FX SERVICES. 4.1. The FX Services are spot trades where we agree to exchange one Accepted Currency to another Accepted Currency for you. 4.2. You can initiate FX Services using your Payment Account by specifying the Accepted Currency (within the Applicable Limits) either as an amount that you would like to send to a recipient, or as an amount that you would like a recipient to receive (“FX Instruction”). 4.3. In the event you provide FX Instructions on a day that is not a Business Day or after the time when we have ceased accepting FX Instructions on a Business Day (as stated on the App) you will be given the option to use the Exchange Rate offered by us at the time the relevant market closed on the previous Business Day (“Fixed Rate”); or the beginning of the next Business Day (“Variable Rate”). 4.4. We will inform you of our Fees, the Exchange Rate that we will use for the FX Services (or an estimate of the Variable Rate which you agree is subject to change) and calculate the amount of Accepted Currency that you must transfer to your Payment Account (“Required Funds”) in order for us to carry out the FX Services (“Quote”). 4.5. If the Required Funds are not received into your Payment Account before the time and date specified by us in the Quote then we will use the Exchange Rate offered by us at the time the Required Funds are received into your Payment Account. 4.6. You may withdraw FX Instructions for free at any time prior to transferring the Required Funds to your Payment Account. In the event you do so, we offer no guarantee that the same Fees and Exchange Rate will be available if you subsequently submit an identical FX Instruction in the future. FX Instructions cannot be withdrawn once you have transferred the Required Funds to your Payment Account. 4.7. After the FX Services have been provided, we will initiate onward payment immediately once your payment instruction in respect of this Payment Service has been deemed given to us as set out in section 5.3.
Appears in 2 contracts
FX SERVICES. 4.1. The FX Services are spot trades where we agree to exchange one Accepted Currency to another Accepted Currency for you.
4.2. You can initiate FX Services using your Payment Account in the following ways:
4.2.1. in the App, by specifying the Accepted Currency (within the Applicable Limits) either as an amount that you would like to send to a recipient, or as an amount that you would like a recipient to receive (“FX Instruction”); or
4.2.2. by sending Accepted Currency (within the Applicable Limits) using defined payment instructions (a “Portal”) that correspond to a recipient. In this case, the FX Instruction will be deemed to have been given upon receipt of Accepted Currency into your Payment Account.
4.3. In the event you provide FX Instructions on a day that is not a Business Day or after the time when we have ceased accepting FX Instructions on a Business Day (as stated on the App) ), the Exchange Rate will depend on the method of initiation:
4.3.1. Where you have initiated using the App (as per 4.2.1), you will be given the option to use the Exchange Rate offered by us at the time the relevant market closed on the previous Business Day (“Fixed Rate”); or the beginning of the next Business Day (“Variable Rate”).
4.3.2. Where you have used a Portal (as per 4.2.2), the Variable Rate will be used.
4.4. We For FX Instructions provided using the App (as per 4.2.1), we will inform you of our Fees, the Exchange Rate that we will use for the FX Services (or an estimate of the Variable Rate which you agree is subject to change) and calculate the amount of Accepted Currency that you must transfer to your Payment Account (“Required Funds”) in order for us to carry out the FX Services (“Quote”).
4.5. If For FX Instructions provided using the App (as per 4.2.1), if the Required Funds are not received into your Payment Account before the time and date specified by us in the Quote Quote, which serves as our acceptance of your FX Instruction, then we will use the Exchange Rate offered by us at the time the Required Funds are received into your Payment Account. When using a Portal, a Quote is not provided in advance and we will use the Exchange Rate offered by us at the time when both (i) Accepted Currency is received into your Payment Account and (ii) the FX Instruction is accepted by us.
4.6. You For FX Instructions provided using the App (as per 4.2.1), you may withdraw FX Instructions for free at any time prior to transferring the Required Funds to your Payment Account. In the event you do so, we offer no guarantee that the same Fees and Exchange Rate will be available if you subsequently submit an identical FX Instruction in the future. FX Instructions cannot be withdrawn once you have transferred the Required Funds to your Payment Account.
4.7. When using a Portal, you may withdraw FX Instructions for free at any time prior to our confirmation that the FX Instructions have been accepted by us. Our confirmation will be in the form of an email detailing the Fees, the exact Exchange Rate used for the conversion, the amount of the Converted Currency, and any other relevant transaction details.
4.8. After the FX Services have been provided, we will initiate onward payment immediately once your payment instruction in respect of this Payment Service has been deemed given to us as set out in section 5.3.
Appears in 1 contract
Samples: Customer Agreement
FX SERVICES. 4.1. The FX Services are spot trades where we agree to exchange one Accepted Currency to another Accepted Currency for you.
4.2. You can initiate FX Services using your Payment User Account by specifying the Accepted Currency (within the Applicable Limits) either as an amount that you would like to send to a recipient, or as an amount that you would like a recipient to receive (“FX Instruction”).
4.3. In the event you provide FX Instructions on a day that is not a Business Day or after the time when we have ceased accepting FX Instructions on a Business Day (as stated on the App) you will be given the option to use the Exchange Rate offered by us at the time the relevant market closed on the previous Business Day (“Fixed Rate”); or the beginning of the next Business Day (“Variable Rate”).
4.4. We will inform you of our Fees, the Exchange Rate that we will use for the FX Services (or an estimate of the Variable Rate which you agree is subject to change) and calculate the amount of Accepted Currency that you must transfer to your Payment User Account (“Required Funds”) in order for us to carry out the FX Services (“Quote”).
4.5. If the Required Funds are not received into your Payment User Account before the time and date specified by us in the Quote then we will use the Exchange Rate offered by us at the time the Required Funds are received into your Payment User Account.
4.6. You may withdraw FX Instructions for free at any time prior to transferring the Required Funds to your Payment User Account. In the event you do so, we offer no guarantee that the same Fees and Exchange Rate will be available if you subsequently submit an identical FX Instruction in the future. FX Instructions cannot be withdrawn once you have transferred the Required Funds to your Payment User Account.
4.7. After the FX Services have been provided, we will initiate onward payment immediately once your payment instruction in respect of this Payment Service has been deemed given to us as set out in section 5.3.
4.8. We do not offer FX Services on a standalone basis. All FX Services are provided as an ancillary to our Payment Services.
Appears in 1 contract
Samples: Customer Agreement
