User Agreement

WELCOME TO TRANSFERWISE

Last updated: 22 June 2016

This User Agreement ("Agreement") contains 21 sections. You may go directly to any section by selecting the appropriate link below. The headings are for reference only. Some capitalised terms have specific definitions in section 21. Underlined words in this Agreement contain hyperlinks to further information.

1. Scope of this Agreement and why you should read it
2. About TransferWise
3. Eligibility
4. Opening your TransferWise Account
5. Verification
6. Managing your account
7. Keeping your account safe
8. Your transactions
9. Fees
10. Intellectual property rights
11. Limitation of our liability
12. Accessing our services
13. Viruses
14. Linking to our site
15. Termination and/or suspension
16. Changes to this Agreement
17. Communication
18. Complaints
19. Applicable law
20. Miscellaneous
21. Definitions

1. Scope of this agreement and why you should read it

Please read this Agreement carefully before you start to use our Services. This Agreement (always together with the documents referred to in it) tell you who we are, how we will provide the Services to you, how this Agreement may be changed or ended, what to do if there is a problem and other important information.

By using our Services, you confirm that you accept and agree to follow this Agreement. If you do not agree, you must not use our Services.

We recommend that you print a copy of this Agreement for future reference. You can always view the most current version on our Website.

This Agreement refers to the following additional documents, which also apply to your use of our Services:

  • Our Privacy Policy, which sets out the terms on which we process any personal data we collect about you, or that you provide to us. By using our Services, you consent to such collection, use, disclosure, and processing, and you warrant that all data provided by you is accurate.
  • Our Cookie Policy, which sets out information about the "cookies" on our Website.
  • Our Acceptable Use Policy, which sets out the permitted uses and prohibited uses of our Services.
  • Our Frequently Asked Questions [https://transferwise.com/help], which provides answers to common customer questions.
  • Depending on the Services you choose to use with us, additional terms and conditions may apply, as communicated to you at the appropriate time.

Please note that our Services are subject to applicable laws and regulations. We shall be entitled to refuse to provide, cease providing, suspend, and/or terminate our Services to you, and may make reports to any relevant government authority, public agency, or law enforcement agency, as required by applicable laws and regulations.

2. About Transferwise

  1. TransferWise Singapore Pte. Ltd. is a company incorporated under the laws of Singapore with Unique Entity Number 201422384R ("TransferWise", "we", "us", or "our", as applicable).
  2. Our address is at 6 Raffles Quay #16-01, Singapore 045580.
  3. TransferWise Singapore Pte. Ltd. is licensed by the Monetary Authority of Singapore ("MAS") under the Money-Changing and Remittance Businesses Act (Cap. 187) to carry on remittance business.

Please note that such licensing does NOT guarantee the performance of the remittance licensee and customers take the risk of any loss suffered from the remittance.

3. Eligibility

If you are an individual, you must be 18 years or older to use our Services, and by opening a TransferWise Account you declare that you are 18 years or older. We may require at any time that you provide evidence of your age.

If you are not a consumer, you confirm that you have authority to bind any business or corporation on whose behalf you use our Website or Services, and that business or corporation accepts these terms.

You may only open a TransferWise Account if it is legal to do so in your country of residence. By opening a TransferWise Account you commit to us that your opening of and maintaining a TransferWise Account does not violate any applicable laws or regulations. You take responsibility for any consequences of your breach of this section.

4. Opening your TransferWise Account

In order to use our Services, you must first open a TransferWise Account by registering your details. As part of the signup process you will need to accept this Agreement.

For legal reasons, all information you provide during the signup process or any time thereafter must be complete, accurate and truthful. You must update this information whenever it changes. We may refuse to provide, or discontinue, the Services to any person or entity at any time for any reason.

We treat all activities under a TransferWise Account to be those of the registered user. You must only use the Services to transact on your own account and not on behalf of any other person or entity.

You may only open one TransferWise Account unless we explicitly approve the opening of additional accounts. TransferWise may refuse the creation of duplicate accounts for the same user. Where duplicate accounts are detected, TransferWise may close or merge these duplicate accounts without notification to you.

5. Verification

You acknowledge that we are required by law to carry out all necessary security and customer due diligence checks on you in order to provide the Services to you. You may need to provide additional information (in a format acceptable to us) and/or be required to attend face-to-face meetings with us (or any third party authorised by us) so we can verify your identity as a condition of processing your payment order, opening your TransferWise Account, or otherwise providing our Services to you. We may make, directly or through any third party, any inquiries we consider necessary to validate information that you provide to us, including checking commercial databases or credit reports. You authorise us to obtain one or more of your credit reports, from time to time, to establish, update, or renew your TransferWise Account with us, or in the event of a dispute relating to this Agreement and/or activity under your TransferWise Account.

