WTSG Terms and Conditions
The Terms and Conditions apply to our Products and Services. They describe the rights and obligations of you and us. This document forms a legally binding contract between you and WTSG Pte Ltd, trading as “Clearing” when you register and use our Services. By agreeing to these terms, you consent that all Services provided will be carried out in accordance with these terms. If you have any questions, please feel free to contact us.
WTSG Pte Ltd, trading as Clearing, is a company established in Singapore. Our company registration number is 201429584Z and our registered office is at Unit #12-01 Hub Synergy Point, 70 Anson Road, Singapore, 079905.
“Authorised Representatives” means someone you designate to represent you with Clearing, such as a trusted family member, employee, or any other person appointed by you to act on your behalf.
“Business” means clients which are sole traders, corporations, freelancers, limited or public companies, partnerships.
“Business Day” means a day, other than a Saturday, Sunday, or a public holiday in Singapore, when financial institutions in Singapore are open for business.
“Clients” and “you” means individual clients, authorised representatives (if applicable), sole traders, corporations, freelancers, limited or public companies, partnerships, micro-enterprises, and any other non-business organisation such as charity, association, etc.
“Electronic Money or Funds” means electronically stored monetary value as represented by a claim on Clearing which is issued on receipt of funds for the purpose of making payment transactions and is accepted by Clearing.
“E-money wallet” means a digital representation of traditional currency such as Singaporean dollars, issued by banks and certain Financial Services Providers, stored electronically for transactions.
“Event of Insolvency” means the Client becomes insolvent or unable to pay its debts, has a bankruptcy, winding up or administration petition against it or presented to the Court or has to convene (or has convened) a meeting for the purpose of having a liquidator appointed or has a receiver appointed over its property or proposes a form of arrangement or composition with its creditors (other than for the purposes of an amalgamation or reconstruction approved in advance in writing by Clearing) or in the case of a partnership has a bankruptcy petition presented against a partner.
“Exchange Rate” means the rate offered by Clearing at the relevant time for the relevant currency pair (e.g., SGD to EUR, USD).
“Foreign Exchange” means the buying or selling of currency by exchanging one country’s currency for another for various purposes such as investment and international trade.
“High-risk activities” include, but are not limited to:
“Individual Client” means a natural person who is not a business.
“MAS” means the Monetary Authority of Singapore.
“Payment transaction” means the placing, transfer or withdrawal of money, whether for the purpose of paying for goods or services or for any other purpose, and regardless of whether the intended recipient of the money is entitled to the money.
“PSA” means Payment Services Act 2019 of Singapore.
“Speculative Purpose” means buying or selling currency solely to try to profit from exchange rate fluctuations.
2.1. This Customer Agreement is a contract between (“you”) and WTSG Pte Ltd, trading as Clearing (“Clearing/us/we”). It defines the terms and conditions under which we provide our Services to you (the “Agreement”). References to “you” include individual clients, sole traders, corporations, freelancers, limited or public companies, partnerships, micro-enterprises, and any other non-business organisation such as charity, association, etc.
2.2. This Agreement includes additional documents (the “Additional Documents”) that also apply to your use of our Services, such as:
2.3. By using our Services, you confirm that you accept and agree to this Agreement. If you do not agree, you must not use our Services.
2.4. In the event of any discrepancies between this Agreement, the Additional Documents, or information provided on our website, the terms of this Agreement will take precedence.
2.5. For certain Services, you may be required to agree to additional terms and conditions, which we will communicate to you before you use that Service.
2.6. We may update this Agreement from time to time. Any changes to this Agreement will take effect as soon as the Agreement is posted on our website, or on the date notified to you.
2.7. You can always view the most current version of this Agreement on our Website.
2.8. You may, but are not obliged to, seek to resolve any dispute through alternative dispute resolution mechanisms, including mediation at the Financial Industry Disputes Resolution Centre (FIDReC), of which we are a member. However, if the dispute is not resolved through such means, or if you choose not to pursue them, the dispute shall be brought before the courts of Singapore, which shall have exclusive jurisdiction. This Agreement shall be governed by Singapore law.
2.9. This Agreement is between you and us. No other person shall have any rights under the Contracts (Rights of Third Parties) Act 2001 of Singapore to enforce any of its terms, except as expressly provided in this Agreement. Neither of us will need to obtain the agreement of any other person to end or make any changes to this Agreement.
