WTUK 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 WTUK Limited, 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.
WTUK, trading as Clearing, is a company established in England and Wales. Our company registration number is 08261731 and our registered office and head office is at The Landmark Business Centre, Tudor Square, West Bridgford, Nottingham, NG2 6BT.
“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.
“Authorised Push Payment (APP) Fraud” means a type of fraud where someone is deceived into making a payment to a fraudster. The victim mistakenly believes they are making a legitimate payment, but the funds are actually sent to an account controlled by the fraudster.
“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 England, when banks in London are open for business;
“Charity” means a charitable organisation as defined by the Charities Act 2006 in England and Wales, section 106 of the Charities and Trustee Investment (Scotland) Act 2005 in Scotland, or section 1(1) of the Charities Act (Northern Ireland) 2008 in Northern Ireland. A Small Charity means a charity with an annual income of less than £1m.
“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.
“Consumer” means any natural person who is acting for purposes which are outside his/her trade or profession as per FCA definition.
“Corporate Opt-out Customer” means a client who is not defined as a Consumer, Micro-enterprise, or Small Charity as per PSR definition.
“Electronic Money” 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 pounds, 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., GBP to EUR, USD)
“FCA” means the Financial Conduct Authority
“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.
“Individual Client” means a natural person who is not a business.
“Payment Transaction” means an action of transferring funds from one party (the payer) to another (the payee) in order to settle a financial obligation through a bank transfer or e-money wallet.
“PSR”means the UK Payment Services Regulations 2017, as updated from time to time.
“Speculative Purpose” means buying or selling currency solely to try to profit from exchange rate fluctuations;
“Micro-Enterprise” means an enterprise which employs fewer than 10 persons and has a turnover or annual balance sheet that does not exceed €2 million as per the FCA handbook.
2.1. This Customer Agreement is a contract between (“you”) and WTUK Limited, 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:
(a)Our Privacy Policy, which details how we collect, use, and process your personal data
(b) Authorised Push Payment (APP) Fraud which details the typical APP fraud and warning signs to be aware of.
(c) Payment Timelines page which details the maximum execution time for payment transactions under clause 13 of this agreement, including the cut-off time.
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. Corporate Opt-out. If you are not a consumer, micro-enterprise, or charity within the meaning of the PSR (see Sect 1 – Definitions), certain provisions in this Agreement, such as clause 7 and the provisions of Part 6 of PSR or regulations 66(1), 67(3), 67(4), 75, 77, 79, 80, 83, 91, 92, and 94 of the PSR, will not apply to this Agreement. They will apply differently to you, and therefore, by agreeing to these Terms, you agree to these provisions.
2.9. This Agreement is governed by English law. Any dispute between you and us in connection with the Services and/or this Agreement shall be brought in the courts of England and Wales.
2.10. This Agreement is between you and us. No other person shall have any rights 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.
2.11. 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.
2.12. 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.
3.1. We are WTUK, trading as Clearing a company established in England and Wales. Our company registration number is 08261731 and our registered office and head office is at The Landmark Business Centre, Tudor Square, West Bridgford, Nottingham, NG2 6BT.
3.2. We are authorised and regulated by the Financial Conduct Authority (FCA) under the Electronic Money Regulations 2011 (FRN.900536) for the issuing of electronic money.
3.3. How to contact us: You can contact us by telephoning our Customer Service team at +44 (0) 20 8154 3174, by email at support@Clearing.com, or by post to The Landmark Business Centre, Tudor Square, West Bridgford, Nottingham, NG2 6BT. We do not charge you for telephoning us although you may have to pay your own call charges.
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:
(a) Clearing Account including Issuance of Virtual IBAN and Electronic Money,
(b) Spot Foreign Exchange, and
(c) Payment Transaction.
These products are governed by applicable financial regulations in the UK.
4.2. Clearing account: Clearing account is a virtual multi-currency account designed for electronic money transfers. You will receive a virtual IBAN, 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 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 UK bank holidays. 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 take a look at the information on page Payment Timelines page.
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. 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. Please refer to our Privacy Policy for detailed information on how we collect, use, and safeguard your personal information.
