Terms and Conditions
Last modified June 13th, 2019
1. About Platinum Exchange Inc
Platinum Exchange Inc (hereinafter the "Company", "We", "Us" or "Our") is a Money Transfer and Foreign Exchange Service registered with the Financial Transactions and Reports Analysis Centre of Canada ("FINTRAC") with MSB registration number M11488720 operating from its head offices at 1063 Danforth Avenue Toronto, Ontario, Canada M4J1M1.
2. Scope of Terms
PLEASE CAREFULLY READ THE TERMS BEFORE PROCEEDING TO USE THE SERVICE AND IF YOU DO NOT AGREE WITH ANY PROVISION OF THIS AGREEMENT, PLEASE DO NOT USE THE SERVICE.
The Company reserves the right in its sole discretion offer Services that may require you to agree to additional terms and conditions than those stated hereunder. By proceeding to use such Services, you expressly agree to abide by such additional terms.
To be eligible to use the Services offered by the Company, you must at the time of account registration:
- be a resident in Canada;
- be at least eighteen (18) years of age or the minimum age of majority in your current province of residence, whichever is greater;
- have the capacity and authority to enter into a legally binding agreement with the Company; and
- provide all requested information at the time you create a user account as specified in Article 5 of this Agreement.
We do not target our Website and Service to any User under the age of eighteen (18) years ("Children"), and we do not knowingly collect any personal information from children.
IF YOU ARE UNDER THE AGE OF 13 YEARS, YOU ARE STRICTLY PROHIBITED FROM ACCESSING OUR WEBSITE OR SUBMITTING ANY PERSONAL INFORMATION THROUGH OUR WEBSITE.
4. Key Terms
Unless expressly stated otherwise, any reference to the following words in this Agreement will hold the meaning as defined hereunder:
- "Beneficiary" - refers to the person who is named as the receiver of the funds sent by the Sender ("Send Amount") and who is eligible to receive such Send Amount by providing any required proof of identity verification.
- "Sender" refers to a User who makes use of the Money Transfer Service offered by the Company.
- "Send Amount" refers to the amount in Canadian Dollars ("CAD") that the Sender wishes to transfer.
- "Service" - refers to the money transfer service offered by the Company through the Platform as well as the Website owned and operated by the Company.
5. Account Registration and Security
You are required to register a user account on the Website to make use of the online money transfer service (the "Service") provided by the Company. To sign-up, you will be required to have a valid email address and provide all requested personal information including your full name, your date of birth, your residential address, your current occupation, a copy of acceptable photo identification and a utility bill with your name and residential address.
You agree that you will only provide true, current and complete information to the Company at the time of your account registration and when making any money transfers through your account. It is solely your responsibility to keep your account information up to date in the event of any change in such information. You are strictly prohibited from providing any false information to the Company at any time during the term of this Agreement.
Please note that all user accounts are offered by the Company at its sole discretion, and the Company reserves the right to refuse to offer an account to any user without providing any reasons for our decision. The Company also reserves the right to terminate any existing account if we suspect any non-compliance with regulatory procedures or in the event of a breach of this Agreement by a user.
You are solely responsible for protecting your user account login credentials to prevent any unauthorized access to your account. You may not share your account password with others. You understand and agree that the account is provided to you by the Company based on the personal information provided by you. You are strictly prohibited from transferring your platform account to another person or from using your account for any commercial purposes.
Please immediately report any unauthorized access or other suspicious account activity to us at email@example.com. You hereby release the Company from any claim, loss or damage suffered by you as a result of any unauthorized access to your account.
The Company reserves the right to restrict access to any user account without giving any prior notice to the user if we suspect any fraudulent activity on any user’s platform account.
6. Online Money Transfer Service
To make use of the online money transfer service, you need to log into your secure user account. Please note that when requested, you will be required to provide your beneficiary’s personal information including but not limited to beneficiary’s full name, bank account details or cash pick-up location (depending on your preference) as well as the Send Amount that you wish to transfer to the beneficiary.