2.10. Each paragraph of this Agreement operates separately. If any court or relevant authority decides that any of them is unlawful or unenforceable, the remaining paragraphs will remain in full force and effect.
2.11. Even if we postpone enforcing this Agreement, we can still enforce it later. If we delay in asking you to do certain things or taking certain actions, it will not prevent us from taking steps against you at a later date.
2.12. How this agreement applies to you. If you only use our services to make Money Transfers or maintain a profile with Clearing without a Clearing Account, then you agree to this Agreement each time you use our service in this way. When you open a Clearing Account, this Agreement applies to that Clearing Account while the Clearing Account is open.
3.1. We are WTSG Pte Ltd, trading as Clearing, a company established in Singapore. Our company registration number is 201429584Z and our registered office is at Unit #12-01 Hub Synergy Point, 70 Anson Road, Singapore, 079905.
3.2. We are authorised and regulated by the Monetary Authority of Singapore (MAS) as a Major Payment Institution under the Payment Services Act 2019 of Singapore (“PSA”). This allows us to provide regulated payment services, including (i) account issuance services, (ii) cross-border money transfer services, and (iii) e-money issuance services. Please be aware that holding this license does not guarantee the performance of a major payment institution. You also bear the risks associated with fluctuations in relevant exchange rates that may affect any remittance or services.
3.3. How to contact us: You can contact us by telephoning our Customer Service, by email at support@clearing.com, or by post to Unit #12-01 Hub Synergy Point, 70 Anson Road, Singapore, 079905.
3.4. How we may contact you: If we have to contact you, we will do so by telephone or by writing to you at the email address or postal address you provided to us on your application form, or any contact details that you subsequently supply to us.
4.1. Overview of Clearing’s Services: Clearing provides the following Services under these terms:
These products are governed by applicable financial regulations in Singapore.
4.2. Clearing Account: A Clearing Account is a virtual multi-currency account designed for electronic funds transfers. You will receive a local virtual number which allows you to send and receive payments to and from other Clearing accounts, as well as accounts with third-party payment service providers and banks, both locally and internationally.
4.2.2. This product does not include overdraft or credit facilities.
4.3. Spot Foreign Exchange: Clearing provides Spot Foreign Exchange, allowing you to convert one currency into another at defined market rates, which will be communicated prior to the execution of the contract based on your instructions.
4.4. Payments Transactions: You may send or receive payments to or from international third-party accounts or your Clearing account using the money stored in an Electronic Money Wallet.
4.5. Market Information and Independent Judgment: It is important to note that Clearing acts solely on an execution basis and does not provide guidance on the merits of proposed orders. While we may offer information on currency markets and related topics, clients should exercise independent judgment when initiating an order and should not consider any information provided by us as advice.
4.5.1. Clearing does not supply currency for Speculative Purposes or provide investment advice.
4.6. Please note that Clearing Services, as described in clauses 4, 11, 12 and 13 of this agreement, will only be available to you during business hours and on business days. Services will not be provided on weekends or bank holidays in Singapore. Services can only be initiated during business hours and on business days.
4.7. When you use Clearing Services under clause 13 of this agreement, it is important to comply with the information provided in the Payment Timelines page as well as these Terms. We will inform you of the maximum execution time for a payment, any charges you need to pay, the cut-off time for the payment system we use to process your payment and provide a breakdown of those charges. For more detailed execution times, please refer to the Payment Timelines page.
4.8. Authentication: Clearing will require you to provide authentication when you log in to your Clearing account. Clearing will also require additional authentication when you perform certain actions on your Clearing profile, including but not limited to the performance of high-risk activities. Authentication can be in the form of keying in Access Codes or any other method that Clearing may choose to use to protect your account.
4.9 Notifications. We will reach out to you for outgoing transactions in your Clearing profile, especially when any high-risk activities are conducted.
We may omit confidential information where necessary.
4.10 Outgoing transaction notification. Outgoing transaction notification will contain the following information for the purposes of enabling you to identify whether the transaction is an authorised transaction or unauthorised transaction:
We may, however, omit any confidential information from the transaction information.
4.11. Outgoing Transaction Notification Threshold: You have the option to set a threshold for notification, meaning that notifications will not be sent if they fall below this threshold. However, Clearing will not be liable for any loss or damage that you may suffer as a result of such notification alerts not being sent to you in accordance with the threshold you set.
4.12. When you log into a new device, Clearing will prevent you from performing any high-risk activities for a period of 12 hours.
