What is a funds transfer agreement?

<span data-sheets-value="{"1":2,"2":"A funds transfer agreement is a document that is made by a financial institution and signed by the customer to give confirmation of the amount that is to be transferred, and the name and account number of the person receiving the money. Generally speaking, you can give confirmation to a financial institution of a funds transfer through phone, email, or fax."}" data-sheets-userformat="{"2":15105,"3":{"1":0},"11":4,"12":0,"14":{"1":2,"2":0},"15":"Montserrat","16":8}">A funds transfer agreement is a document that is made by a financial institution and signed by the customer to give confirmation of the amount that is to be transferred, and the name and account number of the person receiving the money. Generally speaking, you can give confirmation to a financial institution of a funds transfer through phone, email, or fax.

How do you write a payment agreement between two parties?

<span data-sheets-value="{"1":2,"2":"Your payment agreement should mention the following details: term, transfer fee, money transfer instructions, authorization to transfer, indemnification, communication, governing law, acceptance, and details about security and authenticity. End the agreement with the signatures of both parties."}" data-sheets-userformat="{"2":15105,"3":{"1":0},"11":4,"12":0,"14":{"1":2,"2":0},"15":"Montserrat","16":8}">Your payment agreement should mention the following details: term, transfer fee, money transfer instructions, authorization to transfer, indemnification, communication, governing law, acceptance, and details about security and authenticity. End the agreement with the signatures of both parties.

What are the documents required for money transfer?

<span data-sheets-value="{"1":2,"2":"For money transfers, you need a money transfer agreement. You may also need other documents depending on the state/country you live in (and the number of documents required may increase as the amount of money increases). Some other important documents during money transfer are a passport, driving license and/or acceptable form of ID, proof of address, account information, etc."}" data-sheets-userformat="{"2":15105,"3":{"1":0},"11":4,"12":0,"14":{"1":2,"2":0},"15":"Montserrat","16":8}">For money transfers, you need a money transfer agreement. You may also need other documents depending on the state/country you live in (and the number of documents required may increase as the amount of money increases). Some other important documents during money transfer are a passport, driving license and/or acceptable form of ID, proof of address, account information, etc.

MONEY TRANSFER AGREEMENT TEMPLATE

CREATED BY:

[Sender.FirstName][Sender.LastName][Sender.Company]

PREPARED FOR:

[Client.FirstName][Client.LastName][Client.Company]

This money transfer agreement is entered as of Agreement.CreatedDate by and between [Sender.Company], the Provider, and [Client.Company], the Client.

WHEREAS, the Client wishes to utilize the Provider’s money transfer services to electronically transfer funds, and the Provider wishes to provide such services under the terms of this money transfer agreement,

NOW, THEREFORE, in consideration of the terms and conditions outlined herein, the parties to this money transfer agreement agree to the following:

A. Term

This money transfer agreement shall begin on the date indicated above, and continue until formally terminated by either party in writing. Termination of the agreement shall not cancel or impact either party’s rights as they are outlined in this money transfer agreement.

B. Transfer Fee

The Provider shall, in accordance with Federal Law, deduct service fees from the transferred amount. The Provider agrees to notify the Client of such fees prior to initiating a money transfer, and reserves the right to change or alter fees with notice to the Client.

C. Money Transfer Instructions

All wire transfers must be initiated no later than Transfer.CutoffTime in order to be sent the same day. Transfers initiated after that time will be sent on the following business day.
The Client may initiate wire transfers in person, via telephone, or online at Sender.Website.
The Provider may, at it’s discretion, take steps to verify the authenticity of a money transfer request prior to initiating the transfer.
The Client is responsible for providing accurate information when initiating a money transfer.

D. Security & Authentication

The Client agrees to comply with all security protocols and authentication requests made by the Provider. These protocols and requests may include the following:

Unique username and password login for online transfers
Government-issued identification for in-person money transfer requests
Passwords, security questions, or other unique identifiable information for over-the-phone money transfer requests

If the Client is unable to provide acceptable assets or information in response to security or authentication requests, the Provider reserves the right to refuse service.

E. Authorization to Transfer

The Client authorizes the Provider to make electronic fund transfers from the Client’s accounts to accounts listed on money transfer requests.

F. Money Transfer Cancellation

Money transfer requests may not be cancelled once they are submitted. The Provider may, at their discretion, attempt to cancel a transfer at the Client’s request, but cannot guarantee success in such efforts if a transfer has been duly authorized and submitted.

G. Indemnification

The Client assumes total responsibility for the accuracy of all money transfer requests. The Provider shall in no case be held liable for loss or damage if a money transfer has been executed in good faith in accordance with the Client’s request. The Client agrees to indemnify and hold the Provider harmless against any and all claims or loss or damage resulting from the Provider’s good faith actions on the Client’s behalf without limitation.

H. Communications

Use the text fields in this section of the money transfer agreement template to list the client’s contact information.

The Provider shall communicate with the Client via phone, email, and physical mail as follows:

Phone: [Client.Phone]

Email: [Client.Email]

Address: [Client.StreetAddress][Client.City][Client.State][Client.Country][Client.PostalCode]

I. Governing Law

This money transfer agreement shall be governed by Article 41 of the Uniform Commercial Code and the Laws of the State of Sender.State. All money transfer requests shall be held in compliance with the regulations of Sender.Company.

J. Amendments

The Provider reserves the right to modify or alter this agreement at any time with prior written notice to the Client.

Acceptance

IN WITNESSS WHEREOF, the below listed parties hereby enter into this money transfer agreement and agree to enforce and uphold it’s terms and conditions so long as it remains in effect.

[Sender.Company]

[Client.Company]

Signature

MM / DD / YYYY