General terms 1. INTRODUCTION 1.1 The General Terms and Conditions and Product, Channel and Account Specific Terms and Conditions ("Terms and Conditions"), as set-out herein, form part of the Client's Agreement with the Bank for the use of its Foreign Exchange facilities. The Terms and Conditions set out in this document are applicable to all Foreign Exchange Transactions entered into between the Bank and its Clients. The Client must read this agreement carefully. It contains important information about the Client's and the Bank's legal rights and duties. The Client must communicate with the Bank via one or more of the following portals Forex the Client does not understand any part of these Terms and Conditions. This agreement must be read in conjunction with other terms and conditions that apply to the Client's banking relationship with the Bank. 1.2 These Terms and Conditions do not cover derivatives, documentary credits or guarantees. 2. DEFINITIONS 2.1 "Authorised Person" means the person who is duly authorised to instruct the Bank; 2.2 "Agreement" means the application form; these Terms and Conditions; the Foreign Exchange Transaction confirmation; and any other documents specifically incorporated herein by reference and/or related to the services and/or products provided by the Bank; 2.3 "Bank" means FRB, acting through its divisions; 2.4 "Balance of Payment" or "BOP Category Codes" means codes that identify and categorise in numeric format the nature and purpose of a cross border transaction; 2.5 "Business Day" means any working day as applicable in the country in which the Transaction is settled; 2.6 "C.F.C. Account" means a customer Foreign Currency Account conducted by residents in the nostro administration of an Authorised Dealer, in terms of the provisions of the Rulings or in terms of a specific authority granted by the SARB. Funds standing to the credit of such an account are deemed to be local assets denominated in a Foreign Currency; 2.7 "Channels" means the way in which Foreign Currency is purchased from the Bank. 2.10 "Discretionary Allowance" means a specified amount set by the SARB that a Resident (natural persons) over the age of 18 years may avail of per calendar year; 2.11 "Emigrant" means a South African resident who is leaving or has left the Republic to take up permanent residence in any country outside the CMA; 2.12 "Emigrant Blocked Account" means the account of an emigrant from the CMA to which exchange control restrictions have been applied; 2.13 "Exchange Control Regulations" means the Exchange Control Regulations, published in terms of the Currency and Exchanges Act number 9 of 1933, as amended from time to time; 2.14 "F.C. Account" means a Foreign Currency Account conducted by residents (natural persons only) and non-residents in the nostro administration of Authorised Dealers, in terms of the provisions of the Rulings or a specific authority granted by the SARB; 2.15 "FEC" means a forward exchange contract; 2.17 "Foreign Bank Account" means a foreign currency bank account conducted by Residents with a bank outside the CMA in terms of the provisions of the Rulings or a specific authority granted by the SARB. 2.18 "Foreign Cheque" means a cheque payable in Foreign Currency; 2.19 "Foreign Currency" means any currency other than currency, which is legal tender in the Republic, but excludes the currencies of Lesotho, Namibia and Swaziland. Foreign exchange must be deemed to include any bill of exchange, letter of credit, money order, postal order, promissory note, Rand to or from a Non-Resident Account, travellers cheque or any other instrument of foreign exchange; 2.20 "Foreign Exchange Transaction" means the purchase or sale of Foreign Currency with or for Rand; 2.21 "Foreign Investment Allowance" means a specified amount set by the SARB that a Resident (natural persons) over the age of 18 years may avail of per calendar year; 2.22 "Foreign Nationals" mean natural persons from countries outside the CMA who are temporarily resident in the Republic, excluding those on holiday or business visits; 2.23 "FRB" means FirstRand Bank Limited Reg. No. 1929/001225/06, an Authorised Financial Services and Credit Provider (NCRCP20), a public company with limited liability duly incorporated in accordance with the company laws; 2.24 "Global Account" means an account in a Foreign Currency that allows a Client to invest its Foreign Investment Allowance; 2.25 "Immigrants" mean natural persons who immigrated from countries outside the CMA with the firm intention of taking up or having taken up permanent residence in the Republic; 2.26 "LIBOR" means unless otherwise agreed to in writing between the Bank and the Client, the rate certified by the Bank to represent the London Inter Bank offer rate as published on Reuters as being the British Bankers Association Interest Settlement rate; 2.27 "Limit Order" means buying and selling a foreign currency at a foreign rate through spot deals up to a maximum of 6 months for an upfront fee. 2.28 "Net Asset