BENDIX FOREX & PAYMENT SOLUTIONS. TERMS AND CONDITIONS & PRIVACY STATEMENT.

Definitions

BENDIX: BENDIX Foreign Exchange Corporation and/ or any of its associates who uses the facilities herein. Agreement: shall mean these terms and conditions, and the terms and conditions in the Application, as amended from time to time.  Blocked Entity or Person: shall mean a person or entity with whom BENDIX has reason to believe that it is prohibited by Federal or State or provincial agencies and their Acts, laws, and regulations, which include BSA 1970, US PATRIOT Act 2001 (For USA), PCMLTFA & OSFI regulations (For Canada & Outside USA) and their enhancements, and provisions of the Office of the Foreign Assets Control (OFAC) or Office of the Superintendent of Canada (OSFI). Beneficiary:  shall mean the Applicant or any payee designated by the Applicant to receive funds. Business Day: shall mean any day on which banks are open in all jurisdictions or countries involved in the deal. Confirmation: shall mean the document issued by BENDIX to the Applicant recording the principal commercial terms of a Deal. Daily Interest Rate: shall mean the Interest Rate divided by 365 days. Deal:  shall mean a financial deal related an Agreement between BENDIX and the Applicant for the purchase and/or sale of foreign currency.  Delivery Date: shall mean the business day on which the funds are available for disposition upon the receipt of the Applicant’s payment instructions, provided the Applicant has paid the purchase amount and fulfilled the conditions of this Agreement. Foreign Currency: shall mean any currency other than the local currency. Forward Deal or Contract: means a Deal for which a sale and purchase rate of exchange is agreed on a particular date and for which the Settlement Date is a date or range of dates falling more than two Working Days after the date the Deal is agreed. Initial Margin: shall mean the amount required by BENDIX in respect of each new Forward Deal in accordance with Section 6 of these Terms and Conditions. Margin Call: shall mean amounts required to be paid by the Applicant to BENDIX in respect of a Forward Deal in advance of its Settlement Date in accordance with Section 6 of the Terms and Conditions. Settlement Date: shall mean the agreed date on which the Applicant will ensure cleared funds have been paid to BENDIX and the day on which BENDIX, having received cleared funds, will arrange to pay foreign currency to the Applicant or its designated account. Spot Deal: means a Deal for which the Settlement Date is two Working Days after the Deal is agreed or such earlier date as BENDIX may, in its discretion agree.  Transaction: any transaction related to a deal entered into or proposed.  Working Day: shall mean any day in the range of Monday to Friday except holidays declared by BENDIX including public holidays:  The Applicant: shall mean the organization or individual/s that is/are signatory on the account opening application or conducts a transaction with Bendix, or an authorized User who represent the Applicant for conducting a transaction with BENDIX The Account: shall mean an account opened by BENDIX in the name of the Applicant and for the sole use of the Applicant in which currencies purchased can be held until instructions are received to pay monies away. Personal information: The information that identifies an Individual, in particular defined and limited by the applicable privacy legislations in Canada and USA. Cookie and beacons: a file placed by web server, which allows for personalization of certain aspects of your visit to a Web site. Beacons use non-personal data to track earlier visits. This enables your interaction with the website easier. MT: Money Transfer MT Service: The Service provided by BENDIX that enables money transfer within Canada, USA, or internationally. Foreign Exchange or FOREX:  Changing money expressed in one currency to another currency with or without money transfer to another legal person. Ordering Client or Sender: Any legal person (individual or entity) who uses the Service for sending money or doing FOREX. Money Transfer (MT): A transfer of funds from one entity/ person to a designated beneficiary. Amount: The amount specified, by the Sender and to be received by the Beneficiary, unless other meanings stated. Payment Chain: The institutions through which the amount of money transfer passes before it is paid out to beneficiary. Regulations: National laws with regard to payment of money transfers, at the originating, passing through, or receiving jurisdictions.  Jurisdiction: The country, state, province, or territory in which the money transfer is originated, passes through, or received. Correspondent: Intermediary financial institutions used by BENDIX for facilitating transfer of money to the Beneficiary. Beneficiary’s Institution (Receiving Institution):    A bank or a financial institution at which the Beneficiary maintains a business relationship and/or receive the amount of transfer. Intermediary or Intermediary Institution: The institutions through which the amounts are routed to the Beneficiary’s Institution. Force Majeure: A cause or event that is not reasonably foreseeable or otherwise not caused by or under the control of BENDIX, including acts of God, fires, floods, explosions, riots, wars, hurricane, sabotage, terrorism, vandalism, accident, restraint of government, governmental acts, injunctions, labor strikes,  and other like events that are beyond the reasonable anticipation and control of BENDIX, or those events or the effects thereof that are not attributable to any lapse or failure by BENDIX to perform its obligations under this Agreement.  Relationship Manager: An employee or designate of BENDIX who is authorized to represent BENDIX for specified purposes and interact with a specified customer or client.  

