MONEY REMITTANCE SERVICE AGREEMENT
DRAFT AGREEMENT: Main payment service provision clauses
Terms and conditions used in this money remittance service agreement (the Agreement) have the following definitions:
Client is a person that submits Transaction request to Money Transfer Service Provider;
Day of Receipt is the Business Day when the funds were received by Money Transfer Service Provider;
Transfer Service Provider is UAB “Best Finance”, legal entity code 304885975, address Gedimino ave. 20, Vilnius, Lithuania, e-mail address, contact phone number. Money Transfer Service Provider is supervised by the Bank of Lithuania;
Payment Agent is UAB “Best Finance”, legal entity code 304885975, address Gedimino ave. 20, Vilnius, Lithuania, e-mail address, contact phone number. Money Transfer Service Provider is supervised by the Bank of Lithuania;
Business Day refers to a day that is not a Saturday or Sunday and on which banks are open for general business in Lithuania;
Receiver refers to the person named as the beneficiary of the money transfer;
Transaction refers to every money transfer that the Client initiate through the Money Transfer Service Provider;
Money Remittance Service refers to money transfer services.
1.1. The Money Transfer Service Provider provides the Client with the ability to send funds through the Money Transfer Service Provider to a designated Receiver.
1.2. The Money Transfer Service Provider provides: (i) domestic transfers – where the Client and the Receiver is located in the Republic of Lithuania; (ii) international transactions – where the Client and/ or Receiver is located is in other jurisdiction than the Republic of Lithuania.
2. PROVISION OF SERVICES
2.1. For funds transferred (i) to a state outside the EEA or (ii) subject to a multiple currency conversion between the Euro and a non-Euro currency of a member state of the European Union or an EEA member state or (iii) which is not to be paid out in Euro, the funds are made available for collection by the Receiver at the latest at the end of the fourth Business Day after the Day of Receipt.
2.2. For funds transferred in Euro currency, the funds are made available for collection by the Receiver at the latest at the end of second Business Day after the Day of Receipt.
2.3. By completing and consenting to the information required to make a money transfer and by accepting this Agreement, the Client instructs Money Transfer Service Provider to execute a specific Transaction. Every individual Transaction constitutes a separate agreement between Money Transfer Service Provider and the Client which is limited to the execution of a specific Transaction.
2.4. Money Transfer Service Provider provides option to pay out funds at Payment Agent location. Where funds are to be paid out in cash the Receiver must provide adequate proof of his or her identity in addition to all Transaction details required by Money Transfer Service Provider, in particular, the name of the Client, the country from which the Transaction was sent, the name of the Receiver, the approximate amount of funds transferred and any and all other conditions and requirements that are mandatory at Payment Agent location for the funds to be paid out. The payment of funds to be collected will be made to the Receiver that Money Transfer Service Provider or its Payment Agent deems entitled to receiving the funds following verification of the identification documents. At certain payment locations the Receiver may be asked to provide proof of his or her identity or answer a test question or both in order to receive the funds.
2.5. Applicable law prohibits money transmitters from doing business with certain individuals or countries; Money Transfer Service Provider is required to screen all Transactions against lists of names provided by the governments of the countries and territories in which Money Transfer Service Provider does business, including the US Treasury Department’s Office of Foreign Assets Control (OFAC) and the European Union. If a potential match is identified, Money Transfer Service Provider researches the Transaction to determine if the name matched is indeed the individual on the relevant list. For this purpose, Money Transfer Service Provider is entitled to request from the Client or the designated Receiver additional details and proof of identification which may cause the Transaction to be delayed. This is a legal requirement for all Transactions processed by Money Transfer Service Provider (including transfers that originate and terminate outside of the US).
2.6. Written information explaining how Money Transfer Service Provider charges the Client for making a money transfer is available on and is shown to the Client prior to completion of the Transaction. The Client shall bear all fees due to complete the money transfer unless applicable law in the destination country requires otherwise. Money transfers should be sent to a local (Receiver’s) currency, otherwise the receiving institution (where the Receiver has his or her account) may convert the funds at its own exchange rate or may even reject the money transfer.