6. Managing Your Account

You must ensure that the information recorded on your TransferWise Account is always accurate and up to date, and we shall not be liable for any loss arising out of your failure to do so. We may ask you at any time to confirm the accuracy of your information or to provide documents or other evidence.

We may contact you by email or in other ways described in section 17 with information or notices regarding your TransferWise Account. If you don't maintain or check your email and other methods of communications, you may miss emails and/or other communications about your transactions and our Services. We shall not be liable for any consequence or loss arising from this.

7. Keeping your account safe

Never disclose your TransferWise Account password or your customer reference number (which starts with the letter 'P', followed by a series of numbers) to any third party. Keep them safe. Change your password regularly. We will never ask you to provide your password to us or to a third party. Tell us if anyone asks for your password and contact Customer Support if you are not sure. Follow recommended practices on passwords, for example: https://support.google.com/accounts/answer/32040. You must never let anyone access your TransferWise Account or watch you access it.

If you suspect your TransferWise Account, login details, password or other security feature is stolen, lost, used without authorisation or otherwise compromised, you are advised to change your password. We rely on you to regularly check the transactions history of your TransferWise Account. Contact Customer Support immediately in case of any unauthorised, incorrect, or misdirected transaction, or if you suspect that your TransferWise Account has been compromised. Any undue delay in notifying us may not only affect the security of your TransferWise Account but may result in you being responsible for financial losses.

We may suspend your TransferWise Account or otherwise restrict its functionality if we have concerns about:

  1. the security of the TransferWise Account or any of its security features; or
  2. unauthorised or fraudulent use of your TransferWise Account or any of its security features.

We will notify you of any suspension or restriction of your TransferWise Account and of the reasons for such suspension or restriction as soon as we can, unless notifying you would be unlawful or compromise our reasonable security interests. We will lift the suspension and/or restriction as soon as practicable after the reasons for the suspension and/or restriction have ceased to exist.

You must make sure that your email account(s) are secure and only accessed by you, as your email address may be used to reset passwords or to communicate with you about the security of your TransferWise Account. Let Customer Support know immediately if your email address becomes compromised.

Never use any functionality that allows login details or passwords to be stored by the computer or browser you are using or to be cached or otherwise recorded.

Additional TransferWise products or services you use may have additional security requirements and you must familiarise yourself with those as notified to you.

8. Your transactions

Your payment order

You must submit payment orders online via your TransferWise Account. Your order may either be:

  1. a "Fixed Source Order" which means a payment order where you order to convert a fixed amount of Source Currency to your recipient whom will receive the converted amount in the Target Currency; or
  2. a "Fixed Target Order" which means a payment order where you order to transfer a fixed amount of Target Currency to your recipient from the Source Currency you provide to us.

You can only place a Fixed Target Order where the Source Currencies are

  • GBP (British Pound),
  • EUR (Euro),
  • USD (US Dollar),
  • AUD (Australian Dollar),
  • BGN (Bulgarian Lev),
  • CHF (Swiss Franc),
  • CZK (Czech Koruna),
  • DKK (Danish Krone),
  • HUF (Hungarian Forint),
  • NOK (Norwegian Krone),
  • NZD (New Zealand Dollar),
  • PLN (Polish Zloty),
  • RON (New Romanian Leu),
  • SEK (Swedish Krona),
  • and SGD (Singapore Dollar).

To initiate a payment order via your TransferWise Account, you need to provide the following information to us:

  1. the full name of your recipient;
  2. your recipient's bank account details;
  3. where available, your recipient's address;
  4. the Funds; and
  5. details of the payment method for funding your payment order.

Your payment order must not exceed SGD 1,900,000 or other currency equivalent. We may vary this limit from time to time by notification to you on our Website.

Once we have received your payment order, we will send you a confirmation by email that we have received it. Each payment order is given a unique transaction ID and is shown in the transaction history on your TransferWise Account. You should quote this transaction ID when communicating with us about a particular payment order.

If your payment order is received by us after 5pm on a Business Day or not on a Business Day, your payment order will be deemed received on the following Business Day.

Execution of your payment order

We will only process your payment order once we have received the Funds and the fees specified in section 9 from you. It is your responsibility to send us the money in a timely manner. We cannot be responsible for the time it takes for the money to be sent to us by your bank or payment service provider.