PRIVACY STATEMENT

BENDIX values the privacy of its clients, prospective clients, individuals or persons who provide personal information to BENDIX in the course of their visit our website and/ or use the services provided therein, and BENDIX is strongly committed to each visitor's right to privacy. This privacy policy states BENDIX’s commitments and information gathering and handling practices as well as the privacy agreement.

Statements

BENDIX collects personal information in the course of its business with you when you apply to start or continue to operate a business relationship with BENDIX. The information is collected with your consent, or as permitted or required by law.

The personal information that you provide or that BENDIX asks for and collect will include identities, contact information, birth dates, financial background, billing information, personal identifiers, information collected for prevention of  frauds, money laundering, and other illegal activities, and for due diligence purposes. This information may be collected by way of paper documents, scanned or faxed copies, telephone, emails, verbal interviews, face to face interactions, or data received through our online website. This information will include the information collected by BENDIX about yourself, and any other individual with whom you deal through BENDIX, which include counterparties or senders or beneficiaries of funds or services.

We collect this information through our employees, affiliates, and online resources, government agencies, or business partners, or consumer reporting agencies, or may be provided by yourself upfront when you approach BENDIX for applying to our services.

BENDIX uses personal information in the course of its business that is foreign exchange, money transfer, payment and related services and products, for the following purposes: 1. To process your transactions 2. To collect amounts payable to us. 3. To effectuate the terms and conditions of your ongoing agreement with us. 4.  To meet legal and regulatory obligations, risk management requirements, to facilitate fraud and money-laundering prevention, and for ensuring security. 5. For marketing and promotional purposes, unless you “opt out” or withdraw consent to this specific purpose, as described in the section entitled “Opting Out” below. 6. Record keeping, or reporting requirements, as required by law or by statutory agencies. 7. To meet audit and insurance purposes. 8. To enable our agents, correspondents, or business partners to process or give effect to your transactions or to meet their legal or regulatory obligations. 9. Otherwise with your consent for any purpose.

Disclosure Terms

BENDIX may disclose your personal information to our affiliates and to other parties in connection with the purposes described in this Privacy Statement.

Service Providers and Business Partners: For requirements of service providers and business partners who perform services on our behalf, for example: data hosting or processing services, information technology providers, banking correspondents, within or without Canada OR United States, for the purposes described in this Privacy Statement. We take reasonable measures and secure the information to ensure that personal information that may be processed by these service providers or partners on our behalf is protected and not used or disclosed for purposes other than as directed by us, subject to legal requirements in Canada, the United States and other foreign countries as applicable to BENDIX’s affiliates, agents, service providers, and partners,  such as lawful disclosure obligations to government authorities in the relevant jurisdictions.

Marketing Purposes: We may disclose information to third parties for marketing and promotional purposes, unless you opt out or withdraw consent to this disclosure, as described in the section entitled “OPT OUT” below.

Successors and Assigns: Legal successors and assigns of BENDIX, its business, or its assets, may use and disclose your personal information for similar purposes as described in this Privacy Statement. Disclosures may be made to parties related proposed or existing financing or correspondent arrangements, sale, assignment or disposal of all or part of our business or assets including our client base which include your account with us, AND insurance. This disclosure purposes related to the above include inspection, evaluation, performance, audit, and reporting requirements.

Opting Out of Promotions

BENDIX may use your contact details and information related to your service preferences for marketing and solicitation purposes to send you offers or promotions of BENDIX or affiliates. You may “opt out” or withdraw consent to disclosure of information for the purposes described in this section at any time by calling 1 (800) 465-0065 (Canada) or 1 (855) 809-4600 (USA), or by contacting us at the contact points at the end of this document.

