Money Transfer Terms of Service

(As of September, 2023)

This Agreement sets forth the terms and conditions governing your use of the Service and provides important disclosures required by law. The Service is offered by Sonali Exchange Co. Inc. These Terms of Service are generally between you (also referred to as “Sender" or "User") and Sonali Exchange Co. Inc. (also referred to as “Company,” “Sonali Exchange’’, “SECI”) each of which may rely on and enforce this Agreement. Please read this Agreement carefully. Use of the Service constitutes acceptance of these terms and creates an Agreement between you and SECI.

A.    General Consent; Categories of Records:
The Service is an electronic, Internet-based (Mobile App and Website) money transfer service (referred to as ‘’service’’). Therefore, you understand and agree that this Agreement will be entered into electronically and that, in accordance with applicable law, the following categories of information ("Communications") may be provided by electronic means:

  • This Agreement and any amendments and modifications will supplement this Agreement.
  • Your records of Payments and other transactions through the Service, including, without limitation, your history of Payments and e-mail confirmations of each transaction.
  • Any initial, periodic, or other disclosures or notices provided in connection with the Service, including without limitation those required by applicable law. This may include verification of information provided by you to Sonali Exchange Co. Inc. to ensure that all Payment requests comply with applicable laws and regulations.
  • Any customer service communications, including, without limitation, concerning claims of error or unauthorized use of the Service.
  • Any other communication related to the Service.

Although Sonali Exchange Company Inc. reserves the right to provide Communications in paper format at any time, you agree that it is not obligated to do so. All Communications in either electronic or paper format will be considered to be "in writing" and in accordance with applicable law. You may print a paper copy of this Agreement and any electronic Communication important to you and retain a copy for your records. Due to the concern of identity theft, Sonali Exchange Company Inc. will never obtain your personal information from you by e-mail or through any internet link. Such information will be faxed by you to Sonali Exchange Co. If you do not wish to receive this Agreement or the Communications electronically, you may not use the Service.
B.     Hardware and Software Requirements:
To access and retain Communications, you must have:

  • An Internet browser that supports 128-bit encryption, such as Netscape Navigator version 4.0 or above or Internet Explorer version 4.0 or above or Google Chrome or Firefox Mozilla
  • An e-mail account and e-mail software capable of interfacing with standard mail protocols.
  • An Android or iPhone or a personal computer or Laptop with an operating system and telecommunications connection to the Internet capable of supporting the foregoing.
  • Sufficient electronic storage capacity on your mobile phone or computer's hard drive or other data storage unit.
  • A printer capable of printing from your browser and e-mail software (if you feel necessary).

C.     Delivery of Electronic Communications:
Subject to applicable law, Communications may be posted on the Service's pages within the Sonali Exchange Company Inc. website or other website disclosed to you and/or delivered to the e-mail address you provide. All electronic Communications will be deemed to have been received by you no later than five (5) business days after Sonali Exchange sends it to you by e-mail or posts the Communication on the Sonali Exchange website, whether or not you have received the e-mail or retrieved the Communication from Sonali Exchange website. An electronic Communication by e-mail is considered to be sent at the time that it is directed by the Sonali Exchange email server to the e-mail address provided by you. When an electronic Communication is posted to the Sonali Exchange website, it will be considered as sent when it is publicly available. You agree that these are reasonable procedures for sending and receiving electronic Communications.

D.    How to Withdraw Consent:
If you wish to withdraw your consent to have Communications provided in electronic form, you must cancel/close any pending payments/ transactions and stop using the Service. To cancel / close pending Payments, you must use the system or direct email communication. As detailed below, you may cancel Payments only within specific time frames. There may be fees to cancel a Payment.

E.     How to Update Your Records:
You agree to promptly update your Service records if your email address or other information changes. You may edit your electronic documents. Please visit USER MANUAL for detailed information. If your Driver’s license or State ID expired, it is your responsibility to supply the up-to-date copy. At the same time, if you move to a State other than New York, New Jersey, Maryland, Georgia, Michigan or Florida, you are not eligible to use the online service.
A.    Description:
The Service (through mobile app and website) allows you, the Sender, to transmit money to individuals or businesses in Bangladesh using the Mobile App and its web version. You must download the app from the Google Play Store or Apple Store.

