Terms and Conditions
BFC Smart Money Terms and Conditions ("Terms") govern the terms under which Bahrain Financing Company ("BFC" or "We" or "Us" or "Our") offers You (the "Sender" or "You" or "Your" or the name that appears on Your Registration Form) access to this website and BFC Smart Money ("Service" or "Application") provided by it. By accessing and using this Service you are agreeing to these Terms
The term "BFC" or "We" or "Us" or "Our" refers to the owner of the website and the Service provided by it, whose registered office is at 8-12 Bab Al Bahrain, Building142, Road 1507, Manama, Kingdom of Bahrain. BFC is a Closed Joint Stock Company (Company Registration Number 35), is authorized by the Central Bank of Bahrain to carry out the business of Remittance and is bound by the Central Bank of Bahrain's regulation and licensing conditions.
These Terms are effective as of 30th June 2010 and are binding between the Sender and BFC. BFC may update these Terms from time to time without notice to You, by updating the Terms on this website.
In order to use this Service you must:
- be a resident of Bahrain with a valid CPR card; and
- be an account holder with a local bank in Bahrain; and
- have successfully Registered with Us for the use of the Service.
By using the Service, you represent and warrant that the above conditions of use are met and you agree to indemnify Us for any use by You of the Service in the absence of any of the above conditions.
This Service is an electronic, internet-based service. Therefore, You agree that We are under no obligation to provide Communications in paper format. The following Communications may be provided by electronic means:
- These Terms and any amendments or supplements to it
- Your records of payments and transactions through the Service and any e-mail confirmations of each individual transaction
- Any initial, periodic or other notices provided in connection with the Service
- Any customer service communications, including without limitation communications with respect to claims of error or unauthorized use of the Service
- Any other communication related to the Service
You acknowledge that information provided at the time of registration is correct and valid. You agree to promptly update Your details on your Account Details profile if Your e-mail address or any other information changes. Entering other persons details or acting on their behalf will hold you liable and subject to criminal prosecution.
Foreign Currency Exchange Rate and Charges
The foreign currency exchange rate applied on the transaction will the prevailing rate when the transaction is made. Commission charges may change from time to time and without advance notice. The foreign currency exchange rate and commission charge will be as displayed on the Transaction receipt. The beneficiary's bank, and/or intermediary banks, may apply additional charges for handling a wire transfer. In such cases, the beneficiary will not receive the full amount of the payment you sent. We are not liable for any additional charges deducted by these banks.
Payment Purpose Codes
For the full list of Payment Purpose Codes, examples of use and their descriptions, please click on the buttons below.
Non Fulfilment of Payment
We reserve the right not to accept a payment request from You or effect any transfer of funds on Your behalf if:
- We do not receive authorization from the bank card issuer;
- You are in breach of these Terms;
- We are requested to do so by any regulatory body;
- We consider it necessary to do so in order to comply with any law or regulation;
- We are hindered or prevented by an event or circumstance outside of Our control, including, but not limited to an act of God, the application of security regulations imposed by the government, riots, war, sabotage, riot, national emergency (whether in fact or law), martial law, fire, lighting, flood, cyclone, earthquake, landslide, storm or other adverse weather conditions, explosion, power shortage, strike or technology failure of a service provider.
Authorization & Confirmation of payment
The Customer hereby irrevocably and unconditionally acknowledges and confirms that he/she is fully authorized to use the mode of payment (may it be Debit card/Benefit Pay etcâ¦) to process the online transaction from the respective customerâs profile
BFC has introduced digital on-boarding (e-KYC) for its customers and their convenience. BFC has partnered with a third-party company Shufti Pro to conduct e-KYC checks for new and existing customers who want to use the service. The service has been approved by the Central Bank of Bahrain and customers would have to agree to Shufti Proâs terms and conditions in order to complete the online e-KYC checks. The primary checks that are carried out would be of the customers CPR (Front & Back), Address proof (EWA Bill/CPR Smart Card Reader Copy/Driverâs License), Face Selfie & Passport check for Place Of Birth verification. If the online verification is rejected the customer would have to visit any BFC branch to register.
If We Refund a payment we reserve the right to deduct charges for any costs incurred and the principal amount will be converted to the local equivalent at the prevailing buying rate of the day, unless it is due to the negligence of BFC whereby the full original amount of the transaction will be refunded. Refunds will only be provided through a draft issued in the Sender's name.
