International Payments in Internet Banking for Business
Terms and conditions effective from 15 January 2011
1. General
2. Requesting telegraphic transfers
3. Use of stores/branches, Correspondents and Beneficiary Banks
4. Laws and Regulations
5. Commissions, fees or charges
6. International cheques
7. Foreign Currency account transfers
8. Processing requests
9. Email notification
10. Limits
11. Other exclusions and limitations
12. Disclosure of information
13. Code of Banking Practice
14. Indemnity
15. Exchange rates
16. Service availability
17. NetGuard Token
18. No future-dated international payments
19. Foreign Currency Master Agreement
20. Variation
1. General
1.1 These terms are a contract between you and Bank of New Zealand ("BNZ"). You should read these terms carefully as they place certain requirements and liabilities on you.
1.2 You must accept these terms before you can use International Payments in IB4B. Acceptance will be effected when BNZ receives your signed Application.
1.3 These terms and conditions apply to 'International Payments in IB4B' ("Service") which is accessed via Internet Banking for Business (IB4B) for which you must be registered to use this service. This Service allows you to make telegraphic transfers, purchase international cheques and to make transfers from Foreign Currency accounts (the "Services").
1.4 These specific terms and conditions ("International Payments in IB4B terms and conditions") are in addition to and should be read in conjunction with:
a. the Internet Banking for Business terms and conditions ("General Conditions") to which you agreed when you registered for IB4B; or are agreeing to now when registering for both IB4B and the Service at the same time;
b. the specific terms and conditions applicable to a nominated account.
1.5 To the extent of any inconsistency between the general conditions, any specific terms and conditions applicable to a nominated account, and the International Payments in IB4B terms and conditions, these International Payments in IB4B terms and conditions will prevail. You should be familiar with the general conditions and specific nominated account terms and conditions when reading and before accepting these International Payments in IB4B terms and conditions.
2. Requesting telegraphic transfers
2.1 You undertake that you will only request international cheques and make telegraphic transfers on your own behalf as principal.
2.2 If any payment requested by you is in US dollars, to be cleared in the United States ("the US"), or to be made using a bank in the US, then you shall, in respect of such payment, be deemed to have declared and undertaken to BNZ at the time of the relevant payment request that the beneficiary of the payment is not a person, group or entity, or in or associated with a country, sanctioned by US laws and regulations, including those administered by the Office of Foreign Assets Control ("OFAC") of the US Department of Treasury.
2.3 BNZ reserves the right to direct the payment through what it deems the most appropriate route at its sole discretion.
3. Use of stores/branches, Correspondents and Beneficiary Banks
3.1 You agree that in connection with BNZ's provision of telegraphic transfer and international cheque services to you (including, without limitation, the making or receiving of a payment on your behalf), one or more BNZ stores/branches, other financial services providers ("Correspondents") and the bank where the beneficiary holds their account ("Beneficiary Bank") may be involved. The Beneficiary Bank may also be a Correspondent. The stores/branches, Correspondents and Beneficiary Bank may in each case be local or overseas and the Correspondents may or may not be appointed by BNZ.
3.2 If an incorrect account number is quoted, Correspondents or the Beneficiary Bank in some countries will credit that account (if a valid number) notwithstanding that it is not in the name of the stipulated beneficiary, without any responsibility on their part. Further, some Correspondents or Beneficiary Banks will not separately advise the beneficiary when requested to do so of a credit to their account. BNZ will not be responsible for such actions.
3.3 If BNZ has sent telegraphic transfer payment instructions to a Correspondent and that Correspondent has actioned the request, the payment terms are final and cannot be changed or cancelled. This may occur within an hour or days of BNZ's receipt of your instructions.
3.4 You may request BNZ to cancel or amend any payment instructions provided for telegraphic transfers. At that time BNZ will send a request for cancellation or amendment to the Correspondent, which it may or may not be able to process.
3.5 In respect of the Services, payments in one currency may be converted by a Correspondent or the Beneficiary Bank into another currency at the Correspondent's or the Beneficiary Bank's (as the case may be) current rate of exchange on the day the conversion is made.
3.6 You agree that, to the maximum extent permitted by applicable law, the involvement of other stores/branches, Correspondents or the Beneficiary Bank in connection with the Services is entirely at your risk and that BNZ is not liable for loss of any kind arising in connection with the involvement of any other store/branches, Correspondent or the Beneficiary Bank or their acts or omissions, whether or not the Correspondent is appointed by BNZ.
