent, illegal or unethical activity, or permitting a third party to do so.

15Business Promotion Schemes

  • 15.1Promos :
    We may from time to time, launch business promotion schemes (hereinafter referred to as “Promos”) under different titles or names, targeted at existing or potential Customers or agents or affiliates etc (hereinafter referred to as participants under this paragraph). Specific terms and conditions for each such Promos will be published in the marketing material or on our Website or Portal. Participants may venture to participate in such promos only if they fully acknowledge and agree to the following terms.
  • 15.2Business Objectives or Targets:
    We may announce prizes or rewards to participants for achieving certain business objectives or targets and we will make all reasonable efforts to fulfil our obligations under the promos.
  • 15.3Prizes and Rewards:
    The rewards or prizes if any, offered by us is as a gesture of goodwill at its sole discretion and such rewards or prizes are gifts from us, which represents value in excess of the participant’s rightful entitlement under all contracts and agreements with us.
  • 15.4Awarded Items:
    We do not take any responsibility for quality, make, performance, maintenance etc of items awarded to participants.
  • 15.5Changes:
    If situations so warrant, we may at our sole discretion Change, amend, delete, cancel, extend any or all terms of the Promos, by either notifying the same on the Portal or Website or by directly intimating the participant(s).
  • 15.6No Right to Claim:
    If for any reason we have expressed our inability to fulfil our obligations under the Promos, the Participants will have no right or legal recourse to claim any prize or reward or compensation from us in any form whatsoever.
  • 15.7Excluded Participants:
    • Employees, partners, subsidiary companies and representatives of the Promoter, including their immediate family members;
    • Affiliates of the Promoter; and
    • Any person or entity professionally connected with the Promos;
  • 15.8Privacy:
    We reserves the right to verify the eligibility of the Winners, subject to the Privacy Policy. Refer “Privacy Policy” in http://pfgforex.com.au for more details.
  • 15.9Decision Binding:
    All the decisions taken by us on the Promos shall be final and binding on you.

16Limitation Of Liability

  • 16.1Delay in Payments:
    You acknowledge that our services involve the use of intermediaries, technical platforms, internet etc., performance of which are outside our control. Though we make our best efforts to ensure the promptness and quality of the money transfer services we offer, we cannot guarantee that transfers of funds will always be made on time.
  • 16.2Damage or Loss :
    You agree that we shall not be held liable for any damage or loss suffered by you consequent upon delayed payment to your beneficiary or due to our refusal to transfer funds on your behalf.
  • 16.3Liability Actual Amount Only:
    Our liability to you shall at all times remain capped at the amount you have actually paid to us in relation to any particular Transfer Request and/or to the amounts we hold on your behalf by way of Pre-Funding or otherwise.

17Indemnities

  • 17.1Your Indemnity:
    You agree to indemnify us for any costs, expenses or fees we may incur as a result of your failure to perform your obligations under this agreement. This includes any legal costs that we may incur in order to enforce our rights or recover any amounts you owe us. You also agree to indemnify us for any fees, costs, fines, penalties, losses, duties and taxes charged by third parties in relation to the Transfer Request you enter into, including fees charged by our Correspondents, whether or not those fees or charges were notified to you in advance.
  • 17.2Our Indemnity:
    We agree that if your funds are sent to the wrong account as the result of a mistake made by us, we will indemnify you and keep you indemnified in relation to the to recovery of those funds and will take urgent action at our own expense to recover the funds, provided that you take immediate action to assist us to recover any such funds if the mistaken beneficiary is related to you or associated with you in some way.