6.2. 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. If you have any complaints about us or our Services, you may contact us following our customer complaint procedure.
You can call our customer service team at +44 (0) 20 8154 3174, email us at complaints@clearing.com, or write to us at The Landmark Business Centre, Tudor Square, West Bridgford, Nottingham, NG2 6BT. 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 Financial Ombudsman Service (FOS). You can contact the Financial Ombudsman Service at the following address:
The Financial Ombudsman Service (UK)
Exchange Tower
London
E14 9SR
Telephone: 0300 123 9123 or 0800 023 4567
Website: https://help.financial-ombudsman.org.uk/help
Please note that there is no charge for making a complaint to the Financial Ombudsman Service. If you are still not satisfied with the outcome, you can pursue legal action against us.
7.2. If you are a Corporate Opt-out customer, you will not be able to complain to the Financial Ombudsman Service. Additionally, the provisions of Part 6 of PSR or regulations 66(1), 67(3), 67(4), 75, 77, 79, 80, 83, 91, 92 and 94 of the PSR will not apply to this Agreement. The period for notifying Clearing of any unauthorised transaction or incorrectly executed transaction and/or refund is sixty (60) days of the alleged error, rather than the thirteen (13) months under regulation 76 of the PSR.
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 When accessing Clearing Services, you should:
(a) Change your password regularly and ensure that it is not reused for other online accounts.
(b) Never share your login details with anyone else, including the membership number, password, or other security credentials. If you suspect unauthorized access to your account, contact Customer Support. We will never ask you for your password.
(c) Always use strong passwords, such as ones that use a combination of letters, numbers, and symbols.
(d) Set up 2-step authentication if applicable.
(e) Keep your email account secure and inform Customer Support immediately if your email account is compromised.
(f) Regularly update your device’s browser to the latest version.
(g) Maintain your device’s operating systems with regular security updates provided by the operating system provider.
(h) Install and maintain the latest anti-virus software on your device, where applicable.
(i) Always ensure that when entering your Clearing username and password, it is only on our official platform via a browser at Clearing.com. Be cautious of phishing frauds and fake login portals.
(j) If you suspect you have become a victim of fraud, contact Customer Support.
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. Authorised Push Payments (APP) Fraud: APP fraud occurs when a customer is tricked into authorising a payment to a fraudster, often through deceptive communication like phone calls or emails. The APP Fraud Reimbursement Policy protects consumers, including individuals, charities with incomes under £1 million, and micro-enterprises with fewer than 10 employees and revenues under EUR 2 million. However, the policy does not cover payments made before October 7, 2024, civil disputes, fraudulent actions by the customer, unlawful payments, or cases reported after 13 months. From October 7, 2024, new rules from the Payment Systems Regulator require payment service providers, such as Clearing, to reimburse victims of APP scams.
Victims of APP fraud are entitled to quick reimbursement, with up to £85,000 refunded within five business days, although some cases may take up to 35 days for investigation. Reimbursement can be denied if the customer was grossly negligent, but vulnerable customers are given special consideration. Payment firms involved in the transaction share the responsibility for reimbursement. Clearing commits to protecting vulnerable customers by adhering to FCA guidelines. To make a claim, victims should contact Clearing via email or phone, and non-customers should reach out to their payment provider or bank.
For more information on Authorised Push Payments Fraud and Security, please refer to our APP Fraud page.
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:
(a) Introducing viruses, trojans, worms, logic bombs or other materials which are malicious or technologically harmful.
(b) Taking any action that imposes an unreasonable or disproportionately large load on our websites, software, systems (including any networks and servers used to provide any of the Services) operated by us or on our behalf, or attacking our website with any type of denial-of-service attack.
(c) Using an anonymizing proxy; use any robot, spider, other automatic device, or manual process to monitor or copy our websites without our prior written permission; or use any device, software, or routine to bypass our robot exclusion headers.
(d) Interfering, disrupting, or attempting to interfere or to gain unauthorised access to our website, software, systems (including any networks and servers used to provide any of the Clearing Services) operated by us or on our behalf, any of the Clearing Services or other users’ use of any of the Clearing Services.
