Universal Terms Of Service

1. Definitions

   1. International payment transfer – a transfer of monetary funds of the Payer initiated by the Payer to the account of the Recipient indicated by the Payer and opened in an institution of a provider of payment services in any other country apart from Canada, or a transfer of monetary funds in a currency other than USD or CAD to an account opened in an institution of another provider of payment services in Canada.
   2. International payment order – a Payment order submitted by the Payer for execution of the International payment transfer.
   3. Canadian payment order – a Payment order which complies with all of the following conditions:
      1. the currency of the payment is USD or CAD;
      2. funds are transferred to the Provider of payment services of the Recipient in a state;
      3. Institution Number and Transit number;
      4. the number of the account of the Recipient from seven to twelve digits of account number;
      5. the Payer and the Recipient both pay their share of fees charged by DNBC Financial Canada Limited and the Provider of payment services of the Recipient, i.e. the Payer pays for fees of DNBC Financial Canada Limited, which are debited from the Account, whereas the Recipient pays for fees of the institution of the Provider of payment services of the Recipient;
      6. the transfer is standard (non-urgent) or urgent.
   4. Conditions – present conditions of execution of the International payment transfer.
   5. Account – the DNBC Financial Canada Limited account of the Payer indicated in the Payment transfer.
   6. General agreement – General payment service agreement concluded between the Payer and DNBC Financial Canada Limited, conditions of which are applied to the Payer and under which DNBC Financial Canada Limited has opened the Account for the Payer.
   7. Intermediary bank – an institution which is neither DNBC Financial Canada Limited, nor the Provider of payment services of the Recipient, but which participates in execution of the Payment order.
   8. Provider of payment services of the Recipient – the provider of payment services indicated in the Payment order, in the institution of which the Recipient has the account to which funds of the Payer shall be transferred.
   9. Business day – a day on which DNBC Financial Canada Limited, the Intermediary bank and the Provider of payment services of the Recipient execute payment operations under international money transfers. Please note that business days of DNBC Financial Canada Limited, the Intermediary bank and the Provider of payment services of the Recipient may differ.
   10. Cancellation – an order of the Payer to cancel the Payment order and return transferred funds to the Account of the Payer.
   11. Specification – an order of the Payer to specify or change data of the Payment order.
   12. Pricing – prices for DNBC Financial Canada Limited services and operations confirmed according to the procedure set forth by DNBC Financial Canada Limited.

   When using the service indicated in the present Conditions, the Payer is applied with all terms and conditions of the General agreement and additionally with terms and conditions set forth in the present Supplement. Terms in the present Supplement are used in the meaning defined in the General agreement if the present Supplement does not indicate otherwise.

2. General provisions

   1. When submitting the Payment order, the Payer undertakes all responsibility for correctness and exhaustiveness of requisites of the Payment order submitted to DNBC Financial Canada Limited and agrees with the present Conditions.
   2. DNBC Financial Canada Limited executes the Payment order submitted by the Payer according to the present Conditions, the General agreement, and the legislation of Canada.
   3. The Payment order, its Cancellation or Specification shall be submitted to DNBC Financial Canada Limited in writing (via email or another method acceptable to DNBC Financial Canada Limited).

