Crossborder transfer service

Terms and conditions

1    Important

1.1 These terms and conditions (terms) form an agreement between you and Nedbank (we, us,) whenever you use the Nedbank crossborder transfer service (‘service’).

1.2 If you use the service, you accept that these terms apply to you and agree to bound by them.

1.3 These terms are in addition to the terms and conditions relating to your Nedbank transactional account (‘account’) and any other Nedbank digital channels, products or services that you use.

1.4 If there is a dispute about the service, these terms will apply. If there is a dispute about your account or other digital channels, products or services, the terms and conditions applicable to those digital channels, products or services.

1.5 There are important provisions that may, among other things, limit our risk or liability, create risk or liability for you, compel you to indemnify us or serve as your acknowledgement of a fact. These provisions will be in bold.

1.6 Nothing below will unlawfully restrict, limit or avoid any rights or obligations under the Consumer Protection Act, 68 of 2008.

1.7 While we take all reasonable steps to take appropriate security measures, using the service may still expose you to risk.

2    Service and mandate

2.1 The service allows you to perform a crossborder transfer of funds from your account to the banking account of a natural person that has a banking account with:

2.1.1 Ecobank as it operates as an independent registered bank in various countries (‘Ecobank’); or

2.1.2 a bank in a particular country with whom Ecobank in the same country has concluded a domestic remittance service agreement (‘domestic bank’).

2.2 You give us the authority to:

2.2.1 transfer funds from your account to the account number or mobile phone number identified by you as the recipient of the crossborder transfer (‘recipient’);

2.2.2 debit any fees or taxes (‘costs’) applicable to a crossborder transfer against your account each time you use the service. Our fees are published in our pricing guides, which are available at nedbank.co.za or at any Nedbank branch. These fees may change from time to time.

2.3 There is no agreement between us and a recipient to receive and use money through this service. We act on your behalf and instruction to make the money available to the recipient.

2.4 We will not be involved in any dispute between you and a recipient.

2.5 We will not verify the identity of a recipient or their cellphone number. It is your responsibility to ensure that the information you give us is correct.

3    Using the service

3.1 To use the service you must:

3.1.1 be a natural person;

3.1.2 be 18 years or older;

3.1.3 I have an account; and

3.1.4 have access to Nedbank’s Online banking and Money app digital channels.

3.2 We reserve the right to decline your access to the service.

3.3 The terms will remain in force until the service is terminated as set out in clause 9.

3.4 Once your access credentials [being the username, password, personal identification number (PIN) or biometric characteristics, or any combination of these] set up by you to access Nedbank’s Online banking and Money app digital channels have been entered, even if it was entered fraudulently or without your consent, we will accept and process all instructions.

3.5 Use of or access to the service or information you give us may be subject to monitoring or unauthorised interception.

4    Processing a crossborder transfer

4.1 When initiating a crossborder transfer, you will be required to provide us with the following:

4.1.1 the account number or mobile phone number of the recipient;

4.1.2 the domestic bank;

4.1.3 the country; and

4.1.4 the amount in South African rand (ZAR) that you wish to transfer to the recipient.

4.2    We will then present you with the crossborder transfer transaction information containing the following:

4.2.1 the name of the recipient.

4.2.2 the account number or mobile phone number of the recipient.

4.2.3 the applicable domestic bank;

4.2.4 the country;

4.2.5 the amount to be transferred in ZAR.

4.2.6 the exchange rate for the conversion of the amount of the crossborder transfer. We confirm that any quotation by us of the exchange rate is merely indicative of the rate at that time and may change without notice.

4.2.7 The costs applicable to the crossborder transfer.

4.3 You can edit or cancel the crossborder transfer.

4.4 Once you accept  the crossborder transfer, it cannot be stopped or reversed.

4.5 Nedbank will reserve money equivalent to the value of the crossborder transfer amount selected by you from the account indicated by you.

4.6 A crossborder transfer to a recipient using the service will not be completed if:

4.6.1 You have insufficient funds in your account to cover the value of the crossborder transfer and any costs.

4.6.2 You have reached any of the limits as set out in these terms, as amended from time to time.

4.6.3 The service has been temporarily suspended or terminated.

4.6.4 The crossborder transfer would be illegal.

4.6.5 The crossborder transfer would breach any laws or regulations governing sanctions or money laundering.

4.6.6 The service is temporarily delayed or unavailable.

4.6.7 For any other reason, at our discretion.

4.7 You agree that:

4.7.1 We cannot guarantee or be held liable for the availability or accuracy of the information displayed when you use the service, as information may not be updated on the system in real time.

4.7.2 As the service is subject to planned or unplanned downtime, we may at times fully or partially interrupt your access.

4.8 We reserve the right, at our sole discretion, to:

4.8.1 Reject a proposed crossborder transfer.

4.8.2 Limit the amount of a crossborder transfer.

4.8.3 Require additional information to complete a crossborder transfer.

4.8.4 Reverse a crossborder transfer because is it required by law, regulation or the unavailability of the service, for whatever reason.

