Syarat dan Ketentuan - Valas
TNC VALAS - LN
Terms & Conditions of Cross Border Transfer
This Terms and Conditions of Cross Border Transfer ("Terms and Conditions") set out the rights and obligations between PT Bank Mandiri (Persero) Tbk ("Bank Mandiri"), Sender, and Beneficiary as users of Cross Border Transfer, and therefore legally binding for the parties. By using Cross Border Transfer, Users shall be deemed to have read, understood, and agreed to all the contents of this Terms and Conditions.
- Cross Border Transfer Costs are the costs charged by Bank Mandiri to Sender related to the use of Cross Border Transfer services.
- Applicable Laws are all laws including but not limited to regulations related to consumer protection, Financial Services Authority Regulation Number 12/POJK.01/2017 concerning the Implementation of Anti-Money Laundering and Prevention of Terrorism Financing Programs in the Financial Services Sector (APU PPT) along with its amendments and related regulations, regulations on fund transfers apply in Indonesia and internationally, all related regulations in Beneficiary Country, and/or regulations at the beneficiary bank or institution used by Beneficary and Sanction List.
- Know Your Customer (KYC) is an activity in the form of identification and verification carried out by Bank Mandiri and Cross Border Transfer Partners to ensure that transactions are carried out in accordance with customer profiles and Applicable Laws.
- Cross Border Transfer Partners are cross-border remittance services providers that are Bank Mandiri's partners.
- Beneficiary Country of Cross Border Transfer (Beneficiary Country) is destination countries determined by Bank Mandiri to be able to receive remittances through Cross Border Transfer as can be seen in Cross Border Transfer transaction submission page.
- Beneficiary is an individual/entity holding a Beneficiary Account who can receive remittances through Cross Border Transfer from Sender.
- Sender is a Bank Mandiri customer holding a Sender Account who performs remittances through Cross Border Transfer.
- Beneficiary Account is a bank account/e-wallet/account in any other forms (as far as the system and regulations allow to receive funds through Cross Border Transfer) on behalf of Beneficiary in Beneficiary Country.
- Sender Account is Mandiri Savings and/or Current accounts denominated in Rupiah and foreign currency on behalf of Sender as the account holder.
- Source Account is Sender Account selected and used by Sender to debit Cross Border Transfer Costs and exchange rate conversion of funds to be sent through Cross Border Transfer executed by Sender and to receive refunds.
- Sanction List is a list of sanctions from institutions or countries in a certain form that is imposed on certain individuals/agencies/countries so that they cannot send and/or receive funds through Cross Border Transfers.
- Cross Border Transfer is a service in Livin’ application’ in the form of cross border fund transfers from Sender with the source of funds in Rupiah (IDR) or foreign currency to Beneficiary in the local currency of Beneficiary Country.
Feature and Benefit
- Sender can make cross border remittance to Beneficiary through Cross Border Transfer services anytime and anywhere with competitive and transparent Cross Border Transfer Costs.
- Remittance can be made to several local Beneficiary Country currencies available on the Livin' application.
- The type of currency from the Source Account used for remittances by Sender shall be Rupiah currency or foreign currency in accordance with the provisions in Bank Mandiri, and the type of foreign currency that shall be received by Beneficiary is in accordance with the local currency of Beneficiary Country.
- The remittance process will be carried out using the account to account method (from the Source Account to Beneficiary Account).
- Beneficiary shall receive remittance in near real-time or same-day transaction if there are no system or regulatory problems in Beneficiary Account and destined Beneficiary Country and has complied with all procedures and Sender’s obligations as stipulated in this Terms and Conditions and Applicable Laws.
- Beneficiary shall receive in full the funds sent from Cross Border Transfer in Beneficiary Country's local currency from the currency conversion sent by Sender (full-amount) without any deduction of any costs.
- Sender can monitor (track) the process of ongoing remittance through Livin' application and Beneficiary will receive an email notification from Bank Mandiri regarding the execution of Cross Border Transfer carried out by Sender to Beneficiary.
