TERMS AND CONDITIONS

These Terms and Conditions apply to where we, Interpay Ltd trading as PaytoStudy and Transfermate Inc d/b/a PaytoStudy, act as collection agent for our partner educational and Student providers. They govern the opening, use and closure of your PaytoStudy on line Account (hereinafter the "Transaction Service"). Together with our Privacy Policy and our Anti-Money Laundering Policy, they constitute the legal relationship between you and us. For the use of additional services you will have to accept additional Terms and Conditions as advised when you are ordering or using such services.

The Terms and Conditions set forth herein shall apply to your access and use of the PaytoStudy Website and all accounts, services, programs, information and products that you may use, open or otherwise access from time to time on or through this Website. You are advised to print or download and keep a copy of these Terms and Conditions for future reference.

YOU ACKNOWLEDGE AND AGREE THAT THESE TERMS AND CONDITIONS FORM PART OF A LEGALLY BINDING AGREEMENT ENFORCED PURSUANT TO APPLICABLE LAW AND NEITHER INTERAY NOR YOU MAY CHALLENGE THE VALIDITY OF THE AGREEMENT BETWEEN THE CONTRACTING PARTIES.

IF YOU DO NOT AGREE WITH ANY OF THE TERMS AND CONDITION SET FORTH HEREIN, PLEASE DO NOT ACCESS OR OTHERWISE USE THE PAYTOSTUDY WEBSITE OR TELEPHONE SERVICE OR ANY INFORMATION CONTAINED ON THIS WEBSITE. BY USING OUR TRANSACTION SERVICES YOU WILL BE DEEMED TO HAVE AGREED TO THE TERMS SET FORTH HEREIN.

We may modify these Terms and Conditions at any time and such modification will be effective two months after posting of the modified agreement on this Website. You agree to review these Terms and Conditions periodically to ensure you will be aware of any such modifications, and your continued use or access to the Website shall be deemed as your acceptance of the modified Agreement.

Definitions:
"We" or "Us" mean Interpay Limited trading as PaytoStudy and Transfermate Inc. d/b/a PaytoStudy.
"Business day" means the day we are open for business for the purposes of executing payment transactions.
"Cut-off time" means the time in which the payment needs to be received by us.
"Framework contract" means a payment service contract which governs the future execution of single and successive payment transactions".
"Funding Account" means the account in which you nominate to fund your Electronic Funds Transfer to the PaytoStudy Client fund holding account.
"Payment instrument" is the set of procedures agreed between you and us, used to initiate the payment order.
"Settlement Date" means the date upon which you must lodge the funds into our nominated client fund holding account.
"Educational and student providers" means universities, colleges, schools, and accommodation and visa providers etc that provide services to assist students.
"Client funds" means of money which Interpay receives, holds, or pays out for or on behalf of a client while providing a payment service.
"Client Accounts" mean specially designated bank accounts where client's funds are held segregated from Interpay's funds. These funds can only be used to effect client payments.

 

1. About Interpay Ltd trading as PaytoStudy

1.1 We are Interpay Limited. Interpay Ltd's Registered Office is IDA Business & Technology Park, Ring Road, Kilkenny, Republic of Ireland. Interpay Ltd is registered in the Republic of Ireland and its Company Registration number is E0368136. Interpay Ltd, is regulated by the Central Bank of Ireland. Interpay Ltd's regulatory reference number is C42802. Interpay Ltd trading names include, International Student Payment Services, Travel to Work, Visafirst and PaytoStudy. Interpay Ltd is a licenced Payment Institution authorised by the Central Bank of Ireland and has passported its services around Europe. Interpay Ltd also holds licences in additional jurisdictions, such as United States of America, Canada and Australia, further details of which can be found on the PaytoStudy website.

1.2 Interpay Ltd uses a number of subsidiary or sister companies to provide client holding accounts for the collection of funds locally. The operation of these clients holding accounts are governed by legal binding agreements. Currently these account are held by

  • Interpay Solutions India Pvt Ltd
  • European Student Servicos do Brasil Ltda
The accounts are held by the above companies in trust for Interpay Limited. Interpay limited ensures that the funds are strictly held as client funds and should we encounter financial difficulties your funds are safeguarded and cannot be used to settle us or our subsidiaries or sister companies outstanding obligations. Should we encounter said financial difficulties, your funds will be safely held for you in the abovementioned accounts and/or returned to you upon receipt of written instructions from you.

 

1.3 Access to the Service is restricted to approved and registered Users. You warrant that you are at least 18 years of age and possess the legal authority to enter into this agreement and to use this website in accordance with all terms and conditions herein.

