Customer Agreement

Dated: 09 April 2014, London, UK

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.

  1. Our Relationship With You
    1. TransferWise is only a Payment Service Provider.

      TransferWise Services are operated by TransferWise Ltd. registered in England and Wales (company number 07209813) with its registered office at 75 Arlington Avenue, London N1 7BA. 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 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 56 Shoreditch High Street, London E1 6JJ, England.

    2. Your Privacy.

      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.

      For further details on our Privacy Policy, please click here https://transferwise.com/privacy-policy.

    3. Transaction History.

      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.

    4. Duplicate accounts.

      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.

  2. Eligibility
    1. Eligibility.

      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.

  3. Using the Service
    1. Types of Payment Orders
      1. Fixed Target. Payment orders, where you require TransferWise to transfer a fixed amount of foreign currency to the payment recipient.
      2. Fixed Source. Payment orders, where you order to convert a fixed amount of source currency and transfer the resulting amount to the recipient in foreign currency.
    2. Exchange Rates

      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.

    3. Deposits

      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.

    4. Payment Limits

      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.

    5. Bank Transfers

      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.

    6. Refused Transactions

      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.

    7. Your Obligations

      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 support@transferwise.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.

  4. Fees
    1. Transaction Fee

      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.

    2. Administration Charges

      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
  5. General Terms
    1. Third Party Services

      TransferWise may engage third party partners to provide and deliver some of the Services to you.

      You acknowledge and agree that by utilising the Services to convert US dollars into another currency you are contracting directly with PreCash Inc., a third party partner of TransferWise.

      By registering for and using the Services that are delivered by a partner of TransferWise, you must read, agree with and accept all of the partner’s terms and conditions in addition to TransferWise’s terms.

      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.

    2. Communications

      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.

    3. Events Outside Of Our Control

      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.

    4. Entire Agreement

      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.

    5. Law And Jurisdiction

      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.

  6. Definitions
    • "Deposit" has the meaning given in section 3.3.
    • "Agreement" means this agreement including all subsequent amendments.
    • "Business Days" means a day (other than a Saturday or Sunday) on which banks in England are open for business (other than for the sole purpose of 24-hour electronic banking).
    • "Fixed Target Payment" has the meaning given in section 3.1a.
    • "Fixed Source Payment" has the meaning given in section 3.1b.
    • "Days" means calendar days.
    • "European Economic Area" or "EEA" means region made up of the following countries: Austria, Belgium, Bulgaria, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovak Republic, Slovenia, Spain, Sweden and the UK.
    • "Fees" means those amounts stated in section 4 of this Agreement.
    • "Payment Order" means an instruction validly made by you to us requesting the execution of a payment transaction.
    • "TransferWise", “Exchange Solutions”, "we", "us" or "our" means TransferWise Ltd. with registered head office at 56 Shoreditch High Street, London, United Kingdom and includes its successors and any person to whom it has assigned it rights under this Agreement.
    • "TransferWise website(s)" means any URL, such as transferwise.com, owned and operated by TransferWise that we use to provide the Services to you.
    • "Policy" or "Policies" means any Policy or other agreement between you and TransferWise that you entered into on the TransferWise website(s), or in connection with your use of the Services.
    • "Services" means all payment services and related products available through the TransferWise website(s).
    • "User," "you" or "your" means you and any other person or entity entering into this Agreement with us or using the Service.
    • "Verified" means that you have completed our verification process in order to help establish your identity with TransferWise.