For legal reasons, we need to carry out verification checks as specified in section 5, and it is important to warn you that those checks may increase the time it takes to process your payment order. We cannot be responsible for any delays as a result of carrying out those checks.

The estimated completion time of your payment order is notified to you when you complete your payment order. You may also find further information regarding the completion time in the "Frequently Asked Questions" section of our Website, please refer to the applicable currency of your payment order.

We will use reasonable efforts to ensure that the Funds arrive at the recipient's bank account or payment account within the timelines notified to you or otherwise specified in our "Frequently Asked Questions" section. We do not have any control over the time it may take for the recipient's bank or payment provider to credit and make available funds to the recipient.

Refusal of your payment order

If we are unable to complete your payment order, we will let you know and, if possible, inform you of the reasons for such refusal and explain how to correct any factual errors. However, we are not required to notify you if such notification would be unlawful.

Cancellation of your payment order

You may cancel your payment order by following the instructions set out in our "Frequently Asked Questions" section. You cannot cancel your payment order once the Funds have been converted into the Target Currency you requested.

Errors in your payment order

You must make sure that the information you provide to us in your payment order is accurate. If we have processed an order in accordance with the information you have provided to us, we shall not be responsible for any mistake you make in providing such information.

Notwithstanding, if you provide incorrect information in your payment order, we will use reasonable efforts to recover the Funds for you and may need to charge you a fee for doing so.

Payment methods

You can fund your payment order using the payment method(s) indicated to you when you place the payment order with us. There may be financial limits for particular payment methods or currencies, please visit the "Frequently Asked Questions" section for more information.

You may only use a payment instrument (such as bank accounts, credit cards or debit cards) to fund your payment order if it is in your name. To keep all our customers safe, we take any violation of this requirement very seriously and will treat any attempt to add a payment instrument of which you are not the named holder as a fraudulent act.

Exchange Rates

We will let you know the exchange rate:

  1. when you place your payment order, if it is a "guaranteed rate payment order"; or
  2. when we have converted your Source Currency into the Target Currency, if it is a "non-guaranteed rate payment order".
Guaranteed Rates

We offer automatic guaranteed rates on certain payment orders based on the following table and conditions in this section:

Table 1:
Conversion
Guaranteed Rate From To Guaranteed Period
GBP Guaranteed Rate 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 EUR GBP or USD 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 USD All currencies we support
  • From the time you send us your payment order until 19:00 EST (Eastern Standard Time) on the next US Business Day – if you send your money to us using ACH bank debit.
  • From the time you send us your payment order until 16:00 EST on the next US Business Day – if you send your money to us using wire transfer.
Or in each case, such other periods as we may notify you from time to time
Other Guaranteed Rate All currencies we support (other than AUD) All currencies we support (other than AUD) 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 United States 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 the Funds during the relevant guaranteed period (as set out in Table 1), we will convert the Funds using that guaranteed rate.

If we do not receive the Funds during the guaranteed period, we will not be able to convert the Funds 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 (provided by 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 refund the Funds to you.

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 TransferWise Account.

Non-Guaranteed Rates

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 the Funds.

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 the Funds.

If the rate reaches or exceeds the rate limit, we will not convert the Funds until the rate has moved 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 the Funds 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 Questions" section.

9. Fees

The fees for your payment order will be notified to you when you place your payment order. You may also view the fee structure in the "Pricing" section of our Website. For clarity, the fees applicable to you in the "Pricing" section of our Website form part of this Agreement and are subject to change in accordance with section 16.

You agree to pay the relevant fees using your chosen payment method when you send the Funds to us. We will not process your payment order until we have received the applicable fees from you.

10. Intellectual property rights

While you are using our Services, you may use the TransferWise Materials only for your personal use and solely as necessary in relation to those Services.

"TransferWise Materials" includes any software (including without limitation developer tools, sample source code, and code libraries), data, materials, content and printed and electronic documentation (including any specifications and integration guides) developed and provided by us or our affiliates to you for download from our Website. You may not, and may not attempt to, directly or indirectly:

  1. transfer, sublicense, loan, sell, assign, lease, rent, distribute or grant rights in the Service or the TransferWise Materials to any person or entity;
  2. remove, obscure, or alter any notice of any of our trade marks, or other "intellectual property" appearing on or contained within the Services or on any TransferWise Materials;
  3. modify, copy, tamper with or otherwise create derivative works of any software included in the TransferWise Materials; or
  4. reverse engineer, disassemble, or decompile the TransferWise Materials or the Services or apply any other process or procedure to derive the source code of any software included in the TransferWise Materials or as part of the Services.

