Ecobank crossborder transfer

Service terms and conditions

Important

• There are terms below that may limit our risk or liability, create risk or liability for you, compel you to indemnify us and/or serve as an acknowledgement by you of a fact. They are important and should be carefully noted.
• Nothing below will unlawfully restrict, limit or void any rights or obligations created for you by relevant legislation.
• While we take all reasonable steps to apply appropriate security measures, the use of the Nedbank Crossborder Transfer Service may still expose you to risk.

1       Service and mandate

1.1    These terms and conditions govern clients’ access to and use of the Nedbank Crossborder Transfer Service (‘Service’) that Nedbank (‘we, us, Nedbank’) offers clients (‘you’; ‘your’).

1.2    The Service allows you to perform a Crossborder Transfer of funds from your Nedbank transactional or savings account to a natural person that has a:

1.2.1    banking account with:

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

1.2.1.2.     a bank in a particular country with whom Ecobank in the same country has concluded a domestic remittance service agreement (‘Domestic Bank’), or

1.2.2    a mobile wallet with an MNO in a particular country with whom Ecobank in the same country has concluded a domestic remittance service agreement.

-  In these terms and conditions a mobile wallet means a digital wallet that holds a store of monetary value in a secure electronic account linked to a mobile phone number, and an MNO means a mobile network operator that offers, among other things, mobile wallets.

1.3       You mandate us to:

1.3.1         transfer funds to the account number or mobile phone number identified by you as the recipient of the Crossborder Transfer (‘Recipient’);

1.3.2         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 www.nedbank.co.za or at any Nedbank branch. These fees may change from time to time.

1.4       We act only on your behalf and on your instruction. No relationship is formed between us and any Recipient. We will not be involved in any dispute between you and a Recipient.

2       Acceptance, commencement and login details

2.1       To use the Service you must:

2.1.1         be a natural person;

2.1.2         be 18 years or older;

2.1.3         have a Nedbank savings or transactional current account; and

2.1.4         have access to Nedbank’s digital channels.

2.2       By clicking on ‘NEXT’ you confirm that:

2.2.1         you have read these terms and conditions and you know, understand and agree with the contents thereof and acknowledge that they are binding;

2.2.2         you have been informed of any limits that may be applicable to the Crossborder Transfer and you confirm that any such limit, if applicable, will not be exceeded.

2.3       Once you accept the terms and conditions, you may access and use the Service.

2.4       We reserve the right to decline you access to the Service.

2.5       The terms and conditions remain binding and in force until the Service is terminated as in clause 9.

2.6       These terms and conditions are in addition to our digital channel and product terms and conditions. If there is a dispute about the Service, these terms and conditions apply. If there is a dispute about the digital channel, the digital channel terms and conditions apply, and if there is a dispute about the product, the product terms and conditions apply.

2.7       We have reasonable security safeguards to protect your login details and the personal and confidential information you give us. Any information sent over an unsecured link or communication system is susceptible to unlawful monitoring, interception or access by a third party, for which we will not be held liable.

2.8       Once your login details have been entered, we will accept and process all instructions, whether or not the login details have been entered fraudulently or without your authority.

2.9       We may monitor and/or report on your transactions in terms of our legal obligations.

2.10    You should not respond to any email or unsolicited correspondence that requests your login details.

2.11    You must notify us immediately when you become aware of or suspect any unauthorised access to or use of any login details.

3       Use of the Service

3.1       You may initiate a Crossborder Transfer only by using our electronic channels.

3.2       When initiating the Crossborder Transfer, you will be required to provide us with the following:

3.2.1         the account number or mobile phone number of the Recipient;

3.2.2         the Domestic bank or MNO;

3.2.3         the country; and

3.2.4         the amount in South African rand (ZAR) that you wish to transfer to the Recipient.

3.3       We will then present you with the Crossborder Transfer transaction information containing the following:

3.3.1         Where technically possible, the name of the Recipient.

3.3.2         The account number or mobile phone number of the Recipient.

3.3.3         The amount to be transferred in ZAR.

3.3.4         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, is subject to change without notice, and is accordingly not binding on Nedbank.

3.3.5         The Costs applicable to the Crossborder Transfer.

3.4       You will have an opportunity to edit or cancel the Crossborder Transfer.

3.5       Once you accept the Crossborder Transfer by clicking ‘PAY’, it will be final and cannot be stopped or reversed.