1.4 As set out above, by accessing these Transaction Services, you will be deemed to have accepted these terms in full.

1.5 We grant you a limited license to access the Transaction Service which is in accordance with these terms.


2. Basic Description of the payment service

2.1 We provide money collection services to allow you to pay for foreign student and educational services in your local currency.

2.2 We may provide our Transaction Services to you if you wish to make a payment to purchase services from Student and Educational providers.

2.3 You must complete the process of opening an account online, and comply with our mandatory anti-money laundering requirements and read and accept our Terms and Conditions set forth herein (hereinafter the "Account Opening Process"), in advance of using the Transaction Service.

2.4 After the Account Opening Process has been completed you may book a payment with us through our website to pay a specified amount in a foreign currency, if required providing your nominated Funding Account and providing full beneficiary details. You will then lodge and settle the agreed local amount to our nominated client funds holding account with the reference provided by us within 48 hours (known as the "Settlement Date").

2.5 Once Funds are noted to be received by us, a notification will be sent to the beneficiary and a receipt will be issued to you. The Beneficiary has acknowledged that the receipt issued to you by us is proof of purchase of their service.

2.6 You are solely responsible for ensuring that all details you provide are correct. If you do not provide the correct details there will be a delay in the beneficiary receiving payment. We will do everything we reasonably can to rectify any errors, but we will not be liable for any loss or damage caused by error or inaccuracies in your requests. Furthermore we shall not be liable for any loss damage, cost or expense suffered by you or any party as a result of any such delay or failure in processing such request.

2.7 With a view to above, your attention is drawn to the fact that all telephone calls with our customers are recorded to protect both your and our interests in the event of a dispute.

2.8 We may refuse to accept any order without giving any reason. We will have no liability to you as a result of doing so.

2.9 Upon full receipt and recognition of the funds the firm will exchange the funds and process the payment by the next cut-off time (currently 1pm GMT).

2.10 A receipt will be issued to your nominated email address. If you do not receive a receipt or have changed your email address you are required to notify us immediately.

2.11 The time of receipt of funds shall be deemed to be the later of receipt by us of the funds due in cleared funds and where so agreed between us and you, the agreed date for execution of the payment to be made pursuant to a Request. Unless otherwise agreed in writing between us and you we will deliver electronic funds transfer payment(s) requested by you as follows
i) if the settlement amount, in Cleared Funds, is received by us from November 1, 2009 to December 31, 2011 and the payment is to be delivered in Euro or Sterling in the EEA, payment will be delivered to the account of the beneficiaries payment services provider no later than the end of the third business day following receipt by us of cleared settlement funds from you.
ii) if the settlement amount, in Cleared Funds, is received by us from and after January 1, 2012 and the payment is to be delivered in Euro or Sterling in the EEA, payment will be delivered to the account of the beneficiaries payment service provider no later than the end of the business day following receipt by us of cleared settlement funds from you, and
iii) if payment is to be delivered within the EEA in any EEA currency other than Euro or Sterling the payment will be delivered to the account of the beneficiary payment service provider no later than the end of the fourth business day following receipt by us of cleared settlement funds from you. Electronic funds transfer payment to be delivered outside of the EEA or in any non- EEA currency shall be processed and delivered by us in accordance with our standard processing times.

2.12 With a view to the above, please note that we do not have any access to your nominated Funding Account and cannot unilaterally debit funds from your account. You must initiate the transfer with your bank to our nominated client funds holding account to effect a payment.

3. Information, Instructions and Execution of a Payment

3.1 Upon completion of our Account Opening Process you can make a request to book a payment exchange rate by using our telephone service, email or through our website.

3.2 Any reference to Instructions or User Instructions includes, without limitation, letter, email, telephone or fax instructions, information, requests or orders. Not in limitation to the foregoing, we may act on instruction from, or purporting to be from, you, until we have received prior written notice to the contrary and a reasonable opportunity to act on such notice.

3.3 You accept and acknowledge that we cannot and do not provide any investment advice, including without limitation, on the merits of any particular order and its likely implications, or on any investment product. You must make any decision to enter into any contract or receive any other service from us based solely on your own judgment.

3.4 We are entitled to verify the identity of the Users and/or their corporate entities as per our Anti-Money Laundering Policy and our Account Opening Process. We may defer acting upon any Instructions, until we are satisfied as to the matters on which we have sought clarification and verification.

3.5 When initiating a payment order you can also agree with us that the execution of the payment order shall start on a specific date. In such cases, point in time of receipt is deemed to be the agreed date.

3.6 Where you proceed and instruct us to effect a payment transaction you shall be obliged to provide sufficient information in order to ensure that the payment transaction is effected properly. We may request the following information:

3.6.1 Names, numbers and particulars of the Account Holders;

3.6.2 The amount to be transferred and the currency of the transaction;

3.6.3 The reason for making the payment transaction.

If the details provided by you are incorrect, we will not be liable for non-execution or defective execution of the payment transaction.

