Terms and Conditions
Governing the BPI Online Foreign Exchange (Forex) Facility
These BPI Online Foreign Exchange (Forex) Terms and Conditions set forth the specific terms and conditions which shall govern my use and operation of the BPI Online Forex Facility of the Bank of the Philippine Islands (the “Bank”), its website, applications and offerings. By availing of or using the BPI Online Forex Facility, I (also referred to in this Agreement as the “authorized user” or “client”) agree to be bound by and accept the following BPI Online Forex Terms and Conditions, which must be read in conjunction with the BPI Online Banking Terms and Conditions, and BPI Data Privacy Policy, which are hereby incorporated by reference and made an integral part of this Agreement (collectively used as “Agreement”)
1. Definitions
Unless the context otherwise requires, I agree that the following terms when used in this Agreement shall have the meaning indicated below:
“Authorized user” or “Client” or “I” means the individual that is using or registering to use or access the BPI Online Foreign Exchange Facility.
“BPI Online Foreign Exchange Facility” or “Forex Facility” means the facility made available by the Bank which enables the user to buy foreign currency against another currency pursuant to this Agreement.
“Cut-off time” means the latest time on a transacting day that a particular instruction or order can be processed.
“Foreign exchange” or “Forex transaction” or “Forex” means the process of exchanging one currency (e.g., PHP) for another (e.g., USD) and vice versa.
“FXTF” or “ATPFX” or “Application form” means the form which will contain all information provided by the Client, as may be required in the Bangko Sentral ng Pilipinas (BSP) Forex rules and regulations.
“Instruction” or “Order” means the request by the Client to engage in a Forex Transaction through the Forex Facility.
2. Eligibility to use the BPI Forex Online Facility
2.1. I have the appropriate and compatible internet-enabled device to access the BPI Online Forex Facility via a service offered by a BPI Online Partner through such third party’s platform / website / mobile app (collectively, the "BPI Online Partners").
2.2. I have active PHP and USD card-based current and/or savings account (collectively, the "associated accounts") which I registered and enrolled in accordance with the BPI Online Banking Terms and Conditions to access the Forex Facility.
3. Access to BPI Online Forex Facility
The Bank may make available to me the BPI Online Forex Facility to facilitate foreign exchange purchase transactions electronically subject to the following conditions:
3.1. I understand and accept that the Bank may, at its sole discretion, impose limits and restrictions on the number, volume, currency and amount of the Forex Transaction that can be processed via the BPI Online Forex Facility.
3.2. I agree that the Bank may impose fees and charges for the services contemplated under this Agreement within legal and regulatory limits and I authorize the Bank to impose the said fees and charges accordingly whenever I avail of such services.
3.3. I agree and understand that the Bank may from time to time, at its discretion, modify, amend or revise these BPI Online Forex Terms and Conditions as it may deem necessary with notice by publication, or by posting in the Bank’s website, or such other similar methods of communication which the Bank considers appropriate and effective.
3.4. Termination/Cancellation. I understand that the Bank may, at any time, suspend or terminate the use of the BPI Online Forex Facility or this Agreement with or without prior notice if and when the authorized user (i) violates any of these BPI Forex Terms and Conditions, (ii) violates or fails to comply with applicable laws, rules, policies and regulations; or (iii) if the Bank, at its sole option and discretion, reasonably determines that suspension, termination, removal, disabling or discontinuance of access to or use of any or all of the BPI Online Forex Facility is necessary to protect the interests of the Bank, its clients or third parties. In any such event, I agree that the Bank shall in no event be liable to me or any person for any and all claims, liabilities, costs, payments, damages and expenses, arising from or in connection with the suspension, termination, removal, disabling or discontinuance of the BPI Online Forex Facility (or any part thereof).
4. Foreign Exchange Transaction Form (FXTF)
4.1. I acknowledge and agree that whenever I purchase Forex against the Philippine Peso (PHP) using the BPI Online Forex Facility, I am required to duly accomplish and submit an Application to Purchase Foreign Exchange (BSP ATPFX) in accordance with applicable BSP Forex rules and regulations.
4.2. I likewise agree that whenever I purchase Forex, the Bank is authorized to generate the BPI Foreign Exchange Transaction Form (FXTF) containing all information I have provided as required in the said BSP ATPFX.
