Terms of trade and current account relationship terminated

terms of trade and current account relationship terminated

Skrill® is a trading name of Skrill Limited, a company incorporated under the laws of You can always view the current Terms of Use on our Website. rights in relation to the funds held in a Skrill Account, except in cases of succession. .. We may suspend or terminate your Skrill Account at any time or refuse to execute or. (9)"Receiver's Bank Account" means the receiver's deposit account that is Exchange and Foreign Trade Act of Japan, the Act on Prevention of Transfer of to the Bank in relation to the Account, the International Money Transfer Service, .. If the customer's Account is terminated, the International Money. and employment. Monetary policy and the current account. Glossary. ISBN (print) . hours. In the year ended April , Zimbabwe was reported to have experienced . Trade Centre in New York. The OCR influences the .. the relationships between elements of the mid-. 20th century economy.

The receiver designated by the customer shall be registered as such when the Bank completes the examination process and approves the application that the customer has made in the manner prescribed by the Bank. No change may be made to any of the matters registered in respect of a receiver. If the customer wishes to make any change to any of the matters registered for a receiver, the customer shall first terminate the existing registration in accordance with Article 13, Paragraph 5, and then newly register the relevant receiver with such changes.

Even if the Bank has approved the customer's application and registered the customer as a the user of the International Money Transfer Service, there may still be cases where the Bank is unable to process money transfers in accordance with the registered information, due to the restrictions on transactions set forth in Article 5, Paragraphs 2 and 3 hereinafter referred to as the "Restrictions on Transactions" or for other reasons.

The Bank may establish any restrictions on the International Money Transfer Service or Money Transfer Transactions or make amendments to such restrictions at any time without prior notice to the customer.

Such restrictions include any condition which may be imposed in relation to the examination set forth in Article 4, Paragraphs 1 and 3, as well as the Payout Countries, the Payout Currencies, and the maximum limit of transfers on a daily, monthly, or annual basis. With respect to the acceptance of payment instructions given by the Bank, the payments to receivers based on such instructions or the crediting of amounts to the Receiver's Bank Account, the Alliance Partner, the Payment Centers or the Receiver's Bank may from time to time establish various restrictions including limitation on the maximum payment amount or the payment frequency, limitation on the Payout Currencies available for payment according to type and volume, requirements regarding the receivers'age, address, place of residence and other attributes, and other restrictions imposed under the laws and regulations or foreign exchange control regulations of the Payout Countries or make amendments to such restrictions without prior notice to customers.

The Money Transfer Transactions undertaken by the Bank at the customer's request shall be subject to the Restriction on Transactions established by the Alliance Partner, Payment Centers or the Receiver's Bank and, accordingly, the payments to designated receivers or the crediting of amounts to the Receiver's Bank Account shall be made only to the extent permitted under such Restrictions on Transactions. Article 6 Money Transfer Request The customer's Money Transfer Request shall be accepted and processed by the Bank only if it has been made in accordance with either of the following methods as prescribed by the Bank, and such services involving the acceptance and processing of Money Transfer Requests shall not be available at the service counter of the head office or any branch office of the Bank: A Money Transfer Request shall be accepted by the Bank when the Bank deems such an application to be appropriate and all of the matters set forth in the following items have been completed, upon which the Money Transfer Transaction shall come into effect: Following the acceptance of a Money Transfer Request, the Bank shall notify the customer to that effect and provide the customer with the Money Transfer Control Number and other details of the Money Transfer Transaction in the manner prescribed by the Bank which includes the output of a transaction slip from the ATM in cases where the Money Transfer Request is accepted at the ATM.

In addition, a Test Question and its Answer shall also be provided, if such mechanisms are to be used as security measures in relation to the receipt of the relevant amount by the receiver. The details regarding the Money Transfer Transaction, which include the Money Transfer Control Number, the Test Question and its Answer if applicableare information necessary for the receiver to receive the amount transferred. As such, the customer shall be responsible for communicating such information to the receiver and should carefully manage such information together with the transaction slip if issued by the Bank.