Value" means the excess of a party's assets over its liabilities, as determined from its most recent financial statements: provided that if a party's liabilities exceeds its assets, its net asset value will be deemed to be zero; 2.29 "Nominated Bank Account" means the bank account selected by the Client, into which the Bank shall pay all monies due to the Client and from which the Bank may debit any amounts owed by the Client; 2.30 "Non-Resident" means a person (i.e. a natural person or legal entity) whose normal place of residence, domicile or registration is outside the CMA; 2.31 "Non-Resident Area" means all countries other than those included in the CMA; 2.32 "Non-Resident Account" means the account of a Non-Resident conducted in the books of an Authorised Dealer; 2.33 "Party" or "Parties" means either the Bank or the Client, or both, as the context indicates; 2.34 "Passenger Ticket" means a ticket issued in respect of travel arrangements, inclusive of electronically issued tickets ("e-tickets"); 2.35 "Prime Rate" means the interest rate (percent, per annum, compounded monthly) published by the Bank from time to time; 2.36 "Product, Channel and Account Specific Terms and Conditions" means the terms and conditions governing the respective Channels, accounts and products; 2.37 "Rand" means the monetary unit of the Republic as defined in Section 15 of the Act, 1989 (Act No. 90 of 1989), as amended from time to time; 2.38 "Regulations" mean the Exchange Control Regulations, 1961 as promulgated by Government Notice R.1111 of 1961-12-01, as amended from time to time; 2.40 "Resident" means any person (i.e. a natural person or legal entity) who has taken up permanent residence; is domiciled; or registered in the Republic. For the purpose of the Rulings, this excludes any approved offshore investments held by South African residents outside the CMA. However, such entities are still subject to exchange control Rules and Regulations; 2.41 "Resident Account" means the account of a person resident, domiciled or registered in the Republic, including that of a CMA resident; 2.42 "Resident Temporary Abroad" means any resident who has departed from the Republic to any country outside the CMA, with no intention of taking up permanent residence in another country, but excluding those residents who are abroad on holiday or business travel; 2.43 "Rulings" mean the Exchange Control Rulings issued by the SARB under the powers delegated by the Minister of Finance which contain the permissions, conditions and limits applicable to the Transactions in Foreign Exchange, as well as details of related administrative responsibilities; 2.44 "SARB" means the Financial Surveillance Department of the South African Reserve Bank, responsible for the administration of exchange control in terms of the delegation from Treasury; 2.45 "SARS" means the South African Revenue Service; 2.46 "Spot Rate" means the rate is booked and the Transaction is settled on the same day; 2.47 "Spot Deal" means a Transaction where the Value Date is 2 (two) working days after the instruction date; 2.48 "S.W.I.F.T" means Society for Worldwide Interbank Financial Telecommunications; 2.49 "Trade Date" means a date upon which a Transaction is concluded and for which the rate is booked; 2.50 "Transaction" means a Foreign Exchange Transaction concluded between the Parties, comprising of a spot, forward or swap transaction, as the case may be; and 2.51 "Value Date" means the agreed date of settlement of a Transaction (provided that if any such Value Date occurs on a day other than a Business Day then the Value Date for such Transaction shall be the following Business Day). 3. GENERAL 3.1 The Bank is an authorised dealer in Foreign Exchange as envisaged in the Regulations. 3.2 The Terms and Conditions and the Foreign Exchange Transaction confirmation form part of the Client's Agreement with the Bank. 3.3 The Bank reserves the right to amend these Terms and Conditions from time to time. A copy of the latest Terms and Conditions is available on the Bank's or can be obtained from a FNB branch. The Client is required to read these Terms and Conditions prior to placing an order. 3.4 The head notes to the clauses are inserted for reference purposes only and shall in no way govern or affect the interpretation hereof. 3.5 Unless inconsistent with the context, an expression which denotes any gender includes the other gender, a natural person includes a legal entity and the singular includes the plural and vice versa. 3.6 References to "writing", "written notice", "written instructions" and the like shall include telefax and email. 3.7 No indulgence given to either Party shall constitute a waiver of any of the rights. 3.8 The Client may not cede and/or assign its rights and/or obligations in terms of any Transaction to any third party without written notification to the Bank. 3.9 Defined terms used in a sentence will generally have the initial letter capitalised. 3.10 Terms printed in BOLD place a strict obligation on You and should therefore be carefully read and understood. 