Terms and Conditions of Remittance

1. For all matters relating to the processing of remittances, the Bank shall have the absolute discretion to appoint one or more Correspondent(s) in relation to the remittance. The Bank shall not be responsible for any error, neglect, default, delay, retention of money, liquidation or cessation of business of any such Correspondents and Beneficiary’s bank.
2. Neither the Bank nor the Bank’s Correspondents shall be liable for any delay in payment or inability to pay the remittance to the Beneficiary, for any delay in notifying the Beneficiary of the remittance, or for any error, defect, omission, interruption or delay in the transmission of any communication to the Beneficiary or to any Bank’s Correspondents. The Bank shall also not be liable for any loss arising from the conducts of the Correspondents, Beneficiary’s banks or other banks, war, epidemic, inspection, lockdown, coup or riot, all laws, regulations, ordinances, controls of the governmental authorities of this country or foreign countries and other uncontrollable incidents.
3. Any actions taken by the Bank or any of the Bank’s Correspondents in connection with the remittance, if in good faith and in conformity with applicable foreign or domestic laws, customs or regulations, shall be binding on the Customer. The Bank or any of the Bank’s Correspondents shall not be liable for any such liability.
4. The Bank shall not be responsible to inform the Customer of any foreign exchange control or other similar restriction which may be imposed by the laws or regulations of the country of the Beneficiary’s bank where payment of the remittance is to be effected. The Bank shall also not be liable for any loss or delay resulting from such exchange control and restriction. Customer is advised to make his/her/their/its own inquires as to any such control or restriction.
5. The Bank may send message(s) relating to the remittance either in words or in cipher and shall not be liable or responsible for any mistranslation or misinterpretation of the message(s), or any part thereof, by any of the Bank’s Correspondents and/or Beneficiary’s bank.
6. Payment of the remittance may need to go through the settlement system and/or certain local procedures of the Beneficiary’s bank where the payment is to be made before the Beneficiary’s bank or the Beneficiary has actually received the payment of the remittance. The Bank shall not be liable or responsible for any loss or delay of such cases.
7. If the remittance is in relation to currency exchange, such exchange rate should be the Bank exchange rate at the moment the Bank processing such exchange.
8. If the Beneficiary is responsible for the Bank's charges, the charges of the Correspondent and the Beneficiary’s bank shall be deducted from the remittance amount. If the Remitter is responsible for the Bank's changes, the charges of the Correspondent and the Beneficiary’s bank shall be deducted from the Remitter's account subsequently.
9. The Bank shall not be liable for any failure caused by any Correspondent to comply with its instructions which results in the Beneficiary incurring such changes, even if the Remitter specifies that it shall bear all charges of the Correspondent.
10. Unless the Bank agrees, the application for the remittance, once accepted by the Bank, cannot be amended, cancelled/refunded. In considering whether to accept any request by the Customer for cancellation/refund of the remittance, the Bank may take into account whether it has received satisfactory confirmation from its Correspondents and/or Beneficiary’s bank that the remittance has been duly withheld and cancelled. In case the Bank agrees to amend, cancel/refund the remittance, the applicants should present himself/herself/themselves/itself in person with identification documents and such remittance will be subject to the following conditions:

a.       The Customer shall be liable for any costs and expenses incurred by the Bank, its Correspondents and/or Beneficiary’s bank in giving and/or considering to give effect of the amendment/cancellation/return of the remittance and in the case of cancellation/return, such costs and expenses shall be deducted from the amount to be refunded to the Customer.

b.      If the refund is in relation to currency exchange, such exchange rate should be the Bank exchange rate at the moment the Bank processing such exchange.

c.         After deduction of the costs and expenses, the refund should be directly deposited to the withdrawal account of the remittance. No notice of the deposit will be sent by the Bank. The Customer may make his/her/their/its own inquires to the Bank, if any needs.

11. For whatever reasons (including but not limit to the erroneous Beneficiary’s information, the rejection of payment of the Bank’s Correspondents and/or Beneficiary’s bank), the Bank’s Correspondents and/or Beneficiary’s bank have to cancel or refund the remittance, in receiving the advice, the Bank may cancel/refund the remittance in its discretion without prior notice to or approval of the Customer. Such refund will be subject to the following conditions:

a.         The Remitter shall be liable for any costs and expenses incurred by the Bank, its Correspondents and/or Beneficiary’s bank in cancelling/refund of the remittance, and such costs and expenses shall be deducted from the amount to be refunded to the Remitter.

b.      If the refund is in relation to currency exchange, such exchange rate should be the Bank exchange rate at the moment the Bank processing such exchange.

c.       After deduction of the costs and expenses, the refund should be directly deposited to the withdrawal account of the remittance. No advice of the deposit will be sent by the Bank. The Customer may make his/her/their/its own inquires to the Bank, if any needs.

12. The Customer is responsible to ensure if there is sufficient fund in the account for the Bank to effect such transaction at any time when the remittance instruction is made to the Bank. The Bank may refuse to effect the instruction in its absolute discretion if there is insufficient fund in the designated account at the time of execution of the transaction. The Bank shall not howsoever be liable for any consequence arising out of the failure of the Bank to execute any instruction.
13. The Customer agrees and accepts that the Bank may, subject to the laws and regulations of Macau, disclose the Customer's personal data and information relating to the Customer's remittance to the Beneficiary, the Beneficiary Bank, any of the Bank's Correspondents, other relevant banks, regulatory authorities and other individuals or institutions, and transfer such data outside Macau as necessary. The Customer also agrees and acknowledges that he/she/they/it has been informed or will be informed of the Customer Notice regarding the Personal Data Protection Act posted in the banking halls of the Bank or otherwise given to the Customer by the Bank, including any updates or amendments made by the Bank, from time to time.
14. In the absence of wilful misconduct or gross negligence on the part of the Bank, the Bank shall not be liable for any delay, loss (including loss of profits and other economic loss) suffered by Customers or others as a result of any failure, damage, malfunction, interruption or non-functioning of its communication and computer equipment, or as a result of the installation of such equipment, incomplete or faulty instructions given by the applicant, or any error in the execution of such instructions.