References in this Agreement: A "Recipient" is a person or entity to whom you are sending a Payment. All currency references are to U.S. dollars, although Recipients shall usually receive funds in local currency (BDT). All funds will be converted from U.S. dollars to local currency per existing conversion/ exchange rate before transmitting to the Recipient. The exchange rate will be posted on the Sonali Exchange Website and the Home page of the Mobile App. The exchange rate may change from time to time, depending on the market situation and offer rate of the corresponding Bank. Recipients may receive funds in US Dollars also, provided that Recipients maintain foreign currency account (FC Account) in US Dollars. However, withdrawal of funds shall be subject to the laws and rules of the recipient country.

B.    Eligible Users:
To use the Service, (i) you must register at the mobile app; (ii) you must be a natural person at least 18 years of age and able to form legally binding contracts under applicable law; (iii) you must have a postal mailing address (not a P.O. Box) in the United States and a valid and active e-mail address; (iv) you must have a valid deposit account (with Debit card facility), or Credit card with a U.S.-based financial institution, and (v) your mailing address must match the billing address for your deposit account. (vi) you must the resident of New York, New Jersey, Maryland, Georgia, Michigan or Florida State. The Service will verify the information provided to it and reserves the right to suspend your ability to use the Service if you do not satisfy these requirements. Only the residents of those states where Sonali is licensed are eligible to use this service.

C.    Registration:
The sender registers with the Service and initiates a transaction by logging on to the Sonali mobile app or website. The Sender enters the required information about himself and the Recipient, including the Bank-related information, per the registration form. Funds are then debited by Sonali Exchange or its authorized agent from the Sender's Debit / Credit Card. The system of Sonali and the processing service provider will process the transaction at the system's back end and will transfer the electronic transaction data to the recipient's Bank or MFS Account or will be ready for cash pickup through Sonali Bank PLC in Bangladesh.

D.    Funding your Payments:
You make a Payment by entering the required information requested on the Sonali Exchange app/website and agreeing to the following terms of this Agreement. You can make a Payment as follows:

  • Debit Card / Credit Card:

You must pay the funds for transmission to Bangladesh to Sonali Exchange through your Debit / Credit Card for using the mobile app service. Our card processor will send the data you entered in Sonali’s system to your Bank. Your Bank will confirm all relevant information and, upon their satisfaction, will approve the processing. All will happen in the back end and within a very short period.
You cannot initiate any transfer through ACH Payments and by cash or wire transfer.

E.     Processing Time:
Usually, the recipient in Bangladesh will receive his funds within 1-3 business days. However, it may have exceptions due to information errors, the availability of good funds in Sonali’s Account, local laws, and clearing system regulations applicable in the country in the recipient country. In those situations, the availability of funds in Bangladesh may be delayed, and the company will have no responsibility for the delay.

F.     Records:
You may access records of all Payments at any time the Service is available in the manner specified in the instructions in the used guide. You may get your transaction history from the app.

G.    Funds Availability:
The sender will be responsible and legally liable for any unavailability of funds in Sonali’s Bank Account within the stipulated time.  

H.     Refused or Unclaimed Payments:

  • Payment not processed: If an attempted payment through the Service is returned unpaid or charged back for any reason, you authorize Sonali Exchange Co. Inc., at its discretion, to hold the payment in Bangladesh. And you are legally bound to arrange the funds to Sonali's Account for releasing the transaction.  Sonali Exchange reserves the right to limit your use of the Service, including the number and amounts of Payments you initiate.
  • Payment is not Deliverable or Refused at the receiver's end: If a Payment is undeliverable, if the Recipient rejects it, or if the Recipient does not appear to pick up their cash within six months of the transaction, the transaction will be treated as canceled.

Generally, the funds will be returned to you minus a small fee. However, because of specific laws in Bangladesh, it may not be possible to produce an unclaimed or refused Payment to you if the funds have been converted into a local currency. If this occurs, you will be notified of the inability to deliver the Payment to the Recipient and will be allowed to designate a new Recipient in the same country. Sonali Exchange will then use its best efforts to direct that the funds be made available in the local currency to the new Recipient you designate. If a Payment is canceled, the sender will be notified by an e-mail describing the status of those funds, and you will have the option to get the refund of payment in U.S. dollars on the prevailing exchange rate at the time of repayment from Taka to U.S. dollars.

