NBV Domestic Funds Transfer
NBV Domestic Funds Transfer
Terms and Conditions
These Domestic Funds Transfer Terms and Conditions, apply where you request NBV to facilitate your payments to other banks or where NBV is nominated to receive payments on your behalf from other banks.
It is important that you read the Terms and Conditions before you use this service and by using this service you agree that the Terms and Conditions apply to you and that you’ll comply with them.
Other Terms and Conditions will also apply to your use of this service including but not limited to the Electronic Banking Terms and Conditions. If a particular term or clause in those other Terms and Conditions is not consistent with a term or clause in these Terms and Conditions, these Terms and Conditions will apply.
1 Definitions
Account means the account number of a customer of NBV or of another bank.
Account holder means the person or persons in whose name the Account is opened and who is a signatory to the Account.
ACH means Automated Clearing House and refers to the component of VANKLIA that facilitates the periodic transfer of funds where the transfer requires clearance in assigned clearing sessions.
AML-CTF means Anti Money Laundering and Counter Terrorist Funding legislation and regulations relating to Vanuatu and other relevant jurisdictions.
Customer means the person (s) sending or receiving the DFT is an NBV Account holder.
Cut-off time means a designated time limit beyond which no transactions is allowed through.
DFT means Domestic Funds Transfer to other banks operating in Vanuatu.
DFT Form means the approved form (s) to request a funds transfer to a customer of another bank.
Domestic means within Vanuatu.
Electronic payments mean payments you make using IsiMobile, IsiNet or other payments we make for you electronically, including standing orders, bill payments, and fund transfers.
Foreign Currency means any currency other than Vatu.
Internet Banking means the Online Banking Service we provide that allows you to access certain information about your Accounts, change your personal details or preferences and perform a range of transactions through an internet browser installed on a personal computer, laptop, mobile phone or tablet.
Inward DFT means DFT made by another bank into a valid NBV account.
IsiMobile refers to the bank’s Mobile Banking App.
IsiNet refers to the bank’s Internet Banking platform.
Mobile Banking App means our mobile banking service that allows you view and make transactions through the app installed on your mobile device.
NBV/NBV Ltd/We/Us/Our/the bank means National Bank of Vanuatu Limited.
Non-customer means the person (s) sending the DFT is not an NBV Account holder.
Online Banking means the services we provide through Internet Banking platform and Mobile Banking App.
Other/another bank(s) means a bank other than NBV operating in Vanuatu.
Outward DFT means DFT requests lodged at any NBV branch or via the bank’s online applications to an account with another bank.
RTGS means Real Time Gross Settlement and refers to the component of VANKLIA that facilitates the transfer of funds in real-time.
Settlement time means designated time at which point VANKLIA discharges obligations between banks by transferring funds or securities.
Standard DFT means a transfer request processed through ACH.
Transfer requests mean authorized customer request submitted to the bank via a signed DFT form or submitted via its online banking platforms.
Urgent DFT means a transfer request processed through RTGS.
VANKLIA means the Vanuatu National Payments System, administered by Reserve of Vanuatu under the National Payment Systems Act. It facilitates transfers of funds between participants.
Vatu/VUV means the currency of Vanuatu.
You/Your means the customer or non-customer requesting or enquiring the use of this service.
2 Eligibility
2.1 All NBV and Non-NBV account holders 18 years of age and over with valid identification are eligible to use this service.
3 Your responsibility
3.1 You are responsible for the accuracy and authenticity of the particulars of a DFT request submitted to the bank.
3.2 You must ensure availability of funds in the Account to fulfil DFT requests including applicable fees and charges. NBV will not process a DFT request where nominated account has insufficient funds to cover both payment and applicable fees and charges.
3.3 You agree that payment request shall become irrevocable where the revocation of such instruction is not permitted.
3.4 You must report to the bank by completing a dispute form for any discrepancy in the execution of a DFT request within 5 business days.
3.5 You agree that NBV will be liable only in the event of gross negligence or wilful misconduct on our part. The liability shall be limited to the amount required to correct the error including associated fees and charges.
3.6 NBV account holders must comply with account operation and transaction requirements.
4 Our responsibility
4.1 NBV shall endeavour to duly execute a DFT request, except when;
4.1.1 There is insufficient fund in the nominated NBV account to cover the DFT request plus applicable fees and charges and where you have not made other arrangements with the bank to process the DFT request.
4.1.2 The DFT form is incomplete, contains errors or is not submitted in the prescribed form.
4.1.3 The DFT contravenes AML-CTF protocols or is requested to carry out an unlawful transaction.
4.2 NBV will acknowledge receipt of DFT form but shall not be construed as binding to execute, other than within the Terms and Conditions herein and reserves the right to reject or refuse a DFT request with no obligation to inform you to that effect.
4.3 NBV is not obliged to inform you of the status of transfer requests.
5 General instruction
5.1 NBV will make DFT to other banks using VANKLIA only.
5.2 In the event where VANKLIA is not available, it will be our decision to delay transfer until VANKLIA is operational or to organise other means to make DFT to other banks.
5.3 NBV shall not be held responsible for any delay that is out of our control. We will endeavour to process your transfer within reasonable time in accordance with VANKLIA availability, cut-off, and settlement times.
5.4 You may lodge a DFT request with a bank teller at any NBV branch or make a transfer request using our online banking platforms.