4.3. I acknowledge and agree that the Bank will use my information or records and documents, if any, provided to the Bank or made available to the Bank or in the Bank’s possession, such as, but not limited to, my Name, Date of Birth, Nationality, Registered Address, Registered Mobile Number, Email Address, Tax Identification Number (TIN), and all such other details which I will provide using the BPI Online Forex Facility to generate the relevant FXTF.
4.4. I further acknowledge that the purchase of Forex using the BPI Online Forex Facility may only be used for specific purposes (i.e., foreign travel funds, medical expenses abroad, and educational expenses abroad) as the same may be allowed by the Bank subject to submission of documentary requirements in accordance with applicable BSP Forex rules and regulations.
4.5. Whenever I purchase Forex using the BPI Online Forex Facility, I certify and declare to the Bank the following:
(a) No double purchase of Forex has been made, whether on spot basis and/or via derivatives contracts, covering the same underlying transaction/s;
(b) The Forex purchased shall be used for the declared purpose;
(c) For the Forex purchases that are credited to the FCDU account, the Forex purchased shall eventually be remitted to the declared intended beneficiary on or before the due date.
(d) As Forex purchaser, I shall disclose in the remittance instruction to the remitting bank the intended purpose of remittance;
(e) Forex purchases shall not be made to circumvent regulations on Forex transactions. As part of its due diligence, I acknowledge that the Bank may inquire/have inquired into the source of funds, the purpose for the purchase of Forex, and such other information necessary to establish the legitimacy of the transaction applied for. For this purpose, I agree to indemnify and hold free and harmless, the Bank, its subsidiaries and affiliates (collectively, the “BPI Group of Companies” and each, “a member of the BPI Group of Companies”) and their respective directors, officers, employees, authorized representatives, agents, and service providers from any and all claims, liabilities, damages, costs including costs of suit, fees, and expenses that may arise out of their reliance on information provided by me to the Bank;
(f) The Application Form and the supporting documents submitted via an official channel (whether in hardcopy or via electronic/digital means) are genuine, credible, and not tampered with;
(g) All applicable laws, government rules and regulations covering the declared Forex transaction, including the Bank’s policies and procedures, are complied/shall be complied with. I authorize the Bank, as required by existing BSP rules and regulations on Forex transactions and Republic Act No. 9160 otherwise known as the Anti-Money Laundering Act of 2001, to collect, obtain, record, process and verify the legitimacy of my transactions using the Facility and, as may be required now or hereafter by the Bank, where appropriate, in compliance with applicable laws, government rules and regulations, to submit supporting documents and provide complete responses within the timeframes specified. Should I fail to provide the required information, the Bank may refuse to process my application;
(h) Pertinent documents shall be made available upon request by the Bangko Sentral ng Pilipinas (BSP) for post-verification; and
(i) The information disclosed in every Application Form is, to the best of my knowledge and belief, complete, true and correct, and that the declaration is made in good faith. Said information may be used by the Bank and disclosed to the BSP for their intended purpose, subject to applicable laws, rules and regulations.
I further acknowledge, undertake, and agree to the following;
(j) Authorize the Bank to debit my specified BPI account as payment for my purchase of Forex.
(k) I have read, understood and agreed to be bound by the terms and conditions of the deposits, products, services, facilities and channels, as the same may be amended or supplemented from time to time, which I opened/availed or which were provided and/or are made available to me. My application, enrollment, availment, access, maintenance, and continued use of any of the products, services, facilities and channels of the Bank and any member of the BPI Group of Companies shall constitute my acceptance and agreement to the applicable specific terms and conditions;
(l) By signing herein or by availing or continuing to avail of the products, services, facilities and channels of the Bank or of any member of the BPI Group of Companies, I agree that all of my information (including the personal information of individuals related to me) my transactions, business and credit relationships, accounts or account information or records which are with the Bank, made available to the Bank or which are in the Bank’s possession or updated from time to time, may be collected, obtained, used, stored, consolidated, processed, profiled, benchmarked, shared to and disclosed, by and between the Bank and any member of the BPI Group of Companies, their successors and assigns, and their respective authorized representatives, agents and service providers, for any or all the purposes described in the BPI Data Privacy Policy published at https://www.bpi.com.ph/about-bpi/governance/data-privacy and deemed incorporated by reference in these Terms and Conditions; and
(m) The foregoing constitutes my express consent under the applicable bank secrecy, confidentiality, and data privacy laws of the Philippines and other jurisdictions including, but not limited to, the provisions of R.A. No. 1405, R.A. No. 6426, R.A. No. 8791 and R.A. No. 10173 and I agree to hold the Bank, each member of the BPI Group of Companies and their respective directors, officers, employees, authorized representatives, agents and service providers, free and harmless from any and all liabilities, claims, damages, suits, costs and expenses resulting from or in connection with the implementation of any or all of the purposes described in the BPI Data Privacy Policy and the authorities conferred by me hereunder.
