Last updated 25/06/2026
1. Intro
1.1 Parties to the agreement
These Terms and Conditions of business set out the legal relationship between you (“you” or “client”) as detailed in the Corporate Registration Form or the Personal Registration Form and UKFX Holdings Ltd (“UKFX”,“us”, or “we”). This includes the legally binding obligations and responsibilities between you and us.
1.2 Requirement to Read and Understand
You must read and understand these Terms and Conditions in their entirety as they contain essential information regarding Your rights, obligations, and liabilities when using Our service.
Parties Involved: These terms define the legal relationship between you and us. The client’s specific details are taken from either the Corporate or Personal Registration Form they completed.
Purpose: The terms outline the legally binding obligations and responsibilities between you and us.
Importance of Reading: Clients are required to read these terms carefully before agreeing to them through a positive digital action.
Scope: The terms apply to the client’s use of their UKFX Account and form part of every contract established between the client and UKFX.
Content: The document explains:
• How the UKFX Account functions.
• The responsibilities of both the client and UKFX.
• Conditions for terminating contracts and the terms themselves.
• The extent of UKFX’s liability, especially concerning fraudulent or incorrectly processed payments.
Action if Disagreement: If a client does not understand or agree with any part of the terms, they should contact UKFX before proceeding.
Agreement: Clients should only complete the sign-on process, agree to the terms, and enter into contracts if they fully accept and agree to be bound by these conditions.
2. Information and How to Contact Us
2.1 UKFX Holdings Ltd Details
Name: UKFX Holdings Ltd
Registration: Incorporated in England and Wales (Company No: 06588495).
Registered Office: 1st Floor, Jebsen House, Ruislip, Middx, HA4 7BD.
Trading Names: Also trades as QU Money and QU Capital.
Regulation: Authorised by the Financial Conduct Authority (FCA) under the Electronic Money Regulations 2011 (EMRs) with reference number 901082.
2.2 How to contact us
All communications between us are to be in English. These Terms are concluded in English, and all communications between you and us shall be in English only. You may contact us in writing by emailing info@qumoney.com or calling +44 (0)2071 832 790. If a notice must be sent to us in writing in accordance with these Terms, please send an email to info@qumoney.com.
We aim to respond to your enquiry by email as promptly as possible. Our standard service level agreement (SLA) is to provide an initial response within 6 working hours of receiving your message. If, for any reason, you have not received a response within this timeframe, we kindly ask that you follow up using an alternative contact method to ensure your enquiry is addressed without further delay.
2.3 How we may contact you
How we can contact you:
Write to you The address you provide us with when being onboarded as a client, as updated by you from time to time
Call you The telephone number you provide us with when being onboarded as a client, as updated by you from time to time
Email you The email address you provide us with when being onboarded as a client, as updated by you from time to time
In the event of security threats or fraud We will contact you via telephone
It is important that you inform us promptly if any of your contact details change. You can update your details by calling or emailing us using the contact information provided. Please note that we will not be responsible for any loss you may suffer if you fail to notify us of changes to your contact information.
When we use the words “writing” or “written” in these Terms, this includes emails.
3. Definitions
“Account” a client’s designated profile created after the onboarding process, used to manage and record their transactions, balances, and other relevant details within the company’s system.
“Agreement” This Agreement shall apply to any and all Orders. The specific details of each Order will be agreed with your dealer or stated on the Self-Dealing Platform and will be shown on the Confirmation. Each and every order for which We issue a Confirmation We will consider to be an independent contract under the terms of the Agreement
“APP Scam/Fraud” is a type of fraud where the victim is tricked into authorising a payment to a fraudster, often through social engineering or deceptive tactics, resulting in the victim willingly transferring funds to the scammer’s account.
“Authorised Person” an individual or entity officially designated or permitted to carry out specific actions or duties on behalf of a company, typically in compliance with regulatory requirements, such as handling financial transactions, making decisions, or representing the business
“Beneficiary” means the nominated recipient of the proceeds of the transaction
“Business day” means a working day upon which We are open for business
“Closing out” the process of finalising or settling a financial position or transaction, often by executing a counter-transaction, such as selling or buying back an asset, to close an open contract or position
“Contract date” the date on which a contract is formally agreed upon and signed by all relevant parties, marking the official start of the terms and conditions outlined in the agreement.
“Contract note” a document issued by a financial institution or broker to confirm the details of a transaction, including the terms, price, and parties involved, following the completion of a trade or agreement.
“Confirmation” means the contract confirmation note sent by Us to the Client setting out the details of the Client Order
“Contracts” are legally binding agreements between two or more parties that outline specific terms, conditions, rights, and obligations to be fulfilled by all involved parties.
“Currency” is a system of money in common use, typically issued by a government or central authority, used as a medium of exchange for goods, services, and transactions. Examples include Pounds Sterling, US Dollars, and Euros.
“Default” The failure to fulfil an obligation or meet the terms of a contract, such as not making a required payment or not adhering to agreed-upon conditions.
“Electronic Money” a digital form of currency stored electronically, typically issued by a financial institution, and used for online transactions or electronic payments without the need for physical cash
“Electronic Money Services” Services provided by institutions that issue, manage, and transfer electronic money, enabling users to store and transfer funds electronically for online payments, transactions, and other financial activities
“Financial institution” an organisation that provides financial services, such as banking, investment, insurance, and lending. Examples include banks, credit unions, insurance companies, and investment firms
“Force Majeure” shall include any act beyond Our reasonable control, an Act of God, flood, earthquake, windstorm or other natural disasters, epidemic or pandemic, war, the threat of or preparation for war, armed conflict, imposition of sanctions, embargo, breaking off of diplomatic relations or similar actions, terrorist attack, civil war, civil commotion or riots, strike, industrial action or lockout any law or government order, rule, regulation or direction, or any action taken by a government or public authority, any communications, systems or computer failure, market default or suspension or failure or closure, interruption or failure of utility service.
“Foreign exchange and/or FX” The global market for buying and selling currencies, where currencies are traded against one another. It involves the exchange of one currency for another, often for purposes such as international trade, investment, or tourism.
“Forward FX contracts” means a contract for the purchase of foreign currency for delivery on a specified future maturity date or dates or during a specified period for a specified future payment needs
“Initial margin” Funds held by us in Pounds Sterling or Foreign Currency on behalf of a Client, serving as security until the Payment Due Date. These funds may be released from security upon receipt of the outstanding balance and applied as a partial payment toward completing the transaction.
