Terms of Use
1 The Service
1.1 The Service The Company enters into contracts of bank account to bank account money transfer and delivery of currencies in cash for the UK (London only).
1.2 No Financial Advice The customer shall be only 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 customer must rely solely on its own judgement in determining whether the Service, or any incidental services provided by the Company, are appropriate for the customer’s purposes.
1.3 Customer 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 holds a British Financial Services Authorities Licence and is authorised to provide foreign exchange and money transfer services . The Company is not a deposit taking institution and does not hold customer funds on trust or in segregated accounts.
2 Instructions
2.1 Account Number Telephone and email instructions effected pursuant to the use of the Account number issued to the customer by the Company will in all circumstances be binding on the client.
2.2 Authorised Signatory The Company will act upon any instructions issued by an Authorised Signatory and the customer will be bound by all such instructions, whether or not the Authorised Signatory is or remains properly authorised by the customer. The customer must notify the Company immediately in writing of any changes to the Authorised Signatory List.
2.3 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 customer or any other party.
2.4 Transaction Binding The details of each Transaction will be confirmed either orally in a telephone call or/and by email Confirmation. In the case of Instructions received by telephone, the Transaction shall be binding upon conclusion of the telephone call. In the case of Instructions received by email, the Transaction shall be binding upon receipt by the customer of an email from the Company confirming the details of the Transaction, provided that the customer shall have 2 hours in which to notify the Company of any errors in the email, failing which the details set out in the email shall be deemed to be correct. In the case of Instructions that are the subject of a Confirmation, the Transaction shall be binding in accordance with clauses 2.7 and 2.8.
2.5 Cancellation Once binding, a Transaction may not be altered or cancelled without the express written consent of the Company.
2.6 Prompt Performance The customer acknowledges that, due to volatility in exchange rates, the timely performance of the customer's obligations is an essential term of any Transaction.
2.7 Online Confirmations Binding after Telephone Confirmation Unless the Client has been informed orally by the Company to the contrary or the same is stated on the Confirmation, the Company will confirm the details of a Confirmation in a subsequent telephone call to the Client using the contact details provided by the customer. In the event that the customer cannot be contacted within 15 minutes of a Confirmation being received by a customer, the Company reserves the right to elect not to proceed with the Transaction. No such Transactions shall be legally binding on the Parties until the telephone call has been made and concluded.
2.8 Online Confirmations Binding Automatically In circumstances where the customer has been orally informed by the Company or where the Confirmation so states, the Transaction shall be legally binding on the customer at the time the Confirmation is received by the customer. In the event that the Confirmation contains details that are not correct, the customer must notify the Company of any required changes within 2 hours of receiving the Confirmation, failing which all of the details of the Transaction will be deemed to be correct.
2.9 Further Information The Company may request further confirmation or information from the customer 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 customer for any delay or failure to complete the Transaction as a result of such request.
3 Payment Provisions
3.1 Payment must be initiate 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 prior to or on the date that is specified orally or in writing by the Company or is stated in the Confirmation. The Company will rely on the account number specified for the Nominated Beneficiary Account and will not check to ensure that the name provided by the customer accords with the account number.
3.3 Cleared Funds The customer must deliver the funds 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 customer's funds have cleared, the customer 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 funds not be cleared as anticipated.
3.4 Non Payment the Company reserves the right to cancel any Transaction in circumstances where the funds has not been received by the Company within 3 business days of the Transaction becoming legally binding in accordance with Clause 2.4 or the customer has failed to provide the details of the Nominated Beneficiary Account prior to or on the date specified orally or in writing by the Company.
3.5 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.
3.6 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 customer will take immediate action to recover any such funds itself to the extent that the mistaken beneficiary is related to or associated with the customer 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 customer, the customer undertakes and agrees to refund any such funds to the Company or in accordance with the Company's instructions immediately.
3.7 No Interest The customer 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.
3.8 Form of Payment All payments made pursuant to this Agreement are required to be made by telegraphic transfer, electronic funds transfer, credit card or cheque. The Company does not accept or make any payments by cash and draft.
3.9 Funds Held without Instructions In circumstances where funds are held by Trans-Valuta Limited pending further instructions from the customer, the customer acknowledges and agrees that Trans-Valuta Limited will not hold such funds on trust and will not pay interest on such funds. In the absence of any Instruction, Trans-Valuta Limited will return the funds to the customer within 12 months of receipt.
4 Orders
4.1 Legally Binding Orders shall become legally binding as and from the time that the Order Details are orally agreed between the Company and the customer. Immediately upon receiving, by email or otherwise, confirmation of the Order details, the customer must notify the Company within 2 hours of any error in the Order Details, failing which the Order Details shall be deemed to be accurate.
5 Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF)
5.1 AML/CTF Compliance In dealing with the Company, the customer acknowledges and agrees that the Company is obliged to adhere to applicable AML/CTF Regulations in all relevant jurisdictions. The customer will not attempt to initiate any Transactions that may contravene any AML/CTF Regulations and will provide such information as is necessary or desirable for the Company to comply with its AML/CTF obligations.
5.2 Information Collection The Company reserves the right to collect such information as is necessary from the customer to meet its obligations under applicable AML/CTF Regulations. The Company may pass on information collected from the customer and relating to Transactions as required by applicable AML/CTF Regulations and is under no obligation to inform the customer it has done so. The Company may undertake all such AML checks in relation to the customer, 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 customer or any third party.