  • Canceling Payments:

Once transaction is successfully completed, there will be a 30 minutes waiting time to cancel that. After that, Senders do not have the right to cancel a transaction. Once the Recipient receives the Payment, you may not reclaim the Payment through the Service, regardless of any dispute you may otherwise have with the Recipient regarding a transaction to which the Payment relates. You agree to pursue any such claims directly with the Recipient and agree that Sonali Exchange is not responsible or liable in any manner for any claims you may have or any claims made against you by any person arising out of any dispute you may have with a Recipient.

J.     Fees:
At present, Sonali does not charge any fee from the Sender. However, when any price is applicable, Senders will be charged fees for each Payment, as set forth in the Service Fee Schedule. Fees will be subtracted from the amount you authorize to transmit to the Recipient. Confirming a transaction in accordance with the directions on the Sonali Exchange App signifies your concurrence with the current fee schedule. Fees are subject to change upon prior notice by any method permitted under this Agreement.

K.     Aggregate Limits and Geographic Limits on the Use of Service:
The use of the Service has some limitations.  You can transfer only $3,000.00 in a single transaction. Also, you can transfer a maximum of $8,000.00 within 30 days.  Users cannot maintain multiple online accounts through Sonali Exchange Co. Inc. For purposes of these limitations, Sonali Exchange will aggregate funds from the same deposit account, regardless of the User's name. Moreover, funds initiated from the same address or received at the same address are subject to aggregation and these limitations. Sonali Exchange Co. Inc. reserves the right to change the previous limits. For your instant reference, the states are New York, New Jersey, Maryland, Michigan, Georgia, and Florida.

L.     Consumer Reports:
User agrees that consumer reports may be obtained for using the Service. Upon the User's request, Sonali Exchange will inform the User as to whether such a report was requested and, if so, the name and address of each agency that requested such a report will also be communicated.

In case of errors or questions about your electronic transactions, write to Customer Service at as soon as possible. If your online transaction history needs to be corrected or if you need more information about a transfer listed in your online transaction history, please

  • Tell your name, user ID, and Service transaction receipt numbers for the items in question to customer service at 212-808-0790.
  • Describe the error or transfer you are unsure about, and explain as clearly as you can why you believe it is an error or why you need more information.
  • Tell Customer Service the dollar amount of the suspected error.

Sonali Exchange Co. Inc. must hear from you ten (10) days after the transaction date. Sonali Exchange will determine whether an error occurred within ten (10) business days after it hears from you and will correct any error promptly.
For new account errors, Sonali Exchange may take up to ninety (90) days to investigate your complaint or question.
Sonali Exchange Co. Inc. will tell you the results within three (3) business days after completing its investigation. If the company decides there was no error, the company will send you a written explanation via e-mail. You may obtain copies of documents used in the investigation for a fee.

  • Password Protection:

To access the Service, you must use your user ID and password, which Sonali Exchange Co. Inc. adopted for your security. You agree that your password has the same effect as your written signature and can be used to authorize Payments. You agree not to divulge your password to anyone else and not to use another person's user name or password. If, notwithstanding the preceding prohibition, you give your password to another person, you will be deemed to have authorized them to use that password for any and all purposes, without limitation. You agree that Sonali Exchange will not have any responsibility or liability to you or any other person for any losses or damages that you or anyone else may suffer if you disclose your password to any other person, including any losses or damages arising out of the disclosure of this information by the recipient to another person.

  • Your Liability for Unauthorized Payments:

Inform Sonali Exchange, AT ONCE, via email at, if you believe that your password for the Service has been lost, stolen, or compromised in any way or that someone has transferred or may transfer money without your permission. E-mailing Sonali Exchange is the best way to decrease possible losses and stop an unauthorized person from accessing your debit or credit card accounts.

