Legal AgreementsUpdates to the RMB Transfer Service Terms and Conditions

Updates to the RMB Transfer Service Terms and Conditions

Effective Date: 1 April 2023

We are making the following changes to the RMB Transfer Service Terms and Conditions:

  • “Pursuant to these Terms, you may request to transfer your funds held in your account with PayPal Singapore that was received as a result of an Eligible Transaction (as defined below) to your bank account open in China and associated with your PayPal Account (hereinafter “Associated Bank Account”) in CNY under the Service. Each request to transfer is a cross-border RMB transfer request under the Service. ” has been changed to “Pursuant to these Terms, you may request to transfer your funds held in your account with PayPal Singapore that was received as a result of an Eligible Transaction (as defined below) to a bank account opened in China designated by you and associated with your PayPal Account (hereinafter “Associated Bank Account”) under the Service. Each request to transfer is a cross-border transfer request under the Service.”
  • “For purpose of the Service, the provision of transaction rate and currency conversion are both completed outside of PRC. You understand and accept that transaction exchange rate is formed on a base exchange rate, inclusive of a currency conversion fee applied by PayPal Service Cooperative Parties, and is adjusted regularly. The base exchange rate is typically based on rates within the wholesale currency markets on the conversion day or the prior Business Day, unless otherwise required by applicable Laws and regulatory requirements.” has been changed to “For purpose of the Service, in accordance with your specific transfer request initiated to us: (1) In case where the currency conversion is completed through PayPal Service Cooperative Parties outside of PRC, you understand and accept that transaction exchange rate is formed on a base exchange rate, inclusive of a currency conversion fee applied by PayPal Service Cooperative Parties, and is adjusted regularly. The base exchange rate is typically based on rates within the wholesale currency markets on the conversion day or the prior Business Day, unless otherwise required by applicable Laws and regulatory requirements. (2) In case where the currency conversion is completed through applicable bank(s) in PRC, you understand and accept that transaction exchange rate is directly quoted through applicable bank(s) in China in compliance with applicable Laws, and no currency conversion fee is separately charged by us.”
  • Under “Your Representations and Warranties” section:
    • “(ii) You have full legal capacity and with all necessary qualifications, authority, authorizations and consents to use the Service.” has been changed to “(ii) You have full legal capacity, obtain and possess all necessary qualifications, authority, authorizations and consents to designate, add and modify the Associated Bank Account and use the Service.”
    • “(iii) You are acting on your own account in using the Service and not acting as an agent or third-party beneficiary. You are the account holder and beneficial owner of your PayPal Account, your account with PayPal Singapore and the Associated Bank Account into which funds are settled pursuant to the Service.” has been changed to “(iii) You are acting on your own account in using the Service and not acting as an agent or third-party beneficiary.”
    • “(viii) You will use the Service in good faith and in compliance with all applicable Laws. You shall not use the Service in a manner that may result in complaints, disputes, claims, penalties or other liabilities to us, PayPal Service Cooperative Parties or any other third parties, or may be regarded as an abuse of PayPal Services.” has been changed to “(viii) You shall designate, add and modify the Associated Bank Account and use the Service in good faith and in compliance with all applicable Laws, including compliance with tax requirements. You shall not use the Service in a manner that may result in complaints, disputes, claims, penalties or other liabilities to us, PayPal Service Cooperative Parties or any other third parties, or may be regarded as an abuse of PayPal Services.”
    • “(ix) The use of the Service is not intended for and does not give rise to and/or imply any breach or potential breach of any existing obligations binding on you, legal, contractual and otherwise, including but not limited to tax evasion, evasion of investigations, illegal assets transfers, evasion of proceedings and defrauding of creditors” has been changed to “(ix) Neither the designation, add or modification of Associated Bank Account nor any use of the Service is intended for or gives rise to and/or implies any breach or potential breach with any existing obligations binding on you, legal, contractual and otherwise, including but not limited to tax evasion, evasion of investigations, illegal assets transfers, evasion of proceedings and defrauding of creditors.”

To review the updated RMB Transfer Service Terms and Conditions, please click Here.