3. Terms and Procedure of Execution of the Payment Order

   1. If the Payer is a User and the transfer is performed in a currency of a state to an account in another state in Canada, DNBC Financial Canada Limited executes such Payment order, i.e. funds are transferred to the Provider of payment services of the Recipient within terms indicated in the Pricing.
   2. If the Payer is not a User or the transfer is performed in a currency of a state in Canada to an account in a Foreign country or in a currency of a Foreign country, DNBC Financial Canada Limited transfers such Payment order to the Intermediary bank within terms indicated in the Pricing. The Intermediary bank executes such Payment order by transferring funds to the Provider of payment services of the Recipient or to another Intermediary bank according to internal work regulations of the Intermediary bank and within terms indicated in binding legal acts.
   3. DNBC Financial Canada Limited debits the amount indicated in the Payment order from the Account of the Payer when transferring the Payment order for execution and sends funds to the Intermediary bank or the Provider of payment services of the Recipient.
   4. DNBC Financial Canada Limited does not undertake the responsibility if the Payment order is not executed due to false or non-exhaustive requisites of the Payment order. DNBC Financial Canada Limited also does not hold the responsibility for errors committed by the Provider of payment services of the Recipient and/or delayed crediting of funds to the account of the Recipient by the Provider of payment services of the Recipient, or when the Payer in the Payment order does not indicate all data required by the Provider of payment services of the Recipient, which are necessary to credit funds to the account of the Recipient.
   5. If the Payer is a User and the transfer is performed in a currency of a state in Canada to an account in a foreign country or in a currency of a Foreign country, DNBC Financial Canada Limited holds the responsibility against the Payer for transfer of funds to the Provider of payment services of the Recipient within terms indicated in the Pricing, but does not hold the responsibility for errors of the Provider of payment services of the Recipient and its work regulations applied to execution of the Payment order. In other cases, i.e. when the Payer is not a User or the transfer is performed in a currency of a Member country to an account in a Foreign country or in a currency of a Foreign country, DNBC Financial Canada Limited does not hold the responsibility for errors committed by the Intermediary bank and the Provider of payment services of the Recipient, their work regulations applied to execution of the Payment transfer, and undertakes the responsibility for non-execution or inappropriate execution of such Payment order against the Payer only if it has happened due to a fault of DNBC Financial Canada Limited.
   6. DNBC Financial Canada Limited does not hold the responsibility for any losses of the Payer, which have occurred due to a change in the currency exchange rate during execution of the Payment transfer.

4. Cancellation and Specification of the Payment Order

   1. The Payer may submit a Cancellation to DNBC Financial Canada Limited, and the amount of money in the Payment order together with the fees will be returned under the Cancellation to the Account only if DNBC Financial Canada Limited has not yet sent the Payment order to the Provider of Payment Services of the Recipient or the Intermediary bank. In other cases, under a request from the Payer, DNBC Financial Canada Limited may contact the Intermediary bank or the Provider of payment services of the Recipient regarding the possibility of cancellation of the Payment order, but DNBC Financial Canada Limited does not guarantee that the Cancellation will be executed. In such cases, additional fees applied by the Intermediary bank and/or the Provider of payment services of the Recipient may be charged. The Payment order may be canceled only in case of agreement between the Payer and DNBC Financial Canada Limited.
   2. The Payer may submit to DNBC Financial Canada Limited Specification of data indicated in the Payment order, except for changes in the amount, currency, and account indicated in the Payment order, as such data cannot be changed. DNBC Financial Canada Limited specifies the Payment order according to the information indicated in the Specification only if DNBC Financial Canada Limited has not yet sent a message about the Payment order to the Provider of payment services of the Recipient or the Intermediary bank prior to submission of the Specification. If funds have already been debited from the correspondent account of DNBC Financial Canada Limited and/or a message about the Payment order has already been sent to the Provider of payment services of the Recipient or the Intermediary bank, DNBC Financial Canada Limited informs the Provider of payment services of the Recipient or the Intermediary bank respectively about the Specification, but does not undertake the responsibility for execution of the Specification, i.e. in this case execution of the Specification depends on requirements of the Provider of payment services of the Recipient or the Intermediary bank and agreement of the Recipient.
   3. In case of the Canadian payment order, the Specification cannot be submitted. If the Payer submits such Specification, DNBC Financial Canada Limited will not have to accept and/or execute it.