10.4. You must not misuse our Services by:
(a) Breaching this Agreement, Additional Document, or any other agreement between you and any Clearing entity.
(b) Violating any law, statute, ordinance, or regulation (for example, those governing financial services, consumer protections, unfair competition, anti-discrimination, or false advertising).
(c) Infringing Clearing’s Intellectual Property.
(d) Acting in a manner that is defamatory, libelous, threatening or harassing.
(e) Providing false, inaccurate, or misleading information.
(f) Sending or receiving what we believe to be potentially fraudulently gained funds.
(g) Refusing to cooperate in an investigation or provide confirmation of your identity or any information requested by us.
(h) Using Clearing’s Services in a manner that results in or may result in:
i. requests by third parties to invalidate payments made to you.
ii. fees, fines, penalties or other liability or losses to Clearing, other Clearing customers, third parties or you.
(j) Accessing the Clearing Services from a country where Clearing is not permitted to operate.
(k) Taking any action that may cause us to lose any of the services from our internet service providers, payment processors, or other suppliers or service providers.
10.4 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:
(a) the security of your Clearing relationship or information provided.
(b) suspected unauthorised or fraudulent use of our Services;
(c)Failure to Make Payment: You fail to make any payment for a Service when due and in accordance with these terms; or
(d) suspected violations of this Agreement or the Additional Documents.
10.5 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.
10.6 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:
(a) terminating this Agreement immediately.
(b) Terminating your access to our Services, without notice, and without penalty to us.
(c) reporting suspected breach of law, regulation, or criminal statute to the relevant law enforcement authorities, and we will cooperate with those authorities, including by disclosing your identity to them.
(d) refusing to provide our Services to you or your businesses or affiliates in the future.
(e) limiting your access to our website, software, systems (including any networks and servers used to provide any of the Clearing Services) operated by us or on our behalf, including limiting your ability to use our Services.
(f) update inaccurate information you provided us.
(g) taking legal action against you, including seeking damages and reimbursement for losses and fees.
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 Eectronic 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.
(a) The funds in your Clearing Account do not expire and are issued in compliance with EMRs 11.
(b)The funds in your Clearing Account may not accrue interest or any return.
(c) You can hold your funds in any currency we support at any time.
(d) The funds in your Clearing Account are owned by you as the registered Clearing Account holder.
(e) You are not permitted to use your Clearing Account as security for any charge or other form of security.
(f) We reserve the right to impose certain limits on your Clearing Account based on the purpose of your use, your business type, country domicile, verification status, or other legal considerations. For more information about these limits, please contact our Customer Support team.
(g) We reserve the right to, at our sole and absolute discretion, reject a requested transaction or refund a payment or other transaction for any reason, including but not limited to instances where the value of your Clearing Account could exceed any value permitted under applicable laws and regulations or any other regulatory or risk limit prescribed for that Clearing Account.
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 Money 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 Financial Services Compensation Scheme (FSCS).
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. 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 Electronic 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., GBP 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:
13.1.1. By telephone
13.1.2. By email
13.1.3. Through our online platform or
13.1.4. Electronically communicated
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 (such as sort code and account number for UK accounts, or the International Bank Account Number (IBAN) for non-UK accounts), SWIFT Bank Identifier Code (BIC), 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
14.1. The fees outlined below apply when you use our Services and are considered an integral part of this agreement:
· Clearing Account: Free of charge
· Foreign Exchange Payments: Fees are based on transaction volumes
· Same-Currency Payments: Fees are determined by 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.
15.2. You can only use these materials with written permission. Any unauthorised use is prohibited. 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:
(a) Your personalised security features are lost, stolen, or misappropriated. You will be liable for the first GBP 35 of any unauthorised payments if we believe you should have been aware of the loss, theft, or unauthorised use. We will not hold you liable for the first GBP 35 if the unauthorised payment was caused either by our acts or omissions, or those of a third party expressly carrying out activities on our behalf. Your liability for the first GBP 35 also does not apply to any unauthorised transactions made after you have notified us (b) You have acted fraudulently.