“Insolvent” means when any entity is unable to settle any debt it owes when it is due or makes itself or becomes made subject to any formal proceeding, whether voluntary or involuntary, for bankruptcy, liquidation, administration or relief from creditors
“Interest” The cost charged by one party to another for borrowing currency or the return earned on currency deposits or investments.
“Intermediary” a third party that facilitates transactions or agreements between two or more parties, often providing services such as advice, negotiation, or coordination.
“Loss/Losses” means but is not limited to any financial losses or damages or costs. Any legal penalties applied, fines, fees, judgements or costs. Any accountant fees or expenses. Any investigation costs, settlements, court costs and other expenses of litigation, as well as fees and expenses, and losses not related to litigation or a legal process and lost profits
“Manifest Error” A clear and obvious mistake, often in a financial or legal context, that is immediately apparent upon review. This may refer to but not be limited to a clerical or calculation error in transaction details, such as incorrect exchange rates or amounts, that can be corrected once identified.
“Margin” means the Initial Margin or Variation Margin payable by the Client to initially secure and to secure further when required by the Order.
“Margin call” means any payment that We may demand from the Client for any Margin that is due owed.
“Market failure” A situation in which the allocation of goods and services by a free market is inefficient, leading to a misallocation of resources. In the FX market, market failure can occur due to factors like monopolies, externalities, or information asymmetry, which distort prices and trading conditions
“Online platform/ Self-Dealing Platform” is our platform through which we give access to clients to deal FX, place limit orders, set up beneficiaries and make payments by themselves. All transactions placed via this system are legally binding.
“Order” means the Client has requested our services from us. This request may be made by email, face-to-face, telephone or via our Self-Dealing Platform
“Payee details” Information related to the recipient of a payment, typically including their name, account number, bank details, and any other necessary identifiers required to complete a financial transaction.
“Regulatory/Regulations” Rules and guidelines set by authorities, including HMRC under the Money Laundering Regulations (MLR) and the Financial Conduct Authority (FCA), to ensure businesses operate legally and prevent financial crime.
“Safeguarded/Safeguarding” The protection or securing of assets, funds, or information to ensure their safety and prevent loss or misuse. In the context of the FX business, safeguarded funds refer to client money that is held in a secure manner, often in a separate account, in compliance with regulatory requirements to protect it from being used for other purposes.
“Sale Currency” means the currency of the funds that You agree to sell, provide, or otherwise transfer to Us in order to purchase the Purchase Currency under a Trade, as specified in the relevant Contract Note.
“Settlement” is the process by which an FX or international payment transaction is finalised, involving the transfer of funds in the agreed currencies to the appropriate recipient accounts, either internally within the EMI’s systems or externally through banking/payment networks.
“Severability” legal principle stating that if one part of a contract is found to be invalid or unenforceable, the remaining provisions of the contract will still remain in effect. This ensures that the overall agreement remains intact, even if a specific clause is deemed void.
“Spot FX contracts” Contracts in the foreign exchange market where currencies are bought or sold for immediate delivery, typically settled within two business days at the current exchange rate. These contracts are used for short-term currency transactions and are the most common type of FX trade.
“Standard Business Hours” means the hours of 08:30 am to 5:00 pm on a Business Day in the United Kingdom
“Termination” The formal ending of an agreement or contract, whether initiated by a party or automatically triggered by specific conditions outlined in the terms and conditions.
“Third-party” An individual or entity that is not directly involved in a transaction or agreement but may play a role in facilitating, overseeing, or being affected by the process such as a service provider, intermediary, or any external party involved in processing, clearing, or supporting financial transaction
“Value date” is the date on which a payment, currency exchange, or financial transaction is settled and funds become available.
“Variation Margin” Additional funds are required to cover losses when the value of an open position changes, helping ensure enough money is held to manage market fluctuations.
4. Terms of Becoming a Client
4.1 Client Onboarding Requirements
In order to become a client and before any Services can be provided by us, you must:
• Provide us with all information reasonably required by us to comply with our legal and regulatory obligations and our own internal risk management processes; and
• Accept these Terms.
4.2 Acceptance of Terms
You can accept these Terms by you or someone representing you:
• Ticking the relevant box online; or
• Confirming that you accept them via email or telephone; or
• Being provided with a copy of these Terms by us by email.
4.3 Account Opening and Termination
These Terms shall come into force on the date that we confirm that you are a client and shall remain in force indefinitely until terminated in accordance with these Terms. At our absolute discretion, we may refuse to open an account for you and may do so without giving any reason.
4.4 Client Onboarding and Services Provided
On agreeing to these Terms and onboarding you as a client, we will:
• Open a UKFX Account for you;
• Allow you to credit your UKFX Account/s;
• Make our relationship managers available to you via phone and email; and
• Make our Online Platform available to you subject to your requirements and the risk profile we have allocated.
5. Services
5.1 Provision of Services
We may in our absolute discretion, provide, or continue to provide, the following services to you. These services together will mean the “Services” in these Terms:
• Foreign exchange services – we may allow you to purchase money in different currencies from us;
• Payment services – we may allow you to execute Payments using money in your UKFX Account;
• Electronic money services – We shall provide you with a UKFX Account from which you can purchase monies in different currencies from us and execute Payments.
5.2 No Advice provided
Our Services do not include the provision of advice. We do not offer advice under these Terms on any matter, including (without limit) the merits or otherwise of any currency transactions, taxation, or markets. Although we may provide you with market information from time to time, we do not provide advice (whether to proceed with or not proceed with or in respect of the timing of any FX Contract). It is entirely for you to decide whether a particular FX Contract and your instructions to us are suitable for you and your circumstances.
6. Information About E-Money Account
6.1 Nature of your account
Your Account is a ‘virtual’ account within which you can hold Electronic Money in different currencies.
Your Account differs from a bank account in that money in your Account:
(a) will not be invested or lent to third parties;
(b) will not accrue interest; and
(c) will be safeguarded, but will not be covered by the Financial Services Compensation Scheme, as explained in Clause 20
6.2 Crediting your account
You can credit your Account:
(a) by making a payment via bank transfer to our bank account including the reference we require, the details of which we shall provide to you upon request;
(b) by making a payment via bank transfer using the details of the IBAN linked to your Account as the beneficiary account details; and
If you send money to the wrong account by mistake when trying to credit your Account, you should contact the financial institution you sent money to us from. We cannot accept responsibility for this.
6.3 Third-Party Credits to Your Account
Someone other than you may credit your UKFX Account:
(a) by sending Electronic Money to your UKFX Account from their own UKFX Account; or
(b) by bank transfer to the account that we stipulate or using the details of the vIBAN linked to your Account as the beneficiary account details, having obtained our prior consent and having complied with our requirements for any additional information and documentation.