3.11 If any provision of these Terms and Conditions including these disclaimers and limitations shall be unlawful or unenforceable then such provision shall fall away and shall not affect the validity and enforceability of the remaining terms or any of the Client's statutory rights which cannot be excluded by these Terms and Conditions. 3.12 If the inward payment presented by the Bank does not belong to the Client, it is the Client's responsibility to inform the Bank that the money should be returned. Failure to advise the Bank could result in fraud charges being instituted against the Client by the Bank. The Bank will not be held liable for any damages, losses, legal actions and costs the Client may incur as a result of the Client failing to truthfully declare the monies are not that of the Client. The Bank reserves the right to debit the account into which the monies were incorrectly or erroneously paid with the full amount including any interest or exchange rate losses incurred. 3.13 The provision of Foreign Currency involves special risks which may affect the value of an order placed by virtue of fluctuation in exchange rate as a result of changes in financial markets. These changes are outside of the control of the Bank. 3.14 Please note that Foreign Currency availability may be subject to monetary limits, currency exchange restrictions and anti-money laundering regulations. 3.15 Each Transaction shall be subject to and conditional upon compliance with the Terms and Conditions and any relevant laws. 3.16 The onus is on the Client to ensure that all Transactions comply with relevant laws, both local and international and monetary limits. 3.17 The Bank shall have no liability whatsoever in relation to any demands, claims, actions, losses, costs and damages of whatever nature the Client may suffer as a result of the Client's failure to comply with the Terms and Conditions and any related local and international rules, laws and regulations. 3.18 Failure by the Client to provide the Bank with the requested documentation and information on time may result in the Transaction being cancelled, delayed, fees being charged and any exchange rate loss being for the Client's account. 3.19 Any delay on the Client's part in providing information and documentary evidence of the Client's underlying commitment in order to obtain exchange control approval by the settlement date will prevent settlement and may result in costs to the Client's account and/or the Client's payment not being effected timeously. 3.20 The Client is responsible to ensure that all information supplied to the Bank is correct. The Bank will not be responsible for incorrect information supplied by the Client in respect of any Transactions. 3.21 No Foreign Exchange Transaction will be processed unless the application has been fully completed and submitted and all requested information and/or documentation have been received. 3.22 It is the Client's responsibility to ensure that the Transaction complies with relevant laws, both local and international. 3.23 The Bank may from time to time be obliged to disclose information relating to this instruction to SARS, SARB, FIC, local and international counter party Banks. 3.24 All foreign exchange transactions are required to be reported as per SARS's request. 4. FEES AND CHARGES 4.1 Fees and charges applicable to the Client's order will inter alia be displayed on the ordering screen during the online process, and/or will be provided to the Client telephonically. 4.2 Commissions and charges are specific to the type of Foreign Exchange Transaction. 4.3 All Foreign Exchange Transactions and fees and charges credited and debited from and to the Client's Nominated Bank Account will be displayed on the Client's transaction history, ATM mini statement and/or branch transaction record. The Bank may at any time amend or introduce new fees for the use of the service. 4.4 Fee explanations, related fees, charges and penalty fees for the use of the service can be found in the pricing guide available at any FNB branch or on the Bank's website. 4.5 The Client will be charged commission, which amount may be amended from time to time. 4.6 The Bank will debit and credit the Client's Nominated Bank Account, unless otherwise advised by the Client or by the Client's authorised representative. 4.7 The Bank is irrevocably authorised by the Client to debit any account held in the Client's name with the Bank and/or the Client's Nominated Bank Account with any amount incorrectly credited, overpaid, paid in error, fees, legal fees, interest, costs and expenses. 4.8 The Bank has the right where the Client is in default of this Agreement and/or where an amount was overpaid to the Client or paid in error to place funds on hold, debit accounts, freeze or close accounts and set-off outstanding amounts. 