4.13. Payment Recipient Identification Information: Clearing will provide the following information accompanying the access codes sent to you to enable you to identify the payment recipient:
4.14. Confirmation of Payment Transaction: Where transactions are made by you on our website for payment transactions, we will provide an onscreen opportunity for you to confirm the payment transaction and recipient credentials before we execute any authorised payment transaction. This includes:
5.1. Using our Services: To start using our Services, you need to complete the application form and provide certain information as prompted by us.
5.2. Accuracy of Information: All information you give us must always be complete, accurate, and truthful. It is important to update this information whenever it changes. We cannot be held responsible for any loss arising from your failure to do so. We may ask you at any time to confirm your information’s accuracy and/or provide additional supporting documents.
5.3. Customer Due Diligence Checks: We are required by law to conduct certain security and customer due diligence checks on you in order to provide any Services to you and to allow you to have and maintain your relationship with Clearing. We may conduct enhanced due diligence on you, where appropriate, including authorised representatives, directors, shareholders, trustees, and ultimate beneficial owners for Business Clients, reserving the right to reasonably request additional information.
5.4. Information Requests: You agree to comply with any request from us for further information and provide such information in a format acceptable to us. Additionally, you agree that we may make, directly or through any third party, any enquiries we consider necessary to validate the information you provided to us.
5.5. Refusal of Service: Clearing reserves the right to close, suspend, or limit access to our Services if we are unable to obtain or verify any information related to you or your transaction.
6.1. Privacy Policy: Please refer to our Privacy Policy for detailed information on how we collect, use, and safeguard your personal information.
6.2. Data Use and Sharing: We adhere to strict data protection laws and regulations and implement measures to protect personal data. You grant us permission to use your personal information to provide Clearing Services. We may share your data with third parties for security purposes and regulatory compliance.
7.1. Submitting a Complaint
If you have any complaints about us or our Services, you may contact us following our customer complaint procedure.
You can email us at complaints@Clearing.com, or write to us at Unit #12-01 Hub Synergy Point, 70 Anson Road, Singapore, 079905.
For more information about our complaints procedure, please click here.
If you are not satisfied with how we handled your complaint, you may have the right to escalate your concerns to the Monetary Authority of Singapore (MAS). You have 6 months to file a complaint after we send you a final response. Complaints can also be submitted to The Financial Industry Disputes Resolution Centre Ltd (FIDReC). Further details on their complaint handling process can be found on their website.
8.1. We have certain restrictions outlined in “Restricted Activities” that prohibit the use of Clearing’s Services for any restricted activities.
8.2. Clearing has the right to refuse a Service at its sole discretion. If we believe you are in material breach of these Terms or completing a transaction under the Services, we provide would be unlawful, we may refuse it. We will notify you of our refusal whenever possible.
8.3. If Clearing believes you have violated any provision of these Terms, we may take actions such as closing, suspending, or limiting your account access, updating inaccurate information, taking legal action, terminating these Terms or your access to Clearing’s Services, fully or partially reversing a transaction, or blocking your access to your account temporarily or permanently.
8.4. You must ensure that you only submit a transaction in compliance with all applicable laws and regulations.
8.5. If you submit a transaction that does not comply with these terms, we may request additional information, cancel the transaction, and refund the amount, or take other appropriate action.
9.1. We recommend you use the Service to send money to friends, family and trusted and verified businesses and third parties that are known to you or that you have already done business with. You should be cautious when sending money to the recipients you don’t know and have never dealt with before.
9.2. When accessing Clearing Services, you should:
9.3. If you suspect unauthorised use of your login credentials, contact Customer Support immediately.
9.4. You must provide us with any reasonable assistance we require to investigate and secure your account.
9.5. You are responsible for ensuring that your information technology, computer programs, and platform are configured to access our Services. We cannot guarantee that our Services will be free from bugs or viruses.
9.6. Notification. As a Clearing Account user, you must provide contact information, opt to receive notifications and monitor notifications sent by Clearing, if any. You must, among other things:
9.7. Protection of Access Codes. As a Clearing Account user, you must not do any of the following:
9.8. Read content sent with Access Codes. You must read the content of the messages containing the access codes and verify that the stated recipient or activity is intended prior to completing payment transactions or high-risk activities.
10.1. If you are an Individual Client, you may only use our Services for personal purposes and not as a business account or for business purposes.