4. Laws and Regulations
4.1 Any service BNZ provides to you may be affected directly or indirectly by laws including, without limitation, any subordinate instrument and the acts, practices and policies of local or foreign governments and their instrumentalities (a "Regulatory Authority") whether or not having the force of law ("Regulations"). Regulations may be those of any place where BNZ, any Correspondent or the Beneficiary Bank operates, or with which the services have some direct or indirect connection, or to which or from which a payment or instruction is made or received or in which some other thing is done, or may be the Regulations of or applicable to the currency of any payment. Regulations include, but are not limited to, those which affect, restrict, prohibit or otherwise render unlawful transactions, payments or dealings with assets, countries, any person, group or entity. The Services may be interrupted, prevented, delayed or otherwise adversely affected, either in whole or in part, by reason of a Regulation including, but not limited to, where BNZ, any Correspondent or the Beneficiary Bank considers, or a Regulatory Authority asserts, that a Regulation may apply (each an "Adverse Effect"). It is entirely your risk if any Adverse Effect occurs and BNZ has no obligation to contest any act of any Regulatory Authority.
4.2 To the maximum extent permitted by applicable law, BNZ and any Correspondent are not liable for any loss of any kind arising directly or indirectly from or in connection with the Service or any service including, without limitation, any Adverse Effect, whether or not BNZ or any Correspondent is negligent or in breach of any duty to you or to any other person.
5. Commissions, fees or charges
5.1 BNZ will charge you fees for the Services as set out in our Business account and Agribusiness account service fees brochures, on our BNZ website (bnz.co.nz) or as otherwise agreed with us.
5.2 The involvement of Correspondents and the Beneficiary Bank means that the Services may be subject to other commissions, fees or charges payable to the Correspondent, BNZ or the Beneficiary Bank. BNZ may also receive and retain commissions, fee rebates or revenue-sharing payments from a Correspondent for using the Correspondent, the amount of which will be agreed between BNZ and the Correspondent from time to time.
5.3 For international cheques, unless BNZ instructs the Correspondent otherwise the Correspondent's commissions, fees or charges ("Correspondent Charges") will be deducted from any payment made on your behalf. However, should the Correspondent pass their commissions, fees or other charges onto BNZ, you agree to immediately reimburse BNZ for them in NZ dollars.
5.4 For telegraphic transfers, unless you instruct BNZ otherwise, the "Correspondent Charges" will be deducted from any payment made to the beneficiary, and BNZ will charge you with the telegraphic Transfer Issue fee. However, if you instruct BNZ that the "Charges Our fee" is to apply, this will be added to your Telegraphic Transfer Issue fee (and appear as one fee on your statement) and the Correspondent Charges will not be deducted from any payment made to the beneficiary.
5.5 Beneficiary Bank fees may also apply, and may be deducted from the payment made to the beneficiary.
5.6 BNZ's standard tracing fee will apply to any request sent to a Correspondent following a request by you to cancel or amend your payment instructions.
5.7 Where an account with BNZ is to be debited with any payment (including, without limitation, any commissions, fees and charges relating to dealing with cancellation, amendment or repurchase requests) to be made in relation to the Services, you authorise BNZ to debit that account for the amount payable.
6. International cheques
6.1 Where you request an international cheque, we will forward the cheque to the address shown on the confirmation page when you confirm your instructions to BNZ. It is your responsibility to forward the international cheque to the intended recipient
6.2 If you request BNZ to repurchase an international cheque then you acknowledge and agree that BNZ can charge a repurchase fee per repurchase and that BNZ will use the rate of exchange current on the day of repurchase.
6.3 If BNZ cancels an international cheque (whether due to the international cheque being lost or not) at your request then you acknowledge and agree:
a. to wait until the cancellation becomes effective before asking BNZ to issue another international cheque in replacement for the one cancelled;
b. that the time required for a cancellation to be effective is beyond the control of BNZ;
c. that a fee is payable for each cancellation; and
d. further details on the terms and conditions of repurchase of an international cheque apply and will be made available when you request a repurchase.
7. Foreign Currency account transfers
7.1 Only the following Foreign Currency transfers are permitted on this Service:
a. Transfer funds from a Foreign Currency account to a NZ dollar account.
b. Transfer funds from a NZ dollar account to a Foreign Currency account.
c. Transfer funds from one Foreign Currency account to another Foreign Currency account of the same currency.
8. Processing requests
8.1 BNZ will process the request on a normal business day other than Saturday, Sunday and public holidays ("Business Day") provided we receive it before the time of day has passed where that currency can be traded ("Currency cut off"). If a request is received after Currency cut off subject to other terms and conditions set out in these terms and conditions the request will be processed by BNZ on the next available business day.
8.2 For Foreign Currency accounts international payments (including Foreign Currency transfers) will not be accepted on 'currency holidays' or after currency cut offs.
8.3 Submission of your request to BNZ is not confirmation the request is successful and has been completed. Where BNZ is unable to process your request we will attempt to contact you.
9. Email notification
9.1 The Service allows you to nominate an email address to which an automated notification will be sent when BNZ processes a telegraphic transfer request. BNZ has no way of monitoring if that email was received by the intended recipient and accepts no liability for non-receipt by the intended recipient. These email notification are not receipts.
