Global Net Money Transfer (Global Net) Online Terms and Conditions:

Definitions

  • Remitter : the person using Global Net services to send a remittance to a specified Beneficiary abroad.
  • Beneficiary : the specified person abroad to whom money is being sent by the remitter through Global Net.
  • Beneficiary Bank : the financial institution to which the remittance will be routed by Global Net and its partners for delivery to the beneficiary.
  • Receiving Agent : the entity or person to whom the Remittance will be routed by Global Net for collection by the beneficiary.
  • Member : A Remitter who has agreed to the membership terms and conditions.
  • Remittance : An order from the remitter to SWMT to send money to a specified beneficiary abroad.
  • Bank Deposit Remittance : A Remittance to a specified beneficiary's bank account, via the beneficiary Bank.
  • Instant Cash Remittance : A cash remittance to a specified beneficiary for collection in person by the beneficiary from the Receiving Agent.
  • Send Amount : The capital amount in pounds sterling sent as a remittance through Global Net (distinct from Fees).
  • Fees : The commission charged by Global Net for money transfer, calculated in accordance with the size of the amount sent.
  • Funds : The proceeds of a converted remittance in the specified beneficiary's local currency.
  • Exchange Rate : The rate of exchange (ROE) between relevant currencies prevailing on the day of receipt of monies by Global Net.


General terms of business:

  1. The liability of Global Net shall be limited to the amount in Pound Sterling tendered to Global Net for transmission to the beneficiary. Global Net shall have no further liability in respect of any damages or loss including, but not limited to, consequential loss as a result of non-payment, underpayment, non-delivery, failure, or error in transmission of a money transfer whether caused by any act or omission or negligence or error on the part of Global Net or its employees, or on the part of any agent or its employees, or any other party.
  2. Global Net, at its sole discretion, reserves the right to refuse any Money Transfer and in particular, if the remitter fails to produce the required identification documents as explained in Clause 14 below.
  3. Global Net reserves the right to request the remitter to state the source and destination of any Money Transfer and to refuse any transactions, which in its opinion may be connected with any money laundering activity. Global Net will only release funds to the beneficiary upon the production of valid personal identification documents by the Remitter .
  4. Global Net, reserves the right to satisfy the reasonable company procedures regarding identification. In doing so, Global Net reserves the further right to request valid identification documents for any transaction involving a sum greater than GBP600 name verification i.d (Send Amount + Fee); for GBP2000 name i.d verification and address proof required; and for any transaction involving an amount greater than GBP5000 (Send Amount + Fee), Global Net reserves the right to ask for documents such as the Remitter's i.d., address proof and the source of income.
  5. Where the Remitter has specified that the Beneficiary must quote an Identification Reference and valid id in order to collect the Funds, payment will not be made to the Beneficiary until such reference has been provided, and the amount of the Remittance in local currency has been confirmed, by the Beneficiary.
  6. Where the remitter has requested Global Net to inform the beneficiary that the Money Transfer has been completed, the Remitter will not be required to specify an Identification Reference (Transaction Code) to be quoted by the Beneficiary for the release of the payment. Should the Remitter choose not to provide such an Identification Reference (Transaction Code) the remitter shall be liable for any and all losses that may arise in consequence. Global Net will bear no liability in this regard.
  7. Payment to beneficiaries will be made only in the local currency of the Paying Agent, calculated at the Global Net Rate of Exchange (ROE) on the day/Time that Global Net receives the full cleared funds from the Remitter.
  8. If, for any reason, the Remitter needs to amend any single detail of an executed Remittance, a GBP2 charge will be payable by the Remitter to Global Net. the Remitter will also need to produce photographic ID to verify that he/she is the original Remitter, and that he/she consents to the amendment.
  9. Global Net reserves the right to change the Exchange Rate and Fees at any time without notice.
  10. The Receiving Agent will hold the funds to be remitted for a period of 28 calendar days following the release date for all Instant Cash Remittances, and 28 calendar days for Bank Deposit Remittances. If the Beneficiary of an Instant Cash Remittance, or the Beneficiary Bank of a Bank Deposit Remittance (as applicable), does not collect the funds within the relevant time period specified herein, the Remittance will be declared an unclaimed transaction. In such an event, the Receiving Agent will notify Global Net, upon which the Remittance will be cancelled and the value of the Remittance will be deducted by Global Net from the Receiving Agent's account. The Fees paid will not be refunded to the Remitter. The returned monies will be available for the Remitter to collect in person or credited back to his online account, upon the production of the same ID documents originally used for the remittance. Should the Remitter require amendments to be made to the Remittance, charges will be payable by the Remitter to Global Net, in accordance with clause 8 above.
  11. If the Remitter requires a remittance to be cancelled, a written notice or request of cancellation must be served by the Remitter to Global Net(The cancellation request form can be downloaded from the download menu in the online system, which notice will then be forwarded by Global Net to the Receiving Agent. Monies will not be refunded to the Remitter until Global Net has received confirmation of the cancellation from the Receiving Agent. The Fees paid in respect of the cancelled Remittance will be retained by Global Net in respect of its administration expenses. If, however, the Funds have already been released to the Beneficiary prior to receipt by Global Net of the Remitter's written notice of cancellation, Global Net shall not be responsible for refunding the Remittance monies. Global Net shall have no responsibility or liability to the Remitter or the Beneficiary or any other third party if any claim is made after 28 calendar days from the date of the Remittance.
  12. Global Net reserves the right to cancel and close down a Remitter's account at any time without further notice or explanation if the Remitter breaches any of these terms and conditions, or misuses the online membership system, or behaves unacceptably towards any Global Net staff member, or for any other reason at the sole discretion of Global Net. The Membership fee will not be refunded in this event. Pursuant to anti Money Laundering Regulations 2007, personal data will be held by Global Net for a minimum of five years thereafter.
  13. If, after having transferred or deposited monies to Global Net bank account, the Remitter wishes not to proceed with the transaction, Global Net will return the monies to the Remitter after having deducted an amount equivalent to 1% of the total monies initially transferred or deposited in respect of bank charges and other administrative expenses that Global Net will incur in this process.
  14. Remitters has the right to fund their account and use their credit at anytime, Global Net shall pay no interest to remitters for holding such funds.
  15. All payment received from third party bank account most be in the name of the account holder as stated on their id proof of id , otherwise payment will be held by our compliance dept and released after such transfer has be investigated and cleared.
  16. The above terms and conditions govern completely all business conducted between Global Net and the Remitter. The Remitter thus may not rely on any other agreement or understanding of any kind, even if such an agreement or understanding is reached with a staff member of Global Net. Al though Global Net may, at its sole discretion, offer temporary and/or single concessions and promotions from time to time, such benefits are not to be expected nor demanded by the Remitter. Such benefits may also be withdrawn at any time without notice or explanation.


