Last updated: 8 November 2016
This Agreement is a contract between you and TransferWise and applies to your use of the TransferWise services (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 (company number 07209813) with its registered office at 56 Shoreditch High Street, London E1 6JJ. TransferWise is authorised under the Electronic Money Regulations 2011, and is under the prudential supervision of the United Kingdom Financial Conduct Authority (FCA).
The main business for TransferWise is money transfer and provision of services for making foreign currency payments internationally.
Our main trading address is 6th Floor, Tea Building, 56 Shoreditch High Street, London E1 6JJ, England.
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.
You must submit payment orders online via your user account. You will be asked to provide us with:
Once you completed your payment order online, we will send you a confirmation by email that we have received your payment order.
You should be aware that a payment order is only complete and will only be processed by us once we are in possession of your funds for making the payment to the recipient. It is your responsibility to send us funds in a timely manner via your chosen funding method. We cannot influence the time it takes for funds to be sent to us by your bank or payment service provider. However, we are monitoring our receiving bank accounts in close intervals and we will notify you and will process your payment order as soon as funds arrive in our accounts, provided they arrive before 5pm on a Business Day. If funds arrive after 5pm or on a day that is not a Business Day, your payment order will be processed during the course of the next Business Day. The same applies if you submit your payment order after 5pm or on a day that is not a Business Day.
You should note that it is our obligation to ensure that funds arrive at the recipient’s bank account or payment account within the above timelines, however, we do not control the time it takes for the recipient’s bank or payment provider to credit and make available funds to the recipient.
You should further note that the above timelines are subject to all necessary security and customer identification checks being conducted in line with our security and identification guidelines. If further investigation or the collection of additional information from you is necessary, we will let you know, but this may delay execution of the payment order.
We will let you know the exchange rate:
We offer automatic guarantee rates on certain payment orders based on the following table and conditions.
|Guaranteed Rate||Conversion||Guaranteed Period|
|GBP Guaranteed Rate||Great British Pound ("GBP")||all currencies we support other than Columbian Peso, Japanese Yen, Turkish Lira||24 hours from the time you send us your payment order or such other period as we may notify you from time to time|
|EUR Guaranteed Rate||Euro||GBP or US Dollars||48 hours from the time you send us your payment order or such other period as we may notify you from time to time|
|USD Guaranteed Rate||US Dollars||All currencies we support||
|Other Guaranteed Rate||All currencies we support (other than Australian Dollars)||GBP, Euro or USD||24 hours from the time you send us your payment order or such other period as we may notify you from time to time|
"US Business Day" means a day other than a Saturday, Sunday or other day on which commercial banks in the City of New York are authorised or required to close.
We will let you know the guaranteed rate at the time when you send your payment order to us. As long as we receive your money during the relevant Guaranteed Period (set out in Table 1), we will convert your money using that guaranteed rate.
If we do not receive your money during the Guaranteed Period, we will not be able to convert your money using the guaranteed rate. The rate used for your payment order will be the rate at the time of conversion.
If the relevant mid-market rate (as provided by an independent third party source, for example Reuters) changes by 5% or more during the Guaranteed Period, we can, at our option, suspend your payment for a reasonable period of time or cancel the payment order and refund the money you have sent to us.
Please note that we are not a currency trading platform, accordingly, you should not use our Services for this purpose (including sending us multiple guaranteed rate payment orders without the intention of completing all the payment orders). If we detect that you are using our Services for this purpose, we may, at our option, set a limit on the number of guaranteed payment orders you may send to us or suspend or terminate your Account.
If we do not offer a guaranteed rate for your payment order, we will let you know of the rate used once we have converted your money.
Rate Limit on Non-Guaranteed Rates
For non-guaranteed rate payment orders, we will automatically apply a 3% rate limit. A rate limit is the maximum percentage of negative change to the exchange rate which you authorise us to convert your money.
If the rate reaches or exceeds the rate limit, we will not convert your money until the rate has move back within the rate limit. Of course, this will delay the completion of your payment order. If your payment order is delayed by 5 Business Days or more, your payment order will be cancelled and your money will be refunded to you.
You may change the rate limit on your payment order, for more information on how to do this, please refer to our Frequently Asked Question.
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 transaction is cancelled or refused, then TransferWise will promptly return the deposit to the sender’s original source of funds. In the event that we are unable to return the deposit (eg. if the bank account details provided are incorrect), then TransferWise will promptly contact you using the most up-to-date contact information provided to us by you on your TransferWise 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 below £25,000 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 may cancel your transaction for a full refund at any time before the transaction amount is converted in accordance with your instructions. For the avoidance of doubt, any transaction in USD or transaction initiated in the United States may be cancelled at the very least, within 30 minutes of authorising your transaction.
You are responsible for ensuring the payment details you provide are accurate. Once payment instructions have been executed by TransferWise, 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 firstname.lastname@example.org. 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. Fees relating to each 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|
You acknowledge and agree that TransferWise may engage third party partners and providers in order to deliver you the Services.
By accepting and agreeing to the partner’s terms and conditions you expressly acknowledge that TransferWise acts as agent of the partner and that TransferWise shall have no liability for the actions or omissions of the third party partner.
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.
If we are unable to perform our obligations under this Agreement because of factors beyond our control, including a change of law, an event of Force Majeure, withdrawal of a currency or the imposition of sanctions over a country or beneficiary, we will notify you as soon as is reasonably practicable and will use reasonable endeavours to secure the return of any money paid by you in respect of which we have been unable to discharge our obligations under this Agreement. We will not have any liability to you where we are unable to perform our obligations.
We are committed to providing you with the highest standards of service. If you feel we have not achieved that, you can find information about our complaints procedure here.
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.