Terms and Conditions

posted on August 15, 2023

Terms and Conditions

  1. You, the Customer, hereby instruct RIA Financial Services Singapore Pte. Ltd. [Company Registration 201928529Z] (“RIA”) to transmit, transfer and/or make available the amount of money specified on this receipt to the intended recipient as specified, subject to the receivers satisfying such conditions and requirements as may be imposed or required by RIA and/or the RIA’s global paying partners from time to time, including but not limited to producing such identification documents and/or other information as may be required from time to time by RIA and/or the RIA’s global paying partners from time to time. The time at which moneys are made available to the intended recipient would depend on various factors, including but not limited to the destination country, laws and regulations, currency availability, currency restrictions, business days and market holidays, opening hours of the correspondent bank and/or agent in the destination country.
  2. If your intended beneficiary does not collect the money within 7 business days of the date the money is accepted by RIA from you for remittance (the “Remittance Date”), RIA will contact you for further instructions via the contact details you provided.
  3. The fees which RIA charges you for the money transfer will be displayed at RIA’s offices or as shown to you by RIA.  You, as sender, will incur the fees payable to RIA, subject to applicable law in the jurisdiction of the recipient.  Unless otherwise notified to you, all fees, taxes (including goods and services taxes) and other expenses, including but not limited to charges by RIA’s global paying partners or service charges will be borne by you, as sender. Please be advised that the intended recipient or beneficiary may incur additional fees on this transmission/transaction at the receiving end. Please ask the clerk or refer to posted signs for such additional fees before you decide to use the service.
  4. RIA’S LIABILITY IS LIMITED TO THE SINGAPORE DOLLAR AMOUNT SHOWN ON THIS RECEIPT. AT NO TIME AND IN NO EVENT WILL RIA HAVE ANY LIABILITY FOR ANY INDIRECT, SPECIAL, ECONOMIC OR CONSEQUENTIAL LOSS OR DAMAGES ARISING FROM OR IN CONNECTION WITH LATE DELIVERY OR NON-DELIVERY, UNDER PAYMENT OF YOUR MESSAGES OR FUNDS, HOWSOEVER CAUSED, and EVEN IF CAUSED BY NEGLIGENCE.
  5. You agree that RIA can disclose information about you, your transactions, beneficiaries to any person where such disclosure is required by or requested from any member of the Ria group by any statutory, governmental, regulatory, public or tax authorities, or official agencies or bodies or institutions of any jurisdiction (collectively “Agencies”) where the information is required or requested from any member of the Ria group by such Agencies by any judgement, decree, direction, orders, legal process, laws, by-laws or regulations or pursuant to any order, request, guideline, guidance, circular or direction.  RIA has no obligation to ascertain or enquire into the purpose for which such information is requested.  RIA is entitled at its discretion, and without giving reasons, at any time, to refuse to act on any instructions by you, and to suspend, delay, and/or terminate any money transfer, including but not limited to reasons beyond its control, force majeure events, where prohibited by or in RIA’s reasonable judgement, is required for compliance with any applicable laws, regulations, rules, direction or request of an Authority, orders, degrees, and/or regulatory requirement. Ria shall not be liable for any losses, damages, expenses or inconvenience, suffered or incurred by you in connection therewith or arising therefrom.
  6. You should not send money to a person you do not know. You should be aware of scams.  You should not disclose information relating to or in connection with a money transfer to any person other than the receiver, and RIA is not responsible or liable if you do so.
  7. No person is authorized to alter or waive any terms of this agreement on RIA’s behalf.
  8. RIA will only accept Singapore dollars for a money transfer.  When the beneficiary receives payment in a foreign (non-Singapore dollar) currency, a then prevailing exchange rate offered by RIA may be applied in addition to any fees.  The beneficiary will receive the foreign currency amount (based on the prevailing exchange rate agreed between you and RIA) as specified in this e receipt. The foreign currency for these transactions is obtained by RIA at a wholesale rate that fluctuates but may approximate the wholesale rate for such currency publicly listed in Singapore. The difference between the prevailing exchange rate offered by RIA and the wholesale rate will be kept by RIA or its foreign correspondent as revenue, in addition to any fees. The prevailing exchange rate offered by RIA may be higher (and therefore more expensive) than that offered by banks and other financial institutions. The difference between the prevailing exchange rate offered by RIA and the wholesale rate obtained by RIA (when it converts moneys from one currency to another) could differ depending on the currencies selected, and RIA would therefore receive a greater amount than if a different currency was selected.  