4.9 The authorisations granted to the Bank shall not preclude the Bank from any other remedy available to it whether in terms of this Agreement or by law. 5. EXCHANGE RATE 5.1 Where Foreign Currency is bought or sold by the Client to or from the Bank, the agreed exchange rate will be settled for the specific Value Date. 5.2 The exchange rates quoted by the Bank but not yet accepted by the Client in writing and/or telephonically, may be updated at any time. 5.3 By accepting a quote from the Bank the Client agrees to purchase the foreign exchange at the rate quoted at the time of its request. 5.4 Any discrepancies contained in the Foreign Exchange Transaction confirmation must be advised to the Bank in writing before close of business on the Trade Date referred to in the confirmation. 6. CONVERSION 6.1 Conversion of Rand to Foreign Currency will take place at an exchange rate quoted by the Bank at spot or at a forward exchange rate, depending on the nature of the rate agreed to with the Bank. 6.2 A Spot Transaction is a contract of buying or selling currency for settlement on the spot date, normally 2 (two) Business Days after the Trade Date. 6.3 A forward contract is a contract where the terms are agreed now but delivery and payment will occur at a future date. 6.4 Forward exchange rate is the exchange rate at which a bank agrees to exchange one currency for another at a future date. 6.5 The Foreign Currency rates set out in the Foreign Exchange Transaction Confirmation are fixed by the Bank and are the rates at which the Client agrees to purchase the Foreign Currency. 7. DELIVERY OR COLLECTION OF FOREIGN EXCHANGE FROM THE BANK 7.1 For collection at the Client's chosen FNB branch, the Bank requires identity documents, passports, valid air tickets, proof of accommodation or car registration number for land travel, and the Client's Online Payment Reference Number. 7.2 On delivery or collection of the Client's foreign exchange, the Client will be required to complete and sign a purchase application form. 7.3 The Bank requires a minimum of 24 (twenty four) hours to arrange and prepare all collections. 7.4 Collection at RMB branches can be done between 09h00 to 15h30 on Mondays to Fridays and 08h30 to 11h00 on Saturdays. 7.5 The Bank will endeavour to meet the Client's requirements in terms of delivery and collection times and will notify the Client if the requested date and time cannot be met. 8. CANCELLATIONS, PARTIAL PAYMENTS, EARLY DRAW-DOWNS AND EXTENSION OF FOREIGN EXCHANGE TRANSACTION 8.1 In the event of the Client wanting to cancel a Transaction, effect partial settlement, make an early drawdown, or extend the Value Date, the Client must instruct the Bank at least 2 (two) Business Days prior to the Value Date or proposed earlier Value Date. 8.2 Such instructions shall be by electronic dealing system, in writing by e-mail, or by telephone. Where the instruction is by telephone, the Client must confirm it in writing or by email within 1 (one) Business Day. 8.3 The Client's Nominated Bank Account will be debited prior to the Client receiving the Client's Foreign Currency. 8.4 Any loss of profit arising from a request to vary the initial Transaction instructions will be for the Client's account. 8.5 The Bank will not be responsible for any costs, claims, damages and loss incurred as a result of a reversal and/or cancellation of a Transaction. 8.6 The Client will be required to pay a cancellation fee. 9. WARRANTIES 9.1 The Client warrants that the Transactions entered into are required to cover a firm and ascertained exchange receipt or commitment, the Authorised representative is duly authorised, the transaction does not contravene local or international law, the Client has read and understood this document, all information and documentation are true and correct, and the Client will inform the Bank if any information changes. 9.2 The Client warrants that the currency applied for will only be used for the stated purpose, that the Client has not applied for the same exchange facilities with another authorised dealer, that no other foreign exchange cover exists for the obligations covered, that each Transaction accords with SARB approvals or permissions, that taxes are up to date, and that applicable limits, fees and Terms and Conditions are understood. 10. INDEMNITY 10.1 The Client indemnifies the Bank against and holds it harmless from demands, claims, actions, losses, costs and damages arising from unauthorised or unlawful access to accounts or data, loss, destruction, theft or damage to data or equipment. 10.2 The Client indemnifies the Bank against penalties, fines, claims, costs, losses, damages or expenses arising from the Transaction or the Client's non-compliance. 10.3 The Client understands and confirms that the Transaction may be delayed, blocked and/or cancelled for reasons outside of the Bank's control and indemnifies the Bank accordingly. 10.4 The Client indemnifies the Bank for losses arising from omissions, errors, delays in transmission, misinterpretation of instructions, sanctions, incomplete or ambiguous instructions, or local and foreign legislation and regulations unless caused by the Bank's intentional conduct or gross negligence. 