Terms and Conditions
GENERAL TERMS AND CONDITIONS
· As a user of foreign exchange services, you agree and confirm being aware of all regulatory norms. (If you need any information regarding regulations,limits please call our helpline @ +91-80-46113046
· Buyforexonline.com will not be responsible for any transaction executed through us by forgery or unprocessed information. The user will be solely responsible for such action and liable to regulatory actions.
· All orders need to completely comply with regulatory guidelines; any deviation from the same will be the sole responsibility of the user. (If you need any information on guidelines please write/call us at firstname.lastname@example.org/+91-80-46113046)
· All order values will be rounded off to the nearest currency unit.
. All INR calculations will be rounded off to next value.
· On return complete encashment of card balance is allowed, no part encashment.
· Currently all encashment would be paid through NEFT/RTGS to the beneficiary.
· Rates are subjected to major fluctuation.
· Travel cards are non-transferable, only to be used by the purchaser.
· User understands and agrees that all other foreign currency travel card related terms and condition as displayed on the card issuing banks website will be applicable.
· Rates for each service may differ from the rates displayed on the home page. Please log in to the relevant section for prevailing rates.
. We offer only cash also, rates applicable for these transactions will be the prevailing market rate. (Higher than rates displayed on our Website)
. Maximum time required for delivery of orders placed after 4pm is T+2 working days.
. If ordering Forex again for the same trip, please note that Currency notes will not be provided. If ordered for the same trip, then the amount will be loaded onto your forex card
. As per regulatory guideline (RBI) for any fresh travel, the reload order has to be placed before your travel date. BTQ and reload forms needs to be submitted along with VISA and ticket copy for fresh travel.
. Reload from abroad will be allowed only if you have placed a reload order for existing travel or provided us your new travel documents before your travel.
. If ordering Forex again for the same trip as a reload, please note that Currency notes will not be provided. If ordered for the same trip, then the amount will be loaded onto your forex card
CANCELLATION & REFUND POLICY
· For order cancelled on client's request or non-compliance, the amount will be refunded after a deduction of 2% of total order value, plus Rs.300/- towards payment gateway charges and will be processed within 3 working days. In the case of orders placed through cheque and NEFT/RTGS payment, the order confirmation fee of 2% will not be refunded.
· If for any reason, we are unable to complete the order, the total amount paid for the order will be refunded within 3 working days.
. In the event, the Forex card gets funded before delivery, and order cancellation is requested, an Encashment process will be followed. Encashment takes 7 working days to be fulfilled.
· For orders cancelled after the delivery is completed, Encashment process will be followed; Encashment rates, as displayed on our website will be applicable for refund orders.
PAYMENT GATEWAY CHARGES:
· This fee is also known as 'Merchant Service fee', and is applicable on all transactions where the customer wants to pay online. Currently, complete payment made using debit card is charged at 1% and credit cards are charged at 1.80% (plus GST) , subjected to change as decided by respective service provider.
· Minimum Order value varies with currency. (For GBP/USD/EURO- 100 Units, For THB- 2000 Units, For JPY 20,000 Units)
· ATM withdrawal Charges are specific to each bank card. Please check the appropriate bank website for the same. General schedule of charges will also be available in the information booklet provided with the card kit.
· All encashment will be done only in favour of the card holder, irrespective of payment being done by the primary card holder. (Regulatory Norms and Standard Operating Procedures)
· The information's provided on our website is used only for the completion of services; we may share this information with our partners for completion of services with whom we have lawful contracts. We ensure all data collected in completely secured and safe.
· BuyForexonline.com may amend, change the usage policy for the betterment of client service and safety. The User is advised to review these clauses in regular intervals or you may write into us for any further query.
· Unauthorized use of the website may lead to a claim for damages and/or be a criminal offense.
· You agree and understand that you are responsible for maintaining the confidentiality of your password which, together with your login e-mail address, allows you to access certain portions of the website.
· If you become aware of any unauthorized use of your registration information, you agree to notify us immediately.
· From time to time, this website may also include links to other websites. These links are provided for your convenience to provide further information. They do not signify that we endorse the website(s). We have no responsibility for the content of the linked website(s).
· Any material downloaded or otherwise obtained through the use of the website is done at your own discretion and risk and you are solely responsible for any damage to your computer system or loss of any data that results from the download of any such material.
· Buyforexonline.com shall have the absolute discretion to amend or supplement any of the Terms at any time.
· The Customer shall be responsible for regularly reviewing these Terms including amendments thereto as may be posted on the Website.
· The Customer agrees to protect and fully compensate Buyforexonline.com and their affiliates from any and all third party claims, liability, damages, expenses and costs, including, but not limited to, reasonable attorney's fees, caused by or arising from violation of the terms and conditions, infringement or infringement by any other user of Customer's account, intellectual property or other rights of anyone.
· All rates are indicative.
· Buyforexonline.com is a service provider and does not own any of the products.
· Buyforexonline.com takes complete responsibility of servicing our clients for all transactions made through us in coordination with our service provider.
· By registering on BuyForexOnline.com, you are authorizing BuyForexOnline.com to contact you, send newsletters, promotional messages & updates when required. The user also authorises BuyForexOnline.com to share contact data with its logistics partners, banks, and payment gateway.
· This service is only available for Indian nationals residing in India.
