Legal Disclaimers

This Beacon Terms of Use Agreement (“Agreement”) is between you and MyBeacon Services Inc. (“Beacon”) and shall be considered Service-Specific Terms (as defined in Beacon’s general Terms of Use) with respect to your access to, and use of, the Beacon Remit remittance service (the “Service”).

This Agreement sets out the additional terms (in addition to Beacon’s general Terms of Use) by which you will be bound when you use the Service. Do not use the Service if you do not agree to be bound by this Agreement. By indicating your acceptance of this Agreement by clicking “I Accept” or clicking the associated check box, you agree to all the terms contained in this Agreement. 

1. Remittance Request or Money Transfer. Beacon works with Fairexpay, a technology platform for registered users to initiate and track remittance requests/Money Transfers (defined below) in connection with India. To use these facilities, registered users must transfer funds from their resident individual accounts maintained with their AD bank in India. You are responsible to ensure that Money Transfers can only be made for personal remittances, and for purposes and limits permitted by the AD banks1/AD2 and/or under applicable laws. We may refuse or reject any Money Transfer in certain circumstances, limit the amount to be transferred, or require the purpose for which it is to be transferred to be revisited. For instance, we may refuse certain Money Transfers to certain recipients that are included on blacklists such as the Non-cooperative Countries and Territories list, and such other lists as issued by different government agencies. We reserve the right, at any time, to modify or discontinue all or any part of the Service.  
   
2. Eligibility. You must be at least 18 years old and able to enter into a legal agreement to use the Service. You cannot use the Service on behalf of a business or entity or on behalf of any other person. By submitting a transaction, you request us to process it, and we may accept or reject this request at our discretion.
   
3. Customer Due Diligence. To commence using the Service, you must provide accurate information as prompted by us. All information provided must remain complete, accurate, and updated. Failure to maintain accurate information may result in suspension, termination, or restriction of access to the Service without prior notice if we find any false or inaccurate details. To comply with legal requirements, we conduct security and customer due diligence checks on you and possibly other parties involved in transactions. You agree to provide any requested information in an acceptable format promptly. We may verify information provided by checking commercial databases or credit reports. You authorize us to obtain your credit reports periodically to maintain your Beacon profile or resolve disputes. We may also disclose necessary information to credit reporting agencies to obtain credit reports. Additionally, we conduct customer identity verification through methods such as in-person verification by authorized Beacon officials/agents, video-based customer identification via secure, live, consent-based audio-visual interactions with our officials/agents, and other identity verification processes that may be required under Indian laws. You consent to these verification procedures by agreeing to this. Beacon reserves the right to close, suspend, or restrict access to your Beacon profile or Services if we are unable to obtain or verify required information.
   
4. Receiving Money. Beacon, through Fairexpay, provides local account details for your senders to transfer money to you using various pay-in methods, such as bank transfers, credit cards, or debit cards. Your “Notional Balance” is the record of total payments that we receive from your senders pending their transfer to you. This balance is not considered an electronic money account. These methods are supported by payment aggregators and are not part of our Service. Payments are subject to the terms and policies of these aggregators. Beacon is not liable for any errors by payment aggregators or unsuccessful payments. We may change or discontinue any pay-in method without notice. Funds received (“Received Funds”) are not held in a bank account or issued as electronic money by Beacon. You cannot withdraw or transact these Received Funds. Once received, they will be sent to Fairexpay’s AD-1 or AD-2 bank collection account by the end of the business day. Within seven days of receiving the funds in the collection account, Fairexpay’s AD-1 or AD-2 bank will repatriate the funds to your local bank account in India unless otherwise required by law or regulatory directives. Ensure your local bank account details provided to us are accurate. Repatriation will be made in Indian Rupees, applying the exchange rate specified in this Agreement for currency conversion.
   