Please note that the Company reserves the right to request any additional information if required during our due diligence.
Once you provide all the requested beneficiary information, you will be redirected to our payment processing website where you will be able to easily complete your transaction using INTERAC online or your debit card.
Foreign Exchange Rate and Transaction Fees
Your specified Send Amount will be converted to the beneficiary’s local currency at the foreign exchange rate set by the Company. The Company will also provide you with its transaction fees applicable to your transaction before you proceed with the transaction through the Platform. The beneficiary will receive the Send Amount converted to the beneficiary’s local currency at the foreign exchange rate set by the Company. Please note that the Company is entitled to retain the difference between the foreign exchange rate it receives and the foreign exchange rate that it offers you for the transaction as well as the transaction fees set by the Company for your transaction.
You will be required to make the full payment of the Send Amount, quoted transaction fees with any other applicable charges (collectively referred to as "Payment Amount") before your transaction is processed by the Company. You acknowledge that the Company is unable to proceed with the processing of your transaction without the receipt of the full Payment Amount. You are solely responsible for any damages, costs or expenses incurred by you as a result of such a failed transaction. In the event that your card issuer or bank declined to authorize the Payment Amount, we will immediately notify you, and you will be required to take the relevant steps to ensure the payment is authorized before we proceed with processing your transaction.
It is solely your responsibility as a Sender to carefully review all information provided by you, including the beneficiary’s personal information before proceeding with the transaction.
Once all the requested information is received by the Company, the Sender will receive an email notification for their transaction. Please note that all transactions are subject to the fulfilment of applicable regulatory requirements and due diligence (hereinafter "compliance requirements"). The Company and its Agents reserve the right to decline any transaction requests that we, in our sole discretion, suspect to be in contravention of any applicable laws or regulations. Upon successful fulfilment of all compliance requirements, the transaction will be processed by the Company and the beneficiary will receive the Send Amount in their bank account or cash at the specified pick-up location.
Please note that bank deposits take between three to five business days to appear into the beneficiary’s bank account however cash pick-up are processed on the same day or the following business day from the day when the transaction was successfully completed. There are various other factors that may impact the payment processing time, including but not limited to the Send Amount and the beneficiary’s location. The timelines provided in this Agreement are guidelines only, and the Company will not be held liable for any delay in payment processing times.
You acknowledge that we may be required to report your transaction to relevant authorities for compliance with our regulatory obligations. The Company reserves the right to request any additional information required by regulatory bodies prior to completing any transaction. Please note that all transactions are subject to compliance with the regulatory procedures.
Cancellation and Refunds
A Sender can cancel a transaction anytime before the Send Amount is either deposited into the Beneficiary’s bank account or collected by the beneficiary at the pick-up location. If your transaction is successfully cancelled, you will receive a refund less any penalty fee specified by the Company.
You can amend your transaction by logging into your user account and contacting the Admin with your amendment request.
Please note that processing of refunds may take time. If you have any questions regarding cancellation and refunds, please contact us at firstname.lastname@example.org.
The Company reserves the right to decline a transaction at any time before the transfer of funds is completed. The Company may take any steps it deems fit to verify the identity of the User and query the source of funds prior to the completion of any transaction. You understand and accept that this procedure could delay the transaction and you hereby release the Company from any loss or damage suffered by you as a result of such delay.
7. Prohibited Activities
As a registered Money Service Business, we are required to ensure that our Services are not used for any unlawful purposes such as money laundering or financing of terrorist activities. By agreeing to these Terms and Conditions, you agree not to engage in any prohibited activities outlined below:
- You may not use the Service to conduct any unlawful activities including but not limited to supporting any terrorist activities or money laundering;
- You may not access another person’s user account;
- You may not allow others to use your user account to conduct transactions;
- You may not provide any false information to the Company or otherwise attempt to circumvent the identity verification process or other reporting requirements;
- You may not scan, test or probe the vulnerability of our Platform;
- You may not use any alternative means to access the Platform other than the means provided by the Company;
- You may not breach or circumvent any security measures used by the Company to protect the Platform;
- You may not modify, copy, adapt, translate, or reverse engineer any portion of the Platform;
- You will not use funds that are not your own to conduct any transaction through the Platform; and
- You will not use your user account for operating a money transfer business;
Any violation of this provision by a User may give rise to civil or criminal proceedings against such User.