10.2. If you are a Business Client, you may only use our Services for business purposes.
10.3. You must not misuse our systems by:
10.4. You must not misuse our Services by:
10.5. We may suspend your relationship with Clearing or your access to our Services. We may suspend or restrict its functionality if we have reasonable concerns about:
10.6. We will give you notice of any suspension or restriction and the reasons for such suspension or restriction as soon as we can, either before the suspension or restriction is put in place, or soon after, unless notifying you would be unlawful or compromise our reasonable security measures.
10.7. If we believe that any of the activities listed in this clause 10 have been taken by you, we may take several actions to protect Clearing, its customers and others, at any time and at our sole discretion. The actions we may take include, but are not limited to, the following:
10.7. Court Orders: If we receive a court order or any other legal process that affects you, or if we believe we are required to do so to comply with a court order, applicable law, or regulatory requirements, we may need to take certain actions. These actions could include holding payments to or from you or releasing your funds. We will use our own judgment to decide which action is necessary. Unless the court order, applicable law, regulatory requirement, or other legal process specifies otherwise, we will attempt to notify you of these actions using the contact information you have provided to us. We are not obligated to contest or appeal any court order or legal process related to your use of our Services. If we place a hold, reserve, or limitation on your account due to a court order, applicable law, regulatory requirement, or other legal process, it may remain in place for as long as reasonably necessary.
11.1. Your Clearing Account is an Electronic Money account that Clearing creates for you and stores value in the form of Electronic Money. You may use the Electronic Money stored in your Clearing Account to enter transactions.
11.1.2.1. Your Clearing Account enables you to hold, spend, send, and receive funds as well as convert currency.
11.2. The funds you hold on to account with us at Clearing are held in line with the rules set out in the relevant Regulations. This means that the funds received from you in exchange for Electronic Funds are held in a separate account with a reputable credit institution. This is called “safeguarding.”
11.3. Clearing is not a bank, and your Clearing Account is not a bank account. The funds held with Clearing, including balances in your Clearing Account, are not insured by any deposit protection scheme, including the Deposit Insurance Scheme established under the Deposit Insurance and Policy Owners’ Protection Schemes Act 2011 of Singapore.
11.4. Your funds are safely segregated from the company’s own funds, this therefore means your funds cannot be offset against any third-party liabilities in the unlikely event that Clearing goes out of business. Should this situation arise, a proportion of your funds may be deducted to cover the administrator’s costs in getting your money back to you.
11.5. In accordance with the regulatory requirement under the PSA, Clearing keeps your money in its name in established financial institutions. Your money is deposited in SGD (or in SGD equivalent) into one or both of the dedicated and segregated accounts held by us with each of DBS Bank Ltd (DBS) as our safeguarding institutions. If money in your Clearing Account is held in currency(ies) other than SGD, we will convert such money to SGD using either Reuters mid-market rates or where Reuters mid-market rates are unavailable, XE mid-market rates, before placing such SGD or SGD equivalent amounts with DBS and/or OCBC for safeguarding. We do not offer interest on monies in your Clearing Account. Interest on monies held on trust are not payable to you.
11.5. Inbound Payments
11.5.1. You may request to receive money from a third party or yourself where available and in certain currencies. Alternatively, we may provide you with local account details that you or a third party can use to send money directly to your Clearing Account.
11.5.2. Any money you receive into your Clearing Account will be converted into e-money and recorded. You should regularly check and confirm the receipt of incoming funds in your Clearing Account and let us know if you notice any irregularities or discrepancies.
11.5.3. We may conduct verification checks when you request Account Details, in addition to the checks required to obtain an Clearing Account. We may also conduct further checks as needed. It is your responsibility to update any third parties or arrangements where you receive funds using your Account Details. Clearing is not responsible for any issues that arise due to changes in your Account Details, and you must inform third parties about any changes to your Account Details.
11.5.4. We will credit your Clearing Account once the funds are received and have passed our security checks.
11.6. Outbound Payments
11.6.1. You may send funds available in your account via payments transactions to third party or another bank account at another financial institution that is in your name.
11.6.2. You need to ensure that the information you provide for outbound payments is accurate and complete. We will not be held responsible for any funds sent to the wrong recipient due to incorrect information provided by you.
11.6.3. If you have provided incorrect information to us, we may, but are not required to, assist you in recovering your funds. We cannot guarantee that such efforts will be successful as they rely on the policies and practices of other banks and institutions. Additionally, Clearing may not be able to confirm that your recipient’s name and account number match, as the names and other information associated with third-party accounts may not be known to Clearing. This means that if you provide an incorrect account number, your funds will most likely go to the wrong account.