A.   Your Financial Obligations:
If a transaction used to fund a Payment is reversed or you initiate a chargeback, you promise to pay any negative balance immediately. You authorize Sonali Exchange Company Inc., without notice to you, to charge the debit card you have used to fund your Payment in the amount of any such negative balance. Sonali Exchange also has the right to collect from you the amount of any uncollected or reversed Payment, plus any collection expenses, court costs, and reasonable attorneys' fees. You agree to hold Sonali Exchange Company Inc. harmless from any losses, costs, expenses, or damages you may incur in collecting any negative balance or defending any of the foregoing actions, including court costs and attorneys' fees. You acknowledge that transactions may be reported to a collection agency or credit bureau if you do not pay Sonali Exchange Co. Inc. in accordance with this Agreement. If Sonali Exchange makes any Payment without receiving sufficient funds, it shall not create any obligation on the part of Sonali Exchange Co. Inc. to make any such Payment in the future.

  • Your Obligation to Provide Complete and Accurate Information:

You represent and warrant that all information you provide to Sonali Exchange Co. Inc. in connection with the Service, including but not limited to your application information and all data entered in connection with any Payment or other transaction, will be complete and accurate in all respects. Sonali Exchange is entitled to rely on any information you provide, and you agree to update your personal information if it changes. Sonali Exchange also reserves the right to take steps to verify the information you provide. IF YOU PROVIDE FALSE INFORMATION, YOUR ABILITY TO USE THE SERVICE MAY BE TERMINATED, AND ANY PENDING PAYMENTS MAY BE CANCELLED. IN ADDITION, YOU MAY BE SUBJECT TO CIVIL AND CRIMINAL PENALTIES. Furthermore, you represent and warrant in connection with any Payment that:

    • The payment information, including the name, address, and e-mail address (if appropriate) of the Recipient, is accurate,
    • You have the authority to access the Bank account from which your payment is being initiated, and such account has a sufficient balance to complete the requested transaction;
    • The method for funding your Payment (e.g., deposit account at a depository institution) has a sufficient balance to make the Payment and
    • The payment is lawful. You are solely responsible for ensuring that the Payment has been addressed to the correct Recipient at the right address. DO NOT SEND A PAYMENT IF YOU ARE UNSURE OF THE RECIPIENT'S ADDRESS. Sonali Exchange is not responsible for payments made to unintended recipients caused by incorrect information provided by you. Moreover, Sonali Exchange is not responsible for verifying the identity of Recipients.
  • Indemnification:

You agree to indemnify and hold Sonali Exchange Company  Incorporated., its shareholders, subsidiaries, affiliates, directors, officers, employees, agents, suppliers, and subcontractors harmless from any claim or demand, including but not limited to reasonable attorneys' fees, made by any third party due to or arising out of your use of the Service.

  • Disclaimers and Warranties:


  • Liability and Limitations:

If, after receiving a timely, complete, and accurate Payment request, a Payment is not completed in the correct amount, Sonali Exchange Company Inc. will be liable only for your proximately caused actual damages as set forth below, to the extent required by applicable law. Without limiting the generality of the preceding sentence, Sonali Exchange Company Inc. will not be liable if (i) through no fault of Sonali Exchange  the deposit account from which you wish to transfer funds is not open or does not have a sufficient available balance to make the Payment or funds transfer; (ii) you attempt to transfer funds in excess of the transaction limits set forth in this Agreement; (iii) the Service was not working properly and you knew or had been advised about the malfunction before you completed the transaction; (iv) you did not follow all Service instructions properly; (v) Sonali Exchange Co. Inc., does not correctly receive your instructions due to a telecommunications failure or otherwise;(vi) you provided an incorrect address for the intended Recipient; (vii) you improperly cancelled the Payment; (viii) the account you have designated to fund the Payment(s) has been closed or suspended for one of the reasons set forth in this Agreement, is invalid or you are not authorized to access such; (ix) a Recipient has refused to accept a Payment (x) circumstances beyond Sonali Exchange Co. Inc's control prevents any Payment from reaching the Recipient or (xi) upon the occurrence of any other facts representing an exception to Sonali Exchange’s liability as stated in this Agreement.

