TERMS & CONDITIONS

The following Terms and Conditions form part of the agreement between Red Rate Pty Ltd (ABN 45 158 863 739) as well as its subsidiaries and affiliates (“Red Rate”, “we”, “us”, “our”) and you the client (“you”, “your”). They govern your access to and use of our Services as defined below and the website www.redrate.com.au (“Website”).

PLEASE READ THESE TERMS AND CONDITIONS AND OUR PRIVACY POLICY CAREFULLY. BY ACCESSING OR USING OUR SERVICES AND THE WEBSITE, YOU ARE TAKEN TO HAVE AGREED TO BE BOUND BY THESE TERMS AND CONDITIONS. IF YOU DO NOT AGREE TO THEM, YOU MUST IMMEDIATELY CEASE ACCESSING AND USING THE WEBSITE.

If you do not agree to these Terms and Conditions, you must immediately cease accessing and using the Website. If you breach any of the provision, then you right to access and use the Website will immediately cease.

Please note that all information and content available on the Website (“Content”) is frequently updated.

We may vary these Terms and Conditions at any time and at our discretion and so we recommend that you refer to these Terms and Conditions each time you use the Website. The amended Terms and Conditions will be effective from the date they are published on Website. Your continued use of the Website will constitute your acceptance of the amended Terms and Conditions.

1.1 Foreign Exchange Services

We are an Australian based foreign exchange service company (AUSTRAC Registration Number: AFF100303857-001).

We provide foreign currency exchange, pre-paid cards and traveller’s cheque services (“Services”) for both individual clients and business clients. We facilitate the exchange of one currency for another upon your request at an agreed exchange rate.

We offer a wide range of currencies available, including Australian dollar (AUD), U.S. dollar (USD), Euro (EUR), Hong Kong dollar (HKD), Japanese Yen (JPY), New Zealand dollar (NZD), Chinese Yuan (CNY), etc.

Your eligibility for particular products or services is subject to Red Rate’s final determination and acceptance. Red Rate may discontinue or make changes in the information, products or services described herein at any time.

1.2 No Financial Advice

We do not offer either general or personal financial, investment or other advice. The information on the Website shall not be construed as creating a fiduciary, financial or other relationship between Red Rate and you. If you want financial advice, you must seek specific advice tailored to your circumstances.

Any statements or comments made are not a recommendation that a particular course of action is suitable for you. Nothing on this Website amounts to an offer to you.

1.3 External Links

The Website may contain links to other websites or applications which are not under the control of Red Rate. We do not take responsibility for the content of any externally linked sites, nor do we make representations or warranties whatsoever about any externally linked sites. A link does not imply endorsement by or sponsorship by or affiliation with Red Rate, nor does it suggest any relationship between Red Rate and the organisation linked.

To use our Services, you, or director(s) in the case of a company, must

1) be aged 18 years or over and be under no legal disability or incapacity,

2) have the power to enter a binding contract with us and not barred from doing so under any applicable law,

3) inform us if you are a Politically Exposed Person or an immediate family member of Politically Exposed Person, and

4) use it for legitimate purpose.

If you, either individual or business client, authorise any other person (“authorised person”) to act on your behalf, we will rely on instructions received from your authorised person and you will be bound by these instructions unless you withdraw your authority from that authorised person. You must give us at least 24 hours’ notice in writing should you intend to withdraw or vary that authority.

To create an account (“Red Rate Account”), you need to provide required identifying information about yourself (whether by direct entry, via Google LLC or Meta Platforms, Inc.). After your account is registered, you will be able to obtain a unique username and password (“Login Details”) to sign into your account or sign into your account with the credentials provided at registration via Google LLC or Meta Platforms, Inc.

3.1 Identity Verification

For the purpose of complying with the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth) and other subordinate instructions (“AML/CTF Laws”), we are required to obtain, verify and record information that identifies you. Please refer to the Privacy Policy relating to the collection and use of your information. We reserve the right to request additional information or documents from you at any time to verify your identity and/or to comply with regulatory or third party requirements.