18Dispute Resolution Policy

  • 18.1If We Make a Mistake:
    If we make a mistake or if our services do not meet your expectations, you should initially bring the complaint to our attention by registering your complaint through our Portal. In most cases, we will be able to solve your problem immediately. If we are unable to do so promptly then we will take responsibility to work with you to resolve the matter within 21 working days. If this is not possible we will keep you informed of our progress and about the time required to resolve your complaint.
  • 18.2Internal Dispute Resolution Process:
    • Complaints: You may initially register your complaints with us through our Portal or in writing preferably quoting the Transfer Reference Number (TRN)
    • Escalation To Senior Team: Upon receipt of a complaint from you, we will attempt to resolve the issue. If the complaint cannot be resolved at the first point of contact or after reasonable investigation and discussion with you, the matter will be referred to senior members of our team.If you are still dissatisfied with the outcome, you will be requested to provide:
    • i. written notice specifying the nature of the complaint in detail, the desired outcome and what action you think will settle the complaint and;
    • ii. all relevant material to support the complaint; All written complaints should be addressed to the General Manager and sent to: P.O. Box 1095, St Albans, VIC 3021, Australia.
  • 18.3Investigation:
    Upon receipt of written notice (“Lodgement Date”), we will:
    • Within 15 days of the Lodgement Date, provide a written acknowledgment of receipt and an indication of the timeframe in which we will respond to the complaint;
    • Consider and investigate the circumstances surrounding the complaint;
    • Upon request, provide you with any relevant, non-confidential, material relating to the complaint; and
    • Communicate with you, with a view to resolving the complaint in a fair and timely manner.
  • 18.4Managers Obligation:
    No later than 45 days following the Lodgement Date, the General Manager must:
    • Notify you in writing of the decision in relation to the complaint;
    • Provide you with written reasons for the decision;
    • Outline to you the remedies, if any, available to you; and
    • Advise you of any further avenues for complaint. Where you have redress (financial or otherwise), we will promptly provide you with information regarding that redress. If the complaint is not resolved within 45 days following the Lodgement Date, we will inform you of the reasons for the delay.
  • 18.5Further Queries:
    You may contact the Customer Services department should you require further information on how complaints are handled by us internally or you may escalate the complaint to the Chief Executive Officer and then to the Compliance Officer at the same address.
  • 18.6Mediation:
    You agree for mediation with our Compliance Officers a part of our internal dispute resolution process with mutual respect for a mutually accepted outcome at any stage of the dispute, acceptable to either party.
  • 18.7Financial Ombudsman's Service (FOS);
    In the event that your complaint is unable to be resolved in accordance with our internal dispute resolution system, you may then formally submit the dispute to the office of the Financial Ombudsman's Service (FOS) for determination in accordance with its rules, provided that the complaint falls within the rules of the FOS. You may lodge a complaint with FOS by sending the necessary documents and information to: Financial Ombudsman Service Limited, GPO Box 3, Melbourne VIC 3001, Australia. For further information about FOS please go to their Website www.fos.org.au
  • 18.8Court :
    Nothing in this agreement prevents either of us from approaching a court either for an urgent injunction or to appeal the decision of FOS and nothing prevents us from taking immediate legal action to recover any amounts that you may owe us as the result of cancellation of a Transfer Request or otherwise.

19Compliance With Anti-Money Laundering And Counter-Terrorism Financing ("AML/CTF") Laws.

  • 19.1AML/CTF Compliance
    We are subject to AML/CTF Laws. Accordingly you consent to us disclosing in connection with AML/CTF Laws any of your Personal Information (as defined in the Privacy Act 1988) we may have.
  • 19.2Collection of Information by Us:
    If requested, you undertake to provide additional information and assistance and comply with all reasonable requests to facilitate our compliance with AML/CTF Laws in Australia or an equivalent overseas jurisdiction. If you fail to provide to us upon request any information that we are required under the AML/CTF Laws to collect from you, we retain the right, at any time, to refuse, in our sole discretion, to provide our Services to you.
  • 19.3Source of Fund:
    PFG Smart Credit Transfer Requests are initiated, only upon ascertaining veracity of the Transfer Request from the remitter; evidencing source of fund and/or convincing such Transfer Requests are initiated for bonafide purposes. Scanned copies of valid supporting documents have to be either uploaded via the PFG Smart Credit Portal or sent to us immediately after submitting a money transfer request and/or upon request. PFG Smart Credit shall process such Transfer Request only after ensuring compliance with regulations.
  • 19.4Right to Refuse to Provide Our Service:
    We strictly prohibit anyone from using our Portal or services for fraudulent or illegal purposes. You undertake that you will not knowingly do anything to put us in breach of the AML/CTF Laws, rules and other subordinate instruments. You undertake to notify us if you become aware of anything that would put us in breach of AML/CTF Laws. You also undertake to refrain from making Transfer Request beyond the threshold limit set by us as a part of our Ongoing Customer Due Diligence.
  • 19.5No Grounds for Suspicion:
    You undertake that you are not aware and have no reason to suspect that the money you are transferring is derived from or related to money laundering, terrorism financing or similar illegal activities and/or the money you are transferring will be used to finance, or in connection with such illegal activities.
  • 19.6Your Obligation on AML/CTF Compliance:
    You declare and undertake that the payment of funds to the beneficiary in accordance with your instructions by us will not breach any law in Australia or in any other country.
  • 19.7Freezing or Blocking Transfer of Funds :
    We may delay, block or refuse to process your Transfer Requests or to make payment if we reasonably believe that processing the Transfer Request may result in breach of any law within Australia or any other country and we will incur no liability for not processing or completing such Transfer Requests.
  • 19.8Indemnity on Freezing or Blocking Transfer of Funds :
    You agree to indemnify us if we are found liable to a third party in connection with the freezing or blocking of your account

