1. Definitions and interpretations
Unless the context requires otherwise, the following words and expressions shall have the following meanings:
"Business Day"any day, save and except for Saturday, Sunday and Public Holiday, in Malaysia on which the banks are open for business;"Confidential Information"any non-public information relating to Moneywave, its Platforms, Services, or its Users, disclosed to the User in any form;"Financial Processing Exchange" or "FPX"a national online payment gateway that was developed in collaboration with financial institutions;"IP Address"a unique numerical label assigned to every device connected to a network, enabling data routing across the internet;"Moneywave" or "Moneywave Sdn. Bhd."a company licensed by Bank Negara Malaysia to carry out currency exchange and remittance businesses and incorporated under the laws of Malaysia with company number 199401041877 (327565-T);"Moneywave Failure"means Moneywave's failure to honour an authorised transaction, including:- (a) Moneywave system errors;
- (b) Moneywave service provider failures; and
- (c) Moneywave correspondent agent failures to disburse;
"Non-Resident"citizens and residents of other countries apart from Malaysia;"Platforms"collectively, Moneywave's Website, mobile application, over-the-counter branches and other digital or physical delivery channels through which the Services are made available or accessible;"Service Charge"the fee that Moneywave charges the User for each remittance instruction the User made. Moneywave reserves the right to change this fee at any time;"Services"currency exchange and remittance services provided by Moneywave and made available through the Platforms;"Terms"refers to this Terms and Conditions of Moneywave which are subject to and must be read together with all applicable laws of Malaysia, including but not limited to:- (a) Financial Services Act 2013 (FSA 2013);
- (b) Money Services Business Act 2011 (MSBA 2011);
- (c) Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLATFPUAA 2001);
- (d) Bank Negara Malaysia Foreign Exchange Policy Notices (FEA Notices);
- (e) Unclaimed Moneys Act 1965;
- (f) Personal Data Protection Act 2010 (PDPA 2010); and
- (g) Any directives, guidelines, standards or circulars issued by BNM;
"User", "you" or "your"any person (including individuals, companies, or authorised representatives) who accesses, browses, uses, or attempts to use the Platforms or Services, whether registered or not; and 2. Eligibility
2.1 To use Moneywave's Services, the User must be at least eighteen (18) years old, of sound mind and in the capacity to establish legally binding agreement and not be disqualified from doing so by any applicable law in Malaysia to enter into a legally enforceable agreement.
2.2 Moneywave may require at any time that you provide evidence of your age.
2.3 If you are not a consumer, you confirm that you have authority to bind any business or corporation on whose behalf you use our Platforms or Services, and that business or corporation accepts these Terms.
2.4 When utilising the Services, a Non-Resident User acknowledges awareness of and agrees to comply with all laws and regulations of Malaysia.
3. Account management
3.1 During the process of setting up the User's account, you are required to provide a valid email address, phone number, security phrase and password. Moneywave may, at any time and at its sole discretion and in line with the applicable laws, conduct "Know-Your-Customer" checks on you or your authorised third party or representative, either online or offline, which may include contacting you for a site visit.
3.2 All information you provide during the set up and registration process or any time thereafter must be accurate, complete and truthful. You must also update this information whenever it changes.
3.3 It is the User's responsibility to keep all passwords secure, as well as to monitor any transactions made using your credentials. In the event that the User's login details are used without your permission or if any other security breach occurs, the User must notify Moneywave immediately. Moneywave will take the necessary action in response to such unauthorised use but disclaims all liability for any losses resulting from this unauthorised use.
3.4 Moneywave reserves the exclusive right, at its sole and absolute discretion, to revoke the User's registration, deny access to the Services, and deactivate the User's account on its Platforms at any time without assigning any justification.
4. Service charge and foreign exchange
4.1 The User shall be responsible for all fees related to the Service Charge for each transaction processed through Moneywave. The applicable Service Charge is populated during creation of the transaction in the system.
4.2 Moneywave may set and apply its dealing spread between its buying and selling rates for currencies. The exchange rates offered to User are derived from the prevailing market exchange rate at the time the transaction is executed and adjusted to reflect the applicable spread. Exchange rates are not fixed and may fluctuate throughout the day based on the market conditions. The final applicable rate will be displayed to the User before the User authorised the transaction.
