Terms and Conditions

  1. Interpretation
  2. The Customer
  3. Transmission of Data and Information
  4. Confidentiality and Privacy
  5. Money Laundering
  6. Dandenong Foreign Exchange Online Site Security and Password
  7. Bank Verification, Client Identification and Consent to Credit Check
  8. Trades
  9. Forward Exchange Contracts
  10. Records
  11. Set Off
  12. No Speculation Permitted
  13. General Advice Warning
  14. Information Services and Sources
  15. Limitation of Liability
  16. Service Modifications and Interruptions
  17. Changes to Agreement
  18. Termination
  19. Post Termination
  20. Notices and Communications of Instruction
  21. General
  22. Action To Execute Agreement

1. Interpretation

In this Agreement:

“Agreement” means these Terms and Conditions Agreement, together with all Trades, schedules, attachments or other addenda attached or applicable hereto.

"Application Form" means the application form that the Signing Officer completed and submitted to Dandenong Foreign Exchange for the purpose of using Dandenong Foreign Exchange Online.

"Authorised User" means an employee or another person authorised by the Signing Officer of the Customer to enter into Trades on behalf of the Customer access and use Dandenong Foreign Exchange and its services on behalf of the Customer and/or to provide Dandenong Foreign Exchange with settlement and delivery instructions for completed Trades on behalf of the Customer.

"Business Day" means a day on which commercial banks are open for business (including dealings in foreign exchange) in the place specified for that purpose.

“Dandenong Foreign Exchange” means Dandenong Foreign Exchange Pty Ltd (ABN 33 168 434 133 – Australian Company Number 168 434 133 ). Dandenong Foreign Exchange Pty Ltd does business under the trade name of Dandy Investment Group.

"Currency" means money denominated in the lawful currency of a country.

"Dandenong Foreign Exchange Online" means the electronic foreign exchange dealing platform provided by Dandenong Foreign Exchange.

"Dandenong Foreign Exchange Online Services" means the web-based services provided by Dandenong Foreign Exchange to the Customer using Dandenong Foreign Exchange Online including: services that enable the Customer to conduct Trades; information services; and other services as provided by Dandenong Foreign Exchange from time to time.

"Customer” means the entity that has entered into this legally-binding Agreement to access and use Dandenong Foreign Exchange Online Services, as well as its officers, directors, authorised users.

"Customer Support Number" means the customer assistance phone number located at the bottom of each page in the "Buy or Sell Foreign Currency" section or any other sections of the Dandenong Foreign Exchange Online website.

"Electronic Access Device" means any device that allows the Customer to use or to access Dandenong Foreign Exchange Online including, but not limited to, a personal computer.

"Forward Contract” means a contract for the delivery of a foreign currency at a date certain, as described in Section 9.1.

"Insolvency Event” means where the Customer has initiated any proceeding or process under the Bankruptcy Act 1966. with respect to Customer’s debts and obligations to creditors, being unable to pay debts as and when they fall due, becoming incapable of managing your own affairs (for any reason), entering into a compromise or arrangement with, or the assignment for the benefit of, any of its members or creditors, or any analogous event.

"Information Provider" means any entity providing Dandenong Foreign Exchange, whether directly or indirectly, with Market Information including, but not limited to, securities exchanges and financial news service providers.

"Market Information" means information relating to the financial markets, including, but not limited to, market data, research, analysis, forecasts and commentary.

"Mark to Market” means the daily revaluation of a Forward Contract to reflect its current market value rather than its original contract value.

"Nominated Beneficiary Account” means the bank account of a person to whom the Customer has instructed Dandenong Foreign Exchange to transfer funds.

"Password" means the secret combination of characters that the Customer selects from time to time which, together with the Customer user name, enables the Customer to gain access to Dandenong Foreign Exchange Online.

"Signing Officer" means the officer or director of the Customer of Dandenong Foreign Exchange who is authorised to commit the Customer to this Agreement with Dandenong Foreign Exchange in order to use Dandenong Foreign Exchange Online Services for the purpose of entering into trades providing Dandenong Foreign Exchange with settlement and delivery instructions for completed trades, and who must be a person who is an authorised officer of the Customer or designate and an ”Authorised User", as defined in this section, to undertake these same actions on their behalf.

"Software" means any software program provided to the Customer by Dandenong Foreign Exchange that enables the Customer to access or use Dandenong Foreign Exchange Online Services.

"Trade" means a transaction in which the Customer agrees to purchase or sell Currency or a Forward Contract from or to Dandenong Foreign Exchange using the Dandenong Foreign Exchange Online Services.

"Value Date" means either the Business Day selected by the Customer for the settlement of a Trade or if the Customer does not select a Business Day for the settlement of a Trade, then two (2) Business Days following an executed Trade.

2. The Customer

2.1 Representations and Warranties

The Customer represents and warrants to Dandenong Foreign Exchange that:

The Customer entity is properly organized as a business organization and that the Customer’s organization is in good standing with any and all applicable agencies that govern the Customer’s activities and that it is in conformity and compliance with the laws that govern the Customer and its business activities.

The Customer is fully and properly authorised to execute and deliver this Agreement and is further authorised and able to perform the obligations and transactions described herein.

If the Customer is an Authorised User as defined herein, it is authorised by the Signing Officer to enter into this Agreement and is in compliance with all applicable legislation governing its activities.

Execution of this Agreement and performance of the Customer’s obligations under this Agreement does not violate any applicable statute, regulation or bylaw and the Customer does not foresee that execution of this Agreement will result in any violation of any applicable statute, regulation or bylaw.

All information provided by the Customer to Dandenong Foreign Exchange is true, correct and complete to the best of the Customer’s knowledge and the Customer shall notify Dandenong Foreign Exchange promptly each and every time any relevant information changes.

2.2 Acknowledgement by Customer

The Customer acknowledges that Dandenong Foreign Exchange has entered into this Agreement and will enter into the transactions contemplated by this Agreement in reliance on the representations and warranties in 2 above.

3. Transmission of Data and Information

The Customer authorises Dandenong Foreign Exchange to transmit the Customer’s business account application and agreement to the Customer at the email address the Customer has provided in its application. The Customer understands that data and information transmitted over the Internet can be lost and/or subject to errors, which may result in data and information not arriving exactly in the form it was sent or intended to arrive in.