5.5 DFT fees and other bank processing fees will apply.
6 Outward DFT requests over the counter
6.1 You may request to transfer cash or funds from your NBV account.
6.2 The transfer request must be submitted in the approved DFT form and lodged with a bank teller at any NBV branch.
6.3 The bank does not validate the account number and account name you nominate to receive funds at the receiving bank. It is your responsibility to ensure the authenticity of these details.
6.4 You will be requested and are expected to provide valid identification for the bank to process your DFT request. NBV account holders may not be required to comply, except where the identification held with your account has expired or is not updated in our records.
6.5 You may be requested to provide additional information where necessary to comply with AML-CTF protocols.
6.6 All DFT requests are subject to AML-CTF compliance monitoring and reporting.
7 Outward DFT requests via online banking
7.1 You must be an NBV account holder with authorised access to our online banking applications.
7.2 You must log in to the online banking application and select the Domestic Funds Transfer option and proceed to complete and submit the request.
7.3 Terms and Conditions of the online banking applications also apply.
8 Inward DFT from other banks
8.1 You must be an NBV account holder with a valid account number to receive funds from other banks.
8.2 NBV shall not be held responsible for the authenticity of the NBV account used by the sending bank.
8.3 All inward DFT are subject to AML-CTF compliance monitoring and reporting.
9 Limits
9.1 Monetary limits and thresholds per DFT request will apply.
9.2 We may change or impose new limits at any time when required.
10 Transfer currency
10.1 All outward and inward DFT will be processed in Vatu only.
10.2 Outward foreign currency cash and DFT request originating from foreign currency accounts will be converted to vatu using the respective prevailing vatu selling rate.
10.3 Inward DFT into a foreign currency account will be converted using the respective prevailing vatu buying rate.
11 Processing times
11.1 Outward and inward DFT requests will be processed on business days only and in line with VANKLIA cut-off and settlement times.
11.2 All DFT requests received after 3.00pm will be processed on the next business day.
12 Mistaken DFT - cancellation
12.1 DFT requests processed through RTGS may not be cancelled.
12.2 DFT requests processed through ACH may be cancelled only where;
a) payment is not yet settled by VANKLIA; and
b) you request the bank at least one hour before the next VANKLIA settlement session.
12.3 We will endeavour to act on your request but do not accept responsibility for unsuccessful cancellations.
12.4 The fees charged to facilitate the cancellation is non-refundable whether cancellation is successful or unsuccessful.
13 Mistaken DFT - return
13.1 You may request the return of an outward DFT settled through VANKLIA within 5 business days, using the prescribed DFT return request form.
13.2 We will endeavour to facilitate the request with the receiving bank to return the payment.
13.3 The applicable fees we charge to facilitate the return payment is non-refundable whether payment return is successful or not.
13.4 The bank will return to you DFT payments that are returned to us by the receiving bank.
13.4.1 If your DFT was a cash transfer, we will make reasonable attempt to contact you to collect the returned payment in cash. You are required to provide valid identification and proof of transfer to receive the cash.
13.4.2 If your DFT was a transfer from your NBV Account, we will credit the returned payment to directly to your account. We are not obliged to inform you to that effect.
13.5 The bank will not accept responsibility for the duration or subsequent refusal by the receiving bank to return a payment, except where there was gross negligence or wilful misconduct on our part. The liability shall be limited to the amount required to correct the error including associated fees and charges.
13.6 The bank will not pursue the request beyond confirmation we receive from the receiving bank.
13.7 The bank will return inward DFT payments when we validate the request for return with the sending bank. We are not obliged to inform you of the return, except where there is insufficient fund in your account to cover the return. You are legally obliged to reimburse the mistaken inward DFT into your account immediately or make other reimbursement arrangements with the bank.
14 Disputes
14.1 You may lodge a dispute with the bank using the Complaints Form.
14.2 The bank will endeavour to address the dispute within these Terms and Conditions and in accordance with VANKLIA operating rules.
15 Fees
15.1 All applicable fees and charges for the services herein are included in the bank’s General Fees and Charges brochure.
15.2 You agree to pay all applicable fees and charges to use this service.
16 Limitations
16.1 You are responsible for the authenticity of DFT requests lodged with us.
16.2 The bank will not be held responsible for losses, except where there was gross negligence or wilful misconduct on our part.
16.3 The liability to the bank shall be limited to the amount required to correct the error including associated fees and charges.
16.4 The bank will not be held responsible for delays or non-performance of DFT request that is out of our control in such event as;
16.4.1 VANKLIA is non-operational; or
16.4.2 The other bank is unable to perform the DFT request; or
16.4.3 Any force majeure events.
17 Governing law
17.1 Your use of this service under these Terms and Conditions is also subject to the Vanuatu National Payments Act 2020, the bank’s Notice of Authority to Transact Business Banking, and the requirements, limitations, and procedures of our NBV Electronic Banking Terms and Conditions and in compliance with AML-CTF regulations.
18 Changes to terms and conditions
18.1 We may change these Terms and Conditions from time to time.
18.2 Unless required by any relevant law we may make changes to these Terms and Conditions immediately.
18.3 You will be required to comply with any changes to these Terms and Conditions for the use of the service. Non-compliance means you agree not to use this service.
