Terms of Use of Border Forex (SA Website)

1. Introduction

Welcome to the Border Forex website (www.borderforex.co.za), Border Forex is an Bureau de Change and was created to assist individuals, such as yourself, to buy or sell foreign currency, telegraphic transfers and remittance services. We operate in South Africa under the name of Border Forex subject to these Terms of Use and the applicable legislations. Border Forex is a private company incorporated under the laws of South Africa.

These Terms of Use govern the terms under which you may register as a user of the Border Forex services in South Africa and thereafter utilize the Border Forex services. You are encouraged to read these Terms of Use carefully. By registering as a user of the Border Forex services and thereafter continuing to use the Border Forex services, you agree to be bound by, and comply, with these Terms of Use.

Please note that once you have registered as a user of the Border Forex services, your relation to Border Forex may be terminated at any time, with or without notice to you, if:

  • Your conduct is in breach of these Terms of Use
  • Your conduct is deemed to be harmful to the business of Border Forex or any of its affiliates
  • Your use of the Border Forex service is harmful to any other party.

2. Interpretation

For these Terms of Use, the following words/phrases bear the following meanings and have been presented in the table below. Financial Institution:

A company which is engaged in the business of dealing with monetary transactions, such as deposits, loans, investments and currency exchange.

FIC:

Stand for the Financial Intelligence Centre which was established in terms of FICA to administer the Financial Intelligence Centre Act. The FIC is South Africa’s national centre for the development of financial intelligence in accordance with international standards and requirements.

FICA:

The Financial Intelligence Centre Act No 38 of 2001.

FSB:

The Financial Services Board, an independent institution established in terms of the Financial Advisory and Intermediary Services Act No. 37 of 2002 to oversee the South African Non-Banking Financial Services Industry in the public interest.

KYC:

“Know Your Customer” which is the process of a business identifying and verifying the identity of its clients.

Legal Tender:

The denomination of a country’s currency that, by law, must be accepted as a medium for commercial exchange and payment for money debt.

SARB:

The South African Reserve Bank, the central bank of South Africa.

South Africa

The Republic of South Africa

In terms of Regulation 2(2)a, an Authorized Dealer shall not buy, borrow or receive or sell, lend or deliver any foreign currency or gold except for such purposes or on such conditions as the Treasury may determine. The Currency and Exchanges Manual for ADLAs (ADLA Manual) is issued by the Financial Surveillance Department to ADLAs under the powers delegated by the Minister of Finance.

The ADLA Manual provides an overview of the application form and procedures to be followed to conduct the business of an ADLA. The ADLA Manual contains the permissions, conditions and limits applicable to transactions in foreign exchange that may be undertaken by ADLAs as well as details of the related administrative responsibilities. The ADLA Manual is not a legal document, is amended from time to time by way of the issuance of Circulars (Circulars) by the Financial Surveillance Department and serves as general terms and conditions and does not replace or supersede the Regulations or the norms and policies as applied by the Financial Surveillance Department from time to time.

The ADLA Manual must always be read in conjunction with the Regulations. The Financial Surveillance Department views any contravention of the Regulations and the ADLA Manual, as well as any actions to circumvent the permissions, conditions and limits contained in the ADLA Manual, where an application for such permission would have been refused, in a very serious light. The Financial Surveillance Department has appointed Border Forex to act as a category two ADLA as defined in the ADLA Manual. Border Forex is authorized to operate Bureau de Change as well as offer certain transactions under the single discretionary allowance facility. In addition to the above, as a category two ADLA, Border Forex may offer money remittance services in partnership with external Money Transfer Operators. In instances where an ADLA is not able to buy or sell foreign currency in terms of the permissions and conditions set out in the ADLA Manual, an official application with full details applicable to the request must be submitted to the Financial Surveillance Department.

3. Important Notices

These Terms of Use contain specific provisions which Border Forex allocates any risk or liability to you or which constitute acknowledgement of facts by you. Please pay attention to these terms since they limit your ability to recover losses that you may incur in connection with your use of the Border Forex service. If you become a registered user of the Border Forex service and you choose, or you are provided with, a user name, password, personal identification number (PIN) or any other piece of information as part of the security procedures employed by Border Forex you must treat such information as confidential, and you must not disclose it to any third party.

You agree to immediately notify Border Forex if your user name, password or PIN is lost or stolen, is used without your permission or if there is any other breach of security. You agree that you are only allowed to create and maintain one registered user account. Border Forex reserves the right to disable any user name, password or PIN, whether chosen by you or provided by Border Forex, in its sole discretion, for any or no reason, including if, in Border Forex’s opinion, you have failed to comply with any provision of these Terms of Use.