AMENDMENT TO TAX REGULATIONS
The minimum amount of tax to be paid is Rs.45/- irrespective of transaction value up to Rs.25,000/-
Value > Rs.1,00,000 up to Rs.10,00,000/- Rs.180/- PLUS (+) 0.09% of the gross amount of foreign currency exchanged in excess of Rs.1,00,000/-
Example : Rs.180/- will be the tax amount at 0.18% of the value on Rs.1,00,000/- as per the first slab above and while making transactions above the value of Rs.1,00,000/-, tax to be charged is 0.09% on the amount in excess of Rs.1,00,000/-. For example, if the transaction value is Rs.2,00,000/-, the tax will be Rs.180/- + 0.09% of the amount in excess of Rs.1,00,000/- i.e. Rs.90/- aggregating to Rs.270/-.
Value > Rs.10,00,000/- Rs.990/- PLUS (+) 0.018% of the gross amount of foreign currency exchanged in excess of Rs.10,00,000/-
Rs.990/- (total of first and second slab above) PLUS (+) 0.018% of the amount in excess of Rs.10,00,000/- subject to a maximum of Rs.60000/-.
For example, if the transaction value is Rs.11,00,000/-, the tax shall be calculated as under:
(a) For the first Rs.1,00,000/- @ 0.18% = Rs.180.00
(b) For the next Rs.9,00,000/- @ 0.09% = Rs.810.00
(c) For the remaining Rs.1,00,000 @ 0.018%= Rs. 18.00
· A Service charge of Rs.125 + GST (per applicant).
· All payments made is routed directly to RBI authorised service provider, who will be delivering your forex.
· All Transactions to be executed by a RBI dealer.
ONE CURRENCY CARD
- Please note that USD,GBP,EUR,AUD,CAD,SGD,AED,SAR are on the Multi-Currency card (MCC) platform. This means that the forex loaded on the card is in the destination currency and is a fixed amount.
- All other currencies are on the One Currency card (OCC) platform. ie: the rate displayed is of the destination currency, but the card will be loaded in equivalent USD only.
- The OCC can then be used in the destination country without incurring any cross-currency charges (unlike with the MCC). The USD loaded on the card will be converted to the destination currency at Inter-bank rates (IBR) only.
- However, the amount of destination currency available may marginally change from time-to-time depending on daily fluctuations in the USD rate against the destination currency.
- The advantage of the OCC is that it is loaded in only USD but the same card can be used in over 200 countries for transactions in the local currency at no conversion charge
- The USD rate displayed on our website is relevant for the MCC. The USD conversion rate for the OCC platform may vary.
FREE ATM WITHDRAWALS - FOR TRAVELLERS
- The first 2 ATM Withdrawals per month are free for leisure travel, on the Multicurrency Card.
- There will be no charges from the card issuer. But please note you may encounter some basic Acquiring Bank charges at some ATMs which cannot be waived off.
- There are no Free ATM withdrawals for travel to Thailand because all ATMS in Thailand charge a Basic Acquiring Bank ATM fee of 200 THB. In terms of Card issuer charges, the first 2 withdrawals per month are free.
- Offers on BuyForexOnline are brought to you by participating banks/cards issuer in their discretion and may be revoked or suspended by them at any time.
Beneficiary Bank Charges for Wire Transfer:
- For remittance, multiple banks are involved before the fund reaches to the beneficiary, every bank levies certain charges for processing the transaction. We at BuyForexOnline.com have worked out the net charges which is levied so that actual amount intended is credited to the beneficiary. The charges are as below:
GBP: 20, EUR: 25, USD: 30, AUD: 30, NZD: 30 & SGD: 30.
ZERO MARGIN RATES!
- - Forex card Zero margin valid on all currencies
- - Each order must have a Travel Card component.
- - Currency notes component is limited (Internal Company Policy). Zero Margin offer on cash is subject to limits.
- - Zero Margin Currency Notes Limit:- USD 200, GBP 150, EURO 200, AUD 200, AED 500, THB 5000.
- - Cash at Zero Margin rates is applicable only on the first order for the trip. Offer not valid on multiple cash orders for the same traveller for the same trip.
- - If you have more/only Cash requirement, please call us for rates.
- Sometimes the merchant/retailers POS/swiping machine or ATM’s offer cardholder a selection of currencies to complete their purchase/withdrawal.
- The cardholder has the option to pay in either the Local currency of the country they are visiting or in the DOMESTIC currency where the card was issued.
- If the cardholder opts to pay in the Domestic currency, the payment will be converted from the local currency loaded on the card to the domestic currency by the retailer of bank.
- The retailer of bank can then apply their own conversion fee- which may be high.
- So customer should ALWAYS choose the local currency option as then card provider will handle the conversion at no cost.
- Therefore to avoid any dynamic currency conversion fees please transact in the local currency of the country that you are visiting.
- Free swiping at POS & free ATM withdrawals offered by us are valid only when payment in Local currency is selected, as DCC is beyond our control and we cannot be responsible for the related charges if Domestic currency option is selected – even by mistake.
- Please note that the forex card is a product designed to replace Currency notes to enhance security and ease of use for swiping at Merchant POS machines. Use at ATMs for cash withdrawal in certain regions may result in additional and exorbitant charges beyond our control, and we cannot be responsible for the same.