The Customer agrees that Dandenong Foreign Exchange shall not be responsible or liable for any such loss, error, transmission and/or communication failure that is outside of the control of Dandenong Foreign Exchange, including, but not restricted to, any loss, error, and/or transmission failure, which the Customer may experience as a result of the Customer’s failure to keep its hardware, software, and Internet connections up-to-date, including failing to update its software to the latest versions of the relevant internet browser, including but not restricted to Internet Explorer, Firefox, Google Chrome, orSafari and maintaining 128-bit encryption.

The Customer understands that, under applicable privacy legislation, Dandenong Foreign Exchange is only responsible for the security and integrity of the information under its control.

4. Confidentiality and Privacy

Dandenong Foreign Exchange is bound by the obligations set out in the Privacy Act 1988 (Cth), and collects, uses and discloses the Customer’s personal information in accordance with the Privacy Act 1988 (Cth) and in accordance with its On-Line Privacy Statement, which can be accessed via its website https://www.foreign-exchange-dandenong.com.au/privacy-policy.html. Dandenong Foreign Exchange uses personal data (“Information”) provided in to complete the services requested, together with other information which is collected or generated during the course of the Authorised User’s relationship with Dandenong Foreign Exchange, such as transaction and loyalty program details, transaction history and marketing preferences, for the purposes of providing the Authorised User with the requested services (including, among others, for purposes such as administration, customer service, user validation, fraud prevention and product and business development activities). Dandenong Foreign Exchange may also use Information in connection with other services, products, convenience and/or rewards programs the Authorised User signed up for with Dandenong Foreign Exchange or its affiliates. The provision of Information and the Third Party’s Information is voluntary but necessary (subject to the provisions set out in this paragraph) to execute the transaction. Without the relevant information, Dandenong Foreign Exchange is unable to execute the services, facilitate convenience activities or other requested services.

Dandenong Foreign Exchange may also disclose Information to third parties, where reasonably necessary, for the purposes of the prevention and detection of crime, prosecution of offenders, for purposes of national security or when required by law. Dandenong Foreign Exchange retains Information, the marketing preferences and transaction history of the customer based on our record retention schedules for no longer than is necessary for the purposes for which the data were collected and in compliance with applicable laws. If the customer does not perform another transaction within the retention time period, the customer Information as well as all marketing preferences will be cancelled.

The Authorised User has a right to access and to ask for a copy of the Authorised User’s Information for which Dandenong Foreign Exchange may charge a small sum to the extent permitted by applicable law. The Authorised User may also correct, erase or block Information which is incomplete, inaccurate or out-of-date. The Authorised User may also object at any time on legitimate grounds relating to the Authorised User’s particular situation to the processing of the Authorised User’s Information, where the processing is not required to complete the service, by a law or regulation. If the Authorised User wishes to exercise these rights or no longer wish to receive commercial communications from Dandenong Foreign Exchange, please contact Dandenong Foreign Exchange in accordance with applicable law by calling 03 8753 7566 during regular business hours or alternatively by writing to:

Privacy Officer,

Dandenong Foreign Exchange Pty. Limited,

15/236 Lonsdale St, Dandenong Vic

Australia 3175.

Dandenong Foreign Exchange will use commercially-reasonable precautions to maintain the confidentiality of both the information the Customer receives and material and/or data the Customer provides, creates, inputs or develops in connection with the Customer use of Dandenong Foreign Exchange Online Services. Nonetheless, because submission and receipt of said information, data and information is exchanged by the Parties through the Internet, the Customer understands, acknowledges and agrees that Dandenong Foreign Exchange cannot and will not assure that any communication between the Parties will be, or will continue to be, confidential.

5. Money Laundering

Due to the inherent risks in transferring Currency between entities located in different countries, Dandenong Foreign Exchange is required to take measures to ensure that it is not participating or assisting in money laundering or terrorist financing. The Customer understands that law enforcement and regulatory agencies may periodically inspect all Trades executed with Dandenong Foreign Exchange either by the consent of Dandenong Foreign Exchange or pursuant to applicable law. Therefore, the Customer understands that all information regarding Trades, accounts, and related transactions could potentially be disclosed by Dandenong Foreign Exchange to, and reviewed by, law enforcement and other regulatory agencies in accordance with applicable law.

6. Dandenong Foreign Exchange Online Site Security and Password

To access Dandenong Foreign Exchange Online Services, the Customer must first choose a unique username and Password. In the event that Dandenong Foreign Exchange assigns a Password to the Customer, the Customer must change the Password to a new one. Dandenong Foreign Exchange will neither have knowledge of nor record any Password selected by the Customer.

7. Bank Verification, Client Identification and Consent to Credit Check

The Customer agrees to provide Dandenong Foreign Exchange with the name and contact information for a bank at which the Customer maintains an account in a country where the Customer resides.

The Signing Officer authorises Dandenong Foreign Exchange to contact the Customer’s bank to verify the Customer’s identity, signature, account information and any and all other information relevant to this Agreement and the Customer obligations under this Agreement. By providing said bank information, the Customer represents and warrants that the Signing Officer has signing authority on the account described.

The Customer further authorises Dandenong Foreign Exchange to take all commercially-reasonable measures to confirm the Customer’s identity and to examine the Customer’s background with respect to the Customer’s ability to meet the Customer’s obligations to Dandenong Foreign Exchange. For the purpose of this Agreement, reasonable measures will include but are not limited to the following:

  • on an ongoing basis, to request and obtain the Customer’s information, which may be available from credit bureaus and/or other credit-granting agencies, including the Customer’s bank, to assess the Customer’s credit history and credit rating;
  • with credit bureaus and/or other credit-granting agencies, to provide and receive, on a regular basis, credit information concerning the Customer to ensure that Dandenong Foreign Exchange records are up to date and as accurate as possible.

8. Trades

8.1 Trade Password, Trade Completion

Before the Customer accesses Dandenong Foreign Exchange Online Services through the web or by telephone and engages in a trade, the Customer shall self-identify by entering or providing the required Password. If Dandenong Foreign Exchange assigned a Password to the Customer, the Customer must change it to a new Password of the Customer’s choice. Dandenong Foreign Exchange will not know the new Password or any subsequent Passwords selected by the Customer.

Before Dandenong Foreign Exchange shall consider each trade to be final, the Customer must clearly authorise, consent to, accept and finalize each Trade using Dandenong Foreign Exchange Online Services. Dandenong Foreign Exchange shall deem a trade done when the Customer, in the following order, performs the following:

Enters the Customer’s Password and accesses Dandenong Foreign Exchange Online Services through the web or provides the password verbally by telephone.