2.7. Money transfer payments will normally be made in the currency of the destination country (in some countries payment is available only in an alternative currency). All currency is converted at current rate of exchange. Money Transfer Service Provider calculates its rate of exchange based on commercially available interbank rates plus a margin. Most exchange rates are adjusted several times daily in line with the relevant closing rates of global financial markets.
2.8. The currency will be converted at the time of the transfer and the Receiver will receive the foreign currency amount shown in this form. However, in some countries local regulations require money transfers to be converted only when they are paid out. If the Client is sending the funds to one of these countries, the exchange rate noted above is only an estimate, and the actual exchange rate will be determined at the time of payment. Payment Agent may offer Receivers the choice to receive funds in a currency different from the one the Client selected. In such instances, Money Transfer Service Provider (or its agents or account provider) may collect additional money when they convert the Client’s funds into the currency selected by the Receiver. If the Client chooses a payment currency different from the national currency of the destination country, the payment currency chosen may not be available at all payment locations in that country, or may not be available in small enough denominations to pay all of the money transfer. In such cases, the Payment Agent may pay all or part of the Client’s money transfer in national currency. Money Transfer Service Provider’s exchange rate may be less favourable than some publicly reported commercial exchange rates used in transactions between banks or other financial institutions. Any difference between the currency exchange rate offered to customers and the currency exchange rate received by Money Transfer Service Provider will be kept by Money Transfer Service Provider (and, in some instances, its agents or account provider) in addition to the transfer fees.
3. RIGHT TO RESCIND A MONEY TRANSFER
3.1. The Client has a right to rescind a money transfer within 4 Business Days. The rescission must be declared to Money Transfer Service Provider expressly and in writing by e-mail or by mail. However, this right of rescission does not apply if Money Transfer Service Provider has already paid out the funds to the Receiver before receive of such request. When exercising the right of rescission prior to paid out the funds to the Receiver, Money Transfer Service Provider will refund the amount of the transfer to the Client and do not charge any fees, except for currency exchange fee, where applicable, and fees bared by other parties than Money Transfer Service Provider.
4. LIABILITY OF THE PARTIES
4.1. Each party is liable for all fines, forfeits and other losses which the other party incurs due to violation of the Agreement by the guilty party. The guilty party undertakes to reimburse direct damage incurred due to such liability to the affected party.
4.2. The Company does not guarantee provision of uninterrupted services. The Company will put all the efforts to secure smooth provision of services, however, the Company shall not be held liable for consequences arising due to operation disorders if they occur due to the reasons beyond the Company’s control.
4.3. The Company is not liable for:
4.3.1. money transfers if the Client has failed to protect his/her passwords and/ or other information used for identification, and as a result they have become known to other persons, and also for illegal actions and operations of third persons performed using illegally received data;
4.3.2. errors and late or missed transactions made by third parties;
4.3.3. consequences arising due to failure or delay to fulfil of any the Company obligations caused by a third party which is beyond the Company’s control;
4.3.4. consequences arising after the Company lawfully terminates the Agreement or in case of lawful limitation, suspension or termination of provision of the Company’s services;
4.3.5. failure to fulfil the Company’s contractual obligations in case it was caused due to the Company fulfilling its duties determined by the applicable laws.
4.4. The Client is liable for correctness of data and documents submitted to the Company.
4.5. If the Client denies having authorised the operation which has been authorized, or states that the operation has been executed improperly, the Company is obliged to prove that authenticity of the operation has been confirmed, it has been registered properly and recorded, and it has not been affected by any technical or any other malfunctions.
4.6. The Client bears all the losses that have arisen due to unauthorized operations for the amount of up to EUR 50 if these loses have been incurred due to: the usage of a lost or stolen operation authentication feature or; illegal acquisition of operation authentication feature.