If Sonali Exchange is deemed liable to you in connection with any Payment or other transfer of funds made or not made in accordance with this Agreement, in that case, the maximum aggregate liability of Sonali Exchange shall be the amount of the Payment or transfer, without interest, unless otherwise required by applicable law. YOU EXPRESSLY UNDERSTAND AND AGREE THAT SONALI EXCHANGE SHALL NOT BE LIABLE FOR ANY DIRECT, INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL, OR EXEMPLARY DAMAGES, INCLUDING BUT NOT LIMITED TO DAMAGES FOR LOSS OF PROFITS, GOODWILL, USE, DATA, OR OTHER INTANGIBLE LOSSES, EVEN IF SONALI EXCHANGE COMPANY INC., HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.


A.    General Information:
This Agreement constitutes the entire agreement between you and Sonali Exchange regarding using the Service. It supersedes any prior agreements between you and Sonali Exchange to the extent that they might otherwise apply to the Service. Otherwise, any other agreements remain in full effect per their terms. You may also be subject to additional terms and conditions that may apply when you use related services or third-party software. This Agreement and the relationship between you and Sonali Exchange shall be governed by the laws of the State of New York without regard to its conflict of law provisions. You agree to submit to the jurisdiction of the State of New York courts. If any provision of this Agreement is found invalid by a court of competent jurisdiction, in that case, the parties nevertheless agree that the court should endeavor to give effect to the parties’ intentions as reflected in the provision and the other provisions of this Agreement remain in full force and effect. You agree that, to the extent any statute or law to the contrary may be modified hereby, any claim or cause of action arising out of or related to the use of the Service or this Agreement must be filed within one (1) year after such claim or cause of action arose, or it will be forever barred.

B.     Termination:
The Sonali Exchange Company Inc. reserves the right to terminate your ability to use the Service for any reason and may cancel any pending Payment. Suspension or termination may occur if, in Sonali Exchange sole determination (i) you have not adequately funded a requested transaction; (ii) you attempt to initiate a Payment from an account that does not belong to you;(iii) you use the Service, directly or indirectly, for any unlawful or improper purpose; (iv) you provide incorrect or false information about yourself, your accounts or about a Recipient; (v) you use or attempt to use the Service for tampering, hacking, modifying or otherwise corrupting the security or functionality of Sonali Exchange Co. Inc., or any other website; (vi) Sonali Exchange receives conflicting claims regarding ownership of, or the right to use, an account used to fund Payments; (vii) Sonali Exchange receives a garnishment, levy, or other legal process that affects Payment; (viii) you have breached a term or condition of this Agreement, or any representation or warranty that you make under this Agreement is false; or (ix) Sonali Exchange Co. Inc., determines, in its discretion, that you are no longer actively using the Service. You agree that Sonali Exchange will not be held responsible or liable to you, any Recipient, or any other person for such termination. Moreover, you understand that Sonali Exchange may report suspicious activity to appropriate law enforcement organizations.

To voluntarily terminate your ability to make Payments, you must access the Service and follow the corresponding directions. Upon the termination of your ability to make payments for any reason, all your pending Payment requests will be terminated. If you have no outstanding obligations with the Service, Sonali Exchange may credit any balance to the deposit account you used to fund Payments. Termination of this Agreement will not affect your liability related to acts or omissions before termination, including your liability for any Payment.

  • System Malfunctions:

Sonali Exchange is not liable for any loss resulting from a cause outside their direct control, including the failure of electronic or mechanical equipment or communication lines, telephone, internet, or other interconnection problems, computer viruses, “hacking," unauthorized access, theft, operator error, severe weather, earthquakes, natural disasters, strikes or other labor problems, wars, terrorist attack or government restrictions, or for any information lost due to malfunction or loss of any e-mail systems.

  • Changes to this Agreement:

This Agreement may be modified or amended by Sonali Exchange occasionally without notice, except as required by law. You can review the most current Agreement version anytime by checking the Service site. You may terminate your use of the Service if you do not agree with any modification or amendment. If you use the Service after the effective date of a revision or modification, you will be deemed to have accepted that amendment or modification. You agree that you will not modify this Agreement and acknowledge that any attempts by you to modify this Agreement shall be void.