12.1. The Spot Foreign Exchange Transaction enables you to exchange currencies at the defined rate communicated to you when you request a Foreign Exchange Transaction.
12.2. We will accept Spot Foreign Exchange transactions in both oral and written formats.
12.2.1. Telephone: A Spot Foreign Exchange transaction can be initiated through a verbal agreement during a telephone conversation. We present terms for a specific currency transfer, and you verbally agree to those terms.
12.2.2. Email: A Spot Foreign Exchange transaction can be initiated through email communication wherein we provide terms for a particular currency transfer. The email serves as an indication of the rates available at the time of sending and is not a formal offer to sell/buy at that rate. To formalise the transaction, your email reply becomes your formal offer to buy at the specific rate. We may accept this transaction by sending a second email, and the contract is formed at that point. We are then legally bound to provide the currency either immediately or at an agreed-upon later date.
12.2.3. Clearing Platform: When placing a transaction on the Clearing platform, your formal acceptance is indicated by clicking the “complete” button viewing the provided quote during transaction submission.
12.2. 4. Upon submitting a transaction through a phone conversation, email, or online Clearing Platform, we will confirm the transaction by sending an email detailing its specifics. It is crucial to carefully review all details, especially providing accurate bank details and dates for fund transfers.
12.3. We are authorised to act upon transactions from you and any individuals acting as your Authorised Representatives.
12.3.1. In order for us to accept transactions from authorised representatives, you must provide us with their details and specimen signatures. Our obligation to accept transactions from authorised representatives begins only after we have confirmed this in writing. We reserve the right to accept transactions, whether oral or written, from you or from any person claiming to be you, provided that we genuinely believe the communication is from you or your authorised representatives.
12.4. In this Agreement, the term “exchange rate” refers to the rate offered by Clearing at the relevant time for the relevant currency pair (e.g., SGD to EUR, USD to AUD). This rate is typically provided by a reference rate provider and is usually the mid-market exchange rate. We may change our reference rate provider without noticing to you.
12.5. We may not process your foreign exchange transaction until we have received the funds and specified fees in your e-wallet. It is your responsibility to ensure timely funding of a foreign exchange transaction through any Service we provide. We cannot be held responsible for the time taken for the money to be sent to us by your Bank or Payment Service Provider.
12.6. Refusal of foreign exchange transaction: We reserve the right to refuse any foreign exchange transaction if the conditions outlined in this Agreement have not been met. Reasons for refusal may include incorrect recipient information, insufficient available funds, or violations of this Agreement, including attempts to engage in currency trading or other trading not permitted by this Agreement. We will make every effort to notify you of any refusal, using the contact information provided to us, and stating (where possible) the reasons for such refusal, and explaining how to correct any errors. However, we will not notify you if such notification may be unlawful.
Accuracy of Information
12.8. You must ensure that the information you provide when setting up Spot Foreign Exchange Transaction is accurate. If we have processed your order according to the information you provided, it will be considered correctly completed even if you made a mistake.
Foreign Exchange Transaction Cancellation
12.9. If you wish to cancel a Foreign Exchange Transaction, you should contact us as soon as possible. You will be liable for any costs incurred by us in cancelling a Foreign Exchange Transaction
13.1. You can give us instructions to make a Payment Transaction in the following ways:
13.2. In order to set up a Payments Transaction, you will need to provide us with certain information, including but not limited to the full name of your recipient, your recipient’s bank account details, as well as the amount and currency you are sending and any additional information we may request relating to the beneficiary including name, address and date of birth for compliance purposes.
13.3. Payment Execution times: When you make a Payment Transaction, it is important to comply with the information provided in the Payment Timelines page as well as these Terms. We will inform you of the maximum execution time for a payment, any charges you need to pay, the cut-off time for the payment system we use to process your payment and provide a breakdown of those charges. For more detailed execution times, please look at the information on Payment Timelines page.
13.4. We will only process your Payment Transaction if you hold sufficient cleared funds in accordance with this Agreement and the provided instructions. It is your responsibility to fund your e-money wallet in a timely manner, and we cannot be held responsible for the time it takes for the money to be sent to us by you or a third party’s bank or Payment Service Provider.
13.5. We reserve the right to refuse any Payment Transaction if the conditions outlined in this Agreement have not been met. Reasons for refusal may include incorrect recipient information, insufficient available funds, or violations of this Agreement. We will make every effort to notify you of any refusal, using the contact information provided to us, and stating (where possible) the reasons for such refusal, and explaining how to correct any errors. However, we will not notify you if such notification may be unlawful.
