Rate Checker

The following rates are interbank rates. This is the rate at which banks buy and sell money from each other. These rates are not available to private individuals or small to medium companies. They are therefore provided for indicative purposes only. For a quote please phone our team.

In 2021, we updated our terms and conditions in order to give our clients the most accurate and efficient service. Below is a list of all the changes we made, and you can find a list of the archived terms and conditions for each jurisdiction here:

USA (2021 T&Cs)
European Union (2021 T&Cs)
United Kingdom (2021 T&Cs)
Australia (2021 T&Cs)
Canada (2021 T&Cs)
Hong Kong (2021 T&Cs)
Malaysia (2021 T&Cs)
Mexico (2021 T&Cs)
New Zealand (2021 T&Cs)
Switzerland (2021 T&Cs)
Singapore (2021 T&Cs)
United Arab Emirates (2021 T&Cs)

SectionChanges Made June 2021
Section 3: Modification and Notice  Section 3 of the Terms and Conditions now cover modification and notice. Modification means that We are permitted to change the Terms and Conditions at any time for any reason but We will insert a notice on the Website highlighting that the Terms and Conditions have been modified.  

Section 3.3 is a new section to cover Our obligation to provide You with a minimum notice period where You have a Global Account.
4. Description of the Transaction Service and Account Opening ProcessThis Section provides a description of the Transaction Service and the process by which You open an account with us. The following provisions have been inserted into Section 4:

Section 4.5 states that:
a)    We can terminate the Account Opening Process at any time.
b)    We can also reject Your request to open an account for any reason.
c)    We can also ask You to commit to make a minimum Payment Transaction before opening an Account for You. A failure to make such a minimum Payment Transaction would be seen as a breach of this Agreement.

Section 4.6 states that it is only when We confirm that We have opened an Account for You that You shall have an Account with us.
5. Placing an OrderSection 5.1 sets out what You had to do to place an Order and now makes it clear that the process has a second step where You have determined that Dual Authorisation is appropriate for You.
6. Concluding a Payment Transaction  Section 6.2 now has a reference to Dual Authorisation where applicable.  

Section 6.6.1 now states that You are legally required to complete the Lodgement of the agreed amount with the Booking Reference and all of the information We required from You within 2 Business Days from the date the Contract is entered. Therefore this Contract is only suitable if You are able to deliver Lodgement together with all the necessary information required by that Payment Transaction by the end of the second Business Day.  Furthermore, We may extend the 2 Business Day deadline to 5 Business Days to allow You more time to meet these requirements. However, this extension shall be provided entirely at Our discretion and You are not entitled to rely on this when requesting an extension. You must understand that You risk a breach of Contract if You fail to make the Lodgement by the end of the second Business Day.

Section 6.6.2 now offers use of funds from a Global Account as a means of funding a transaction
7. Funding the TransferMate Nominated AccountSection 7.2.5 has been inserted and states that when funding the TransferMate Nominated Account by Direct Debit or Automated Clearing House payment, You may be allowed to reverse a Lodgement. However You can only reverse a Lodgement if We have breached this Agreement or there was an Unauthorised Transaction. You must agree that You will not reverse the payment for reasons which We are not responsible, including a dispute with the recipient of the payment or if there are insufficient funds in Your account.  

Section 7.3 has been inserted and states that if You open a Global Account with us, it is possible for You to fund using the Global Account.
8. FX Calculations (new clause)Section 8.1 states that except as specified in 8.2, when We refer to an exchange rate in these Terms and Conditions it means the mid-market exchange rate at the relevant time for the relevant currency pair (for example GBP to USD, or USD to EU) as provided by Our  reference rate provider. We may change Our reference rate provider from time to time without giving You notice.

Section 8.2 states that for some currencies We cannot use the mid-market exchange rate. For these currencies We will notify You of the reference rate used.

Section 8.3 states that the foreign exchange rate changes every 3 seconds and the rate agreed betWeen Us in the Contract shall be the applicable rate.
10. Communications, Users and SecurityThe following clauses have been inserted into Section 10.2.  

Section 10.2.7 states that it is up to You to consider whether Dual Authorisation would be an appropriate option for You to manage Your security risks. If this interests You, You should contact Us for further information.  

Section 10.5 discusses Our obligation to protect Your funds. It states that We will do what is legally permitted to protect Your funds. However We advise You to familiarise Yourself with how the protection We offer differs from how banks protect their customers’ funds.
14. Liability and IndemnitySection 14.2.4 has been inserted and states that nothing in the Terms and Conditions can exclude or limit Our liability for any losses arising directly from the negligent payment of monies into an account that is not the designated Beneficiary’s account for a specific Payment Transaction  

Section 14.5 has been inserted and states thatIf You suspect there has been an Unauthorised Transaction, it is Your responsibility to notify Us promptly for the relevant details. If You do not notify Us of a suspected Unauthorised Transaction within 13 months of the transaction taking place, You will lose the right to have the matter corrected or the money refunded.
16. Term, Termination and Cancellation of AccessSection 16.4 has been inserted and states that if there is no activity in Your Account for 12 months, We shall deem it to be dormant. At this point You will be unable to access Your Account or the Platform without Our permission to reactivate Your Account. 
Schedule 1: FeesWe have reduced the free FX transfer to €10,000 (or local equivalent) for Corporates

We have strictly prohibited individuals from making
FX transfers under €5,000

We have added in a specific fee of €50 for a request to trace funds
Schedule 2: Anti-Money Laundering PolicySchedule 2 has been deleted and You can access Our Anti-Money Laundering Policy on Our Website.
Schedule 3: Privacy policy and Data Protection  Schedule 3 has been deleted and You can access Our Privacy Policy on Our Website.
Schedule 4: Additional Terms for Receivables Service.A clause has been added to the end of Section 4.4 and states that We reserve the right to send reminders to the payer when funds have not been received however it is ultimately up to You to ensure that the payer completes the transaction.

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