Failure to provide such information or our inability to verify the accuracy of the information provided may result in, at our sole discretion, denial of your application to use our Services, suspension of your Red Rate Account, revocation of Login Details, and/or any other action as we deem appropriate.

You must provide us with accurate, complete and up-to-date information. It is your responsibility to inform us of any changes to your information or circumstances.

3.2 Management of Login Details

In all cases, you agree that:

1) your Red Rate Account must be used by you only;

2) you are entirely responsible for keeping your Login Details secure and confidential and will not disclose these to any third party;

3) you are entirely responsible for any and all activities conducted via your Red Rate Account;

4) Red Rate will be entitled to assume that anyone who uses your Red Rate Account is you or duly authorised by you, and Red Rate accepts no responsibility for misuse or unauthorised access and will not be liable for any loss you incur due to any misuse or

unauthorised access;

5) any breach of these Terms and Conditions under your Login Details will be treated as a breach by you; and

6) you must notify us in writing immediately if you know or reasonably suspect that your Login Details are lost, stolen, misappropriated or under unauthorised use.

3.3 Grant of Licence

You are granted a non-exclusive, limited and non-transferrable licence to use and access our Services subject to our final acceptance. You agree not to modify, copy, reproduce, duplicate, sell, transmit, perform, publish, licence, transfer or create derivative works from any information, software, services from our Website. You must not upload, store, or transmit any spam or any malicious code or virus of malicious or destructive nature.

You cannot create more than one Red Rate Account. You acknowledge that you cannot assign or transfer your Red Rate account to any other party.

4.1 Legally Binding

We accept you entering into an order via our Website, by telephone, by email, by messaging apps or in a store. By placing an order, you are giving us instructions to enter into a transaction. The transaction is legally binding on you as and from the time when we receive your instructions pursuant to this Clause. Once a transaction is legally binding, you may not cancel or terminate the transaction.

4.2 Ownership of Funds

You must be the beneficial owner of any funds that you intend to exchange. We may reasonably request evidence of ownership of the funds.

4.3 Online Ordering

To place an online order, you must follow the step-by-step order instructions on the Website. You are able to correct the information any time before you click on the “Confirm” button. Once you click the confirm button, you are required to review the information you provided. It is your responsibility to make sure all the details are complete and accurate before clicking on the “Submit” button.

The transaction is legally binding on you each time when you confirm the order details on screen.

4.4 Telephone Ordering

To place a telephone order, you must contact our phone number(s) published on our Website to place an order. The transaction is legally binding on you at the conclusion of the phone call.

We may send you a confirmation email with order details. The confirmation email is for your checking of the order details only. If there is any error, you must contact us within 24 hours of the receipt of the email to request rectification (see Clause 7.1). Otherwise, the order details in the email will be deemed to be correct.

4.5 Email Ordering

If you would like to place an order by email, you must make sure you send to our email address published on our Website. The transaction is legally binding at the time when we process your email.

We may send you a confirmation email with order details. The confirmation email is for your checking of the order details only. If there is any error, you must contact us within 24 hours of the receipt of the email to request rectification (see Clause 7.1). Otherwise, the order details in our email will be deemed to be correct.

4.6 Ordering via Messaging apps

If you place an order via messaging apps, the transaction is legally binding when we process your message.

We may send you a confirmation email with order details. The confirmation email is for your checking of the order details only. If there is any error, you must contact us immediately after the receipt of the email to request rectification (see Clause 7.1). Otherwise, the order details in our email will be deemed to be correct.

4.7 In-Store Ordering

If you place an order in our store, the transaction of the order is legally binding when we provide you with our confirmation slip.

If you place an order for an amount equal to or more than AUD$1,000 or equivalent foreign currency, we are required to obtain, verify and record information that identifies you in compliance with AUSTRAC requirements. Please refer to the Privacy Policy relating to the collection and use of your information. We reserve the right to request additional information or documents from you at any time to verify your identity and/or to comply with regulatory or

third party requirements.

We may give you a confirmation slip with order details. The confirmation slip is for your checking of the order details only. If there is any error, you must notify us immediately over the counter (see Clause 7.1), failing which the transaction details in the slip will be deemed to be correct.

4.8 Accurate and True Information

For each order you make with us, you must make sure that the details in the order are accurate and true in all aspects. The details include but not limited to, total transaction amount and your details. We do not check the details for you and will not be held liable for loss arising from the incomplete and / or inaccurate details provided to us. Subject to this Clause and Clause 7.1, once an order has been submitted, you will generally not be able to change any details contained in your order. You must not use our Services in a fraudulent manner.

4.9 Foreign Exchange Quote

You acknowledge that a foreign exchange rate given upon your request, does not constitute an offer to enter into a contract. We are not obliged to accept your offer unless you and Red Rate both agreed.

An order (unless made in-store) is subject to a maximum transaction amount, that is, you cannot send more than a specified amount of money in one transaction. The current limit is AUD$9,999.99 or equivalent foreign currency. However, this limitation does not impose to orders that are made in a store, unless otherwise specified. These limits are subject to change from time to time in our sole discretion.

We reserve the right to make changes to the fees and charges.

6.1 Exchange Rate

Currency exchange rates are always fluctuating. You must be aware that the rates on the Website are a guide only, there is a possibility that rate is subject to change at the time of ordering or quoting, either by telephone, online, messaging apps or in store, due to exchange rate fluctuations.

The exchange rate agreed between you and Red Rate shall be the applicable rate to the order.

6.2 Service Fee

We charge a small fixed service fee of AUD$5 (including GST) on each order for less than AUD$200. This service fee is a separate fee and does not form any part of your exchange funds, payable for each transaction.

6.3 Other fees or charges

These include but not limited to:

• International bank transfer fee: may be deducted from the amount of transfer. We have no control over it and will not be liable for such fees.

• EFTPOS surcharge: may be charged in addition to the amount of transfer. We have no control over it and will not be liable for such surcharge.

7.1 Error Correction Mechanism after Submission

We shall send you an order confirmation once you have submitted an order. The order confirmation provides an opportunity to correct any error only. If you place an order over the counter in store, you will be given a confirmation slip. You must review the confirmation immediately and notify any changes you wish to make. For orders made by other methods, if you wish to make changes, you must contact us WITHIN 24 HOURS on receipt of the order confirmation. Otherwise, the order details are deemed to be accurate.

7.2 Accept or reject order at our sole discretion

We may, at our sole discretion, accept or reject any order we receive.

8.1 Principal amount and service fee must be received in full

You must pay to us the full amount of the principal money you wish to exchange, together with any service fee or any third party’s charges, before we execute a transaction. We reserve the right to requote the exchange rate.

Such payment may be made:

1) remotely prior to attending our store by bank transfer; or

2) at the store selected for and at the time of collection of foreign currency, by cash, bank transfer or via EFTPOS.

We reserve the right to make changes to the means of payment accepted by us.

8.2 Cash Collection

Only cash collection in-store is available for all transactions.

Once you have ordered a transaction with us and the transaction is legally binding on you (please see Clause 4 for more information), you cannot cancel or terminate it. As soon as we received your order, we will start processing the transaction, including buying the currency.

If you breach any of your obligation (including the events prescribed by Clause 10.1) and we elect to terminate or cancel the transaction as a result of your breach, you will be liable for the amount of loss. Please see Clause 10.4 for detailed information on “payment of loss”.

10.1 Events

You acknowledge and agree that if one of the following events occurs, we may refuse, suspend or cancel any or all transactions with us, without prior notice to you:

1) you fail to pay us the full amount of the principal money and service fee at the time of your collection of foreign currency;

2) you fail to provide material information upon our request, including your source of funds, purpose of exchange, etc.;

3) if we reasonably believe that any document or information provided by you is inaccurate or misleading;

4) if it becomes or may become illegal for us to perform our obligations under this Terms and Conditions;

5) if bankruptcy or winding up proceedings are commenced against you;

6) in the event of your death or loss of mental capacity;

7) you fail to comply with one or more of the Terms and Conditions;

8) there is an unresolved dispute between you and us; or

9) when we consider it is necessary to do so.

10.2 Default notification

If you become aware of any event referred to in Clause 10.1, you must notify us immediately.

10.3 Consequences

If any of event referred to in Clause 10.1 take place, we shall, at our absolute discretion, be entitled to and at your expense:

1) refuse to proceed with the transaction;

2) suspend any orders that are processing;

3) cancel any outstanding orders;

4) close out any or all of your transactions; and

5) charge you with the amount of loss.

10.4 Payment of loss

The amount of loss includes the loss incurred between purchasing and buying back the currency, service fee, and any other expenses / fees incurred by us or any third party in relation to your transaction.

The amount of loss will become liquidated damages by you to us and is payable to us within 7 calendar days on demand. If we hold your funds from any transaction, we will deduct the total amount of loss. If it is not paid or not fully paid, we will also be entitled to recover from you any amount that remains payable. If circumstance arise which entitle us to recover the loss, we are entitled to recover from you the loss as a debt and you shall pay our costs for recovery of the loss, including interest and legal cost.

10.5 Refund to same account

The refund will only be made upon your written request. For your security, the refund can only be made to the same account from which the payment originated.

11.1 Mistake made by you

We rely on you to provide us with correct details. If we purchase and/or obtain foreign currency, pre-paid card or traveller’s cheque in accordance with your mistaken instruction, we will not be liable or responsible either to buy or sell foreign currency, or to obtain new pre-paid card or traveller’s cheque in accordance with the correct information. You will need to place a new order.

11.2 Mistake made by us

If we wrongly purchase and/or obtain foreign currency, pre-paid card or traveller’s cheque as the result of our mistake, we will take urgent action at our own expense to rectify subject to your immediate assistance. This shall be the full extent of our liability to you.

11.3 Overpayment

If we provide to you with foreign exchange, pre-paid card or traveller’s cheque in an amount more than that you are expected to receive which is clearly a mistake on our part as the result of a technical or human error, this is not binding on us. You must notify us as soon as you are aware of the mistake and reimburse the difference between the amount actually paid and the amount payable by us.

You must not violate the Terms and Conditions or any applicable laws, statute, ordinance, contract or regulations when using our Services. The use of our Services for any of the following activities is prohibited and considered a violation of the Terms and Conditions, including but not limited to: sexual materials or services; gambling activities; fraud; money laundering; support for terrorist activities; buying and selling of tobacco, military fire, drugs or other controlled substances; or remit money to any recipient who violates the Terms and Conditions.

If you use our Services for any illegal actions, we have the right to report to relevant law enforcement agencies. If a transaction is suspected to be used for purposes prohibited by this Terms and Conditions, we and/or our partner institutions have the right to cancel the transaction and close out your account at our sole discretion. You confirm that you are responsible for your behaviour in using the Services in violation of the Terms and Conditions.

13.1 No liability for Delays

While we will use our reasonable endeavours to ensure the timely purchase and delivery of foreign currency, pre-paid card or traveller’s cheque, there may be delays caused by reasons beyond our control. This includes system or operational failure, technical or administrative problems experienced by third party(ies) involved, delay caused by accident or act of god, and so forth.

We shall bear no responsibility or liability for any of your losses or damages whatsoever incurred in any way, as a result of any delays in the purchase and delivery of foreign currency, pre-paid card or traveller’s cheque.

13.2 No liability for Technical Problems

Subject to legislation, we exclude liability for any delay, inaccessibility, interruption or outage of the Website and/or any loss or corruption of data. We are not liable to you or anyone else if interference with or damage to your computer systems occurs in connection with use of this Website. You must take your own precautions to ensure that whatever you select for your use from this Website is free of viruses or anything else (such as worms or trojan horses) that may interfere with or damage the operations of your computer systems.

13.3 No Liability for Computer Hardware or Systems

There are risks associated with utilising an internet-based transaction. This includes, but not limited to, the interference with or damage to the operations of your computer hardware, the failure of software, the disconnection of internet. As we have no control over the configuration of your computer equipment or reliability of its connection, we will not be responsible for any failures caused when trading via the Internet.

14.1 Warranties

If you choose to use or access our Website, you agree that you do so voluntarily and at your sole risk. We make no warranties or representations, express or implied, about the Website or any of the content.

14.2 Indemnities

You must indemnify, to the maximum extent permitted by law, and to keep Red Rate indemnified from and against any claims or liabilities arising from or in connection with your use or access of the Website and/or any breach of the Terms and Conditions by you or any third party. This is a continuing obligation, continues after the Terms and Conditions end.

Our intellectual property, including but not limited to copyright in all content of the Website, trademark, patent, trade secret, logo, domain name and any other intellectual property are the sole property of Red Rate. You must not display, use, reproduce or exploit any of our intellectual property for public or commercial purposes.

You agree that you will not use our intellectual property:

a) in any manner not expressly permitted by the Terms and Conditions; or

b) in a manner which is likely to cause confusion or damage to the reputation of Red Rate.

Your use of and access to any of our intellectual property does not grant or transfer to you any rights, title or interest to our intellectual property.

We respect your privacy and handle your information in accordance with our Privacy Policy. Your use of the Website is at all time subject to the provisions of our Privacy Policy.

The Terms and Conditions, together with Privacy Policy and amendments (if any), constitutes the entire agreement between you and Red Rate and supersedes any and all prior and contemporaneous understandings and agreements pertaining to the Services.

The Terms and Conditions are governed by the laws of New South Wales, Australia.

22.1 Whenever used in this Terms and Conditions, or any ancillary document hereto, the following terms, unless the subject matter or context otherwise requires, shall have the following meanings:

      22.1.1 “Amount of loss” has the meaning attributed to in Clause 10.4;

      22.1.2 “Authorised person” means a person who is authorised to bind you under these Terms and Conditions;

      22.1.3 “AUD” means Australian Dollar;

      22.1.4 “Beneficial owner” means the actual or ultimate owner of an asset, either directly or indirectly, including the assets may be held in another name, for example trustee;

      22.1.5 “Business day” means a day on which we and trading banks are open for business that shall not include a Saturday, a Sunday, a public holiday in Australia;

      22.1.6 “Close out” has the meaning attributed to in Clause 10.3;

      22.1.7 “Closing out date” means the date on which any or all of your transactions have been closed out;

      22.1.8 “Exchange rate” means the price of one currency in terms of another currency;

      22.1.9 “Immediate family member” means someone’s spouse, de-facto partner, dependent child/ren, a legal guardian;

      22.1.10 “Messaging apps” means a software programme that allows client to send and receive information, including but not limited to WeChat, WhatsApp, Signal, Facebook Messenger, text messages, etc.;

      22.1.11 “Red Rate account” means an account we establish in your name for making and recording transactions;

      22.1.12 “Politically Exposed Person” means an individual who is or has entrusted with a prominent public position or function in a government body or international organisation, in or outside Australia;

      22.1.13 “Principal amount” means the money you are exchanging;

      22.1.14 “Services” has the meaning attributed to in Clause 1; and

      22.1.15 “Terms and Conditions” means this Terms and Conditions as amended from time to time and any other documents annexed or incorporated by reference.

22.2 Words importing the singular number include the plural and vice versa.

22.3 Words importing the masculine gender include the feminine and neuter genders.

22.4 Reference to a person or individual includes bodies corporate, unincorporated associations, partnerships, trusts and individuals.

22.5 The division of the Terms and Conditions into articles and insertion of headings is for convenience and reference only and shall not affect the construction or interpretation of this Terms and Conditions.