5. Signature and Authority by Client
5.1. I hereby designate my Login Credentials, Biometric Login, and any of the Bank’s authentication method/s as my electronic signature for purposes of all subsequent actions performed using the BPI Online Forex Facility.
5.2. Whenever required in these Terms and Conditions, the use of my Login Credentials, Biometric Login, and any of the Bank’s authentication method/s, together with my submission of the FXTF using BPI Online Forex Facility shall, collectively, constitute an original for all purposes and shall have the same legally binding force and effect as my wet or handwritten signature.
5.3. Through the use of my Login Credentials, Biometric Login, and any of the Bank’s authentication method/s as my wet or handwritten signature, I am also affixing the same on the generated FXTF set out in Section 4.
5.4. By entering my Login Credentials, Biometric Login, and any of the Bank’s authentication method/s, together with my submission of the FXTF, I fully acknowledge, agree and accept the Terms and Conditions governing my Forex Transaction and are deemed final and non-cancellable.
6. Client Concern
6.1. I can file requests and complaints through the following Bank's facilities/channels:
i. BPI Website;
ii. 24-Hour BPI Contact Center;
iii. BPI branches
However, for urgent concerns or those that may require immediate attention, I shall not rely on electronic mail or forms on the BPI Website but instead, I shall immediately call the Bank's 24-hour BPI Contact Center at 889-10000 (if via landline in the Philippines), or (+632) 889-10000 or 02 889-10000 (if via mobile phone within the Philippines) or via the Bank’s international toll-free numbers.
6.2. I agree to provide the Bank with the necessary information to be used for the investigation and resolution of my requests and complaints. The Bank shall provide me with the prescribed processing time to resolve a complaint.
6.3. I agree that I shall not rely on email communications if I need to communicate with the Bank immediately for whatever urgent purpose, such as but not limited to, (i) the reporting, if my mobile device where my BPI Online Banking application or BPI Online Forex Facility, as the case may be, is lost or stolen, or fails to function as intended, (ii) if I have any knowledge or reason to suspect that the security or confidentiality of any OTP, password/Mobile PIN or my BPI Online Banking has been compromised, or if there has been any unauthorized use of any OTP, password/Mobile PIN, and BPI Online Banking, and/or (iii) if I replaced and/or changed the number of any mobile phone or device (as the case may be) I use for the generation and/or reception of OTP. I am solely responsible and liable for all BPI Online Forex transactions which have been implemented prior to the Bank’s receipt of my notice and for all losses and consequences arising from or in connection with my failure to comply with any of the foregoing.
6.4. I understand that the Bank may change the official facilities and channels provided in Section 6.1 from time to time. I undertake to keep myself apprised and updated regarding the Bank’s announcements of changes in the Bank’s official facilities and channels, as the same may change from time to time, as well as, regarding the Bank’s announcements on online security.
7. Implementation of the Forex Transaction
7.1. I acknowledge that it is my responsibility to check the correctness of the details of my instructions and/or Forex Transaction, including the currency transfer to the Nominated account, the amount and currency to be transferred, and the source account details, before proceeding with my transaction. By accomplishing and submitting the FXTF using the BPI Online Forex Facility, I authorize the Bank to process and complete my Forex Transaction.
7.2. I agree to abide by and observe the set cut-off time for the processing of the Forex Transactions. Instructions or requests received after the cut-off time of the transaction date will be automatically cancelled.