Enters the required transaction information into the fields provided by Dandenong Foreign Exchange Online Services or provides the transaction information verbally by telephone.

Completes and accepts the Trade by clicking on the “Confirm Trade” button or in the case of a telephone initiated trade, by verbally authorizing the Trade. Dandenong Foreign Exchange may at any time without Notice to the Customer suspend, withdraw or deny access to the internet-based Dandenong Foreign Exchange Online Services or decline to accept a Trade by telephone for any reason including but not limited to security, quality of service, failure by the Customer to pay an amount when due or breach by the Customer of any provision of this Agreement.

At the Customer’s completion of these steps, Dandenong Foreign Exchange accepts the trade as final and is legally binding on the Customer.

8.2 Signing Officers and Authorised Users

Signing Officer

The Customer will, through its Signing Officer, provide Dandenong Foreign Exchange with a list of Authorised Users that it has authorised to: enter into Trades on the Customer’s behalf; otherwise access and use Dandenong Foreign Exchange Online Services on its behalf; and to provide Dandenong Foreign Exchange with settlement and delivery instructions for completed Trades on its behalf. The Customer is responsible for keeping Authorised Users’ contact information accurate and up-to-date.

The Customer represents that its Authorised Users are authorised to enter into this Agreement and that any Trade by Authorised Users will be enforceable against the Customer. Any prior restrictions on the authority of Authorised Users, as defined herein, are hereby revoked. An Authorised User’s authority to trade and otherwise use Dandenong Foreign Exchange Online Services shall remain valid and enforceable against the Customer unless they specifically advise Dandenong Foreign Exchange that restrictions apply to an Authorised User’s authority to enter into Trades and otherwise use Dandenong Foreign Exchange Online Services.

The Customer understands that, notwithstanding the facts that the Authorised Users must individually enter into a separate Dandenong Foreign Exchange Online User Agreement and be assigned their own Passwords, the Authorised User’s access to, and use of Dandenong Foreign Exchange Online Services is made solely on behalf of the Customer and the Customer agrees that it is responsible for the acts, errors and omissions of the Authorised User as if the Customer had performed those acts or made those errors and/or omissions itself.

Authorised Users

An Authorised User, authorised by a Signing Officer, shall be able to enter into Trades on the Customer’s behalf; otherwise access and use Dandenong Foreign Exchange Online Services on their behalf; and to provide Dandenong Foreign Exchange with settlement and delivery instructions for completed Trades on their behalf, and the Authorised User:

  • represents that they have full discretionary authority to purchase and sell Currencies on behalf of the Customer and that each Trade entered into on their behalf will be enforceable byDandenong Foreign Exchange against them in accordance with its terms.
  • understands that all information concerning trades made, or use of any Dandenong Foreign Exchange Online Services used by it, as an Authorised User, will be made available by Dandenong Foreign Exchange to the Customer on whose behalf the Authorised User acts.

The Authorised User will have the authority to correct, change, verify or send data on the Customer’s behalf, send information and communications to and from Dandenong Foreign Exchange, or access the Customer’s electronic communications and financial data.

The Authorised User will not have the authority to further authorise other persons to trade and otherwise access and use Dandenong Foreign Exchange Online Services on the behalf of a Customer on whose behalf the Authorised User may trade or otherwise access and use Dandenong Foreign Exchange Online Services.

Dandenong Foreign Exchange is not required to obtain the Authorised User(s) signature or the actual evidence of the Authorised User’s appointment – rather, the Signing Officer is confirming that they have collected the relevant information about the Authorised User.

8.3 Representations Made For Each Trade

All representations made in this Agreement with regard to trades shall apply each and every time the Customer accepts, finalizes and enters into a Trade.

8.4 Indemnification

The Customer indemnifies and holds harmless Dandenong Foreign Exchange from and against all claims made against it, costs, losses and expenses incurred by Dandenong Foreign Exchange arising out of, or in respect of, any claim that an employee or other person who uses the Customer’s password was not authorised to enter into a Trade on the Customer’s behalf and/or provide Dandenong Foreign Exchange with settlement and delivery instructions for completed Trades. This indemnity will survive the completion of any Trade or the termination of this Agreement.

As an Authorised User, the Customer will indemnify and hold harmless Dandenong Foreign Exchange from and against all claims made against it, costs, losses and expenses incurred by Dandenong Foreign Exchange arising out of, or in respect of, any claim by a Customer that the Authorised User was not validly authorised or authorised at all to enter into or perform a Trade for a Customer or that a Trade for them is otherwise not enforceable against them by Dandenong Foreign Exchange. This indemnity will survive the completion of any Trade or the termination of this Agreement.

8.5 Responsibility for Authorised and Unauthorised Access

All transactions must be completed using the logins and passwords allocated to the Customer by Dandenong Foreign Exchange and valid entry of such a login and password will constitute an authorisation by the Customer to complete the Order specified irrespective of whether the login and password are entered by an Authorised User.

The Customer must ensure that the logins and passwords are kept secure and confidential. The Customer must also ensure that each Authorised User to whom a login and password is provided, will keep them secure and confidential. The Customer will advise Dandenong Foreign Exchange immediately if the Customer has any reason to believe that the login and passwords allocated to the Customer have not been kept secure and confidential. The Customer will manage and control access to Dandenong Foreign Exchange Online and the ability to conduct trades and receive other services, by strictly managing and controlling access to the Customer’s password.

It is the Customer’s responsibility to ensure that Authorised Users are properly authorised to trade and otherwise use Dandenong Foreign Exchange Online Services on the Customer’s behalf, and it is the Customer’s responsibility to ensure that an Authorised User, authorised to act on its behalf, enters into a Dandenong Foreign Exchange Online User Agreement and receive their own Password as required above.

It is the Customer’s responsibility to ensure that the Customer Password(s) do not become known to other parties, including Authorised Users, who are also required to enter their own User Agreement and obtain their own Passwords.

All Trades and other uses of Dandenong Foreign Exchange Online Services conducted through the Customer’s password, whether they are by Authorised Users or otherwise, are the Customer’s responsibility and will be legally binding on the Customer. The Customer shall indemnify and hold harmless Dandenong Foreign Exchange from and against any claims for damages, losses, costs, fees and expenses incurred by Dandenong Foreign Exchange arising out of or in respect of any unauthorised use of the Customer’s password and this indemnity will survive the completion of any Trade or the termination of this Agreement.