Please contact us via telephone or email to obtain the consent required in clause 6.3(b).
6.4 Deductions from Your Account
We will deduct Electronic Money from your Account when:
(a) you owe it to us, for example, Money you owe as a part of an FX Contract and fees; and
(b) it becomes subject to a Payment.
6.5 Deductions from your account
We will credit your Account at the time your Money has arrived with us as cleared funds. You can check this by calling us or by viewing your account balances on the Online Platform. Where we have an Authorised Person’s mobile telephone number on record, we may also send them a message confirming that Electronic Money has been credited to your Account.
6.6 Sending Money from Your Account
You can send Money in your Account to an account you hold with another financial institution by entering into a Payment Contract and providing your own account details as the Beneficiary Account details.
6.7 Dormant Accounts
We may hold Electronic Money in your Account indefinitely. However, if your Account has not been used for a period of two years or more, we will make reasonable efforts to contact you using the details we hold on file to confirm whether you wish to:
a) retain the balance in your Account;
b) enter into a new FX Contract or Payment Contract; or
c) redeem the funds to an account held in your name with another financial institution.
If we are unable to contact you after making reasonable attempts, we may, at our discretion, redeem the remaining Electronic Money in your Account by transferring it to the last known bank account we hold on record for you. Any redemption will:
a) be made using a fair and transparent exchange rate;
b) be subject only to any applicable redemption fee disclosed in these Terms; and
c) remain safeguarded in accordance with Regulation 20 of the Electronic Money Regulations 2011 until the transfer has been successfully completed.
If the transfer cannot be completed (for example, if the destination account is closed or invalid), we will continue to safeguard the funds until you contact us to arrange redemption.
7. Authorised Persons
7.1 Authorised Persons and Communication
We require at least one Authorised Person to enter into Contracts with us and otherwise communicate with us on your behalf. You must provide us with the names and contact details of all of your Authorised Persons. You can add and remove Authorised Persons by having an Authorised Person call or email us.
7.2 Automatic Authorisation
The following persons will automatically be deemed to be an Authorised Person upon your acceptance of these Terms:
• The person who accepts these Terms on your behalf;
• You, if you are a sole trader. Is this usual. In some case directors etc may be absent/silent.
7.3 Notification Obligation
You must notify us immediately if you no longer want one of your Authorised Persons to enter into Contracts or communicate with us on your behalf. We will not be liable for acting on that Authorised Person’s instructions if you fail to inform us of the change and we have confirmed back to you the removal of the Authorised Person.
8. FX Contracts
We may from time to time during the existence of these Terms, enter into:
• Spot FX Contracts with you for any purpose and/or
• Forward FX Contracts, for the purpose of:
o facilitating a means of payment for you for identifiable goods and/ or services; or
o your direct investment.
8.1 Our Discretion
We have sole discretion to decide whether the purpose of a Forward FX Contract is for the purchase of identifiable goods and/or services or direct investment. At our sole discretion, we may require you to provide us with evidence of the purpose of a Forward FX Contract. If you fail to provide this we reserve the right to cancel your transaction and you will be responsible for any losses occurred.
8.3 Delivery Obligation
In all cases, you agree to take delivery of the full amount of Purchase Monies into your UKFX Account on the Value Date.
9. How to enter an FX contract
9.1 Authorised Person
An Authorised Person can request that we enter into an FX Contract with you:
• By calling us, using the telephone number set out in clause 2.2 or by using the telephone number of your designated account manager or otherwise by speaking to one of our employees via telephone; or
• By using the Online Platform; or
• Via email using the email address set out in clause 2.2 or by using the email address of your designated account manager or otherwise by emailing one of our employees.
9.2 Acceptance of FX Contract
We will let you know via telephone, the Online Platform or via email if your request to enter into an FX Contract has been accepted. Once accepted, your request will form the basis of an FX Contract. Please note that we are under no obligation to accept any requests made by you to enter into an FX Contract.
9.3 FX Contract Request Authorisation
We are entitled (but not obliged) to act upon requests to enter into FX Contracts which reasonably appear to come from an Authorised Person. In particular, we shall deem any request to enter into an FX Contract received from an Authorised Person’s telephone number or email address as having come from that Authorised Person, and we shall be entitled to act upon such requests received from any other communication channels provided to us by you.
10. FX Contract Confirmation Details
Details of the FX Contract will be confirmed in writing in a Contract Note issued to you by us. The Contract Note shall include the following:
a) The amount and currency of the Sale Monies you are required to hold in your UKFX Account to satisfy your obligations;
b) The date(s) that you are required to hold the Sale Monies referred to in clause 10.1(a);
c) Details of the bank account you should send Money to, to satisfy clause 10.1(a);
d) The foreign exchange rate;
e) A transaction number for the FX Contract;
f) The amount and currency of the Purchase Monies;
g) The Value Date;
h) The Contract Date;
10.1 FX Contract Charges and confirmation
Any charges payable by you in respect of an associated Payment (including a breakdown of the amounts of those charges where applicable). An FX Contract remains binding whether or not you receive the Contract Note. If you or an Authorised Person does not receive the Contract Note within two Standard Business Hours of the conclusion of the FX Contract, you must notify us immediately. If you do not notify us within 3 Standard Business Hours of the FX Contract being entered into, then we shall be entitled to assume that you have received the Contract Note. A failure by us to issue a Contract Note to you will not prejudice the rights and obligations of either party under the concluded FX Contract.
11. Margin
11.1 Initial Margin Payment
When entering a Forward FX Contract, you may need to provide an Initial Margin within one Business Day of the Order. The remaining balance is due before the Value Date. Unless otherwise agreed this will be 10% of the contract value.
11.2 Margin Call and Variation Margin
If your open Orders experience an unrealised loss exceeding 5% (or another amount specified/agreed), we may issue a Margin Call, requiring you to provide a Variation Margin by the next Business Day. We may issue further Margin Calls if losses increase. Forward Contracts are marked to market using reliable data sources.
11.3 Refunds on Market Movements
If the market moves in your favour, you can request a refund of the difference between the unrealised loss and the Variation Margin held, subject to our discretion. Initial Margin ensures funds are available for the Forward FX Contract and addresses market or circumstance changes. The margin you provide will be applied toward your total payment obligations.
11.4 Margin Call Notification and contact requirements
We may issue Margin Calls via phone or email to your Authorised Persons, who must:
• Be available to take calls during Standard Business Hours.
• Regularly check emails and texts during Standard Business Hours.