5. Reversals and Chargebacks. Received Funds may be subject to reversal. If a payment is invalidated for any reason, you are immediately liable to Beacon for the full amount plus any fees. Received Amounts may be reversed by Beacon, the sender, or the payment provider for reasons including reversal by the sender or payment services provider, insufficient verification of your business information or payment request, insufficient or uncleared Received Funds, regulatory directives or restrictions, and errors resulting in incorrect crediting of your account. If a Received Amount is reversed, Beacon, through Fairexpay, may refund or reverse the amount plus any applicable fees from your Notional Balance in the original transaction currency. If your Notional Balance is insufficient, Beacon may perform a currency conversion to cover the reversal, subject to the applicable exchange rate at that time. If you receive a payment funded by debit or credit card and pursue a chargeback, Beacon may apply a fee for facilitating the chargeback process and deduct it from your Notional Balance. If your Notional Balance becomes negative due to a chargeback, reversal, fee deduction, or any other action, you must repay the negative amount immediately. Beacon may take actions to recover the negative amount, including using debt collection services or legal actions, and may charge you for any costs incurred in these efforts
   
6. Money Transfers and Permitted Use. When using the Service for the direct transfer of funds initiated by you to a designated recipient outside India, facilitated through the services provided by Beacon (each, “Money Transfer”), it is recommended that you only send funds to friends, family, and verified third parties known to you. You are advised against using the Service for transactions with strangers. Money Transfers are intended for transactions that include medical treatment abroad, university fees for overseas education, private visits, and business travel by individuals. To initiate a Money Transfer through the Service, you must provide accurate recipient details, including full name, bank account information, transfer amount, and currency, and you must raise requests via authorised means and channels such as through an authorised bank or financial institution in India. Payment for Money Transfers can be made through various methods, subject to availability and your verification status. All payment instruments used must be registered in your name. We will process your Money Transfer upon receipt of cleared funds, and we may provide a guaranteed exchange rate for a specified period if applicable. You agree not to exercise chargeback rights except in cases of our breach or unauthorized use of your payment instrument.  
   
7. Partner Banks. We work with local banks and other third-party financial entities in India (each, a “Partner”) for funds to be transferred to recipients outside India, as well as conversion of currencies in connection with your Money Transfers. The services provided by the Partner are governed by their terms and policies and you may be independently bound by these terms to the extent that they apply to your Money Transfers. While we make reasonable efforts to ensure that all Money Transfers and requests are successfully processed, since we depend on our Partners to ultimately execute and process Money Transfers, we disclaim all liability and warranties (implied or express) regarding any delay or rejection of Money Transfers and/or requests. We also disclaim any liability in relation to currency conversion including any changes to exchange rates offered as part of Money Transfer service. We are not responsible for fees, chargeback fees or other similar charges that may be imposed on you by Partners or any other financial institutions that may be associated with your Money Transfers. 
   
8. Transfer Processing and Notifications. When the Service receives your Money Transfer request after 5pm Indian Standard Time on Business Day (being any other than a Saturday, Sunday or a public holiday in India) or on a non-Business Day, such as weekends or bank holidays, the request will be considered received on the following Business Day. We may delay processing your Money Transfer in certain circumstances, including verifying authorization or conducting due diligence checks. While we strive to ensure timely fund delivery to your recipient’s account within the specified timeframe, we do not control the crediting timeline of the recipient’s bank or payment provider. If we cannot complete your Money Transfer, we will use commercially reasonable efforts to notify you of the reasons upon request. By scheduling a Money Transfer, you agree to us executing the transfer at any time on the scheduled date using the agreed exchange rate. If opted in, you will receive a confirmation email after the successful transfer. It is your responsibility to ensure accuracy when providing information for Money Transfers. Even if errors occur, we may assist in recovering funds, though success relies on other institutions’ policies for which we cannot be held responsible. Transactions are final and irrevocable upon completion, except where specified in this Agreement or by applicable law.
   
9. Currency Conversion. The Service enables the conversion of Indian Rupees (INR) into permitted foreign currencies as part of our Money Transfer offerings. The exchange rate referenced in this Agreement denotes the rate for the relevant currency pair, typically sourced from a reference rate provider and subject to change without prior notice. Certain currencies may necessitate the use of specific reference rates mandated by applicable law. We reserve the right to decline any currency conversion order at our discretion, including due to inaccurate recipient details, insufficient funds, or suspected violations of this Agreement.
   
10. Processing of Personal Information. By agreeing to this Agreement, you acknowledge and consent to Beacon’s Privacy Policy. Applicable law mandates the collection, verification, and recording of your personal information in connection with your use of the Service. You authorize us to verify the information provided, including accessing credit report data and obtaining information from other sources. For further details, please refer to our Privacy Policy. We may disclose information about you and your Transactions to government authorities and law enforcement agencies, as outlined in our Privacy Policy. You consent to us making necessary inquiries, including requesting additional information, to validate the information provided by you. Beacon may transfer and store personal data in the United States and other international jurisdictions to fulfill its obligations under the Agreement. Please note that privacy laws in these jurisdictions may differ from those in Canada.
    
11. Misuse of Service. You are prohibited from misusing the Service, including by breaching this Agreement or any other contractual obligations with Beacon, violating applicable laws or regulations (including those set forth by the RBI), infringing upon Beacon’s intellectual property rights, engaging in defamatory or harassing conduct, providing false information, or attempting to transact fraudulently obtained funds.  You must not use the Services for any illegal activities, including in relation to sexually-oriented materials or services, gambling activities, fraud, money-laundering, the funding of terrorist organizations, or the purchase or sale of tobacco, tobacco related paraphernalia, firearms, prescription drugs, trade transactions, or other controlled substances; or to send money to a recipient that has violated this Agreement. You must cooperate in investigations and not abuse card networks or dispute resolution processes. Any such misuse may result in immediate suspension or termination of your Beacon profile, reporting to authorities, and legal action. If Beacon suspects misuse of our Services as outlined in this paragraph or otherwise in this Agreement, we reserve the right to take protective measures, including terminating this Agreement, suspending your Beacon profile with restrictions, or closing your profile without prior notice. We may report breaches to law enforcement, refuse to provide services to you, limit platform or payment method access, notify relevant financial institutions, correct information inaccuracies, and pursue legal remedies to recover losses and damages incurred by Beacon or others.
    
12. If You Owe Money to Us, Fairexpay or Our Agent. If you owe us, Fairexpay, or our agents money, we may deduct the amount from your Notional Balance, to the extent applicable. If there are insufficient funds, you must repay the outstanding amount immediately on demand, along with any fees and interest. If you fail to do so, we reserve the right to use any Received Funds or other means to collect the debt. This includes using a debt collection agency and recovering reasonable costs, including attorneys’ fees, incurred in enforcing this Agreement.
    
13. Disclaimer Of Warranties. We make reasonable efforts to ensure that transactions are processed in a timely manner, but we make no representations, warranties or conditions, express or implied, regarding the time needed to complete processing because the Service is dependent on many factors outside our control. EXCEPT AS EXPRESSLY PROVIDED HEREIN, THE SERVICE IS PROVIDED TO YOU ON AN “AS IS” BASIS WITHOUT ANY WARRANTY WHATSOEVER AND BEACON EXPRESSLY DISCLAIMS ALL OTHER REPRESENTATIONS, WARRANTIES, AND CONDITIONS, EXPRESS OR IMPLIED, INCLUDING, WITHOUT LIMITATION, ANY REPRESENTATION, WARRANTY OR CONDITION OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, OR ANY WARRANTY ARISING FROM A COURSE OF DEALING, PERFORMANCE, OR TRADE USAGE. Some jurisdictions do not allow the disclaimer of implied warranties, so the foregoing disclaimer may not apply to you. This warranty gives you specific legal rights and you may also have other legal rights that vary from province to province. We do not guarantee that our Service will always be available or be uninterrupted. We may suspend, withdraw, discontinue or change all or any part of our Service without notice. We will not be liable to you if, for any reason, the Service is unavailable at any time or for any period.
    
14. Indemnification. You agree to indemnify and hold Beacon, its service providers, and their respective subsidiaries, officers, agents, partners, employees and agents harmless from any claim or demand, including reasonable legal fees, made by any third party due to or arising out of your use of the Service, your connection to the Service, your violation of this Agreement, or your violation of any rights of another.
    
15. LIMITATION OF LIABILITY. IN NO EVENT SHALL BEACON, SERVICE PROVIDERS, OR THEIR RESPECTIVE SUBSIDIARIES, AFFILIATES, OFFICERS, AGENTS, PARTNERS, OR EMPLOYEES BE LIABLE FOR ANY DIRECT, INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL OR EXEMPLARY DAMAGES BEYOND THE SUM OF $500.00 (IN ADDITION TO REFUNDING THE TRANSACTION AMOUNT, IF ANY), INCLUDING BUT NOT LIMITED TO, DAMAGES FOR LOSS OF PROFITS, GOODWILL, USE, DATA OR OTHER INTANGIBLE LOSSES (EVEN IF BEACON HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES) RESULTING FROM NEGLIGENCE ON THE PART OF BEACON, DISBURSEMENT PARTNERS, OR THEIR RESPECTIVE SUBSIDIARIES, OFFICERS, AGENTS, PARTNERS, OR EMPLOYEES. BEACON SHALL NOT BE LIABLE FOR DELAYS, INTERRUPTIONS, SERVICE FAILURES, OR OTHER PROBLEMS INHERENT IN USE OF THE INTERNET, ELECTRONIC COMMUNICATIONS, TELECOMMUNICATIONS NETWORKS OR OTHER SYSTEMS OR NETWORKS OUTSIDE THE REASONABLE CONTROL OF BEACON.
    
16. Governing Law. Subject to Section 15 (Disputes with Beacon; Arbitration), this Agreement, and any dispute or claim arising out of or relating to the Service or this Agreement (each a “Claim”) shall be governed according to the laws of the Province of Ontario and the federal laws of Canada applicable therein , except that body of law governing conflicts of law. You agree to submit to exclusive jurisdiction of the courts of competent jurisdiction in Toronto, Ontario. The application of the United Nations Convention on Contracts for the International Sale of Goods to this Agreement is expressly excluded.
    
17. Disputes with Beacon; Arbitration. Disputes between you and Beacon regarding the Service may be reported online to Customer Service by email at support@mybeacon.ca. Any dispute regarding this Agreement, including the validity, existence, binding effect, interpretation, performance, breach or termination, and including tort claims, may be referred to and finally determined, to the exclusion of the courts, by a single arbitrator. The arbitration shall take place in Toronto, Ontario, in English, at ADR Chambers and in accordance with the ADR Chambers Expedited Arbitration Rules. In all other respects, the arbitration shall be governed by and subject to the Arbitration Act (Ontario). Notwithstanding, a party may seek injunctive relief to protect its intellectual property or confidential or proprietary information.
    
18. Electronic Acceptance; Communications. You acknowledge and agree that this User Agreement is executed electronically. Your act of creating a Beacon account and establishing a password and/or electronically accepting the terms serves as an electronic signature, binding you to this Agreement. Communication regarding this agreement, transactions, disclosures, and customer service matters may be conducted electronically and may be transmitted through phone calls or text messages. You must possess the necessary hardware and software to receive and retain these communications electronically. Should you choose to withdraw your consent for electronic communications, your access to the Service will be terminated. Ensuring the security of your information is of paramount importance to us, and we employ various measures for this purpose. We advise exercising caution when engaging in financial transactions and promptly reporting any instances of fraud. It is important to note that this agreement and its associated documents are presented solely in English. You affirm your agreement to abide by the terms and conditions hereunder by submitting information or conducting transactions. 
    
19. Language. This User Agreement and all related documents shall be drawn up in English only. Le présent consentement et tous les documents qui s’y rattachent soient rédigés en anglais seulement.
    
20. Contact. 
    Name: Michael Shin
    Title: Chief Compliance Officer
    Contact Details: michael@mybeacon.ca

YOU ACKNOWLEDGE THAT YOU HAVE READ AND UNDERSTOOD THE TERMS AND CONDITIONS UNDER THIS AGREEMENT AND AGREE TO BE BOUND THEREBY. YOU ACKNOWLEDGE AND AGREE THAT EACH TIME YOU SUBMIT INFORMATION OR CONDUCT ANY TRANSACTION IN CONNECTION WITH THE SERVICE, EACH SUCH TRANSACTION CONSTITUTES YOUR AGREEMENT AND INTENT TO BE BOUND BY THESE TERMS AND CONDITIONS.

This Agreement was last updated on July 9, 2024.