7.3. I agree to ensure that my specified BPI source account is properly funded, otherwise, the order will be rejected.
7.4. I agree that the Bank, at its sole discretion, is entitled to act on my instruction and/or Forex Transaction received via BPI Online Forex Facility which the Bank reasonably believes emanated from me by virtue of the use of my Login Credentials, Biometrics Login, and/or any of the Bank’s authentication methods. I further agree that the Bank shall not be liable for acting in accordance with or based on the BPI Online Forex Facility instructions and/or Forex Transaction made through my Login Credentials, Biometric Login, and any of the Bank’s authentication method/s.
7.5. I understand that the Bank reserves the right to require my Forex Transaction to be sent with supporting documents.
7.6. I agree that the Forex facility or this Agreement shall be deemed withdrawn, cancelled or terminated without need of notice if the Bank is unable to process or complete the transaction because of closure of the associated accounts, dormancy, garnishment, freeze or hold order or such other grounds analogous to the foregoing causes.
7.7. I understand that my Forex Transaction may be subject to the payment of applicable fees and charges which may be imposed, revised, and/or changed by the Bank from time to time with notice by publication, or by posting in the Bank’s website, or such other similar methods of communication which the Bank considers appropriate and effective.
7.8. All Forex Transactions submitted using the BPI Online Forex Facility and processed in accordance with the payment requirements, guidelines and procedures of the Bank, including any amendments, modifications or supplements thereto, shall be valid and binding on me.
7.9. To confirm receipt of the Instruction and/or Forex Transaction using the BPI Online Forex Facility, the Bank will send me a confirmation email to my Registered Email Address. The Bank shall not have the obligation nor will be held responsible for its failure to comply for whatever reason with any request that is not confirmed by the Bank through a confirmation email.
8. Submission of Requirements
Pursuant to the Manual of Regulations for Foreign Exchange Transactions (MORFXT) of the Bangko Sentral ng Pilipinas (BSP), I agree to submit the Forex Transaction’s supporting documents including, but not limited to, such other documents as may be required to be submitted under the BSP MORFXT, as the same may be amended or supplemented from time to time, to the Bank no later than the relevant transaction date.
9. Limitation of Liability
9.1. The Bank shall not be responsible or liable for any delay, non-performance or failure to perform any or all of my instructions and/or Forex Transaction for reasons due to, directly or indirectly, arising out of or caused, by circumstances beyond its control including, without limitation, acts of God, natural disasters, epidemics, pandemics, system failure or system downtime, network or telecommunication failure, regulatory, government actions or self-regulatory actions of the Bank which may include the institution of its Business Continuity processes. The Bank shall likewise not be responsible for any special, indirect, incidental, exemplary or consequential damages.
9.2. Unless the loss or damage incurred is solely and directly caused by the gross negligence or willful misconduct of the Bank, I agree to hold the Bank free and harmless and shall indemnify/reimburse the Bank, from any and all claims, liabilities costs, payments, damages and expenses, arising from or in connection with my use of the BPI Online Forex Facility, that I may have incurred or may incur, directly or indirectly, from any Forex Transaction, it being understood that any and all risks and costs arising from my use of the BPI Online Forex Facility shall be for my sole and exclusive account.
10. Acknowledgement of Risks
10.1. I acknowledge and am fully aware of the risks related to the implementation of the Forex Transaction and have considered the inherent consequences of giving instructions using the BPI Online Forex Facility.
10.2. I understand that the Bank provides no tax, legal, or trading advice of any kind, nor does it give advice or offer opinions with respect to the nature, potential value, or suitability of any Forex Transaction.
11. Miscellaneous
11.1. Any failure, omission, or delay on the part of the Bank to exercise its rights and/or remedies under this Agreement shall not operate as a waiver.
11.2. The Bank reserves the right to change any of the foregoing terms and conditions by giving written notice thereof to me by public notice or any other mode of communications as the bank may avail, at least sixty (60) days prior to such change/s. Such change/s shall become effective and binding on me in the event should I fail to object or reply to such notice within ten (10) business days from the service of notice.
11.3. Should any of the abovementioned terms and conditions be rendered void, illegal or unenforceable in any respect under any law, the validity, legality and enforceability of the remaining terms and conditions shall not be affected or impaired.
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