10.5 The Bank shall make every effort to process orders without delay, but delays may occur due to laws, policies, technical problems and/or matters outside of the Bank's control. 11. LIMITATION ON THE BANK'S LIABILITY 11.1 The Bank shall make every effort to process orders without delay. However, delays can occur due to technical problems or matters outside of the Bank's control. 11.2 The Bank uses reasonable care and skill in providing this Service, but does not warrant that access shall be continuous and/or error free. 11.3 The Bank will not be liable for loss or damage due to technical failures, events beyond reasonable control, damage to computer equipment, or claims and damages arising from use, delay or inability to use the website or Service. 11.4 The Bank's maximum liability in respect of each use of this Service shall be to refund the purchase price of the Client's order. 12. DOMICILE AND COMMUNICATIONS 12.1 The Bank selects its address as the address at which all legal notices, processes and communication must be served. 12.2 If the Client does not provide a domicilium address, the Client will be deemed to have elected the residential, registered or last known address. 12.3 Day-to-day communications may be communicated by recorded telephone calls, email, statement message, online message, website, post and/or SMS. 12.4 Statements, billing reports and/or invoices may be sent by email and billing information may be communicated by recorded telephone calls. 12.5 Legal notices or communications required or permitted in terms of the Terms and Conditions will be valid and effective only if in writing and delivered by hand, electronic mail or telefax. 12.6 Day-to-day communications may be sent by the Client to the Bank via recorded telephone calls, email and post. 12.7 Notices will be presumed received if delivered by hand during normal hours on the date of delivery, if posted by prepaid registered post at 10h00 on the 4th day after registration receipt, if sent by fax on the date shown on the receipt, and if sent by email on the date emailed. 12.8 If the Client claims non-receipt, the onus rests on the Client to prove non-delivery. 12.9 The Client may change its chosen domicile by written notice to the Bank, effective on the seventh Business Day after acknowledgement of receipt. 12.10 It is important that the Bank has updated contact details, as the Bank will carry no responsibility if the Client does not receive communications due to outdated or dysfunctional contact details. 13. EXCHANGE CONTROL REGULATIONS 13.1 Foreign exchange bought by the Client may only be used for the purposes for which it has been made available. 13.2 Foreign exchange may not be bought more than 60 days prior to departure. 13.3 The Client may not apply for the same exchange facilities with another authorised dealer. 13.4 Unused foreign exchange must be sold to an authorised dealer within 30 days of return to South Africa. 13.5 The Client is responsible for adhering to exchange control limits set by the SARB. 13.6 Foreign Currency can only be bought by South African residents. Citizens of other CMA countries may not use this service. 13.7 The Bank must report all Foreign Exchange Transactions to the SARB. 13.8 Foreign currency availability is subject to monetary limits, currency exchange restrictions and anti-money laundering regulations. 13.9 Certain outward payments require documents before the Transaction can be processed in order to comply with Exchange Control Regulations. 13.10 SA residents over the age of 18 years qualify for a discretionary allowance as set by SARB. Discretionary allowances may be apportioned for travel allowance, monetary gifts and loans, study allowance, maintenance transfers and donations to missionaries. The Discretionary Allowance may not be used to disguise transfers for other purposes. 14. BREACH 14.1 The Client will be in breach for failure to adhere to the Terms and Conditions, failure to make payment, breach of warranties and representations, sequestration, liquidation, judicial management, business rescue, debt counselling, compromise with creditors, insolvency or material failure to pay other persons. 14.2 If the Client is in breach, amounts outstanding become due and payable immediately, the Client will be responsible for losses incurred by the Bank, and the Bank may cancel Transactions, claim damages, demand specific performance and/or stipulate an early termination date. 15. CERTIFICATION OF INDEBTEDNESS 15.1 A certificate signed by any manager of the Bank as to any indebtedness or other fact shall be prima facie evidence for the purpose of any application, action, judgement, order or other purpose. 16. AUTHORISED PERSONS 16.1 Only duly Authorised persons may give the Bank instructions on the Client's behalf. 17. VARIATIONS OF THESE TERMS AND CONDITIONS 17.1 These Terms and Conditions are subject to change from time to time. A copy of the latest Terms and Conditions are available at any FNB branch or on the Bank's website. The Client is required to read these Terms and Conditions before placing an order. 