Accuracy of Information
13.6. You must ensure that the information you provide when setting up a Payment Transaction is accurate. If we have processed your order according to the information you provided, it will be considered correctly completed even if you made a mistake.
13.7. If you have provided incorrect information, we may, but are not required to, assist you in recovering your funds. However, we cannot guarantee that such efforts will be successful as they rely on the policies and practices of other banks and institutions. Additionally, we may not be able to confirm that your recipient’s name and account number match.
13.8. Once you make a Payment Transaction, the settlement and payout to the recipient are final and irrevocable unless otherwise provided in this Agreement or pursuant to applicable law.
Transaction Cancellation
13.9. If you wish to cancel a Payment Transaction, you should contact us as soon as possible. You will be liable for any costs incurred by us in cancelling a Payment Transaction
Erroneous transactions
13.10. If you should discover any omissions and/or errors in a transaction, you should immediately inform us of the error and provide us the following information in writing in respect of the error:
13.10.1. Reporting Channels: You may report any erroneous transaction to Customer Support. We will provide you with a written acknowledgement of your report through SMS or email. No fees will be charged for making such a report to us.
13.10.2. Our responsibility in relation to any erroneous transaction is to facilitate communication between you and the recipient. Our responsibility in relation to any erroneous transaction is not to resolve any erroneous transaction claim.
13.11. Unauthorised Transactions
13.11.1. You must report any unauthorised activity to us as soon as practicable, and no later than 30 calendar days after receipt of any notification alert for any unauthorised activity, e.g., payment transactions, high-risk activities, and log-ins to new devices, that were not initiated by you or with your consent. Where you are unable to report within 30 calendar days, you should provide us with the reasons for the delayed report, if requested. This includes time periods or circumstances where it would not be reasonable to expect yourself to monitor transaction notifications. The report should be made in any of the following ways:
13.11.2. An “unauthorised transaction” means a payment transaction initiated by any person without the actual or imputed knowledge and implied or express consent of you. A “payment transaction” means the placing, transfer or withdrawal of money initiated through electronic means and where the money is received through electronic means. Without limiting the meaning of “unauthorised transaction”, the following are not considered unauthorised transactions and you will remain responsible for the transactions in these situations:
13.11.3. Reporting Channels: You may report any unauthorised transaction to Customer Support. We will provide you with a written acknowledgement of your report through SMS or email. No fees will be charged for making such a report to us.
13.11.4. Assessment of Claim: We will assess any claims made by you in relation to any unauthorised transaction. You agree to provide us, in a timely manner, any of the following information that may be requested by us for the purposes of investigation any claim made by you:
13.11.5. We may require that you furnish a police report in respect of any unauthorised transaction claim, before we can begin the claims resolution process: Subject to applicable laws, we will also provide you with the relevant information we have of all the unauthorised transactions initiated from your account, including transaction dates, transaction timestamps and parties to the transactions. Should we request that a police report be made to facilitate the claims investigation process or if you suspect you are a victim of scam or fraud, you agree that you will make such a police report as soon as practicable.
You must cooperate with the Police and provide evidence as far as practicable. You must also furnish the police report, within 3 calendar days from the date of notification of the unauthorised transaction, to Clearing, in order to facilitate Clearing’s claims investigation process.
13.11.6 We will resolve such a claim in a fair and reasonable manner, and communicate the claim resolution process and assessment to you in a timely and transparent manner. We aim to complete an investigation for any relevant claim within 21 Business Days for straightforward cases or 45 Business Days for complex cases.
13.11.7. We will credit your account with the total loss arising from any unauthorised transaction as soon as we have completed our investigation and assessed that you are not liable for any loss arising from the unauthorised transaction. We will disclose this arrangement to you at the time you report the unauthorised transaction to us, and inform you of the timeline for completing our investigation.
13.11.8. We will provide you with a written report of the investigation outcome and the assessment of your liability. You are required to acknowledge the receipt of any such report.
13.11.9. Where you do not agree with our assessment of liability, you may proceed to commence other forms of dispute resolution, including mediation at the Financial Industry Disputes Resolution Centre (FIDReC), which we are a member of.