Value/Amount of Money that Can Be Sent through Cross Border Transfer
- The maximum nominal amount of money in Rupiah (IDR) that can be sent through Cross Border Transfer is the equivalent of USD100,000/month/Sender, with due observance of the regulation regarding the maximum nominal limit (threshold) related to foreign currency buying transactions against Rupiah (IDR) in the Indonesian banking system.
- The maximum nominal amount of money in foreign currency that can be sent through Cross Border Transfer is the equivalent of USD 100,000/transaction/Sender
- In addition to points 1 and 2 above, the maximum nominal amount of money that can be sent also considers the limit provisions for the Cross Border Transfer feature in the Livin' application in which the lower limit will be used.
- If Sender sends beyond the nominal specified above, the transaction can be carried out at the nearest Bank Mandiri branch and Sender is required to provide an additional document (underlying document) requested by Bank Mandiri in accordance with Applicable Laws. Remittance can be made after obtaining approval from Bank Mandiri and complying with the Applicable Laws.
- The minimum nominal amount of money that can be sent through Cross Border Transfer varies, subject to the regulations that apply to the selected Beneficiary Country. The minimum nominal amount will be displayed directly (by default) in the Livin' application therefore Sender cannot perform remittance below the predetermined nominal amount.
Cross Border Transfer Costs
- Cross Border Transfer Costs consist of Commission Costs, transaction costs and taxes, and/or other costs that may be imposed by the destined Beneficiary Country or the bank/provider of the e-wallet of Beneficiary Account..
- The Cross Border Transfer Cost is not deducted from the amount of money sent, but will be debited from the Source Account and shall be paid in full in advance by Sender before Sender executes Cross Border Transfer transaction.
- The payment of Cross Border Transfer Costs will be charged according to the currency of the Source Account.
- Any difference that occurs due to the conversion of foreign exchange rates will be charged/borne by Sender.
- The conversion calculation of the foreign exchange rate and Cross Border Transfer Cost charged to Sender is real-time which will appear on the transaction submission page in the Livin' application and will be valid for 10 minutes, or another time according to Bank Mandiri policy. If within that time Sender does not immediately execute the transaction payment, the estimated cost will become invalid and an updated estimation for the new total cost will appear.
The Mechanism of Remittance in Cross Border Transfers and the Obligations of Sender
- Sender must fill in all data fields related to Sender and Beneficiary completely, accurately, using the latest data/documents, and in full (LAKU). In the event that there is an error in data entry by Sender which results in the failure of the execution transaction, resulting in losses or risks to Beneficiary or any party, then such thing is the full responsibility of Sender.
- Before carrying out transaction, Bank Mandiri and Cross Border Transfer Partner will conduct KYC on the profile of Sender, the profile of Beneficiary, and the transaction of Cross Border Transfer conducted by Sender including checking the Sanction List.
- The need for data/information/documents from Sender or Beneficiary may differ from one Beneficiary Country to another Beneficiary Country, so that the data/information/document needs will be adjusted to the applicable regulations at the bank/e-wallet provider of Beneficiary Account or in Beneficiary Country.
- If there is a request to fulfill an additional document (underlying document) from the parties as mentioned in point 3 above, Bank Mandiri will contact Sender by phone and/or email, or other means determined by Bank Mandiri (in this matter, as long as the transaction has not been declared successful through Livin' application, Sender is required to periodically check Sender's personal email), and Sender is obliged to fulfill and send the requested underlying document to Bank Mandiri no later than 1 (one) calendar day, or according to the time period informed, from the time Bank Mandiri notifies Sender.
- In the event of an error in the execution of transaction due to an error in Bank Mandiri’s system, such as a lack of nominal money sent (less difference), an error in determining the exchange rate, transfer funds from the same transaction are debited/credited twice, or any other matter, Bank Mandiri is entitled to correct the transactions as appropriate, and Sender hereby authorizes Bank Mandiri to debit the Source Account and/or Sender Account for the purposes of correcting the transaction.
- Every Cross Border Transfer transaction that has been executed by Bank Mandiri cannot be changed and/or canceled by Sender or Beneficiary for any reason.
- Bank Mandiri has the right to postpone, refuse, cancel, and/or not carry out Cross Border Transfer transactions if:
- There are system problems at Bank Mandiri, Cross Border Transfer Partners, or Beneficiary Account bank/e-wallet.
