Customer Agreement

Dated: 02 October 2015

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 186-188 City Road, London EC1V 2NT. 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 2nd Floor, 186-188 City Road, London EC1V 2NT, 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.

      Sensitive information between your browser and the 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 certificate.

      For further details on our Privacy Policy, please click here

    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
      1. TransferWise makes reasonable efforts to match transactions at exchange rates aligned to the mid-market rate at the global currency markets. TransferWise relies on aggregated third party information sources (including exchange rates under licence from XE.COM INC ("XE",, 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.

      2. Unless the exchange rate is locked-in pursuant to the section 3.2.3 below, TransferWise converts your transaction amount (or any proportion thereof) by matching it with a number of different counterparties. Every such match is conducted at the mid-market rate at the time of the relevant match. The final effective rate (the “Effective Rate”) for your transaction is then a weighted average of the rates across all applied matches.

        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.

      3. We may specify the exchange rate applicable to your transaction at the time you initiate your payment. This exchange rate will be locked-in (the “Locked-In Exchange Rate”) for a period which we show you in the payment flow and that period may vary for different currencies (the “Specified Period”).

        We will convert the transaction amount at the Locked-In Exchange Rate provided that the transaction amount reaches our relevant bank account within the Specified Period. Unless you cancel your transaction through our website before the transaction amount is converted, we will convert your transaction amount using the Locked-In Exchange Rate even if the mid-market rate at the time of the conversion would be better or worse for you than the Locked-In Exchange rate.

        In the event that the transaction amount reaches our bank account after the Specified Period, then the Locked-In Exchange Rate will no longer apply. We will instead apply the Effective Rate in order to convert the transaction amount in accordance with the provisions set out in section 3.2.2 above.

      4. In order to protect you from negative volatility in the global foreign exchange markets, TransferWise automatically applies a 3% rate limit (the “Automatic Rate Limit”) to all transactions in any currency other than the currencies where we lock the rate according to the section 3.2.3 above.

        This means that in the event that the conversion rate moves negatively against you beyond the Automatic Rate Limit, then TransferWise will temporarily stop any further conversions until market conditions improve.

        We will notify you should the situation not improve for more than 24 hours. You may manually adjust this rate limit to below 3% (eg. 2%, 1% or 0.5% etc) by logging into your TransferWise account. TransferWise will always pass on any improvements in exchange rates. Any rate limits will only apply to limit negative rate movements.

    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 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.

    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. Cancellation of Transactions

      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.

    8. 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 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

      You acknowledge and agree that TransferWise may engage third party partners and providers in order to deliver you the Services.

      By using our Services, you agree to be bound by any user agreements established by any third party partners and providers that TransferWise engages with, including the “End User Terms of Use” established by XE, which are available on This is in addition to the Terms and Conditions set out in this Agreement.

      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

      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.

    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.
    • "Force Majeure" means events or causes including, but not limited to, the following: an act of God, peril of the sea, unavoidable accident of navigation, war (whether declared or not), sabotage, riot, insurrection, civil commotion, national emergency (whether in fact or law), martial law, fire, flood, cyclone, earthquake, landslide, explosion, power or water shortage, failure of a transmission or communication network, epidemic, quarantine, strike or other labour difficulty or expropriation, restriction, prohibition, law, regulation, decree or other legally enforceable order of a government agency, breakage or accident, change of International, State or Commonwealth law or regulation or any damage of TransferWise’s machinery or systems, unless occurring as a result of an act, omission, default or negligence of you or TransferWise.
    • "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 186-188 City Road, 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, 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.