The Company reserves the right to introduce new platform features and functionality, modify existing features and amend any provision of this Agreement. Any changes in features and functionality of the Platform will become effective from the date of implementation. Where we make any amendments to this Agreement, we will notify you by updating the last updated date on the top of this page. You will be bound by the current version of this Agreement in force at the time you make use of the Platform unless a different effective date is specified on the top of the page where this Agreement appears. Please take some time to review these terms regularly to familiarize yourself of any material changes. You hereby release the Company from any liability arising from your failure to review such modified Terms.
9. Account Termination
Your user account will remain active until terminated by you or the Company.
Termination by User
You may terminate your user account at any time by contacting us at email@example.com with the words ‘account termination’ in the subject line. Please note that where you terminate your account, or your account is suspended by the Company, you will not be able to login to your account on the Website or make use of the Services offered by the Company.
Although you will not be able to login to your account after your account is terminated on the website, all your personal information shared by the Company with third-parties will remain accessible to such third-party’s until they delete it.
Termination by Company
The Company reserves the right to terminate a User account or restrict your account access at any time without giving any notice to you if we find that:
- You have violated the terms of this Agreement;
- You have violated any applicable laws or regulations;
- Your conduct is harmful to the Company; or
- We cease our business operations for any reason.
Please note that if your account is terminated or restricted due to any violation of this Agreement or applicable laws or regulations by you, you understand that you are strictly forbidden from:
- Creating a new account;
- Try to acquire access to another User’s account;
- Try to gain access to our Service through any other unauthorized mechanism.
10. Intellectual Property
Excluding any personal information provided by you during account registration and as may be visible on your profile, all materials and Services made available by the Company including without limitation, the text, graphics, audio, video and software used to create and deliver the Service is owned and operated by the Company ("Company Content") and/or licensed to the Company by our licensors ("Licensed Content"). All Company Content and Licensed Content is subject to trademark, copyright and other applicable intellectual property laws and conventions. You understand that the Company and its Third-Party Licensors reserve ownership and copyright in their respective intellectual property.
The Company only grants you the right to use the Service subject to your acceptance of this Agreement. You understand and agree that you are not acquiring any ownership rights or title in or to the Service or the underlying technology that the Company owns and uses to deliver you the Service. Any unauthorised use of the Company Content or Service may result in suspension or termination of your User Account.
The Company name ‘Platinum Exchange Inc’ and any other logos and trademarks visible on our Platform are our proprietary intellectual property. Any use of our intellectual property for any product or service that is not owned or operated by us is strictly prohibited.
11. DISCLAIMER OF WARRANTIES
TO THE FULLEST EXTENT PERMITTED BY LAW, USER AGREES THAT THE USE OF THE SERVICE IS AT USER’S SOLE RISK. THE SERVICE IS PROVIDED ON AN "AS-IS" AND "AS AVAILABLE" BASIS. UNLESS EXPRESSLY STATED IN THIS AGREEMENT, THE COMPANY DISCLAIMS ALL WARRANTIES, WHETHER EXPRESS OR IMPLIED, INCLUDING, BUT NOT LIMITED TO THE IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND NON-INFRINGEMENT.
THE COMPANY DOES NOT OFFER ANY WARRANTY THAT THE SERVICE WILL BE UNINTERRUPTED, ERROR-FREE, TIMELY OR SECURE OR THAT ANY DEFECTS WILL BE CORRECTED.
USER UNDERSTANDS AND AGREES THAT THE COMPANY WILL NOT BE RESPONSIBLE FOR ANY LOSS OR DAMAGE INCURRED BY THE USER OR ANY OTHER PARTY AS A RESULT OF ANY UNAUTHORISED ACCESS TO USER’S ACCOUNT. USER’S DECISION TO USE THE SERVICE IS AT USER’S SOLE RISK.