Confidentiality

BENDIX maintains physical, electronic, and procedural safeguards to protect personal information against loss, theft, and any form of unauthorized access. Only those who are authorized employees, agents, or representatives that require access to your personal information in order to fulfill their job requirements will have access to the information. BENDIX’s obligations will become effective only when the information is received by BENDIX physically or by its internal systems, but not while it is in transmission out of or to BENDIX’s physical possession or internal systems; because data exchange over the internet or the telephone system or physical mail cannot be guaranteed to be perfectly secure, any personal information you submit to us or access electronically or over the telephone is done at your own risk, and BENDIX does not guarantee or warrant the security of information so transmitted to BENDIX. You should exercise caution to prevent any third parties, or parties fraudulently posing as BENDIX, from unlawfully intercepting your transmissions or causing you to disclose personal information.

Internet Usage

Child Privacy: BENDIX does not knowingly collect or retain personal information in Web sites from those who are identified as persons below the age of 14. BENDIX’s services or websites are not directed at children under that age. The determination of age is based on the information made available to BENDIX or by voluntary disclosure by the persons themselves.

Personal information you provide to BENDIX on online forms or by other communication resources available through internet will be collected, used, or disclosed as described generally in this Privacy Statement. For administering our web-related services and optimizing it to provide you the best online service we may require to collect information about the domain and the host from which you access the internet, your computer’s internet address, the browser and operating system you use, session details and the internet address of the site from which you linked to our Web site when you visit us. To maintain security of your online access and protection of your information, BENDIX’s secured online system will collect User’s password and login credentials, to verify, identify, and control access to your account or online profile.

External Web sites: BENDIX’s Web sites may be linked with non-BENDIX Web sites for your convenience for providing you a particular service which requires such linkage. While BENDIX takes all precautions to protect the information in its possession, BENDIX is not responsible for the content or privacy practices any non-BENDIX Web site who have their own privacy protection obligations and policies. You are advised to review their contents and privacy practices independently.

Your communication to BENDIX through the methods available in our website including email communications are forwarded to the relevant departments of BENDIX for maintaining correspondence with you. BENDIX uses cookies and web-beacons to facilitate navigation between our web-pages without having to re-enter login credentials, for storing and tracking your preferences, and to determine how you accessed our website (example through an ad link). You may if you prefer disable cookies and web beacons by changing your browser preferences, by following the method provided in your browser documentation. Please note that disabling cookies may limit the performance of BENDIX’s website for you, and certain features of our services may not function properly, thus preventing you from registering or using your online account.

Corrective Actions

If you wish to correct of modify your personal information on BENDIX’s records, you may write to the mailing address provided below, to the attention of Chief Compliance Officer, or to your Relationship Manager, if any, at BENDIX. Correction to certain information (for example, changes in name, or changes in constitution) is restricted and will be done, if permitted, only with the supporting documents that you provide. BENDIX may ask for identification credentials to protect your privacy and security, when corrections or access for corrections are requested.

Consent

By using BENDIX’s website or services, you signify your acceptance of our privacy policy.

This Privacy Statement provides our intentions in regard to your personal information collected by us from you. By providing us with personal information, we will assume your consent to our collection, use and disclosure of such information for the purposes described in this Privacy Statement wherever applicable. Please note that your consent implies the consent to use your email addresses, postal addresses, and other contact resources that you provide to BENDIX to communicate with you.

Your consent may be given in various ways, such as: Orally, electronically or on a document in any form; or implied by voluntarily choosing to use our services; by not withdrawing consent to use your personal information for any identified purpose; by not using an “opt out” option provided for the specified purposes in this statement, if any. Such consent may be given by you directly or by your legal representative.

Withdrawal of your consent will be entirely at your choice at any time, and will be effective, except in cases where BENDIX is subject to legal, contractual, regulatory, governmental, and/ or statutory obligations for record maintenance and disclosure; and except in case of transactions already initiated which need the use of your personal information for fulfillment. Note that in case of such withdrawal of consent BENDIX may no longer be able to provide certain of our products or services which require your personal information.

Updates in Privacy Statement

Please visit our website, or contact us at the contact points provided at the end of this statement, for the updates in this Privacy Statement. Please update yourselves about the latest changes in our Privacy Statement by reviewing the current statement on this web-page, which discloses the updated version at any given time.

FOREIGN EXCHANGE TERMS AND CONDITIONS

1) The Service, and BENDIX Representations

1. BENDIX and the Applicant, subject to these terms and conditions, will from time to time enter into Deals, in accordance with the Applicant’s written or (at the discretion of BENDIX) verbal instructions. 2. BENDIX may, at its discretion, provide information to the Applicant on practical aspects of dealing. However, the Applicant enters into a Deal at its own discretion and risk and should not be, and is not entitled to be, reliant on BENDIX for advice on the timing or terms of any Deal nor on the then current state of the foreign exchange or other market conditions or future direction of exchange rate movements. 3. Each Deal will be evidenced by the issue of a written Confirmation sent by BENDIX to the Applicant by electronic transmission, facsimile or post.