5.3 Transmission of Information to Regulatory Bodies The Company reserves the right to provide all such information regarding the customer and any Transactions in relation to its obligations to, or requests (whether legally binding or not) by, any relevant regulatory body.
6 Liability
6.1 No Liability for Delays The customer acknowledges that delays in the transmission and receipt of payments may occur. In particular, the customer acknowledges that the Company operates a computerised dealing platform that could be subject to technical, or other, problems beyond the Company's control which could result in delays in excess of 24 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 customer for any costs, expenses, liabilities or losses of any kind, however arising, resulting from any delay in any payment made on behalf of the customer or any delay in responding to instructions received from the customer.
6.2 Liability Limited Without limiting the effect of Clause 6.1, the Company’s total aggregate liability to the customer 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 customer in relation to any particular Transaction. In no circumstances shall the Company be liable to the customer for any consequential or indirect losses of any kind, whether foreseeable or not.
6.3 Indemnity The customer 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.
6.4 Third Party Fees The customer acknowledges and agrees that the customer 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 customer by the Company.
7 Closing Out
7.1 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 customer or any third party for any losses which may be incurred as a result and without giving prior notice to the customer, on the occurrence of any of the following events:
(i) if the customer is an individual, the death or loss of mental capacity of the customer;
(ii) the occurrence of an Insolvency Event;
(iii) representations or information provided by the customer are or become, in the opinion of the Company, inaccurate or misleading in any material respect;
(iv) giving effect to any obligations under this Agreement becomes unlawful;
(v) a dispute has arisen between the Parties;
(vi) breach by the customer of any terms of this Agreement or any other Transaction; or
(vii) in circumstances where the Company reasonably forms the view that it is necessary to do so for its own protection.
7.2 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 in good faith. If, as a result of that calculation, the Transaction results in a loss, the customer 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 customer any profit arising from the Closing Out of a Transaction.
7.3 Set-Off The customer acknowledges and agrees that the Company may deduct from any payment to be made to the customer, including any deposit held by the Company, or any amount held by the Company for payment to any Nominated Beneficiary Account, any amount the customer 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.
7.4 Default Notification The Client customer must notify the Company immediately upon becoming aware of the occurrence of any event referred to in Clause 7.1 above.
7.5 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 customer a written statement explaining the amount of any sums payable by the customer or the amount of any sums being withheld by the Company from sums payable to the customer.
8 Representations and Warranties
8.1 Customer Warranties The customer makes the following representations and warranties as at the date of this Agreement and at each time a Transaction is entered into:
(i) the customer 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 customer 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 customer to the Company is, or at the time it is provided will be, accurate and up-to-date in all material respects and the customer has not omitted or withheld any information which could make such information inaccurate or misleading in any material respect;
(iv) the customer 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 customer 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 customer will not constitute a breach of any relevant AML/CTF regulations in any jurisdiction;
(vii) there are no claims outstanding or threatened against the customer 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 customer is acting as a trustee of a trust, the customer is duly and properly authorised to enter into this Agreement and any Transactions in accordance with the terms of the relevant trust instrument; and
(x) the customert has read and understood the following documents and agrees to be legally bound by their terms and conditions:
(a) the Website Terms of Use;
(b) the Money Laundering Statement; and
(c) the Privacy Policy.
9 Privacy
9.1 Collection of Information In order to provide the customer with the Services, the Company must collect certain Personal Information about the customer or the Authorised Signatories of the Customer and obtain their consent in relation to the handling of such Personal Information. The customer hereby gives that consent or warrants that it has obtained that consent from each Authorised Signatory. The customer 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.
9.2 Use of Information The customer hereby authorises the Company to collect, use, store or otherwise process any Personal Information concerning the customer or any Authorised Signatory in accordance with the Company’s Privacy Statement for the purposes of complying with its obligations under any AML/CTF Regulations and for any other purpose directly related to the provision by the Company of the Service.
9.3 Identity Verification The customer will 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 customer Application and the full range of Services will not be available to the customer unless and until verification procedures have been completed to the satisfaction of the Company.
9.4 Information correct The customer 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.
9.5 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 customer for any loss or damage the customer may incur as a result of the loss or theft of such information held by the Company.
9.6 Retention of Information Any information collected by the Company, including telephone recordings or transcripts, may be kept or destroyed in accordance with the Company's Information Retention Policy or normal Company procedures.
10 General
10.1 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 dispatch, 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.
10.2 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.
10.3 Enforceability Should any of these terms be deemed unenforceable or illegal, the remaining terms will nevertheless continue in force and effect.
10.4 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.
10.5 Modification by company The Company may alter the Customer Agreement by posting the new terms on the Website. Any such amendment will not affect any rights or obligations already in existence. The customer is bound by the new terms if the customer continues to use the Service after those terms are posted on the Website.
10.6 Assignment The customer 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.
10.7 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.
10.8 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.
10.9 Governing Law This Agreement shall be construed in accordance with the laws of England and Wales irrevocably submit to the exclusive jurisdiction of the High Court of Justice in England to settle any disputes which may arise in connection with this Agreement.
Trans - Valuta Ltd Call