Please note, Newcastle Building Society (NBS), the original issuer of the FairFX Mastercard® Prepaid Card, has transferred its Prepaid Cards Division to Wirecard Card Solutions Limited (WDCS). WDCS, authorised and regulated by the Financial Conduct Authority in the UK and covered by the Financial Ombudsman Service, is the new issuer of your card. The Terms and Conditions and any fees relating to your card remain unchanged. This also does not affect the status of your card or statutory rights in any way. Should you have any queries regarding this matter don't hesitate to contact us, Mon-Fri, 9am-5pm on 020 7778 9300 or email firstname.lastname@example.org
This website (the or this "Website") is operated and owned by FairFX [FairFX Plc, 3rd Floor, Vintners' Place, 68 Upper Thames Street, London EC4V 3BJ] ("FairFX"). You can contact us at email@example.com.
Use of and access to the Website is provided on the basis of the following terms and conditions.
Availability of services and products and accessing the website
1.1 make such changes to the content of the Website or the products or services offered by FairFX through the Website as FairFX (in its absolute discretion) considers appropriate from time to time;
1.2 withdraw such services and products as FairFX (in its absolute discretion) considers appropriate from time to time;
1.3 terminate your access or use of the Website for any breach of these terms or conditions or for any breach of law or regulation or for any reason FairFX considers appropriate in order to comply with anti-money laundering regulations. FairFX reserves the right to use various procedures to authenticate each transaction including identity checks. This service is currently performed by the GB Group. FairFX reserves the right to decline to continue to process any part of your order at any time;
1.4 discontinue the operation of the Website.
2.1 You should not use the Website from any country where accessing or using the Website or any of the information, products or services on it is prohibited by law. This Website does not constitute any invitation or solicitation by FairFX to any person to use any such information, products or services in countries where to do so is prohibited by law.
3.1 FairFX shall use its reasonable endeavours to ensure that any dated information contained or reproduced on the Website is up to date at the stated date of its publication only. FairFX does not accept any responsibility to update or amend any information. The information or content provided by the Website may be out of date at any given time.
4.1 The content of the Website and the products and services made available by FairFX on the Website are intended for use by holiday or business travellers or by individuals or corporations seeking to purchase currencies for the purposes of business travel, and should not be used for speculation or investment.
5.1 All intellectual property and all materials comprising or contained in the Website including but not limited to all text/articles, logos, software and images, are owned, or as the case may be licensed, except as otherwise expressly stated, by FairFX.
5.2 You are entitled to access the Website for the purposes of accessing the facilities offered by FairFX. However you may not use in any way, directly or indirectly, the Website or any of its components for any other purpose. The materials contained on or comprising the Website may not be copied or redistributed for commercial purposes or for compensation of any kind without prior written permission from FairFX.
6.1 This Website contains links to third party websites. Such links are provided to you for your convenience only.
6.2 FairFX has no control over any material which has been published or contained on such third party websites. FairFX does not warrant the content or accuracy of such third party websites nor does FairFX accept responsibility or liability in relation to the content or products offered by or through such third party websites.
7.1 All content shown on the Website (and all services and products provided by it) are provided and made available without any warranties, conditions or guarantees given by FairFX. All such warranties, conditions or guarantees which would otherwise be implied by law are excluded to the fullest extent permitted by law. In particular, FairFX does not warrant the accuracy, suitability, reliability, completeness, performance and/or fitness for purpose of the content of any services or products available through this Website.
7.2 FairFX uses reasonable skill and care in providing its products and services to you. However (to the maximum extent permitted by law) FairFX is not liable to you for any loss, damage, claim or compensation (including loss of profit or loss of use) arising out of:
7.2.1 your use, delay or inability to use this Website;
7.2.2 any inability to perform any of FairFX's obligations due to failure of any technical or computer systems;
7.2.3 any reasons beyond FairFX's reasonable control. This will include (amongst other things) war, terrorism, government action, natural disaster, and industrial disputes;
7.2.4 any damage to your computer equipment as a result of using this Website or any products or services provided from it;
7.2.5 any change in foreign currency rates which may occur from time to time.
7.3 Without limiting the more general exclusions of liability as set out in sections 7.1 and 7.2, (to the maximum extent permitted by law) FairFX is not liable to you for any loss of profit, loss of use, indirect, or consequential losses, claims or other damages suffered or incurred by you from your use of the Website or the products or services offered through or by the Website however caused.
7.4 FairFX's maximum aggregate liability to you in respect of all foreign currency transactions undertaken by you shall be limited to a refund equivalent to any moneys you have paid to FairFX to acquire foreign currency.