2) Applicant Representations and Undertakings:

The Applicant represents as at the date of each Deal and its Settlement Date and in respect of each such Deal that: 1.The Applicant is acting as principal in the Deal, has full power and authority to enter into the Deal and is the beneficial owner of all monies paid or to be paid at the Settlement Date or by way of Initial Margin or as a result of a Margin Call (in each case) free from any charge or encumbrance; 2. the information provided by the Applicant in relation to the Deal is accurate and current and that any further information required by BENDIX, relevant to a Deal, will be accurate and complete in all material respects; 3.the Deal is for commercial purposes only; it has relied upon its own judgment in entering into the Deal and has not placed any reliance on BENDIX in respect thereof; 4.the Applicant undertakes to provide BENDIX, forthwith upon its request, with any and all information that BENDIX may be required, or considers necessary or desirable, to provide to any applicable governmental or regulatory authority in relation to anti-money laundering laws and regulations. 

3) Mutual Representations:

1. The Applicant will from time to time, subject to these terms and conditions, give written or verbal instructions to BENDIX for the purchase and/or sale and delivery of foreign currency which will form a binding and irrevocable commitment on the part of the Applicant. 2. BENDIX will provide a Confirmation in respect of each Deal which will be delivered to the Applicant, which should be checked and a signed copy returned to BENDIX as an acknowledgement of acceptance of the details of the relevant Deal in a similarly timely fashion. Failure by the Applicant to acknowledge a Deal in this way shall not invalidate the relevant Deal or that the Applicant has committed to a legally binding and enforceable contract under these Terms and Conditions. 3. In the case of discrepancies, errors or omissions in a Confirmation the Applicant must notify BENDIX immediately by telephone, fax or if necessary by first class post but in any event no later than one Working Day of the date of the Deal. The Applicant expressly acknowledges and agrees that any failure to notify BENDIX of any such discrepancies, errors or omissions shall prevent it doing so at a later time. 4. Instructions given by the Applicant may not be amended or altered or cancelled without the written consent from BENDIX (and which consent will not, without limitation be given, where BENDIX has acted on such instructions to its detriment). 5. BENDIX retains the right to refuse to accept an Applicant’s instruction and is under no obligation to enter into a Deal should it choose not to do so. 6. The Applicant is aware and agrees that BENDIX shall discharge its obligations under all laws and regulations of Canada, Unites States of America, and other jurisdictions where BENDIX operates and that the Applicant shall not have any claim against BENDIX in case such discharge of obligations results in refusing, blocking or reporting transactions or entities (such as blocked entities) to regulatory or statutory agencies.

4) Financial Obligations:

1. For each Deal, the Applicant agrees to pay cleared funds to the full amount specified in the Confirmation, together with any commissions or transfer charges that may apply, into the bank account specified by BENDIX on or before the relevant Settlement Date. In cases where currency settlement instructions need to be given one Working Day in advance due to the geographical location of the parties or institutions involved (example, Japan, New Zealand, Australia etc.), funds must be made available in the specified account at least one Working Day prior to Settlement Date. 2. On confirmed receipt of available funds BENDIX will pay to the Applicant or at the Applicant’s order the amount due and agreed in the relevant Confirmation. 3. BENDIX will not make any payment on behalf of the Applicant until funds have been made available at BENDIX’s disposal, and cannot accept responsibility for a delay in onward payment due to the late availability of the funds. 4. The Applicant expressly agrees and acknowledges that banks have cut-off times for acting on payment, and that the Applicant is responsible to be aware of and comply with, these cut off times. 5. All payments made to BENDIX in respect of foreign exchange deals and under these Terms and Conditions are to be made in full without set-off, counterclaim or deduction whatsoever. 6. BENDIX will make payments to the Applicant in full in respect of a Deal unless  required by law to deduct sums,  or where there are transfer charges that may be levied by any of the parties in the payment chain, or where the Applicant owes BENDIX amounts in respect of other Deals or transactions and which have not been settled in accordance the Terms and Conditions of the deal.