20  KYC (Know Your Customer) Rules & Privacy

  • 20.1   Interpretation:
    The words "Personal information "used in this clause has the same meaning as it is defined in Privacy Act 1988.
  • 20.2   Who May Receive Your Information:
    Collection of your information is essential for us to service the relationship and the business operations. Without the Personal Information that we request you to provide, we would not be able to provide you our services. You agree that we will usually disclose Personal Information of the kind that comprise or will comprise yourPersonal Information to any of the following types of organizations or individuals.
    • Providers, contractors, correspondents and external advisers who we engage to carry out our functions and activities from time to time or who assist us to carry out such functions and activities
    • Your executor, administrator, trustee, guardian or attorney
    • Regulatory bodies, governments agencies and law enforcement bodies; and
    • Other parties to whom we are authorized or required by law to disclose Personal Information to.
  • 20.3   Consent Disclose Information:
    Subject to any restrictions imposed on us by the Privacy Act 1988, you agree and consent to any disclosures by us of your Personal Information to an organization of these types for any of the purposes listed above.
  • 20.4   Access and Update Personal Information:
    You can access and/or update your personal information as per our Privacy Policy published in the Website.
  • 20.5   Photographic Identification Required:
    If you are requesting to access personal documents please include a certified copy of some form of photographic identification (such as a Passport or Driver’s license) to assist us in processing your request. Access may be withheld or provided subject to Privacy Act 1988.
  • 20.6   Legal Requirement of Personal Information:
    We collect Personal Information only by lawful and fair means and ensure the protection of any Personal Information we collect is as required by Privacy Act 1988.
  • 20.7   Compliance with AML/CTF Act :
    Any Personal Information collected may also be used to monitor compliance with the AML/CTF Act, the regulations and the AML/CTF Rules.
  • 20.8   Disclosing Personal Information to Authorities:
    We may disclose Personal Information which you provide to authorities where required by law in Australia or any other country who is authorized or required under another law
  • 20.9   Entity:
    If the Customer is an entity then, by applying for these services (the service) the Customer agree and consent to the matters following. If you supply us with Personal Information about an individual you agree to inform that person that
    • We are holding information about that person and he or she can contact us at any of our offices.
    • Personal Information collected about that person will be used for the primary purpose of accessing your application for the requested service and if your application is approved, for the initial establishment of the service and then for the subsequent administration and eventual finalization of your service and that without that Personal Information, this purpose cannot be fulfilled.
    • Personal Information collected about that person will usually be disclosed to any of us and to the organizations mentioned above.
    • That person has the right to access and correct Personal Information.
  • 20.10     If You Are Not A Company:
    If you are not a company then, by applying for this Service you agree and consent to the matters following:
    • We collect and will collect your information primarily for the purpose of the initial establishment of the services and
    • subsequent administration and eventual finalization of the service.
  • 20.11   Regulatory Requirements:
    You also agree whether you are a company or an individual and consent to us using or disclosing your information for each of the following additional purpose:
    • Performing our internal administration and operations including accounting, risk management, record-keeping, archiving, system development and testing, credit scoring and staff training;
    • Compliances with legislative and regulatory requirements; and
    • Prevention and investigation of crime or fraud to protect your interest and our interest.
  • 20.12    Data Storage:
    We collect and store all information electronically and take all reasonable steps to protect information from unauthorized access, but we cannot accept liability for unauthorized access or use of your personal information.
  • 20.13    Retention of Records:
    Any information collected by us, including telephone recordings or transcripts, may be kept or destroyed in accordance with the relevant Laws.
  • 20.14    Recording Telephone Conversations:
    You consent to the electronic recording of all telephone conversations that take place between us without an automatic warning tone or warning message being given and you agree that we may use the recordings as evidence in any dispute or anticipated dispute between us.

21Force Majeure (Events Beyond the 'Parties' Control)

  • 21.1
    Neither party shall be deemed in default hereunder, nor shall it hold the other party responsible for, any cessation, interruption or delay in the performance of its obligations hereunder, except for our remittance obligations hereunder, due to earthquake, flood, fire, storm, natural disaster, act of God, war, terrorism, armed conflict, labour strike, lockout, or boycott, party shall give the other party written notice thereof and, in any event, within five (5) days of discovery thereof, and shall take all steps reasonably necessary under the circumstances to mitigate the effects of the force majeure event upon which such notice is based.

21PFG Smart Credit

  • 21.1
    The Principal place of PFG Smart Credit is P.O Box 1098, St Albans, VIC 3021 (ABN: 94 152 941 510).

23 General

  • 23.1  Notices:
    Where notice in writing is required under this agreement, it may be sent by fax, post or email. Proof of posting will be proof of receipt; in the case of facsimile or email on the day of dispatch, in the case of delivery by post two days from the date of posting. Documents shall be sent to the last known postal address, email address or fax number you have given to us.
  • 23.2  Changes:
    We may alter any of the terms of this agreement by posting the new terms on our Website. This will not affect any rights or obligations you already have, but you will be bound by the new terms when you enter into subsequent Transfer Requests.
  • 23.3  Governing Law And Jurisdiction:
    This agreement shall be interpreted in accordance with the laws of Victoria, Australia and you submit to the jurisdiction of the courts of Victoria, Australia.