Terms & Conditions

These terms and conditions are being published in order to facilitate transactions by the customers of Habib Overseas Bank Limited (hereinafter referred to as   “Bank”) by using  Inter Bank Fund Transfer Facility ( hereinafter referred to as IBFT).

Meanings of important terminology used in these terms and conditions are given below:

Customer shall mean a person(s) whether  natural or juristic who maintain an account with the Bank

“Site” shall  mean the Bank’s website named currently as  www.habiboverseas.co.za which name may be modified by the Bank from time to time.

“Password or Pin” shall mean the confidential code chosen by the customer according to the directions given on the Site which enables the customer to use IBFT.

These terms and conditions  apply to Bank’s customers who use IBFT, are legally binding on both the Bank and customers and will govern  use of the IBFT.

These terms and conditions also apply to any person(s) the account holder appoints to use IBFT services on his behalf  (e.g  to do transactions on his accounts).

The Bank reserves the right to change/alter the terms and conditions at any time. Any such change/alteration may be notified to you, in writing or by being published on the Site. These terms and conditions shall be in addition to and not in derogation of the terms and conditions that are applicable to any account that is maintained with the Bank.


(1) Secure User ID and Pin are provided by the Bank for those customers who are interested in  IBFT using Site.

(2) The Customer shall ensure that there is sufficient balance in the account  which is used for IBFT before requesting for a Fund Transfer. Should sufficient funds not be available to meet  customer’s request , the Bank will not act upon such request and will not  affect the transaction and consider such request as null and void without referring back to the Customer.

(3) The Customer understands that Inter Bank transfers may take up-to 2 business days.

(4) The Customer understands that in regard to the transfer request, neither the Bank nor the Correspondent(s) are responsible for any delay, mistake or omission however caused or mutilation arising in the communication of any kind whatsoever by the electronic system.

(5) The Customer understands that any request made through the Bank’s Site for Fund Transfer will bear the date and time of Bank`s main computer in South Africa.

(6) The Customer understands that all transactions processed through the Bank’s Site shall be subject to conversion to foreign exchange rates which are applicable on the Banking Business Day when the request was processed and not the Banking Business Day on which request was made or received. Foreign exchange rates displayed on the Site  at the time of receipt of the request by the Bank are indicative rates only.

(7) The customer understands that all currency conversion rates applied on Fund Transfer transactions issued through the Bank’s Site will be at the Bank`s discretion only and issued rate(s) will be binding on the customer for all purpose.

(8) The Customer understands that any service rendered through the Bank’s Site will be charged as per the Bank’s schedule of charges.

(9) The Customer understands that the Bank shall not be responsible for any erroneous payment to Account, Bank, Credit Institution and Credit Card, arising out of the wrong input of Name, Account, Bank’s Name, Branch, Credit Card Number etc by the Customer.

(10) The Customer undertakes to indemnify the Bank in respect of any overpayment resulting from such mistakes and authorizes the bank to make a direct debit to the customer’s account for such overpayment.

(11) The Customer understands and gives full freedom to the Bank to select the channel for  Fund Transfers, including, method of payment , and Correspondent Bank(s). The Customer further confirms and agrees to waive any right for holding the Bank responsible for any mistake or omission caused by or due to the Channel selected by the Bank and the Correspondent Bank(s).

(12) The Customer understands that the Bank will not be liable to the Customer if the Bank is unable to perform its obligation under this agreement due to (whether direct or indirect): –

            a)    The failure of any machine, data processing system or transmission line;
            b) Any period of essential maintenance, critical change, repairs, alterations to or  failure of computer system or
            c) Any industrial dispute beyond the Bank’s control.
            d) Strike, riots, and civil commotion or due to any natural catastrophe.

(13) The Customer undertakes not to disclose the Bank’s Site password and or the User name and or the Bank’s  user id/pin to any other person. In the event that this becomes known to someone other than the subscriber or the Bank’s user id/pin is lost, the Customer shall immediately inform the Bank.

(14) The customer hereby, irrevocably and unconditionally without any right or objection, accepts all debits arising from the use of the Bank’s  Site and the Bank user id/pin.

(15) The Bank`s record of any transaction processed by the use of the Bank’s Site and the Bank’s user id / pin shall be conclusive evidence of such transactions and binding on the Customer for all purpose.

(16) The Customer must take all reasonable practicable measures to ensure that any computer or device from which you access the Habib Overseas Bank Internet Banking is free of any computer virus or similar device or software including but not restricted to, device commonly known as software bombs, Trojan horse and worms (together “Viruses”) and is adequately maintained in every way. The HOBL Internet Banking can be assessed through the internet on personal computers or via public internet cafe over which we have no control. Customer must therefore ensure that any computer or other device you use to access the HOBL Internet Banking is adequately protected against acquiring viruses.

(17) Release: You hereby release and forever discharge Habib Overseas Bank Limited and its officers, Directors, Employees, Agents and Affiliates and their successors and assigns from any or all liability claims, counter claims, demands, set off, damages, or any other causes of action, which may accrue, whether known or unknown, arising out of or in any way relating to use of the site by you or involving your password specifically including but not limited to any claims based in whole or in part upon alleged negligence, in operating the site or otherwise relating to it.