5) Applicant Acknowledgements

1. The Applicant will have no fiduciary rights or claims against the correspondents of BENDIX in respect of any of the funds held in BENDIX’s correspondent accounts. 2. The accounts of BENDIX with a Bank are governed by the term of a bank mandate which has been provided and is exclusively operated by BENDIX in accordance with its terms, and the Bank shall not be prejudiced for acting on such mandated instructions and will not be bound to enquire as to the purpose to which those funds are applied. 3. The Applicant acknowledges that BENDIX is not a depository and is under no obligation to pay interest on any funds held on their behalf in any account.

6) Commissions, Charges, Margins

1. Commissions and charges such as transfer charges, due in respect of a Deal shall be paid by the Applicant in full on or before the Settlement Date. 2. A Margin of 10%, or any other rate agreed upon mutually, of the value of every Deal is required to protect BENDIX against adverse exchange rate movement between the date of Deal and the Settlement Date, and should be paid within two Working Days after the date of the Deal. The outstanding balance of the Deal shall be paid on its Settlement Date. 3. Further margin (per a “Margin Call”) if any required will be paid on demand in the event that the Initial Margin is insufficient as determined by BENDIX in its discretion, to cover the risks incurred by BENDIX in the event of adverse exchange rate movements. 4. All margin provided by the Applicant in accordance with these Terms and Conditions may be forfeited by the Applicant in the event that BENDIX incurs any liability or loss in respect of any Deal where the Applicant fails to fulfill their obligations under these terms and conditions.

7) Wire Transfers

1. The Applicant is solely responsible for the beneficiary details and bank information including the routing numbers and account numbers provided to BENDIX. BENDIX’s obligation is limited to acting upon the information provided, and have no obligation to enquire about the correctness of such information. 2. The Applicant is responsible for any communication to the beneficiary or the beneficiary’s bank for any information or confirmations of receipt of wire payments. BENDIX has no obligation to communicate with the beneficiary or the beneficiary’s banks. 3. BENDIX shall make reasonable efforts but not obligated to and may not be able to cancel, amend, recall, or stop a wire transfer order which has been initiated for processing. 4. BENDIX’s internal processes, which are deemed reasonable to its purposes or its performance or non-performance shall not vest any rights on the Applicant in any claim for damage or compensation or breach of these terms and conditions. 5. Save willful gross negligence on the part of BENDIX, BENDIX shall not be responsible for any direct or indirect damages, losses, or expenses that the Applicant may incur in connection with a wire transfer. BENDIX shall not be held responsible for any failure in telecommunication or equipment which may result in non-delivery or delayed delivery to the beneficiary.  BENDIX shall not be held responsible for any neglect, insolvency, misconduct, mistake, default, delay, negligence, breach of contract, or any such acts by any bank, person, or other entity, with regard to any agency or correspondent arrangement such entities or persons may have with BENDIX.

8) Default

a) BENDIX has the right to terminate, close out or reverse a Deal without notice to the Applicant if: 1.the Applicant fails to make payment in respect to a Deal, when due; or 2.the Applicant breaches any of these terms and conditions or fails to comply with its obligations to BENDIX, or is in breach of any statute or regulation; or 3.It becomes or may become unlawful for BENDIX to maintain any of the obligations under the these Terms or Conditions or if BENDIX is under instructions from any regulatory authority whether or not the instructions are legally binding, or BENDIX in its absolute discretion considers it desirable or necessary to do so for its own protection; or 4.in the event that the Applicant becomes unable to meet its obligations when due or has a bankruptcy petition presented against them or the Applicant proposes a form of arrangement to its creditors or if the Applicant ceases or threatens to cease all or part of its business; or 5.any event similar to the above occurs under the laws of any applicable jurisdiction.  b) If the Applicant becomes aware of the occurrence of any event referred to in Clause 8(a) above, they shall give BENDIX notice of such event forthwith.  c) If the Applicant fails to make a payment due to BENDIX in respect of any Deal, BENDIX shall be entitled to collect interest on such unpaid items at a rate of two percent above the current United States Prime Rate (For US clients) or the Prime Business Rate of Bank of Canada (for clients in Canada and other countries other than USA) from payment due date until the date payment is received and any administration fees regardless of the final termination of the Deal taking place. Such entitlement or provision to collect interest shall not in any way prejudice BENDIX’s rights detailed in 8(a) above. d) If for any reason whatsoever the Applicant fails to meet its obligations to BENDIX under any Deal, BENDIX may at its discretion terminate any Deal without notice and without liability for any loss.

9) Indemnity

The Applicant  indemnifies and keeps BENDIX indemnified during the performance of its obligations against all liabilities, claims, losses and costs incurred by BENDIX arising out of the breach by the Applicant of all or any of these Terms and Conditions, or any claim that an individual was not authorized to enter into a deal. This indemnity shall survive the completion or termination of the deal and/or this Agreement.