(c) You do not quickly notify us of security issues (e.g., loss of your password). You remain liable for losses incurred up to your notification to us.
(d) The Payment Transaction was unauthorised, but you have with intent or gross negligence compromised the security or failed to comply with your obligations to use our Services in the manner set out in this Agreement. In such a case you shall be solely liable for all losses; or
(e) You don’t let us know about the unauthorised or incorrectly completed transaction within 13 months from the date of the Payment Transaction.
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:
(a) If through no fault of ours, you do not have enough funds available for your Money Transfer to complete the transaction.
(b) If there is a hold or your funds are subject to legal or administrative process or other encumbrance restricting their use.
(c) If the requested transaction is unauthorised as defined in this section of this Agreement.
(d) If circumstances beyond our control (such as fire, flood, or computer or communication failure) prevent the completion of the transaction, despite reasonable precautions that we have taken.
(e) Any other exception stated in this Agreement.
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 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.
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.
19.7. If you are a corporate opt-out customer, the notice period for terminating this Agreement with Clearing may be thirty days, instead of two months. Clearing reserves the right to close your Clearing Account for any reason, even if that reason is not specifically listed in this Agreement.
WTSG Pte. Ltd Terms and Conditions
WTSG is licensed by the Monetary Authority of Singapore (MAS) to provide the Services. We do not supply currency or foreign exchange for speculative purposes, nor do we provide investment advice. We execute Orders based on your instructions but do not offer guidance on the merits of particular Orders.
1. Definitions and Interpretation (Singapore)
•“Business Day”: A day when banks in Singapore are normally open for business.
•“Charges”: Commissions and fees (including admin fees or late payment fees) by WTSG and/or your bank(s).
•“Client Trust Account”: The pooled account in which all client monies are held on trust.
•“Value Date”: The date WTSG must be put in funds for an Order to be fulfilled.
•“Vests”: The transfer of legal title and ownership.
Any reference to a statutory provision includes amendments or re-enactments. Singular includes plural and vice versa.
2. Client’s Instructions
2.1. Order Acceptance
WTSG may accept oral or written Orders (including fax/email) from the Client or its Authorised Persons. Specimen signatures are required.
2.2. Risk of Fax/Email
You accept all risks if you use fax/email. WTSG isn’t liable for losses from instructions it reasonably believes to be genuine.
2.3. Order Formation
An Order is confirmed once WTSG accepts your proposal. WTSG may refuse a proposed Order without liability or explanation.
2.4. Irrevocability
Once placed, an Order can’t be rescinded or amended without WTSG’s express consent and potential fee adjustments.
3. Documentation
3.1. Due Diligence
The Client must comply with WTSG’s procedures and provide requested documentation before an Order is executed.
3.2. Confirmation Document
WTSG provides confirmation documents (fax, post, email) detailing the Order. Check for errors immediately.
3.3. Delivery & Timing
If you don’t notify WTSG of any error by the earlier of (a) two Business Days of receipt or (b) the Value Date, you’re deemed to have accepted the contents as correct.
4. Payment and Delivery
4.1. Third-Party Remittance
WTSG will only remit money to third parties it has screened under its legal obligations.
4.2. Notification of Payment Destination
You must notify WTSG at least two Business Days before the Value Date. If the Value Date is <2 days from the Order, WTSG cannot guarantee on-time remittance.
4.3. Payment Provisions
You pay WTSG the amount of the Order plus Charges or margin (“Payment Provisions”), only from a bank account in your name.
4.4. Remittance Timing
WTSG pays the Order amount to the Payment Destination on the Value Date if cleared funds are received by WTSG beforehand.
4.5. Set-Off
All sums due must be settled fully, without set-off or deduction. WTSG may combine or set-off amounts from any Client monies held if owed.
4.6. Client Trust Account
Monies not vested in WTSG are held in a client trust bank account, separate from WTSG’s own funds.
4.7. Delays
WTSG isn’t responsible for delays due to late receipt of funds or bank faults. Time of receipt at the final destination isn’t guaranteed.
4.8. Amending Value Date
If you request an extension of the Value Date and WTSG agrees, you bear any related costs.
5. Charges
The Client must pay WTSG’s Charges in line with agreed Payment Provisions.
6. Margin
6.1. Advance Payment (“Margin”)
WTSG may require immediate advance payment for future-dated Orders. This Margin is held in trust and provides security for the currency risk.
6.2. Vesting
•The Margin remains in the Client Trust Account until it “vests” in WTSG under certain events (e.g., Value Date, cancellation, Client insolvency, breach of Terms).
•No interest is owed on Margin funds.
6.3. Margin Call
If market moves unfavorably, WTSG may request more Margin within 24 hours. Failure to pay allows WTSG to cancel the Order.
6.4. Use of Margin
WTSG may use the Margin to cover losses or costs arising from the Client’s breach or market fluctuations.
7. Capacity and Warranties
By signing or placing Orders, you warrant that:
•You act as principal, not an agent for third parties.
•All information provided is truthful and accurate.
•Funds are for legitimate, non-speculative purposes.
•You will comply with any due diligence requests under MAS Regulations.
•Funds are lawfully obtained, not tainted by criminal activity.
•You are not involved in money laundering/terrorism financing.
•All warranties remain true at Order execution time.
8. Disputes
You consent to electronic recording of telephone conversations, which may be used as evidence if disputes arise. WTSG may destroy recordings at its discretion.
9. Termination
9.1. Right to Cancel
WTSG may cancel Orders if:
•Payment is not made when due.
•You breach these Terms.
•It becomes unlawful for WTSG to maintain your Orders.
•You become insolvent or cease business.
•WTSG deems cancellation necessary for its own protection.
9.2. Client Insolvency
If an Event of Insolvency occurs, you must notify WTSG immediately.
9.3. Unlawful Retention
WTSG may hold or retain your funds in line with any legal requirements.
10. WTSG’s Liability
10.1. Scope
WTSG isn’t liable for losses unless caused by its negligence or breach of contract.
10.2. Exclusion of Indirect Loss
WTSG won’t be liable for indirect or consequential losses (incl. profit loss).
10.3. Liability Cap
Any liability is capped at SGD 50,000 per claim or in aggregate.
10.4. No Responsibility for Delays
WTSG is not liable for third-party bank delays or faults.
11. Client’s Liability
11.1. Indemnification
You indemnify WTSG for all liabilities arising from:
•Your payment default.
•Actions taken on instructions from Authorised Persons.
•WTSG terminating an Order due to your breach.
11.2. Set-Off
WTSG may set off liabilities you owe against your funds.
12. General
12.1. No Third-Party Rights
The Contracts (Rights of Third Parties) Act doesn’t apply here.
12.2. No Partnership
Nothing forms a partnership, joint venture, or agency between the parties.
12.3. Survival
Clause 11 (Indemnities) and related provisions survive termination.
12.4. Entire Agreement
These Terms supersede previous agreements on the same subject.
12.5. Amendments
WTSG may amend these Terms by notice to you. Continuing to place Orders signifies acceptance.
12.6. Severability
If any provision is invalid, the remainder stays in effect.
12.7. Assignment
You cannot assign rights under this Agreement without WTSG’s written consent.
12.8. No Waiver
Delay in enforcing rights doesn’t waive them.
12.9. Governing Law
This Agreement is governed by Singapore law.
12.10. Dispute Resolution
Any dispute arising out of this Agreement is finally settled by arbitration at the Singapore International Arbitration Centre, with one arbitrator and in English.
WTSG PTE. LTD.
Registered Office: Unit #12-01 Hub Synergy Point,
70 Anson Road,
Singapore, 079905
UEN: 201429584Z
Licensed by the Monetary Authority of Singapore under the Money-changing and Remittance Businesses Act.
Everpay Canada Inc Terms and Conditions
“Business Day” means any day other than a Saturday, Sunday, or statutory holiday in Toronto, Ontario or any day on which commercial banks are open for business in Toronto, Ontario
“Clients” and “you” means Business Clients, Individual Clients and Authorised Persons;
Appendix 1
Terms which apply when buying or selling currency