11. Limitation of our liability

OTHER THAN EXPRESSLY SET OUT IN THIS AGREEMENT, NEITHER TRANSFERWISE NOR OUR OFFICERS, DIRECTORS, EMPLOYEES, SUPPLIERS, AGENTS, AND RELATED ENTITIES MAKE ANY SPECIFIC PROMISES ABOUT OUR SERVICES. FOR EXAMPLE, WE DON'T MAKE ANY COMMITMENTS ABOUT THE CONTENT WITHIN THE SERVICES, THE SPECIFIC FUNCTIONS OF THE SERVICES, OR THEIR RELIABILITY, AVAILABILITY, OR ABILITY TO MEET YOUR NEEDS. WE PROVIDE THE SERVICES "AS IS".

SOME JURISDICTIONS PROVIDE FOR CERTAIN WARRANTIES, LIKE THE IMPLIED WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND NON-INFRINGEMENT. TO THE FULLEST EXTENT PERMITTED BY LAW, WE EXCLUDE ALL WARRANTIES.

To the fullest extent permitted by law (and without limiting any other provision in this Agreement), we, and our related entities, exclude all liability to you or anyone else for any loss or damage of any kind (howsoever caused or arising) arising from or in connection with the Services.

Without limiting the above, in the event that you or your employees, officers or agents are on our premises (or those of our authorised agent), we shall, to the fullest extent permitted by applicable law, not be liable for any loss or damage (including death, personal injury or damage to property) arising from or in connection with being on such premises.

We do not exclude or limit in any way our liability to you where it would be unlawful to do so, for example, for death or personal injury resulting from our negligence, or for fraud or fraudulent misrepresentation.

We only provide our Services to you for your personal and private use. If you use our Services for any commercial or business purpose we will not be liable to you for any loss of profit, loss of business, business interruption, loss of business opportunity, or consequential loss.

We will not be liable for any loss or damage caused by a bug or virus, or other technological attacks or harmful material that may infect your computer equipment, computer programs, data or other proprietary material, related to your use of our Services.

We have no control over websites linked to and from our Website and so we assume no responsibility for their content or any loss or damage that may arise from your use of them.

We (and our officers, directors, employees, suppliers, agents and related entities) cannot be liable for any failure to perform, or delay in performing, any of our obligations as a result of events which are outside our control. An event which is outside our control refers to any act or event beyond our reasonable control, including, but without limitation to, strikes, lock-outs or other industrial action by third parties, civil commotion, riot, invasion, terrorist attack or threat of terrorist attack, war (whether declared or not) or threat or preparation for war, fire, explosion, storm, flood, earthquake, subsidence, epidemic or other natural disaster, or failure of public or private telecommunications networks or impossibility of the use of railways, shipping, aircraft, motor transport or other means of public or private transport.

To the fullest extent permitted by applicable law, you shall be responsible and hold us (and our officers, directors, employees, suppliers, agents and related entities) harmless from any and all loss, damage, liabilities, claims, costs and expenses due to, or arising out of or in connection with, your breach of this Agreement or any applicable law or regulation, your use of our Services and/or any fraud by you. This provision shall continue to be in force even after you cease using our Services.

12. Accessing our services

We will try to make sure our Services are available to you when you need them. However, we do not guarantee that our Services will always be available or be uninterrupted. We may suspend, withdraw, discontinue or change all or any part of our Service without notice. We will not be liable to you if for any reason our Services are unavailable at any time or for any period. You are responsible for making all arrangements necessary for you to have access to our Services.

13. Viruses

We do not guarantee that our Website will be free from bugs or viruses.

You are responsible for configuring your information technology, computer programmes and platform in order to access our Services. You should use your own virus protection software.

You must not misuse our Services by introducing viruses, trojans, worms, logic bombs or other material which is malicious or technologically harmful. You must not attempt to gain unauthorised access to our Website, or our servers, computers or databases. You must not attack our Website via a denial-of-service attack or a distributed denial-of-service attack. By breaching this provision, you may be guilty of a criminal offence under the Computer Misuse and Cybersecurity Act (Cap. 50A). We will report any such breach to the relevant government authorities, public agencies, and/or law enforcement agencies and co-operate with such authorities/agencies by disclosing your identity to them. In the event of such a breach, your right to use our Services will cease immediately.

14. Linking to our site

You may link to our Website, provided:

  1. you do so in a way that is fair and legal and does not damage our reputation or take advantage of it;
  2. you do not suggest any form of association, approval or endorsement on our part where none exists;
  3. you do not frame our Website on any other site; and
  4. the website complies with our Acceptable Use Policy.