14.1. The fees outlined below apply when you use our Services and are considered an integral part of this agreement:
| Service | Fee | Frequency |
|---|---|---|
| Clearing Account Opening | Free | N/A |
| Maintenance | Free | N/A |
| Service | Receiving | Sending |
|---|---|---|
| Local Payment | 1 GBP or equivalent local currency | 1 GBP or equivalent local currency |
| Cross-border Payment | 35 GBP or equivalent local currency | 35 GBP or equivalent local currency |
| Foreign Exchange Payments | 0.5% | Per conversion |
Please note that certain fees will be charged based on transaction volumes.
15.1. All software, data, materials, content, and documentation provided by Clearing and its affiliates are their exclusive property and protected by intellectual property laws and treaties around the world. All such rights are reserved..
15.2. You may only use these materials with written permission. Any direct or indirect unauthorised use, or any attempt to use the materials is prohibited. For example, you may not:
15.3 Additionally, you may not use Clearing trademarks without prior written consent and may not use them in a way that implies sponsorship or endorsement by Clearing. Other trademarks and logos not owned by Clearing are the property of their respective owners and may not be used without permission.
16.1. We are not responsible for any loss or damage that is not foreseeable. Loss or damage is foreseeable if either it is obvious that it will happen or if, at the time the contract was made, both we and you knew it might happen, for example, if you discussed it with us during your sign-up process.
16.2 We do not exclude or limit in any way our liability to you where it would be unlawful to do so. This includes liability for death or personal injury caused by our negligence or the negligence of our employees, agents, or subcontractors, for fraud or fraudulent misrepresentation.
16.3 We are not liable for business losses. To the extent permissible by law, if you use our Services for any commercial or business purpose we will have no liability to you for any loss of profit, loss of business, business interruption, loss of business opportunity or similar.
16.4 We are not liable for technological attacks. We will not be liable for any loss or damage caused by a virus, or other technological issues or attacks or harmful material that may infect your computer equipment, computer programme, data or other proprietary material related to your use of our Services.
16.5 We have no control over websites linked to and from our website. We assume no responsibility for such Third-Party Materials or any loss or damage that may arise from your use of them.
16.6 Our liability to you for unauthorised payments. In case of an unauthorised payment, we shall at your request refund the payment amount including all fees deducted by us. We may require proof that such payments were unauthorised. This shall not apply where we believe:
16.7. We are not liable for certain losses. You are solely responsible for losses arising from your gross negligence or fraud. We also will not be liable in the following instances:
16.8. We are not liable for things which are outside of our control. We (and our affiliates) cannot be liable for our inability to deliver or delay because of things which are outside our control.
16.9. You are liable if you breach this Agreement or applicable laws. In the event of loss, claims, costs, or expenses (including reasonable legal fees) arising out of your breach of this Agreement, any applicable law or regulation and/or your, or any Authorised User’s use of our Services, you agree to defend, compensate us and our affiliates, and hold us harmless. This provision will continue after our relationship ends.
16.10. If you have a dispute with a third party that you send money to or receive money from using the Services, you release Clearing from all claims, demands and damages (actual and consequential) of every kind and nature, known and unknown, arising out of or in any way connected with such disputes. This means that you must take caution when dealing with third parties when using our Services.
16.11. In entering this release, you expressly waive any protections (whether statutory or otherwise) that would otherwise limit the coverage of this release to include only those claims which you may know or suspect to exist in your favour at the time of agreeing to this release.
16.12. The Services are provided “As-Is” “Where Is” and “Where Available” and without any representation or warranty, whether express, implied, or statutory. Clearing specifically refuses any implied warranties of title, merchantability, fitness for a particular purpose and non-infringement. We refuse all warranties with respect to the Services to the fullest extent permissible under applicable law, including the warranties of merchantability, fitness for a particular purpose, non-infringement, and title.
16.13. 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.
17.1. We have the right to change this Agreement at any time by providing at least two months’ notice, which will be delivered via email or through our Webpage. If you do not agree with the changes, you may terminate the Agreement immediately. However, immediate changes may be made if they are in your favor, required by law, related to the introduction of new services or functionality, or do not reduce your rights or increase your responsibilities. Changes to exchange rates can be made without notice, but we will notify you as soon as possible after such changes take place. For services deemed “payment services,” we will provide at least two months’ notice for any changes, whereas for non-payment services, we will give as much notice as possible if we are aware of such upcoming changes, particularly when they are required by law.
