These Terms and Conditions govern the terms under which you may access and use our website ("the Website") the services associated with it (together, the "Service"). By accessing, registering with and using the Service, you agree
to be bound by the terms of the Terms and Conditions.
In the present Terms and Conditions, the terms "we", "us", "our" refer to First Exchange Ltd and "you", "your" refer to any person who accesses and/or uses the Service. It is important that you understand that access and use of
the Service is conditional on your acceptance of present Terms and Conditions. The language of these Terms and Conditions is English and all Services, instructions and transactions carried out in connection with it shall be
In this Terms and Conditions the terms below shall have the following definition(s):
- "Compliance Officer" means one or more members of staff at First Exchange Ltd. who is responsible for compliance with Money Transfer Regulations, anti-money laundering legislation and other applicable laws;
- "Fees" means the charges and fees we charge to you for the Service, as applicable, in accordance with the price list published on the Website and/or the Application, or the prices or rates that we communicate to you before
we issue a Confirmation, or as provided in these Terms and Conditions;
- "Force Majeure Event" means any of the circumstances referred to in clause 7;
- "FX Spread" is where you pay for a transaction in one currency and it is paid out in another currency, we apply an FX spread. The FX spread is the difference between the exchange rate we buy the currency in and the exchange
rate we are able to provide to you and we communicated it in the order confirmation and it covers our costs plus a small margin.
- "Malicious Code" means computer viruses, Trojans, software locks, drop-dead devices, malicious logic or trap door, worms, time bombs, corrupted files or other computer programme routines that are intended to delete, disable,
deactivate, damage, detrimentally interfere with, surreptitiously intercept or expropriate any systems, data, personal information or property of another;
- "Money Transfer Regulations" means the applicable laws of the United Kingdom or of the country from which funds are transferred or where funds are intended to be received which relate to electronic money transfer services including,
without limitation, the Financial Services and Markets Act 2000/2016, the Payment Services Regulations 2017 and the Electronic Money Regulations 2011;
- "Prohibited purpose" means any unlawful purpose (whether such illegality arises in the country from which the funds are transferred or where they are intended to be received or in any territory with jurisdiction over the Sender
or the Receiver) including, without limitation, the transfer or receipt of payment for illegal activities, the transfer of funds which constitute proceeds of crime or money laundering under the Proceeds of Crime Act 2002
or which are obtained by illegal activity, the transfer of funds for the purpose of funding illegal activity, the transfer of funds for the purpose of avoiding the seizure of such funds by law enforcement authorities or
under orders of any court of law, and any transfer of funds without the permission of their owner;
- "Recipient" means the person who receives the money through the Service,
- "Reference number" means the unique transaction number, which will be issued to you as and which the recipient will be required to provide to our partners in order to receive the amount transferred,
- "Sender" means the person who initiates the carrying out of a money transfer through the Service,
- "Transaction" means every money transfer that you initiate using the Service and/or every other use that you make of the Service,
Information Provided After We Process A Transaction
After we process your transaction to the Recipient an e-mail will be sent to you with the following information:
- A transaction reference number,
- A confirmation of the exact amount we are sending to the Recipient on your behalf in both pay in and pay out currencies,
- A confirmation of the Fee that has been charged,
- An exchange rate applied to your transaction,
- A confirmation of the bank to which the money has been sent (for credit to bank option),
Money Transfer & The Payment Services Regulations
The Payment Services Regulations 2017 (hereinafter called "the Regulations") govern the transfer of money to recipients within the European Economic Area (being all members states of the European Union, together with Norway, Iceland and Liechtenstein),
where the transfer of funds is carried out in Euros, Sterling or the currency of another EEA state which has not adopted the Euro as its currency.
The Regulations regulate payment services, which have an electronic component and place payment services providers into certain categories as well as require certain payment institutions to be authorised by the FCA and to follow conduct of business rules.
Please contact us at firstname.lastname@example.org for more information.
Applicable laws and regulations require that some of the information we send to you or communications between you and us should be in writing. You agree to receive such written communications electronically. You also agree that electronic means of communication
shall be effective for the purpose of the Contract between you and us. The foregoing does not affect your statutory rights.
Notices & Communications
All notices given to us must be in the English Language and sent to First Exchange Ltd, 175 Streatham High Road, London, SW16 6EG. We may give notices to you in connection with any aspect of the Service or any order either through the e-mail address or
the postal address that you provided to us or in any other way permitted pursuant these Terms and Conditions. Notices to you will be deemed received and properly served immediately after an e-mail is sent to you at the address
you provided, or where a notice is sent to your postal address, one day after the date of posting in the case of domestic notices and 6 days in the case of international mail.
If any court or competent authority holds that any of the provisions of these Terms and Conditions or any provisions of the Contract are invalid, unlawful or unenforceable to any extent, that shall not affect the other terms of these Terms and Conditions
or the Contract which will continue in full force and effect to the fullest extent permitted by law.
Third Party Rights
A person who is not a party to this Agreement shall have no rights to enforce the provisions of this Agreement under the Contracts (Rights of Third Parties) Act 1999.
Law & Jurisdiction
Contracts for the purchase of our services using the Website or the Application and any dispute or claim arising out of or in connection with them or their subject matter or formation (including non-contractual disputes or claims) will be governed by
English law. Any dispute or claim arising out of or in connection with such contracts or their formation (including non-contractual disputes or claims) will be subject to the non-exclusive jurisdiction of the courts of England
and Wales. The foregoing shall be without prejudice to your statutory rights.