- An event occurs beyond the control or power of Bank Mandiri (force majeure).
- The KYC results indicate that there are indications of suspicious transactions that require further processing (Enhanced Due Diligence or EDD).
- For any reason including but not limited to if the balance in the Source Account is insufficient to pay for the conversion of foreign exchange rates and Cross Border Transfer Costs, or the Source Account is passive or blocked, or the maximum nominal amount of money in Rupiah (IDR) or foreign currency which can be sent by Sender through Cross Border Transfer is proven to have been exceeded.
- Data/information/documents related to the submission of Cross Border Transfer transactions inputted or provided by Sender or Beneficiary are incomplete, proven to be incorrect, and/or fictitious.
- There is a refusal from the bank/provider of Beneficiary Account e-wallet and/or Beneficiary Country's authorized institutions for any reason including due to problems with Beneficiary or Beneficiary Account or a breach of the Applicable Laws.
- There is an order to block/ban transactions related to Cross Border Transfers on Sender or Beneficiary from the country, institution, or authorized agency for any reasons.
- Based on the policies and considerations of Bank Mandiri in carrying out the precautionary principle, where there are indications of suspicious transactions, and/or violating the terms of Bank Mandiri (fraud) and Applicable Laws.
- Sender and/or Beneficiary is included in the parties that are subject to sanctions related to Anti-Money Laundering and Prevention of the Financing of Terrorism (APU PPT) applicable in Indonesia and internationally or included in the Sanction List.
- There is a request for additional data/information/document (underlying document) from the bank/e-wallet provider of Beneficiary Account or in Beneficiary Country that Sender does not fulfill within the specified period.
- For every Cross Border Transfer transaction that is rejected, canceled, and/or not carried out by Bank Mandiri for the reasons as regulated in number 7 above, Bank Mandiri will make a refund in accordance with the refund terms stipulated in this Terms and Conditions. Sender hereby understands and agrees that Bank Mandiri will not provide compensation and/or liability in any form to Users or any party for any objections, lawsuits, and/or legal demands in connection with the refund made by Bank Mandiri.
Terms of Refund
- Funds that will be refunded are funds sent through Cross Border Transfer and Cross Border Transfer Costs. The refund will be credited by Bank Mandiri to the Source Account in accordance with the currency of the Source Account with a crediting Service Level Agreement (SLA) in accordance with the applicable terms at Bank Mandiri.
- For the refund, Sender will be charged with the exchange rate according to the current exchange rate prevailing on the date the refund is made.
- If Cross Border Transfer transaction is delayed, detained, or blocked due to a request and/or order/prohibition from the competent authority in Indonesia or by an international institution or Beneficiary Country and/or Beneficiary's e-wallet bank/provider, such as a result of breach of APU terms PPT, taxation, criminal acts, are subject to the Sanction List, then refunds to the Source Account can only be made after obtaining approval from the competent authority/institution and/or Beneficiary's e-wallet bank/provider in accordance with Applicable Laws.
- Users hereby grant approval and authorization to Bank Mandiri to be able to provide all data/information/documents related to Users to the competent authorities, Cross Border Transfer Partners, bank/e-wallet provider of Beneficiary Account, competent authorities in Beneficiary Country, and/or other related parties with an interest in accordance with the Applicable Laws.
- Sender hereby understands and agrees that if there is a rejection of a Cross Border Transfer transaction because Sender is subject to a Sanction List, then Bank Mandiri has the right to take further action on the Source Account, including blocking and/or closing the account in accordance with the General Terms of Account Opening, Products Funds, and/or APU PPT applicable at Bank Mandiri.
- Sender hereby understands and agrees that all orders/instructions given by Sender in carrying out Cross Border Transfer transactions are evidence of a valid transaction execution and no further callback is required by Bank Mandiri in any form to Sender.
- Sender hereby understands and agrees that if there is a difference in the recording of Cross Border Transfer transactions, such as the nominal amount of money sent and the time of execution of Cross Border Transfer, between the transaction records on Users’ side and Bank Mandiri, the data and records at Bank Mandiri will be used as reference.
