Terms and conditions

1. The telegraphic transfer shall be carried out by the Bank, its agent or correspondent subject to the rules, regulations and market practices of the country where or through which payment is to be made.

2. In the absence of any specific instructions to the contrary the telegraphic transfer will be effected in the currency of the country in which payment is to be made.

3. Unless specified otherwise all charges incurred outside Singapore are for the account of the beneficiary.

4. The Bank reserves the right to effect this telegraphic transfer in a different place from that specified by the remitter if operational circumstances so require.

5. Telegraphic transfer is to be despatched entirely at the remitter’s own risk.

6. Where the Bank is unable to provide a firm exchange rate quotation, the Bank shall effect the remittance on the basis of a provisional exchange rate which shall be subject to adjustment when the actual exchange rate is ascertained. Any difference between the provisional rate and the actual rate shall be debited/credited (as the case may be) to the applicant’s account.

7. The Bank accepts no responsibility for any loss, liability, claim, delay, error or omission which may occur in the remittance and the transmission of any message and for its interpretation when received. The remitter agrees to fully indemnify the Bank against any loss, liability, claim, delay, error or omission suffered or incurred by the Bank arising from the remittance or the inability of the Bank to effect the remittance for whatever reason.

8. An application for the remittance of any currency (other than exotic currencies) is normally processed within a day if such application was received before 14:30 hours. Applications received after 14:30 hours will not be processed on the same day. An application for the remittance of exotic currencies is normally processed within a week. For the avoidance of doubt, the Bank shall not be liable for any delay in completing such remittance.

9. Applications for same day value are subject to cut-off time related to the geographical location of the destination.

10. In accordance with the Bank’s policies in relation to anti-money laundering and counter terrorism financing regulation, the remitter’s name, account number and address (as held in the Bank’s records) will be included in the transfer message. Without limiting any other terms and conditions applicable to remitter’s accounts with the Bank, by initiating the telegraphic transfer the remitter consents to the inclusion in the message of these details and/or any other information (including but not limited to details and information relating to the Payee) required pursuant to any relevant anti-money laundering and counter terrorism financing regulation in Singapore or the country where or through which payment is to be made.

11. The Bank reserves the right not to accept any application without having to assign any reason for doing so.