4.3 If an incorrect exchange rate is applied due to technical or system error, Moneywave may take the following actions:
- (a) Remittance Transactions
If the error occurs prior to transmission of funds to the recipient, within seven (7) days from the date of cancellation requested by the User, Moneywave shall promptly notify the User and either (i) refund the principal amount paid, or (ii) apply the correct rate subject to the User's consent. If funds have already been transmitted, Moneywave shall use reasonable endeavours to effect reversal of the transaction, subject to the User's full cooperation. - (b) Currency Exchange Transactions
Moneywave may refuse or cancel the exchange prior to execution and provide a full refund of funds tendered within seven (7) days from the date of cancellation requested by the User. If the exchange has been completed, Moneywave shall use reasonable endeavours to reverse the transaction with the User's cooperation. Moneywave shall not be liable for any indirect, consequential, or anticipated losses, including but not limited to losses arising from market movements or timing delays.
4.4 You are responsible for any taxes which may be due by you, because of your use of our Services. It is your responsibility to collect, report and pay the correct tax to the appropriate tax authority.
4.5 All Services and fees provided by Moneywave are exclusive of any applicable Sales and Service Tax ("SST") or other indirect taxes under Malaysian law. Where Services are subject to SST, the User shall pay such SST to Moneywave in addition to the agreed fees, unless Moneywave notifies the User otherwise in writing.
4.6 If the User owes any amounts to Moneywave, Moneywave may immediately deduct such amounts from the User's wallet or account balance (if available). If insufficient funds exist, Moneywave reserves the right to recover the debt by:
- (a) deducting from any subsequent payments or credits received into the User's account;
- (b) requiring reimbursement through other means nominated by the User; or
- (c) pursuing such other remedies as may be available to Moneywave at law or in equity.
5. Unsuccessful transfer and refund
5.1 Once a transaction order has been submitted, it generally cannot be amended or cancelled. Cancellation requests submitted by the User are not guaranteed and will only be considered if received in time to be processed before Moneywave executes the transaction.
5.2 In the event of any unsuccessful transfer, Moneywave will promptly notify the User and refund the transfer amount to the User's original payment method (including the original bank account) where possible, excluding any applicable Service Charge, bank fees or losses resulting from unfavorable exchange rates borne by Moneywave. Refunds shall be processed within:
- (a) seven (7) days from the date the cancellation requested by the User if the unsuccessful transfer results from Moneywave Failure; or
- (b) twenty-one (21) days from either the date of the cancellation request is received or the date Moneywave notifies the User of the Unsuccessful Transfer, whichever is earlier, in all other cases.
5.3 A transfer is considered unsuccessful under, but not limited to, the following conditions:
- (a) transactions declined by payment processors or banks; or
- (b) transactions rejected due to compliance or regulatory issues.
6. Prohibitions and restrictions
6.1 The User is strictly prohibited from using the Services in any manner that infringes upon applicable laws, denies other User's rightful access, resells or redistributes the Services, transmits harmful software or content, or attempts to breach the Platforms' security systems. This includes unauthorised modification, reproduction, or commercial use of any materials obtained through the Platforms.
6.2 The User is responsible for complying with all relevant laws, including local regulations and network policies, when accessing and using the Services. Moneywave disclaims any liability arising from the User's failure to adhere to these prohibitions and restrictions.
6.3 Moneywave is not a currency trading platform and does not facilitate speculative foreign exchange trading. User shall not use the Services for:
- (a) repeated buy/sell cycles solely to profit from short-term foreign exchange fluctuations;
- (b) creating orders or auto-conversions without genuine remittance or investment intent; or
- (c) circumventing transaction limits or regulatory requirements.
Moneywave may detect such activity via transaction patterns and, at its sole discretion: limit volumes, cancel orders, suspend accounts, or recover speculative gains. Legitimate investments and single-use alerts remain unaffected.
6.4 No financial advice provided. Financial literacy tools, smart alerts and foreign exchange education are provided solely for legitimate and informational purposes. User must seek independent professional advice.
7. Moneywave's rights
7.1 Amongst other rights as set out in these Terms, Moneywave reserves the right to:
- (a) refuse, restrict, suspend or delay any transactions or payments initiated by the User, including but not limited to cases involving suspected fraud, compliance risks, insufficient verification or any other circumstances deemed necessary by Moneywave to protect its interests, systems or third parties;
- (b) remove, edit, suspend, or disable any content, data, materials, features or services from its Platforms at any time, without prior notice and without assigning any reason thereof;
- (c) monitor, review, and audit User activities, communications, and data on the Platforms for compliance, security or operational purposes, with the right to retain such records as required by law;
- (d) suspend or terminate any User's access to Services immediately upon detection of any breach of these Terms, without liability;
- (e) modify, update or discontinue any part of the User's Services at any time, with or without notice;
- (f) impose limits on transaction volumes, frequencies or amounts per User or account as deemed appropriate;
- (g) request additional information or documentation from User to verify identity, source of funds or compliance status, and suspend Services until provided;
- (h) block IP Addresses, devices or accounts associated with prohibited activities or high-risk behavior;
- (i) reject or reverse any transaction that violates internal risk policies or external regulatory requirements;
- (j) enforce security measures, including multi-factor authentication or transaction holds; and
- (k) exercise any other remedies available under these Terms or at law in case of User's default.