17.2 We may make immediate changes to this Agreement under specific circumstances, such as when the changes are more favorable to you, required by law, related to adding new services or functionality, or do not reduce your rights or increase your responsibilities. Changes to exchange rates will take effect immediately without notice, and you will not have the right to object to such changes. For changes involving “payment services,” we will provide a minimum of two months’ notice, while for non-payment services, we will give as much notice as possible when we are aware of such changes, especially those required by law.
18.1. You must be based, organised or registered in a country or territory that we support in order to use our Services.
18.2. Disputes between you and an Authorised User regarding your Clearing Account or our Services are a matter between you and the Authorised User. You acknowledge that Clearing is not a party to any claim or dispute between you and your Authorised Users. Since you are responsible for the actions of Authorised Users, it is crucial that you choose them carefully. We recommend that you regularly assess who can be an Authorised User and review the activities carried out by Authorised Users on a regular basis.
18.3 You must be an individual at least 18 years old to use our services.
18.4 You may only open one Clearing Account and one profile.
18.5 All activities under a Clearing Account or Clearing profile shall be considered activities conducted by you. You agree to use the Services to Transact on your own account and not on behalf of any other person or entity. You must not allow others to access or use the Services or your Clearing Account on your behalf.
19.1. You have the freedom to stop using Clearing and close your Clearing account whenever you choose. This Agreement remains in effect until your Clearing Account is terminated. You can close your Clearing account and stop using our Services at any time by following the steps outlined on our website.
19.2. If you decide to close your Clearing Account, please remember to let us know. We will give you information about any remaining balance. Before closing your account, Clearing will ask about where you want any remaining funds to go, including the option to transfer them to another third-party account.
19.3. After a request has been received to close or deactivate your Clearing Account, additional checks may be required before the funds can be returned to you.
19.4. You are not allowed to close your Clearing Account or delete your profile in order to avoid an investigation by Clearing or an enforcement agency, or if you have a pending transaction, dispute, or claim. If you try to do this, we may hold your money for a period of time that is reasonably necessary to protect our or a third party’s interest.
19.5. We may prevent your account from being closed or delete your profile if you have a negative balance, or if your Clearing Account is subject to a hold, limitation, or reserve.
When Clearing decides to terminate your relationship
19.6. We may terminate this Agreement and close your Clearing Account, or any Services associated with it by giving you two months’ prior notice, where required. Reasons for terminating your relationship may include discontinuing certain products or services.
20.1 No Third Party rights. This Agreement is between you and us. Except as expressly provided in this Agreement, no other person shall have any rights under the Contracts (Rights of Third Parties) Act 2001 of Singapore to enforce any of its terms. Neither of us will need to get the agreement of any other person to end or make any changes to this Agreement.
20.2 Assignment. You may not transfer, assign, mortgage, charge, subcontract, declare a trust over or deal in any other manner with any or all your rights and obligations under this Agreement (including the Clearing Account) without our prior written consent. We reserve the right to transfer, assign or novate this Agreement (including the Clearing Account) or any right or obligation under this Agreement at any time without your consent. This does not affect your rights to close your Clearing Account.
20.3 Severability. Each of the paragraphs of this Agreement operates separately. If any court or relevant authority decides that any of them are unlawful or unenforceable, the remaining paragraphs will remain in full force and effect.
20.4 Enforcement. Even if we delay in enforcing this Agreement, we can still enforce it later. If we delay in asking you to do certain things or taking certain action, it will not prevent us from taking steps against you at a later date.
20.5 Entire Agreement. This Agreement supersedes and extinguishes all previous agreements between you and Clearing, whether written or oral, relating to its subject matter.
20.6. Singapore-resident customers. The maximum balance your Clearing Account can hold at the end of each day is S$ 20,000 (or the equivalent amount in other foreign currencies). Additionally, the total amount you can transfer from your Clearing Account within a fixed 12-month period—from April 1 to March 31 of the following year—must not exceed S$ 100,000 (or the equivalent amount in other foreign currencies), in accordance with PSA requirements.
20.7. Certain clauses of this agreement may not apply to you depending on the Services or your residency in Singapore. Specifically, Clauses 4.8, 4.9, 4.10, 4.11, 4.12, 4.13, 4.14 as well as 9.6, 9.7,9.8 and 13.10, 13.10.1, 13.10.2, 13.11, 13.11.1, 13.11.2, 13.11.3, 13.11.4, 13.11.5, 13.11.6, 13.11.7, 13.11.8, and 13.11.9 apply only to customers who are residents of Singapore and hold a payments account that meets the following criteria: