Terms & Conditions – Al Masraf

Terms & Conditions

Terms & Conditions for TT & DD

  1. I/We declare that the funds being remitted are my/our own legitimate earnings. Under prevailing laws, rules and regulations, Bank is required and fully authorized to report any transaction (in my/our account), which it considers ‘suspicious’ in its sole judgment and discretion without any risk or liability on Bank’s part.
  2. I/We absolve the bank from any claims whatsoever which may be made against the Bank or its Correspondent in respect of this request and from all responsibility from failure to properly identify the payee or from any mistake or any misinterpretation or from any delay whether in transmission or giving effect to this request.
  3. I/we agree and understand that in case of foreign currency cancellation, the foreign currency amount shall be payable at the prevailing buying rate at the time of cancellation. Cancellation charges apply to local currency also.
  4. I/ we understand that the value date requested by me/us is subject to holiday(s), Bank cut off timings determined by Bank.
  5. l/We understand and agree that all outward transfers are sent entirely at my/our risk and responsibility. The Bank will, as part of its regulatory obligations, screen all outward payments to satisfy itself that the payment does not breach any local or international regulations including any regulation in connection with restricted beneficiaries.
  6. I/We understand that in case of loss, theft, damage or mutilation of the Demand Draft the Bank shall not be liable if payment is made to persons other than payee or bonafide endorser(s), unless it is promptly notified in writing to take precautionary measures subject to the Bank receiving such notification prior to the payment of the Draft. Further the Bank shall not be responsible or liable for damages/loss if the Draft is not tendered for payment to the Correspondent within the expiry period from the date of issue.
  7. I/We agree to hold the Bank and its Correspondents harmless and indemnity, against any loss, cost, damages, expense, liability or proceedings which the Bank may incur or suffer as a result of the Bank acting upon, or delaying to act upon or refraining from acting upon the said instructions.
  8. l/We understand that the Bank shall not be responsible in case the funds are blocked owing to an international embargo and will not refund me/us the subject amount and l/we shall not have any claim whatsoever with the Bank and/or its Correspondents
  9. l/we understand that all disputes arising out of this request shall be handled by the courts of respective Emirates of United Arab Emirates.
  10. The bank has the right to call back on the customer’s registered number to confirm that it is a correct / genuine transaction /instructions subject to Bank’s sole discretion, in case the bank believed/ suspected that the transaction / instructions are not genuine / in correct / misused and or for any other reason Bank shall be entitled, at its sole discretion to reject acting upon any instructions without stating the reasons and without holding any responsibility.
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