7.2 Moneywave shall use reasonable endeavours to ensure Services remain available. However, Moneywave does not guarantee continuous or uninterrupted availability. Moneywave reserves the right to suspend, withdraw, discontinue, or modify all or any part of the Services at any time without prior notice, including for maintenance, regulatory compliance, or system upgrades. Moneywave shall not be liable for any unavailability, suspension, or modification of Services.
8. User's representations and warranties
8.1 The User guarantees that all personal information submitted to Moneywave is truthful, accurate and up-to-date, and agrees to promptly update Moneywave of any changes.
8.2 The User covenants not to furnish Moneywave with any false, misleading, exaggerated or deceptive information in any form, including but not limited to user profiles, transaction details, identity documents, or financial statements nor shall the User fail to disclose any adverse information, changes in circumstances, or other material particulars that a reasonable person would consider relevant to the services provided by Moneywave.
8.3 You are liable for all activities conducted under your username and password, including unauthorised use by third parties, and agree to indemnify Moneywave against any resulting losses. Logging out after each session is mandatory to maintain account security.
8.4 The User undertakes to keep the Confidential Information strictly secret and confidential at all times. The User shall not use, divulge, disclose, or communicate such Confidential Information to any third party or person (except as strictly required by applicable law, court order, or any competent legal or regulatory authority, and only after providing prompt notice to Moneywave where legally permissible).
8.5 The User shall use all reasonable endeavours to prevent the unauthorised publication, disclosure, or dissemination of any Confidential Information. The User shall use the Confidential Information solely for the purposes of proposing, evaluating, considering, or executing transactions through Moneywave's Services, and for no other purpose whatsoever.
8.6 The User's confidentiality obligations under these Terms shall survive indefinitely, even after the User ceases to use, access, or be a registered user of Moneywave's Website, mobile application or Services, and shall remain binding for as long as the Confidential Information retains its confidential nature.
8.7 The User accessing the Services from outside Malaysia is responsible for compliance with applicable foreign laws, as Moneywave assumes no liability in such cases.
8.8 The User must provide accurate information regarding transaction details, including but not limited to the source and purpose of remittance funds. Moneywave relies on this information and disclaims liability for issues arising from incorrect or incomplete data. Service Charges apply even when transactions fail or are canceled due to User's errors.
8.9 To use the Services, User must maintain active banking facilities with Malaysian banks that support FPX, comply with all related agreements and fees, and acknowledge that Moneywave is not responsible for FPX services or network availability. Moneywave also reserves the right to impose transaction limits in accordance with Malaysian law.
8.10 The User shall not misuse Services by:
- (a) introducing viruses, trojans, or other malicious/technologically harmful materials;
- (b) attempting unauthorised access to Moneywave's Website, servers, computers, or databases; or
- (c) conducting any attacks or other harmful actions against the Website.
Any breach of this clause constitutes a criminal offence under the Computer Crimes Act 1997. Moneywave reserves the right to report breaches to law enforcement authorities, cooperate fully by disclosing User identity, and immediately terminate the User's access to Services without liability.
9. Limitation of liability
The Services are provided for User's personal use only. Unless otherwise stated in these Terms, Moneywave's total liability for any transaction shall not exceed the principal amount and the Service Charge paid. To the fullest extent allowed by law, neither Moneywave nor its employees, directors, or shareholders shall be held liable for any loss, damage, cost, or expense incurred by the User, whether directly or indirectly, in connection with the use of the Services, regardless of prior knowledge of such potential losses.
10. Disclaimer
10.1 The User acknowledges that accessing or using the Services is at your own risk and that the Services are provided on an "as is" basis. Given the inherent risks associated with electronic services, the availability of the Services may be interrupted due to scheduled maintenance, system failures, or other disruptions beyond Moneywave's control. Moneywave shall not be responsible for any loss or damage the User may suffer as a result of such interruptions and does not guarantee uninterrupted access, security, error-free operation, or freedom from viruses and other harmful elements.