18. CONTACT DETAIL 18.1 Any complaints or queries relating to the programme must be directed to the Forex Advisory Team. 19. GOVERNING LAW 19.1 These Terms and Conditions will be governed, construed and take effect in all respects in accordance with the laws. 19.2 The Client agrees that the Bank may bring legal proceedings relating to these Terms and Conditions in any Magistrate's Court that has jurisdiction, without preventing the Bank from bringing proceedings in a High Court that has jurisdiction. 20. CONSENT TO DISCLOSURE OF INFORMATION 20.1 By making use of this service, the Client consents to the Bank providing information about these Terms and Conditions, breach, fraudulent activities, applications for foreign currency and/or termination of Foreign Exchange Transactions. 20.2 This consent extends to credit bureaux, the Financial Intelligent Centre, SARB, SARS, divisions within the Bank, fraud prevention schemes and/or other banks where necessary to preserve rights and interests. 21. eBUCKS 21.1 The programme is owned, run and managed by FNB-eBucks, a business unit of the Bank. FNB Forex is an earn-partner of the eBucks Rewards Programme, which allows the Client to earn eBucks on qualifying Foreign Exchange Transactions. 21.2 The Client will earn rewards in the form of eBucks on qualifying Foreign Exchange Transactions, subject to compliance with qualifying criteria. The Client is responsible for all tax implications. 21.3 Qualifying criteria include being a Bank Client within qualifying segments, being a member of the eBucks Rewards Programme, accounts being in good standing, and Transactions being inward or outward Foreign Exchange payments in a Foreign Currency made via online banking or formal standing instruction. 21.4 Exclusions include Clients already loaded on special discount or pensioner pricing and Transactions notified by the Bank from time to time, including foreign notes, travellers' cheques, Foreign Currency Account funding, Customer Foreign Currency Account funding, cash passport, PayPal, MoneyGram or any other foreign exchange products. 21.5 Rewards are calculated in terms of the Earn Rules determined from time to time and displayed on the Client's eBucks account profile. 21.6 The Client may spend eBucks in accordance with the terms and conditions published on the eBucks website. 21.7 The programme's terms and conditions and Earn Rules may be amended from time to time. 21.8 FNB Forex may end or suspend its participation as a partner in the eBucks Rewards Programme on reasonable notice. 21.9 Complaints or queries relating to the programme must be directed to the Forex Advisory Team. B. PRODUCT SPECIFIC TERMS AND CONDITIONS The Product Specific Terms and Conditions have to be read in conjunction with the General Terms and Conditions detailed above. 1. SWIFT 1.1 INWARD PAYMENT TRANSFERS 1.1.1 This service is only available to South African Residents including holders of temporary resident permits and work permits. Residents of other Common Monetary Areas may not use this service. 1.1.2 Emigrants who conduct Emigrant Blocked Accounts and Non-residents are not allowed to use this service due to Exchange Control restrictions. 1.1.3 When receiving funds from abroad the Client will be provided with a quote, which has to be accepted within 30 days, failing which the funds will be returned to the originating bank and the Client will be responsible for costs and fees. 1.1.4 The Bank provides the Client with the ability to request and accept a quote online. 1.1.5 By accepting the online quote the Client agrees to purchase the foreign exchange at the quoted rate. 1.1.6 Inward Transactions done via online banking may only be single Transactions using one BOP Category Code. 1.1.7 If an inward payment needs to be split into numerous Transactions, it can only be split into a maximum of 5 Transactions unless the Forex Advisory Desk is contacted. 1.1.8 The Client's Nominated Bank Account will be credited as soon as the Transaction has been processed and approved. 1.1.9 Certain inward Transactions require documentation before processing to comply with Exchange Control Regulations. 1.2 OUTWARD PAYMENT TRANSFERS 1.2.1 This service is only available to Residents including holders of temporary resident permits and work permits. Residents of other Common Monetary Areas may not use this service. 1.2.2 Emigrants who conduct Emigrant Blocked Accounts and Non-residents are not allowed to use this service due to Exchange Control restrictions. 1.2.3 The Bank will provide the Client with the ability to make a payment to an international bank account online, provided that the Client has a Transactional account with the Bank. 1.2.4 The Client may not transfer funds to an offshore account held in the Client's name without adhering to exchange control requirements and providing requested documentation/information. 