The Customer will not be responsible for any unauthorised use or trade that occurs after Dandenong Foreign Exchange has acknowledged to the Customer in writing receipt from the Customer of a direction to terminate use of the Password used.

The Customer must immediately notify Dandenong Foreign Exchange when any new person becomes an Authorised User or when any existing Authorised User is no longer entitled to be an Authorised User.

8.6 Trade Confirmation

The terms of each Trade will be set out in the Trade confirmation presented to the Customer (as the person making the trade) on the Trade confirmation screen, which follows the Customer acceptance of the Trade. For Trades completed by telephone, the Trade confirmation will be delivered by email or facsimile. The Trade confirmation is evidence of the completed Trade and the terms of the completed Trade.

The Trade will not be invalidated if, for any reason, the Trade confirmation is not presented to the Customer by Dandenong Foreign Exchange Online on the Trade confirmation screen as a result of a computer malfunction or any other reason. If, for any reason, the Trade confirmation is not presented to the Customer, the records of Dandenong Foreign Exchange with respect to that Trade will constitute conclusive evidence of the terms of the Trade. If a Trade confirmation is not presented to the Customer for any reason, the Customer should notify Dandenong Foreign Exchange immediately by calling the Customer Support Number, and Dandenong Foreign Exchange may provide the Customer with a confirmation by email or other means setting out the terms of the Trade. The Customer must promptly verify all Orders to ensure that the details of those Orders match the Customer’s records and the Customer will report any discrepancies to Dandenong Foreign Exchange on the same day.

8.7 Nominated Beneficiary Account

The Customer must provide Dandenong Foreign Exchange with details of the Nominated Beneficiary Account prior to or on the date stated in the confirmation, or otherwise specified orally or in writing by Dandenong Foreign Exchange. Dandenong Foreign Exchange will rely on the account number specified for the Nominated Beneficiary Account and will not check to ensure that the name provided by the Customer accords with the account number.

The Customer shall indemnify and hold harmless Dandenong Foreign Exchange from any and all liabilities, claims, costs, expenses and damages of any nature, arising out of or relating to the Nominated Beneficiary Account being inaccessible for any reason.

8.8 Payment for Trade

Once a Trade has been finalized and entered into following the Customer’s acceptance, the Customer must make each payment or delivery required to be made by it under the terms of the Trade in the Currency, in the amount, on the date and in accordance with the settlement instructions for the Trade, as set out in the related Trade confirmation.

The Customer must ensure that the bank account from which the Customer payment obligations under a Trade are to be made, (i) is in the name of the Customer; and (ii) contains sufficient cleared funds to settle the Trade on the Value Date for the Trade. If the bank account does not contain sufficient cleared funds to settle the Trade, the Customer will be liable for any resulting fees payable by Dandenong Foreign Exchange with respect to the non-sufficient funds in accordance with the terms under which the Customer holds such account. For payments funded electronically, Dandenong Foreign Exchange shall allow a reasonable period after the Value Date for the transaction to clear.

The Customer shall indemnify and hold harmless Dandenong Foreign Exchange from and against any claims made against it, costs, losses and expenses incurred by Dandenong Foreign Exchange arising out of, or in respect of, any Customer misrepresentation as to the bank account ownership. This indemnity will survive the completion of any Trade or the termination of this Agreement.

If the Customer fails to settle the Trade on the Value Date for the Trade, Dandenong Foreign Exchange may, without limiting any other remedies that it may have, in its absolute discretion cancel the Trade, in which case the Customer will have to reimburse Dandenong Foreign Exchange for any and all costs and expenses incurred by Dandenong Foreign Exchange when it cancels the Trade and the Customer shall hold Dandenong Foreign Exchange harmless for any losses suffered by the Customer or any third party as a result of cancellation of the Trade. Without limiting the generality of the foregoing, the Customer agrees that the Customer shall be liable to Dandenong Foreign Exchange for all of the following arising out of the Customer breach of contract:

  • general damages for all our loss of profit and foreign exchange losses suffered by us;
  • an administration charge of $100.00 U.S.;
  • any and all bank charges that we incur due to the Customer default with us;
  • Dandenong Foreign Exchange's legal costs on a solicitor and client basis incurred as a result of the Customer default with us.

8.9 Trade Incorporated Into Agreement

Each trade is subject to this Agreement and the terms of each Trade set out in the related Trade confirmation are incorporated into this Agreement and form a part of this Agreement. This Agreement and the terms of each Trade together form the agreement between the Customer and Dandenong Foreign Exchange and together constitute a single agreement between the Customer and Dandenong Foreign Exchange. If there is any inconsistency between this Agreement and a Trade confirmation, the Trade confirmation will govern.

8.10 Cancellation of Trade

If, for any reason, the Customer wants to cancel a Trade that has been finalized and entered into the Customer may notify Dandenong Foreign Exchange by calling the Customer Support Number. Dandenong Foreign Exchange may or may not have the ability to cancel the Trade. The Customer understands that it is prudent to contact Dandenong Foreign Exchange immediately to make such a request.

Dandenong Foreign Exchange may, at its sole discretion, use reasonable efforts to cancel the Trade, but the Customer understands and acknowledges that once the Trade has been finalised and entered into it is the Customer’s binding obligation and Dandenong Foreign Exchange is not required to cancel the Trade.

If, after reasonable efforts are made by Dandenong Foreign Exchange, it is determined the Trade is cancellable, then Dandenong Foreign Exchange may cancel the Trade, but the cancellation of any such trade will be entirely within the sole and absolute discretion of Dandenong Foreign Exchange.

If a trade is cancelled by Dandenong Foreign Exchange at the Customer’s request, the Customer must reimburse Dandenong Foreign Exchange for any expenses incurred by Dandenong Foreign Exchange when it cancels the trade.

8.11 Date of Trade

If the Customer selects the Value Date for the settlement of a Trade that is not a Business Day in the legal jurisdiction in which any of the bank accounts from which the Customer will be making or receiving payment for a Trade resides (i.e. if the account is maintained at a bank in that jurisdiction), the Value Date for the Trade will be the first day following the Value Date that the Customer selected that is a Business Day in each of the jurisdictions in which such accounts reside, notwithstanding anything to the contrary in the Trade confirmation.