10.2 You are solely responsible for configuring your information technology, computer programmes, and platforms to access Moneywave Services. The User must employ adequate virus protection software. Moneywave does not guarantee Services will be free from bugs or viruses.
10.3 Moneywave further disclaims liability for any losses or damages arising from third-party issues, including payments made to third-party providers, transmission of malicious software such as viruses or Trojan horses, links to external websites, communication failures outside of Moneywave's control, delays caused by internet service providers or software, and errors due to incomplete or inaccurate information submitted by the User or others.
10.4 While Moneywave strives to provide reliable Services, it does not guarantee that the features will meet the User's specific needs or that any defects or errors in the application, remittance services, network, or related content will be corrected.
10.5 Additionally, Moneywave reserves the right to refuse or terminate Services without prior notice if necessary to comply with legal, regulatory, or internal policy requirements, including measures to prevent fraud, money laundering, or terrorism financing. Moneywave may also suspend or modify the Services at any time without notice and disclaims all liability for data loss or failure to store or retrieve User data.
10.6 Except where it is mandated under the applicable laws of Malaysia, the information published on the Platforms is provided for general informational purposes only and does not constitute any financial advice, offers or disclosures relating to Moneywave's Services or products. While Moneywave endeavours to ensure that such general information is accurate and up to date, Moneywave makes no representations or warranties, whether express or implied, regarding its accuracy, adequacy, reliability or completeness.
11. Indemnity
By accepting these Terms and using the Services, the User agrees to indemnify and hold harmless Moneywave from and against any claims, losses, damages, liabilities, costs, or expenses — including legal fees on a full indemnity basis — arising from or in connection with any actual, potential, or threatened violation of these Terms of Services or any applicable laws and regulations, any improper use of the Services by the User, including infringement of Intellectual Property rights under these Terms and any infringement of the rights of third-party providers or business partners of Moneywave.
12. Force majeure
12.1 Moneywave shall not be held liable to the User for any delay in performance or failure to perform caused by events or circumstances beyond its reasonable control. Such events include, but are not limited to, acts of God such as fires, explosions, earthquakes, droughts, floods, accidents, war or threats of war, acts of terrorism, sabotage, insurrection, civil unrest or requisition, pandemics, epidemics, any government-issued emergency proclamations, interruptions to internet or electricity supply, legal or regulatory restrictions imposed by any governmental or local authority, and any other unforeseeable events which Moneywave could not reasonably have anticipated or mitigated despite exercising its best efforts.
12.2 In the event of any such uncontrollable circumstance, Moneywave may, in its unfettered discretion and without liability, either suspend all or part of its Services obligations for as long as the event persists (with corresponding extensions to any deadlines) or terminate services to the User forthwith via written notice, and Moneywave shall be free from any accountability for losses, damages, penalties, claims, fines, costs or expenses thereby incurred by the User.
13. Personal data
The User hereby consents to Moneywave collecting, storing, processing, disclosing, accessing, reviewing, and using the User's personal data, whether obtained directly from the User or from other sources, in accordance with Moneywave's Privacy Policy. The User acknowledges having read, understood, and accepted the Privacy Policy.
14. Intellectual property
These Terms do not grant the User any ownership rights, title, or interest in or to the Services or any related intellectual property. All trademarks, trade names, logos, images, design, layout, overall appearance of, software, platform, and other materials associated with the Services are the exclusive intellectual property of Moneywave. The User is expressly prohibited from copying, distributing, modifying, or creating derivative works of any part of the Services. Furthermore, the User shall not introduce any viruses, malware, or harmful code that may interfere with or disrupt the operation of the Services or associated networks. Use of the Services grants the User only a limited, non-transferable, non-exclusive license for access and use, and all intellectual property rights shall remain solely with Moneywave.
15. Anti-money laundering and counter terrorism financing (AML/CTF) compliance
15.1 All Services shall be subject to Moneywave's internal compliance checks relating to Anti-Money Laundering and Counter Terrorism Financing ("AML/CTF") laws, regulations and legal frameworks.
15.2 The User irrevocably authorises Moneywave and its authorised agents (if any) to perform customer due diligence measures, including verifying information about the User and conducting any investigation or compliance checks as Moneywave deems necessary under applicable laws and Moneywave's internal compliance policies.
15.3 Moneywave reserves the absolute right, without notice or liability, to accept, reject, terminate, suspend and/or request additional documents from the User at any time for AML/CTF compliance or any other lawful reason.