12. Limitation of Liability
TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, THE COMPANY SHALL NOT BE HELD LIABLE FOR ANY INDIRECT, CONSEQUENTIAL, SPECIAL, INCIDENTAL OR PUNITIVE DAMAGES INCLUDING BUT NOT LIMITED TO DAMAGES FOR ANY LOSS OF PROFITS, LOSS OF DATA, LOSS OF REVENUE OR OTHER SIMILAR INTANGIBLE LOSSES EVEN IF THE COMPANY WAS ADVISED OF THE POSSIBILITY OF SUCH DAMAGES ARISING FROM OF OR ASSOCIATED WITH THE USE OF THE SERVICES OR THIS AGREEMENT, INCLUDING BUT NOT LIMITED TO:
- USER’S USE OR INABILITY TO USE THE SERVICE,
- ANY INTERRUPTION, ERROR, OMISSION OR OTHER SIMILAR ISSUE WITH THE SERVICE, OR
- ANY UNAUTHORIZED ACCESS TO USER’S ACCOUNT,
IN THE EVENT THIS PROVISION IS NOT APPLICABLE TO YOU, IN NO EVENT SHALL THE COMPANY’S TOTAL LIABILITY TO YOU EXCEED THE GREATER OF THE TRANSACTION FEES PAID BY THE USER TO THE COMPANY IN THE SIX MONTHS PRECEDING THE DATE WHEN THE CLAIM FIRST AROSE; OR ONE HUNDRED CANADIAN DOLLARS.
You agree to release, defend, indemnify, and hold harmless the Company, its founders, affiliates, agents and employees against any claims, liabilities, charges, damages, losses, and expenses, including, without limitation, reasonable legal fees, asserted by a third party against you, arising out of or in any way connected with:
- Your use of the Platform or the Service;
- The violation of these Terms by you;
- Your gross negligence or willful misconduct;
- The infringement by you, or any third party using your Account, of any applicable laws, regulations or other rights of any person or entity;
14. Governing Law and Jurisdiction
This Agreement shall be governed by and construed in accordance with the provincial laws of Ontario and the federal laws of Canada. Both Parties agree to the exclusive jurisdiction of the courts of the province of Ontario for any legal proceedings in connection with this Agreement.
15. Contact Us
If you have any questions about this agreement, you can contact us via email at firstname.lastname@example.org alternatively you can write to us at the following address:
Platinum Exchange Inc.
1063 Danforth Avenue, Toronto, ON,
Canada M4J 1M1
Unless expressly stated otherwise, any notice, request, demand or communication to be given by User to the Company shall be made in writing to the Company representative at email@example.com.
Any notice to be given by the Company to User shall be made in writing and sent to the email address provided by User at the time of account registration.
If for any reason, any provision of this Agreement or any part of any provision is deemed to be unlawful, void, or for any reason unenforceable, then such provision will be limited or eliminated from this Agreement only to the extent necessary and will not affect the validity and enforceability of any remaining provisions.
Under no circumstances, failure on the part of the Company to exercise any right or remedy under this Agreement will constitute a waiver of such right or remedy.
The Company may assign any of its responsibilities and/or obligations to any other Person, at its sole discretion, without giving any notice to User. However, User shall not assign or transfer any rights or obligations under this Agreement to any other party, without the express written consent of the Company.
Neither the Company nor User will be held liable for failure to perform any of their obligations towards the other if such failure is as a result of Acts of God (including fire, flood, earthquake, storm, hurricane or other natural disasters), war, invasion, acts of foreign enemies, hostilities (regardless of whether war is declared), civil war, rebellion, revolution, insurrection, military or usurped power or confiscation, terrorist activities, nationalisation, government sanction, blockage, embargo, labor dispute, strike, lockout or any interruption or failure of electricity or server, system, computer, internet or telephone service.