7.5 FairFX does not warrant that the Website is free of viruses or of other material which is malicious or technologically harmful. FairFX is not liable for any viruses for other technologically harmful material that may affect your computer equipment, computer programs or other material resulting from your use of the Website.
7.6 The disclaimers and limitations of liability in these terms and conditions shall not apply to any damages arising from death or personal injury caused by the negligence of FairFX or any of its employees or agents or for fraud.
7.7 FairFX does not accept any liability for loss occasioned by fraudulent spending or any other unauthorized use of the card no matter how caused but will assist its customers in preparing a claim for submission to the appropriate third parties where requested to do so.
7.8 If any provisions of these terms and conditions including these disclaimers and limitations shall be unlawful or unenforceable then such provisions shall fall away and shall not affect the validity and enforceability of the remaining terms. Your statutory rights remain unaffected.
9. All use of the Website and these terms and conditions is governed by the laws of England and Wales.
10. All disputes arising out of the use of the Website and/or any services or products provided by FairFX or any dispute relating to these terms and conditions shall be resolved by the Courts of England and Wales.
11. FairFX reserves the right to change these terms and conditions from time to time. You should check these terms and conditions every time you use the Website. By using the Website you will be treated as having consented to these terms and conditions and/or any revised terms and conditions which may appear from time to time.
Provisions relating to placing of the order and when the contract between you and FairFX is formed.
1. Orders through the Website must only be placed by individuals over the age of 18.
2. On the Website FairFX makes available foreign currency for purchase in respect of holiday and business travel (but not for investment, speculation or any other purposes).
3. Please follow the steps on the screen in order to place an order. FairFX reserves the right to ask for further information in order to process your order.
4. FairFX will use various procedures to authenticate each transaction for the purposes of law and regulations including anti-money laundering regulations. FairFX reserves the right to decline to continue to process any part of your order at any time.
5. You will be able to correct the details of your order any time up until you press the "Buy Now" button which confirms order at the bottom of the payment details page. After that point you will no longer be able to correct details on your order, so please make sure they are correct at that time.
6. FairFX will send you an email acknowledgement of your order once it has received it but please note that this is an acknowledgement only and does not constitute acceptance of your order by FairFX.
7. Once you have placed your order for foreign currency on the Website by pressing the "Buy Now" button at the bottom of the payment details page this will authorise FairFX to action your order and you will not be allowed to cancel it subject to the cancellation policy set out in paragraph 8 below. Should you wish to make any amendments to your order after you have placed your order by pressing the "Buy Now" button at the bottom of the payment details page, FairFX will use its reasonable endeavors to accommodate your needs. If you wish to amend your order please send an e-mail to firstname.lastname@example.org . Any such amendments will be subject to the applicable foreign exchange rates as published on the Website by FairFX from time to time. If FairFX agree to amend you order you will receive an e-mail to confirm this. However FairFX is under no obligation to accept any such amendments to your order and FairFX accepts no liability or responsibility in the event that it decides not to do so.
8. You may cancel your order by providing FairFX with written notice of cancellation, by email to email@example.com, at least 7 days prior to delivery of your order. FairFX will have purchased your order at a foreign exchange rate. In the case of cancellation you will receive a refund at the foreign exchange rate prevailing at the time of cancellation of the order which may be different to the foreign exchange rate at the time of your order as exchange rates fluctuate.
9. All orders are subject to acceptance by FairFX and FairFX will confirm such acceptance to you by sending you an email that confirms that the order has been accepted. The contract between FairFX and you will only be formed once FairFX sends you the confirmation email that your order has been accepted. Until that time there will be no binding arrangement for FairFX to supply you with any foreign currency or other services. You should print and retain a copy of the confirmation email for your records.
10. FairFX is not obliged to accept any order and may decline to do so for any reason
11. Your foreign currency will be delivered at the time and made available in the manner set out on the confirmation email. In the event that you have arranged for your order to be delivered FairFX will use Royal Mail Next Working Day Delivery. FairFX accepts responsibility for your order up to the point of collection by Royal Mail. Problems at Royal Mail such as service disruptions, delays or failure to deliver are therefore outside the control of FairFX.
Upon delivery, please ensure that the package is not torn, has not been opened and does not appear to have been tampered with before signing. If you are not happy with the condition of the package do not accept it or sign for it and inform us immediately of any problems.
If your delivery does not arrive please inform FairFX immediately. Upon being made aware of any problems regarding deliveries, FairFX will then liaise with Royal Mail on your behalf and keep you informed as to the reason for the problems and the steps being taken to resolve the issue.