5. Fees

   1. For execution, Cancellation, and Specification of the Payment order and also for other services provided and other operations executed by DNBC Financial Canada Limited, the Payer pays fees set in the Pricing and valid at the moment of provision of the DNBC Financial Canada Limited service or execution of the operation. Fees are paid under the procedure and within terms set forth in the General agreement by debiting them from the Account. The Payer grants DNBC Financial Canada Limited the right to debit fees indicated in the present clause also from other Accounts of the Payer under the procedure set forth in the General agreement without a separate request from the Payer.
   2. According to options indicated in the Pricing and under the procedure set forth in clause 6.3 of the present Conditions, the Payer has the right to indicate who has to pay fees applied by DNBC Financial Canada Limited, the Intermediary bank, and the Provider of payment services of the Recipient for execution of the Payment order: partly the Payer and the Recipient or only the Payer.
   3. If the Payer pays for fees charged by the Intermediary bank and the Provider of payment services of the Recipient, but the amount of money paid by the Payer for execution of the Payment order does not cover all fees of the Intermediary bank and the Provider of payment services of the Recipient related to execution of the Payment order, the Payer gives DNBC Financial Canada Limited the right to debit the difference between fees charged by the Intermediary bank and the Provider of payment services of the Recipient and the fee paid to DNBC Financial Canada Limited from the Account and/or another account(s) of the Payer opened by DNBC Financial Canada Limited under the procedure set forth in the General agreement concluded with DNBC Financial Canada Limited, without a separate order of the Payer.
   4. If the Payment order is returned due to reasons beyond control of DNBC Financial Canada Limited (e.g. due to errors of the Intermediary bank selected by the Provider of payment services of the Recipient or the Recipient or any other Intermediary bank, or due to inaccurate or insufficient requisites in the Payment order and in similar cases), the amount of money indicated in the Payment order is returned to the Account, whereas fees paid by the Payer are not returned and/or the fine for delay of execution of the Payment order is not paid, and all costs related to the return of the funds are debited from the Account.

6. Filling in the Payment Order

   1. The Payment order shall be filled in according to the instructions given in the System.
   2. The currency code is indicated by selecting a standard used in the System.
   3. Field "Type of payment of fees": In DNBC, the fees are split (SHA), that means the Payer pays fees charged by DNBC Financial Canada Limited, which are debited from the Account, whereas the Recipient pays fees charged by the Provider of payment services of the Recipient, which may be debited from the amount transferred to the Recipient. If the transfer is performed in a currency of a Member country to an account in a Foreign country or in a currency of a Foreign country, the Recipient shall also pay fees of the Intermediary bank which may be deducted from the amount transferred to the Recipient. The present payment option is mandatory when the transfer is performed in a currency of a Member country to an account in a Member country.
   4. In the field "Payment type" the Payer indicates the payment type according to options indicated in the Pricing, by selecting one of the following: "Standard", "Urgent" or "Very urgent". If neither of the options is selected, it is considered that the payment type is "Standard".
   5. In the field "Purpose" the Payer indicates the purpose of the Payment order and other additional information about the Payment order.
      1. If the instructions provided in the System in a specific case (e.g. in case of account top-up) require indicating specific data, the Payer shall comply with the instructions and indicate the specific data according to the instruction (e.g. DNBC Financial Canada Limited Account number). Otherwise, DNBC Financial Canada Limited does not undertake the responsibility for the execution of the Payment order.
   6. The Payer is recommended to fill in the field "Recipient’s bank correspondent" if the transfer is performed to the country of the recipient (except for Canada) in a currency which is not a national currency of the country of the Recipient (e.g. when executing a transfer in US dollars to the United Kingdom).
   7. The Payment order shall be submitted by the Payer or persons appropriately authorized by the Payer.

7. Annual Client Assessment and Charges for Late Submission of Annual Client Review

   1. Scope of Applicability.

      • The provisions of this section shall apply typically to Personal account, Corporate account: Payment/Current Accounts.
      • Annual assessments and customer fees are required for all clients within our ranges of assessments. This section does not limit the operation of any other sections of the agreement, but in the event of any direct conflict between this section and other sections in conjunction with the professional services, this section will control.

   2. Time of application.

      • Annually, since the date of opening accounts the assessments are required to be made between clients and our company.
      • Typically, during the renewal month, our customer relations department will contact renewal account customers to maintain the account. At the same time, providing notifications for client assessments.

   3. Client Review Requirement

      • This is an important step of our business process. Client Review is the process through which we develop an understanding of our customers and their potential effects that they pose to our business.
      • The High Risk Client is going to be assessed for risks within 9 months. This includes derivative fees generated by our company or the requests of the Authority such as PI/ eMI for reviewing the unusual activities from clients.
      • If risks are so unpredictable and create legal effects on our business, accounts must be requested to be closed until we have more credible documents from clients.

