Common use of Currency of Transfer Clause in Contracts

Currency of Transfer. Funds transfers to beneficiaries within the United States are made only in U.S. dollars. For international transfers, we may ask you to indicate the currency in which the beneficiary account is held. If you indicate that the account is held in U.S. dollars, your transfer must be made in U.S. dollars. You understand that we have the right to rely on your statement as to the currency of the beneficiary account and that it will not be responsible for any error in the information it provides you concerning the applicable exchange rate and the amount of funds to be received by the beneficiary should your statement be incorrect and a currency conversion occurs after we send your transfer. For transfers in foreign currency, we will convert your U.S. dollar payment to the foreign currency selected by you at our exchange rate in effect at that time for similar transactions. The exchange rate includes a commission to us for exchanging the currency, as set forth in the Schedule 1 (Fees) included herewith. Information regarding the applicable exchange rate will be provided to you at the time you initiate the transfer request. In addition, in the case of transfers into your account which are sent in foreign currencies, we will convert the funds into U.S dollars at our current conversion rate. Our conversion rate for both outgoing and incoming foreign fund transfers may include a commission for the conversion service.