3.7 The point in time of receipt of a payment order shall be the time when the payment order is received by us. If it is not a business day or if it is a Bank Holiday or a Public Holiday or if it is received after cut-off time, the payment order shall be deemed to have been received on the following business day.

3.8 Immediately after execution of the payment order, we will provide you with following:

3.8.1 The reference enabling you to identify the payment transaction;

3.8.2 The date of receipt of the payment order;

3.8.3 A breakdown of the charges payable by you, if any;

3.8.4 The exchange rate used and the amount of the payment transaction after the conversion of the currency;

3.9 Additional and further information may be given by us but same may be subject to an additional charge.

3.10 The funds received to be credited to an account will be credited by us on the working day on which the funds are received by the Bank. When the funds are received after cut-off time or on a day which is not a business day, the account will be credited on the next working day. The amount credited to the intended recipient of funds will be net of fees, charges, commissions and any interest due.

4. Liability for Payment Transactions

4.1 You are solely responsible for ensuring that all details you provide are correct. If you do not provide the correct details there will be a delay in the beneficiary receiving payment. We will do everything we reasonably can to rectify any errors, but we will not be liable for any loss or damage caused by error or inaccuracies in your requests. Furthermore we shall not be liable for any loss damage, cost or expense suffered by you or any party as a result of any such delay or failure in processing such request. We shall inform you on the next working day as to the reason/s why the payment transaction was not effected. We shall proceed to effect the payment transaction once the missing information is provided by you, or when the impediment preventing execution is removed. The date of receipt shall be the date when we can actually process the payment transaction.

4.2 Upon you becoming aware of any unauthorized or incorrectly executed payment transaction, you must notify us of any unauthorized or defective payment transactions without delay. Where we establish that the payment transaction was unauthorized or erroneously effected by us, we shall proceed to refund to you, the amount of the unauthorized or erroneous payment transaction plus any charges thereon.

4.3 We will not be liable in instances of non-execution of payment transaction due to abnormal and unforeseeable circumstances beyond our control or where we are bound by other legal obligations covered by the domestic or EU Legislation.

5. Information about Charges, Interest and Exchange rates

5.1 We reserve the right to apply a minimum transfer value.

5.2 The firm applies no charges to standard payments.

5.3 The firm does not charge or provide interest to either corporate or individual clients.

5.4 The exchange rate changes every 3 seconds and will be the rate agreed between you and the firm.

6. Compliance with Anti-Money Laundering and Exchange controls regulations

6.1 You undertake that you will observe all Anti-Money Laundering and Exchange Control laws and regulations in relation to any request and will use all reasonable endeavors to assist us to do likewise. In particular, you warrant that the information given in the application and in the request is accurate and that the transfer of said funds will not constituent a breach of any Anti-Money Laundering and Exchange Control Laws and regulations.

6.2 Some legal or regulatory authorities require additional information, either in respect of organization or particular transactions. You agree to supply all such information, which any legal or regulatory authority may require and/or which we may be required to supply at any time in relation to you and/or any request.

6.3 If you breach any such law or regulations you thereby irrevocably agree that we may retain any moneys or funds transmitted to us pursuant to these Conditions and/or not fulfill any request if we are required to do so by any legal or regulatory authorities and such moneys shall not bear interest against us.

6.4 In additional to requesting documentation from you, we will complete additional checks to verify your identity, these additional checks include but are not limited to, credit reference checks, sanctions check, news checks and checks of other available registers. By applying to use our Transaction Services you consent to us using any additional checks we deem appropriate.

6.5 Anti-Money Laundering Policy

Money laundering is the process by which criminally obtained money or other assets are exchanged for "clean" money with no obvious link to its criminal origin. By preventing money laundering, the movement of funds derived from criminal activities will be inhibited. This will in turn, restrict the availability of funds used for terrorist activities. We view Money Laundering as a serious criminal offence, and as such, complies with regulatory requirements intended to forestall and prevent money laundering. These include:

  • Confirming the identity of our clients.
  • Retaining transaction and identification records for a minimum period of five years.
  • Training staff in terms of anti-money laundering regulations.
  • Appointing a nominated officer responsible for monitoring and reporting any and all suspicious activities to the relevant authorities.

Please note that we reserve the right to refuse a transaction at any time should suspicion arise that it may be connected to money laundering or any other criminal activity. In addition, we will be obliged to report this suspicious activity and in line with regulations, is prohibited from disclosing this to the client.
By providing us with false identification or contact details, we will deem this a misuse of our service. We are legally bound to report such misdemeanours to the relevant authorities, and as such you may be the subject of a criminal investigation.
We will NOT do business with anyone suspected of, or directly involved in Money Laundering, or where funds have been sourced by any illegal activity.
To assist the worldwide fight against the funding of terrorism and money laundering activities, worldwide laws require us to obtain, verify and record information that identifies each person who opens an account with us. This can be done in many ways, some of which may require you to provide documentation. Below are examples of documentation that may be required. Your customer service representative will guide you through this process.

