Currency Exchange Corporation

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Terms & Conditions

Introduction

GENERAL INFORMATION

Information about us: We, Currency Exchange Corporation, facilitate International Money Transfers and Foreign Currency Exchange are registered with HM Customs & Excise as a Money Service Business. Our Capacity: We act as principal and not as agent on your behalf.

SCOPE AND APPLICATION

Scope of this Agreement: This Agreement sets out the basis on which we will enter into International Money Transfers and Foreign Currency Exchange with you, and governs each transaction.

Commencement: This Agreement supersedes any previous agreement between us on the same subject matter and takes effect when you signify your acceptance of this Agreement.

NO ADVICE

Execution only: We deal on an execution only basis and do not advise on the merits of particular Transactions.

Own judgment and suitability: In asking us to enter into any transaction, you represent that you have been solely responsible for making your own independent appraisal and investigations into the risks of the Transaction. You represent that you have sufficient knowledge, professional advice and experience to make your own evaluation of the merits and risks of any Transaction. We give you no warranty as to the suitability of the products traded under this Agreement and assume no fiduciary duty in our relations with you.

Incidental information: Where we do provide market commentary or other information this is incidental to your dealing relationship with us. It is provided solely to enable you to make your own decisions and does not amount to advice. The accuracy or completeness of such we give no representation, warranty or guarantee as to the information or as to the tax consequences of any transaction.

CHARGES AND REMITTANCES (TO SRI LANKA)

Charges: You will pay our charges as agreed with you.

Transfer Charges to Sri Lanka:
£ 0 - £ 500 = £ 5.00
£ 501 - £ 5000 = £10.00
£ 5001 Above = £15.00
(Applicable to both bank transfers and Cash Payout)

Transfer Charges to All other destinations:
£ 10 for any amount
(Bank Account Transfer Only)

Payments: All payments to us under this Agreement shall be made to the bank account designated by us for such purpose. We shall not be obliged to process any money transfers until we have received cleared funds from you.

Bank Account Details:
BARCLAYS BANK PLC
HANOVER SQUARE BRANCH
SORT CODE 20 - 36 - 47
A/C 70713945
A/C NAME CEC LTD

Third party payments and receipts: We will not normally make payments to or receive payments from third parties on your behalf. In the event that you request us to make a payment to or receive a payment from a third party on your behalf, we may do so at our own discretion. We will only do so if you have provided us with sufficient documentary evidence of the purpose of the payment to or receipt from a third party.

Default interest: If for whatever reason you fail to pay us any amount when it is due, we will charge you interest on any such unpaid amount calculated at the Bank Base rate (of each relevant currency) plus 6% per annum. Interest will accrue on a daily basis and will be due and payable by you as a separate debt. In the event that any payment made by or on behalf of you is dishonoured, returned, not met on first presentation or stopped for whatever reason, we shall be entitled to an administrative charge of up to £200.00 in respect of each such event. This administrative charge will become payable by you in addition to any other sums due under these terms.

Currency indemnity: If we receive or recover any amount in respect of an obligation of yours in a Currency other than that in which such amount was payable, whether pursuant to a judgment of any court or otherwise, you shall indemnify us and hold us harmless from and against any cost (including costs of conversion) and loss suffered by us as a result of receiving such amount in a Currency other than the Currency in which it was due.

PERSONAL DATA

Disclosure to others: We will treat all information we hold on you as private and confidential even when you are no longer a customer. We will not disclose any information we hold about you to others except:

(i) to the extent we are required to do so by any applicable law;
(ii) where there is a duty to the public to disclose;
(iii) Where our interests require disclosure; or
(iv) at your request or with your consent

Our use of information: You agree that we and other companies in our group may hold and process by computer or otherwise any information we hold about you and may use any of that information to administer and operate your account and to provide any service to you, to monitor and analyse the conduct of your account, to make any credit decision (as well as the interest rate, fees and other charges to be applied to your account) and to enable us to carry out statistical and other analysis. You agree that we may disclose that information to other companies in our group for these purposes.

Disclosure of information: We may also disclose information we hold about you to those who provide services to us or act as our agents, to any person to whom we transfer or propose to transfer any of our rights or duties under this Agreement and to licensed credit reference agencies or other organizations that help us and others make credit decisions and reduce the incidence of fraud or in the course of carrying out identity, fraud prevention or credit control checks. In respect of a joint account, we may disclose to any of you information obtained by us from any of you in relation to the account.

Marketing: Subject to information provided by you in the account opening questionnaire we may analyse and use the information we hold about you to enable us to give you information (by post, telephone, email or other medium, using the contact details you have given us) about products and services offered by us, which we believe may be of interest to you. If you do not wish to receive marketing information, please let us know by contacting us in writing.

Access to information: You may have a right of access to some or all of the information we hold about you, or to have inaccurate information corrected, under the Data Protection Law. If you wish to exercise either of these rights, please contact us in writing.

ORDER PLACEMENT

INSTRUCTIONS AND BASIS OF DEALING

Placing of instructions: You may give us instructions over the phone or in writing (including fax), unless we tell you that instructions can only be given in a particular way.

Authority: We shall be entitled to act for you upon instructions given or purporting to be given by you or any person authorised on your behalf without further enquiry as to the genuineness, authority or identity of the person giving or purporting to give such instructions.

Cancellation of instructions: We can only cancel your instructions if we have not acted upon those instructions.

Right not to accept orders: We may, but shall not be obliged to, accept instructions to enter into Transactions. If we decline to enter into a proposed Transaction, we shall not be obliged to give a reason.

Confirmations: Confirmations shall, in the absence of manifest error, be conclusive and binding on you, unless we receive from period.

Performance and settlement: You will promptly deliver any money deliverable by you under a Transaction in accordance with that Transaction.

Amendments: Once given, instructions may only be withdrawn or amended with our consent.

Net exposure limits: We will require you to limit the net exposure which you may have with us at any time, as advised to you from time to time. We may in our sole discretion close out any one or more Transactions in order to ensure that such net exposure limits are maintained.

COLLATERAL ARRANGEMENTS

Form of collateral: Collateral shall be provided by you in cash or other form acceptable to us as determined by us in our absolute discretion.

COLLATERAL ARRANGEMENTS

Representations and warranties: You represent and warrant to us on the date this Agreement comes into effect and as of the date of each Transaction that:-

(a) you enter into this Agreement in pursuance of your requirement to take delivery of the Currency purchased by you from us under each Transaction;
(b) you have all necessary authority, powers, consents, licenses and authorizations and have taken all necessary action to enable you lawfully to enter into and perform this Agreement and such Transaction and to grant the security interests and powers referred to in this Agreement;
(c) the persons entering into this Agreement and each Transaction on your behalf have been duly authorised to do so;
(d) this Agreement, each Transaction and the obligations created under them both are binding upon you and enforceable against you in accordance with their terms (subject to applicable principles of equity) and do not and will not violate the terms of any regulation, order, charge or agreement by which you are bound;
(e) any information which you provide or have provided to us in respect of your financial position, domicile or other matters is accurate and not misleading in any material respect;
(f) except as otherwise agreed by us, you are the sole beneficial owner of all monies you transfer under this Agreement, free and clear of any security interest whatsoever.

Covenants: You covenant to us that:

(a) you will at all times obtain and comply, and do all that is necessary to maintain in full force and effect, all authority, powers, consents, licenses and authorizations referred to in this clause;
(b) upon demand, you will provide us with such information as we may reasonably require to evidence the matters referred to in this clause.

DEFAULT AND TERMINATION

Default: At any time after we have determined, in our absolute discretion, that you have not performed (or we reasonably believe that you will not be able or willing in the future to perform) any of your obligations to us, we shall be entitled without prior notice to you:

(a) to sell such of your currency as is in our possession or in the possession of any nominee or third party appointed under or pursuant to this Agreement, in each case as we may in our absolute discretion select or and upon such terms as we may in our absolute discretion think fit (without being responsible for any loss or diminution in price) in order to realize funds sufficient to cover any amount due by you hereunder, and/or
(b) to close out, replace or reverse any transaction, buy, sell, borrow or lend or enter into any other transaction or take, or refrain from taking, such other action at such time or times and in such manner as, at our sole discretion, we consider necessary or appropriate to cover, reduce or eliminate our loss or liability under or in respect of any of your contracts, positions or commitments; and/or
(c) to treat any or all Transactions then outstanding as having been repudiated by you, in which event our obligations under such Transaction or Transactions shall thereupon be cancelled and terminated.

Termination: Either party may terminate this Agreement (and the relationship between us) by giving ten days written notice of termination on the other. We may terminate this Agreement immediately if you fail to observe or perform any provision of this Agreement or in the event of your insolvency. Upon terminating this Agreement, all amounts payable by you to us will become immediately due and payable including (but without limitation):

(a) all outstanding fees, charges and commissions; and
(b) any dealing expenses incurred by terminating this Agreement; and
(c) any losses and expenses realized in closing out any transactions or settling or concluding outstanding obligations incurred by us on your behalf.

Existing rights: Termination shall not affect then outstanding rights and obligations and Transactions which shall continue to be governed by this Agreement and the particular clauses agreed between us in relation to such Transactions until all obligations have been fully performed.

INDEMNITIES AND LIMITATION OF LIABILITY

EXCLUSIONS, LIMITATIONS AND INDEMNITY

General exclusion: Neither we nor our directors, officers, or employees shall be liable for any direct or indirect losses, damages, costs or expenses incurred or suffered by you under this Agreement (including any Transaction or where we have declined to enter into a proposed Transaction) unless arising directly from our or their respective gross negligence, wilful default or fraud. Nothing in this Agreement will limit our liability for death or personal injury resulting from our negligence.

Changes in the market: Without limitation, we do not accept any liability by reason of any delay or change in market conditions before any particular Transaction is effected.

Force majeure: We shall not be liable to you for any partial or non-performance of our obligations hereunder by reason of any cause beyond our reasonable control, including without limitation any breakdown, malfunction or failure of transmission, communication or computer facilities, industrial action, acts and regulations of any governmental or supra national bodies, to perform its obligations.

Indemnity: You shall pay to us such sums as we may from time to time require in or towards satisfaction of any debit balance on any of your accounts with us and, on a full indemnity basis, any losses, liabilities, costs or expenses (including legal fees), taxes, imposts and levies which we may incur or be subjected to with respect to any of your accounts or any Transaction or as a result of any misrepresentation by you or any violation by you of your obligations under this Agreement (including any Transaction) or by the enforcement of our rights.

MISCELLANEOUS

Amendments: We may amend this Agreement by not less than ten business days written notice to you, except where it is impracticable in the circumstances. Such amendment will become effective on the date specified in the notice. Any other amendment must be agreed in writing between us unless otherwise agreed; an amendment will not affect any outstanding order or Transaction or any legal rights or obligations which may already have arisen.

Notices: Unless otherwise agreed, all notices, instructions and other communications to be given by one of us to the other under this Agreement shall be given to the address or fax number and to the individual or department specified in the account opening form in respect of you and and/or by notice in writing by either party.

(a) Any notice, instruction or other communication shall be deemed to take effect in the case of fax, on dispatch and, in the case of airmail or first class pre-paid post, five Business Days after dispatch. Notices, instructions and other communications made pursuant to this Agreement or any Transaction shall be effective if given by electronic mail.
(b) Each notice, instruction or other communication to you (except confirmations of trade, statements of account, and margin calls) shall be conclusive unless written notice of objection is received by us within five Business Days of the date on which such document was deemed to have been received. You will notify us in writing of any change of your address in accordance with this clause.

Assignment: This Agreement shall be for the benefit of and binding upon us both and our respective successors and assigns. You shall not assign, charge or otherwise transfer or purport to assign, charge or otherwise transfer your rights or obligations under this Agreement or any interest in this Agreement, without our prior written consent, and any purported assignment, charge or transfer in violation of this clause shall be void.

Time of essence : Time shall be of the essence in respect of all obligations of yours under this Agreement (including any Transaction).

Joint and several liabilities: If you are a business, or otherwise comprise more than one person, your liability under this Agreement shall be joint and several. The rights and remedies provided under this Agreement are cumulative and not exclusive of those provided by law.

Rights and remedies: The rights and remedies provided under this Agreement are cumulative and not exclusive of those provided by law. We shall be under no obligation to exercise any right or remedy either at all or in a manner or at a time beneficial to you. No failure by us to exercise or delay by us in exercising any of our rights under this Agreement (including any Transaction)or otherwise shall operate as a waiver of those or any other rights or remedies. No single or partial exercise of a right or remedy shall prevent further exercise of that right or remedy or the exercise of another right or remedy.

Set-off: Without prejudice to any other rights to which we may be entitled we may at any time and without notice to you set off any amount (whether actual or contingent, present or future) at any time owing between you and us.

Partial invalidity: If, at any time, any provision of this Agreement is or becomes illegal, invalid or unenforceable in any respect under the law of any jurisdiction, neither the legality, validity or enforceability of the remaining provisions of this Agreement nor the legality, validity or enforceability of such provision under the law of any other jurisdiction shall in any way be affected or impaired.

Our records : Our records, unless shown to be wrong, will be evidence of your dealings with us in connection with our services. You will not rely on us to comply with your record keeping obligations, although records may be made available to you on request at our absolute discretion.

Your records: You agree to keep adequate records to demonstrate the nature of orders submitted and the time at which such orders are submitted.

Third Party Rights: A person who is not a party to this Agreement has no right under the Contracts (Rights of Third Parties) Act 1999 to enforce any of this Agreement.

Co-operation for proceedings: If any action or proceeding is brought by or against us in relation to this Agreement or arising out of any act or omission by us required or permitted under this Agreement, you agree to co-operate with us to the fullest extent possible in the defence or prosecution of such action or proceeding.

GOVERNING LAW AND JURISDICTION

governing law: This Agreement shall be governed by and construed in accordance with English law.

Jurisdiction: Each of the parties irrevocably

(a)for our benefit that the courts of England shall have jurisdiction to settle any suit, action or other proceedings relating to this Agreement ("Proceedings") and irrevocably submits to the jurisdiction of such courts (provided that this shall not prevent us from bringing an action in the courts of any other jurisdiction); and
(b)waives any objection which it may have at any time to the laying of venue of any Proceedings brought in any such court and agrees not to claim that such Proceedings have been brought in an inconvenient forum or that such court does not have jurisdiction over it
(c) Waives any objection which it may have at any time to the laying of venue of any Proceedings brought in any such court and agrees not to claim that such Proceedings have been brought in an inconvenient forum or that such court does not have jurisdiction over it.

HOLIDAY MONEY - TERMS AND CONDITIONS

Currency Exchange Corporation offers a currency delivery service for customer who are unable to come to our branch, at a charge of £5 for every £2500 worth of order placed of holiday money for delivery and insurance.

All you have to do is follow the instructions below.

Call 0208 886 4488 and place an order according to your requirements Mon - Fri b/w 10 am - 5pm. We will confirm the cost of the order.

If you agree to process this order please ensure that you make BACS, CHAPS or FASTER PAYMNETS payment into our account.

We will post the currency by Royal Mail Special delivery guaranteed for next day.

Payment Received	Order delivered
Before 2pm noon - Monday to Thursday	Next working day before 1pm*
After 2pm noon - Monday to Wednesday	Second working day before 1pm*
After 2pm noon Thursday and before 2pm noon Friday	Monday before 1pm
After 2pm noon - Friday and anytime Saturday or Sunday	Monday before 1pm

We only accept electronic payments 'BACS, CHAPS or Faster Payments' Internet bank transfers from your account to our account (N.B. our account details are below). Please ensure that you do not deposit any cash into our account.

When you make a payment If your bank is offering Faster Payments service, we will receive your payment within 2 hours. If payment for your order is received by 12 Noon, we will then despatch your order the same day for next working day delivery whilst you can expect delivery within 2 working days.

Click here to see if your bank is offering Faster Payments Service

If your bank is not offering Faster Payments service, we will receive your payment within 3 working days, and we will despatch your order on the same day your funds clear our account, you can expect delivery within 3 - 4 working days.

Please ensure you state your order number as a reference on the payment advice. If you DO NOT state your order number, you will not receive your money on time.

Terms and Conditions

When placing an order you warrant that you are acting on your own behalf, for a genuine reason and the currency/travellers cheques that you wish to buy/sell is legally and beneficially yours, has not been obtained by illegal means nor in any way contrary to the rights of the legal owner and is not tainted in anyway by criminal activity. You also warrant to us that the information that you provide to us is true and accurate in all respects that you will not withhold any material information from us and you will provide us with any information that we may reasonably require.
You must provide all the requested information for us to process the order. We reserve the right to request further information from you should it be required at any time.
We will acknowledge receipt of your order, but this acknowledgement shall not constitute our acceptance of your order. Currency availability may be subject to monetary limits, currency exchange restrictions and to customers complying with Anti-Money Laundering regulations. * (We are unable to supply foreign coins).

Delivery

Where delivery is made at customer's request, Currency Exchange Corporation can accept no direct responsibility or liability for safe delivery beyond ensuring the secure handover of payment to the chosen delivery address. Customers must refuse to accept any damage packages delivered by Royal Mail. Currency Exchange Corporation will not accept any responsibility for damaged packages.
Royal mail undertake to deliver packages by 1.00pm the next working day. Track and trace on packages can be made from 1.30PM Please note that in some circumstances the delivery will be after 1.00PM and in the case of outer districts for example Scotland and Northern Ireland this may take two working days.
* Please Note that this service may be affected as result of influences on the ability of our delivery company Royal Mail to complete its service.
If you are not at home (or the delivery address) you will be requested to collect the package at your local sorting office.
No delivery can be guaranteed on Saturdays or Sundays. Orders placed on Friday after 12:30pm or during the weekend will be delivered on Tuesday.
It is essential that you have a person you trust available at the delivery address to receive and sign for your delivery, as Currency Exchange Corporation will not accept any liability for fraudulent acts committed by such third party signatories.
Please note the delivery charge includes insurance against loss / theft in transit.

Limitation on Currency Exchange Corporation Liability

Currency Exchange Corporation shall make every effort to process orders placed via this Service without any delay. However, you agree that delays can sometimes occur due to technical problems or matters out of Currency Exchange Corporation control.
Currency Exchange Corporation uses reasonable care and skill in providing this Service. However, Currency Exchange Corporation does not warrant that access to this Service shall be continuous, uninterrupted, secure, error free or free from viruses. Currency Exchange Corporation shall not be liable to you for the following:

If Currency Exchange Corporation is unable to perform any of its obligations to you due to the failure of any technical systems or for any other reason beyond Currency Exchange Corporation reasonable control including amongst other things, war, terrorism, government action, natural disaster and industrial dispute.

Currency Exchange Corporation excludes all liability for any claim arising from any act undertaken for a Customer unless the Customer can prove that Currency Exchange Corporation caused the Customer to suffer loss.

When determining if Currency Exchange Corporation has caused a Customer to suffer loss, the Customer accepts the actions of intermediaries not employed by Currency Exchange Corporation are the actions of third parties. Currency Exchange Corporation will not be responsible for any loss caused by a third party. This does not affect the customers' statutory rights.