1.2.5 Upon acceptance of the quotation and disclaimer the deal will be booked, the Client's Nominated Bank Account will be debited and the Client will be liable for all amounts owed to the Bank. 2. CASH NOTES 2.1 The Client's Nominated Bank will be debited prior to the Client receiving the Client's Foreign Currency. 3. CARD PURCHASES 3.1 Any Transactions or payment made in a currency other than Rand will be charged to the Client's Nominated Bank Account at the VISA or MasterCard rate of exchange that applies on the date of settlement. 4. PAYPAL 4.1 A copy of the PayPal Terms and Conditions is available online or can be obtained from a FNB Branch. 5. MONEYGRAM 5.1 A copy of the MoneyGram Terms and Conditions is available online or can be obtained from a FNB Branch. 6. CASH PASSPORT 6.1 The daily withdrawal limit is country and bank specific. These limits are not set by the Bank. 7. CHEQUES 7.1 Travellers Cheques 7.1.1 Each beneficiary of Travellers Cheques must sign their own Travellers Cheques as per SARB requirements. 7.1.2 Travellers Cheques are not accepted in all countries and may be restricted by in-country legislation. 7.1.3 Card Associations have set maximum daily limits for purchasing travellers cheques. 7.2 Foreign Cheques 7.2.1 Foreign Cheques presented to the Bank will be sent to the foreign drawee bank for clearance on a collection basis. 7.2.2 Foreign Cheques may be returned by drawee banks at any time for forged, false, fraudulent, missing or altered information. 7.2.3 The Client authorises the Bank to collect Foreign Cheques for deposit into the Client's Nominated Bank Account and indemnifies the Bank against damages, losses and expenses unless caused by the Bank's negligence. 8. FOREX TRADING 8.1 Dealing involves buying and selling Foreign Currency by way of Spot Deals up to the maximum of t + 3. 8.2 Limit Orders involve buying and selling Foreign Currency at a specified rate through Spot Deals up to the maximum of 6 months for an upfront fee. Charges are stated and charged upfront. When a strike takes place, the order becomes binding and settlement immediately takes place. 8.3 Cancellations of Limit Orders must be instructed prior to the order expiry date. If the order has been executed and the deal booked, the client is liable for losses or profit arising from cancellation and a cancellation fee may be charged. 8.4 Written confirmation of Limit Orders and Spot Transactions may be communicated by electronic mail or electronic dealing system. Failure by the Bank to make a confirmation shall not invalidate the transaction. 8.5 Forward Exchange Contracts require proof of a fixed and ascertainable foreign exchange commitment for contracts longer than six months, credit lines in place, the Client being at least eighteen years old, and the Client being the registered account holder of the Nominated Bank Account. 8.6 Forward Exchange Contracts longer than six months require supporting documents such as purchase order, pro forma invoice, letter of credit, order confirmation and/or original invoice. 8.7 For Forward Exchange Contracts shorter than six months, an underlying Foreign Exchange exposure is necessary and documents must be presented to the pay-away bank upon pay-away if not already provided. 8.8 All transactions are concluded telephonically and recorded. Confirmations constitute prima facie proof unless disputed by the client within the required time. 8.9 Settlement payments will be made to the account specified by the client or otherwise agreed. Payment of foreign currency to the Bank must be made to the Bank's relevant Nostro account. C. CHANNELS The Channel Specific Terms and Conditions have to be read in conjunction with the General Terms and Conditions detailed above. 1. ONLINE 1.1 The Bank will provide the Client with the ability to purchase and sell Foreign Currency online, provided that the Client has a Transactional account with the Bank. 1.2 Emigrants who conduct Emigrant Blocked Accounts and Non-residents are not allowed to use this service due to Exchange Control restrictions. 1.3 The Online Service is only available for the currencies listed from time to time on the Bank's website. 1.4 The exchange rates quoted by the Bank may be updated at any time. 1.5 By accepting the online quote the Client agrees to purchase the foreign exchange at the rate quoted at the time of the Client's application. If the Client applies after hours and markets are closed, the last available rate may be presented and the booked rate may differ. 1.6 None of the information provided in connection with the online service constitutes financial advice. 2. TELEPHONE 2.1 Foreign exchange can be purchased and sold via the telephone channel. 3. BRANCH 3.1 Foreign Currency can be purchased and sold via the Branch channel. D. ACCOUNTS The Accounts Specific Terms and Conditions have to be read in conjunction with the General Terms and Conditions detailed above. 