Terms and Conditions

You should not indicate your agreement to these terms and conditions until you have read and understood them. Please obtain independent advice or contact us if you have any questions.

1. This Agreement

1.1 Transacting

These terms and conditions apply to Personal Customers and Business Customers (“you”) who access and use Payoutt Frontier Pte.Ltd (“us” or “we”) Services through our telephone service, Websites, mobile applications, software, or any other access channels.

1.2 Ownership of Funds

You must be the beneficial owner or trustee of the money you are intending to transfer or in connection with your Transaction. We may request documentary evidence to show ownership of the funds. You may not enter into Transactions on behalf of third parties.

1.3 Structure of this Agreement

This Agreement is a master agreement that applies to all Transactions that you subsequently enter into with us. The specific details of each Transaction, including the currencies and amounts to be transferred, will be agreed separately when you book the Transaction. This means there will be a separate agreement for each Transaction comprising the specific details of that Transaction and these terms and conditions

1.4 Other Documents

You acknowledge that you have been provided with access to copies of the following documents (which may be updated from time to time), in accordance with, to the extent applicable, our disclosure requirements:

which are incorporated by reference into and form part of this Agreement. In the event of any conflict or inconsistency, the terms set out herein shall prevail.

2. Our Services

2.1 Payment Services

We are licensed as a Major Payment Institution under the Payment Services Act in Singapore. We are not a deposit taking institution. We offer payment services including cross-border money transfers and domestic money transfers via payoutt . Any additional Services provided by us may require supplemental terms specific to those services, for example the additional terms listed on our Legal web page, and these will be become part of your agreement with us to the extent applicable.

2.2 No Margin or Speculative Trading

We do not offer any form of margin or speculative trading facilities. When you enter into a Transaction, the full amount of the funds you are transferring must be delivered to us on or before the Delivery Date.

2.3 No Exchange Rate Set-Off

We will not agree to enter into any kind of set-off arrangement that would allow you to pay us only the amount of any loss, or for us to pay you any profit, that might be realised on settlement of the Transaction as a result of exchange rate movements.

2.4 No Financial Advice

We will not take into account your specific financial circumstances or needs when we enter into a Transaction with you. To the extent that we provide you with any information, it will relate only to the mechanics of the Transaction you are proposing to enter into or to publicly available information. You must obtain your own financial advice and make your own assessment as to whether our Services are appropriate for your particular requirements. You must select the type and timing of each Transaction you enter into yourself.

3. Your Instructions

3.1 Username and Password

We require you to authenticate your details via two factor authentication when using our Services. It is your responsibility to ensure the security of your and or each of your Authorised Signatories’ identification information. We will rely on any Instructions received pursuant to the use of the username and password and via authentication (if applicable) without checking the identity of the user or their level of authorisation and you will at all times be bound by those Instructions. We may introduce new or different forms of authentication and we may replace the authentication service from time to time without prior notice to you.

3.2 No Obligation to Accept Instructions or Process Transactions

While we will always endeavour to comply with Instructions as quickly as possible, there may be circumstances in which we are unable to do so. Therefore, we always reserve the right to refuse to accept Instructions or to enter into a Transaction at any time for any reason and to do so without giving you notice and without incurring any liability to you for any resulting loss or damages incurred by you or any other party.

4. Transactions

4.1 Transaction Binding

If you wish to enter into a Transaction, you may do so by giving us Instructions online (including the mobile app), by telephone, or by email if we agree this with you in advance. The Transaction will be legally binding on you when we receive your Instructions in accordance with this Agreement.

4.2 Online (including the mobile app) Booking

If you enter into a Transaction online, the Transaction will be legally binding on you when you confirm the Transaction details on screen. We will provide you with confirmation of the Transaction Details on the screen at the time you book the Transaction. We may provide you with a Deal Confirmation but we will not provide any subsequent confirmation of any kind unless you request it.

In some circumstances, for extra security, we may try to call you. If we can’t contact you, we may Terminate the Transaction but we are not obliged to do so.

4.3 Email Booking

If we have agreed in advance to you booking a Transaction by email, the Transaction will be binding on you when we process your email. You acknowledge that, if you choose to book a Transaction by email, it may not be processed immediately. When we process your Instructions, we will send you an email headed “Deal Confirmation”.

The Deal Confirmation constitutes an error correction mechanism only. If there is any discrepancy between the Deal Confirmation and the details of the Transaction set out in your email, you must contact us within 24 hours of receipt of the Deal Confirmation, failing which the Transaction details in the Deal Confirmation will be deemed to be correct.

4.5 Termination/Cancellation of a Transaction by You

Once a Transaction has become legally binding, you may not cancel or terminate the Transaction in any circumstances. You may only take action to correct any of the Transaction details set out in the Deal Confirmation (if applicable) in accordance with this Agreement if the Deal Confirmation does not reflect the transaction details that have already been agreed.

4.6 No Cash or Cheques

You acknowledge that we do not accept cash or cheques. You agree to make all payments to our nominated account electronically and you acknowledge that we will transmit funds by electronic means only.

4.7 Recipient Account

You must provide us with full details of the account to which you are sending your money (“Recipient Account”), including the full name and address of the account holder and the full name and address of the bank at which the account is held, on or before the date that we nominate. If you fail to do so, you will be in breach of your obligations and we reserve the right to Terminate the Transaction. When you give us Personal Information of recipients, you represent that you are authorised to do so and agree to inform any recipients of the contents of this agreement and our Privacy Policy as it relates to them.

4.8 Recipient Account Number

We will rely solely on the account number you give us for your Recipient Account and will not check to ensure that the name provided by you accords with the account number you have given us.

4.9 Full Amount

All payments must be received by us for the full amount being transferred plus the Transfer Fee if applicable, without set-off or counter-claim and in cleared funds without deductions of or withholding of any taxes or charges whatsoever, present or future, including any transaction fees that may be payable and any service fees that have been requested by us, before we will credit your Recipient Account. 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 ask you for the full amount after the Transaction has been processed.

5. Misdirected Funds

5.1 Your Mistake

If your funds are sent to the wrong account 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 Recipient Account. You will need to book a new and separate Transaction.

5.2 Our Mistake

If your funds are sent to the wrong account 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 recipient is related to you or associated with you in some way.

6. Anti-Money Laundering and Countering the Financing of Terrorism (“AML/CFT”)

6.1 AML/CFT Compliance

You undertake that you will not knowingly do anything to put us in breach of our obligations under the Anti-Money Laundering and Countering the Financing of Terrorism regulations (“AML/CFT Regulations”). You undertake to notify us immediately if you become aware of anything that would put us in breach of AML/CFT Regulations.

6.2 Provision of Information

If requested, you undertake to provide any additional information and assistance and comply with all reasonable requests to facilitate our compliance with AML/CFT Regulations in Singapore or in an equivalent overseas jurisdiction.

6.3 No Grounds for Suspicion

You undertake that you are not aware and have no reason to suspect that the money you are transferring is:

(i) derived from or related to money laundering, terrorism financing or similar activities (“Illegal Activities”); and or

(ii) will be used to finance, or in connection with, Illegal Activities.

6.4 Consent to Collection of Information by Us

We are subject to AML/CFT Regulations. You consent to us disclosing in connection with AML/CFT Regulations any of your Personal Data we may have. If you are not a Beneficial Owner or the sole Beneficial Owner, you may be required to provide Personal Data of Beneficial Owners to us. For further information please refer to clause 14 and our Privacy Policy.

6.5 Freezing or Blocking Transfer of Funds

In certain circumstances, we may be obliged to freeze or block an account where it is used in connection with Illegal Activities or suspected Illegal Activities. Freezing or blocking can arise as a result of the account monitoring that is required by AML/CFT Regulations. If this occurs, we are not liable to you for any consequences or losses whatsoever and you agree to indemnify us if we are found liable to a third party in connection with the freezing or blocking of your account.

6.6 Right to Refuse to Provide Our Service

We retain the right, at any time, to refuse, in our sole discretion, to provide our service to you without notice and without providing reasons, if you fail to provide to us upon request any information that we reasonably request and or are required under the AML/CFT Regulations to collect from you; or otherwise for any reason related or connected to our obligations under the AML/CFT Regulations.

7. Collection, Use and Disclosure of Personal Data

7.1 Collection of Personal Data

You acknowledge that, in order to provide you with the Services, we must collect certain information about you including Personal Data. You also acknowledge that we must collect certain information, including Personal Data about your Authorised Representatives and your recipients. You agree to provide us with any such Personal Data that we request and you agree that, in relation to any information you give us, you have obtained the consent to the collection, use and disclosure of the information from the individual/s concerned. If you refuse or fail to provide any requested information, we may not be able to process any Transaction/s for you. We may also ask you, to provide Personal Data of your recipients and of Beneficial Owners. When you give us Personal Data of your recipients and of Beneficial Owners, you represent that you are authorised to do so and agree to inform any recipients and Beneficial Owners and our Privacy Policy as it relates to them.

7.2 Purpose of Collection

We collect your Personal Data in order to provide our products and Services, satisfy our regulatory obligations under the AML/CFT Regulations Laws and assess your credit worthiness. We may be required under AML/CFT Regulations to collect Personal Data of individuals (being a natural person or persons) who ultimately own or control (whether directly or indirectly) a Business Customer (“Beneficial Owners”). For example, if you are an individual trustee, the Beneficial Owners of the trust will be the beneficiaries. We are required to collect Personal Data of Beneficial Owners to assist us to verify information about the beneficial ownership and control of our Customers.

7.3 Organisations who may receive your Information

We may provide your Personal Data to our intermediary bankers, third party partners, Affiliates and to any government regulatory bodies that normally require it or may request it. We may also provide your Personal Data to any partners, agents, vendors or intermediaries who are a necessary part of the provision of our products and Services or pursuant to a legal obligation.

7.4 International Intermediaries

You acknowledge and agree that we use international intermediaries to process Transactions on your behalf and that your Personal Data may be sent to those overseas intermediaries in order to complete the Transaction.

7.5 Consent to Credit Reference Reports

You acknowledge and agree that we may access any electronic databases necessary to assist us to identify you and or to assess your credit worthiness. In particular, you agree that we may obtain, use and retain information about you that we have obtained from any business that provides information about the credit worthiness of individuals, including a consumer credit report from a credit reporting agency. In doing so, we may give information about you to a credit reporting agency for the purpose of obtaining a consumer credit report about you and allowing the credit reporting agency to create or maintain a credit information file containing information about you. The information will be limited to your identity particulars, including your name, sex, address (and the previous two addresses), date of birth, name of employer, and driver license number, as well as the fact that you have made an application for credit to us.