Dandenong Foreign Exchange will use commercially-reasonable efforts to process the Customer transactions in an expeditious manner. Dandenong Foreign Exchange cannot control and is not responsible for the time it takes financial institutions to settle accounts. If a transaction is processed on the next business day for whatever reason, Dandenong Foreign Exchange will not, in the absence of gross negligence or wilful misconduct, be responsible for failure, delays or errors in the completion of the transaction.

8.12 Rejection of Trade

Dandenong Foreign Exchange reserves the right to reject any Trade that is incorrect, incomplete or unsatisfactory to Dandenong Foreign Exchange for any reason and Dandenong Foreign Exchange is not required to provide reasons for its decision.

8.13 Corrections To Trade

In the event that the Customer notices an error in the confirmation, objects to the confirmation, or believes that an unauthorised party has made a Trade on the Customer’s behalf (collectively referred to in this section as an "Objection"), the Customer must call the Customer Support Number immediately.

Within twenty-four (24) hours after calling the Customer Support Number, any such Objection must be confirmed in writing to Dandenong Foreign Exchange, and it shall be deemed received only if actually delivered or mailed by registered mail, return receipt requested, to Dandenong Foreign Exchange at its principal address or if sent by email, with confirmation of receipt from Dandenong Foreign Exchange. If the Customer fails to object within the time frames specified Dandenong Foreign Exchange will deem that the Customer ratified the Trade.

8.14 Errors

If the Customer or any unauthorised user makes an error in the process of entering a Trade, the Customer agrees that Dandenong Foreign Exchange will not be responsible for any losses the Customer incurs or delays the Customer experience as a result of such an error. Dandenong Foreign Exchange's inability or failure to detect and notify the Customer of any error the Customer makes, regardless of the nature of such error, shall not result in Dandenong Foreign Exchange being held responsible for any losses suffered by the Customer, including but not limited to in connection with delays the Customer experiences or costs the Customer incurs as a result of such error.

The Customer agrees to indemnify and hold Dandenong Foreign Exchange harmless from and against any and all claims, losses, liabilities, damages and costs, including, but not limited to, reasonable attorney's fees and out-of-pocket expenses, arising out of or related to any error that the Customer fails to correct or arrange for Dandenong Foreign Exchange to correct. This indemnification shall be binding upon the Customer and will survive termination of this Agreement.

8.15 Reversing Trade

The Customer may request that a Trade be reversed or amended. Dandenong Foreign Exchange may, at its sole discretion, attempt to reverse or amend the Trade. Dandenong Foreign Exchange has no obligation to cancel or amend a Trade. Dandenong Foreign Exchange shall not be liable if any such request to cancel or amend a Trade is not effected, nor shall Dandenong Foreign Exchange be liable for any service charges or currency rate differences involved in reversing or amending a Trade.

If a trade is reversed by Dandenong Foreign Exchange at the Customer’s request, the Customer must reimburse Dandenong Foreign Exchange for any expenses, costs or losses incurred by Dandenong Foreign Exchange when it reverses the trade.

8.16 Quoting Error

Should a quoting error occur due to a typo or obvious mistake in a quote, Dandenong Foreign Exchange will not be liable for any damages, claims, losses, liabilities or costs arising from the quoting error. Dandenong Foreign Exchange reserves the right to make the necessary adjustments to correct the quoting error. Any dispute arising from such quoting errors will be resolved on the basis of the fair market value, as determined by Dandenong Foreign Exchange, in its sole discretion, of the relevant Currency at the time the quoting error occurred.

8.17 Default Interest

If the Customer fails to pay any amount payable by it under this Agreement, it shall immediately on demand by Dandenong Foreign Exchange pay interest at the rate of 5% above the prevailing 3 month Bank Bill Swap Reference Rate as published by the Reserve Bank of Australia on the overdue amount from its due date up to the date of actual payment, both before, on and after judgment.

8.18 Authorisation Limits

The Customer may inform Dandenong Foreign Exchange of an Authorisation Limit applicable to some or all orders including Forward Contracts (either individually or in aggregate or both) either in general or for particular Authorised Users.

Any Authorisation Limit provided by the Customer to Dandenong Foreign Exchange may be withdrawn by the Customer at any time by giving Notice to Dandenong Foreign Exchange.

8.19 Telephone Recording

The Customer acknowledges and agrees, and will ensure that each Authorised User acknowledges and agrees, that Dandenong Foreign Exchange may make an electronic recording of each telephone instruction received from an Authorised User which recording remains the property of Dandenong Foreign Exchange. The telephone recording can be used by Dandenong Foreign Exchange to confirm the terms and conditions of any transaction where there is dispute with a Customer as to the terms or conditions of the transaction.

9. Forward Exchange Contracts

9.1 Forward Contract

The Customer may buy or sell currency for the purpose of hedging the risk of movement in the value of a currency (for commercial and not for speculation or investment purposes) by placing an Order with Dandenong Foreign Exchange specifying the currency, amount of currency, and the Value Date (the “Forward Contract”). At the option of the Customer the delivery of the currency pursuant to the Forward Contract may be either: (a) processed on the Value Date (the “Fixed Term Forward Contract”), or (b) processed in multiple draw downs at any time between the acceptance of the Forward Contract and the Value Date (the “Optional Delivery Date Forward Contract”).

9.2 Pre-delivery of Fixed Term Forward Contract

At the request of the Customer, Dandenong Foreign Exchange may, at its sole discretion, deliver the currency pursuant to the Fixed Term Forward Contract prior to the Value Date (the “Fixed Term Pre-delivery Date”). For any such pre-delivery, an adjusted rate of exchange calculated on the Fixed Term Pre-delivery Date may be applied at the sole discretion of Dandenong Foreign Exchange.

9.3 Optional Commencement Date

Pursuant to the terms of the Optional Delivery Date Forward Contract, the Customer may request that the delivery of the multiple draw downs commence on a specific date (the “Optional Commencement Date”).

9.4 Pre-delivery of Optional Delivery Date Forward Contract

At the request of the Customer, Dandenong Foreign Exchange may, at its sole discretion, deliver the multiple draw downs pursuant to the Optional Delivery Date Forward Contract prior to the Optional Commencement Date (the “Optional Pre-delivery Date”). For any such pre-delivery, an adjusted rate of exchange calculated on the Optional Pre-delivery Date may be applied at the sole discretion of Dandenong Foreign Exchange.