3.6       Nedbank will reserve money equivalent to the value of the Crossborder Transfer amount selected by you from the account indicated by you.

3.7       A Crossborder Transfer by you to a Recipient using the Service will not be completed under the following circumstances:

3.7.1         if you have insufficient funds in your Nedbank transactional or savings account to cover the value of the Crossborder Transfer and any Costs;

3.7.2         if you have reached any of the limits as set out in clause 4, as amended from time to time;

3.7.3         if the Service has been temporarily suspended or terminated on valid grounds;

3.7.4         if the Crossborder Transfer would be illegal;

3.7.5         if the Crossborder Transfer would breach any laws or regulations governing sanctions or money laundering;

3.7.6         if the Service is experiencing a temporary delay or outage; or

3.7.7         for any other compelling reason, at our discretion.

3.8       You acknowledge and agree that:

3.8.1         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;

3.8.2         we are not responsible for any internet and/or Wi-Fi connectivity that prevents or impacts your or the Recipient’s access to the Service;

3.8.3         any information sent over an unsecured link or communication system can be the unlawfully monitored, intercepted or accessed by a third party;

3.8.4         the Service is subject to downtime and we may at times fully or partially interrupt your access; and

3.8.5         we may replace, change or discontinue any existing functionality.

4       Service limits

4.1       In addition to the limits set out in clause 13, Crossborder Transfers are subject to certain other limits, currently:

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

4.1.2         migrant workers and foreign nationals –

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

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

4.2       You may not effect any transfers that exceed these limits.

4.3       We will not process any transactions that exceed the above limits.

4.4       These limits may change from time to time. For more information call any Nedbank branch or the Nedbank Contact Centre on 0860 555 111.

5       Your obligations

5.1       You must have sufficient funds in your Nedbank account to cover the value of the Crossborder Transfer to a Recipient, plus any Costs applicable to the transfer.

5.2       You must ensure the correctness of the Recipient’s account number or mobile phone number and the amount you intend to transfer before you confirm a Crossborder Transfer. We will not be held liable for reimbursing you for a Crossborder Transfer sent to the wrong person nor will we be obliged to reverse the transaction.

5.3       You will be responsible for payment of all applicable Costs for any Crossborder Transfer you make.

5.4       You may not use the Service to commit any offences.

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

5.6       You must inform us of any fraudulent or unauthorised use of the Service by anyone and take appropriate steps to minimise any loss or harm that may result from unauthorised access.

5.7       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.

6       Our obligations

6.1       If the information provided by you is incorrect, we cannot reverse, repeat or correct payments made to the incorrect Recipient.

6.2       We do not have any obligation to cancel any transfer instructions and refund you in the event of a dispute with the Recipient. You are responsible for resolving any disputes arising with the Recipient, without our involvement.

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 prior notice to you due to, including but not limited to, the following circumstances: 

7.2.1         Our being compelled to do so by law.

7.2.2         Our having reasonable suspicion that the Service is being used for illegal, unlawful or fraudulent purposes.

7.2.3         Your conduct resulting 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 or terminate your access to the Service due to, including but not limited to, the following circumstances, as determined at our sole discretion:

7.3.1         Our being compelled to do so by law.

7.3.2         Reputational risks or operational or business reasons.

7.3.3         You no longer having a Nedbank account.

7.3.4         You no longer qualifying for a Nedbank account according to our product specifications.

7.3.5         You no longer qualifying for the Service.

7.3.6         Your breaching any of these terms and conditions.

7.3.7         Your breaching any other agreement with us.

7.3.8         Your breaching any of the service channel and/or product terms and conditions.

7.3.9         Your doing anything (or allowing anything to be done) that we think may damage or affect the operation or security of the Service.

8      Product withdrawal/discontinuation

8.1            If it becomes uneconomical or commercially impractical for us to provide the Service or if we are unable to continue providing the Service, for whatever reason, we may terminate the Service on reasonable notice to you.

8.2            We will give you information of comparable products.

8.3            If you do not select an alternative service, we will be entitled to move you to a service that we identify as suitable for your needs.

9      Privacy consent

9.1       You give us consent to process your personal information in relation to your applications for financial products and/or services from us subject to our privacy policies and within the parameters of applicable laws. The processing will include, without limitation, conducting affordability assessments, credit scorings and any other profile building, that can help us appropriately allocate a product or service offering that is suited to your needs. The consent will also extend to us processing your personal information as we may deem fit for your and/or our legitimate interest.