4.7. The Client bears any losses incurred due to unauthorized operations if the Client has incurred the losses as a result of acting dishonestly or due to his/her gross negligence or intentionally not fulfilling one or several of the duties indicated below:
4.7.1. to comply with the rules regulating security measures of operation authentication feature;
4.7.2. in case the Client finds out about a loss, theft, illegal acquisition or unauthorized usage of the authentication feature; about facts and suspicions that personalized security features of authentication have become known to or can be used by third persons, the Client shall notify the Company immediately;
4.7.3. to undertake all possible measures to protect personalized authentication features.
4.8. The Company shall inform the Client about unauthorized operation no latter than till the end of the next Business Day and return funds which belongs to the Client (saved for the fraudulent authorisation of the operation that was notified to the Bank of Lithuania).
5. SUSPENSION OF SERVICES
5.1. The Company, at its own discretion, has the right to unilaterally and without a prior warning apply one or several of the following measures:
5.1.1. suspend the provision of or refuse to provide the Company’s services;
5.1.2. limit Client’s access to the services;
5.2. Measures indicated in clause 5.1 of the Agreement can be applied in the following cases:
5.2.1. if the Client violates the Agreement or there are suspicions that the Client has violated the Agreement;
5.2.2. the actions of the Client can harm the Company’s reputation or might cause losses, monetary sanctions or other negative consequences to the Company;
5.2.3. in cases laid down in the applicable laws;
5.2.4. due to objectively justified reasons related to safety of the services, unauthorized or fraudulent use of services of the Company.
5.3. In case the Company reasonably suspects that someone has hacked the Company’s system, the Company has a right to suspend provision of services of the Company.
6. COMPLAINTS, APPLICABLE LAW, JURISDICTION. COMUNICATION
6.1. Should the Client not be satisfied with Money Transfer Service Provider services under this Agreement, the Client may make a complaint in writing to Money Transfer Service Provider at the contact details published on. A final response letter will be provided to the Client within 15 Business Days of receipt of the Client complaint. In exceptional circumstances, Money Transfer Service Provider will send the Client a holding reply within 15 business days specifying the deadline by which the Client will receive Money Transfer Service Provider final response, being no later than 35 Business Days from the date of Money Transfer Service Provider initial complaint. The Client also has the possibility to enforce his/ her rights before the competent courts of general jurisdiction.
6.2. In case the Company’s response to the Client’s complaint does not satisfy the Client, or in case such response was not given within the timeframes set in clause 6.1 of the Agreement, the Client has the right to bring the claim to the courts of the Republic of Lithuania. If the Client bringing the claim is a Consumer it has a right to use out of court settlement of disputes and bring the claim to the Bank of Lithuania.
6.3. The Client has the right in writing on via e-mail to submit a complaint or request to the Bank of Lithuania (the Supervision Service of the Bank of Lithuania, Žirmūnų st. 151, LT-09128 Vilnius, firstname.lastname@example.org, www.lb.lt) within 1 year from the submission of the complaint to the Company. Such complaint or request to the Bank of Lithuania must be submitted in accordance to the Law on the Bank of Lithuania of the Republic of Lithuania,the Law on the Protection of the Rights of Consumers of the Republic of Lithuania or Out of court settlement of disputes between consumers and financial market participants, procedures indicated in Bank of Lithuania guidelines, approved by the Bank of Lithuania Board of Directors, 26 January, 2012, Nr. 03-23. Detailed description of the rules and procedures followed by the Company while investigating Client or potential Client complaint are specified by the “Rules on Investigation of Complains” approved by the Company (the Rules on Investigation of Complains).
6.4. The Client has a right to request the Company to provide the Client with the information about the terms and conditions of the services provided by the Company and the Agreement itself. Under the request of the Client, information will be provided to the Client within 3 Business Days. Requested information will be provider either on paper or in another durable medium.
6.5. All communication (including complains handling procedure) between the Client and the Company is performed in the language in which the Agreement was concluded.
6.6. This Agreement is are governed by Lithuanian law, with the exception of its conflict-of-law rules. The place of fulfilment is Vilnius.