9.5 Extension of Forward Contract

Dandenong Foreign Exchange may at its discretion allow the terms of the Forward Contract to be extended. If Dandenong Foreign Exchange agrees to such a change, the Customer agrees that the existing Forward Contract will be terminated based on a rate as determined by Dandenong Foreign Exchange and a new Forward Contract will be entered into which reflects the agreed changes. The Customer acknowledges that the exchange rates for the new Forward Contract and for the termination of the original Forward Contract may differ from those in the original Forward Contract. The Customer agrees that all losses and costs in relation to any termination and new Forward Contract are the responsibility of the Customer and must be paid within 2 days of termination of the original Forward Contract.

9.6 Deposit

The acceptance by Dandenong Foreign Exchange of a Forward Contract for booking shall be conditioned upon Customer’s delivery of funds equal to 10% of the currency value of the Forward Contract or an irrevocable letter of guarantee satisfactory to Dandenong Foreign Exchange in order to validate the Forward Contract (the “Deposit”). The Deposit may either be by way of: (a) a deposit (in Australian dollar funds or such other currency agreed to by the parties, only delivered by bank wire or other means acceptable to Dandenong Foreign Exchange) of a certain mutually agreed percentage of the currency value of the Forward Contract (the “Forward Contract Value”); or (b) a irrevocable letter of guarantee (the “Letter of Guarantee”) for a certain mutually agreed percentage of the Forward Contract Value.

9.7 Letter of Guarantee

The Letter of Guarantee shall: (a) be payable to Dandenong Foreign Exchange, (b) be drawn on a Dandenong Foreign Exchange approved financial institution, and (c) have a maturity date a minimum of fourteen (14) days after the Value Date of the Forward Contract.

9.8 Margin Deposit

Dandenong Foreign Exchange may at its sole discretion require the Customer to pay an amount solely determined by Dandenong Foreign Exchange (the “Margin Deposit”) if at any time the Mark to Market value (in Australian dollars or other agreed currency) of the Customer’s total outstanding Forward Contracts moves beyond the limit set by Dandenong Foreign Exchange for this purpose and the Customer is Out of the Money compared to the original Forward Contract values.

The Customer shall pay the required amount on or before the third day after it receives Notice of that amount from Dandenong Foreign Exchange. Dandenong Foreign Exchange shall have the right, at its sole discretion, to determine the Mark to Market value of funds required on a daily basis.

9.9 Default

If

  • the Customer fails to complete payment on the Forward Contract as provided herein;
  • the Customer fails to pay any Deposit, including any Margin Deposit, to Dandenong Foreign Exchange; or
  • an Insolvency Event occurs, then the Customer agrees that Dandenong Foreign Exchange shall no longer be obliged to fulfill the Forward Contract, or any other existing contract with the Customer, nor to enter into any further contract with the Customer, and Dandenong Foreign Exchange may, in its sole discretion:

(i) sell or buy the necessary covering currency to terminate the Forward Contract and offset the obligations of the Customer under it;

(ii) charge the Customer with the damages, losses, including loss of profit, incurred by Dandenong Foreign Exchange and shall include additional processing fees, interest, costs and expenses incurred by Dandenong Foreign Exchange (collectively referred to as the “Costs”); and

(iii) set off the Deposit or Margin Deposit held by Dandenong Foreign Exchange to pay the Costs. The Customer agrees to reimburse and indemnify Dandenong Foreign Exchange forthwith on demand, for all Costs suffered or incurred by Dandenong Foreign Exchange which are not covered by the Deposit or Margin Deposit. Any remaining portion of the Deposit or Margin Deposit not required to pay the Costs shall be refunded by Dandenong Foreign Exchange to the Customer.

9.10 Return of Deposit/Margin Deposit

Subject to Article 9.9, the Deposit, including any Margin Deposit, without interest, will either be returned to the Customer upon the completion of the Forward Contract or will be set off by Dandenong Foreign Exchange in settlement of any amount owing to Dandenong Foreign Exchange by the Customer at any time under this Agreement

10. Records

Dandenong Foreign Exchange may maintain a database of instructions the Customer or an Authorised User, or any unauthorised persons who engage in a Trade or use Dandenong Foreign Exchange Online with the use of the Customer Password, have entered into Dandenong Foreign Exchange Online. These records will be conclusive and binding on the Customer or any other person in any dispute or legal proceeding as the best evidence of the Customer’s Dandenong Foreign Exchange Online trades in the absence of clear proof that Dandenong Foreign Exchange's records are erroneous or incomplete.

Dandenong Foreign Exchange is not responsible and shall not be held liable to the Customer for any payment that Dandenong Foreign Exchange makes pursuant to incorrect settlement or delivery instructions given by the Customer to Dandenong Foreign Exchange, including when said instructions are given by the Customer’s Signing Officer, Authorised User, or any other person using the Customer’s Password. These records will be subject to Dandenong Foreign Exchange's privacy policies.

11. Set Off

If the Customer fails to make a payment or delivery when it is due under this Agreement or under a Trade, Dandenong Foreign Exchange may, without prior notice, set-off any amount owed by the Customer to Dandenong Foreign Exchange under this Agreement or under a Trade, against any amount owed by Dandenong Foreign Exchange to the Customer, whether or not the amount is owed to the Customer under this Agreement or under a Trade.

12. No Speculation Permitted

The Customer may only enter into a Trade for the purpose of hedging the risk of movement in the value of a Currency but not for the purpose of speculation or investment. If Dandenong Foreign Exchange suspects that Dandenong Foreign Exchange Online has been used by the Customer or an Authorised User, for speculation purposes, Dandenong Foreign Exchange may immediately terminate this Agreement, and Dandenong Foreign Exchange shall be relieved of any obligations set out in this Agreement, including any obligations arising out of any Trade already placed with and accepted by Dandenong Foreign Exchange.

13. General Advice Warning

The Customer shall be solely responsible for evaluating and selecting the timing and nature of all transactions entered into. The Customer must rely solely on his/her own judgement in determining whether the Dandenong Foreign Exchange Online Services, or any incidental services provided by Dandenong Foreign Exchange, are appropriate for the Customer’s purposes. Any information provided to you by Dandenong Foreign Exchange that may constitute general financial product advice does not take into consideration your personal objectives, financial situation or needs. Before acting on any advice provided to you by Dandenong Foreign Exchange, you should consider how appropriate the advice is to your financial situation, needs and objectives. Please also read Dandenong Foreign Exchange’s Product Disclosure Statement, which forms part of these terms and conditions.