4.8.5 Use the exchange rate applicable at the time when the reversal referred to in clause 4.8.4 above is affected, not the exchange rate applicable at the time when the crossborder transfer was affected.

5    Service limits

5.1 In addition to the limits set out in clause 1313, crossborder transfers are subject to certain other limits, currently:

5.1.1 South African citizens and permanent residents - R80 000,00 a month, with an annual discretionary limit of R1 000 000,00;

5.1.2 migrant workers and foreign nationals -

a. If you have met all the bank’s regulatory requirements - R5 000,00 per day, with a monthly limit of R25 000,00

b. If you have not met all the bank’s regulatory requirements - R3 000,00 a day, with a monthly limit of R10 000,00.

5.2 These limits may change from time to time. For more information visit nedbank.co.za, any Nedbank branch or call the Nedbank Contact Centre on 0800 555 111.

6    Your obligations

6.1 The service is offered exclusively for the personal money transfer needs and may not be used by you or a 3rd party, directly or indirectly for commercial purposes, promotion of products and services, or other similar purposes.

6.2 You must make sure that you have enough money in your account to cover the value of the crossborder transfer to a recipient, plus any costs applicable to the transfer.

6.3 You must ensure that the recipient’s account number or mobile phone number and the amount you intend to transfer are correct before you confirm a crossborder transfer.

6.4 We will not be liable for any loss or damage that you suffer for a crossborder transfer sent to the wrong person or if you duplicate a crossborder transfer, nor will we be obliged to reverse the crossborder transfer.

6.5 You are responsible for payment of all costs for any crossborder transfer that you make.

6.6 You may not affect transfers that exceed the limits set out in these terms.

6.7 You must comply with any instructions that we may issue from time to time about the use of the service.

6.8 You must notify us immediately if you become aware of or suspect any fraudulent or unauthorised use of the service or your access credentials

6.9 You must inform us of any change to your contact, personal or other details.

6.10 You agree that any information acquired by you when using the service is confidential and you will keep secret and will not disclose such information to any third party unless required by law.

7    Freezing, suspension, modification, restriction and termination

7.1 You may terminate your use of the service at any time without giving us notice.

7.2 We may freeze, suspend, modify or restrict your access to the service or terminate your access to the service immediately at any time without giving you notice if, including but not limited to: 

7.2.1 We are compelled to do so by law.

7.2.2 We have reasonable suspicion that the service is being used for illegal, unlawful or fraudulent purposes.

7.2.3 Your conduct results in a breach of our regulatory obligations. 

7.3 We will give you reasonable notice if we want to freeze, suspend, modify or restrict your access to the service and terminate your access to the service due to, including but not limited to, in our sole discretion:

7.3.1 We are compelled to do so by law.

7.3.2 There are reputational risks.

7.3.3 For operational or business reasons.

7.3.4 You no longer have an account.

7.3.5 You no longer qualify for a Nedbank account according to our product specifications.

7.3.6 You no longer qualify for the service.

7.3.7 You breach these terms.

7.3.8 You breach any other agreement with us.

7.3.9 You breach any of the digital channel, product or services terms and conditions.

7.3.10 You do anything (or allow anything to be done) that we think may damage or affect the operation or security of the service.

8    Product withdrawal/discontinuation

8.1 We may replace, change or discontinue any existing functionality on the service.

8.2 If it becomes uneconomical or commercially impractical for us to provide the service or if we are unable to continue providing the service, we may terminate the service after giving you reasonable notice and information about comparable products.

9    Privacy consent

9.1 Subject to applicable laws, regulations and our Privacy Policy, you give us permission to process your personal information as we see fit for your and our legitimate interest. This includes your race, biometrics and alleged criminal behaviour (if necessary).  

9.2 You consent to us accessing your credit bureau data, obtaining your bank statements from your bank, sharing your information with third parties sharing information about your application with third parties, collecting your personal information from third parties, sharing information about your application with the Southern African Fraud Prevention Services and processing your personal information outside South Africa. 

9.3 Processing includes doing affordability assessments, credit scoring and profile building that may help us offer you a product or service that will suit your needs. You may ask for a description of your personal information that we have on record and for the details of third parties who have, or having had, access to your personal information.  

9.4 You may withdraw your consent by notifying us in writing. You may ask that we correct or delete your information, object to us having had your information, and send a complaint to the Information Regulator. 

10    Ownership

10.1 We retain all right, title and interest in and to the service and the system used by the service.

10.2 You may not copy, reproduce, distribute or create derivative works or reverse-engineer any part of the service or the system.

11    Disclaimer

11.1 We will use reasonable efforts to ensure that all crossborder transfer requests are processed in a timely manner and that the service is secure and cannot be accessed by unauthorised third parties.

