Your Agreement with Orbit Money: Safeguarding Your Transfers and Exchanges

Orbit Money Inc. (“Orbit Money”, “us”, “we” in this Agreement) is a corporation created and existing under the laws of the province of Ontario, in Canada. We are registered with the Financial Transactions Reports Analysis Center of Canada (FINTRAC) as a money-services business (registration number M20017622).

Orbit provides a convenient method to send or receive funds or convert funds from one currency to another (“Services”). We provide these services in the countries and currencies described from time to time on our website.

We make these services available through our proprietary website, online platform and mobile app (collectively, the “Platform”) to eligible individuals and businesses who become our customers.

You agree that we may use the services of one or more third parties (collectively, “Third Party Processors”) to provide the Services.

This Agreement sets forth the terms and conditions that apply to your access and use of the Platform and Services.

We may amend this Agreement from time to time, by posting a notice and revised version of the Agreement on the Platform.

Individuals may open a personal account which cannot be used in connection with the operation of a business.

Individuals operating a business (such as sole proprietorships and consultants), corporations and other legal entities may open a business account in connection with the operation of their business.

By opening a personal or business account with Orbit Money, you confirm that it will only be used on your behalf (and not on behalf of a third party). You agree further that the account will at all times be used in conformity with the Acceptable User Policy.

Personal accounts may be opened in the lawful currency of the country in which the individual account holder resides. Business accounts may be opened in the lawful currency of the country where the account holder resides; they may also be opened in any of the currencies supported by Orbit from time to time.

If you make a transfer to a beneficiary in a currency other than the currency of your account and, for any reason, the transfer is refused or returned in another currency, we may convert the returned amount to the currency of your account, at a rate determined by us in our discretion.

To open an account with Orbit Money, you must be either, in the case of a personal account, an individual who is at least the age of majority under applicable laws, or, in the case of a business account, a Business that is validly existing under applicable laws.

You are responsible for maintaining adequate security and control of all identifiers, passwords and other codes that you use to access your account. You are also responsible for maintaining adequate firewalls, security software and other measures against hacking and other unauthorized access to your computer systems.

Any transaction entered into with your identifiers, passwords and other codes will be deemed to have been authorized by you, and we shall have no liability or responsibility to you in respect thereof.

At any time, you have the right to close your account without a penalty or a fee; provided, however, that you will remain liable to us for any negative balance in the account and any other sum that you owe us under this Agreement; and provided further that we may complete and you will settle any transaction that was entered into before your termination notice.

Orbit Money, at its sole discretion, may close your account by giving you a thirty-day notice. Orbit Money may also close your account without notice if there are grounds to believe that the account is being used to facilitate criminal, fraudulent or illegal activities, or that you have breached any provision of this Agreement of the Acceptable User Policy.

You may fund your account through several methods available in the countries where our customers reside, including electronic fund transfer from your bank account or your credit, debit or prepaid card, as indicated on the Platform from time to time.

At our discretion, we may exclude funding methods or impose limits on the amount of money you can fund to your Orbit account.

At our discretion, subject to our prior approval and any other terms or conditions that we may impose, you may receive payments into your account with Orbit Money from a third party.

You may decide to hold funds in your account for future use. Orbit Money is not a bank nor is your account with us a bank account. Any money that Orbit Money retains is not insured by the Canada Deposit Insurance Corporation or any other insurer of deposits.

You will not gain interest or any other remuneration when keeping any funds in your account with us. Orbit Money merges your funds and other users' funds in accounts that are distinct from Orbit’s own accounts and that are dedicated to the purpose of holding customers’ funds. Orbit Money retains the interest and further gains, if any. These accounts may be with banks or other service providers and business partners of Orbit Money.

We only credit funds that we receive for your benefit to your Orbit account when we are satisfied that they are finally and irrevocably available.

You may withdraw funds from your account through several methods available in the countries where you reside, including electronic fund transfer from your bank account or your credit, debit or prepaid card, as indicated on our website from time to time.

We only process withdrawal requests to an account or debit or credit card which has been previously used to fund your Orbit account.

Rates and transaction fees for each potential fund transfer and currency conversion will be determined by Orbit Money. These rates and fees will be accepted by the customers immediately before the transaction is entered into with and executed by Orbit Money. Orbit Money will provide confirmations to customers for each transaction on the date the transaction is executed.

Once authorized by you, the rates and transaction fees are irrevocable and binding on you.

Where, for any reason, we are unable to hold quoted rates and fees, or complete the transaction at the requested rates and fees, even after you authorize a transaction, we may decline and annul the transaction, without any responsibility or liability to you.

We may from time to time impose limits on the types and amounts of transactions that you may enter into with us.

Your account with us enables you to transfer funds to beneficiaries who are other Orbit customers, from the Platform, your social media platforms or by email.

Orbit Money will not be responsible or liable to you if the beneficiary details are not provided correctly.

When you send funds, you will need to create a question with a password answer for security purposes. This password answer is unique for each transfer you make. The answer password must not be the same as your Orbit account log in password.

It is your responsibility to ensure that the question and password answer is communicated in a confidential manner to your beneficiary (and to no other person). Orbit Money will not be responsible nor liable to you if a third party other than your beneficiary becomes aware of your question and password answer.

If the funds you sent are rejected or declined by any correspondent bank or the beneficiary for any reason, we will credit them to your Orbit account once we receive them. However, the transfer fees you paid will not be refunded to you.

If, for any reason, the funds you sent by sharing a link with a beneficiary were not claimed by the beneficiary within 30 days, we will credit back the funds to your Orbit account. The fees you paid to initiate the transfer will not be refunded to you.

Orbit Money is not responsible nor liable for any damages you may incur due to transaction delays, whatever the reasons for the delays.

We have the right to deactivate and close your account if you do not use it for a period of two (2) years. Orbit Money will return the balance you have with us using the banking and contact information you provided to us.

No fees are required to open an account with Orbit Money.

Fees will be charged for our Services as quoted by the confirmation that we issue following each transaction. In addition, you will be liable for any fees charged by correspondent banks or your beneficiary's bank. Such fees may be deducted from your account or the amount you are sending to the beneficiary.

You must review your account periodically and promptly following any transaction.

If you believe that the balance in your Orbit account is incorrect or does not match your records, or that a confirmation incorrectly reports the terms and conditions of a transaction, you are required to contact us immediately and provide your detailed reasons. Where you fail to notify us of any such error or irregularity within thirty-days of any transaction or debit entry in your account, the account will be deemed to be true and complete and we will be irrevocably released from any liability to you in respect thereof.

Where funds that do not belong to you are placed in your account by mistake, you agree that such funds are not your funds, nor you are authorized to use them. You authorize Orbit Money to withdraw such funds from your account and are liable to return them to Orbit Money immediately upon receipt.

You are liable to repay to Orbit Money upon demand the amount of any negative balance in your account. Any such negative balance will bear interest at the rate quoted on the Platform from time to time.

You agree to defend, indemnify and hold us harmless, and our directors, agents, employees and Third Party Processors (collectively, Orbit Parties”) from and against any claim, suit, demand, loss, liability, damage, expense (including reasonable legal fees), penalties, action or proceeding arising out of or related to your access and use of the Platform or Services.

In no event will Orbit Parties be liable for any lost profits, lost revenue, lost business opportunity, or any indirect, punitive, incidental or exemplary damages arising out of or in connection with the provision or the failure to provide any of the Services.

In addition, the cumulative liability of the Orbit Parties will be strictly limited to direct damages and in all events will not exceed the aggregate amounts received by us for providing the Services to you in the three (3) month period immediately preceding the event that gives rise to the claim for liability.

The use of the Platform and the Services are provided without any representation or warranty of any kind by Orbit Money. All statutory warranties are specifically disclaimed by Orbit Money and you acknowledge and agree that the Platform and Services are provided on an “as-is” basis.

You cannot transfer or hand over your Orbit account, your rights, or your obligations you have under this customer agreement without Orbit Money's prior written consent. We may transfer or assign this user agreement or any right or obligation under this customer agreement at any time.

This agreement is governed and interpreted in accordance with the laws of Ontario and the laws of Canada applicable therein. Unless agreed by both Orbit Money and you, the customer, you irrevocably agree that any disputes or claims arising out of or in connection with our products and services, this customer agreement, use or access to our website and services will be subject to the courts of the Province of Ontario.