We reserve the right to withdraw linking permission without notice. In the event that we withdraw such linking permission, you shall immediately remove any links to our Website as required by us.

15. Termination and/or suspension

We may, at any time, terminate your TransferWise Account or any service associated with it without giving any prior notice or reason for doing so. You may terminate your TransferWise Account with us at any time by contacting Customer Support.

We may at any time suspend or terminate your TransferWise Account without notice if:

  1. you breach any provision of this Agreement or documents referred to in this Agreement;
  2. we have reason to believe you are in violation of any applicable law or regulation;
  3. we are requested or directed to do so by any competent court of law, government authority, public agency, or law enforcement agency; or
  4. we have reason to believe you are involved in any fraudulent activity, money laundering, terrorism financing or other criminal and/or illegal activity.

We may suspend your TransferWise Account at any time if:

  1. we believe that your TransferWise Account has been compromised or for other security reasons; or
  2. we suspect your TransferWise Account has been used or is being used without your authorisation or fraudulently, and

we will let you know as soon as we can if we need to suspend your TransferWise Account, unless notifying you would be unlawful or compromise our reasonable security interests.

16. Changes to this agreement

We may change this Agreement at any time by posting a revised version on this page. The revised version will be effective once it is posted. Where appropriate, we may notify you of any changes to this Agreement by email. Please check back frequently to see if there are any updates or changes to this Agreement, as it is legally binding on you. If you do not agree to the revised terms in this Agreement, you should terminate your TransferWise Account and discontinue your use of our Services.

This Agreement may not be amended in any other way.

17. Communication

We usually contact you via email. For this purpose, you must at all times maintain at least one valid email address in your TransferWise Account profile. You are required to check for incoming messages regularly and frequently. Emails may contain links to further communication on our Website. Any communications or notices sent by email will be deemed received by you on the same day if it is received in your email inbox before 5pm on a Business Day. If it is received in your email inbox after 5pm on a Business Day or not on a Business Day, it will be deemed received on the next Business Day.

In addition to communicating via email, we may contact you via letter or telephone where appropriate. If you use any mobile services, we may also communicate with you via SMS. Any communications or notices sent by post will be deemed received three (3) days from the date of posting for Singapore post or within five (5) days of posting for international post. Any communications or notices sent by SMS will be deemed received the same day.

Where legislation requires us to provide information to you on a durable medium, we will either send you an email (with or without attachment) or send you a notification pointing you to information on our website in a way that enables you to retain the information in print format or other format that can be retained by you permanently for future reference. Do keep copies of all communications we send or make available to you.

If you need a copy of the current Agreement or any other relevant document, please contact Customer Support.

You may contact us via email, letter or telephone by using the details specified in the "Contact" section of our Website.

This Agreement is made in the English language. Documents or communications in any other languages are for your convenience and only the English language versions of them are official.

18. Complaints

If you have any complaints about us or our Services, you may contact us in accordance with our customer complaint procedure.

19. Applicable law

This Agreement, and any dispute or claim arising out of or in connection with it and/or your TransferWise Account, or its subject matter or formation (including non-contractual disputes or claims) shall be governed by Singapore law. Any dispute or claim between you and us arising out of or in connection with this Agreement and/or your TransferWise Account may be brought in the courts of Singapore.

20. Miscellaneous

This Agreement is between you and us. No other person shall have any rights to enforce any of its terms.

You may only transfer your rights or your obligations under this Agreement to another person if we agree to this in writing.

This Agreement constitutes the entire agreement between you and TransferWise, and supersedes all previous agreements, promises, arrangements and understandings between us relating to its subject matter.

Each provision in this Agreement operates separately. If any court of competent jurisdiction decides that any of them are invalid or unenforceable, such invalidity or unenforceability shall not affect the remaining provisions of this Agreement, all of which will remain in full force and effect.

If we delay or fail to exercise any right or remedy provided by law or under this Agreement, this will not prevent us from exercising such right or remedy against you at a later date.

21. Definitions

Business Day means a day other than a Saturday, Sunday, or a gazetted public holiday in Singapore.

Funds means the amount to be transferred to your recipient in each payment order.

Services means all products, services, content, features, technologies or functions offered by us and all related websites, applications, and services (including the Website).

Source Currency mean the currency which you hold and/or fund your payment order.

Target Currency means the currency which your recipient will receive.

US Business Day means means a day other than a Saturday, Sunday or another day on which financial institutions in the United States are authorised or required to close.

Website means any URL, including but not limited to www.transferwise.com, where we provide the Services to you.