- Sender hereby understands and agrees that any email notification sent to Beneficiary by Bank Mandiri is not proof of receipt of money by Beneficiary, but a form of notification regarding the execution of Cross Border Transfer by Sender to Beneficiary.
- Users hereby understand and agree that Bank Mandiri will not provide compensation and/or liability of any kind to Users or any party in connection with the breach of these Terms and Conditions and/or the non-performance of an obligation in these Terms and Conditions by Sender and cause harm to Users or any party, including but not limited to the terms on the maximum limit of money sent in the banking system in Indonesia.
- Users hereby understand and agree to be responsible for and provide compensation to Bank Mandiri in connection with breaches of these Terms and Conditions and/or non-performance of an obligation in these Terms and Conditions by Sender and causing losses to Bank Mandiri, including but not limited to the terms on the maximum limit of money sent in the banking system in Indonesia.
- Users hereby understand and agree that Bank Mandiri reserves the right to stop Cross Border Transfers temporarily or for a certain period of time determined by Bank Mandiri for the purposes of upgrading, updating, maintaining the system regularly or periodically, and/or for other purposes for whatever reason Bank Mandiri deems fit, and Bank Mandiri is not obliged to provide compensation and/or liability of any kind to anyone in connection with the termination of Cross Border Transfer.
- Users hereby understand and agrees that Bank Mandiri will not provide compensation and/or liability in any form to Users or any party for any objections, lawsuits, and legal demands in connection with the delay and/or failure of Bank Mandiri in fulfilling its obligations related to Cross Border Transfer if the delay and/or failure is due to events or causes beyond the control or capability of Bank Mandiri, including but not limited to natural disasters, fires, wars, riots, sabotage, system disturbances, electricity disturbances, telecommunication disturbances, and/or government policies so that Bank Mandiri is not responsible or bears any losses to Users.
- Sender hereby understands and agrees that in implementing Cross Border Transfers, Bank Mandiri cooperates with Cross Border Transfer Partners. In the event of a condition where Cross Border Transfer Partner no longer cooperates with Bank Mandiri for any reason including but not limited to Cross Border Transfer Partner disbanding, going bankrupt, and/or having its business license revoked, then Bank Mandiri reserves the right to transfer on-goin Cross Border Transfer of Sender to another facilities at Bank Mandiri or delays/cancels the transaction with notification to Sender in accordance with Applicable Laws.
- Bank Mandiri reserves the right to make adjustments including but not limited to the list of Beneficiary Country, foreign currencies that can be served on Cross Border Transfers, transfer limits, Cross Border Transfer Costs, as well as this Terms and Conditions. Such changes will be notified by Bank Mandiri in accordance with Applicable Laws. Sender is required to carefully read each of these changes periodically so that if Sender continues to use Cross Border Transfer, Sender is deemed to have known, understood, and agreed to the changes.
- This Terms and Conditions and any amendments or updates thereto shall refer to, be construed, and made based on the laws of the Republic of Indonesia. Users hereby agree to always and at all times comply with the laws and regulations in Indonesia.
- Bank Mandiri and Users agree that any controversy/dispute or difference of opinion that arises and/or relates to the implementation of this Terms and Conditions, shall be resolved amicably. If the amicable discussion does not resolve the dispute/dispute or difference of opinion, then based on a written agreement between Bank Mandiri and Users, the controversy/dispute or difference of opinion can be resolved through the Alternative Dispute Resolution Institution in accordance with the terms of the regulator. In the event that the controversy/dispute or difference of opinion cannot be resolved either through amicable discussion and/or through an Alternative Dispute Resolution Institution in accordance with the terms of the regulator, it will be resolved through the District Court forum whose authority includes the Bank Mandiri office.
- The powers granted by Users as stated in this Terms and Conditions cannot be terminated by Users for any reason including the causes as regulated in Article 1813 (regarding the termination of the power of attorney), Article 1814 (regarding the unilateral withdrawal of power by the attorney), and Article 1816 (regarding the appointment of a new proxy) of the Indonesian Civil Code until the legal relationship between Bank Mandiri and Sender ends.
- Any questions and/or complaints regarding Cross Border Transfers can be made by contacting Mandiri Call 14000.