Please ask the clerk or agent or refer to posted signs for the prevailing exchange rate offered by RIA before you decide to use the service. The foreign currency for these transactions is obtained by RIA at a wholesale rate that fluctuates but may approximate the wholesale rate for such currency publicly listed in Singapore. The difference between the prevailing exchange rate offered by RIA and the wholesale rate will be kept by RIA or its foreign correspondent as revenue, in addition to any fees. The prevailing exchange rate offered by RIA may be higher (and therefore more expensive) than that offered by banks and other financial institutions. The difference between the prevailing exchange rate offered by RIA and the wholesale rate obtained by RIA (when it converts moneys from one currency to another) could differ depending on the currencies selected, and RIA would therefore receive a greater amount than if a different currency was selected.  Please ask the clerk or refer to posted signs for the prevailing exchange rate offered by RIA before you decide to use the service.
  9. By signing this document, you hereby acknowledge, agree and accept that: (i) your transaction is subject to the Terms and Conditions on this document and the RIA’s Terms and Conditions as set out on the RIA website (https://www.riamoneytransfer.com/app-terms-and-conditions); (ii) RIA may collect, use and disclose information you provided (including personal information and data) for the purposes of executing this transfer/transaction under your instructions and comply with any legal obligations, as specified in RIA’s Privacy Policy RIA’s Privacy Policy, available at https://www.riamoneytransfer.com/app-privacy-policy; (iii) you authorize and consent to the use the information you provided (including personal information and data) in accordance with RIA’s Privacy Policy; (iv) you confirm that all personal and transactional details stated on this receipt are accurate; (v) you agree to irrevocably instruct RIA to execute the transfer/transaction; and (vi) you have the beneficiary’s consent to provide their details to RIA, so we can provide this service to both you and the beneficiary, including use of their details for any of the authorized steps (i)-(iii) above.
  10. (a) These Terms and Conditions shall be governed by and construed in accordance with Singapore law.
    (b) If any one or more provisions of these Terms and Conditions are deemed invalid, unlawful or unenforceable in any respect under any applicable law, the validity, legality and enforceability of the remaining provisions of these Terms shall not in any way be affected or impaired.
    (c) Any person who is not a party to these terms and conditions shall have no rights under the Contracts (Rights of Third Parties) Act, Cap 53B to enforce or to enjoy the benefit of any term of these terms and conditions, and notwithstanding any provision of these terms and conditions, the consent of any third party is not required for any variation or termination of these terms and conditions.
  11. Should you have any questions or complaints, please contact us via email at SG_CS@riamoneytransfer.com or call us at 800 852 6950.
  12. As a customer of Ria Singapore, you agree that the money a customer sends (not including fees and charges, if any) using the services of Ria Singapore ("Relevant Money") will be held in trust for the customer, together with the Relevant Monies of Ria Singapore's other customers ("commingling"), in a trust account opened with a safeguarding institution (in this case, a Bank) until the transaction is successfully completed. Although minimal, commingling of Relevant Money does pose a risk. Such risks are mitigated by Ria Singapore through the maintenance of accurate real-time records of all transactions and accounting of said Relevant Monies. Further, although the laws and regulations in Singapore may protect your money that is held in trust for you, you understand that there may be circumstances outside Ria Singapore's control, and risk that may not allow for a full recovery of your Relevant Money e.g. where a safeguarding institution becomes insolvent. By using the services of Ria Singapore, you are made aware, understand, and accept the risks mentioned herein, and in these terms and conditions.