The following terms and conditions including all documents referred to in them (“Conditions”) outline the way in which GLOBAL CURRENCY SERVICE operate, including the service we offer. Any updated version of our Conditions will be documented on this page and take effect from the Issue Date stated in each case. Please check back here regularly to stay up to date. The parties to this agreement are: GLOBAL CURRENCY SERVICE Limited ( GCS ) company number 5211006, and the client(s) who has/have either completed the registration form or agreed to these Terms and Conditions electronically (the “Client”).
These Conditions also apply to the use by the Client of the GCS on-line system which allows the Client to directly book a trade, input beneficiary details and authorise a transfer without contactingGCS directly.
1.1 GCS buys and sells currency for commercial purposes. It cannot trade with the Client if the Client is seeking to profit by pure speculation on currency movements without having a genuine reason for wanting to exchange currency. In addition, GCS can only trade with a Client if the Client has the capacity and authority to trade and is acting on its own account and not on behalf of others.
1.2 Whilst GCS may provide information about currency markets and related matters, it does not provide advice to the Client or any other party. Any decision made to buy/sell currency is made independently of GCS.
1.3 These Conditions shall apply to all currency trades and payment transfers that GCS undertakes.
1.4 If GCS reasonably believes that instructions are from the Client, the Client agrees that GCS may accept the instructions as being genuine whether or not they are actually from the Client and the Client authorises GCS to act on those instructions. If there is more than one individual who can issue instructions on behalf of the Client, the Client agrees that GCS may accept instructions from such individual as sufficient authority to bind the Client to any set of instructions given under these Terms and Conditions.
1.5 The Client may give GCS written, oral or electronic, via the GCS on-line system, instructions and this is done entirely at the Client’s own risk. The Client will indemnify GCS and keep it fully indemnified against any losses that GCS may incur as a result of accepting instructions from the Client or purporting to be from the Client and which are honestly believed by GCS to come from the Client. Furthermore GCS is under no duty or obligation to challenge or make any enquiries concerning any instructions that GCS believes in good faith to be genuinely from the Client.
1.6 The Client will on the completion of the registration process be allocated a Client account number. This should be used in all communications by the Client with GCS and kept confidential and secure by the Client.
2. Converting currency
2.1 The Client may make a contract to trade currency once GCS has confirmed that the Client’s account is open and GCS is satisfied as to the legitimacy of the Clients purpose for requiring the currency and all due diligence checks have been carried out. The Client may give GCS instructions to trade in writing by post, email, verbally or electronically via the GCS on-line system.
2.2 Once an exchange rate has been quoted by GCS that is acceptable to the Client and the Client has confirmed to GCS that the Client wishes to enter into a contract at that rate, then a legal and binding contract will exist between the Client and GCS on and subject to these Conditions. The contract will detail the relevant currencies at the quoted exchange rate for the agreed amounts and with delivery on the date on which the contract matures (the “value date”). GCS reserves the right not to accept any order, without incurring any liability to the Client. Once a contract has been made it cannot be withdrawn, rescinded or amended by the Client without GCS consent and at its absolute discretion.
2.3 If GCS is asked by the Client to attempt to obtain a better rate of exchange than that which is immediately available in the market,GCS will endeavour to do so but does not guarantee that it will be able to achieve that rate (this is known as ‘working an order’ or a ‘limit order’). ).
2.4 GCS will confirm any contract in writing (a “Contract Note”), usually sent by email, within 24 hours of the contract being made. The Contract Note will detail the amount of currency that the Client is buying, the exchange rate that was agreed, the value date by which Client is to complete payment for the currency bought, where payment is to be made The Contract Note will have beneficiary bank details if GCS are in possession of these.
Please note that, whether the Contract Note is received by the Client or not, the Client is still bound by the contract and GCS must be contacted to notify payment details if the Contract Note has not been received within 48 hours of making the Contract.