Examples of Information required

When you open an account, your will be asked for information such as your, Name, Date of birth, Address, Identification numbers and source of funds. To verify this information, we use the latest available technology, but you may be asked for identification documents such as certified copies of documents showing nationality, residence, your address and a photograph of you. Typical verification documents are your passport/drivers licence plus a utility bill/bank statement.

Companies

When you open an account, a corporation, partnership, trust or other legal entity may need to provide other information, such as its principal place of business, local office, employer identification number. To verify this information, we use the latest available technology but you may be asked for certified articles of incorporation, government-issued business license, a partnership agreement or a trust agreement.

Certification

If you are required to provide certified copy documents, they must be of good quality, signed and dated with the words "True copy of the original" (or similar) and can be certified by the following people: accountant, lawyer, police officer or your bank manager. If you cannot get one of these people your customer relationship representative will work with you to find an appropriate substitute The person certifying the ID document should be contactable so please write their contact details on the copy of the document. This information needs to be scanned back to us and the originals posted to the firm. We may conduct additional security checks on clients at our discretion.
Your Customer Service Representative will contact you to assist you with this process.

What happens if I don’t provide the information requested or my identity can’t be verified?

We may not be able to open an account or carry out transactions for you. If you already have an account, we may have to close it.
Details of your specific requirements to open an account with us will be communicated to you by your customer services representative.

7. Communications

7.1 You will communicate with us either through the company's website or by email.

7.2 We will communicate with you by email or telephone.

7.3 These terms and conditions are available on our website for download in PDF or Word Format. If requested by you, we will email or post Terms and Conditions to you. The language of the Terms and Conditions will be in English only and there are no translated versions available.

7.4 All instructions should be give through the online system, in limited cases instructions can be given by telephone. All telephone calls with you are recorded to protect both your and our own interests in the event of a dispute. The telephone recordings will, once a transcript is furnished to you, be accepted as evidence of the instructions or communications recorded. All such recordings may be used as evidence in any dispute, action, proceedings involving the use by you of our service.

8. Safeguards and corrective measures

8.1 Each account User's registration is for that single User only. We do not permit the registered User to share and the registered User agrees not to share their username and password with any other person or with multiple users on a network.

8.2 Upon opening an account, you will be required to select a username and a password. The password must contain at least 8 characters and must contain both letters and numbers. Passwords are case sensitive.

8.3 Upon logging into your account online, the username and the corresponding password will be requested, access will be granted to you and we will not be required to take any further steps to verify that the person accessing the Client account is the correct User or that the person accessing the account is authorised to perform roles assigned by the administrator. By accepting these terms you are confirming that you have all necessary authority to use the online service.

8.4 If you forget your password, you must contact us and upon satisfactory completion of verification procedures we will issue a new password via email.

8.5 You have a responsibility to exercise reasonable care to prevent unauthorised access to the computer that you use to access the online service.

8.6 In order to protect the security of your account you must:

8.6.1 Never give the username and/or password to anyone else.

8.6.2 Change the password regularly.

8.6.3 Be vigilant and watch out for fraudulent (or 'phishing') e-mails that claim to be from us that ask for personal information or security details. Avoid sending personal details or accounts or passwords in an email. If you suspect a phishing attack, you must immediately call us or alternatively forward the suspect e-mail to us.

8.7 If you do suspect your passwords or User details have become known to an unauthorized User, or have been lost or mislaid or otherwise, you must contact us immediately, or you will be liable for some or all of the losses resulting from the unauthorized transactions or your accounts.

8.8 You represent and warrant that you have implemented and plan to operate and maintain appropriate protection in relation to the security and control of computer viruses, or other similar harmful devices, and will not transmit to in any way whether directly or indirectly or expose our Website or Transaction Service to any harmful material or device.

8.9 You represent and warrant that you will maintain a firewall on your computer to protect it from unauthorised access.

8.10 Online Transactions are subject to a minimum and maximum transaction value determined by us, who reserve the right to request further information before accepting any Transaction.

8.11 Our fees are calculated as outlined on the Website and you authorise us to deduct our fees for the Transaction Service in accordance with the contract note issued after each transaction is completed.