4. Legal Requirements

4.1. Declaration

By registering as a user of the Border Forex services and by initiating any foreign exchange, you declare that:

  • You have read these Terms of Use and you know, understand and agree with the contents thereof
  •  All information furnished by you to Border Forex whether directly or indirectly is true and correct in all respects.

4.2. KYC and FICA

To register as a user of the Border Forex services, you will be required to provide certain personal data (proof of identity, proof of income and proof of residence) to enable your identity to be verified and to ensure compliance with FICA and the internal KYC policies of Border Forex, where applicable. All documents confirming such personal data are referred to as KYC documents. KYC information and verification may also be required in respect of your designated Recipient. You agree that all personal data, information and documentation which you provide to Border Forex, whether directly or indirectly, during the registration process and at all other times will be true, accurate, current, and complete. You also agree that you will ensure that this information and documentation is kept accurate and up-to-date at all times. If, at any time, Border Forex has reason to believe that the information or documentation provided is false or altered in any way, your Border Forex account will be closed immediately, and the relevant authority notified. You acknowledge that the FIC may, at any time, request your personal data, information and documentation from Border Forex in respect of a FICA audit or on any other grounds and that Border Forex, whichever is applicable, is obliged to and will provide the FIC with such personal data, information and documentation upon request.

4.3. Single Discretionary Allowance

South African residents (natural persons) who are 18 years and older may be permitted to avail of a single discretionary allowance within an overall limit of R1 million per individual per calendar year without the requirement to obtain a tax clearance certificate in respect of foreign investments from the South African Revenue Service. Resident individuals who are under the age of 18 years may only be accorded a travel allowance of R200 000 per calendar year.

4.4. Omnibus Travel Facility

• ADLAs may approve in writing applications by entities (companies/CCs/partnerships) for omnibus travel facilities within the limit of R20 million per calendar year to be accorded at the discretion of the entity to its representatives who will be travelling on behalf of the entity.

• The entity must state that the amount applied for is reasonable in relation to their business and that they have not applied for similar facilities at another ADLA/AD.

• Full CIV of the company must be done in terms of the FIC Act.

• CIV documentation of the administrative employees who are authorized by the entity to deal with the ADLA must be viewed.

• The funds may be allocated at the discretion of the client.

• ADLAs must view an official letter from the company/firm authorizing the proposed business visits.

• ADLAs must maintain a schedule of the visits undertaken, the amount of foreign exchange accorded and subsequently resold on each occasion.

• Passport of the traveler and if travelling by air their e-ticket.

• Documentation to be retained for five years for inspection purposes.

• The omnibus facility may not be deposited into any foreign bank account.

It is your responsibility to ensure that you do not exceed your single discretionary allowance. By agreeing to these Terms of Use, you assume responsibility for not exceeding your single discretionary allowance while using the Border Forex services or any other financial institution to transfer funds out of South Africa.

4.5. Reporting to SARB

Every Transaction successfully completed via the Border Forex services must be reported to SARB. This report includes the personal details of the sender and the recipient and the details of the completed transaction (order, payment and pay-out). When compiling the report, the sender’s personal details are obtained from the KYC documents submitted upon registration. By submitting your KYC documents and using the Border Forex services, you agree to allow Border Forex to use your personal details as reflected on the KYC documents when submitting the prescribed reports to SARB.

Border Forex will not be responsible for any legal proceedings of any kind brought against you by any private, government or financial institution or body of any kind, due to the information that it has passed on to these institutions or bodies. For further information, please visit www.resbank.co.za.

4.6. Disclosure of Personal Information

Border Forex may disclose your personal information if required to do so by:

law (including, without limitation, when responding to a subpoena or request from law enforcement, court or government agency) or in the good faith belief that such action is necessary to:

  • Comply with a legal obligation
  • Protect and defend Border Forex’s rights or property
  • Act in urgent circumstances to protect the personal safety of other users of the Border Forex service or the public
  • Protect against legal liability.

Third party companies or entities with which Border Forex contracts, whether directly or indirectly, to provide the Border Forex services where such companies or entities require access to your personal information to perform their own regulatory functions and not for any other purposes.

5. Operation of the Border Forex

5.1. Registration

As stated in 4.2 above, you will need to submit certain personal data, information and documentation when transacting as a user of the Border Forex services to ensure compliance with FICA, Border Forex KYC Policy and, where applicable, Border Forex’s KYC Policy. There are two types of registration:

  • A “light” registration in terms of which you will only be required to submit a recognized proof of identity document
  • A “full” registration in terms of which you will be required to submit a recognized proof of identity document, proof of income and proof of residence.