14. Information Services and Sources

Dandenong Foreign Exchange believes that its market and other information is reliable insofar that it is independently obtained from information sources and other providers that Dandenong Foreign Exchange believes to be reliable. However, the Customer understands and agrees that Dandenong Foreign Exchange and its information sources do not guarantee, for any particular purpose, the timeliness, sequence, accuracy, completeness or fitness of this information.

Information provided by Dandenong Foreign Exchange and made available through Dandenong Foreign Exchange Online may include views, opinions and recommendations of individuals or organizations. The Customer understands and agrees that the availability of this information through Dandenong Foreign Exchange Online does not constitute Dandenong Foreign Exchange’s endorsement of any such views or opinions. The Customer further understands and agrees that Dandenong Foreign Exchange does not provide professional advice through Dandenong Foreign Exchange Online: information relating to investment, tax, accounting or law, which is included in Dandenong Foreign Exchange Online, is to be considered information only and does in any way not constitute professional advice.

15. Limitation of Liability

15.1 Dandenong Foreign Exchange exchange will not be liable to the Customer for any loss, costs or damages that the Customer incurs as a result of the Customer use of or if Dandenong Foreign Exchange Online or any Dandenong Foreign Exchange Online Services are not available, including, if for any reason, Dandenong Foreign Exchange Online or any or all of Dandenong Foreign Exchange Online Services are not available during its normal hours of operation. will not be liable to the Customer for any loss, costs or damages that the Customer incurs as a result of the Customer use of Dandenong Foreign Exchange Online or if Dandenong Foreign Exchange Online or any Dandenong Foreign Exchange Online Services are not available, including, if for any reason, Dandenong Foreign Exchange Online or any or all of Dandenong Foreign Exchange Online Services are not available during its normal hours of operation.

Without limiting the generality of the foregoing, Dandenong Foreign Exchange will specifically not be liable: for communication malfunctions that affect the accuracy or timeliness of messages or instructions between the Customer and Dandenong Foreign Exchange and/or which prevent messages from being transmitted in whole or in part; if the Customer makes errors, however careless, while entering information when using Dandenong Foreign Exchange Online; if any person fails to log off a personal computer and an unauthorised Trade is entered into using Dandenong Foreign Exchange Online; if, for any reason, Dandenong Foreign Exchange Online cannot be accessed by the Customer, if Dandenong Foreign Exchange Online does not function or is not available; or for any errors in/or malfunction of software.

15.2 Dandenong Foreign Exchange will not be responsible for any loss, damages or injury suffered by the Customer by reason of any act or omission that occurred in the course of or in connection with the operation of any Electronic Access Device. Should inaccurate exchange rates (as determined by Dandenong Foreign Exchange acting reasonably) be posted on the Dandenong Foreign Exchange Online website by Dandenong Foreign Exchange, such rates may not be honoured by Dandenong Foreign Exchange, in our sole discretion.

15.3 Dandenong Foreign Exchange’s liability to the Customer and anyone claiming through the Customer hereunder for a breach this agreement by Dandenong Foreign Exchange shall be limited to the foreign currency value of the Order relating to the claim, determined as at the Value Date.

15.4 Notwithstanding anything in this agreement to the contrary, the cumulative aggregate liability of Dandenong Foreign Exchange under this agreement shall be limited to a maximum aggregate in direct damages suffered in the amount as calculated in section 15.3 above. In no event shall Dandenong Foreign Exchange, or its affiliates, directors, officers, employees or agents be liable under any theory of tort, contract, strict liability or other legal or equitable theory for lost profits, punitive, exemplary, special, incidental, indirect, consequential or similar damages, each of which is hereby excluded by agreement of the parties regardless of whether or not such party has been advised of the possibility of such damages.

16. Service Modifications and Interruptions

Dandenong Foreign Exchange may modify Dandenong Foreign Exchange and/or Dandenong Foreign Exchange Services at any time. From time to time Dandenong Foreign Exchange and/or some or all of Dandenong Foreign Exchange Services may periodically be unavailable to the Customer during its normal hours of operation in order to allow for maintenance and updates or for other reasons. The Customer specifically agrees that Dandenong Foreign Exchange is not responsible for any losses to Customer or any other person resulting from the unavailability of Dandenong Foreign Exchange or any of Dandenong Foreign Exchange Services.

Dandenong Foreign Exchange will not be responsible for delays or failures in performance resulting from acts beyond its reasonable control. Such acts include but are not limited to, acts of God, strikes, postal interruptions, lockouts, riots, acts of war, epidemics, fire, communication line failures, power failures, equipment or software malfunction, earthquakes or other disasters.

17. Changes to Agreement

Upon reasonable and prior notice to the Customer, which may include communication via Dandenong Foreign Exchange Services, Dandenong Foreign Exchange may amend any provision of this Agreement at any time and the Customer’s continued use of Dandenong Foreign Exchange after the date of any such amendment will constitute for all purposes the Customer’s agreement and consent to any such amendment.

18. Termination

Dandenong Foreign Exchange may terminate this Agreement at any time without notice. The Customer may terminate this Agreement at any time by notifying Dandenong Foreign Exchange in writing. Termination will be effective as of the close of business on the day notice is received by Dandenong Foreign Exchange.

Subject to (c), termination of this Agreement by either Dandenong Foreign Exchange or the Customer will not affect any Trades that were entered into prior to such termination and this Agreement shall continue until all obligations under those Trades have been performed

In the event that Dandenong Foreign Exchange is made aware of or has reason to believe any of the following:

  • that the Customer has provided false or misleading information to Dandenong Foreign Exchange; or
  • that the Customer has or is participating or has or is assisting in money laundering or terrorist financing; or
  • that the Customer is being pursued by law enforcement and/or regulatory agencies;

then Dandenong Foreign Exchange, at its sole discretion, may terminate this Agreement immediately, and Dandenong Foreign Exchange shall be relieved of any obligations set out in this Agreement, including any obligations arising out of any Trade already placed with and accepted by Dandenong Foreign Exchange.