  • Use of Information and Disclosure to Others:

The Privacy Policy describes Sonali Exchange Company Inc.’s policies regarding the disclosure and use of that information. Sonali Exchange may share your information with other third-party service providers under legal binding with the company to produce the service. You consent to have your name and e-mail address made available as identification to any Recipient or person to whom you have sent funds through the Service (refer to Privacy Policy for details).

  • Assignment:

You are not allowed to assign this Agreement to any other party. Sonali Exchange Company Inc. may assign this Agreement or delegate certain of their rights and responsibilities under this Agreement to third parties without notice to you.

  • No Waiver:

Sonali Exchange Company Inc. shall not be deemed to have waived any of its rights or remedies under this Agreement unless such waiver is in writing and is signed by the party alleged to have waived. Sonali Exchange Co. Inc.'s delay or failure to exercise or enforce any right or remedy in connection with this Agreement shall not constitute a waiver of such right or remedy or any other rights or remedies. A waiver on any occasion shall not be construed as a bar or waiver of any rights or remedies on any other occasion.

  • Business Days:

Some provisions of this Agreement refer to "business days." For purposes of those provisions, "business days" are Monday through Friday, excluding federal holidays in the United States, and Sunday through Thursday, excluding government holidays in Bangladesh. However, the Service is live for generating and processing transactions even on days that are not business days.

  • Arbitration:

Any controversy or claim arising out of or relating to this Agreement or the provision of services of Sonali Exchange shall be settled by binding arbitration following the commercial arbitration rules of the American Arbitration Association. Any such controversy or claim shall be arbitrated on an individual basis. The arbitration shall be conducted in New York City, and judgment on the arbitration award may be entered by any court having jurisdiction thereof. Either you or Sonali Exchange may seek any interim or preliminary relief from a court of competent jurisdiction in New York as necessary to protect the rights or property of you, the Sonali Exchange Company Inc. (or its agents, suppliers, or subcontractors), pending the completion of arbitration. You and Sonali Exchange shall sign all documents and do all other things necessary to submit any such matter to arbitration and further agree to submit to arbitration and abide by the decision rendered in arbitration.

You, the customer, are entitled to a refund of the money to be transmitted as the result of this agreement if Sonali Exchange does not forward the funds received from you within ten days of its receipt or gives instructions committing an equivalent amount of funds to the person designated by you within 10 days of receiving the funds from you if otherwise instructed by you.

If your instructions regarding when the funds shall be forwarded/transmitted are not complied with, and the funds still need to be forwarded/transmitted, you have a right to a refund.

If you want a refund, you must fax your written request to Sonali Exchange at 212-808-0791 or mail it to Sonali Exchange Company Inc., Attn: Customer Service Manager, 336, E 45th Street, 8th Floor, New York, NY 10017, USA. The Company will arrange the refund within ten days of your claim by check in the USA and mail the check to your residential address.


You have the right to notify us if you have any problems using our services. You can contact us using this document's e-mail address or contact information or our App and website’s home page. If the company fails to resolve your complaint related to this service satisfactorily, you may also contact the following:

  • New York residents: New York State Department of Financial Services, 1 State Street, New York, NY 10004, Phone: 800-342-3736,


  • Maryland residents: Commissioner of Financial Regulation, Attention Complaint Unit, 500 North Calvert Street, Suite#402, Baltimore, MD 21202, Phone: 888-784-0136
  • New Jersey residents: State of New Jersey Department of Banking and Insurance, PO Box 471, Trenton, NJ 08625-0471, Phone: 609-292-7272, Fax: 609-292-2431
  • Georgia residents: Georgia Department of Banking and Finance, 2990 Brandywine Road, Suite#200, Atlanta, GA 30341-5565, Phone: 770-986-1633
  • Michigan residents: Dept. Of Licensing and Regulatory Affairs, Ottawa Building, 3rd Floor, 611 West Ottawa Street, Lansing, MI 48933-1070, Phone: 517-373-6950  Fax: 517-335-0908 website:
  • Florida residents: Florida office of Financial Regulation, Division of Consumer Finance, Consumer Assistance Group, 200 E Gaines Street, Tallahassee, FL 32399-0370             Phone: 850-487-9687 Fax: 850-410-9663


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