Such details regarding a Money Transfer Transaction may not be revealed to anyone other than the receiver. The Bank shall not be liable for any damage arising from any unauthorized use of such information by any third party other than the customer or the receiver. In the case of the Cash Receipt Method, the Money Transfer Control Number, the Test Question and its Answer if applicable and other details regarding the Money Transfer Transaction will be necessary for the receiver to receive the amount transferred.

In addition, even after completing your first transaction at a designated account of some receiver's banks, the receiver may still receive a confirmation call from our alliance partner each time a transaction is performed. Once the Bank accepts a Money Transfer Request, the Bank will not handle any request by the customer to amend the contents thereof. If it becomes necessary for the customer to make an amendment to a Money Transfer Request that has already been accepted by the Bank, the customer shall first cancel or request a reversal for the relevant Money Transfer Request pursuant to Article 14, Paragraph 1 or Article 15, Paragraph 1, respectively, and then submit a new Money Transfer Request to replace such cancelled Money Transfer Request.

International Money Transfer Service Terms and Conditions

Article 7 Transmission of Payment Instructions Following acceptance of a Money Transfer Request, the Bank shall issue payment instructions to the relevant Alliance Partner without delay in accordance with the details of the Money Transfer Request and in the manner deemed appropriate by the Bank. Payment to the receiver or crediting of amounts to the Receiver's Bank Account shall be made in the Payout Currency in principle; provided, however, that there may be cases where a separate transaction such as a conversion to a currency other than the Payout Currency including conversion of the amount corresponding to small denominations in the Payout Currency to any other currency becomes necessary to enable such payments to the receiver or such crediting of amounts to the Receiver's Bank Account.

The conversion to the Payout Currency shall be made, in principle, at the foreign exchange rate prescribed by the Bank and prevailing at the time of acceptance of the Money Transfer Request. Foreign exchange rates prescribed by the Bank including the rates set forth in Paragraph 3 shall be inclusive of a spread prescribed by the Bank, and remittance charges and proceeds from conversion to the Payout Currency received by the Bank shall in part be distributed to the relevant Alliance Partner.

Balance of payments and Terms of Trade | Economics Help

The payment to the receiver in a Money Transfer Transaction shall be made using either of the two payment methods, namely, the Cash Receipt Method or the Credit-to-Account Method, as designated by the customer upon registering the receiver; provided, however, that, in certain Payout Countries, a separate transaction such as a fund transfer to the receiver's deposit account may become necessary to enable such payments to the receiver even when the Cash Receipt Method is designated. In addition, in the case where the Credit-to-Account Method is designated, such as the case where the Credit-to-Account Method is taken in China as set forth in Article 10, Paragraph 3, the customer or the receiver may be required to perform a separate procedure in order to carry out payment in certain Payout Countries.

Furthermore, in certain Payout Countries, the amount payable converted to the Payout Currency may be further converted to another currency designated by the Bank at the foreign exchange rate prescribed by the Bank and prevailing at the time of payment, at the time of the crediting of amounts to the Receiver's Bank Account or at any other point in time and paid to the receiver or credited to the Receiver's Bank Account in such other currencies.

In such case, the Bank shall, to that extent, be released from its obligation to perform the Money Transfer Transaction in accordance with the conditions confirmed by the customer upon the Bank's acceptance of the Money Transfer Request. In addition to the cases referred to in Paragraph 1 or 2 when the Cash Receipt Method is taken, there may be cases where the receiver is able to receive payment in a currency other than the Payout Currency or in any form other than cash under a separate transaction between the receiver and the Payment Center, but such transactions shall be conducted at the receiver's own responsibility.

Regardless of the reason behind the receiver's decision to enter into such a separate transaction including the existence of circumstances that correspond to the case referred to in Article 9, Paragraph 3the Bank shall not in any way be liable for any change of the conditions confirmed by the customer upon the Bank's acceptance of the Money Transfer Request, or for any cost incurred by, or any adverse effect inflicted upon, the receiver in connection with such a separate transaction.

Article 9 Place of Payment for the Cash Receipt Method The payment under a Money Transfer Transaction may be received by the receiver at any Payment Center located in the Payout Country during its business hours on its business day by taking the payment request procedures prescribed by the Payment Center. Such procedures include the presentation or submission of: Notwithstanding the provisions of Paragraph 1, even if the Bank has accepted the customer's Money Transfer Request, the receiver may not be able to receive such payment at all or a part of the Payment Centers in the Payout Country due to the Restriction on Transactions established by the Alliance Partner or the Payment Center pursuant to Article 5, Paragraph 3.