5.2. Verification and Checks

Border Forex will verify your residential address and personal details to confirm your identity. By accepting these Terms of Use, you authorize Border Forex to make any inquiries considered necessary to validate the information that you have provided.

5.3. Transaction Processing and Delivery Schedule

After Border Forex has verified your identity, completed a screening for proper compliance with the various applicable laws and regulations, and received payment of the amount of the transaction can take place to be completed the following may take place. Border Forex will attempt to process transactions promptly, but any transaction may be delayed or cancelled for several reasons, including, without limitation, its efforts to verify your identity, compliance with applicable law or variations in business hours and currency availability. Border Forex may, in its sole discretion, refuse transactions from certain clients including, without limitation, individuals or companies on restricted or prohibited lists. Border Forex cannot be held responsible for:

  • If the exchange rate fluctuates Border Forex is in no way liable for any perceived or real historical loss in value of the Receive Amount
  • The rate will be determined by the daily available rate and Border Forex accepts no responsibility for any losses incurred to the recipient during the foreign exchange. No refunds will be issued.

5.4. Restrictions for Transactions

Border Forex reserves the right, in its sole discretion, to:

  • Reject a proposed transaction
  • Limit the amount of a transaction
  • Require additional information to complete a transaction
  • Take reasonable measures with respect to a transaction to comply with applicable laws and regulations.

If a transaction was created, you are obliged to contact Border Forex to correct any errors in the information provided. Border Forexge cannot be held responsible for losses in rate or inflation due to incorrect details being supplied.

  •  Limits:  
    • A user of the Border Forex who was subject to a “light” registration will be limited to sending a maximum amount of R5 000 once off.
    • A user of the Border Forex service who was subject to a “full” registration will only be limited to transacting an amount equal to the client’s discretionary allowance.
  • Fees
    •  For each transaction fees may vary per branch, due to branch locations.

6. Fraud/Breach

Border Forex may suspend or terminate your relations if it suspects that you have engaged in or are about to engage in or have been in any way involved in or linked to, fraudulent activity in connection with Border Forex. In addition to the conduct stipulated in 1.3, Border Forex may limit your activity, immediately issue a warning, suspend or terminate your relations without notice if:

  • Despite its reasonable endeavors, Border Forex is unable to verify or authenticate any information you have provided
  • Border Forex believes that your actions may cause Border Forex to suffer financial loss or incur legal liability.

7. Marketing

By registering as a user of the Border Forex service, you agree to allow Border Forex to send you marketing messages from time to time. Border Forex will not allow third parties to send marketing messages to you using the information you have provided.

8. Electronic Communications

You acknowledge that these Terms of Use shall be entered electronically, and that the following categories of information (“Communications”) may be provided by electronic means:

  • These Terms of Use and any amendments, modifications or additions to these Terms of Use
  • The record of your Transactions which have been processed through the Border Forex services
  • Any initial, periodic or other disclosures or notices provided in connection with the Border Forex services including, without limitation, those required by law
  • Any customer service communications including, without limitation, communications with respect to claims of error or unauthorized use of the Border Forex services
  • Any other communication related to the Border Forex services

9. Collection of Information

You consent to Border Forex processing your personal information for the purposes of providing the Border Forex services, including for the verification of your identity. You also consent to the use of such personal information for communicating with you, and for statutory, accounting and archival purposes. Furthermore, you acknowledge that you have read and agreed to be bound by Border Forex’s Privacy Policy.

10. Intellectual Property

The Border Forex services and all intellectual property incorporated in or related to the Border Forex services (including without limitation copyrights, patents, database rights, trademarks and service marks) are owned by or licensed to Border Forex. All right, title and interest in and to such intellectual property shall remain the property of Border Forex and/or the property of such third-party licensor.

11. No Warranty

Border Forex, officers, directors, agents and employees do not guarantee continuous, uninterrupted or secure access to the Border Forex services, and operation of the Border Forex services may be interfered with by numerous factors outside of Border Forex’s control. The Border Forex services are provided “as is” and as and when available and, to the extent permissible by law, Border Forex excludes all implied warranties, conditions or other terms, whether implied by statute or otherwise, including without limitation, any terms as to skill and care or timeliness of performance. Some jurisdictions do not allow the disclaimer of implied warranties, so the foregoing disclaimer may not apply to you.