10) Disputes:

1. If a dispute arises between BENDIX and the Applicant in respect to a Deal, BENDIX reserves the right to take, without prior notice, whatever action it deems necessary and appropriate with respect to the disputed deal. 2. The amount of liability incurred either by BENDIX or the Applicant at fault under the disputed deal shall be equal to the direct loss plus any interest calculated under clause (8c) of these Terms & Conditions. 3. Electronically recorded conversations, transcripts of such or other relevant material reflecting conversations between BENDIX and the Applicant may be used in resolving disputes. The Applicant accepts that these may be referred to in the resolution of any dispute between BENDIX and the Applicant. 4. These Terms and Conditions shall be governed and construed in accordance with laws of New Jersey (for US Clients) and Ontario (for clients in Canada or outside USA), and will be subject to the Federal and State courts located in the State of New Jersey (for USA Clients) or Toronto, Ontario (for clients in Canada or outside USA) and the Applicant waives rights to jury trial under any applicable law. No provision in this Agreement limits BENDIX’s right to bring proceedings related to any dispute in respect of or arising out of this Agreement in any other jurisdiction.  5. The language of interpretation of these terms and conditions shall be English. 6. BENDIX shall not be responsible or liable for any cost incurred or to be incurred by the Sender (here the Applicant) or any one legally representing the Sender, which include arbitrator’s or lawyer’s fees, fees paid to experts or witnesses, or any expenses incurred by the Sender or the Sender’s legal representative for the process of arbitration or court proceedings. BENDIX and the Sender agree that they will not represent or add third parties in the arbitration or court proceedings, and that third party claims, or claims related incidental losses, or claims on account of losses due to force majeure will not be admissible as part of the dispute between BENDIX and Applicant.

11) General:

1. The Applicant agrees that BENDIX may, at its discretion, carry out a check on the financial status of the Applicant if it believes it is necessary to do so. 2. The Applicant accepts that BENDIX may terminate any deal and provide information on such to relevant authorities in order to comply with its obligations under applicable money laundering regulations. 3. BENDIX may amend these Terms and Conditions by notice in writing to the Applicant or by publicizing it in this web page at any time and such amendment shall be binding with the Agreement of the Applicant from the date of such notice. Any such amendment shall not be retrospective or affect the rights or obligations that may already exist in respect of any deal. 4. No failure or omission by BENDIX from any cause reasonably beyond the control of BENDIX, to carry out its obligations under these Terms and Conditions, shall give any rise to any claim against BENDIX. 5. The Applicant agrees that nothing in this Agreement shall be deemed a partnership, joint venture or agency relationship between the parties. 6. The Applicant may not assign or otherwise transfer the benefit of any Agreement or deal without the written consent of BENDIX. 7. The Applicant shall not cancel the deal unless BENDIX agrees to cancel it. The Applicant shall request cancellation by direct communication to BENDIX, and BENDIX may agree to the cancellation only if it is able to do so with reasonable efforts. 8. If the Applicant requests BENDIX to cancel a deal the Applicant shall pay and hold harmless BENDIX for all expenses, costs and fees incurred by BENDIX for cancellation of the deal.

12) Force Majeure:

BENDIX shall not be liable for any loss whatsoever arising directly or indirectly from Force Majeure or any circumstances beyond BENDIX’s control.

MONEY TRANSFER (MT): TERMS AND CONDITIONS

Use of Service

You as a Sender may request BENDIX for sending money to any country or location in which BENDIX has arrangements for disbursement of the amount, and in any of the currencies that BENDIX deals with.  The Sender shall pay the equivalent funds in a currency acceptable to BENDIX and at a rate of exchange fixed by BENDIX. For information on such countries or currencies please contact BENDIX by calling the numbers 732 729 9972 (for USA) or (416) 366 9000 (Canada and outside USA) or the toll free numbers 1 (800) 465-0065 (Canada) or 1 (855) 809-4600 (USA Clients). BENDIX will pay the amount to the designated Beneficiary at the designated jurisdiction, subject to the legally permitted methods and currencies in the receiving jurisdictions. While reasonable efforts are made to pay the amount within a reasonable time (24 hours to 48 hours depending on payee locations) from the completion of your MT transaction with BENDIX (‘completion’ here refers to the completion of the Due Diligence & onboarding process, MT Agreement with full MT details, and availability of the funds from you to BENDIX), delays due to reasons beyond the control of BENDIX may occur. The actual delivery time to the beneficiary will depend on the geographical locations worldwide and availability of the payment currencies.

For receiving the amount, the Beneficiary may need to produce proper identification document or undergo identification and due diligence procedures at the receiving institution. BENDIX is not a party to this identification/ due diligence procedure.

When required by the regulations in Canada, USA, as well as in other legal jurisdictions, MTs are reported to the federal, provincial, or foreign authorities depending on the jurisdiction. The Sender consents to such reporting.

BENDIX reserves the right to decline to initiate, or countermand or stop payment at any stage if it is determined in BENDIX’s sole discretion that the MT violates BENDIX’s policy or any applicable law.

Identification and Due Diligence

You are required to provide information and supporting documents for verifying your identity while applying to the Service, and to fulfill BENDIX’s regulatory obligations related to anti-money laundering legislations. BENDIX reserves the right to limit the amounts that can be transferred or decline an MT request at its sole discretion for reasons determined internally by BENDIX’s due diligence procedure or for any features of the proposed transaction that at reasonable assessment by BENDIX violates legal or regulatory requirements. Please refer to BENDIX’ Privacy Statement included here, to which you consent by initiating a Foreign Exchange deal or requesting money transfer through this Service.

Currency Exchange and Fees

In consideration for the use of the Service you as the Sender agree to pay the specified fees for each money transfer. The applicable transfer fee will be disclosed to you before the money transfer is finally authorized. A currency rate will be applied for converting the received currency (purchased from you, the Sender) to the payable currency (sold to you for payment to the Beneficiary, or to yourself when you yourself is the Beneficiary). BENDIX purchases currencies to meet the requirements arising out of the payout of money transfers in specified currencies to the beneficiaries. The difference between the exchange rates at which BENDIX purchases or sells currency will be retained by BENDIX as its earnings.

Your Payment

You may pay the equivalent amount of transfer in any of the legal methods favoring BENDIX: by wire, by issue of cheques (checks), drafts, pre-authorized debits (PAD), ACH or other clearing system, cash, or in specific permitted cases by credit or debit cards. You will need to provide BENDIX certain information to receive credit card authorization and to complete transactions. BENDIX on its own does not retain your credit card information. For credit or debit card use, to ascertain your rights and liabilities as a cardholder and for information on any fees payable to the issuer of your card, you must refer to your card agreement from your card provider. You agree that your credit or debit card fees, if any, are not part of the MT transaction amount (including fees specified by BENDIX) you do with BENDIX, but are as per the exclusive agreement between yourself and your card issuer. Similarly you agree that any fees or charges you pay to banks and financial institutions for using their Services (ACH, clearing system, PAD, issue of cheques (checks) or drafts etc.) are not part of the MT transaction you initiate with BENDIX, but governed by the exclusive agreements with those institutions. BENDIX will transmit the amount to the Beneficiary only after the equivalent amount is made available (i.e., available for disposal) to BENDIX by the Sender, and if the equivalent amount is not made available to BENDIX, BENDIX assumes no liability for damages on account of non-transmission or countermanding the MT by BENDIX and the resulting non-receipt of money transfer amount by the Beneficiary.

Amendments, Cancellations, Refunds

Amendments, corrections, cancellations, orrefundswill be considered only under valid written request. Assurance to initiate a respective process to comply with the request is given only if the amount is not paid out to the Beneficiary or his bank account. Refunds will be effected only in cases BENDIX has custody of the related funds, i.e., if the amount has not been paid out of BENDIX’s possession, or has been returned to BENDIX’s possession by the BENDIX’s affiliate, receiving institution, or intermediary institution. Eligible refunds will be effectuated within 180 days of the receipt of the refund request. Wherever the refunded amount needs to be reconverted, such reconversion will be done at the prevailing spot rate of exchange. Refund of MTs may also involve charges or fees by the other institutions in the payment chain. BENDIX will refund only the amount received by BENDIX after the deduction of such fees. BENDIX’s maximum liability for refund will be for the principal amount or the reconverted amount if it is less than the principal amount due to fluctuations in exchange rates or due to any administration fees deducted by other institutions before the refunded amount is received by BENDIX.

Limitation of liability:  The liability of BENDIX on account of this MT due to non-delivery or delays is limited to CA$ 400 and the refund of the principal amount of the transfer and the fees under the terms of refund in this agreement. No liability accrues if the delay or non-delivery of the amount or part amount is due to Force Majeure or for reasons beyond the control of BENDIX.

