Terms and Conditions | Lotus Remit
Introduction
This website serves as a platform for communication and interaction between Lotus Group and its customers. Access to this website and the use of any of its pages signify the customer's understanding and agreement to be bound by the terms and conditions outlined herein. In the event that the customer does not concur with any of the terms and conditions, it is advisable to promptly cease access and/or use of this website, or any of its parts. Customers should be aware that their access or use of this site is undertaken at their own risk and initiative, and they are responsible for ensuring compliance with all applicable laws.
Definitions
In these Terms of Service (Terms & Conditions), unless indicated otherwise by context, the following terms hold the indicated meanings:
Lotus: Refers to Lotus Group Ent Sdn Bhd, a corporate entity licensed by Bank Negara Malaysia, with its corporate office situated at Lot 7.05,7.06B & 7.06C, 7th Floor, Semua House, Jalan Bunus 6, 50100 Kuala Lumpur, Malaysia, and all its successors and assigns.
Lotus Remit: Refers to the online remittance facility offered by Lotus Group Ent Sdn Bhd through website or mobile app.
The Site: Refers to the website www.lotusremit.com.
Customer: Refers to the customer named in the registration form and shall, when context necessitates, include any authorized representative of the Customer.
User: Refers to a customer of Lotus authorized to use Lotus Remit.
Confidential Information: Refers to the information obtained by the customer through Lotus for availing various services through Lotus Remit.
Personal Information: Refers to the information about the user obtained by Lotus in connection with Lotus Remit.
Account: Refers to the user's online remittance account or any other type of account designated by Lotus for operations through the use of The Site.
Instruction: Refers to any request or instruction received from the customer by Lotus through Lotus Remit.
Applicability of Terms
These terms mentioned herein constitute the contract between the User utilizing Lotus Remit and LOTUS. By applying for Lotus Remit and accessing the service, the User acknowledges and accepts these Terms of Service (Terms & Conditions). Any conditions relating to the accounts of customers, other than these Terms, will continue to apply unless a conflict arises between these Terms and the account conditions. In such an event, these Terms will take precedence. This agreement remains valid until it is replaced by another agreement or terminated by either party or until the account is closed, depending on which event occurs earlier.
Money Transfer through Lotus Group Ent Sdn Bhd
Money transfers initiated through Lotus Group Ent Sdn Bhd is typically take fast clearance of remittances to be credited to the beneficiary's account. This timeframe may vary due to holidays and differences in time zones between the sending and receiving countries. Exceeding amount limitations, regulatory restrictions, or other constraints in certain countries may lead to delays in the transaction. Lotus Group Ent Sdn Bhd does not accept deposits on behalf of any bank. Applicable laws prohibit money transmitters from conducting business with certain individuals and countries. Lotus Group Ent Sdn Bhd is required to screen all transactions against lists of names provided by the governments of the countries in which we operate, including the US Treasury Department's Office of Foreign Assets Control (OFAC) and the UNSCR list. If a potential match is identified, Lotus Group Ent Sdn Bhd investigates the transaction to determine if the name matches the individual on the relevant list. Occasionally, customers may be required to provide additional identification or information, resulting in transaction delays.
Remittance Charges
Information regarding how Lotus Group Ent Sdn Bhd charges senders for money transfers will be prominently displayed at our location or presented to the sender before completing the transaction. Unless applicable law in the destination country dictates otherwise, the sender is responsible for all fees associated with the money transfer. In some cases, payment of a money transfer may be subject to local taxes and service charges.
Foreign Exchange:
Money transfer payments are typically remitted in the currency of the destination country (in certain countries, payment can be available in U.S. dollars or alternative currencies). Additionally, if the currency presented by the sender to an Agent differs from the currency to be received by the receiver, Lotus Group Ent Sdn Bhd converts all currency at its current exchange rate. This currency conversion takes place at the time of the transfer, and the receiver obtains the foreign currency amount as indicated on the transaction form. Lotus Group Ent Sdn Bhd computes its exchange rate based on commercially available interbank rates, along with a margin. It is important to note that the applied exchange rate may be less favorable than publicly reported commercial exchange rates used in transactions between banks and other financial institutions. Any variance between the currency exchange rate offered to customers and the currency exchange rate received contributes to Lotus Group Ent Sdn Bhd's or its group companies' revenue, in addition to the transfer fees. For detailed information regarding exchange rates specific to destination countries, please refer to the contact number provided or visit our website at www.lotusremit.com. When sending money to countries that offer payment in multiple currencies, senders must specify the currency of payment at the time the transaction is initiated. The transfer fee and the amount Lotus Group Ent Sdn Bhd or its group companies earn during the conversion of funds into foreign currency may vary depending on the selected payment currency.
Refund:
Refunds for the principal amount and transfer fees are processed for the sender in the event that Lotus Group Ent Sdn Bhd cannot complete the transaction due to operational reasons. It is important to note that transfer fees are non-refundable if the sender requests the transfer to be halted or if the transaction cannot be finalized due to inaccurate information provided by the sender.
Liability:
Lotus Group Ent Sdn Bhd and its group companies do not assure the delivery of any goods or services paid for through a money transfer via Lotus Group Ent Sdn Bhd. Transactional data provided by the sender is deemed confidential and should not be disclosed to anyone other than the designated receiver. Senders are cautioned against sending money to individuals they do not personally know. Under no circumstances shall Lotus Group Ent Sdn Bhd or its group companies be held liable if the sender communicates transactional data to anyone other than the intended receiver. In cases where Lotus Group Ent Sdn Bhd collects payments in forms such as credit or debit cards or other non-cash methods, neither Lotus Group Ent Sdn Bhd nor its group companies are obligated to process or pay the money transfer if the payment method is uncollectible. They also do not assume any liability for damages incurred due to the non-payment of the money transfer resulting from the non-collection of payment. Please be aware that Lotus Group Ent Sdn Bhd reserves the right to modify these terms and conditions or the services offered without prior notice. Additionally, Lotus Group Ent Sdn Bhd or its group companies may decline service to any individual.
Lotus Remit - Services
Lotus Remit - Direct to Bank (D2B)
Lotus Remit facilitates seamless D2B transactions carried out by registered users via its online platform. This service ensures the swift and efficient transfer of funds directly to the recipient's bank account, extending its benefits to beneficiaries on a global scale.
Lotus Remit – Express Cash Pickup
Lotus Remit expertly streamlines online Express Cash Pickup transactions for its registered users, placing a strong emphasis on convenience. Following the successful execution of the transaction, a distinct "Money Transfer Reference Number" is swiftly generated and dispatched to the registered email address. As a result, the recipient can promptly access the transferred funds at specified payout locations globally, often within minutes.
