This Agreement is a contract between you and TransferWise and applies to your use of the Services.
By registering for the Services, you must read, agree with and accept all of the terms and conditions contained in this Agreement. This Agreement is provided to you and concluded in English. You agree that any use by you of the Services shall constitute your acceptance of the Agreement and we recommend that you store or print-off a copy of the Agreement (including all policies) for your records.
Please read this Agreement carefully and make sure that you understand it fully before using the Services. Please note that if you do not accept this Agreement, you will not be able to use the Services.
TransferWise Services are operated by TransferWise Ltd. registered in England and Wales. TransferWise is registered as a money service business by Her Majesty's Revenue and Customs (HMRC) and is under the prudential supervision of the United Kingdom Financial Supervisory Authority (FSA).
The main business for TransferWise is money transfer and provision of services for making foreign currency payments internationally.
Our main trading address is 56 Shoreditch High Street, London E1 6JJ, England.
Protecting your privacy is very important to TransferWise. Your passwords are stored on TransferWise servers in encrypted form. We do not disclose your account details, postal or email addresses to anyone except when legally required to do so. We do disclose your first name and the first letter of your last name to other members, who are transacting with you.
Sensitive information between your browser and the TransferWise.com website is transferred in encrypted form using Secure Socket Layer (SSL). When transmitting sensitive information, you should always make sure that your browser can validate the TransferWise.com certificate.
You can access your details of executed payment transactions and other information relating to your Account by logging into TransferWise and clicking on the "Account" tab.
TransferWise may refuse creating duplicate accounts for the same user due to security and client identification requirements. TransferWise reserves the right to refuse the creation of duplicate accounts for the same user due to security and client identification requirements. In a case where duplicate accounts are detected, TransferWise reserves the right to close or merge these duplicate accounts without notification.
To be eligible for our Services, you must be at least 18 years old. You further represent and warrant to us that if you are an individual and you open an Account with us that you are not acting on behalf of an undisclosed principal or a third party beneficiary.
Before being able to use the Service we have to perform mandatory customer verification. For that we may ask for photographic evidence of your identity such as a copy of your passport. It is possible to provide this evidence through a number of methods including fax and email.
TransferWise reserves the right to access various government and private databases so as to verify your information (so called “electronic ID”) If certain databases provide a match to the information you provide then we may not have to ask for photographic evidence of your identity.
TransferWise reserves the right to refuse to accept any new user or any transaction at its discretion.
TransferWise makes reasonable endeavors to match transactions at exchange rates aligned to the mid-market rate at the global currency markets. TransferWise is relying on aggregated third party information sources and we do not guarantee that the rates match any particular benchmark source at any given time. TransferWise is not liable in any way if the target currency after the exchange is less than anticipated as a result of changes in the global currency markets.
TransferWise does not take any margin or spread on the exchange rate, hence there are no buy and sell rates. The rate that you get is exactly the same rate as your counterparty.
You have the ability to protect yourself from market volatility by setting the Limit Rate, the lowest exchange rate at which your currency will be converted.
Your payment order may be exchanged by a number of counterparties. Every such match is conducted at the current market rate. The final effective rate for your payment order is then a weighted average of the rates across all applied matches.
Every new payment submitted on the TransferWise website will be inactive, until we have received a valid deposit. You need to pre-pay the deposit to TransferWise in the following way:
Transfer the full invoiced amount in source currency on the TransferWise clearing bank account by bank transfer (see "Bank Transfers" section). If it is aFixed Target payment order, then the invoiced value equals the required source currency if exchanged at your specified Limit Rate. The excess deposit, which is the difference between the invoiced value (your paid deposit) and the effective source currency requirement, is refunded to your specified source currency account after your order is matched.
If for any reason your payment is cancelled or refused, then your deposit will be returned to your bank account.
The upper transaction limit for payments is 1 000 000 GBP or equivalent. The maximum amount of currency accepted for exchange varies dynamically based on market conditions. There is no lower limit.
All EUR payments to TransferWise have to be made as Single European Payment Area (SEPA) payments with the "shared" fees option. TransferWise makes all outgoing EUR payments through SEPA with the "shared" option. Your specified recipient account must support receiving SEPA payments.
All GBP payments must originate from a UK bank or building society. TransferWise makes GBP payments through the "UK Faster Payments" scheme where possible or alternatively through BACS.
You may be liable for an additional administration charge if the account numbers or the recipient name you have provided are incorrect.
In case your bank charges you for receiving of payments you shall be liable for paying these.
TransferWise may refuse the payment order, if we cannot match the user's name and address as provided to TransferWise to your bank account or credit card details. In this case you may be liable for an administration charge, which will be deducted from your deposit.
You are responsible for ensuring the payment details you provide are accurate. Once payment instructions have been executed by TramsferWise, transactions cannot be reversed and TransferWise will not be liable in any way for any loss you suffer as a result of a transaction being carried out in accordance with your instructions.
In the unlikely event that you notice an error in either the payment sent or received as a result of using the Services, then you should immediately notify us at email@example.com. If you become aware that you have received a payment over and above what you were expecting, you must immediately notify us of this so that arrangements can be made for you to immediately return any overpayment.
You agree not to use the Services for any unlawful activity and TransferWise reserves the right to investigate any suspicious activity or in response to any complaints or reported violations. When investigating any such activity, TransferWise reserves the right to report suspected unlawful activity to any appropriate person or body and to provide them with any relevant information, including personal data.
TransferWise charges a fee on every payment, the minimum fee is 1 GBP/EUR. Fees relating to the payment are visible to the user before submitting the payment.
Administration charges may only incur when our settlement banks or the receiving bank refuse your transaction due to incorrect payment details, their regulatory requirements or any other valid reason. Any administrative charges from the settlement banks or the receiving banks will be deducted from your payment amount. In addition, TransferWise admin charges may specifically apply in the following scenarios:
|from EUR||from GBP|
|Invalid recipient account details||8.00 EUR||8.00 GBP|
|Refused payment (see Section 3.6)||8.00 EUR||8.00 GBP|
We are required to provide certain information to you in writing. By accepting this Agreement, you agree that we can communicate with you electronically either by email or by posting notices on the TransferWise website.
We will not be liable or responsible for any failure or delay in providing the Services that is caused by events outside of our control, including but not limited to failures or delays caused by a lack of, or slow access to the Internet.
This Agreement and any document expressly referred to in it constitutes the whole agreement between us and supersedes any previous discussions, correspondence, arrangements or understandings between us.
The provision of the Service and any dispute or claim arising out of the provision of the Service is governed by English law.
Any dispute or claim arising out of or in connection with the Service will be subject to the non-exclusive jurisdiction of the courts of England and Wales.