Requirements for remittance Membership:

  1. In addition to the above terms and conditions, the following apply specifically for Global Net membership.
  2. Upon being accepted for membership, the Member will pay GBP0 to cover Global Net administrative expenses.
  3. In addition to the membership fee detailed in clause 16 above, the Member must also make an initial deposit of at least GBP20 in order to have his/her account activated. Log-in details for the account will not be activated to the Member until and unless this initial deposit plus all forms of i.ds along with the signed terms and conditions are received. The Member must maintain a minimum balance of GBP20 in his/her account at all times. This initial deposit will be refunded only when the Member cancels his/her account (14 days' notice required).
  4. For direct cash deposits into Global Net 's bank account, the Member is liable to a charge of GBP0.50 per GBP100 deposited, in respect of applicable bank charges.
  5. For credit card and Pay Pal payments, the Member is liable to a charge equivalent to 3% of the total amount transferred to Global Net 's bank account (Send Amount + Fees), in Respect of applicable handling charges.

Acceptable Identification Documents

  1. The following identification documents must be provided:
    Primary ID (anyone of): Passport or National Photo ID Card or full UK driving license (photo card AND paper counterpart), AND
    secondary ID (any one of): Gas bill or electricity bill or landline telephone bill (NOT a mobile phone bill) or bank statement, dated within the last three months.
  2. A recent passport sized photograph must be provided. The photograph must be clear, and have a white background.
  3. The Applicant must provide the above documents with a completed and signed print-out of the Global Net Membership Online Application Form. Pursuant to the anti Money Laundering Regulations 2007, all documents must be originals. Photocopies of original documents, if used, must be signed and attested to by the Applicant's solicitor, accountant, or GP, for more detail refer to our online remittance guidelines.

I hereby confirm that I agree with all the above terms and conditions of Global Net Integrated Money Transfer (Global Net)


------------------------------------------------------------------------------------- -Signed
Print Name (in capital)

Date: ------------------------------


Please print this page, sign and return to our Head Office




Head Office

Global Net Money Transfer, 6 Manor Park Parade, London SE13 5PB United Kingdom Tel: +44 (0)2083187496, Fax: +44 (0)2081816629
Email: enquiries@global-nett.co.uk, website: www.global-nett.co.uk