Terms & Conditions for Foreign Currency (Forex) Transfers

GENERAl TERMS

By using Foreign Exchange (Forex) Transfer Service given by PT Bank Mandiri (Persero) Tbk (“Bank Mandiri”), therefore Sender and Beneficiary (“Users”) are deemed to have read, understood, and agreed to be bound by the contents of this Terms and Conditions of Forex Transfer (“Terms and Conditions”).

Forex Transfer service consist of Conversion Feature, Forex Transfer between Bank Mandiri Accounts Feature, and Cross Border Transfer Feature

A. Definitions

• Transfer Costs are costs charged by Bank Mandiri and/or Cross Border Transfer Partner to Sender related to the use of Cross Border Transfer service.
• Beneficiary Country is destination countries determined by Bank Mandiri to be able to receive remittance through Cross Border Transfer as available on Livin’ application.
• Applicable Laws are all laws including but not limited to laws and regulations related to consumer protection, anti-money laundering and prevention of terrorism financing in the financial services sector, as well as regulations of fund transfer existing in Indonesia.
• Know Your Customer (KYC) is an activity in the form of identification and verification carried out by Bank Mandiri and/or Cross Border Transfer Partner to ensure that transactions are carried out in accordance to customer’s profile and Applicable Laws.
• Cross Border Transfer Partner is Bank Mandiri’s cross border remittance service provider for Cross Border Transfer.
• Beneficiary is an individual/entity holding a Beneficiary’s Account who can receive remittance via Forex Transfer from Sender.
• Sender is a Bank Mandiri’s customer holding a Sender Account who performs remittance through Forex Transfer.
• Beneficiary Account is an account under the name of Beneficiary to receive funds sent by Sender via Forex Transfer.
• Sender Account is Mandiri Saving and/or current accounts denominated in Rupiah or foreign currency owns by Sender.
• Source Account is Sender Account selected and used by Sender to debit the conversion rate of fund to be sent via Forex Transfer executed by Sender, to receive refund or reversal, and to debit Transfer Costs.
• Sanction List is a list of sanctions from institutions or countries in a certain form that is imposed on certain individual/entity/country so that they cannot send and/or receive funds through Forex Transfer.

B. Features and Benefits

• Forex Transfer can be made to several currencies available on the Livin’ application.
• Beneficiary shall receive Forex Transfer if the conditions as stipulated in Section D.4 in this Terms and Conditions do not occur and has complied with all procedures and Sender’s obligations as stipulated in this Terms and Conditions and Applicable Laws.
• The Beneficiary's Bank or e-wallet provider of Beneficiary Account may impose costs in accordance with the respective terms and conditions of the Beneficiary's Bank or e-wallet provider of Beneficiary Account, which may result in a difference between the amount of funds received by the Beneficiary and the amount sent by the Sender.

C. Value/Amount of Money that Can Be Sent via Forex Transfer

• . The Maximum nominal amount of money in Rupiah (IDR) that can be sent via Forex Transfer is the equivalent of USD100,000/month/Sender, subject to the regulation regarding the maximum nominal limit (threshold) related to foreign currency purchase transaction against Rupiah (IDR) in Indonesian banking system.
• The maximum nominal amount of money in foreign currency that can be sent via Forex Transfer is the equivalent of USD100,000/transaction/Sender.
• In addition to point 1 and 2 above, the maximum nominal amount of money that can be sent also subject to the Forex Transfer limit on Livin’ application determined by Bank Mandiri.
• If Sender intends to make remittance that exceeds the nominal amount specified above, such transaction can be made at the nearest branch of Bank Mandiri and Sender must provide additional documents (underlying documents) requested by Bank Mandiri in accordance with Applicable Law. The transaction shall be made after obtaining approval from Bank Mandiri and complying with the Applicable Law.
• The minimum nominal amount of money that can be sent will be displayed directly (by default) on Livin’ application, therefore, Sender cannot make transaction below such specified nominal amount. For Cross Border Transfer, the minimum nominal amount varies, subject to the regulations applied in selected Beneficiary Country.

D. Mechanism of Forex Transfer and Obligations of Sender

• Sender must fill all data fields related to Sender and Beneficiary (if required) on Livin’ application completely, accurately, updated, and thoroughly (LAKU). In the event of an error in entering data by Sender which results in the failure of Forex Transfer execution, resulting in any losses or risks to Beneficiary or any party, therefore it becomes the full responsibility of Sender.
• Every Forex Transfer transaction that has been executed by Bank Mandiri cannot be changed and/or canceled by Sender or Beneficiary for any reason.
• Bank Mandiri is entitled to postpone, reject, cancel, and/or not carry out Forex Transfer transaction if:
  • There are system troubles in Bank Mandiri.
  • An event occurs beyond control or power of Bank Mandiri (force majeure).
  • For any reasons including but not limited to if the balance in the Source Account is insufficient to pay for the foreign exchange conversion rate and/or Transfer Costs, or the Source Account is inactive or blocked, or the threshold in Rupiah (IDR) or foreign currency which can be sent by Sender is proven to have been exceeded.
  • Data/information/documents related to Forex Transfer transaction inputted or provided by Sender or Beneficiary are incomplete, proven to be inaccurate, and/or fictitious.
  • At Bank Mandiri’s discretion and consideration in implementing the principle of prudence, wherever there is an indication of suspicious transaction and/or violation against provisions of Bank Mandiri (fraud) or Applicable Laws.
  • Specific for Cross Border Forex Transfer, these conditions shall also apply:
    1. Results of KYC show that there are indications of suspicious transactions, therefore, further process (Enhanced Due Diligence or EDD) is required to be conducted.
    2. There are system troubles in Cross Border Transfer Partner or bank/ewallet of Beneficiary Account.
    3. There is a rejection from bank/e-wallet provider of Beneficiary Account for Cross Border Transfer and/or Beneficiary Country’s authorized institutions for any reason including as a result of problems in Beneficiary or Beneficiary’s Account or there is a violation against Applicable Law.
    4. There is an order for blockage/ban of transaction related to Overseas Forex Transfer on Sender or Beneficiary from country, agency, or competent institution due to any reasons.
    5. Sender and/or Beneficiary is included in sanctioned persons related to Anti-Money Laundering and Prevention of the Financing of Terrorism (AML CFT) applicable in Indonesia or internationally (for Cross Border Transfer) or is included in Sanction List.
    6. There is a request for additional data/information/documents (underlying documents) from bank/e-wallet provider of Beneficiary Account or in Beneficiary Country that Sender does not within the specified period.
• Upon each Forex Transfer transaction rejected, cancelled, and/or not carried out by Bank Mandiri for the reasons as regulated in number 3 above, for Forex Transfer transactions through Conversion Feature and Forex Transfer between Bank Mandiri Accounts Feature, the transaction status will be recorded as unsuccessful transfer, and for Cross Border Transfer therefore Bank Mandiri shall 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 any indemnities and/or accountabilities in any form to User or any parties upon all objections, lawsuits, and/or legal demands in connection with the refund made by Bank Mandiri.

E. Representations and Warranties

• Users hereby grant approval and power to Bank Mandiri to be able to provide all data/information/documents related to Users to competent authorities, Cross Border Transfer Partner, bank/e-wallet provider of Beneficiary Account for Cross Border Transfer, competent authorities in Beneficiary Country, and/or other relevant parties pursuant to Applicable Laws.
• Sender hereby understands and agrees that if there is a rejection of a Cross Border Transfer transaction because Sender is subject to Sanction List, Bank Mandiri is entitled to take further actions against Source Account, including to block and/or close such account in accordance with General Terms of Account Opening, Fund Products, and/or AML CFT applicable in Bank Mandiri.
• Users hereby understand and agree that Bank Mandiri will not provide any indemnities and/or accountabilities in any forms to User or any parties in respect of any violation against this Terms and Conditions and/or non-performance of any obligations in this Terms and Conditions by Sender and that results in any losses to User or any parties, including but not limited to the terms of maximum limit of money sent in Indonesian banking system.
• Sender hereby understands and agrees to be responsible and provide indemnities to Bank Mandiri in respect of any violation against this Terms and Conditions and/or non-performance of any obligations in this Terms and Conditions by Sender and causing losses to Bank Mandiri.
• 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-going 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.
   

F. Miscellaneous

• Other matters related to the Livin’ application and transaction aspects, including but not limited to the instructions given by Sender or the terms of the privacy policy on the Livin' application, are subject to the Livin' Application Terms and Conditions.
• 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.

SPECIFIC TERMS OF CONVERSION FEATURE

• Through Conversion Feature, Sender may see the conversion rate information and perform conversion rate calculation.
• Rate calculator in Conversion Feature shows current rate in Bank Mandiri and such rate can change in accordance with applicable provisions in Bank Mandiri.
• Sender can make fund transfer transaction via Conversion Feature only to Sender’s another account in Bank Mandiri in different currency. Such transaction can be made from Rupiah (IDR) to foreign currency, foreign currency to Rupiah (IDR), and/or to another Forex (cross currency).
• The rate seen by Sender on conversion page can be different from the rate used for transactions on nominal input page. In such case, the rate that appears on nominal input page prevails as the basis of calculation to make Forex Transfer transaction
   

SPECIFIC TERMS OF FOREX TRANSFER BETWEEN MANDIRI ACCOUNTS FEATURE

• Through Forex Transfer Between Bank Mandiri Accounts, Sender may perform fund transfer between Bank Mandiri accounts. Transaction can be made from Rupiah (IDR) to foreign currency, foreign currency to Rupiah (IDR), and/or cross or same foreign currency.
• Calculation of foreign conversion rate charged to Sender is on real-time basis that will appear on transaction submission page on Livin’ application and will be valid for 3 minutes, or any other period pursuant to Bank Mandiri’s policy. If within such period Sender does not immediately execute the transaction, an update of new conversion rate will appear.
   

SPECIFIC TERMS OF OVERSEAS FOREX TRANSFER FEATURE

• Through Cross Border Transfer Feature, Sender may perform cross border fund transfer to a non-Bank Mandiri account from Sender with Rupiah (IDR) source of fund or foreign account to Beneficiary in local currency of Beneficiary Country.
• Beneficiary Account can be in the form of bank account/e-wallet/any other form of account to the extent feasible by system and allowed by regulation to receive funds via Cross Border Transfer.
• In the implementation of Cross Border Transfer, Sender is also bound to internationally-applicable provisions, all relevant regulations in Beneficiary Country, and/or regulations in Beneficiary’s bank/e-wallet provider.
• Before carrying out Cross Border Transfer transaction, Bank Mandiri and Cross Border Transfer Partner will conduct KYC on Sender’s profile, Beneficiary’s profile, and Cross Border Transfer transaction made by Sender, including examination against Sanction List.
• In the implementation of Cross Border Transfer, in addition to filling Sender’s data, Sender is also obligated to complete Beneficiary’s data Completely, Accurately, using current data/documents, and Thoroughly (LAKU).
• Sender can monitor (track) the ongoing process of remittance and Beneficiary will receive an email notification from Bank Mandiri regarding the execution of Cross Border Transfer carried out by Sender to Beneficiary.
• The need for data/information/documents of Sender or Beneficiary may varies between one Beneficiary Country and another Beneficiary Country, therefore, such needs for data/information/documents will be adjusted to applicable regulations in bank/e-wallet provider of Beneficiary Account or in Beneficiary Country.
• In the event of request to fulfill additional/underlying documents related to Cross Border Transfer transaction, 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 status and notification in Sender's personal email), and Sender is obligated to fulfill and send such requested underlying documents 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 occurs in the transaction execution of Cross Border Transfer transaction due to an error in Bank Mandiri’s system, such as difference in nominal amount of money sent, error in generating the exchange rate, the fund sent for the same transaction is debited/credited twice, or any other matters, Bank Mandiri is entitled to make correction to the transaction accordingly, and Sender hereby gives a power to Bank Mandiri to debit the Source Account and/or Sender Account for the purpose of correcting the transaction.
• Users hereby understand and agrees that any email sent to Beneficiary by Bank Mandiri is not a proof of money receipt by Beneficiary, but merely just a form of notification regarding the execution of Cross Border Transfer by Sender to Beneficiary.
• For the implementation of Foreign Exchange Transactions, Sender will be charged with the following conditions:
  • Cross Border Transfer Costs consist of commission fee, transaction costs and taxes, and/or other fees that may be imposed by selected Beneficiary Country or bank/e-wallet provider of Beneficiary Account.
  • Transfer Costs is not deducted from the money sent but will be debited from Source Account and must be fully paid in advance by Sender before Sender continue the transaction, therefore, it does not affect the amount of fund sent.
  • The payment of Cross Border Transfer Costs will be charged in accordance to the currency of the Source Account.
  • Any difference arising due to the conversion rate will be charged to/borne by Sender.
  • Calculation of foreign conversion rate and Cross Border Transfer Costs charged to Sender is on real-time basis that will appear on transaction submission page on Livin’ application and will be valid for 10 minutes, or any other period pursuant to Bank Mandiri’s policy. If within such period Sender does not immediately execute the transaction, such estimated costs will no longer be applicable and an update of new estimation of Cross Border Transfer Costs will appear.
• The refund conditions on Cross Border Transfer are as follows:
  • The components of refund include the amount transaction and Cross Border Transfer Costs.
  • Such refund will be credited by Bank Mandiri to Source Account in accordance with the currency of the Source Account with Service Level Agreement (SLA) pursuant to applicable terms in Bank Mandiri.
  • Upon such refund, Sender will be charged with exchange rate in accordance with applicable current exchange rate on the date the refund is made.
  • If any Cross Border Transfer transaction is postponed, held, or blocked due to a request and/or order/prohibition from competent authority in Indonesia or by international institution or Beneficiary Country and/or bank/e-wallet provider of Beneficiary, as a result of violation against the provisions of AML CFT, taxation, criminal acts, are subject to Sanction List, then refund to the Source Account can only be made after obtaining approval from the competent authority/institution and/or Beneficiary’s bank/e-wallet provider in accordance with Applicable Law.