15.4 The User warrants compliance with all applicable AML/CTF laws and undertakes, upon request by Moneywave's compliance officers or any competent authority, to promptly provide all necessary information, records and supporting documents for investigations, audits or regulatory reporting.
15.5 The User must not use the Services for any illegal activities, including money laundering, terrorism financing or sanctioned transactions, and shall immediately notify Moneywave of any changes in User information that may affect risk assessments.
16. Miscellaneous
16.1 Waiver
No delay or failure by Moneywave in exercising any right, power, or remedy under these Terms shall be construed as a waiver of that right or remedy, nor shall any single or partial exercise of such right prevent further or additional exercises of the same or any other rights or remedies. All rights and remedies provided herein are cumulative and in addition to any rights or remedies available at law or in equity.
16.2 Survival
The User shall continue to be responsible for all duties and liabilities under these Terms that are intended by their nature to survive termination.
16.3 Notice
All communications to the User by Moneywave are deemed effective and binding upon delivery (or attempted delivery provided with proof) if such communications are made through the contact details (including email, phone number, registered address or in-platform telecommunications) provided by the User during sign up or as updated in the User's profile under these Terms. Moneywave may also elect, at its discretion, to deliver notices via alternative methods such as postal mail, push notifications or electronic means through the Platforms (including by posting on the Website), depending on the nature of the communication, urgency or specific circumstances. For the avoidance of doubt, Moneywave bears no liability for non-receipt due to outdated or incorrect User-provided information.
16.4 Governing Laws
The Terms herein shall be governed by and construed in accordance with the laws of Malaysia. In the event of any dispute, the User agrees that the dispute shall be submitted to the exclusive jurisdiction of the courts of Malaysia.
16.5 Variations
These Terms may be changed, altered, or amended by Moneywave at any time. Moneywave may also announce modifications to its Services and post those changes on its Platforms. Such modifications shall be deemed accepted by the User through your continued use of the Services provided by Moneywave after they have been posted. Notwithstanding the foregoing, any material changes (including changes as to fees, key rights or obligations) shall be notified to the User at least fourteen (14) days in advance via email or posting on the Platforms, and if the User does not agree to the changes and amendments, the User must stop and cease any use of the Services before the changes and amendments be implemented and take effect.
16.6 Severability
If any clause in these Terms is determined to be void or unenforceable, the meaning of that clause must be interpreted to the fullest extent permitted by law in order to make it enforceable. If no such interpretation is possible, the clause's voidness or unenforceability shall not affect the other clauses in these Terms.
16.7 Language
In the event where these Terms are provided in other language other than the English language, the User hereby agrees that the English version of these Terms shall take precedence.
16.8 Conflicts
In the event where any of the provisions of these Terms contradict with any other terms that appear elsewhere on the Platforms, these Terms, to the extent of such conflict, shall prevail.
16.9 Third Party Rights
Under these Terms, the only parties who have any rights, duties, or privileges are the User and Moneywave. Any provision of these Terms may not be enforced by a person who is not a party to this agreement.
17. Customer services
17.1 Moneywave values each and every customer and takes its commitments very seriously. Hence, Moneywave has set up a customer support unit accessible at
support@moneywaveonline.com and
+60 12-203 4534 to provide timely and effective support and resolve all complaints raised by its customers promptly.
17.2 All complaints received by Moneywave shall be acknowledged no later than the next Business Days. Thereafter:
- (a) In the event where the complaint concerns a simple case, Moneywave attempts to resolve the matter no later than five (5) Business Days from the date of receipt of complaint;
- (b) In the event where the complaint concerns a complex case, Moneywave attempts to resolve the matter no later than twenty (20) Business Days from the date of receipt of complaint;
17.3 In exceptional circumstances where Moneywave require longer periods, Moneywave may in its absolute discretion extend such period to a maximum of sixty (60) Business Days from the date of receipt of complaint, provided with written notice to the affected User. For example, where a third party fails and/or refuses to provide the relevant information or documents.
17.4 Moneywave shall provide progress updates to you at least once every ten (10) Business Days.
17.5 Upon determination of Moneywave, the final decision shall be communicated to you in writing.
17.6 Should you feel unsatisfied or disagree with Moneywave's decision, you may submit a complaint with Bank Negara Malaysia (BNM) by phone at 1-300-88-5465 or via the BNM's eLINK web form at
https://bnmlink.bnm.gov.my/?lang=en&type=complaint.