When we contact an Authorised Person via phone, email, or text, you are considered to have received the Margin Call. We will attempt to confirm receipt by phone, but we accept no liability for missed calls.
11.5 Failure to fund margin
Failure to fund the Margin when due may result in us closing your Orders. Proceeds will cover outstanding amounts, with any excess refunded. If proceeds are insufficient, you must pay the shortfall within one Business Day.
12. Closing out an FX Contract
12.1. Terminating an FX Contract
We may refuse to perform or may Close Out all or any part of any FX Contract, without incurring any liability to you for losses that may be sustained as a result and without giving notice to you or receiving any instructions from you, upon or at any time after the happening of any of the following events:
a) you fail to make any payment when due to us under these Terms or any FX Contract;
b) where we reasonably determine that there was a Manifest Error with the foreign exchange rate we provided you;
c) if you are an individual or a partnership and:
• you or one or more of your partners die or, by reason of illness or incapacity (whether mental or physical), are incapable of managing your own affairs or become a patient under any mental health legislation;
• you or one or more of your partners suspend payment of your debts, make or take steps with a view to making any moratorium, assignment, composition or similar arrangement with creditors, have a receiver appointed in respect of some or all assets, are the subject of a bankruptcy petition, application or order, or have anything similar to any of the events described in this clause 12.1(c) happen to you anywhere in the world;
d) if you are not an individual or a partnership:
• you suspend, or threaten to suspend, payment of your debts or are unable to pay your debts as they fall due or admit inability to pay your debts or are deemed unable to pay your debts within the meaning of section 123 of the Insolvency Act 1986 (“IA 1986”) as if the words “it is proved to the satisfaction of the court” did not appear in sections 123(1)(e) or 123(2) of the IA 1986;
• you commence negotiations with all or any class of your creditors with a view to rescheduling any of your debts, or make a proposal for or enter into any compromise or arrangement with any of your creditors;
Petition is filed, a notice is given, a resolution is passed, or an order is made, for or in connection with your winding up;
• An application is made to court, or an order is made, for the appointment of an administrator, or a notice of intention to appoint an administrator is given or an administrator is appointed over you;
• The holder of a qualifying floating charge over your assets has become entitled to appoint or has appointed an administrative receiver;
• A person becomes entitled to appoint a receiver over all or any of your assets or a receiver is appointed over all or any of your assets;
• One of your creditors or encumbrancers attaches or takes possession of, or a distress, execution, sequestration or other such process is levied or enforced on or sued against, the whole or any part of your assets and such attachment or process is not discharged within 14 days;
• Any event occurs, or proceeding is taken, with respect to the other party in any jurisdiction to which it is subject that has an effect equivalent or similar to any of the events mentioned in clause 12.1(d);
• You suspend or cease, or threaten to suspend or cease, carrying on all or a substantial part of your business;
a) you fail in any respect to fully and promptly comply with any obligations under these Terms;
b) if any of the representations made in these Terms or information supplied by you are or become materially inaccurate or materially changed;
c) if it becomes or may become unlawful for us to maintain or give effect to all or any of our obligations under these Terms or otherwise to carry on our business;
d) if we or you are requested not to perform or to Close Out an FX Contract (or any part thereof) by any governmental or regulatory authority whether or not that request is legally binding; or
e) we consider it necessary to do so for our own protection including (without limitation) in the following circumstances:
• If we suspect illegal activities, fraud or money laundering;
• If we suspect you are using our services and/or our platform for speculation;
• Protection from your default;
• Protection from market failure;
• Protection from adverse or volatile market conditions; and
• Protection from loss by us.
12.2 Client-Initiated Termination
You may request to terminate a foreign exchange contract, but this is only possible with our consent and on terms we stipulate. You will be required to cover any losses we incur as a result, including the costs of unwinding the contract.
12.3. Notification Requirement
If you become aware of the occurrence or likely occurrence of any event referred to in clause 12.1 (a) to (h) above, you shall notify us immediately.
12.4 Consequences of Closing Out
If, as a result of us unwinding the terminated FX Contract, because you have not satisfied a Margin Call or for any other reason:
a) The margin you have paid us (if any) covers us for losses we have incurred in unwinding the FX Contract, we will use this Margin to cover our losses and credit any leftover Money to your account;
o Reason for Profit Retention: If we end up with a profit as a result of unwinding the contract, we shall keep this profit. This is to ensure we are not deemed to be providing an ‘investment service’, which is outside the scope of the regulatory permissions we hold with the Financial Conduct Authority.
b) The margin you have provided us (if any) does not cover us for losses we have incurred, we will send you an invoice for monies outstanding and:
• Deduct any monies you have in your account to pay for same; and/or
• Use any Margin we hold in relation to any other FX Contracts you have entered into to make up some or all of the shortfall, in which case you will owe us more Money under that different FX Contract; and/or
• You will have to either credit your account with the appropriate amount or arrange for payment to be made directly to us; or
• We are holding excess funds as a result of foreign exchange currency movements, we reserve the right to retain these excess funds.
12.5 Conversion rights and Exchange rates
For the purposes set out in clause 12.4(b), we are entitled to convert Money into the currency we require, and such conversion shall be at a standard rate of exchange available to us.
12.6 Close-out Fee
A minimum close-out fee of £700 applies. If unpaid within 48 hours, interest will accrue at The Bank of England base rate + 5%. After 7 days, the Close Out fee increases to £1,000.
12.7 Interest on Overdue Payments
We reserve the right to charge interest on overdue amounts at 5% per annum over the Bank of England base rate, compounded monthly from the due date until full payment is made.
13. Indemnity and Limitation of Liability for FX Contracts
13.1 Limitation of Liability
Our liability to you for any breach of this Agreement is limited to the value of the Order related to the breach, or in cases of incorrect fund application, to the amount of such funds. We are not liable for delays or failures due to events beyond our control, including force majeure. We are also not liable for losses arising from Manifest Errors or from acting upon instructions that reasonably appeared to be from an Authorised Person. Our maximum liability for any FX Contract shall not exceed the Purchase Monies of that Contract.
13.2 Indemnity
The Client agrees to indemnify, defend, and hold Us harmless from and against any and all claims, losses, damages, costs (including legal costs), liabilities, taxes, charges, commissions, or other expenses arising out of:
• Any breach by the Client of their obligations under this Agreement;
• Any wrongful or improper use of the Services by the Client;
• Any violation of third-party rights, including intellectual property or privacy rights, by the Client;
• Any breach of laws, rules, or regulations by the Client;
• Any third-party use of the Services or access to the Self-Dealing Platform.