19. Post Termination.

Subject to s. 18(c), within two (2) days of termination, each party shall pay all amounts due, and the Customer will dispose of all materials received from Dandenong Foreign Exchange as per Dandenong Foreign Exchange’s written instructions. Duties of payment, delivery, and destruction of materials shall survive termination of this Agreement.

20. Notices and Communications of Instruction

In this agreement, written notice means notices shall be in writing and delivered by postal mail, courier, email, or fax to the address, fax number, or email address described below. Notice will be deemed effective upon receipt and, in the case of faxes, if the form is legible. Should a delivery or transmission be received on a non-Business Day, receipt shall be deemed to be the following Business Day. Dandenong Foreign Exchange may, at its discretion, rely and act upon telephone, fax and any other electronically transmitted instructions from any person the Customer who Dandenong Foreign Exchange believes, in good faith, to be genuine and authorised by the Customer to give said instructions. Dandenong Foreign Exchange shall not, in the absence of gross negligence or wilful misconduct on its own part, be responsible for reliance on said instructions nor shall Dandenong Foreign Exchange be responsible for failure, delays or errors in the receipt of such instructions and, accordingly, the Customer agrees that Dandenong Foreign Exchange shall have no liability for consequential or special damages in connection thereto.

Address: Dandenong Foreign Exchange (Australia) Pty Ltd, XXX, VIC Australia

21. General

Inurement. This Agreement, including all transactions, shall inure to the benefit of Dandenong Foreign Exchange, its successors and assigns and shall be binding upon the Customer and the Customer’s personal representatives, executors, trustees, administrators, successors, assigns, principals, officers and agents.

Assignment. Any rights that the Customer has pursuant to this Agreement shall not be assigned, transferred, sold, or otherwise conveyed, except with the written authorisation of Dandenong Foreign Exchange. Dandenong Foreign Exchange may, however, assign this Agreement to another party without Notice to the Customer.

Plural. In this Agreement, singular includes plural and plural includes singular.

Agreement Survives Failure of Specific Provisions. If any provision of this Agreement shall be prohibited by or invalid under applicable law, such provision shall be ineffective only to the extent of such prohibition or invalidity, without invalidation of the remaining provisions of this Agreement.

Conflict. This Agreement comprises the terms and conditions governing the relationship between Dandenong Foreign Exchange exchange and the Customer. If there are different or conflicting terms in any schedule, attachment or other addenda attached hereto, then the terms of the schedule, attachment or other addenda shall govern over the terms in this Agreement. and the Customer. If there are different or conflicting terms in any schedule, attachment or other addenda attached hereto, then the terms of the schedule, attachment or other addenda shall govern over the terms in this Agreement.

Entire Agreement. This Agreement, and all schedules, attachments or other addenda attached hereto, constitute the entire agreement between the parties with respect to the use and provision of the Dandenong Foreign Exchange Services, and supersedes and replaces any and all prior or contemporaneous understandings, communications or agreements, written or oral, regarding related subject matter. The parties specifically understand that there are no representations, warranties, guarantees, promises, or agreements other than those set out in this Agreement and all schedules, attachments or other addenda attached hereto.

Headings. Headings in this Agreement are inserted for convenience of reference only and are not intended to limit the applicability or affect the meaning of its provisions.

Applicable Law. This Agreement shall be governed exclusively by the laws of the State of Victoria and Australia. All Trades made hereunder shall be deemed to have been entered into and to have taken place in Australia at the office of Dandenong Foreign Exchange, in Victoria, Australia. The courts located in Victoria shall have exclusive jurisdiction for settling disputes arising from the Agreement and both parties irrevocably submit to that jurisdiction.

This Agreement exists in addition to and not in substitution of any other present or future agreement between the Customer and Dandenong Foreign Exchange.

Names and Marks. At no time shall either party make commitments for, or in the name of, the other party. Except as specifically provided for in this Agreement, neither party will: (a) use the other party’s name or proprietary marks without prior written approval; or (b) represent itself as being affiliated or partnered with, or authorised to act for, the other party.

Compliance with Law. Each party will conduct its activities under this Agreement in compliance with all applicable laws, which may include, but may not be limited to, anti-money laundering and licensing laws. The Customer may be required to provide Dandenong Foreign Exchange with personal information or information concerning its business, which will be kept on record by Dandenong Foreign Exchange in a commercially-reasonable manner. Where required by applicable laws, Dandenong Foreign Exchange shall report transactions pursuant to this Agreement to the appropriate regulatory or law enforcement agent.

Force Majeure. Neither party will be liable for any failure or delay in performance (except for duties of payment of any monies due under this Agreement) due to governmental acts (including currency controls), acts of God, war or civil unrest, acts or omissions of third parties, equipment or power interruption, market or banking conditions, or other circumstance beyond the party’s reasonable control.

Hyperlinks. The Customer understands that hyperlinks or other links featured on Dandenong Foreign Exchange’s website, which link to third party websites that are outside of control of Dandenong Foreign Exchange, exist solely as a complimentary convenience of visitors to the Dandenong Foreign Exchange website. Dandenong Foreign Exchange does not review, monitor, endorse or control these third party websites and therefore is not responsible for their content. The Customer agrees, as an experienced user of the world wide web, that it uses the Internet at its own risk and that Dandenong Foreign Exchange is not liable for any losses and damages resulting from, or in consequence of, the Customer following a link to a third party website which is posted on Dandenong Foreign Exchange’s website.

Computer-Related Losses. The Customer agrees that Dandenong Foreign Exchange shall not be responsible or liable to Customer or any third party for any computer-related problems caused, directly or indirectly, by any breakdown or failure of Dandenong Foreign Exchange’s transmission or communication system, an electrical power outage, or any other cause beyond Dandenong Foreign Exchange’s control or anticipation, including but not limited to delays in transmission of data or information and/or computer viruses, which problems result in losses, damages, claims (third party or any claims), costs or expenses, including attorneys’ and any other fees.

22. Action To Execute Agreement

By clicking the Submit button directly below this window, the Customer confirms that representations and warranties included in the Agreement are true and that the Customer accepts this Agreement in its entirety, including all of its terms, conditions, representations and warranties and the Privacy Policy of Dandenong Foreign Exchange that form part of this Agreement.

Foreign Exchange Dandenong
ABN 33 168 434 133 

Office: 236 Lonsdale St, Dandenong, VIC 3175 ( We are located outside of dandenong plaza )
PH: 03 8753 7566
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

We are located inside Dandenong Arcade )
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