11.2 We do not guarantee that the service will meet your requirements or that it will be reliable, always on time, secure, uninterrupted or error-free, as it may be affected by factors outside of our control, or may be subject to periodic testing, repair, maintenance or upgrades.

11.3 If you download or obtain any information and material using the service, this will be at your own discretion and risk. You are solely responsible for damage to your device or cost of data resulting from the download of any material. No information obtained by you will create any warranty not expressly stated in these terms and conditions.

12    Liability

12.1 Except where damage or loss arises directly or indirectly from our wilful misconduct or gross negligence (or any person acting for or controlled by us), we will not be liable to you for any damage or loss you may suffer because of:

12.1.1 Your use of or inability to use the service.

12.1.2 Delays caused by our obligation to verify your identity and comply with applicable law, variations in business hours or currency availability.

12.1.3 Exchange rate losses if there is a delay in payment of the value of the crossborder transfer to the recipient and the exchange rate fluctuates during that delay.

12.1.4 Exchange rate losses due to a reversal/s as contemplated in clause 4.8.5.

12.1.5 Failure of any other telecommunications or data transmission system other than the system used by the service.

12.1.6 The failure of any internet and/or Wi-Fi connectivity that prevents or impacts your or the recipient’s access to the service.

12.1.7 Monitoring or unauthorised interception of the service.

12.1.8 Malfunction, failure or unavailability of the service.

12.1.9 Data destruction, power failures, corruption of storage media, natural phenomena, riots, acts of vandalism, sabotage, terrorism, any acts of government, natural disasters, or any other event beyond our control.

12.1.10 Because the service is degraded, or losses incurred during the maintenance of the service.

12.1.11 Any claims brought against us or that we may incur because we acted or did not act on any instruction received from you.

12.1.12 Your failure to complete an instruction.

12.1.13 Your failure to follow our instructions when using the service.

12.1.14 Any person having gained unauthorised access to any information or data.

12.1.15 Incorrect information having been given to us or to any person, including any credit bureau.

12.1.16 Access gained as a result of your disclosure of your access credentials.

12.1.17 Your failure to comply with the security obligations of these terms.

12.1.18 You gave us the wrong information.

12.1.19 Your breach of these terms.

12.1.20 Any infringement of  intellectual property rights.

12.1.21 Losses incurred by the recipient.

12.1.22 Any action taken in terms of clause 7 or 8 above.

12.2 Our liability will always be limited to the amount of the loss that an ordinary person in your position would have suffered, and will exclude liability for indirect, punitive, special and/or consequential losses and/or damages.

13    Exchange control declaration

You make the following declaration in respect of your use of the service:

13.1 You acknowledge and understand that the South African Reserve Bank (SARB) has limits on the amount of foreign exchange that may be purchased by an individual.

13.2 You acknowledge that it is your obligation to:

13.2.1 familiarise yourself with these limits, details of which are available on SARB’s website: www.resbank.co.za; and

13.2.2 not exceed your single discretionary allowance while using the service (currently, SARB has granted a South African resident over the age of 18 years a single discretionary allowance of R1 million per calendar year).

13.3 The foreign currency requested by you will be used only for the specific purpose stated by you.

13.4 You agree to retain electronic receipts of all crossborder transfers for five years from the date of each transaction

13.5 You consent to Nedbank supplying your information and information regarding your use of the service to SARB and/or the Financial Intelligence Centre.

14    Changes

14.1 We may change the terms and we will give you notice of these changes.

14.2 If you access and use the service after the terms have been changed, you accept the revised terms.

14.3 If you do not agree to the changed terms , you may not access or use the service.

15    Waiver

Our failure to exercise or enforce any right or provision of these terms and conditions will not be a waiver of such right or provision.

16    Severability

If any provision of these terms and conditions is found to be invalid or unenforceable, it will not affect any other provisions of these terms and conditions.

17    Law and jurisdiction

Our relationship is governed by South African law and subject to the jurisdiction of the South African courts.

18    Contact us

For more information, call the Nedbank Contact Centre (NCC) on 0800 555 111 or email  EcobankServicing@Nedbank.co.za.

19    Complaint process and alternative dispute resolution

19.1 If you have a dispute or complaint regarding the service, you can call our Client Complaints Helpline on 0860 444 000 or email us at clientfeedback@nedbank.co.za. You will need to give us a written statement setting out the dispute or complaint. We will investigate your dispute or complaint within a reasonable time, keep you informed during the investigation, and give you a final written response.

19.2 If your dispute or complaint remains unresolved or you are dissatisfied with the outcome, please email us at complaintappeals@nedbank.co.za.

19.3 You also have the right to contact the National Financial Ombudsman and/or the Financial Sector Conduct Authority and/or the National Consumer Tribunal at any time using the details below:

20    Acknowledgement

20.1 You warrant that you have fully and truthfully answered all our questions and responded to our requests for information relating to these terms.

20.2 You confirm that you understand and appreciate the risks and costs of these terms, as well as your rights and obligations under these terms.