13.3 Client Responsibility
The Client acknowledges and agrees that they are solely responsible for ensuring that all payments required under any FX Contract are made promptly and in accordance with the time limits specified in the respective FX Contract and these Terms.
13.4 Third-Party Liability
Where we and a third party are jointly liable to you, our liability will be limited in proportion to our contribution to the fault for the loss. You agree not to bring any personal claims against our employees
13.5 No Personal Responsibility of Employees
Our employees are not personally responsible for any losses or damages arising from their acts or omissions. This clause does not exclude liability for actions within the scope of their employment.
13.6 Compensation for Liabilities
The Client agrees to compensate Us for any liabilities, damages, losses, or costs incurred as a result of the performance of our foreign exchange services or the enforcement of our rights under these Terms, including losses resulting from the Client’s breach of these Terms or the exercise of our rights to close out any FX Contract prior to its Value Date.
13.7 Survival and Conclusiveness
Any amounts certified by Us under this clause shall, unless manifestly inaccurate, be conclusive evidence of the amounts payable. The indemnities in this clause shall survive the termination of this Agreement.
Terms applying to Payments
14. Request to execute a payment
14.1. Authorisation and Execution of Payment Requests
An Authorised Person may request that we execute a Payment on your behalf. The request to execute the Payment must confirm the amount and currency of the Money you wish to transfer to the Beneficiary and the Payee Details.
14.2. Methods for Requesting Payment Execution
An Authorised Person can make a request for a Payment to be executed:
• by calling us, using the telephone number set out in clause 2.2 or by using the telephone number of your designated account manager or otherwise by speaking to one of our employees via telephone, or
• by using the Online Platform or
• via email using the email address set out in clause 2.2 or by using the email address of your designated account manager or otherwise by emailing one of our employees.
14.3. Phone or Email Requests
If the request to execute a Payment is made via telephone or email:
• we shall send one of your Authorised Persons a link via email where they can confirm the details of the Payment, including the amount and currency of the Payment and Payee Details;
• we will, subject to Clause 14.5, deem your request to execute a Payment as having been received when one of your Authorised Persons has confirmed the details of the Payment via the link (and not when making the request via telephone or email).
14.4. Online Platform Requests
If the request to execute a Payment is made via the Online Platform, then we will, subject to Clause 14.5, deem your request for the Payment to be executed as having been received when the request is made via the Online Platform.
14.5. Payment Request Receipt and Timing
The request to execute the Payment shall be deemed to be received in accordance with Clause 14.3 and 14.4 at the time at which it is received except that:
a) on a day which is not a Business Day; or
b) after 3pm, London time on a Business Day,
we have the right to treat it as having been received on the next Business Day; and
• If the Payment is to be made on a specified day in the future (for example on the Value Date of the FX Contract), your request to execute a Payment shall be deemed to be received on the specified day provided that:
a) the specified day is a Business Day; and
b) we hold enough Electronic Money in your UKFX Account in the correct currency by 09:30 am on that specified day to execute the Payment.
If the specified day is not a Business Day or we do not hold enough Electronic Money in your UKFX Account in the correct currency by midday, we shall be deemed to have received your request to execute a Payment on the next Business Day that we do hold enough Electronic Money in your UKFX Account in the correct currency by midday to execute the Payment.
14.6. Payment Request Refusal and Confirmation
Following receipt of your request to execute a Payment, we may:
• Refuse that request and if we do so, we shall (unless it would be unlawful for us to do so) notify you of that refusal, the reasons for that refusal (if possible), and the procedure for rectifying any factual errors that lead to that refusal. Such notification shall be given to you as soon as practicable following the refusal. A request to execute a Payment which is refused by us shall be deemed not to have been received for the purposes of clause 14.3; and/or
• Request further confirmation or information from an Authorised Person, including if we consider that such confirmation or information is desirable or that the request is ambiguous.
15. Liability for unauthorised and incorrectly executed payments
15.1. if you think that:
a) We have paid money to a beneficiary account other than the one you instructed.
b) A payment was made from your account without your authorisation.
Please contact us as soon as possible, and no later than 13 months after the date of payment. You can reach us by email or phone using the contact details in clause 2.2.
15.2. When might you be entitled to a refund?
You may be entitled to a full refund if:
a) We have paid money to a beneficiary account other than the one you instructed.
b) A payment was made without your authorisation, and you notified us within the 13-month timeframe described in clause 15.1.
15.3. Are there any circumstances where you are not entitled to a full refund in accordance with clause 15.2?
Yes, you will be liable for up to £35 of losses arising from someone other than you being able to access the online platform, unless one of the following circumstances apply, in which case we are fully liable:
a) The payment happened because someone we are responsible for made a mistake.
b) The payment was taken after you told us that someone knew your password or could gain access to the online platform, and if we had acted on this information, this would have prevented your loss.
c) We didn’t give you a way to tell us about the circumstances set out in clause 15.3(b), and if we had done so, this would have prevented the loss.
d) The law required us to make you follow specific security procedures when you instructed us to make the payment via the online platform, and we didn’t do this.
15.4. Are there any circumstances where you are not entitled to any refund in accordance with clause 15.2?
Yes:
a. We won’t refund you any money if you have acted fraudulently or have intentionally or carelessly failed to keep your password or the online platform safe (unless you told us about this before the payment was taken from your account). For example, we wouldn’t issue a refund if you gave someone your password and they made a payment using the online platform without your knowledge. Please refer to clause 27.3.2 and 27.3.3.
b. We are not liable for a payment not being credited to the beneficiary’s bank account on time, if we can prove to you that the beneficiary’s bank received the amount of the payment on time – in this case, you or the beneficiary may be able to recover any losses from the beneficiary’s bank.
c. We will not refund you if you have not received an acknowledgement of your notification informing us that your online platform account has been compromised. For further details, please see clause 2.2.
15.5. If you are entitled to a refund in accordance with clause 15.2, how long will this take? We will refund you within two business days after becoming aware, unless we suspect fraud and notify the appropriate authorities.
15.6. What happens if you give us the wrong beneficiary account details?
If this happens, we will not issue you a refund. However, we will try to trace the payment for you and, if successful, request the return of funds. We may charge you a reasonable fee for this service.
15.7. What if it takes longer than it should for money to be deposited in the beneficiary account?
Please let us know, and we can request that the beneficiary’s account provider treat the payment as if it were made on time.
15.8. What happens if these terms are terminated before you realise that you might be entitled to a refund?
If this happens, both you and us shall still be entitled to rely on this clause.
16 General Information on payments
16.1. Incorrect Payee details
If you think that you have provided incorrect Payee Details, you must contact Us immediately by telephone or email using the contact details set out in clause 2.2.