Resolution of Disputes

Any dispute or claim arising out of the MT will be settled mutually, or by arbitration under the AAA rules (American Arbitration Association), by an arbitrator selected and agreed to by both the parties (BENDIX and you). The Sender waives all rights to a trial by jury or a court for resolving disputes related to the MT. Any arbitration judgment or award may be entered in a court in the appropriate of the two relevant jurisdictions, i.e., for MTs originated in USA by clients in USA in the courts  in New Jersey, and for other MTs in the courts in the province of Ontario in Canada. BENDIX shall not be responsible or liable for any cost incurred or to be incurred by the Sender or any one legally representing the Sender, which include  arbitrator’s or  lawyer’s fees, fees paid to experts or witnesses, or any expenses incurred by the Sender or the Sender’s legal representative for the process of arbitration or court proceedings. BENDIX and the Sender agree that they will not represent or add third parties in the arbitration or court proceedings, and that third party claims, or claims related incidental losses, or claims on account of losses due to force majeure will not be admissible as part of the dispute between BENDIX and Sender.

E-CONSENT AND DISCLOSURE NOTICE FOR COMMUNICATIONS

This E-Sign Disclosure and Consent Notice ("Notice") applies to all communications, as defined below, for services provided by BENDIX, through any of its service channels or associates or affiliates, hereinafter collectively referred to as BENDIX.

By consenting to this notice you agree that all electronic communication (“Communications”) that your receive from BENDIX are considered as written communication, and that you have access to the a valid email address and internet, an internet browser, and a hardware device with adequate storage space and software capable of receiving, accessing, displaying, and printing or storing Communications received from us in electronic form. You may choose not to consent to this Notice or you may withdraw your consent, in which cases you agree that you will not be able to fully use BENDIX’s services. Communications covered under this notice may include, but are not limited to, (i) terms and conditions, privacy statement or notices and any changes thereto; (ii) pre-payment disclosures, transaction receipts and confirmations; and (iii) customer service communications (such as claims or error communications) (iv)links to documents or scanned documents provided in the emails.

Communications may be provided to you by email or by making them accessible on the BENDIXFOREX websites, mobile applications, or through hyperlinks provided online or in e-mails.

We reserve the right, in our sole discretion, to discontinue sending you the Communications, or to terminate or change the terms and conditions on which we provide Communications. You shall have the right to withdraw your consent at any time.

Validity of your email address: You agree to maintain the validity of your primary email address and other alternate email addresses, if any, and your ability to access the emails. You agree that if the email address provided to BENDIX is incorrect, blocked by the provider, out of date, inaccessible to you, or not accessed by you for any reason, or if emails to that email address are re-routed or blocked by any spam filter or such software that you use, the communication we send to that email address shall still be deemed to have been received by you. If you use a spam filter or similar software that blocks or re-routes email, we recommend that you add BENDIX’s email addresses to your ‘safe list’.

You may update your email address, ask for a printed copy of any communication, or withdraw this consent by writing to ‘Attn: e-Consent and Disclosure Notice’, to the addresses provided at the end of this agreement (US Clients: USA Address; Canada/ Non-US Clients: Canada Address), or to This email address is being protected from spambots. You need JavaScript enabled to view it. .

For providing printouts of our Communications BENDIX may charge a reasonable fee and postal expenses. Your request for printed copies will need to include your valid mailing address.  You acknowledge and agree that your consent to receive Communications applies to also transactions affecting interstate commerce that is subject to the federal Electronic Signatures in Global and National Commerce Act, and that you and we both intend that the Act apply to the fullest extent possible to validate our ability to conduct business with you by electronic means.

TERMS COMMON

The terms and conditions in this agreement are valid collectively and individually. If any of the parts or clauses is deemed invalid or unenforceable it will not invalidate the other parts or clauses of this agreement.

BENDIX and the Applicant/Sender agree that these terms and conditions cannot be altered, supplemented, or negated orally. In the event there is any inconsistency between the English version of these Terms & Conditions and any other version, the English version shall be taken as binding. 

 

We can be contacted at:

Canada:

Toll Free:

1 (800) 465-0065

Telephone:

(416) 366-9000

Fax:

(416) 366-3434

Address:
360 Bay Street
Suite #300
Toronto, Ontario M5H 2V6
Canada

 

USA:

Toll Free:

1 (855) 809-4600

Telephone:

(732) 729-9972

Fax:

(732) 565-1620

Address:
317 George Street
Suite #209
New Brunswick, NJ 08901
United States