1. GLOBAL ACCOUNT 1.1 Qualifying criteria for opening a Global Account include having an existing South African cheque account with the Bank, being a South African citizen, being at least 18 years old and having taxes up to date. 1.2 When the Client funds the Global Account from the FNB cheque account, required documents may include an original Tax Clearance Certificate, original MP1423 form and a certified copy of the Client's identity document. 1.3 If the Client instructs the Bank to conclude all incoming transfers at the Spot Rate, the Bank will not provide a quote and will conclude all incoming transfers at the Spot Rate for that day. 1.4 When withdrawing cash from the Global Account in a currency other than the account currency, conversion will take place at the exchange rate quoted by the Bank at the time of withdrawal. 1.5 The Client enjoys the benefit and takes the risk of profits or losses caused by changes in exchange rate. The Bank does not guarantee the exchange rate. 1.6 Exchange Control Regulations of the SARB govern all transactions on Global Accounts. 1.7 All transactions on Global Accounts must be conducted online unless otherwise advised. 1.8 The Client may not use Global Accounts exclusively to fund travels other than under the Discretionary Allowance. 1.9 Global Accounts may never be overdrawn. 1.10 Transactions can take up to 5 Business Days to reflect in the Global Account. 1.11 The Client's Global Account will only be closed once it has a zero balance. 1.12 The Bank may deduct fees and charges owing by the Client directly from the Client's cheque account or any other account held in the Client's name with the Bank. 1.13 If interest is payable on the Global Account, the Bank will calculate and pay interest in the same currency as the Global Account. 2. CUSTOMER FOREIGN CURRENCY ACCOUNTS ("CFC") AND FOREIGN CURRENCY ACCOUNTS ("FCA") TERMS AND CONDITIONS 2.1 Customer Foreign Currency Accounts are available to residents and non-residents. Foreign Currency Accounts are available to residents and non-residents only. 2.2 Foreign Currency Accounts may only be funded from foreign currencies, other Non-Resident accounts, re-deposits of funds previously drawn from a Non-Resident account, and payments in Rand by eligible Residents or where specific Reserve Bank approval has been obtained. 2.3 An Application to Sell Form is to be completed for Foreign Currency credited to the Non-Resident Account and an Application to Purchase Form when funds are transferred abroad. 2.4 Deposits and withdrawals are subject to 2 Business Days' notice. 2.5 Payments required in currencies other than that of the deposit will be converted at the time of withdrawal at an exchange rate quoted by the Bank. 2.6 Profits or losses arising from fluctuations in exchange rates are for the Client's Nominated Bank Account and the Bank does not guarantee the rand value of balances in another currency. 2.7 Interest on accounts will be capitalised monthly in arrears in the currency of the account. 2.8 Monthly statements will be mailed to the Client through email or post. 2.9 Transactions shall be made in accordance with instructions held by the Bank. 2.10 The Bank may debit any of the Client's Nominated Bank Accounts held with the Bank in settlement of amounts owing. 2.11 Interest on arrears for Customer Foreign Currency Accounts will accrue at the relevant overnight LIBOR rate plus 2 percentage points for foreign currency amounts and the Prime Rate plus 2 percentage points for Rand amounts. For Foreign Currency Accounts, the interest rate will be the relevant overnight LIBOR rate plus the agreed margin. 3. NON-RESIDENT ACCOUNT TERMS AND CONDITIONS 3.1 Non-Resident Rand Accounts may only be funded from foreign currencies, other Non-Resident Accounts, re-deposits of funds previously drawn from a Non-Resident Account, and payments in Rand by residents eligible for transfer under Reserve Bank Exchange Control Rulings or where specific approval has been obtained. 3.2 Sell and Purchase forms are not to be completed for Rand deposited to a Non-Resident Account. 3.3 An Application to Sell Form is to be completed for foreign currency credited to the Non-Resident Account and an Application to Purchase Form when funds are transferred abroad. 3.4 A Resident must approach his/her bankers and complete a Sales Form. The transfer of funds will take place via the S.W.I.F.T System. 3.5 The Bank will not remit funds abroad unless original documentary evidence can be presented confirming that the Transaction complies with Reserve Bank Exchange Control Rulings. 3.6 A Client who is a Non-Resident may not make use of the Bank's online application procedure. 3.7 The Client confirms, understands and warrants that the Client will not make loans to residents without SARB approval, that deposits to a Non-Resident Rand Account require scrutiny by the Exchange Control Official, that deposits may be blocked until compliance is determined, that prior SARB approval is required for borrowing, and that the Non-Resident Account may not be overdrawn at any time. 3.8 Cheques/deposits to the Non-Resident Bank Account will be returned without notice.