10. Limits
10.1 Requests using the Service are subject to transaction and daily limits. Limits are subject to approval by BNZ and may be reviewed from time to time. BNZ can reduce the daily or transactional limits at any time (and without prior notice where it is necessary to protect the security of the service). Any changes to daily or transactional limits will be notified to you in writing.
11. Other exclusions and limitations
11.1 The following paragraph applies subject to and provided BNZ has, unless the transaction is for a business purpose, complied with its obligations under the Consumer Guarantees Act 1993.
BNZ:
a. may decline to act or delay acting on any instruction given in connection with the Services where it considers that it has good reason to do so;
b. will not be liable for any claim that arises from acting reasonably in accordance with your instructions in connection with the Services;
c. will not be liable for any loss suffered by you or a third party due to matters outside BNZ's control (including, without limitation, machine failure, system failure or strikes);
d. will not be liable for any loss suffered by you or a third party due to any of the matters or circumstances referred to in these terms and conditions;
e. accepts no liability for the loss or destruction of, or delay in processing of, cheques or other instructions or documents;
f. accepts no liability for any delay in transferring funds to or from your accounts.
11.2 To the maximum extent permitted by applicable law, BNZ's liability for loss of any kind which cannot be excluded by reason of applicable law is limited to reimbursement of any fees paid to BNZ for the supply of the adversely affected Service.
12. Disclosure of information
12.1 You agree that BNZ may use or disclose any personal or other information about you or the Services or any person connected in any way with the Services to any Correspondent, Beneficiary Bank or Regulatory Authority for any purpose which BNZ, any Correspondent or the Beneficiary Bank considers necessary or desirable in connection with any Regulation or the Services. You agree to provide any such information to BNZ on request. Such information may include, but is not limited to, names, addresses, method of payment, account number debited for payment, reason for payment and method of identification (including any identifying numbers from evidence of identification). If you fail to provide such information you acknowledge that supply of the Services may not be completed.
13. Code of Banking Practice
13.1 BNZ will comply with the Code of Banking Practice as it applies to these terms and conditions.
14. Indemnity
14.1 In consideration of BNZ acting upon a request which appears to its reasonable satisfaction to have been made in accordance with authorities held by BNZ, to the extent permitted at law you indemnify BNZ against all losses, claims and expenses that BNZ may incur by reason of acting upon the request, and without further authority or enquiry BNZ may debit the account(s) set out in such request, with all such claims and expenses whether such account(s) is or may become overdrawn as a result. In the event that such account(s) becomes overdrawn, you will pay interest at the rate(s) normally charged by BNZ. Any payment BNZ makes in accordance or purported accordance with the request shall be conclusive evidence that BNZ was liable to make such payment.
15. Exchange rates
15.1 The Service quotes live exchange rates linked directly to current market movements. Any exchange rates quoted are subject to change without notice up until the point where you formally accept the rate. BNZ accepts no liability for adverse exchange rate movements prior to your formal acceptance of the quoted rate.
15.2 Acceptance of the exchange rate by you is an irrevocable undertaking to complete the transaction. If for whatever reason the Request cannot be completed, you will be liable for any costs to reverse the foreign exchange transaction, including but not limited to any commissions payable for locking the rate and any exchange loss that may occur. If any request is subsequently cancelled by you and BNZ accepts your request to cancel, any exchange loss will be for your account.
15.3 You acknowledge that foreign currencies fluctuate and therefore the buying and selling of foreign currency can result in a loss to yourselves. You agree not to hold BNZ responsible in any way for any loss which you may suffer as a result of BNZ converting currencies on your behalf.
16. Service availability
16.1 Creating and authorising an international payment and foreign currency transfer are only available on business days as designated by BNZ from time to time. All other International Payments in IB4B are available outside of these hours. BNZ may vary these times at any time without notice.
16.2 Due to market conditions, BNZ may make the Service unavailable for a period of time. BNZ accepts no liability if you are unable to complete a transaction because the Service is unavailable.
17. NetGuard Token
17.1 Notwithstanding clause 3.11 of the General Conditions (or any equivalent clause) when setting up or amending payment beneficiaries for telegraphic transfers and international cheques you will need to enter in a valid NetGuard Login code.
18. No future-dated international payments
18.1 Future dated international payments and foreign currency transfers are not available in the Service.
19. Foreign Currency Master Agreement
19.1 If you have entered into a Foreign Currency Master Agreement with BNZ that agreement is amended so that any reference to a "written communication" will be deemed to include any electronic communication such as email or IB4B confirmation screen.
20. Variation
20.1 BNZ may vary, add to, delete, or replace these terms and conditions unilaterally from time to time. BNZ will give you at least 14 days' notice of any such variation, unless it is necessary in the circumstances for BNZ to give a lesser notice period (for example, where it is necessary to protect the security of the Service). BNZ has the right, in its sole discretion, by prior notice to change, suspend or cancel any of these Services.