3. Payment and transfer
3.1 Cleared funds for payment of the Contract by the Client must be received by GCS at least one business day, where a business day is 9am to 4.30 pm Monday to Friday excluding Bank Holidays and Public Holidays in England (“business day”), before the value date agreed in the contract.
3.2 All currency purchased will be sent by electronic transfer to the destination specified by the Client, provided always that:
(a) Cleared funds have been received in full by GCS.
(b) The details of where the currency is to be sent have been given to GCS.
(c) GCS will aim to transfer the currency purchased on the business day following 3.1 (a) and (b) have been completed or as soon as practicable after GCS has received the information.
3.3 GCS will accept payment from the Client’s bank account and will, at its sole discretion, accept payments from third parties unless prior agreement has been made, for example, where payment is to be made from the Client’s solicitor’s account.
3.4 The Client must make all payments in full without any deduction. All transfers by the Client to GCS should include the Client’s account number and name.
3.5 If the onward transfer details have been supplied or confirmed by the Client in accordance with Clause 2 then for the Client to be able to cancel the onward transfer, subject to Clause 3.5, the Client must contact the GCS accounts team and obtain confirmation in writing from GCS that the transfer has been cancelled.
3.7 GCS will not make a transfer if:
(a) the information the Client has supplied is unclear, incorrect or incomplete; or
(b) the Client is in breach of any part of these Conditions; or
(c) GCS suspect fraud or other illegal activity; or
(d) GCS has any legal or regulatory reason; or
(e) GCS considers that its business reputation may be significantly compromised
3.8 The Client should be aware that banks have fixed cut off times for the receipt and dispatch of electronic payments and GCS has no liability (including as a result of delay or failure of any transaction) arising from or caused by the late arrival of funds or from the late receipt of instructions.
3.9 GCS has no control over the allocation of funds by the bank to which the funds have been sent and GCS has no liability for any delay in or failure from the late arrival of funds. The Client should be aware that it can take more than three business days for the funds to clear.
4. Forward payment for forward contracts
4.1 For forward contracts, where the value date is more than two business days from the date on entering into the Contract, GCS will require a forward payment deposit (a ‘margin’) to be provided by the Client. This margin will be of such a percentage of the value of the Client’s contract(s) as GCS may specify. The remaining percentage must be paid by the Client at least one full working day before the value date.
4.2 The margin will be held by GCS in a designated account until such time as GCS incurs any costs, losses or liabilities in connection with or arising out of the Client’s contract(s) (including, without limit, liabilities incurred with third party currency dealers, exchanges, brokers, banks or similar entities or any clearing house or regulatory body). At this point, GCS will apply such proportion of the margin as is equal to its costs, losses, or liabilities, without the need for any notice or demand. GCS may also, at its absolute discretion, offset any margins or other monies held by GCS in respect of any one of the Client’s contracts, against any costs, losses or liabilities that GCS incurs in connection with or arising out of any other contract the Client may have with it. The Client may not insist or require that GCS does so offset any such margins or other monies held by GCS in respect of any of the Client’s contracts.
5.1 The Client may be subject to costs, for example from banks receiving its payment. GCS has no control over these costs and accepts no liability for them.
5.2 GCS will also charge for costs relating to notification of a transfer which have been refused where refusal is reasonable, the revocation of a transfer permitted under certain circumstances and for costs in respect of the recovery for funds transferred by as a result of the Client supplying incorrect information.
6. Information about the Client
6.1 GCS is, by law, required to ascertain certain information about its clients, their identity and the nature of their businesses or requirements and it is hereby agreed that the Client will provide GCS with such documentation as GCS may from time to time request as proof. For any Client which is a company or a partnership this documentation may include proof of the Client’s constitution, shareholders, directors, principals, registration and purposes. GCS reserves the right to conduct searches with professional and or trade bodies which the Client may reasonably be expected to be registered with..
6.2 The Client warrants that is acting on its own behalf, for a genuine reason, that the currency that the Client wishes to trade belongs to the Client both legally and beneficially, has not been obtained by illegal means nor in any way contrary to the rights of the legal owner and is in no way tainted by criminal activity. The Client also warrants that the information that is provided to GCS is accurate, that no material information will be withheld from GCS, that GCS will be provided with any information that GCS may reasonably require from the Client and that GCS will be notified immediately if any of the information that it has been given changes.
7. Termination of Contracts
7.1 GCS maintains the right to terminate any contract if:
(a) any breach by the Client of any part of these Conditions or any other contract between GCS and the Client occurs (and where that breach is capable of remedy it has not been remedied by the Client within the period stated in a written notice from GCS requiring the breach to be remedied); or
(b) GCS reasonably believes that the Client will be unable to fulfil its obligations under any Contract; or
(c) The Client convenes a meeting of its creditors or suffers a petition to be presented or a meeting to be convened or other action to be taken with a view to its personal bankruptcy and or winding up and or liquidation (including any similar process in another jurisdiction) except (with the written approval of GCS) for the purposes of and followed by amalgamation or reconstruction; or
(d) For GCS to continue with any Contract would in GCS opinion expose GCS to any liability for which GCS is not protected; or
(e) on the instruction of any law enforcement agency or regulatory body;( in which event GCS may retain all or any of the Client’s money if GCS is required to do so by law or regulation and then deal with the Client’s money as ordered by a Court or other body of competent jurisdiction).
7.2 In the event of termination of any Contract in accordance with or as a consequence of termination under any part of Clause 7.1 above the Client shall be liable for any losses which the Client and or GCS incurs or suffers as a result of and or in relation to that termination.
7.3 The Client may terminate these Conditions immediately upon by service on GCS of written notice.
7.4.4 GCS may terminate these Conditions by service upon the Client of no less than 60 days’’ written notice.
8. GLOBAL CURRENCY SERVICE on-line system
8.1 Depending on the rights granted to the Client, the GCS on-line system may be used to buy and/or sell currency or to obtain quotations for currency exchange rates or to effect currency transfers subject to any restrictions or limitations imposed by GCS.
8.2 GCS grants to the Client access to the on-line system in consideration of the Client agreement to be bound by these Conditions and restating the Client’s agreement each time the Client accesses.
8.3 Unless GCS agrees otherwise, the Client may request a refund of funds held in the Client’s Accounts by notice to GCS in writing. Upon such a request or upon termination of the access to GCS on-line system, GCS shall remit available funds to the Client.
8.4 All rights in comprised in all parts of GCS on-line system will remain vested in GCS. This includes copyright in the GCS websites. The Client is only permitted to access GCS websites and or on-line system for the purpose of transacting its legitimate business with GCS. The Client is not permitted to display, use, distribute, or reproduce any parts of GCS on-line systems and websites. However, as part of the access to GCS’s on-line system the Client is permitted to download or print single copies of web pages for the Client’s own internal record-keeping purposes, provided the Client complies with all instructions given by GCS.
8.5 The Client shall not recreate or copy, modify, reproduce or distribute GCS on-line system
8.6 GCS does not warrant the availability of GCS on-line system at any time and GCS reserves the right to restrict or terminate the Client’s access to it or change the configuration or functionality of GCS on-line system at any time.
8.7 GCS does not warrant the performance of the on-line system or the correctness, accuracy or completeness of any information that the Client receives via the on-line system and the Client’s reliance on it is entirely at the Client’s own risk.
8.8 The Client will only use GCS on-line system, according to the granted rights, to obtain quotations or to buy and/or sell currency or to transfer currency for legal purposes as principal on the Client’s own behalf and, if the Client is a Business Client, in the ordinary course of the Client’s business.
8.9 The Client must not use or attempt to use GCS on-line system except for its intended purpose in accordance with GCS instructions.
8.10 GCS will issue by email to the email address(es) supplied by the Client one or more unique passwords and/or security codes which GCS may issue to the Client to gain access to GCS on-line system in accordance with these Terms and Conditions.
8.11 The Client must keep the password(s) and/or security code(s) confidential and secure and must not disclose the password(s) and/or security code(s) to anyone. If the Client is a Business Client it is the Client’s responsibility to ensure that the password(s) and/or security code(s) are known only to those who the Client has given access to the on-line system to and the Client must procure that they do not disclose the password(s) and/or security code(s) to anyone. The Client should not write down the Client’s password(s) and/or security code(s) and the Client should employ appropriate security software to protect them once entered into the Client’s computer. The Client should ensure that the Client logs out and closes the Client’s internet browser after using the System.
8.12 Should the Client become aware of or suspect that an unauthorised person or third party has knowledge of or access to the Client’s password(s) and/or security code(s), the Client must inform GCS immediately.
8.13 The Client must ensure that all the data, messages and code that the Client provides to GCS by any electronic means do not contain any computer viruses, destructive programs or other devices likely to cause harm to GCS on-line system.
9. Client Money
9.1 With the exception of the amount that GCS makes in profit on entering into a Contract with the Client. GCS will hold all funds in a segregated client account in accordance with the Financial Conduct Authority (“FCA”) requirements on safeguarding client’s funds. These funds will be used in performance of GCS services.
9.2 GCS may be required to pay some of these funds held in the pooled client account to counterpart banks or brokers as collateral for contracts entered into.
9.3 GCS may also make deductions from and take sums directly from the pooled client account to settle any third party charges or to settle any legal liability GCS has arising from its relationship with the Client and the services GCS supplies.
10. Other legal notices
10.1 A person who is not a party to these Conditions shall not have any rights to enforce its terms
10.2 GCS may amend these Conditions at anytime. GCS will give Clients at least two months’ notification of any changes before they take effect by placing a notice on our website. www.globalcurrencyservice.com.
10.3 The Client can request at any time a copy of these Conditions free of charge.
10.4 Should any part of these Conditions be deemed to be unenforceable or illegal, the remainder of these Conditions shall remain in full force and effect as if the unenforceable or illegal part had been removed.
10.5 The benefits and or rights arising to the Client under these Conditions may not be transferred or assigned by the Client.
10.6 Should GCS decide to waive or delay enforcement of any right that it may have under these Conditions, this shall not prohibit it from enforcing that or any other right subsequently.
10.7 Should any part of these Conditions be in conflict with any other documentation or information that has been provided in connection with any particular contract, then these Conditions shall have priority unless specifically agreed by GCS in writing that such other documentation and information shall have priority in whole or in part.
10.8 These Conditions come into force at the earlier of the issue date noted at the top of these Conditions in relation to each Client that is a Client at that Date and the first date thereafter on which a new Client registered with GCS and upon coming into force these Conditions supersede and replace any previous conditions in place between GCS and the Client. These Conditions shall continue in force until replaced by a new version.
10.9 These Conditions constitute the entire agreement between the Client and GCS.
10.10 All communication between the Client and GCS will take place in English.
10.11 GCS is authorised and regulated by the Financial Conduct Authority (FCA) under the Payments Services Regulations 2009 [“PSR 2009”] (FRN 530712) for the provision of payment services.
11. Unauthorised Money Transfer
11.1 Under the PSR 2009 there are certain rights and obligations that apply to transfers where the recipient is within the European Economic Area (“EEA”) [which comprises all member states of the European Union together with Norway, Iceland and Lichtenstein] and made in euros or sterling or a currency of an EEA state that has not adopted the euro. Clauses 11.2 and 11.3 apply to unauthorised money transfers covered by PSR 2009.
11.2 GCS may be liable to the Client where GCS makes a transfer that the Client did not authorise us to perform in accordance with these Conditions.
(a) Where the Client believes this to be the case then the Client should advise GCS as soon as possible and we will investigate the matter.
(b) Subject to Clause 11.2 (c) GCS will refund to the Client the full amount of the transfer
(c) The Client will not be entitled to a refund if the Client did not inform GCS without undue on becoming aware of a possible unauthorised money transfer or that the transfer was authorised in accordance with these Conditions or due to unforeseen and/or abnormal circumstances beyond GCS control.
11.3 GCS may be liable to the Client where GCS either fails to perform a transfer or GCS incorrectly performs a transfer that the Client asked us to perform in accordance with these Conditions.
(a) Where the Client believes this to be the case then the Client should advise GCS as soon as possible and GCS will investigate the matter.
(b) Subject to Clause 14.3 (c) GCS will take the actions required to remedy the matter.
(c) The Client will not be entitled to a refund if the Client did not inform GCS in writing without undue delay [and in event not less than 13 months from the date of the failure or incorrect transfer] on becoming aware of the matter or the transfer was performed in accordance with these Conditions or due to unforeseen and/or abnormal circumstances beyond GCS’s control.
11.4 GCS will have no liability to the Client for failure to perform or incorrect performance of a transfer where the reason for this was GCS refusal to proceed with the transfer or any part of it.
12. Data Protection
12.1 The Client authorises GCS to collect, use, store or otherwise process any personal information as defined by the Data Protection Act 1998 (“Personal Information”) to enable GCS and/or members of its group and/or the organisation which introduced or referred the Client to GCS to provide and/or improve its services and or to meet their legal or regulatory obligations. This may mean passing Personal Information to individuals or organisations which may be located in countries outside the European Economic Area (“EEA”) that do not have laws to protect the Client’s Information.
12.2 GCS may also use the Personal Information to provide the Client with news and other information on services and activities from GCS or members of its group which may be useful to the Client. If the Client would prefer their Personal Information not to be used for such purposes, it should contact GCS in writing.
12.3 GCS will not pass on without the Clients agreement Personal Information to any third party organisations which GCS considers may be of assistance to the Client (which may be located outside the EEA) so that they may contact the Client with details of products and services which may interest the Client, subject to the Client’s consent.
12.4 The Client hereby confirms its consent for GCS to hold and process the information provided to GCS by the Client in accordance with Clause 6 and to conduct the searches and registrations described in Clause 6 including the process and storage of relevant Personal Information. Where the Client is a company or partnership the Client also hereby confirms that it has obtained the consent of the relevant individual shareholders, directors, or principals as the case may be.
13. How to Make a Complaint
GCS values all Clients and takes our regulations seriously. If the Client has a complaint about the service that was received the Client should contact GCS in writing, email, fax or telephone.
In the first instance, contact the firm’s Compliance Officer who can be contacted as follows:
Compliance Officer, Global Currency Service Ltd, 41 London Road, Reigate, RH2 9RJ.
Telephone: 44 (0) 208 464 9090
Email: [email protected]
A summary of GCS’s complaints procedure is available on request. GCS will investigate any complaint promptly and aim to resolve it to the Client’s satisfaction, eligible complainants (as defined by the FCA rules) may be entitled to refer this matter to the Financial Ombudsman Services (‘FOS’) for further investigation. FOS can be contacted as follows:
Financial Ombudsman Service, South Quay Plaza 183 Marsh Wall London E14 9SR
Tel: 084 5080 1800 or 030 0123 9 123
Email: [email protected]
14. Applicable Law
These Conditions are governed by and are to be interpreted in accordance with English law. Any dispute regarding these Conditions and or their application is to be determined by the exclusive jurisdiction of the English Courts. However steps for the enforcement of any obligations under these Conditions or any decision of the English Courts relating to these Conditions shall not be limited to the English Courts.
15. Company Details
18.1 GLOBAL CURRENCY SERVIC is a private company limited by shares and registered in England under company number 5211006 with the registered office address at 41 LONDON ROAD, REIGATE, SURREY, ENGLAND, RH2 9RJ.