12. Limitation of Liability

In no event will Border Forex or their respective licensors, service providers, business partners, employees, agents, officers or directors be liable for damages of any kind, arising out of or in connection with your use, or inability to use, the Border Forex services. Including any direct, indirect, special, incidental, consequential or punitive damages, including, without limitation, loss of revenue, loss of profits, loss of business or anticipated savings, loss of use, loss of goodwill, loss of data. Whether caused by delict (including negligence), breach of contract or otherwise, even if foreseeable.

Border Forex, their respective licensors, service providers, business partners, employees, agents, officers and directors, will not be liable for damages of any kind (including liability for negligence) for the acts or omissions of other providers of telecommunications services or for faults in or failures of the networks and equipment of such providers. Border Forex liability to you or any third party, and the liability of their officers, directors, agents and employees in any circumstance is limited to the total Border Forex Service Fee paid by you in relation to the transaction giving rise to liability or R1 000, whichever is the greater. The abovementioned provisions do not affect any liability which cannot be excluded or limited under applicable law.

13. Indemnity

Border Forex, and their respective officers, directors, employees, contractors, agents, licensors and suppliers will not be held responsible against any claims, liabilities, damages, judgments, awards, losses, costs, expenses or fees (including reasonable attorneys’ fees) resulting from your violation of these Terms of Use; or your use of the Border Forex services. Other than as expressly authorized in these Terms of Use or your negligence, fraud or willful misconduct. You agree to fully reimburse Border Forex in respect of all losses, costs, actions, claims, and liabilities incurred by Border Forex as a result of any breach or non-observance by you of these Terms of Use or any data submitted by you to Border Forex.

14. Comments and Complaints

If you wish to make a comment or complaint about any aspect of the Border Forex services, please email your complaint to info@borderforex.co.za.

15. General

15.1. Entire Agreement

These Terms of Use, Border Forex Privacy Policy, and your transactions constitute the sole and entire agreement between you and Border Forex with respect to the Border Forex services. When you conduct transactions through the Border Forex services all prior and contemporaneous understandings, agreements, representations and warranties, both written and oral, with respect to the Border Forex services, are superseded.

15.2. Changes to Terms of Use

Border Forex may revise and update these Terms of Use from time to time in its sole discretion by posting a revised version on the www.borderforex.co.za website. Except as otherwise required by law, the revised version will be effective at the time of posting to the www.bordeforex.co.za website. You are expected to check the Border Forex website from time to time to take notice of any changes Border Forex has made as they are binding on you. You may terminate your use of the Border Forex services if you do not agree with any changes made to these Terms of Use. Your continued use of the Border Forex services following the posting of revised Terms of Use means that you accept and agree to the changes.

15.3. Applicable Law and Jurisdiction

These Terms of Use will be governed by South African Law and Border Forex and you will submit to the exclusive jurisdiction of the relevant Magistrate’s Court.

  • No Waiver  
  • The failure of Border Forex to exercise or enforce any right or provision of these Terms of Use shall not constitute a waiver of such right or provision.
  • Severability
  • If any provision of these Terms of Use is found by an arbitrator or court of competent jurisdiction to be invalid, Border Forex and the customer agree that the arbitrator or court should deliver appropriate consequences.

16. Deliveries  

16.1 Placing Orders

Orders will only be processed if all the required documentation has been provided before 12pm on the day the order was placed and has been verified by Border Forex.

Orders will only be delivered after the electronic funds are visible in Border Forex’s account.

Payment arrangements will be finalized prior to the delivery being made.

Amounts accumulating to more than R 50 000.00 may be payed using the card machine accessible to the driver.

16.2 Time & Location

Deliveries are made from the following areas:

  • Johannesburg
  • Pretoria
  • Cape Town
  • Durban

Please note that deliveries are only made to business premises and travel agencies during business working hours (9am-15pm).

16.3 Delivery

Orders which are placed before 12pm will be delivered the following business day, subject to currency availability.

If the delivery address or time changes it may result in the delivery schedule changing, therefore, orders may not be delivered the following business day, as previously stated.

Orders will be cancelled if you are not present at the delivery address within 15 minutes of the agreed time; or if the required documentation e.g. ID book/passport cannot be produced at the delivery address.

Upon delivery the driver will have a card machine available for payment of transactions.

16.4 Fees

For orders greater than R 25 000.00 no delivery fee will be charged.

Delivery fees may be charged depending on the delivery address and currency amounts smaller than R 25 000.00.

No deliveries will be made over weekends and public holidays.

16.5 Cancellation

Cancellations will be accepted 12 hours before the delivery drop-off time.

Cancellations made 6 hours before the delivery drop-off time will not be accepted, and the customer will be responsible for the cost.

Orders will be cancelled, prior to delivery, if there is any reason to suspect that the safety of the driver/staff may be at risk.