16.2. Withdrawal of Payment Request
You may not withdraw a request to execute a Payment after we have received it, except if you have agreed with us that the Payment is to be made on a specific day in the future (for example, when the Purchase Monies are available) and the withdrawal of the request to execute the Payment is received by us prior to the end of the Business Day preceding the specified day for the making of the Payment.
16.3. Payment Withdrawal Instructions
Any withdrawal of a request to execute a Payment, in accordance with clause 14, must be received by us via telephone or email using the contact details set out in clause 2.2, and if sent by email it must include a copy of the relevant transaction number for the Payment, if received.
16.4. Payment Processing and Credit Timing
Where the Payment is denominated in:
• Euro or sterling, we shall endeavour that the amount of the Payment is credited to the Beneficiary’s payment service provider’s account by the end of the Business Day following that on which your request to execute the Payment was deemed to be received;
• A currency other than euro or sterling but the account of the Beneficiary’s payment service provider is located within the European Economic Area (‘EEA’), we shall endeavour that the amount of the Payment is credited to that account by the end of the fourth Business Day following that on which your request to execute the Payment was deemed to be received; and
• If the beneficiary’s payment service provider’s account is located outside the EEA and the currency is other than euro or sterling, we shall endeavour to ensure that it processes the Payment as soon as is reasonably practicable.
16.5. International Payment Routing and Liability
If the Payment is an international Payment, an Authorised Person may provide us with the details of your preferred intermediary or routing bank, and if we are able to use it, we shall do so. If you do not provide us with those details or we are unable to use your preferred intermediary or routing bank:
• We shall use our own intermediary or routing bank;
• We will not be liable for any losses that you incur from us using our own intermediary or routing bank
17. Email confirmation
Details of the Payment Contract will be confirmed in a Confirmation Email issued to one of your Authorised Persons by us. In these Terms, the “Confirmation Email” means an email that will include the following:
• the transaction number;
• confirmation of the Payee Details sent by you to us;
• confirmation of the amount and currency of the monies subject to the Payment;
• any charges payable by you in respect of the Payment Contract (including a breakdown of the amounts of those charges where applicable).
17.1 Payment Contract Binding
The Payment Contract remains binding whether or not you receive the Confirmation Email. If you or the relevant Authorised Person does not receive the Confirmation Email within two Standard Business Hours of entering into a Payment Contract, you must notify us, failing which you will be deemed to have received the Confirmation Email and to agree that its content is an accurate reflection of your request to execute the Payment.
18. APP Scam Reimbursement
We may reimburse part of the amount lost due to an APP scam, subject to a cap and an excess, provided certain conditions are met. Reimbursement is typically limited to a proportion of the loss. These levels are reviewed periodically and may change.
Terms applying generally
19. Payment to us
19.1. Spot FX Contract
In the event of a Spot FX Contract, you will ensure that you hold enough Electronic Money in the Sale Currency in your UKFX Account to cover the Sale Monies no later than the close of business on the Value Date.
19.2. Forward FX Contract
In the event of a Forward FX Contract, you will ensure that you hold enough Electronic Money in Sale Currency in your UKFX Account:
• To cover the Margin, within one Business Day of the Contract Date, unless otherwise agreed;
• To cover any request for a Margin Call by 3pm on the Business Day following the day upon which the Margin Call was made; and
• To cover any outstanding balance of the Sale Monies, no later than close of business on the Value Date.
• You have to allow enough time for Money to clear into our account and for your UKFX Account to be credited.
If you do not hold enough Money in the Sale Currency at the appropriate time, we may
• Terminate the FX Contract or
• Convert the Electronic Money you hold in your UKFX Account which is not in the Sale Currency into the Sale Currency using an exchange rate we believe is reasonable so that you meet your obligations under the FX Contract.
19.3. Appropriation of Funds
All funds provided by you under a Contract (whether as security or otherwise) or standing to the credit of your UKFX Account may be appropriated by us if we incur any liability in respect of any Contract or in the event that you are unable to pay sums due to us or breach of these Terms.
19.4. Late Payment and Interest Charges
If you fail to make any payments, in full or in part, due to us on time then (without prejudice to any other right or remedy that may be available to us under the Contract or general law):
• We may charge you interest at a rate of 5% above the Bank of England base rate, from time to time, on any sum due from the date payment was due until the date payment is made, and such interest shall be compounded monthly. We will be entitled to terminate the Contract.
• Should we choose to roll the contract a minimum 0.5% of the contract amount will be charged unless otherwise agreed plus any counter party costs incurred.
19.5. Third-parties
We may, at our discretion, make payments to third-party introducers.
19.6. No Interest on Margin or Funds Held
For the avoidance of doubt, we will not pay you interest on any Margin or any Money held by us on your behalf and in any currency accounts
20. Safeguarding
Safeguarding means that we protect the amount of Electronic Money you have credited to your UKFX Account by:
• Holding an equivalent amount of money for you in our Segregated Bank Account and/or
• Covering any money not held in our Segregated Bank Account with an insurance policy that provides equivalent protection.
UKFX safeguarding your funds means that, in the unlikely event that we experience financial difficulties, the money we safeguard will be protected from our creditors’ claims and should be returned to you in full — less any costs incurred by insolvency practitioners in distributing the safeguarded funds.
When we receive money for your UKFX Account, we credit your Account and safeguard an equivalent amount of money. Our Segregated Bank Accounts are held with mainstream banks.
Once we deduct money from your UKFX Account to cover amounts you owe us under an FX Contract — including any final balancing payments — that money becomes our own and is no longer safeguarded.
This means that, in the unlikely event:
• We become insolvent after the FX Contract is agreed but before it is completed; and
• The full amount of Purchase Monies is not returned to you or sent to your intended Beneficiary,
you would need to submit your details as a creditor in our insolvency process to claim any money owed. In this scenario, you may not receive the full amount back.
20.1 UKFX Holdings Limited Safeguarding Statement
We are not an authorised deposit holder or Bank that offers access to the Financial Services Compensation Scheme (FSCS). To ensure there isn’t any confusion on this point, the following terms apply to our services and have been added to our terms and conditions.
20.2 How your funds are Protected
Depending on the specific services you use with QU Money, the responsibility for safeguarding your funds will sit either with UKFX Holdings Limited or with our regulated partner, Currencycloud (The Currency Cloud Limited).
Virtual IBANs and Named Wallets: When you use our Virtual IBANs and wallets that are opened directly in your name, we provision these accounts through Currencycloud. In these instances, Currencycloud is fully responsible for holding and safeguarding your funds. Currencycloud is an authorised Electronic Money Institution (EMI), regulated by the Financial Conduct Authority (FCA).
Other Services: For other transactions where funds are held directly by us, UKFX Holdings Limited is responsible for safeguarding your funds in accordance with strict regulatory requirements.
We have addressed some common questions that customers may have about how their money is protected below.
20.3 What is E-Money?
When you send money to your account, you are given the equivalent value to spend or transfer. 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, this is not a traditional bank account and therefore:
Your money is not taken as a deposit to be used for our own purposes or lent to other customers; and
Your e-money is not covered by the Financial Services Compensation Scheme (FSCS).
20.4 How do you protect my money?
Whether your funds are held by UKFX Holdings Limited or Currencycloud, the safeguarding process remains the same. Safeguarding is a strict regulatory requirement designed to protect you.
The institution responsible for your funds separates your money entirely from their own company funds. Your money is placed into dedicated safeguarding accounts held with reputable UK and EU banks. These banks and authorised credit institutions have no rights over the funds in these safeguarding accounts.
Furthermore, both UKFX Holdings Limited and Currencycloud are required to have an independent expert check that safeguarding obligations are being met every year, and these reports are available to the FCA upon request.
In the unlikely event that the institution holding your funds (either UKFX Holdings Limited or Currencycloud) were to become insolvent, the safeguarded funds would form a protected asset pool. Claims from e-money holders (like you) would be paid from this pool above those of other creditors.
This means you would get most of your money back, except for the administrative costs deducted by the appointed insolvency practitioner for distributing the money.
You can read further specifics on how Currencycloud manages this process on the Currencycloud Safeguarding Funds page.
20.5 How does FSCS cover differ from safeguarding?
The 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 authorised UK bank) fail and cannot return your money to you. The 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.
By contrast, all of the funds held in an e-money account are safeguarded and protected, regardless of the value. The full value (minus administrative costs applied by the insolvency practitioner) will be returned to you in the event the holding firm goes 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 or require clarification on which entity is safeguarding a specific transaction, please contact us on 0207 183 2790 or manager@qumoney.com.
If you have any questions, please contact us per clause 2.2
21. Charges
21.1. We charge for our Services
These charges are set out in Clause 29. . The charges may, at our discretion, be waived in part or discounted completely.
21.2. Profit from Currency Exchange Transactions
In addition, we make a profit from selling money in different currencies to you. The rate at which we purchase money in different currencies from our wholesale providers is slightly better than the rate at which we sell money in different currencies to you.
21.3. Liability for Intermediary Fees and Charges
In some circumstances a number of intermediaries (such as correspondent banks) may be involved in an international transfer of money, and such intermediaries may charge fees and expenses. The charges will in most cases (but not always) be deducted prior to its delivery. These charges are beyond our control and whilst we will endeavour to minimise these for you wherever possible, those charges cannot therefore be calculated in advance. You hereby acknowledge that you shall be liable for these charges.
22. Complaints
22.1 Making a complaint
If you feel that we have not met your expectations in the delivery of our Services or if you think we have made a mistake, please let us know. You may let us know by telephone, email or post using the contact details provided in clause 2.2. We have internal procedures for handling complaints fairly and promptly in accordance with the Financial Conduct Authority’s requirements. A copy of our complaint procedure is available on our website
• You are an eligible complainant, which generally means if you are a Micro-Enterprise, a Small Business or a Charity; and
• The complaint falls within the Financial Ombudsman Service’s jurisdiction,
you may be able to take your complaint to the Financial Ombudsman Service should you not be satisfied with our final response to your complaint. Further information on eligibility criteria and the procedures involved in referring your complaint to the Financial Ombudsman Service are available from http://www.financial-ombudsman.org.uk.
22.2 Alternative Dispute Resolution
If:
• you are not an eligible complainant; or
• your complaint does not fall within the Financial Ombudsman Service’s jurisdiction; or
• you do not wish to refer your complaint to the Financial Ombudsman Service,
You may refer your complaint to the courts in accordance with clause 28.14 if you are not satisfied with our final response.
23. Recording of conversations and record keeping
You agree that we may record telephone conversations between you and us and use such recordings or transcripts from such recordings as evidence in any dispute or anticipated dispute. If we make any recordings or transcripts, we may also destroy them in accordance with our data retention policy.
24. Data Protection
Our privacy policy, which is available at the following weblink details how we process personal data.
25. Anti-Money Laundering
25.1 AML Compliance and Information Collection
The Client acknowledges that the Company is obliged to comply with applicable AML regulations in all relevant jurisdictions. The Client agrees not to initiate any transactions that may contravene these regulations and will provide all necessary information for the Company to meet its AML obligations. This includes identity verification, which may involve obtaining documentation or conducting electronic checks (such as credit checks) on the Client and relevant parties (e.g., directors, beneficial owners, Authorised Persons). Should we be unsatisfied with the results of these checks, we will not process requests for FX Contracts or payments, and any funds in the Client’s UKFX Account will be frozen. The Company reserves the right to retain records of such checks in accordance with its data retention policy, and the Client warrants that they have obtained the consent of any individuals subject to these checks.
25.2 Establishing Your Identity
It may be necessary for us to, both prior to onboarding you as a client and during the Term:
• Obtain from you and retain in our records evidence of the identity of; and/or
• Carry out an electronic verification check and/or credit check via a third-party provider on, you and/or your directors, officers, shareholders, partners, trustees, beneficiaries, Authorised Persons, and/or beneficial owners (as appropriate).
25.3 Reporting and Transmission of Information
We are required to report any suspicions of money laundering, terrorist financing, or related activities to the relevant authorities. This may include suspending communications or actions in compliance with the Money Laundering, Terrorist Financing, and Transfer of Funds (Information on the Payer) Regulations 2017 and the Proceeds of Crime Act 2002 without liability to the Client. The Company may pass information to regulatory bodies as applicable AML regulations require, including transaction details. It may block or refuse payments with no liability to the Client or any third party.
26. 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.
27. The Online Platform
27.1. What is the online platform?
The online platform is our platform, made available via our website, where you can:
a. Find out our foreign exchange rates.
b. View your UKFX account balances.
c. Make requests to purchase money in different currencies from us.
d. View the details of foreign exchange contracts you have entered into and foreign exchange contracts which have been completed.
e. Make requests for us to execute payments on your behalf.
f. View the details of payments which have been executed and payments which are pending, and
g. Update your details.
27.2. How can you gain access to the online platform?
You will need to have access to the internet; you can then enter your login details on the relevant part of the website.