In such a case, the Bank shall, to that extent, be released from its obligation to perform the Money Transfer Transaction in accordance with the conditions confirmed by the customer upon the Bank's acceptance of the Money Transfer Request. Article 10 Receiver's Bank Account for the Credit-to-Account Method When the Credit-to-Account Method is used, the transferred funds are credited to the Receiver's Bank Account by the Receiver's Bank upon completion of the prescribed procedures in accordance with the conditions established by the Alliance Partner or the laws and regulations of the Payout Country.

Notwithstanding Paragraph 1, even if the Bank has accepted a Money Transfer Request from the customer, the amount to be transferred under such request may not be credited to the Receiver's Bank Account due to Restrictions on Transactions prescribed by the Alliance Partner or the Receiver's Bank pursuant to Article 5, Paragraph 3.

terms of trade and current account relationship terminated

In such case, after accepting the Money Transfer Request, the Bank will, to that extent, be released from its obligation to carry out the relevant Money Transfer Transaction in accordance with the conditions that were confirmed by the customer at the time of acceptance of the relevant Money Transfer Request.

In the case where the Credit-to-Account Method is taken in China, if the receiver is receiving funds in the Receiver's Bank Account designated by the customer for the first time, the receiver must call the Alliance Partner. In such case, it may take longer than usual for the crediting of the relevant amount to the Receiver's Bank Account to be completed, because the aforementioned procedure must be completed first.

If the receiver has not contacted the Alliance Partner within the aforementioned time period, the Alliance Partner will call the receiver.

Balance of payments and Terms of Trade

However, if the receiver cannot be reached, the Money Transfer Request will be canceled and the Bank will return the transfer funds to the customer. If the Credit-to-Account Method is taken in the Philippines, only the account number is checked to ensure that it matches the Receiver's Bank Account designated by the customer, and no steps are taken to ensure that the account holder matches the name of the receiver. As such, when using the Credit-to-Account Method in the Philippines, it is particularly important to ensure that the account number for the Receiver's Bank Account is accurate, and we encourage you to be extra careful when registering the receiver's information.

Article 11 Payment of the Transfer Funds and Costs The customer must, in making a Money Transfer Request, pay the funds to be transferred, as well as the transfer fees prescribed by the Bank and other charges and costs required for the Money Transfer Transaction such funds, fees, charges, and costs shall hereinafter be collectively referred to as "Transfer Funds and Costs" in Japanese yen.

Such payment shall be made by having the relevant amount debited from the Account without requiring the performance of a separate withdrawal procedures by the customer, and such payment may not be made in cash. Article 12 Acquisition and Use, etc. For the purpose of enabling the Alliance Partners, the outsourcing contractor of the Alliance Partners, the Payment Centers and the Receivers'Bank collectively referred to as the "Alliance Partners, Etc. The Alliance Partners, Etc.

terms of trade and current account relationship terminated

In relation to such purposes, information may be shared between the Alliance Partner, Etc. Article 13 Termination of Agreement, Suspension of Service If the Bank deems that any one of the following events has occurred, the Bank may immediately terminate the International Money Transfer Service Agreement with the customer or suspend the customer's use of the whole or part of the International Money Transfer Service in the manner prescribed by the Bank without prior notice to the customer: If the Bank deems at any time that a receiver registered by the customer falls under any one of the following events, the Bank may immediately terminate the registration of such receivers in the manner prescribed by the Bank without prior notice to the customer: The Bank may lift the suspension of the customer's use of the International Money Transfer Service invoked under Paragraph 1 in the manner prescribed by the Bank at any time that it deems appropriate.

If any measure is taken by the Bank pursuant to any of the preceding three paragraphs, the Bank shall notify the customer to that effect in the manner prescribed by the Bank.