   4. Regulations of Charges for Late Submission of Annual Client Review.

      1. Proposed Regulation Charges for Corporate Clients

      Corporate Account Clients are compelled to provide required documents during regulated periods from the date of receiving Annual Review emails. DNBC is going to apply charges associated within regulation periods. The basis of regulation period is presented as follow, in which the first day is the day customer receives our Annual Review email:

      • Within the first 30 days: clients are free of charges associated with regulations of annual review, clients are obligated to provide all required documents. By doing so, DNBC will continue your service without any interruption. If not, we are obligated to ban your account from making any outgoing transaction.
      • From the 30th to the 60th day: DNBC will lift the ban and enable your account to make outgoing transactions as usual with a sanction fee charge of 200 EUR/GBP/CHF/CAD (or 1,650 HKD) (depending on which currency you choose and register for your account).
      • After the 60th day: DNBC will lift the ban and enable your account to make outgoing transactions as usual with a sanction fee charge of 500 EUR/GBP/CHF/CAD (or 4,125 HKD) (depending on which currency you choose and register for your account). Sanction fee is only charged once during the Annual Review process. Customers have to submit all required documents to continue using our services.
      2. Proposed Regulation Charges for Personal Clients

      Personal Account Clients are compelled to provide required documents during regulated periods from the date of receiving Annual Review emails. DNBC is going to apply charges associated within regulation periods. The basis of regulation period is presented as follow, in which the first day is the day customer receives our Annual Review email:

      • Within the first 30 days: clients are free of charges associated with regulations of annual review, clients are obligated to provide all required documents. By doing so, DNBC will continue your service without any interruption. If not, we are obligated to ban your account from making any outgoing transactions.
      • From the 30th to the 60th day: DNBC will lift the ban and enable your account to make outgoing transactions as usual with a sanction fee charge of 50 EUR/GBP/CHF/CAD (or 410 HKD) (depending on which currency you choose and register for your account).
      • After the 60th day: DNBC will lift the ban and enable your account to make outgoing transactions as usual with a sanction fee charge of 100 EUR/GBP/CHF/CAD (or 825 HKD) (depending on which currency you choose and register for your account). Sanction fee is only charged once during the Annual Review process. Customers have to submit all required documents to continue using our services.

   5. Continuous Monitor and Compliance Regulation.

      In case that clients have completed documents submission for annual reviews during the free of charge period (comply to submit the required documents before or during the first month since the date of receiving Annual Review emails), they are able to use services without any further charge from this Annual Review regulations.

      Clients are required to provide the information such as license, documents, or about their services, managements, etc for DNBC to assist further decisions in the future.

      Clients are also required to instantly inform DNBC if they make any change regarding the information provided.

8. Regulation of Abusive Behaviors and Disruption System

   1. Abusive Behaviors

      DNBC is cultivating a positive working environment with our clients. We do understand that the unfortunate reality of abusive behaviors may occur during the working process between DNBC and clients.

      Abusive behaviors may include repeated inflictions of verbal abuse, such as the use of derogatory remarks, insults, and unpleasant comments about our employees as well as our services. We hope clients understand that when these incidents arise, we shall apply the restrictions or regulations to prevent any further abusive conducts in the future.

   2. Disruption System

      Disruptions create slow processes of services and unintentional incidents that cause a breach in security, damage to the DNBC system, and time consuming to our services. Intentionally making unconcerned transactions without any transactional documents or repeated-random transactions towards our transfer system with the purpose of harming our businesses.

   3. Regulations of penalties for Abusive Behaviors and Disruption System

      The clients are required to agree to follow our regulations to create a professional working environment. In the certain case of issuing penalties for clients, DNBC is going to apply the fines by the following:

      There will be a penalty each time 1,000 EUR/GBP/CHF/CAD (or 8,250 HKD) in minimum and 5,000 EUR/GBP/CHF/CAD (or 41,250 HKD) (depending on which currency you choose and register for your account) in maximum which depend on the assessments from DNBC Departments.

Services Agreements:

• Current Account - General Terms
• Current Account - Business Terms
• Current Account - Personal Terms
• Prepaid Card Terms and Conditions

Contact Us

If you have any questions, please contact us by email or regular mail at the following address:

DNBC Financial Canada Limited

• Main office: 3820 Cessna Dr Unit 120, Richmond, BC V7B 0A2, Canada
• Telephone number: +1 604 227 7007
• Email: [email protected]