TERMS & CONDITIONS FOR BUYING TRAVEL MONEY
Last updated 15th
July 2024 - Version 20240305.20240715
Definitions
"Company", "Travel FX Ltd" means Travel FX Ltd whose registered offices are
1st Floor, Jebsen House, Ruislip, Middx, HA4 7BD.
"Client / Customer" shall mean the person, firm or organisation to which
the Company provides services for the purchase or sale of currencies for
physical delivery only that uses these services having agreed to these
terms and conditions.
"Payment Date" means the date agreed at inception of the transaction
between the Client and the Company which is specified on the order when the
Client must deliver his funds to the Company to ensure that the Company can
attempt to meet the agreed Delivery Date for the Client's purchased
currency.
"Website" means the website from which the Company advertises and trades.
"Delivery Date" means the date which the client prefers to have the
currency funds he has purchased despatched to him.
"Business/Working Day" means from 9.30am to 4.30pm from Monday to Friday,
excluding Saturdays, Sundays and any Bank Holidays for the purpose of communication
and receipt of payments.
"Currency" means the currency purchased at the agreed exchange rate.
"Contract" means the formal contract entered into between the Client and
the Company for the foreign exchange transaction to buy/sell Currency at
the quoted exchange rate on the dates quoted and to make the payment set
out therein on and subject to these Terms and Conditions.
"Suspicious Transactions" means a transaction that raises "an unconfirmed
belief" where there are circumstances to suggest to a reasonable individual
that a person might be money laundering. It includes any activity which
does not fit with the normal course of business.
Document content
1. Money laundering regulations
2. Ordering and our contract with you
3. Payment
4. Refunds
5. Specific denominations
6. Delivery and responsibility
7. Substitution
8. Confidentiality
9. Indemnity
10. Cancellation
11. Exclusion
12. Complaints
13. Disclaimer
14. Copyright
15. Travel FX Limited Safeguarding Statement
16. General
17. Privacy
18. Jurisdiction
Agreement
By accessing, using or browsing the Website, or ordering Currency from the
Website you confirm that you are over 18 years old and have read and
understood these terms and conditions, and agree to be bound by them and to
comply with all applicable laws, rules and regulations.
1. Money Laundering Regulations
The Company is licensed for Bureau de Change business with H.M Revenue
& Customs under licence number XEML00000119581.
The Company reserves the right at all times to refuse to process any
Currency orders at any stage.
The Company has a legal obligation to report to HMRC and or National
Crime Agency any and all suspicious transactions.
The Regulations require the Company to monitor any unusual or suspicious
transactions of any size taking place where the company believes the money
is derived from illegal activity.
The Regulations also require us to keep full records together with copies
of identification provided (where obtained) of all transactions. Our Anti
Money Laundering policy may require us to select your transaction for
enhanced verification. We will attempt to electronically verify you however
should we be unsuccessful we will require documentation as follows:
Acceptable forms of identification are:
Your passport or UK driving licence is ideal; see Table A for a full list
of identification we accept.
In most cases this will be all we need, but it would be useful to have two
types of address verification handy (see Table B for a list of acceptable
types), just in case our electronic searches can’t find your details (for
example, if you have recently moved).
TABLE A
Acceptable photographic identity for UK/EEA/Swiss Nationals:
-
Valid UK/EEA/Switzerland Passport
-
Valid UK Full Photocard Driving Licence
-
Valid UK Provisional Photocard Driving Licence
-
Valid EU member state National ID Photocard
-
Valid firearms certificate or shotgun licence.
All documents must include your full name.
TABLE B
Acceptable non-photographic identity for UK/EEA and Swiss Nationals:
-
Valid old style UK Driving Licence (no photo)
- HMRC documentation (PAYE Coding Notice/Tax
Notification/Self-Assessment/Statement of Account/NI contributions bill)
issued in the last three months or valid for the current tax year. We
cannot accept P45 or P60 forms
- Notification letter from Benefits Agency/Local Authority confirming your
right to benefits (Department for Works and Pensions (including Jobcentre
Plus), Benefits Agency or Veterans Agency), dated within the last 12
months.
All documents must include your current address and must contain a unique
reference number to confirm your relationship with this provider
Address Documents:
-
Current UK Full Photocard Driving Licence
-
Current UK Provisional Photocard Driving Licence
-
Current old style UK Driving Licence (no photo)
-
Council Tax bill (valid for the current financial year) HMRC
documentation (PAYE Coding Notice/Tax
Notification/Self-Assessment/Statement of Account/NI contributions bill)
issued in the last three months or valid for the current tax year - we
can’t accept P45 or P60 forms
-
HMRC documentation (PAYE Coding Notice/Tax
Notification/Self-Assessment/Statement of Account/NI contributions bill)
issued in the last three months or valid for the current tax year. We
cannot accept P45 or P60 forms
-
Notification letter from Benefits Agency/Local Authority confirming your
right to benefits (Department for Works and Pensions, Jobcentre Plus,
Benefits Agency or Veterans Agency), dated within the last 12 months
-
Current Tenancy Agreement, from a local council or a recognised letting
agency
-
Bank, Building Society, Credit Union statement, dated within the last 3
months
-
Credit card statement, dated within the last 3 months
-
Mortgage statement from a recognised lender, dated within the last 12
months
-
Life Assurance/Life Insurance Policy, dated within the last 3 months but
outside of cancellation period
-
Motor Insurance Certificate, valid for the current year but outside of
cancellation period - we can’t accept cover notes
-
Utility bill - gas, electricity or water, dated within the last 3 months
-
Telephone bill, dated within the last 3 months - we can’t accept mobile
phone bills
-
Sky or cable TV bills, dated within the last 3 months
Please note we can only accept copies or scans of original documents, not
those printed from the internet.
This list is not exhaustive and the specific nature of your transaction may
need to be taken into account.
You may be required to prove the source of the funds you are using to pay
for your transaction and the purpose of the transaction. Should this be the
case we will contact you specifically regarding this. This will most likely
not be at outset of the transaction. You agree that you will have available
and provide to us the necessary documents in the format requested to prove
these should we so request them and further agree that your failure to do
so to our satisfaction may result in the cancellation of your transaction
at your cost. Should you fail to provide the necessary evidence within
seven days then we reserve the right to cancel the transaction as having
failed the Anti Money Laundering process.
Should your order fail Anti Money Laundering checks then we reserve the
right to cancel the transaction as per our cancellation policy.
HM Government publish a list that you can view here
https://www.legislation.gov.uk/uksi/2021/1218/regulation/2/made
of countries that if you choose to travel to may require us to undertake
further diligence checks of your purchase. Should this be the case we will
contact you to obtain the information we require. We recommend that you
check this list prior to ordering.
We are prohibited from supplying to you or buying from you any currency in
connection with travelling (to or from) any of the following
countries - Afghanistan, American Samoa, Anguilla, Belarus, Belize, Burundi, Congo, Cuba, Eritrea, Guam, Haiti,
Iran, Iraq, Lebanon, Libya, Myanmar (Burma),
North Korea (People’s Democratic Republic of Korea), Russia, Samoa,
Somalia, South Sudan, Sudan, Syria, Tunisia, Turkmenistan, Ukraine, US Virgin Islands,
Venezuela & Yemen. (or certain individuals, entities, or governments subject to
sanctions restrictions). Should you continue to place an order involving
any of these currencies for either buying or selling, your order will be
cancelled in line with our terms and conditions. We are prohibited from
supplying to you or buying from you any currency in connection with the
following industries; crypto, gambling, firearms or production of adult
content industries. Should you continue to place an order involving any
of these industries for either buying or selling, your order will be cancelled
in line with our terms and conditions.
2. Ordering
When placing an order, you warrant that you are acting on your own behalf,
for a genuine reason and the currency that you wish to buy/sell is legally
and beneficially yours, has not been obtained by illegal means nor in any
way contrary to the rights of the legal owner and is not tainted in anyway
by criminal activity. You also warrant to us that the information that you
provide to us is true and accurate in all respects and that you will not
withhold any material information from us and you will provide us with any
information that we may reasonably require.
Our contract with you requires us to, where possible and subject to the other
terms & conditions to, place an insured package into the Royal Mail Special
Delivery ™ system at which point responsibility for delivery passes to the
Royal Mail.
The Company will only provide banknotes for non-speculative purposes. This
means that the Company will not supply the Client if the Client is seeking
to purchase banknotes as an investment or to profit by pure speculation on
foreign exchange movements without having a genuine non-speculative reason
for doing so that the client can document if required in accordance with
The Money Laundering, Terrorist Financing and Transfer of Funds
(Information on the Payer) Regulations 2017.
You must provide all the requested information for us to process the order.
We reserve the right to request further information from you, should it be
required, at any time. You agree that we may take reasonable steps to
verify your identification and you acknowledge and agree that we may elect
not to do business with you for any reason, at our absolute discretion.
Telephone Orders
We do not accept orders by telephone.
3. Payment
DO NOT ATTEMPT TO PAY US IN CASH OR BY CHEQUE
You can pay by bank transfer, a UK-based debit or credit card along with Google Pay & Apple Pay.
All orders will be processed at the foreign exchange rates
confirmed to you by our automated email process only at the time of
ordering. Our website rates are indicative only and we are not bound by
them. Due to exchange rate fluctuations your payment must reach us as
cleared funds within one business day of placing your order in order for us
to secure the rate on your order or the order may be subject to amendment
of the exchange rate or cancellation as per our Terms & Conditions. In
instances where a Bank Holiday is between your order date and your payment
date we will allow extra time equivalent to the Holiday period. The minimum
order value for currency is £300; orders of less than £750 will incur a
handling fee of £5. Any individual currency order below £300.00 will
attract a £2.00 handling fee. Our Fast & Easy payment options attract a charge of
0% of the transaction value to enable us to fast credit your order.
If you choose to pay us by this method, please note the following:
- There is a maximum limit of £5,000.00 for any individual or multi-currency order paid by non-bank transfer methods.
- We only accept UK-based debit cards and personal credit cards
- We do not accept corporate credit cards
These limits DO NOT apply to bank transfer payments.
You must reference your order number with the payment to enable us to
identify the funds upon receipt. Failure to do this will likely add
processing time to your order.
Your credit card issuer may charge you interest and/or fees for paying by credit as they consider it a cash advance.
This is not a service charge made by Travel FX Limited and you acknowledge that Travel FX Limited has no control
over and is not liable for such charges
We must be able to clearly identify the remitter of the payment to us.
Payment should be made from a bank account in the name of the person
ordering the funds. If you pay from a business account, a joint account or
if someone pays on your behalf you understand that a delay in processing
may occur as it will be necessary to identify the remitter.
4. Refunds
Any refund of a cancelled order, duplicate payment, rounding adjustment or
any other type of refund will be subject to a £5.00 payment charge in
addition to any other fees payable.
Your bankers do not provide details of the account you paid us from therefore
we will require evidence from you of the payment along with the sort code,
account number and name to effect any refund.
The client warrants that under no circumstances shall they instruct a chargeback upon the payment made to the company by using their card without first submitting a formal complaint and receiving a “Final Response” to the complaint. The client understands that in this circumstance the card issuer will then make their own decision as to whether a chargeback instruction can be upheld. Any upheld chargeback does not prevent the company from seeking financial remedy directly from the client.
5. Administration Fees for Specific Denominations Request
Should you require your currency in specific denominations i.e. all USD100
bills, a fee of £5.00 will be added to your order to fulfil your request.
The £5.00 Administration Fee can be made by Bank Transfer or by currency
deduction. The Clients request for specific denominations will not be acted
upon until payment has been received or deduction agreed. This service is
not guaranteed and should we be unable to fulfil your request your £5.00 fee
is refundable.
6. Delivery
All deliveries are made to the address you specify when placing your order
via our drop-down address resource or your own manual entry or by your own
manual amendment to our drop-down address resource. By completing the order
you warrant that the delivery address you have chosen to use is complete
and the full address you wish the Royal Mail to attempt delivery to.
If the users address and delivery address are different, you understand
that a delay in processing may occur whilst further checks are undertaken.
If you are a registered user, delivery will be to your default registered
address unless you alter it within your profile or on the order form prior
to placing your order.
All banknotes provided to the client are legal tender, in circulation and
valid at the time of despatch. We will not be held responsible for any
changes made to their status by Central banks or Governments once they have
left our possession.
The Company does not recommend delivery to Business/Charity/Organization
[work] addresses but will do so upon request at the customer's own risk.
Any requests to amend the delivery address must be via email and it may be
necessary for us to conduct further checks. You understand that a delay in
processing may occur whilst these checks are undertaken.
All orders are despatched using Royal Mail Special Delivery, which guarantees
next working day delivery. Royal Mail's duty is to deliver the Item/s to the
address written or printed on the Item/s . They are not responsible for
delivering the Item/s to the person whose name is written or printed on the Item/s.
Travel FX Ltd does not guarantee next day delivery or guarantee that your
preferred delivery date will be met in any way however we shall attempt to
deliver by or on your preferred date. We will not be held liable for any issues,
expenses or costs arising from not delivering on the date you have requested.
It is important that you are present to accept delivery for your order. We
cannot accept any responsibility for fraudulent acts committed by a third
party or non-delivery to a named person.
If you believe your order is in any way incorrect then you must inform us
with 48 hours of receipt by using our contact form.
You accept that failed or missing deliveries will not be immediately
refunded but dealt with under the terms of the Royal Mail’s claims
procedure. As the sender of the parcel, we are the only party able to make an insurance claim.
Once their investigation and our subsequent insurance claim on
your behalf (where appropriate) is complete only then will any refund be
payable. The waiting period for us to instigate a claim is a minimum of 5
business days and the Royal Mail then require up to 30 business days to investigate and respond.
Should the insurance claim be rejected by the Royal Mail you understand that
a refund will not be made and accept that their ruling is our final process
to assist you with them. The Royal Mail ombudsman may be able to assist you
should this event occur and we will assist you further with an appeal should
you instruct us to do so. By rejecting your claim of non-delivery Royal Mail
is confirming to both you and Travel FX Limited that the package has been
delivered as addressed.
Please refer to the Royal Mail Terms and Conditions here for further information
https://www.royalmail.com/terms-and-conditions
As the carrier of the item the Royal Mail are responsible for the delivery
and you accept that the responsibility for this has been assigned and
transferred from Travel FX Limited to the Royal Mail.
We do not recommend that you place orders if you require your funds within
2 business days of your travel date.
Where the delivery date falls on a Monday, your package may be despatched
on the Friday prior as Royal Mail do not collect from the Company on a
Saturday/Sunday, therefore you may receive your package on the Saturday
prior to your delivery date.
This is dependent upon the local Royal Mail Delivery office's services
where the package is being delivered to. In instances where the package
does not arrive on the Saturday, your package may be delivered on the
Monday. Royal Mail cannot guarantee delivery on a Saturday.
You may request Saturday delivery of your order for a charge of £10.00 per
package however, we cannot guarantee that Royal Mail will fulfil this
request. This fee is non-refundable in the event of non-delivery on a
Saturday.
You may request delivery of your order before 9.00am on Saturday for a charge
of £40.00 per package however, we cannot guarantee that Royal Mail will
fulfil this request. This fee is non-refundable in the event of non-delivery
before 9.00am.
You may request delivery of your order before 9.00am Monday to Friday
for a charge of £30.00 per package however, we cannot guarantee that Royal
Mail will fulfil this request. This fee is non-refundable in the event of
non-delivery before 9.00am.
If the delivery address is to a location with a centralised reception or
any kind of multiple occupancy building, be aware that Royal Mail may
deliver to the reception or other delivery point only and not to the
customer. Therefore, anyone at the reception can take receipt of the
delivery. We are not responsible for deliveries for which Royal Mail has
confirmed delivery to your delivery address but which you have not received.
Our delivery schedule is subject to variation for public holidays, weather
conditions and force majeure.
Customers must refuse to accept any damaged packages delivered by Royal
Mail. We will not accept any responsibility for damaged packages.
We will attempt to send your order so that it reaches you on or before the
date specified when placing your order. We are not responsible for
late-delivery where the Royal Mail has failed to meet the requirements
of the Royal Mail Special Delivery service.
Any losses incurred by you, which are caused as a result of delivery of
your order to a delivery address supplied by you in error, will be borne by
you.
We only deliver to areas that are covered by the Royal Mail Special
Delivery service.
Deliveries to areas specified by the Royal Mail under general exceptions
will be subject to the Royal Mails delivery schedule.
Returned or refused deliveries will be bought back by us at the prevailing
buyback rate on the day upon receipt at our offices unless prior
arrangements have been agreed.
Should the Client need to change either the delivery date or the delivery
address this request must be done by email from the email address initially
used to make the order and may not take effect until confirmed back to you
in an email from us.
7. Substitution
The Company will endeavour to ensure that the Currency Notes supplied to
the client are in the denominations requested; however the company reserves
the right to supply the currency in any denominations. The Company reserves
the right to substitute Sterling, either cash or cheque, in the event of a
short fall in the specific currency. In the event of the substitution being
greater than £25 or 5% of the value, the Company will attempt to contact
the customer.
8. Confidentiality
The Client agrees that the Company may carry out any check as to the
Client's financial status as the Company shall deem fit. The Client accepts
that the Company will attempt to verify the Client's identity by checking
the details supplied against those held on a number of specific databases
that the Company has access to, for example information from the Electoral
Register, and fraud prevention agencies. A record of this process will be
kept that may be used to help other companies to verify the Client's
identity. The Company may also pass information to organisations involved
in fraud prevention to protect the Company and other clients from theft and
fraud. If the Client supplies false or inaccurate information and the
Company suspect's fraud, the Company will record this and share this
information with other organisations.
9. Indemnity
The Client shall pay all legal fees or costs incurred in connection with
the enforcement of these terms and conditions or legal fees incurred in
connection with any dispute or difference arising under this agreement that
is resolved in favour of the Company.
10. Cancellation Policy
The Company reserves the right to cancel any order at any time for any
reason. In the event of the Company cancelling an order the client will be
reimbursed up to the full amount paid by credit transfer or in some
circumstances asked to complete a recall request by their own bankers. Once
a Client has entered a contract for the currency, the order cannot be
cancelled by the client without incurring a fee. Should a client request
cancellation of their order/s a fee of £25.00 will be applied per order
plus the costs of reversing the foreign exchange transaction. Should the
cancellation relate to a multi-currency order the charges may be applied
per currency cancelled. Should an order be cancelled due to you failing to
pass any Anti Money Laundering procedure then the cancellation fee and the
cost of reversing the foreign exchange transaction will apply.
This includes any refusal or inability on your part to supply any and all
documentation we request in the format we request to enable us to clear your
order for processing as indicated in Section 1 of this agreement
( Money Laundering Regulations.)
The exchange rate used will be our prevailing buyback rate on the day of cancellation.
All cancellation requests must be made via our contact us page.
Failure to pay the cancellation fee within 7 days may result in legal
action.
We are prohibited from supplying to you or buying from you any currency
in connection with the following industries; crypto, gambling, firearms
or production of adult content industries. Should you continue to place
an order involving any of these industries for either buying or selling,
your order will be cancelled in line with our terms and conditions.
11. Exclusion Clause
The Company excludes all liability for any claim arising from any act
undertaken for a Customer unless the Customer can prove that the company
caused the Customer to suffer loss.
When determining if the company has caused a Customer to suffer loss, the
Customer accepts the actions of intermediaries not employed by the company
are the actions of third parties. The company will not be responsible for
any loss caused by a third party. This does not affect the customers'
statutory rights.
The Company will make every effort to process orders placed via this
service without any delay, however, delays can sometimes occur due to
technical problems or matters out of our control. If this occurs we will
make every effort to deliver your order as soon as possible.
If we are in breach of our obligations under these Terms and Conditions, we
will only be liable to you for the direct losses that you incur. Direct
losses mean the value of the Currency purchased, pursuant to any Contract.
You accept that this is a reasonable pre-estimate of the loss you may
suffer resulting from any breach by us or of our obligations hereunder.
12. Complaints Policy
Should you wish to make any complaint please in the first instance send an
email to [email protected]
for your complaint to be allocated to a manager for action.
13. Disclaimer
None of the information contained in this website constitutes, nor should
be construed as Financial Advice. The Company provides information
attempting to achieve accuracy, but this cannot be guaranteed.
The Company does not warrant this site's contents, and exclude any implied
warranty, in particular relating to exchange rates, market prices and data.
The Company is showing rates as an indication only. All information is
given with the proviso that while we give an indication of today's rates,
we will not be held responsible for any human or machine error that causes
a wrong rate to be published.
In the event of an incorrect rate quoted on any order, we will contact you
to advise the correct rate and amend the order accordingly. You can then
confirm if you wish to proceed with the amended order. Neither the Company,
nor any entities from which they receive information, nor any entities with
which their site is linked, shall be liable for any investment or other
decisions made on the basis of the information provided.
14. Proprietary Rights and Copyright
The contents of this website are protected by copyrights, trademarks,
patents and/or any other proprietary rights and laws. No part of this
website can be reproduced without prior written consent.
15. Travel FX Limited Safeguarding Statement
We are not an authorised deposit holder or Bank that offers access to
the FSCS compensation Scheme. To ensure there isn’t any confusion on
this point the following term has been added to our terms and conditions
and associated websites.
We have addressed some questions that customers may have when conducting business with the firm below.
How do you protect my money?
To ensure your money is safe we follow a process known as ‘safeguarding’ which is a regulatory requirement for all MSBs. In this process we keep your money separate from our own money and place it in a safeguarding account with a regulated entity. In the event of us going out of business, an insolvency practitioner would be appointed to return the funds we have safeguarded to our customers.
This means you would get most of your money back, except for the costs deducted by the insolvency practitioner for distributing the money to our customers.
How does FSCS cover differ from safeguarding?
FSCS protects consumers together with small businesses, limited companies, and charities (that meet its eligibility criteria) when certain authorised financial services firms (such as an UK authorised bank) fail and they cannot return your money to you. FSCS is a service funded by those financial service firms who are covered by it.
FSCS provides compensation only up to £85,000 per eligible person, per bank, building society or credit union or up to £170,000 for joint accounts.
This means if you have money in multiple accounts with banks, building societies or credit unions that are part of the same group (and share a banking license) the FSCS treats them as one bank.
Whereas all the funds held in a safeguarded account are protected and the full value (minus administrative costs applied by the insolvency practitioner) will be returned to you if we go out of business.
Because of the insolvency procedure, it may take longer (as compared to an FSCS claim) for your money to be returned to you.
You can find more information about using a non-bank payment service provider on the FCA’s website.
If you have any questions, please contact us via email [email protected]
16. General
Any telephone calls between the Company and the Client may be recorded, in
which case the recordings will be accepted by the client as evidence of the
instructions or communications recorded.
The Client, by accepting these terms and conditions, acknowledges and
accepts that evidence of any such recordings may be referred to by the
Company in respect of any dispute or difference between the parties.
The terms and conditions of this Agreement are the conditions in force at
the date of this Agreement and shall not be superseded, amended or varied
in any way whatsoever without the written consent of the Company.
No representation made orally by the Company, its servants or agents shall
be binding upon the Company or shall form part of this Agreement, unless
they are agreed in writing by a Director of the Company.
Your obligations under these Terms and Conditions may not be assigned or
transferred in any way to any other party. We shall have the right at any
time to transfer and assign our rights under these Terms and Conditions to
any other party as we deem fit. Any delay or failure on our part to
exercise our rights shall in no way amount to or be deemed as a waiver or
giving up of such rights by us, nor shall it prejudice any of our other
rights under these Terms and Conditions.
A person who is not a party to the Trading Agreement has no rights under
the contracts (Rights of Third Parties) Act 1999 to enforce any term of the
Trading Agreement but this does not affect any right or remedy of a third
party which, exists or is available under that Act.
Should any of these Terms and Conditions be deemed to be unenforceable or
illegal, the remainder of the Terms and Conditions shall remain in full
force and effect as if the unenforceable or illegal part has been removed.
Should any of these Terms and Conditions be in conflict with any other
documentation or information that we have provided to you in connection
with any order, then these Terms and Conditions shall have priority unless
specifically agreed by us in writing that such other documentation and
information shall have priority in whole or in part.
VAT is charged where applicable and accounted for under Climax Consulting Limited VAT Group number 465468848.
17. Privacy
Please see our specific privacy policy here.
Collection of Information
In order to provide the Client with the Services, the Company must collect certain Personal
Information about the Client or the Authorised Signatories of the Client and obtain their consent
in relation to the handling of such Personal Information. The Client hereby gives that consent
or warrants that it has obtained that consent from each Authorised Signatory. The Client also
agrees to provide upon request all such information in relation to its financial and business
affairs and/or identity, as the Company may reasonably require.
Use of Information
The Client hereby authorises the Company to collect, use, store or otherwise process any Personal
Information concerning the Client and in particular, agrees that the Company may use all such
Personal Information, including the information referred to in clause 10.4, for the purposes of
complying with its obligations under any AML Regulations and for any other purpose directly related
to the provision by the Company of the Service.
Identity Verification
The Client may be required to provide evidence to verify its identity or the identity of its Authorised
Signatories. If the Company is not satisfied with the information provided by the Client, it may request
additional information. The Company will not accept a Client Application and the completion of Services
will not be available to the Client unless and until verification procedures have been completed to the
satisfaction of the Company.
Information correct
The Client must ensure that all information provided to the Company is accurate and up-to-date at all times.
Any changes must be advised to the Company as soon as practicable.
Protection of Information
The Company collects and stores all information electronically and takes reasonable steps to protect such
information from unauthorised access, misuse, loss or destruction. The Company shall in no way be liable to
the Client for any loss or damage the Client may incur as a result of the loss or theft of such information
held by the Company. All information provided by you will be treated securely and strictly in accordance
with the Data Protection Act 2018.
Retention of Information
Any information collected by the Company, including telephone recordings or transcripts, may be kept or
destroyed in accordance with normal Company procedures.
Recording phone conversations
The Parties consent to the electronic recording by either Party of telephone conversations between them
without an automatic warning tone and the utilisation of such recordings as evidence by either Party in
any dispute or anticipated dispute between the Parties or in relation to any dealings between the Parties.
18. Governing Law and Jurisdiction
These Terms and Conditions and any disputes or claims arising out of or in
connection with them shall be governed by and construed in accordance with
the laws of England and Wales and the English Courts shall have
jurisdiction over any such dispute.
TERMS & CONDITIONS FOR BUY BACKS
Last updated 25th June 2024 - Version 20240625
By using our exchange service, you agree to the terms and conditions set
out below. Please read them carefully.
This website is owned and operated by Travel FX Ltd (referred to as “we”
or “our” “us” “Travel FX”).
Travel FX Limited are a Registered Money Business with H.M. Revenue &
Customs under number: XEML00000119581.
Travel FX Limited registered office is at 1st Floor, Jebsen House, Ruislip,
Middx, HA4 7BD.
This page contains the terms and conditions for use of the Travel FX
website (www.travelfx.co.uk)
Using this website indicates that you accept these terms and conditions
which are legally bound.
These terms must be agreed to each time an order is placed.
Please read this document very carefully before using our website.
Travel FX has the right to make any amendments to these terms and
conditions at any time without prior notice and it is your responsibility
to check these terms and conditions regularly in case of any changes made
by us.
All purchases made are subject to our full terms & conditions, below.
Nothing in these conditions affects your statutory rights as a consumer.
Document content
1. Our Service
2. Authenticity
3. Completing an order
4. Price & Payment
5. Sending your currency
6. Payment to you
7. Returns & refunds
8. Anti Money Laundering
9. Force Majeure
10. Limitation of liability
11. Privacy
12. Other questions
1. Our Service
Our website is only intended for use by people in the United Kingdom. By
placing an order through our site, you warrant that you are at least 18
years old and you are legally capable of entering into binding contracts.
You must be the rightful owner of the banknotes you want to exchange, or
you must have permission from the rightful owner(s) to exchange them.
By agreeing to our terms and conditions, you agree that we may undertake
appropriate checks (including electronic checks) to verify your identity.
We may decline to complete your order if we cannot verify your identity or
for any other reason at our discretion.
2. Authenticity
Our exchange service must not be used for counterfeit banknotes, or for banknotes
for which there is a reasonable doubt about their authenticity. We do not accept
specimen banknotes or banknotes that have been deprived of their value, e.g. by
punched holes, defacement, shredding, anti-theft dye or stamps. We do not accept
any coins, EUR 500 & 200 notes and CHF 1000 notes. All banknotes submitted for
exchange must have all the required safety features (watermark, security thread,
optically variable ink, raised intaglio printing). We will only accept and exchange
banknotes and that are currently valid for exchange with our suppliers and are not
of an out of date or discontinued series, it is your responsibility to check this
in advance of submitting your buyback order. When there is reasonable doubt
about the authenticity of a banknote, we may refuse to exchange the disputed
banknotes, which may be sent back at the client’s request and at the client’s
expense. Standard Royal Mail Special Delivery post rates apply. The bank note/s in question
will be sent insured unless at the client’s request, expense & risk.
3. Completing A Buy Back Order
You may use the service to place an order for buy back of currency.
To place an order, you should enter your currency requirements into the
currency converter on the site and follow the steps on the screen. You are
responsible for entering correct information and we will not be responsible
for any losses that you may suffer because of your error.
You may edit your order or correct errors up to the point that you submit
your payment details in respect of your order.
After placing an order, you will receive confirmation from us that we have
received your order. You will then receive a further email once we have
received your currency in our offices.
Your order constitutes an offer to purchase currency subject to our
acceptance. Our confirmation constitutes acceptance of your order.
All orders are subject to the acceptance of the returned currency and/or
any limits or restrictions imposed by us or by regulation or law from time
to time.
Orders may be placed at any time but will be processed during the hours of
9.30am to 4.30pm Monday to Friday excluding bank holidays in England. Any
order placed outside working hours will be processed during working hours
on the next working day.
Once an order has been placed you will be unable to edit the order. You
will need to contact us to cancel the order so that a new order can be
placed. Please do so by using our contact us page
.
4. Price And Payment
The price of any currency will be as quoted on our site from time to time,
except in cases of obvious error.
The rate of exchange applicable to the currency is displayed on the
currency converter. Exchange rates are updated frequently on our site in
accordance with updates in the wholesale market. Rate updates will be
subject to a delay according to our pricing policy in force at the time of
your order. The rate of exchange applicable to the currency is subject to
your acceptance, and if you do not accept the rate of exchange offered to
you, you are not required to continue with your order. Your order will be
completed at the rate at the time of processing on the day of receipt to our office. This may differ
from the rate offered on the website at the time of ordering. By posting
your currency to us you accept this may be a lower amount than you were
quoted.
Payment for all currency orders completed will be by bank transfer only.
There is no charge made by Travel FX for processing the payment.
We do not charge any commission in respect of your order for currency.
Due to exchange rate fluctuations, Travel FX has the right to cancel
any orders without warning.
Due to Money Laundering Regulations, we may request you send us a copy of
your passport or other documents to support your order. If these are
required we will email you to request them.
5. Sending Your Currency To Us
The shipping of banknotes submitted to us for exchange is at the risk of
the customer. We cannot be held responsible for items lost in the mail,
which is why we encourage customers to use a tracked and signed for
delivery service such as the Royal Mail special delivery service and insure
the parcel to its correct value.
Please be aware, that of the huge volumes of letters and packets Royal Mail
handle, very few encounter a problem along their way – and they take every
single failure seriously.
On the rare occasion of Royal Mail losing your order, as long as you have
sent it correctly by special delivery, then it will be fully insured and
you will have to contact them to make a claim. They will not deal with us
in this matter as we are not their customer – you are.
6. Payment To You
To make a payment, we need correct payment details, such as sort code and a
bank account number. Incorrect or missing payment data on the exchange form
may result in payment delays, payments credited to the wrong account, or
bank charges applied by the receiving bank. We are not responsible for any
of these costs in the case of the submitted payment details being wrong or
incomplete. Any costs resulting from incomplete or missing payment
information will be passed on to the customer.
Customers must be prepared to wait up to 5 working days for payment to
reach their account.
7. Return And Refunds Policy
Our service includes comprehensive checks to ensure that you receive the
correct refund. However, we do not guarantee that our service will be error
free and you acknowledge that from time to time errors may be made. Where
you have received an incorrect payment because of our error, we will work
with you rectify the error in a timely manner.
8. Anti-Money Laundering
To use our service, you must comply with all applicable laws and
regulations, including those relating to anti-money laundering regulations.
If you fail to do so we reserve the right to prevent you from using our
service.
In order to enable us to comply with our anti-money laundering and other
legal obligations and our internal risk and fraud policies, We may ask to
you for further information and identification (such as proof of your
residential address).
Should your order fail our Anti Money Laundering process checks or fail for
any other reason and you require the bank notes to be returned to you, you
understand that they may not be the banknotes you originally sent to us and
that any return will be at your expense.
HM Government publish a list that you can view here
https://www.legislation.gov.uk/uksi/2021/392/regulation/2/made
of countries that if you chose to travel to may require us to undertake
further diligence checks of your purchase. Should this be the case we will
contact you to obtain the information we require. We recommend that you
check this list prior to ordering.
We are prohibited from supplying to you or buying from you any currency in
connection with travelling (to or from) any of the following
countries - Afghanistan, American Samoa, Anguilla, Belarus, Belize, Burundi, Congo, Cuba, Eritrea, Guam, Haiti,
Iran, Iraq, Lebanon, Libya, Myanmar (Burma),
North Korea (People’s Democratic Republic of Korea), Russia, Samoa,
Somalia, South Sudan, Sudan, Syria, Tunisia, Turkmenistan, Ukraine, US Virgin Islands,
Venezuela & Yemen. (or certain individuals, entities, or governments subject to
sanctions restrictions). Should you continue to place an order involving
any of these currencies for either buying or selling, your order will be
cancelled in line with our terms and conditions. We are prohibited from
supplying to you or buying from you any currency in connection with the
following industries; crypto, gambling, firearms or production of adult
content industries. Should you continue to place an order involving any
of these industries for either buying or selling, your order will be cancelled
in line with our terms and conditions.
Information we may collect from you:
Information that you provide by filling in forms on our Site www.travelfx.co.uk. This includes information provided at the time of registering
to use our Site, subscribing to our service, posting material or requesting
further services.
Details of transactions you carry out through our Site and of the
fulfilment of your orders.
We may collect information about your visits to our Site.
We use information held about you in the following ways:
-
To ensure that content from our Site is presented in the most effective
manner for you and for your computer.
-
To provide you with information, products or services that you request from
us or which we feel may interest you, where you have consented to be
contacted for such purposes.
-
To carry out our obligations arising from any contracts entered into
between you and us.
-
To allow you to participate in interactive features of our service, when
you choose to do so.
-
To notify you about changes to our service.
-
We may also use your data to provide you with information about goods and
services which may be of interest to you and may contact you about these by
email.
If you do not agree to us using your data for marketing purposes, please
inform us of this by unticking the relevant boxes on the registration form.
All information provided by you will be treated securely and strictly in
accordance with the Data Protection Act 2018.
9. Force Majeure
We cannot accept liability for delay or non-fulfilment of any term of the
Terms and Conditions caused by force majeure, war, rioting, strike, lock
out, accident, fire, flood, heavy snowfall, financial/banking collapse,
network outage, power blackout, acts of terrorism or any other cause not
directly within our reasonable control.
10. Limitation On Travel FX Liability
Travel FX shall make every effort to process orders placed via this
Service without any delay. However, by agreeing with our terms and
conditions, it is understood that delays can sometimes occur due to
technical problems or matters out of the control of Travel FX.
Travel FX excludes all liability for any claim arising from any act
undertaken for a Customer unless the Customer can prove that Travel FX
caused the Customer to suffer loss.
When determining if Travel FX has caused a Customer to suffer loss,
the Customer accepts the actions of intermediaries not employed by Travel FX as the actions of third parties. Travel FX will not be
responsible for any loss caused by a third party. This does not affect the
customers' statutory rights.
Travel FX reserves the right always to refuse to process any Currency
orders at any stage.
It is understood that you have read, understood and accepted our Terms and
Conditions prior to placing your order and will not hold Travel FX
responsible for delayed or non-payment of your currencies caused by factors
beyond the control of Travel FX. This does not affect your statutory
rights.
11. Privacy
Please see our specific privacy policy here.
Collection of Information
In order to provide the Client with the Services, the Company must collect certain Personal
Information about the Client or the Authorised Signatories of the Client and obtain their consent
in relation to the handling of such Personal Information. The Client hereby gives that consent
or warrants that it has obtained that consent from each Authorised Signatory. The Client also
agrees to provide upon request all such information in relation to its financial and business
affairs and/or identity, as the Company may reasonably require.
Use of Information
The Client hereby authorises the Company to collect, use, store or otherwise process any Personal
Information concerning the Client and in particular, agrees that the Company may use all such
Personal Information, including the information referred to in clause 10.4, for the purposes of
complying with its obligations under any AML Regulations and for any other purpose directly related
to the provision by the Company of the Service.
Identity Verification
The Client may be required to provide evidence to verify its identity or the identity of its Authorised
Signatories. If the Company is not satisfied with the information provided by the Client, it may request
additional information. The Company will not accept a Client Application and the completion of Services
will not be available to the Client unless and until verification procedures have been completed to the
satisfaction of the Company.
Information correct
The Client must ensure that all information provided to the Company is accurate and up-to-date at all times.
Any changes must be advised to the Company as soon as practicable.
Protection of Information
The Company collects and stores all information electronically and takes reasonable steps to protect such
information from unauthorised access, misuse, loss or destruction. The Company shall in no way be liable to
the Client for any loss or damage the Client may incur as a result of the loss or theft of such information
held by the Company.
Retention of Information
Any information collected by the Company, including telephone recordings or transcripts, may be kept or
destroyed in accordance with normal Company procedures.
Recording phone conversations
The Parties consent to the electronic recording by either Party of telephone conversations between them
without an automatic warning tone and the utilisation of such recordings as evidence by either Party in
any dispute or anticipated dispute between the Parties or in relation to any dealings between the Parties.
12. Questions About Our Terms And Conditions
If you have any questions about this Agreement, please contact us via our
contact us page.
INTERNATIONAL TRANSFERS TERMS & CONDITIONS
Last updated 17th November 2023 - Version 20231117
International Transfer Services are supplied by UKFX Holdings Ltd
Terms & Conditions of UKFX Holdings Ltd under use of www.travelfx.co.uk
Document content
1. Authorisation
2. Instructions
3. Payment provisions
4. Orders
5. Anti Money laundering
6. Disputes
7. Liability
8. Closing out
9. Representation & Warranties
10. Privacy
11. UKFX Holdings Limited Safeguarding Statement
12. General
13. Definitions
1. UKFX Holdings Ltd are authorised to carry out payment service activities as an EMI Ref number 901082.
1.1 The Service
The Company enters into contracts for the purchase and sale of currency for
trade, commercial or other non-speculative purposes.
1.2 No Financial Advice
The Client shall be solely responsible for evaluating and selecting the
timing and nature of all Transactions entered into and shall not treat any
information provided by the Company as financial advice. The Client must
rely solely on its own judgement in determining whether the Service, or any
incidental services provided by the Company are appropriate for the
Client's purposes.
1.3 Client Agreement
All Transactions shall be subject to the terms and conditions of this
Agreement and shall constitute separate and several agreements in their own
right.
1.4 Licence
The Company is authorised to deal in foreign exchange products and to make
a market in providing buy/sell quotes for foreign currency exchange
products.
2. Instructions
2.1 Username and password
Email instructions effected pursuant to the use of the username and
password issued to the Client by the Company will in all circumstances be
binding on the Client.
2.2 No obligation
The Company is not obliged to accept any Instruction and may refuse any
Instruction without giving any reason and without any liability for any
resultant loss or damages incurred by the Client or any other party.
2.3 Transaction Binding
The details of each Transaction will be confirmed online. The Transaction
shall be binding upon the Client at that point. Once binding, a Transaction
may not be altered or cancelled without the express written consent of the
Company.
2.4 Prompt Performance
The Client acknowledges that due to volatility in exchange rates, the
timely performance of the Client's obligations is an essential term of any
Transaction and that resultantly cleared funds are to be deposited in the
bank account nominated by the Company within 24 hours of online
confirmation.
2.5 Out-of-Market Quotes
In circumstances where the Company has made an Out-of-Market Quote the
Company shall have 2 business days in which to requote the Rate, prior to
which time the Transaction shall not be legally binding.
2.6 Further Information
The Company may request further confirmation or information from the Client
in relation to any Instruction if the Company reasonably considers that
such confirmation or information is necessary to confirm or clarify an
Instruction and the Company shall not be liable to the Client for any delay
or failure to complete the Transaction as a result of such request.
3. Payment Provisions
3.1 Payment
The Client must initiate payment of any Sold Amount to the Company Account
on the day that the Transaction is confirmed in accordance with Clause 2.4.
3.2 Nominated Beneficiary Account
The Client must provide details of the Nominated Beneficiary Account as
part of the ordering process. The Company will rely on the details
specified for the Nominated Beneficiary Account and will not check to
ensure that the instruction provided by the Client is correct and will
accept no liability for error by the client with regard to beneficiary
payment instructions.
3.3 Beneficiary Payments
Each individual order enables one beneficiary payment. Should the client wish
to make more than one beneficiary payment per order a £10.00 charge will be
applied to each subsequent payment which shall be paid by the client by either
a transfer of funds to the company or a deduction of currency from the client’s
balance on account.
3.4 Cleared Funds and Settlement
The Client must deliver the Sold Amount in full without any set-off and in
cleared funds together with any applicable service fees required by the
Company before the Company will pay any amount to the Nominated Beneficiary
Account. Should the Company, in its sole discretion, elect to pay an amount
to the Nominated Beneficiary Account before the Client's funds have
cleared, the Client acknowledges that the Company is not, by so doing,
waiving any rights it may have under this clause or under any other clause
of this Agreement and shall take immediate action to place the Company in
cleared funds should any Sold Amount not be cleared as anticipated.
Settlement of the transaction will generally be made by the Company within
2 business days of receipt of cleared funds.
3.5 Non Payment
The Company reserves the right to Close Out any Transaction in
circumstances where the Sold Amount has not been received by the Company
within 24 hours of the Transaction becoming legally binding in accordance
with Clause 2.4 or the Client has failed to provide the details of the
Nominated Beneficiary Account.
3.6 Payment Irrecoverable
The Company shall be under no liability to recover any funds duly paid to a
Nominated Beneficiary Account and will not resend any funds pursuant to an
amended Instruction until the Company is in receipt of further funds from
the Client.
3.7 Recovery of Funds
In the event that funds have been sent to the wrong beneficiary account as
the result of an error made by the Company, the Company shall take action
at its own expense to recover those funds, provided always that the Client
will take immediate action to recover any such funds itself to the extent
that the mistaken beneficiary is related to or associated with the Client
and will otherwise assist the Company with any necessary recovery action.
In the event that funds are mistakenly paid by the Company on behalf of a
third party into an account operated or controlled by the Client, the
Client undertakes and agrees to refund any such funds to the Company or in
accordance with the Company's instructions immediately.
3.8 No Interest
The Client shall in no circumstances be entitled to receive interest on any
amounts that the Company receives from the Client in relation to a
Transaction or otherwise.
3.9 Form of Payment
All payments made pursuant to this Agreement are required to be made by
telegraphic transfer or electronic funds transfer only. The Company does
not accept or make any payments by cash, card, cheque or draft.
3.10 Funds Held without Instructions
In circumstances where funds are held by the Company pending further
instructions from the Client, the Client acknowledges and agrees that the
Company will not pay interest on such funds.
3.11 Refunds
Should we be unable to complete our verification procedures upon you or if
the order is cancelled for any reason we will issue a refund usually within
48 hours of this failure however you must be prepared to wait up to 5
working days. All refunds may incur charges in accordance with our
cancellation terms and will be returned nett of these charges to the source
of payment. The client warrants that under no circumstances shall they instruct a chargeback upon the payment made to the company by using their card without first submitting a formal complaint and receiving a “Final Response” to the complaint. The client understands that in this circumstance the card issuer will then make their own decision as to whether a chargeback instruction can be upheld. Any upheld chargeback does not prevent the company from seeking financial remedy directly from the client.
4. Orders
4.1 Legally Binding
Orders shall become legally binding as and from the time that the Order
Details are accepted by the website.
5. Anti-Money Laundering
5.1 AML Compliance
In dealing with the Company, the Client acknowledges and agrees that the
Company is obliged to adhere to applicable AML Regulations in all relevant
jurisdictions. The Client will not attempt to initiate any Transactions
that may contravene any AML Regulations and will provide such information
as is necessary or desirable for the Company to comply with its AML
obligations.
5.2 Information Collection
The Company reserves the right to collect such information as is necessary
from the Client to meet its obligations under applicable AML Regulations.
The Company may pass on information collected from the Client and relating
to Transactions as required by applicable AML Regulations and is under no
obligation to inform the Client it has done so. The Company may undertake
all such AML checks in relation to the Client, its Authorised Signatories
or any Transaction (including restricted lists, blocked persons and
countries lists) as may be deemed necessary or appropriate by the Company,
and reserves the right to take any actions (including cancellation of the
Transaction, refusal to remit payments, and freezing or blocking of funds
or access) with no liability to the Client or any third party.
5.3 Transmission of Information to Regulatory Bodies
The Company reserves the right to provide all such information regarding
the Client and any Transactions in relation to its obligations to, or
requests (whether legally binding or not) by, any relevant regulatory body.
6. Disputes
6.1 Disputes Policy
Any dispute in relation to this Agreement or the services provided by the
Company must first be referred to the Company.
6.2 FOS
If the dispute is not resolved it may then be submitted to the Financial
Ombudsman Service ("FOS") for determination in accordance with its rules.
6.3 Only Avenue
The Client may not proceed against the Company except in accordance with
this disputes clause.
7. Liability
7.1 No Liability for Delays
The Client acknowledges that delays in the transmission and receipt of
payments may occur. In particular, the Client acknowledges that the Company
operates an online dealing platform that could be subject to technical, or
other, problems beyond the Company's control which could result in delays
in excess of 48 hours. Accordingly, the Company cannot guarantee that
transfers of funds will always be made on a timely basis and shall in no
circumstances be liable to the Client for any costs, expenses, liabilities
or losses of any kind, however arising, resulting from any delay in any
payment made on behalf of the Client or any delay in responding to
instructions received from the Client.
7.2 Liability Limited
Without limiting the effect of Clause 7.1, the Company's total aggregate
liability to the Client for any breach of its obligations under this
Agreement, or any Transactions contemplated by it, shall be limited to the
total amount paid to the Company by the Client in relation to any
particular Transaction. In no circumstances shall the Company be liable to
the Client for any consequential or indirect losses of any kind, whether
foreseeable or not.
7.3 Indemnity
The Client shall fully indemnify the Company and keep it fully indemnified
from and against all and any liabilities, damages, losses and costs
(including legal costs calculated on a solicitor and own client basis)
incurred by the Company in enforcing its rights under this Agreement or
otherwise arising under this Agreement.
7.4 Third Party Fees
The Client acknowledges and agrees that the Client shall at all times be
liable to pay fees, costs, duties and taxes charged by third parties,
including but not limited to fees charged by beneficiary banks, whether or
not the existence of, or any increases to, any such fees or charges have
been notified to the Client by the Company.
8. Closing Out
8.1 Closing Out Transactions
The Company may, in its sole discretion, refuse to perform or Close Out all
or any part of any Transaction, without liability to the Client or any
third party for any losses which may be incurred as a result and without
giving prior notice to the Client, on the occurrence of any of the
following events:
i. failure by the Client to make any payment when due, including the
payment of any deposit;
ii. if the Client is an individual, the death or loss of mental capacity of
the Client;
iii. the occurrence of an Insolvency Event;
iv. representations or information provided by the Client are or become, in
the opinion of the Company, inaccurate or misleading in any material
respect;
v. giving effect to any obligations under this Agreement becomes unlawful;
vi. a dispute has arisen between the Parties;
vii. breach by the Client of any terms of this Agreement or any other
Transaction; or
viii. in circumstances where the Company reasonably forms the view that it
is necessary to do so for its own protection.
8.2 Consequences of Closing Out
In the event that a Transaction is Closed Out, the Company will calculate,
as at the Closing Out Date, the mark-to-market value of the Transaction
using prevailing market rates chosen by the company and set against the
rates published by Crown Agents Bank on that day. If, as a result of that
calculation, the Transaction results in a loss, the Client shall be liable
to compensate the Company immediately upon demand for the amount of that
loss, together with any expenses incurred by the Company and any premiums,
commissions or other fees. In no circumstances shall the Company be liable
to pay to the Client any profit arising from the Closing Out of a
Transaction. Subject to a minimum close out fee of £200.00. Failure to pay
this fee within 48 hours will attract interest at Crown Agents Bank base rate +
5%. After 7 days the close out fee rises to £500.00 as a minimum should it
not have been settled prior to this time.
8.3 Set-Off
The Client acknowledges and agrees that the Company may deduct from any
payment to be made to the Client, including any deposit held by the
Company, or any amount held by the Company for payment to any Nominated
Beneficiary Account, any amount the Client may owe to the Company,
including any loss incurred as a result of Closing Out a Transaction, as
well as any fees, costs, taxation liabilities or other charges of any kind
incurred by the Company in relation to the Transaction.
8.4 Interest
The Company reserves the right to charge interest on any outstanding sum
due and payable to it by the Client, such interest to be calculated at a
rate of 5% per annum over the base rate of Crown Agents Bank (or of such
monetary authority as may replace it). Interest will accrue and be
calculated daily and be compounded monthly from the date payment was due
until the date full payment is made by the Client.
8.5 Default Notification
The Client must notify the Company immediately upon becoming aware of the
occurrence of any event referred to in Clause 8.1 above.
8.6 Notice of Monies Due
Where a Transaction is Closed Out or does not proceed to completion for any
reason, the Company will provide to the Client a written statement
explaining the amount of any sums payable by the Client or the amount of
any sums being withheld by the Company from sums payable to the Client.
9. Representations and Warranties
9.1 Client Warranties
The Client makes the following representations and warranties as at the
date of this Agreement and at each time a Transaction is entered into:
(i) the Client is duly organised and validly existing (or, if an
individual, is of legal age and is under no legal disability or incapacity)
and has full power and authority to enter into, and has taken all necessary
steps to enable it lawfully to enter into, this Agreement and every
Transaction under this Agreement, and perform its obligations thereunder;
(ii) the Client is acting as principal on its own account or as trustee of
a trust and not on behalf of any other person or undisclosed beneficiary in
relation to each Transaction entered into with the Company;
(iii) all information provided by the Client to the Company is, or at the
time it is provided will be, accurate and up-to-date in all material
respects and the Client has not omitted or withheld any information which
could make such information inaccurate or misleading in any material
respect;
(iv) the Client has a valid commercial or personal reason for entering into
each Transaction, and will not enter into any Transaction for speculative
purposes;
(v) in entering into any Transaction, the Client has not relied on any
market - related information offered from time to time by the Company on
the Website or through its representatives or agents;
(vi) transactions entered into by the Client will not constitute a breach
of any relevant AML regulations in any jurisdiction;
(vii) there are no claims outstanding or threatened against the Client that
would restrict or interfere with the exercise by the Company of the rights
contained herein;
(viii) the Client will not engage in any illegal, deceptive, unfair or
unethical trade practice which may adversely affect the reputation and
goodwill of the Company, and will not make false, misleading or disparaging
representations concerning the Company;
(ix) in circumstances where the Client is acting as a trustee of a trust,
the Client is duly and properly authorised to enter into this Agreement and
any Transactions in accordance with the terms of the relevant trust
instrument;
(x) the client will act within the terms of the chargeback clause 3.10; and
(xi) the Client has read and understood the following documents and agrees
to be legally bound by the contents of the terms and conditions.
10. Privacy
Please see our specific privacy policy here.
Collection of Information
In order to provide the Client with the Services, the Company must collect certain Personal
Information about the Client or the Authorised Signatories of the Client and obtain their consent
in relation to the handling of such Personal Information. The Client hereby gives that consent
or warrants that it has obtained that consent from each Authorised Signatory. The Client also
agrees to provide upon request all such information in relation to its financial and business
affairs and/or identity, as the Company may reasonably require.
Use of Information
The Client hereby authorises the Company to collect, use, store or otherwise process any Personal
Information concerning the Client and in particular, agrees that the Company may use all such
Personal Information, including the information referred to in clause 10.4, for the purposes of
complying with its obligations under any AML Regulations and for any other purpose directly related
to the provision by the Company of the Service.
Identity Verification
The Client may be required to provide evidence to verify its identity or the identity of its Authorised
Signatories. If the Company is not satisfied with the information provided by the Client, it may request
additional information. The Company will not accept a Client Application and the completion of Services
will not be available to the Client unless and until verification procedures have been completed to the
satisfaction of the Company.
Information correct
The Client must ensure that all information provided to the Company is accurate and up-to-date at all times.
Any changes must be advised to the Company as soon as practicable.
Protection of Information
The Company collects and stores all information electronically and takes reasonable steps to protect such
information from unauthorised access, misuse, loss or destruction. The Company shall in no way be liable to
the Client for any loss or damage the Client may incur as a result of the loss or theft of such information
held by the Company.
Retention of Information
Any information collected by the Company, including telephone recordings or transcripts, may be kept or
destroyed in accordance with normal Company procedures.
Recording phone conversations
The Parties consent to the electronic recording by either Party of telephone conversations between them
without an automatic warning tone and the utilisation of such recordings as evidence by either Party in
any dispute or anticipated dispute between the Parties or in relation to any dealings between the Parties.
11. UKFX Holdings Limited Safeguarding Statement
We are not an authorised deposit holder or Bank that offers access to the
FSCS compensation Scheme. To ensure there isn’t any confusion on this point
the following term has been added to our terms and conditions and associated
web sites.
It’s important to us that you are aware that we, UKFX Holdings Ltd, are an
authorised Electronic Money Institution (EMI), regulated by the Financial
Conduct Authority (FCA) in the UK under the Electronic Money Regulations
2011 for the issuance of electronic money and the provision of payment services.
We have addressed some questions that customers may have when conducting
business with the firm below.
What is E-Money?
When you send us money to your account, we give you the value to spend in your account.
The money held in your account is known as ‘electronic money’ or ‘e-money’. While this
may sound similar to what a bank does when funds are received into a current account,
we are not a bank and therefore:
We do not take your money as a deposit to use for our own purposes or lend to other customers; and
Your e-money is not covered by the Financial Services Compensation Scheme (FSCS).
How do you protect my money?
To ensure your money is safe we follow a process known as ‘safeguarding’ which is a regulatory
requirement for all EMIs. In this process we keep your money separate from our own money and
place it in a safeguarding account with our bankers. We must have an independent expert check
that we are meeting our safeguarding obligations every year and the expert’s report confirming
this is available to the FCA on request.
In the event of us going out of business, an insolvency practitioner would be appointed to return
the funds we have safeguarded to our customers.
How does FSCS cover differ from safeguarding?
FSCS protects consumers together with small businesses, limited companies, and charities (that
meet its eligibility criteria) when certain authorised financial services firms (such as a UK
authorised bank) fail and they cannot return your money to you. FSCS is a service funded by
those financial service firms who are covered by it.
FSCS provides compensation only up to £85,000 per eligible person, per bank, building society
or credit union or up to £170,000 for joint accounts.
This means if you have money in multiple accounts with banks, building societies or credit
unions that are part of the same group (and share a banking license) the FSCS treats them
as one bank.
Whereas all the funds held in an e-money account are safeguarded and the full value (minus
administrative costs applied by the insolvency practitioner) will be returned to you in
the event that we go out of business.
Because of the insolvency procedure, it may take longer (as compared to an FSCS claim) for
your money to be returned to you.
You can find more information about using a non-bank payment service provider on the FCA’s website.
If you have any questions, please contact us on 0207 183 2790 or [email protected]
12. General
12.1 Notices
Documents under this agreement may be sent by facsimile, post or email and
proof of posting shall be proof of receipt; in the case of facsimile or
email on the day of despatch, in the case of delivery by post 48 hours from
the date of posting. Documents shall be sent to the last known address,
email address or facsimile number given by each Party from time to time.
12.2 Relationship
Nothing in this Agreement will be deemed to create a partnership or joint
venture or agency relationship between the Parties or confer any right or
benefit on any third party.
12.3 Enforceability
Should any of these terms be deemed unenforceable or illegal, the remaining
terms will nevertheless continue in force and effect.
12.4 Entire Agreement
This Agreement, together with the Confirmation for each Transaction,
comprises the entire agreement and understanding of the Parties and
supersedes all previous oral and written communications. If any clause of
this Agreement conflicts with the Confirmation or Order Details, the
Confirmation or Order Details will prevail.
12.5 Modification by company
The Company may alter the Client Agreement by posting the new terms on the
Website. Any such amendment will not affect any rights or obligations
already in existence. The Client is bound by the new terms if the client
continues to use the Service after those terms are posted on the Website.
12.6 Assignment
The Client may not assign any rights or obligations under this Agreement
without the written consent of the Company. At the discretion of the
Company, a Related Body Corporate of the Company may satisfy its
obligations under this Agreement.
12.7 Waiver
Any failure or delay by either Party to exercise any right arising under
this Agreement shall not be construed as a waiver of such right.
12.8 Implied terms
No oral representation by the Company, its employees or agents shall be
binding on the Company or shall form part of this Agreement, and all
conditions, warranties or other terms implied by statute or common law are
hereby excluded to the fullest extent permitted by law.
12.9 Governing Law
This Agreement shall be construed in accordance with the laws of England
& Wales and the Parties irrevocably submit to the exclusive
jurisdiction of the courts to settle any disputes which may arise in
connection with this Agreement.
12.10 Complaints
In the event that the Client wishes to make a complaint in relation to the
products and services we offer, the Client may do so either in writing to
UKFX Holdings Ltd at our registered office address 1st Floor, Jebsen House,
Ruislip, Middx, HA4 7BD or, via email on [email protected]. We will
answer your complaint in writing or via email within 15 working days of
acknowledgement by us of receipt of your complaint.
13. Definitions
AML
means 'anti-money laundering' as those terms are generally understood in
the Money Laundering, Terrorist Financing and Transfer of Funds
(information on the payer) Regulations 2017.
Client Agreement or Agreement
means this agreement.
Client Application
means the application completed by the Client in order to gain access to
the Website and the Services.
Close Out
means reversing a foreign currency exchange transaction in the
circumstances set out in Clause 8 or otherwise pursuant to this Agreement.
Closing Out Date
means the date on which a Transaction is Closed Out.
Company
means UKFX Holdings Ltd and any related group company.
Company Account
means an account nominated by the Company for receipt from the Client of
the Sold Amount.
Confirmation
means the website screen shown after successful submission of an
instruction by the client online and/or the document forwarded to the
Client online setting out all relevant details of a Transaction.
Insolvency Event
means a receiver, manager, trustee, administrator, controller or similar
external administrator is appointed over any of the assets or undertakings
of the Client; the Client is or becomes unable to pay its debts as and when
they are due; the Client ceases to carry on business; an order is made for
the winding up or dissolution of the Client otherwise than for the purpose
of an amalgamation or reconstruction which has the prior written consent of
the Company.
Instruction
means a request made by the Client to the Company to enter into a
Transaction.
Nominated Beneficiary Account
means the bank account of a person to whom the Client has instructed the
Company to transfer funds.
Out-of-Market Quote
means a Rate quoted by the Company which is demonstrably inconsistent with
prevailing market rates as the result of a human or technical error on the
part of the Company.
Party
means a party to this Agreement.
Personal Information
means information or an opinion (including information or an opinion
forming part of a database), whether true or not, and whether recorded in a
material form or not, about an individual whose identity is apparent, or
can reasonably be ascertained, from the information or opinion.
Rate
means the foreign currency exchange rate applicable to a Transaction.
Service
means the facility offered by the Company for the purpose of buying and
selling currency for delivery.
Settlement
means the act of instructing the payment of the bought amount of currency
to the nominated beneficiary account by the Company.
Sold Amount
means the amount of the currency that the Client is selling to the Company.
Transaction
means a binding agreement between the Client and the Company to exchange
one contract for another at an agreed rate and shall be taken to refer to a
series of transactions pursuant to standing instructions given by the
Client.
Transaction Date
means the date on which the Client enters into a Transaction with the
Company for the exchange of currencies.
Rated Excellent on Trustpilot
Secure