9.2       You acknowledge that by using the Service some of your personal information will be passed to the Recipient and will be made available to Ecobank, or the Domestic Bank or the MNO.

9.3       You hereby authorise us to share, provide or disclose your personal information, including any transaction data that is necessary to effect the transfer.

9.4       You also give us the right to:

9.4.1      collect your personal information from a third party when reasonably necessary and/or if it is impractical to collect the data directly from you;

9.4.2      share your personal information with a third party if necessary, to provide financial products or services to you;

9.4.3      process your personal information for purposes of complying with any legislative or regulatory requirements;

9.4.4      transfer and/or process your personal information outside the Republic of South Africa, where necessary, on condition that such transfer and/or processing is subject to applicable laws binding corporate rules or binding agreement; and

9.4.5      process your special personal information (such as race, ethnic origin, biometric information or alleged criminal behaviour) only where necessary and subject to our privacy policies and applicable laws.

9.5       You have the right to:

9.5.1      request confirmation from us, free of charge, whether or not we hold your personal information;

9.5.2      request the record or a description of your personal information held by us;

9.5.3      request information about all third parties who have, or have had, access to your personal information;

9.5.4      correct or delete your personal information;

9.5.5      withdraw your consent at any time by giving us notice;

9.5.6      object to your personal information  being held by us; and

9.5.7      lay a complaint at the Information Regulator regarding your personal information in terms of the Promotion of Access to Information Act, 2 of 2000.

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 warrant that the Service will always meet your requirements, be reliable, 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 gross negligence or wilful misconduct (or any person acting for or controlled by us), we will not be liable to you for any damage or loss you may suffer directly or indirectly relating to or connected with the use of the Service as follows:

12.1.1          for transfers made to unintended Recipients or payments of incorrect amounts made due to you inputting incorrect information;

12.1.2          for 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;

12.1.3          for delays caused by our obligation to verify your identity and comply with applicable law, variations in business hours or currency availability;

12.1.4          for exchange rate losses due to a reversal/s as contemplated in clause 12.3.4;

12.1.5          failure of any other telecommunications or data transmission system other than the system used by the Service;

12.1.6          because we acted on an instruction received as a consequence of a third party gaining unlawful access to the Service;

12.1.7          for access gained as a result of your disclosure of your login details;

12.1.8          due to any monitoring or unauthorised interception of the Service;

12.1.9          caused by or arising from your use of or inability to use the Service and/or your breach of these terms and conditions;

12.1.10        caused by any infringement of any intellectual property rights by you;

12.1.11        suffered due to unauthorised access to your confidential and/or personal information;

12.1.12        incurred as a result of the unavailability of the Service because of 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;

12.1.13        incurred because the Service is degraded or losses incurred during the maintenance of the Service;

12.1.14        incurred by the Recipient; and

12.1.15        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.

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

12.3.1       reject a proposed Crossborder Transfer;

12.3.2       limit the amount of a Crossborder Transfer;

12.3.3       require additional information to complete a Crossborder Transfer;

12.3.4       reverse a Crossborder Transfer because is it required by law, regulation or the unavailability of the Service, for whatever reason; and/or

12.3.5       use the exchange rate applicable at the time when the reversal referred to in clause 12.3.4 above is affected, not the exchange rate applicable at the time when the Crossborder Transfer was affected.

12.4    The Service is offered exclusively for the personal money transfer needs. Any other direct or indirect use or attempted use of the Service for commercial purposes, promotion of products and services, or other similar purposes, by you or by a third party is prohibited.

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 amend these terms and conditions and we will give you notice of such amendments.

14.2    When you access the Service after the terms and conditions have been amended, if you click on ‘NEXT’ you will be deemed to have read, understood and agreed to the revised terms and conditions.

14.3    If you do not agree to the amended terms and conditions you may not access 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

These terms and conditions will be 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 0860 555 111 or send an email to EcobankServicing@Nedbank.co.za.

19     Alternative dispute resolution

19.1    We have a complaint process that is available through the NCC, any Nedbank branch or at www.nedbank.co.za.

19.2    If you have a dispute or a complaint regarding your Service, you will need to send us a written statement setting out the dispute or the complaint. We undertake to investigate your dispute or complaint within a reasonable time, keep you informed during the investigation and provide you with a final written response.

19.3    Should you not be satisfied with the response referred to above, you have the right to contact the Ombud for Banking Services and/or the Financial Sector Conduct Authority and/or the National Consumer Tribunal using the details below: