TRANSFERIT LTD - TERMS & CONDITIONS
PLEASE READ CAREFULLY. THIS IS PART OF A LEGALLY BINDING AGREEMENT THAT WILL AFFECT YOUR LEGAL RIGHTS.
1. PARTIES
1.1 The agreement is between you and Transferit Ltd (Transferit) whose company registration number is SC664631 and whose registered office is situated at HQ, 20-23 Woodside Place, Glasgow, G3 7QL, the United Kingdom of Great Britain and Northern Ireland (the 'UK').
2. TRANSFER INFORMATION
2.1. The Transfer will normally be paid to a bank account (an 'Account').
2.2. A Transfer will normally be paid to the Beneficiary after payment approval and completion of necessary checks. However, Transfers may be subject to delay due to availability, conditions in the destination country, or regulatory requirements. Transferit Ltd cannot be held responsible for delays caused by these factors.
2.3. If you have directed delivery to an Account, Transferit makes no representation as to when the bank maintaining the Account will credit the Account. However, we hope to complete this in minutes.
2.4 The Transfer does not constitute a deposit or electronic money. Neither you nor the Beneficiary holds a payment account with Transferit Ltd
3. TRANSACTION LIMITS
3.1. You will be required to upload valid identifications ('ID') to complete the transaction. Furthermore, Transferit may also require you to provide further documentation and/or provide further information in order to complete the transaction.
3.2. Notwithstanding Clause 3.1:
I. Where a single transaction or the total aggregate value of your transactions in any 30 day period exceeds the pound sterling equivalent of €1,000.00 (including any fee), you will be required to provide Transferit with an original form of valid ID.
II. Where a single transaction or the total aggregate value of your transactions in any 30 day period exceeds £4,000.00 (including any fee), you will be required to provide Transferit with an original form of valid ID and an explanation of the source of those funds.
III. Where a single transaction or the total aggregate value of your transactions in any 30 day period exceeds £5,000.00 (including any fee) you will be required to provide Transferit with an original form of valid ID and explanation of the source of those funds including proof of the source of those funds.
4. FOREIGN EXCHANGE
4.1 You may request that the Correspondent provides you with information on the currency or currencies available in the Beneficiary's country.
4.2 In addition to the transaction fee applicable to the transaction where you request a currency conversion, Transferit will apply a currency exchange rate (the 'Exchange Rate') to convert the Transfer to the currency of the destination country as set out on the front of the Form.
4.3 Any monies arising from the difference (if any) between the Exchange Rate and the exchange rate received by Transferit will be kept by Transferit and/or its Correspondents.
d. If at the time of collection, the Beneficiary requests that the Transfer is paid out in a different currency to the one specified by you, the Correspondent may charge an additional fee. This exchange is a separate transaction between the Beneficiary and the Correspondent and does not form part of the Service.
5. REFUND INFORMATION
5.1 Unless transaction has been processed or payment to the Beneficiary has already been made, Transferit shall, within 14 Business Days, refund to you the amount to be transferred less applicable fees and service charges on the condition that you provide Transferit a copy of a valid receipt and valid ID. A receipt is not valid unless the corresponding transaction is processed through Transferit computerized system and contains the computer-generated imprint of the Correspondent's name and address, and the correct order number.
6. LIABILITY
6.1. If an incorrectly executed transaction is made, you must inform Transferit on becoming aware of such a transaction and no later than 3 months after the date of the transaction otherwise Transferit will not correct the transaction unless the information about the transaction was not provided or made available by Transferit as required by law. You can inform Transferit through its Customer Services whose contact details are set out in Clause 15.
6.2 If you provide Transferit with incorrect information in the form regarding the Beneficiary, Transferit will not be liable for the non -execution or the defective execution of the transaction. However, Transferit will make all reasonable efforts to recover the Transfer. Transferit may charge you for the recovery of the Transfer.
6.3 Except as provided below Transferit shall not be liable for any amount in excess of the amount equal to the principal transfer amount and the fees paid by you. Transferit accepts no liability for services delays or any failure to perform the transaction in accordance with your instructions due to local regulations or circumstances outside its control. Transferit will not be liable for any indirect or consequential loss. Transferit will not be responsible for goods and services that may be paid for by a Transfer.
6.4 Nothing in this Clause 6 will limit Transferit liability for: (i) death or personal injury from its negligence; or (ii) fraud committed by Transferit Ltd
7. DATA PROTECTION
7.1 Transferit will use the information provided by you to provide you with the Service and to manage its ongoing relationship with you. Consistent with this purpose Transferit may transfer and store your personal information outside the EEA. Transferit may share this information with its affiliated companies and the Correspondents but will not share it with a third party except as required by law or as authorized by you. You have a right to request a copy of personal information that Transferit holds about you and to require Transferit correct any inaccuracies in that information.
8. COMPLAINTS
8.1 If you need to make a complaint relating to the Service please contact Transferit Ltd Customer Services by telephone, post or email as set out in Clause 15.
8.2 If Transferit is unable to resolve your complaint you may also complain to the Financial Ombudsman Services by addressing your complaint to the Financial Ombudsman Services, South Quay Plaza, 183 Marsh Wall, London E14 9SR, by telephone on 0845 080 1800 or by email at enquires@financial-ombudsman.org.uk. The Financial Ombudsman Service's website is www.financial-ombudsman.org.uk. Please note that the Financial Ombudsman Service has a multilingual capability for dealing with complaints.
9. ENTIRE AGREEMENT
9.1 Any defined words or phrases used in the T&C that are not defined here are defined in the Terms.
9.2 You agree that that the agreement includes only the Terms and the T&C and is the entire agreement and understanding between you and Transferit and supersedes and terminates any prior agreement between you and Transferit Ltd.
10. OUR RIGHT TO REFUSE, SUSPEND OR CANCEL
10.1 We may refuse any Transaction Request, Payment Request or Transaction at any time for any reason (or cancel it where relevant). Notwithstanding this, we set out here some examples of when that may occur. a) We are unable to obtain satisfactory evidence of your identity; b) We have reason to believe that the information in the documentation provided by you is incorrect, unauthorized or forged; c) You provide us with incorrect or incomplete information; d) Where we believe that the Service is being used, whether by you or the Recipient, in furtherance of illegal, fraudulent or prohibited activities.
10.2 We may, in our absolute discretion, refuse or cancel Transaction Requests or Transactions from certain Senders or to certain Payees, including but not limited to entities and individuals on restricted or prohibited lists issued from time to time by any government authorities, if we are required to do so by law, or where we have reason to believe processing the Transaction Requests would violate anti-money laundering or counter-terrorism financing laws and regulations. We may refuse to process a Transaction funded from certain Payment Instruments where we have reason to believe the security of the Payment Instrument has been compromised or where we suspect the unauthorized or fraudulent use of the Payment Instrument.
10.3 We may, in our absolute discretion, refuse or cancel Transaction Requests or Transactions if Transferit believes you are using the Service to purchase goods or services from third parties you do not know or trust.
10.4 We may, in our absolute discretion, refuse or cancel Transaction Requests, Payment Requests or Transactions if: a) Transferit is unable to verify your identity; b) Transferit is unable to verify the identity of the Recipient; c) You do not comply with information requests pursuant to clause; or d) Transferit reasonably believes you are using the Service, or allowing it to be used, in breach of these Terms and Conditions or any applicable laws, rules or regulations.
10.5 Where Transferit has refused or cancelled a Transaction Request, Transaction or Payment Request, Transferit may also, at its discretion, temporarily or permanently suspend your Registration.
10.6 Where Transferit temporarily or permanently suspends your Registration or refuses or cancels a Transaction Request in accordance with this clause, Transferit shall be entitled to retain any Service Fees already incurred.
10.7 In order to comply with our obligations under relevant laws, we reserve the right to ask for further information or evidence relating to the purpose of a Transaction.
11. POLICY AND PROCEDURES RELATING TO UNCOLLECTED TRANSACTIONS
1. Our operations will run a monthly report of transactions over 30 days old and still showing unpaid on the system and investigate as follows:
For all transactions confirmed as not paid out, our operation staff will contact the sender/receiver to ascertain why they have not collected and arrange collection or cancellation and refund as appropriate. The sender/receiver will be contacted by phone (if information is available on the system) or in writing if no telephone numbers are provided.
2. If the above investigation fails to reach the sender or receiver, then transactions over 90 days old will be put on hold and will only be released for payment or cancellation by operations once the following have been received:
i. The reason for the delay in collection/cancellation
ii. ID of sender or beneficiary as appropriate.
For cancellations, refund will exclude the fee originally paid unless the sender can prove that collection was not possible. Refund of fee will be approved by the compliance officer.
12. RIGHTS OF THIRD PARTIES
12.1 A person who is not a party to the agreement will not have any rights under the Contracts (Rights of Third Parties) Act 1999 to enforce any provision of the agreement.
13. SEVERABILITY
13.1 In the event any provision (or part provision) of the agreement (whether in the Terms or the T&C) is held by any court or authority of competent jurisdiction to be invalid, illegal or unenforceable that provision or part-provision will, to the extent required, be deemed not to form part of the agreement, and the validity and enforceability of the other provisions of the agreement will not be affected.
14. LANGUAGE, GOVERNING LAW & JURISDICTION
14.1 Where Transferit provides you with a translation of the English version of the Terms or the T&C, you agree that the translation is only for your convenience. The English version of the Terms and the T&C will govern the provision of the Service by Transferit to you.
14.2 The agreement is to be construed in accordance with the law of Scotland, England and Wales and any dispute with respect to the agreement is to be subject to the exclusive jurisdictions of the Scottish and English courts.
15. CONTACT US
15.1 Transferit Ltd’s Customer Services may be contacted by telephone on 0141 264 2844 or by email at info@etransferit.com or by post at HQ, 20-23, Woodside Place, Glasgow, G3 7QL.
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