© 2020 National Australia Bank Limited ABN 12 004 044 937 AFSL and Australian Credit Licence 230686 A157085-0820
INTERNATIONAL TELEGRAPHIC TRANSFER CONDITIONS
Other Banks involved with transfer of funds
1. In connection with NAB’s provision of services to the Applicant (‘You’) in
relation to this Application, including, without limitation, the transfer of
funds on Your behalf, (‘Services’), You agree that one or more of NAB’s
branches and/or other financial services providers (each an ‘Other Bank’) may
be involved. Other Banks may be local or overseas and may or may not be
appointed by NAB. Other Banks involved in providing the Services may receive
a commission. NAB may receive a commission for using particular Other
Banks. The amount of such commission will depend on the Other Bank or
Other Banks involved in the transfer, the amount transferred, the currency of
the transfer and whether funds are converted into another currency.
Clear Funds
2. The payment amount set out in Your Application must be available for NAB to
transfer in clear funds. NAB will not carry out Your instructions pursuant to the
Application unless clear funds are presented. Timing of receipt by beneficiary,
investigations and currency conversion by Other Bank.
Timing of receipt by beneficiary, investigations and currency conversion
by Other Bank
3. NAB will transfer funds on the same business day as receiving the Application
(where the Application is received on a business day prior to any applicable
cut off time). If the funds are not transmitted directly to the beneficiary’s bank
and are transmitted to an Other Bank, it may take several business days for
the beneficiary’s bank to receive the funds. Once the funds have left NAB,
NAB has no control over the length of time it will take for funds to reach the
beneficiary’s bank. As such, You agree that as far as is permitted by applicable
law, NAB is not liable for any loss (including any consequential loss and
expense) as a result of any delays or failure in the transmission or payment of
the funds that are outside the control of NAB. If there is a delay or failure in
the transmission or payment of the funds, NAB will carry out general enquiries
and investigations on Your instructions (which may incur a fee as set out in
our Fees and Charges brochures). Unless instructed otherwise, Other Banks
may convert funds into the currency of the country in which the beneficiary’s
account is held without first seeking instructions from the beneficiary.
Overseas Other Bank charges
4. Other Banks overseas may levy processing charges, which vary between
banks/countries. NAB will request the Other Bank deduct these charges
from the funds transmitted if You instruct us to by way of the Application.
However, the Other Bank may not follow these instructions. If the processing
charges are deducted from the transmitted funds, the beneficiary will receive
a lesser amount than transmitted. This is outside of NAB’s control. If the Other
Bank’s processing charges are not deducted from the transmitted funds, the
beneficiary will receive the full amount and the Other Bank may charge NAB.
In this case, You must reimburse NAB all charges paid by NAB to the Other
Bank in relation to the Application. You agree that for up to 30 days after NAB
pays such charges, NAB can automatically debit Your account with an amount
equal to these charges.
Ensure the beneficiary account number is correct
5. You must insert the beneficiary’s account number correctly in the
Application. If You insert the beneficiary’s account number incorrectly in the
Application, Other Banks may credit that account (if a valid number) despite
the beneficiary’s name not matching the name You submitted with the
Application. The Other Banks do not accept any responsibility for this. Some
Other Banks will not advise the beneficiary of credits to their account, even
when requested to do so by You or NAB. You agree that NAB is not liable for
any losses as a result of any Other Bank’s actions or omissions in accordance
with this clause.
Law and regulations
6. The Service may be affected directly or indirectly by:
a) laws including, without limitation, any subordinate instrument; and/or
b) the acts, practices and policies of local or foreign governments and their
instrumentalities (a ‘Regulatory Authority’), whether or not having the force
of law, and with which it is the custom or practice of a reasonable and
prudent banker to comply, which may be those of:
c) any place where NAB or any Other Bank operates, or
d) with which the Services have some direct or indirect connection, or
e) to which or from which a payment or instruction is made or received, or
f) in which some other thing is done, or
g) may be the Regulations of or applicable to the currency of any payment,
(‘Regulations’).
7. Regulations include, but are not limited to, those which affect, restrict,
prohibit or otherwise render unlawful transactions, payments or dealings
with assets, any person, group or entity which may or may not include those
having a connection with certain countries, areas, individuals, groups, bodies,
entities, materials, items, substances, political or religious systems, beliefs or
convictions. The Services may be interrupted, prevented, delayed or otherwise
adversely affected, either in whole or in part, by reason of a Regulation
including, but not limited to, where reasonably NAB considers in good faith, or
any Other Bank considers, or a Regulatory Authority asserts, that a Regulation
does apply (each an ‘Adverse Effect’). It is Your risk if any Adverse Effect occurs.
NAB may, but has no obligation to, contest any act of any Regulatory Authority.
Liability
8. If NAB is negligent or in breach of a duty to You, to the maximum extent
permitted by law, NAB’s liability is limited to supplying the Services again.
NAB’s liability to You will not be limited in this way if it is not fair or
reasonable for NAB to rely on the limitation set out in this clause.
9. Other Banks (other than NAB branches) may seek to limit their liability for
any loss arising directly or indirectly from or in connection with any Service
including in respect of any Adverse Effect.
Disclosure of information
10. You agree that NAB may use or disclose any information about You or the
Services or any person connected in any way with the Services to any Other
Bank or Regulatory Authority for any purpose which NAB, or any Other Bank,
considers necessary or appropriate in connection with any Regulation or the
Services. In respect of information of any other person that You disclose,
You have made that person aware that You are disclosing that information
to NAB for the purpose of providing the Services, that it may be disclosed in
accordance with these conditions, that the Services may not be provided if
the information is necessary and not disclosed, that the person can access
information held by NAB and seek correction of their personal information,
or make a complaint about how it is handled, by contacting NAB, given that
person NAB’s contact details. You agree to provide any information necessary
in accordance with this clause to NAB if NAB reasonably asks You to, and
promptly to procure the consent of any such person to the disclosure of that
information if NAB so requires.
Banking Code of Practice
11. NAB has adopted the Banking Code of Practice and relevant provisions of
the Code apply to the Services if You are an individual or a small business
referred to in the Code. You can obtain from NAB upon request a copy of
the Banking Code of Practice and general descriptive information concerning
AB’s banking services including (a) account opening procedures, (b) NAB’s
obligations regarding the confidentiality of Your information, (c) complaint
handling procedures, (d) bank cheques, (e) the advisability of You informing
NAB promptly when You are in financial difficulty and (f) the advisability
of You reading the terms and conditions applying to each banking service
NAB provides to You. You can also obtain on request information on the
identification requirements of the Anti-Money Laundering and Counter-
Terrorism Financing Act 2006, the options available to You under the tax
file number legislation, and the standard fees and charges applicable to the
service. Before 1 July 2019, ‘Banking Code of Practice’ and ‘Code’ refer to the
Code of Banking Practice, 2013 version.
