Empire Trade Exchange Pty Ltd ABN: 51 123 948 630 (as Australia National Agent for ETX International) is hereafter referred to as the National Agent.
These trading terms are to be read in conjunction with the ETX International Trading Rules and form part of the conditions of membership of the Exchange specifically in Australia.
Fees and Charges
Trade Credits will be referred to as an ETX Credit or Trade dollar. The use of the $ (official designation for the Australian dollar) will be deemed to accurately represent the value in Australian dollars for the purpose of taxation and value of trade transaction. T$ represents Empire Trade dollars or ETX Credits. All values are in Australian dollars only. Fees and charges are non refundable. An immediate receipt number is issued when making payments.
COMPULSORY FEESMembership Fee
A one off fee of $595.00 cash (GST inclusive) is payable to the National Agent on joining Empire Trade and must accompany the Application for Membership. Payment can be made by cash, cheque, bank transfer, or credit card.
Goods and Services Service Fee (Transaction Fee)
A cash fee equal to 7.99% (incl GST) of the Trade component of any purchase transaction on goods and services is payable to the National Agent for amounts upto and including T$2999, this is payable within 7 days of the completion of the transaction in whole or in part. All transactions of 3,000.00 trade dollars and above require the submission of an Intention to Trade (ITT) Agreement (see below) and payment of fees in cleared funds at least 24 hours prior to finalisation of the transaction.
As of 1/12/2011 the Service Fee of 7.99% will be payable on earnings and not on purchases. Note members with a current account balance in credit prior to 1/12/2011 will also incur the service fee on this balance at the time of purchasing until these funds are spent.
Real Estate/Contractual Transaction Fee
A cash transaction fee equal to 5.5% (incl GST) of the Empire Trade component of any Real Estate or contractual transaction is payable to the National Agent.
Administration FeeA monthly cash fee of $16.50 (GST incl) per membership account is payable to the National Agent.
As of the 1/06/2012 Administration Fee will be charge annually on the 28th June. An annual cash Administration Fee of $199.00 per account for Standard Membership and $149 per account for Elite Membership.
A cash fee of $5.50 (incl GST) will be payable monthly to the national agent, unless national agent receives notification that the member will obtain their statement of account and updated Empire Trade Membership Directory via online facilities. Provision is made for members to access this information free of charge via online computers available for member use in Empire Trade offices.
Goods and Services Facility Administration Fee
A 1% (plus GST) facility administration cash fee will be payable to the national agent for a goods and services Facility Application for $T20,000 and over. The approved facility amount will not be deposited to the member's account until cleared funds in payment of the Facility Administration Fee are received by the National Agent.
Real Estate Line of Credit
The company shall, as its discretion, consider lines of credit for all financial members with regards to their company or business. The member may request this line of credit either from 1 of 2 facilities. Click Here for more details
International Transaction Fee
An additional 1% (plus GST) cash fee will be payable to Administrator on the Trade dollar component of all international transactions. This fee covers costs and charges associated with an international transaction and is collected by the National Agent on behalf of the Administrator.
Late Payment Fee
As of 1/12/2011 a $19 cash fee will be applicable for members who are over 30 days overdue in paying fees on their account. At its discretion Empire Trade may waive this fee if the member contacts the accounts department and pays their account in full, and/or goes on a direct debit payment facility. This fee can and will be charged on a monthly basis whilst the account remains overdue/ not paid in full.
Incentives, Rewards and Bonuses
Empire Trade can at its discretion, issue members with Empire Trade Dollars as incentives, rewards and bonuses from time to time. These incentives, rewards and bonuses will incur standard Service Fees.
Bad Debt Reserve Contribution
A Bad Debt Reserve contribution of forty-eight trade dollars ($48) per annum will be deducted from a trading member’s account to fund bad debts in Trade Credits within the Exchange.
From March 2012 all Empire Trade members will be paid interest on there accounts in the form of Empire Trade Dollars. This interest is calculated a 6.99% per Annum paid monthly and paid to all members with payments been made on 28th of the month. It is noted that the deposit of such interest into members account will incurr the standard service fee.
Such interest, is for the benefit of the members working towards a goal such as Real Estate investments. Further benefits include watching their Empire account grow and further spending opportunites.
How to Trade
As of the 1 March 2012 members trading terms must be between 50-100% unless prior approved. When contacting other members with the intention to trade, etiquette requires that you identify yourself as an Empire Trade member and agree to the trade percentage prior to purchase. Once you negotiate your purchase with another Empire Trade member you have the option to complete the transaction either online via the Internet, or via your Empire Trade cheque book.
Your online trade account operates similarly to your online regular bank facility. Access your account by selecting Members’ Login from the Empire Trade homepage on the web at http://www.empireXchange.com. Transactions can be completed immediately online. The Buyer simply selects “Buy” under the “Transactions” heading, completes the requested information (both Buyer and Seller details), and notes the transaction authorisation number issued on the screen. This is your record that the transaction has taken place and guarantees transfer of the funds from the Buyer’s account to the Seller’s account. The Seller is also given this number as a record of their transaction. Online members can view their statement of account and transaction history at any time from this Members’ Login site. Computers are made available at Empire Trade offices for members to access their account details and current membership directory. This service is free of charge.
Your Empire Trade cheque book operates in a similar way to your regular bank cheque account.
As a Buyer, simply complete your cheque slip with the required information, and exchange it for the goods or services you have purchased. Ensure you have enough funds in your Empire Trade account to cover this purchase. You will be required to pay to the National Agent an amount in cash equal to 7.99% % (incl GST) of the T$% component of the purchase of the goods or services within 7 days of the transaction.
As of 1/12/2011 you will no longer be required to pay to the National Agent an amount in cash equal to 4.95% % (incl GST) of the T$% component of the purchase of the goods or services. Any credit funds at this date will still incur the Service Fee on purchases until these funds are used.
As the Seller, you will need to have the transaction authorised when it is T$200.00 or above. Simply call 1800 675 092 for an authorisation number which must be included on the Buyer’s cheque slip. Confirm all the details have been completed correctly on the cheque slip before completion of the transaction. This cheque slip must be mailed or delivered to the National Agent within 7 days of the transaction. The trade credit amount is then credited to your account.
As of 1/12/2011 you will be required to pay to the National Agent an amount in cash equal to 7.99% % (incl GST) of the T$% component of the sale of the goods or services within 7 days of the transaction.
Members who are travelling overseas to countries where Empire Trade is established can contact their National Head Office to request a special International Empire Trade Cheque Book. For each cheque slip issued, the member must have $200.00 in credit in their account, and a direct debit authority must be established for the automatic payment of international transaction fees, or these fees can be prepaid.
Regardless of which country the member travels to, they simply complete each cheque slip in the currency of the country where they are purchasing, remembering to include the currency symbol, and gives the cheque to the seller, as they would in their home country.
The Seller is responsible for obtaining any authorisation required under their National Trading Rules.
Cheques must be forward to head office within 14 days of receipt. On the time of processing, the exchange rate is drawn from the reputable, live currency site, www.xe.com. In order to minimise the impact of fluctuations in the exchange rate, international cheques are valid for 3 months only from the date of issue. Where cheques are received after the 14 day period, any loss due to variation in the exchange rate may be carried by the seller.
Full details of the international transaction are displayed on the member’s statement of account which can be viewed online.