Empire Trade USA EIN 98-0544113 (as USA 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 USA.
Fees and Charges
Trade Credits will be referred to as an ETX Credit or Trade dollar. The use of the $ (official designation for the American dollar) will be deemed to accurately represent the value in American dollars for the purpose of taxation and value of trade transaction. T$ represents Empire Trade dollars or ETX Credits. All values are in American dollars only. Fees and charges are non refundable.
COMPULSORY FEESMembership Fee
A one off fee of $199.00 cash (plus TAX) is payable to the National Agent on joining Empire Trade and must accompany the Application for Membership. Payment can be made by cash, cheque or credit card.
Goods and Services Purchase Fee
A cash fee equal to 5.00% (incl TAX) of the Empire Trade portion of any purchase transaction on goods and services is payable to the Exchange 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) at least 24 hours prior to finalisation of the transaction.
Real Estate/Contractual Transaction Fee
A cash transaction fee equal to 6.00% (incl TAX) of the Empire Trade credit portion of any Real Estate or contractual transaction is payable to the Exchange.
Administration FeeA monthly cash fee of $10.75 (TAX incl) per membership account is payable to the National Agent.
A cash fee of $4.30 (incl TAX) will be payable monthly, unless Empire Trade 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 TAX) facility administration cash fee will be payable 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 Faciity Administration Fee are received by the National Agent.
International Transaction Fee
An additional 1% (plus TAX) cash fee will be payable to ETX Administration Pty Ltd on the Empire Trade dollar component of all international transactions. This fee covers costs and charges associated with an international transaction and is paid by direct debit from the member's nominated bank account or credit card.
Bad Debt Reserve Contribution
A Bad Debt Reserve contribution of four trade dollars ($4) per month will be payable to E Banc Trade Management Inc (31162 Vanuatu) and will be deducted from a trading member’s account to fund bad debts in Trade Credits within the Exchange.
How to Trade
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 below T$3,000.00 can be completed immediately online. The Buyer simply selects “Buy” under the “Transactions” heading, completes the requested information (both Buyer and Seller details), and notes the transaction authorisation number issued on the screen. This is your record that the transaction has taken place and guarantees transfer of the funds from the Buyer’s account to the Seller’s account. The Seller is also given this number as a record of their transaction. Online members can view their statement of account and transaction history at any time from this Members’ Login site. Computers are made available at Empire Trade offices for members to access their account details and current membership directory. This service is free of charge.
Your Empire Trade cheque book operates in a similar way to your regular bank cheque account.
As a Buyer, simply complete your cheque slip with the required information, and exchange it for the goods or services you have purchased. Ensure you have enough funds in your Empire Trade account to cover this purchase. You will be required to pay to the National Agent an amount in cash equal to 5.00% % (incl TAX) of the T$% component of the purchase of the goods or services within 7 days of the transaction.
As the Seller, you will need to have the transaction authorised when it is T$200.00 or above. Simply call +1 760 327 0807 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.
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.