If the customer wishes to terminate the International Money Transfer Service Agreement or terminate the registration of any receiver, the customer shall notify the Bank to that effect in the manner prescribed by the Bank. If the customer's Account is terminated, the International Money Transfer Service Agreement between the customer and the Bank shall also be deemed to have terminated. Article 14 Cancellation by the Customer The customer may cancel a Money Transfer Transaction if the payment to the receiver in the case of the Cash Receipt Method has not yet been completed.

In such a case, the customer shall take the procedures prescribed by the Bank; provided, however, that such cancellations may not be allowed if it is prohibited under the Foreign Exchange Laws or rejected by the Alliance Partner. In such a case, the Bank shall not be liable for any damages arising therefrom.

As a general rule, deposits made into the Receiver's Account for deposit into a bank account cannot be cancelled. If the customer terminates the Account or the International Money Transfer Service Agreement, the customer shall be deemed to have requested the cancellation of all of the customer's pending Money Transfer Transactions pursuant to Paragraph 1, including payment to the receiver in the case of the Cash Receipt Method and crediting of amounts to the Receiver's Bank Account in the case of the Credit-to- Account Methodand the Bank shall take the relevant procedures to cancel such Money Transfer Transactions.

Article 15 Reversal by the Customer for the Credit-to-Account Method The customer must submit the Bank's prescribed transfer reversal request form to carry out a reversal. When submitting said form, the Bank may require the customer to submit the Bank's prescribed identity verification documents or provide a guarantor.

In addition, there may be cases where it takes a considerable period of time to confirm with the Alliance Partner whether or not such reversal can be conducted. The Bank's prescribed reversal fee must be paid in Japanese yen when making a request for a reversal. This payment shall be made by way of account transfer, without the submission by the customer of any separate repayment request form, and the Bank will not accept any such payment in cash.

However, if a reversal is deemed to have occurred due to any of the events set forth in Article 17, Paragraph 4, the reversal fee shall be returned or if such circumstances have already become clear as at the time of acceptance of the request, the Bank may, at its discretion, decide in advance not to charge a reversal fee.

Please note that the reversal fee will not be returned in this such case as well. A reversal may not be possible due to the rejection by the Receiver's Bank or due to any restrictions under the laws and ordinances of the relevant country or due to any measures imposed by the government, court or any other public institution. In such case, the Bank shall not be responsible for any damages arising in relation thereto. In addition, the Bank will not refund the reversal fee.

Article 16 Cancellation by the Bank If the Bank deems that the Money Transfer Transaction based on a Money Transfer Request accepted by the Bank falls under any one of the following events, the Bank may immediately cancel the Money Transfer Transaction in the manner prescribed by the Bank without prior notice to the customer: In the case where the Cash Receipt Method is used, if the payment to the receiver based on a Money Transfer Request cannot be completed within a period of 30 days from the date of the Bank's acceptance of such Money Transfer Request, the Bank shall, in principle, cancel the Money Transfer Transaction in the manner prescribed by the Bank without prior notice to the customer promptly after the date of expiration of the said day period or promptly after the business day immediately following an expiration date if it falls on a Saturday, Sunday, national holiday or other statutory non-business day for banks ; provided, however, that the foregoing shall not apply if the payment to the receiver is completed prior to such cancellation process.

In the case of the Credit-to-Account Method, the funds may be returned if the relevant amount cannot be credited to the Receiver's Bank Account for any reason. How can a change in the balance of trade affect the terms of payments? A deterioration in the terms of trade A deterioration in the terms of trade means import prices rise relative to export prices higher import prices, cheaper export prices.

Assuming demand is relatively elastic, this will tend to improve the current account — as demand for exports will increase and demand for imports fall.

Evaluation — depends on elasticity of demand The effect of a change in exchange rate relies on the relative elasticity of demand for exports and imports. If demand is relatively elastic then a deterioration in the terms of trade will improve the balance of trade. In the short term, demand is often inelastic, in the longer term demand becomes more elastic.

Therefore, we can often see a J Curve effect, where an improvement in terms of trade worsens current account in the short term but improves in the long term. How does current account deficit affect the terms of trade? If a country experiences a deterioration in the balance of trade value of imports increase faster than the value of exports then it may impact upon the terms of trade.

A deterioration in the balance of trade means a country is importing more than exporting. Therefore more currency will be leaving a country.