9. Privacy Policy and Data Protection

9.1 We collect and retain information about you that we believe is necessary in accordance with our Privacy Policy and in compliance with the Data protection Acts 1988 and 2003, to help administer business between us and you and to keep you updated on improvements to our services and products and to provide you with other relevant information. We collect two types of information:

  • Personal information such as names, addresses, email addresses, copies of photographic identification, incorporation documents etc;
  • Traffic pattern information and transactional information on the Transaction Service.

9.2 Personal information is collected to meet both internal and external compliance requirements, and to enable us to open an account for you and to be in a position to commence business. Traffic pattern information is used to monitor pages accessed or visited and enables us to better meet the requirements and needs of our clients. Transactional information reflects the business you enter into with us and provides a historical record of business activity which is necessary as a means of monitoring and mitigating money laundering and terrorist financing and also enabling us to keep up to date with our Client's needs.

 

9.3 You accept that your information may be shared between our associated companies for the provision of the services.

9.4 We do not sell, publish or freely give away personal or transactional information. Your personal information is treated strictly in accordance with the governing law and in particular to comply with the requirements of the Data Protection Acts 1988-2003 and regulations made thereunder.

9.5 We are bound to abide by Anti-Money Laundering legislation and will deal with such activity as outlined in our Anti-Money Laundering Policy and assist all statutory authorities in investigations of suspicious activity.

10. Service access

10.1 While we endeavour to ensure that the website is normally available 24 hours a day and is available during its usual trading hours or such hours as displayed on the Website, we will not be liable if for any reason the Website is unavailable at any given time or the telephone lines are interrupted. We agree to use reasonable efforts to give advanced notice of any scheduled interruption.

10.2 We are dependent on other external suppliers of services (i.e., web hosting, hardware supply and support, remote back-up and disk mirroring, telephone lines) in providing our Transaction Service to you and you recognize that we can only rely on those suppliers pursuant to their individual terms and conditions and respective service level agreements but we will not however be responsible for any loss of any nature caused to you as a result of difficulties with any of our suppliers.

11. Risks, Cancellation Policy

11.1 You agree to use the Transaction Service at your own risk.

11.2 We recommend that you seek prior independent financial advice and consider carefully whether entering into specific transactions is appropriate in terms of your experience, financial objectives, needs and circumstances.

11.3 The services contained within the Transaction Service require physical delivery of funds to our designated nominated client funds holding account and accordingly is suitable only for customers who are able to deliver, on the Settlement Date, the currency they have agreed to provide to us. In the event that you are unable to fully settle the payment order at the rate you have booked by delivering the amount to us, then we will close out the payment order at its then prevailing market rates and any loss or costs incurred by us will be met in full by you in accordance with the Terms and Conditions set forth herein. Late settlement may incur penalty interest at a compound rate of 20% per annum, calculated daily and payable as a penalty on the date payment is made.

11.4 There are risks associated with utilising the Transaction Service including, but not limited to, the failure of hardware, software, and internet connections.

11.5 The Transactions undertaken by you, using the Transaction Service, are pursuant to an individual Contract made between you and us, and is not transferable, negotiable or assignable to or with any third party.

11.6 Upon you selecting the 'Accept' button on our website a legally binding a Contract is formed. In the event of your having selected 'Accept' in error you must contact us immediately requesting the Contract to be cancelled and any loss arising on such cancellation will be charged to you and payable by you.

12. Intellectual Property and Limited License

12.1 You are permitted to print and download extracts from the website regarding Transaction Service for your own use on the following basis:

12.1.1 No documents or related graphics on the Transaction Service are modified in any way;

12.1.2 No graphics on the Transaction Service are used separately from the corresponding text; and

12.1.3 Our copyright and trade mark notices appear in all copies.

12.2 The names, images and logos identifying us, our products and services, are proprietary marks of Interpay. You acknowledge and agree that the content including without limitation the text, graphics, photographs or other material presented on the Transaction Service is protected by copyright, trademark, patents and other proprietary rights and laws. You are only to use the contents as authorised by us. For the purposes of these terms, any use of extracts from the Transaction Service other than in accordance with clause 12.1 for any purpose, is prohibited. Breach of these terms will result in immediate termination of your account whereby you must on request from us to immediately destroy any downloaded or printed extracts from the Transaction Service.

12.3 Subject to clause 12.1, no part of the Transaction Service may be reproduced or stored in any other website or included in any public or private electronic retrieval system or service without our prior written permission.

12.4 Derivative use of the Transaction Service is prohibited, including any use of data mining, robots or similar data gathering, reverse engineering and extraction tools with the intent of damaging the Transaction Service.

12.5 Any unauthorised use will terminate this license granted by us. This license is conditioned on your continued compliance with these terms and any rights not expressly granted in these terms are reserved.

13. Disclaimer

13.1 None of the information contained in the Transaction Service constitutes, nor should be construed as advice.

13.2 While we endeavour to ensure that the information on the website regarding Transaction Service is correct, we do not warrant the accuracy and completeness of the material on the website regarding the Transaction Service. We may make changes to the material on the Website regarding the Transaction Service, or to the products and prices described in it, at any time without notice. The material on the Website regarding the Transaction Service may be out of date, and we make no commitment to update such material.

13.3 The material on the website regarding the Transaction Service is provided "as is", without any conditions, warranties or other terms of any kind either expressed or implied. Accordingly, to the maximum extent permitted by law, we provide the Transaction Service on the basis that we exclude all representations, warranties, conditions and other terms (including, without limitation) the conditions implied by law of satisfactory quality, fitness for purpose and the use of reasonable care and skill which, but for this legal notice, might have effect in relation to the Transaction Service.

14. Liability

14.1We, any other party (whether or not involved in creating, producing, maintaining or delivering the Website), and any of our officers, directors, employees, shareholders or agents of any of them, exclude all liability and responsibility for any amount or kind of loss or damage that may result to you or a third party (including without limitation, any direct, indirect, punitive or consequential loss or damages, or any loss of income, profits, goodwill, data, contracts, or other loss or damages) arising from or connected in any way to business interruption, and whether in tort, contract or otherwise in connection with the Transaction Service in any way or in connection with the use, inability to use or the results of use of the Website, any websites linked to the Website or the material on such websites, including but not limited to loss or damage due to viruses that may infect your computer equipment, software, data or other property on account of your access to, use of, or browsing the Website or downloading of any material from the Website or any websites linked to the Website.

14.2 Nothing in these Terms will exclude or limit our liability for:

14.2.1 death or personal injury caused by negligence, or

14.2.2 fraud; or

14.2.3 Misrepresentation as to a fundamental matter; or

14.2.4 any liability which cannot be excluded or limited under applicable law.

14.3 If your use of material on the Transaction Service results in the need for servicing, repair or correction of equipment, software or data, you assume all costs thereof.

14.4 We are entitled to assume that all Transactions made using your username and password are authorised by you. We will not be liable in any way for any direct, indirect or consequential loss suffered by you as a result thereof;

14.4.1 any Transaction conducted using your username and password; or

14.4.2 Any suspension, withdrawal or termination of your access to our Transaction Service; or

14.4.3 Interruptions to our Transaction Service.

14.5 You indemnify and hold us harmless against any and all loss suffered by us, which may result from your misuse of our Transaction Service or breach of these Terms.

14.6 Access to the Transaction Service may be suspended temporarily and without notice in the case of system failure, maintenance or repair or for reasons beyond our control and we will incur no liability.

15. Market Information

15.1 We may make available market information services generated internally containing, but not limited to financial market data, rates, news, charts or data. Market information provided on this Website or in email format or over the telephone is not intended as foreign exchange advice.

15.2 We do not guarantee the accuracy, timelessness, completeness or correct sequencing of the market information. We reserve the right to discontinue offering market information at any time without notice.

16. Foreign Exchange Rates

16.1 The facilities offered on our Transaction Service include real time rates. Without limiting the foregoing, "real-time" rates viewed on the Website regarding Transaction Service, particularly in times of high volumes of trading and market volatility, may not be reflective of the current price of the currency. Due to the automation of this service, errors in quoted rates may occur on limited occasions under some circumstances. In such cases we may in our sole discretion decline to complete Transactions based on such erroneous rates and will notify you as soon as possible after we determine not to complete any such Transactions requested under your username and password. In all such cases we will justify such actions.

17. Cancellation of Access

17.1 We may suspend or withdraw your access to our Transaction Service at any time without prior notice if:

17.1.1 You have breached these terms or have acted fraudulently.

17.1.2 We learn:
(a) of your death, bankruptcy or lack of legal capacity; or
(b) that you have committed an act of bankruptcy or that a bankruptcy petition has been presented against you; or
(c) if the User is a company, that a liquidator or receiver has been appointed in respect of the User's assets.

17.1.3 We otherwise deem such suspension or withdrawal necessary or appropriate, in our sole discretion.

17.2 You may cancel your access to the Transaction Account at any time by giving us written notice. You will remain responsible for any Transactions made on your account through the Transaction Service up until access to your account is actually disabled.

17.3 Transactions in respect of which you have given us instructions and which are to be made after your access to our Transaction Service is terminated or suspended will not be effected.

18. Redress and Complaints Procedure

 

18.1 Where a complaint is received by us, we will record the nature of the complaint and issue an acknowledgement letter to you within 5 business days of receiving the complaint. The acknowledgement will provide you with the contact name that is responsible for dealing with the complaint. If the matter concerns a dispute over instructions to place an order over the telephone, you will be entitled to receive a transcript of the telephone call confirming the precise instructions given and received.

18.2 We will investigate the complaint as swiftly as possible and where applicable, you will receive a regular written update on the progress of the investigation at intervals of not more than 20 business days.

18.3 We will try to resolve the complaint within 40 business days of having received the complaint. If the complaint cannot be resolved within 40 business days, we will write to you notifying you of the anticipated timeframe for the conclusion of the investigation.

18.4 Within 5 business days of the conclusion of the investigation of the complaint, we will issue a resolution letter detailing the outcome of the investigation. This letter will include, if applicable, an explanation of the terms of any offer that we are prepared to make in settlement of the complaint.

18.5 If at any time you express that you are unsatisfied with the handling of their complaint or we cannot resolve the complaint with the 40 Business days timeframe, you will be notified of your right to refer the matter to the Financial Services Ombudsman's Bureau in your local Jurisdiction.

Financial Services Ombudsman's Bureau 3rd Floor, Lincoln House, Lincoln Place, Dublin 2
Telephone 1890 88 20 90
Fax (01) 662 0890
Email: enquiries@financialombudsman.ie
Web: www.financialombudsman.ie

19. Governing law and jurisdiction

19.1 These Terms and Conditions of use of the Transaction Service and any disputes arising out of or related to the Transaction Service are governed by and interpreted by the laws of the Republic of Ireland, and each party hereto irrevocably submits to the exclusive jurisdiction of the courts of the Republic of Ireland. This is the case regardless of whether you reside or transact business with us elsewhere in the world.

19.2 Without limiting the foregoing, you acknowledge and understand that laws regarding foreign exchange contracts vary throughout the world, and it is your obligation alone to ensure that you fully comply with any law, regulation or directive, relevant to your country of residency with regards to the use of the Transaction Service. For avoidance of doubt, the ability to access our Transaction Service does not necessarily mean that the services, and/or your activities through it, are legal under the laws, regulations or directives relevant to your country of residence.

19.3 Brazilian Users

Regulation in Brazil states that this account can only be utilized for student education payments. A letter of offer from the education institution for each student must be submitted.

20. Regulatory Contact Information and Certain Disclosures

Alaska
Alaska DCCED Division of Banking & Securities
550 W Seventh Ave Ste 1850
Anchorage AK 99501
888-925-2521
commerce.alaska.gov

Arkansas
Arkansas Securities Department
201 E Markham
Heritage West Bldg Ste 300
Little Rock AR 72201-1692
800-981-4429
www.securities.arkansas.gov

California
California Department of Business Oversight
1515 K Street, Suite 200
Sacramento, California 95814-4052
866-275-2677
www.dbo.ca.gov

Connecticut
Connecticut Department of Banking
260 Constitution Plaza
Hartford CT 06103-1800
800-831-7225
www.ct.gov/dob

Delaware
Delaware Office of the State Bank Commissioner
555 E Loockerman St
Ste 210
Dover DE 19901
302 739-4235
banking.delaware.gov

District of Columbia
Department of Insurance, Securities and Banking
801 1st St NE #701
Washington DC 20002
202 727-8000
disb.dc.gov

Georgia
Georgia Department of Banking and Finance
2990 Brandywine Road
Suite 200
Atlanta, Georgia 30341-5565
888-986-1633
dbf.georgia.gov

Idaho
Idaho Department of Finance
800 Park Blvd., Suite 200
Boise, ID 83712
P.O. Box 83720
Boise, ID 83720-0031
208-332-8000
Toll-Free (Within Idaho Only): 1-888-346-3378
E-Mail: finance@finance.idaho.gov
finance.idaho.gov

Illinois
Illinois Dept of Financial and Professional Regulation,
Division of Financial Institutions
100 West Randolph, 9th Floor
Chicago, IL 60601
1-888-473-4858
www.idfpr.com

Iowa
Iowa Division of Banking
200 East Grand Ave Ste 300
Des Moines IA 50309-1827
Phone: (515) 281-4014
E-Mail: idobcomplaints@idob.state.ia.us
www.idob.state.ia.us

Kansas
Kansas Office of the State
Bank Commissioner
Attn: Complaints
700 SW Jackson, Suite 300
Topeka, Ks. 66603
785 296-2266
E-Mail: complaints@osbckansas.org
www.osbc.kansas.org

Kentucky
Kentucky Department of Financial Institutions
1025 Capital Center Dr, Ste 200
Frankfort KY 40601
800-223-2579
E-Mail: kfi@ky.gov
www.kfi.ky.gov

Louisiana
Louisiana Office of Financial Institutions
8660 United Plaza Blvd 2nd Fl
Baton Rouge LA 70809
225-925-4660
E-Mail: complaints@ofi.la.gov
www.ofr.state.la.us

Maine
Maine Department of Professional and Financial Regulation,
Office of Consumer Credit Regulation
State House Station #35
Augusta ME 04333
800-332-8529
www.maine.gov/pfr/consumercredit/index.shtml

Massachusetts
Massachusetts Division of Banks
1000 Washington St Fl 10
Boston MA 02118-2218
888-283-3757
http://www.mass.gov/ocabr/

Michigan
Michigan Dept of Insurance and Financial Services
PO Box 30220
Lansing MI 48909-7720
877-999-6442
www.michigan.gov/difs

Minnesota
Minnesota Department of Commerce
85 7th Place East, Suite 500
St. Paul, MN 55101
800-657-3602
mn.gov/commerce/banking-and-finance

Mississippi
Mississippi Department of Banking and Consumer Finance
PO Box 23729
Jackson MS 39225
800-844-2499
www.dbcf.state.ms.us

Missouri
Missouri Division of Finance
P. O. Box 716
Jefferson City, MO 65102-0716
573-751-3242
finance.mo.gov

Nebraska
Nebraska Department of Banking & Finance
P.O. Box 950006
Lincoln, NE 68509
877-471-3445
www.ndbf.gov

New Hampshire
New Hampshire Banking Department
53 Regional Drive Suite 200
Concord NH 03301
800-437-5991
www.nh.gov/banking

New Jersey
New Jersey Dept of Banking & Insurance
Office of Consumer Finance, Division of Banking
20 West State St. - 7th Floor
PO Box 040
Trenton NJ 08625-0040
800-446-7467
www.state.nj.us/dobi

North Carolina
North Carolina Commissioner of Banks
4309 Mail Service Center,
Raleigh, NC 27699-4309
888-384-3811
www.nccob.gov

North Dakota
North Dakota Department of Financial Institutions
2000 Schafer Street, Suite G
Bismarck, ND 58501-1204
701-328-9933
www.nd.gov/dfi

Oklahoma
Oklahoma Banking Department
200 North Lincoln Boulevard
Oklahoma City, OK 73105
405-521-2782
www.ok.gov/banking

Oregon
Oregon Department of Consumer & Business Services
Division of Finance and Corporate Securities
PO Box 14480
Salem, OR 97309-0405
866-814-9710
www.oregondfcs.org

Pennsylvania
Pennsylvania Department of Banking
17 North Second St 13th Fl
Harrisburg PA 17101
800-722-2657
www.banking.state.pa.us

Rhode Island
Rhode Island Department of Business Regulation
Division of Banking
1511 Pontiac Avenue Cranston, RI 02920
401-462-9500
www.dbr.state.ri.us

South Dakota
South Dakota Department of Labor and Regulation
Division of Banking
1601 N. Harrison Avenue, Suite 1
Pierre, SD 57501
605.773.3421
dir.sd.gov/banking

Tennessee
Tennessee Department of Financial Institutions
400 Deaderick St, 6th Floor
Nashville, TN 37243
615-741-2236
E-Mail: tdfi.contact@tn.gov
www.tennessee.gov/tdfi/

Texas

If you have a complaint, first contact Transfermate, Inc., at 866-539-7793. However, if you still have an unresolved complaint involving a Texas money transmission, please direct your complaint to: Texas Department of Banking and Finance, 2601 North Lamar Blvd, Austin TX, 78705, phone number: 877-276-5554, or visit TX Department of Banking's website:
www.dob.texas.gov.

HELP PREVENT CONSUMER FRAUD

Are you sending money to claim a lottery prize or winnings, or on a promise of receiving a large sum of money?
Are you sending money because you were "guaranteed" a credit card or loan?
Are you respnding to an Internet or phone solicitation that you aren't sure is honest?
Are you sending money to someone you do not know?

If so, do not proceed with this transaction. Processed payments may not be reversible after a certain point in the transaction. Contact Transfermate, Inc. for any help.

Vermont
State of Vermont
Department of Financial Regulation
89 Main Street, Montpelier, VT 05620-3101
802-828-3301
www.dfr.vermont.gov

Virginia
Virginia State Corporation Commission
Bureau of Financial Institutions
P.O. Box 1197
Richmond, VA 23218
800-552-7945

Washington
Washington Department of Financial Institutions
Division of Consumer Services
P.O. Box 41200 Olympia, WA 98504-1200
1-877-746-4334
www.dfi.wa.gov/cs/

West Virginia
West Virginia Division of Financial Institutions
900 Pennsylvania Avenue
Suite 306
Charleston, WV 25302
304-558-2294
www.dfi.wv.gov/consumers/Pages/default.aspx

Wyoming
Wyoming Department of Audit
122 W 25th St, #3e
Cheyenne, WY 82001
307-777-6605
audit.wyo.gov