27.3 Keeping your account secure
27.3.1 Security Breach
You (or an Authorised Person on your behalf) must notify us as soon as possible via telephone or email, using the contact details set out in clause 2.2, on becoming aware of a Security Breach.
27.3.2 Platform Access and Passwords
Each Authorised Person must take all reasonable steps to keep safe their Passwords and the Online Platform. This includes each Authorised Person:
• Not writing down or telling anyone their Username or Password;
• Logging off the Online Platform every time the computer (or other device used to gain access to the Online Platform) is left by the relevant Authorised Person;
• Always ensure that neither their Username nor Password are stored by the browser or cached or otherwise recorded by the computer or other device used to gain access to the Online Platform;
• Having recognised anti-virus software on the device each Authorised Person uses to gain access to the Online Platform; and
• Using reasonable endeavours to ensure that the e-mail account(s), phone numbers and mobile phone numbers that they provided us with are secure as they might be used by us to reset Passwords or verify instructions;
• Complying with our website terms of use, which are available on www.qumoney.com.
27.3.3 Fraudulent activity
You must take all reasonable steps to protect yourself and prevent any fraudulent use of the Services. This includes keeping your login credentials, passwords, and security information secure at all times, ensuring your devices are protected with up-to-date antivirus and security software, and being vigilant against phishing attempts or other suspicious activity.
You agree to notify us immediately if you suspect any unauthorised or fraudulent activity related to your account. Failure to take reasonable precautions may affect your ability to recover any resulting losses and could be considered gross negligence under applicable regulations.
27.4 Suspension of Account
We may stop or suspend your use of the Online Platform if we have reasonable grounds for doing so relating to the security of the Online Platform or its suspected or actual unauthorised or fraudulent use.
28. General
28.1 Pricing Errors
If we incorrectly price an FX Contract, despite our best efforts, we may terminate the FX Contract and refund any sums paid, provided that the pricing error was obvious and could reasonably have been recognised by you as mispricing.
28.2 Delay in Enforcement
If we do not immediately enforce any of your obligations under these Terms or delay taking action against you for any breach, it does not mean we waive our right to enforce them later. For example, if you miss a payment and we do not chase you, but continue to fulfil the contract, we can still require payment at a later date.
28.3 Force Majeure
We are not liable to you for any failure or delay in performing our obligations under these Terms if caused by events beyond our reasonable control, such as strikes, natural disasters, war, civil commotion, acts of government, or other similar events. You will be notified of any such event and its expected duration.
28.4 Severability
If any part of these Terms is found to be illegal or unenforceable by a court, the remaining provisions will continue in effect.
28.5 Entire Agreement
These Terms and any documents referenced within them constitute the entire agreement between us and supersede any prior agreements or understandings.
28.6 Additional Terms
We may publish additional terms and conditions or notices, such as those governing the use of our website, from time to time. You should review these terms when using the Website.
28.7 No Partnership or Agency
Nothing in these Terms creates a partnership or joint venture between us, nor authorises either party to act as the other’s agent. Neither party has the authority to bind the other or make representations on behalf of the other.
28.8 Amendments to These Terms
We may amend these Terms by giving you at least two months’ notice. If you object to the changes, you can terminate these Terms without charge before the changes take effect. If no objection is received, the amendments will take effect on the specified date. Termination of these Terms will not affect any existing Contracts or rights that have already arisen.
28.9 Request for a copy of the Terms
You may request a copy of these Terms and any information in Schedule 4 of the PSRs at any time before termination.
28.10 Transfer of Agreement
We may transfer our rights and obligations under these Terms to another organisation. You will be notified in writing, and the transfer will not affect your rights under any existing Contracts.
28.11 Transfer by You
You may only transfer your rights or obligations under these Terms to another person with our prior written consent.
28.12 Third-Party rights
This agreement is between you and us. No other party shall have any rights to enforce any of its Terms.
28.13. Governing Law
These Terms and any Contract to which they apply are governed by and construed in accordance with the laws of England.
28.14 Where can legal proceedings be brought in relation to these Terms?
Legal proceedings can be issued in the courts of England & Wales. In addition:
a) If you live in Scotland, legal proceedings can be issued in the Scottish courts;
b) If you live in Northern Ireland, legal proceedings can be issued in the Northern Irish courts.
28.15 Dispute Resolution
Terms and any related Contracts are governed by the law of England and Wales. Unless your complaint is taken to the Financial Ombudsman Service (as outlined in Clause 22), the courts of England will have exclusive jurisdiction to resolve any disputes arising from these Terms or related Contracts, subject to the mandatory consumer rights set out in Clause 28.14 (a) and (b) above.
28.16 What if something unexpected happens?
We shall have no liability to you if we are prevented from or delayed in performing our obligations under these terms by acts, events, omissions or accidents beyond our reasonable control, provided that you are notified of such an event and its expected duration.
29. Payment Charges Overview
Our platform provides transparent and straightforward payment charging across all supported currencies and destinations. Payment fees vary depending on the payment method (SWIFT or local), with one free payment included per FX transaction unless otherwise agreed.
29.1 Payment types
The payment rail for your payment will depend on the payment type – SWIFT or local. All FX transactions with us include one free payment unless otherwise agreed at the time of booking your transaction. All extra payments will be charged depending on the payment rails chosen.
29.2. Swift (priority) payments
Swift is the fastest way to make international payments, typically settling on T+0 or T+1. The payments are in the payee’s name. There is a charge for Swift transactions as the payment is transferred between intermediary banks. Each intermediary bank is likely to charge a handling fee or commission for its service (We cannot control these costs unless the SWIFT (OUR) option is chosen).
You can choose how you want to deal with these charges. The options are:
29.2.1 SWIFT (SHA) payments are charged at £15.00 per payment.
• Shared (SHA): Intermediary banks may deduct charges from the payment while processing it. These charges are your responsibility, and the beneficiary may receive less than the amount you instructed us to send.
29.2.2 SWIFT (OUR) payments are charged at £25.00 per payment.
• Ours (OUR): intermediary bank charges are covered by the payer. The beneficiary receives the full amount but the payer will be charged an additional fee to cover the intermediary bank charges.
29.2.3 Local (regular) payments are charged at £5.00 per payment
• Local (regular) payments: Local payments are domestic or SEPA/ACH payments. There are no receiving fees for local payments and so the beneficiary receives the full amount. Payments settle at T+0 to T+2.
Any rejected or incorrect payments sent will incur further charges at the above rates to resend the payment. Please note we cannot control the amount returned to us by the beneficiary bank, and this may be less than you originally sent due to intermediary and receiving bank charges.