Anti-Money Laundering, Counter-Terrorism Financing (AML/CTF) and Sanctions
You agree that We may delay, block or refuse to process any transaction without incurring any liability if We suspect that the transaction:
(a) may breach any laws or regulations in Bahrain or in any other country;
(b) involves any person (natural, corporate or governmental) that is itself sanctioned or is connected, directly or indirectly, to any person that is sanctioned under economic and trade sanctions imposed by Bahrain, the United Nations, OFAC or any country; or
(c) may directly or indirectly involve the proceeds of, or be applied for the purposes of, unlawful conduct.
You must provide all information to Us which We reasonably require in order to manage anti-money laundering or counterterrorism financing and economic and trade sanctions risk or to comply with any laws or regulations in Bahrain or any other country.
You agree that We may disclose any information concerning it or any person named in the payment instruction to:
(a) any law enforcement, regulatory agency or court where required by any order, decree, law or regulation in Bahrain or elsewhere; and
(b) any correspondent We use to make payment for the purpose of compliance with any such order, decree, law or regulation.
Unless you have disclosed to Us that you are acting in a trustee capacity or on behalf of another party, you warrant that you are acting on your own behalf in entering into these Terms. In the event You inform Us that you are acting for another party, we reserve the right to request You to provide any documentation regarding such other party as we shall be required to receive and review in order to comply with any AML/CTF laws or regulations applicable to Us or to Our provision of the Service. We may also require such other party to confirm that it is aware of these Terms and make such representations regarding AML/CTF laws and regulations as we shall require in order to ensure Our compliance with AML/CTF laws or regulations applicable to Us.
You declare and undertake to Us that the processing of any transaction by Us in accordance with your instructions will not breach any laws or regulations in Bahrain or any other country.
Warranties and Indemnities
You warrant, as at the date of Your application for Registration and whenever You use the Service, that:
- All information and documents provided to Us to process Your application for Registration and any additional information and documents provided thereafter are true, complete, accurate and authentic in all respects and You undertake to notify Us of any changes;
- You agree to be bound by these Terms and to comply with all applicable laws and regulations;
- You have sole responsibility to safeguard and maintain the confidentiality of Your BFC Smart Money password and agree not to disclose or share it with anyone;
- You are acting on your own behalf and not as an agent for any third party whose identity has not been disclosed to Us.
Except for Your right to a Refund, You will indemnify Us against all actions, proceedings, claims, damages, losses, costs, expenses and liabilities of any nature caused by delay, non delivery, non payment or underpayment of any payments sent through the Service, or any breach by You of any representation or warranty made by You herein.
Privacy and Data Protection
Any personal data You supply to Us will be processed and handled in accordance with the relevant legislation of the Kingdom of Bahrain and will be used for the purpose of performing our obligations and for other legitimate purposes as permitted by the legislation.
We will protect the confidentiality of Your personal information, account information and communications to the fullest extent possible and consistent with the legislation. To protect the loss, misuse, and alteration of information that is collected from You, We have appropriate physical, electronic, and management procedures in place.
The records relating to Your business with Us will be kept for a period of 5 years and You have a right to obtain copies of these records.
You are authorizing Us to store personal information provided at the registration, certain data of the transaction history and information. And to use the information for the purpose of market analysis, marketing and for statistical purposes. We will not share any sensitive data with any third party.
When you use our Service, we collect and store your personal information provided by you from time to time. We do so to ensure that You are provided a safe, efficient, smooth and seamless experience. This also allows Us to understand Your needs and provide for services and features that best suit You. Also, the collection of such information is to provide for customizations on our Application and to ensure that Your experience is always safer and easier.
If you choose to transact on our Application, we will collect information about your transaction behavior. We collect some additional information, such as details of the beneficiary, location, etc. which may be used for providing better experience to You while using the Application, along with marketing and statistical purposes.
We may use the information obtained in order to detect, protect and prevent against error, fraud and other criminal activity and to enforce our terms and conditions which are condition precedent to use the App.
These Terms and any transaction concluded under these Terms shall be read and interpreted according to the laws applicable in the Kingdom of Bahrain and we hereby submit to the jurisdiction of the courts in the Kingdom of Bahrain, of which shall have the competent jurisdiction to hear any dispute arising thereof or related thereto.
For consumer inquiries or comments please write to:
Bahrain Financing Company
Attn: Customer Service Centre
P.O. Box 243
Kingdom of Bahrain
Tel: +973 17228888
Licensed by the Central Bank of Bahrain as a Money Changer.