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Terms And Conditions Governing Transmission Of Funds
In this agreement, the terms WE/US and OUR refer to Metropolitan Bank and Trust Company; YOU and YOUR refer to the person making the request for a transfer of money; TRANSFER refers to the transfer and payment of the money that you request us to transfer to another person; and BENEFICIARY refers to the person to whom you request the transfer to be paid. We will effect the transfer you requested subject to the following terms and conditions. We assume no obligations or undertaking except as stated below:
  • FUNDS TRANSFER: We shall arrange for the transfer and payment of the funds you give us in accordance with your instructions. We shall send such instructions after we receive the funds to be transferred. For example, if you give us a check, we will begin the transfer after we collect the proceeds of the check.
  • SENDING PAYMENT INSTRUCTIONS: In sending payment instructions, we may use explicit language or a code.
  • PERSONAL INFORMATION AND IDENTIFICATION DOCUMENTS REQUIRED: We are required by law and by our “Know Your Customer" policy to obtain from you some personal information and to present to us a valid government-issued identification document (ID) before we process your wire transfer application. We may also ask for your Social Security or Tax ID number. Rest assured that the information you will provide to us will be maintained in accordance with our privacy policy, and shall not be disclosed to any third party without your written consent, unless otherwise required by law.
  • PAYMENT IN FOREIGN FUNDS: Your transfer will be paid to beneficiary in US Dollars or in Philippine pesos or in the currency of the country the funds will be transferred, as directed by you. In addition to the transfer fees applicable to each transaction, we will apply a currency exchange rate set by us.Any difference between the currency exchange rate offered to you and the currency exchange rate received by us will be kept by us (and in some cases our agents) as additional consideration for this transaction.Our exchange rate may be higher than some publicly reported commercial exchange rates used in transactions between banks and other financial institutions. The applicable foreign exchange rate is noted on the form above.
  • LIABILITY FOR NONDELIVERY OR DELAYED DELIVERY: Unless otherwise expressly required under the laws of the jurisdiction governing this transaction, neither we nor any of our agents shall be liable for damages for delay, nonpayment or underpayment of this money transfer, or non-delivery of this money transfer, or non-delivery of any supplemental message, whether caused by negligence on the part of our employees or agents or otherwise, beyond refunding the principal amount of the money transfer and the service fee.In no event will we or our agents be liable for any indirect, special, incidental or consequential damages. When our agent accepts a check draft, credit or debit card or other non-cash form of payment, neither we nor any of our agents assumes any obligation to make payment of the money transfer if the form of payment is uncollectible, nor do they assume any liability for damages resulting from the nonpayment of the money transfer by reason of such uncollectibility.We and our agents may decline to accept or pay any money transfer that either of them determines in their sole discretion violates any applicable law or bank policy.
  • REFUNDS:You may request a refund of your transfer. Your request must be in writing and submitted together with a copy of your transfer order. Your request will be effective only if our correspondent has not paid the beneficiary and it repays the transfer to us. We have no obligation to refund a transfer that has been paid to the beneficiary. We will refund the amount of the transfer minus any expenses of obtaining its return. If the transfer was to be paid in Philippine pesos or in the local currency of the country where the funds were transferred, we shall refund to you the amount of the transfer in US Dollars at the buying rate of our correspondent in New York at the time of the refund.
  • GOVERNING LAW: This Agreement shall be governed by the laws of the State of New York, without regard to the conflicts of laws principles thereof.
  • CHANGES IN THIS AGREEMENT: The terms of this Agreement may be changed or modified only in writing signed by us or by you.
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