12. The price payable for the foreign currency that you order will be as shown on the confirmation screen and is only valid for a short period of time as Foreign exchange rates continually fluctuate. If you do not submit your order immediately you enter the confirmation screen the price many change and you will need to enter the screen again to see the updated price.
13. FairFX have the right to revise and amend these terms and conditions from time to time. You will be subject to the terms and conditions in force at the time you place an order with FairFX. By placing an order you agree to the terms and conditions in force at the time the order is made.
14. FairFX is entitled to refuse, withdraw or cancel your foreign currency order at anytime, for any reason. FairFX may terminate any foreign currency order at any time.
15. Should any order be cancelled before being processed, your card issuer may suspend the associated funds for up to 5-7 days, before releasing them back into your account. Please be advised that this is beyond FairFX's control. As such, FairFX accepts no liability for such actions. Please note that FairFX does not refund cash advance charges made by your card issuer and that the late cancellation fee may also be subject to a cash advance fee from your card issuer.
FairFX may also terminate any contract it has with you if it is required to do so on instructions of any law enforcement agency or regulatory body. In this case FairFX may retain all or any of your money if it is required to do so by law and then deal with it as ordered by a court or other body of competent jurisdiction.
As a Money Services Business (MSB), FairFX is registered with and regulated by HM Customs & Excise under Money Laundering Regulations. Our staff are fully conversant with Anti-Money Laundering guidelines and are aware of their responsibilities in the monitoring and reporting of any actions that raise suspicion or give cause for concern.
FairFX reserves the right to perform identity checks in accordance with the Terms and Conditions on all individuals who place an order on the website. For further information on these identity checks please contact firstname.lastname@example.org.
FairFX reserves the right at all times to refuse to process any foreign currency order which it believes in its sole discretion, is connected in any manner to any unlawful or illegal purpose. We have a legal obligation to report to Customs and Excise / NCIS any such suspicious transactions.
FairFX is obliged by law to monitor any unusual or suspicious transactions of any size taking place where we have reasons to believe the money is derived from unlawful or illegal activity.
There is a statutory obligation on all FairFX employees and their agents to report suspicious transactions to the UK authorities. Where any such report is made, FairFX accepts no liability for any delay in transmission of or confiscation of the funds.
These terms and conditions apply to your Prepaid Card. You must read them carefully. In these terms and conditions "you" means the named Prepaid Cardholder and the authorised user of the Prepaid Card. "We", "us" or "our" means Wirecard Card Solutions Ltd or Prepaid Card Technology acting on its behalf. "Website" means our website at www.fairfx.com
You can use the Prepaid Card / E-Money Account at any location that displays the Mastercard Acceptance Mark, including shops, restaurants, online, or on the telephone. You can also use your Prepaid Card overseas. Before using the Prepaid Card you need to make sure there are enough funds loaded on it. You will not be able and should not attempt to use your Prepaid Card after its expiry date. On expiry of your Prepaid Card, you will have the option of renewing the card for a further three years via our website. If you renew, your balance will be transferred to the new card.
Your Prepaid Card is not a credit card and can only be connected to your bank account for the purposes of loading the card. You will not earn any interest on any funds loaded on your Prepaid Card.
Where you have requested Additional Prepaid Cardholders, you authorise us to issue Prepaid Cards and a PIN to the Additional Prepaid Cardholders and you authorise each Additional Prepaid Cardholders to authorise transactions on your behalf.
All cardholders who order a card from 27/06/16, and have a FairFX Dollar Card starting with 5223 24 will automatically be eligible to receive additional insurance benefits as detailed in this Consumer Terms document.
These benefits will apply automatically, and you do not need to contact us to confirm that you wish to accept the agreement.
To apply for our Prepaid Card you must be at least 18 years old and a UK resident. We will require evidence of who you are and your address. We may ask you to provide some documentary evidence to prove this and/or we may carry out checks on you electronically.
You must sign the signature strip on the back of the Prepaid Card as soon as it is received. Please refer to our Website (www.fairfx.com) for all Prepaid Card loading options, or refer to the "Loading your Prepaid Card" section below.
By using the Prepaid Card you are agreeing to these terms and conditions.
Funds can be loaded to your Prepaid Card in a number of ways: Internet top up and top ups from your bank account - Simply follow the instructions at the Website
Minimum single load is £50, €60 or $75, and maximum is £5,000.00, €7,500.00 or $10,000.00. Your Prepaid Card cannot be loaded more than twice in any one day. The balance on your Prepaid Card can never exceed £20,000.00, €30,000.00 or $40,000.00 at any time. We reserve the right to refuse to accept any particular loading transaction.
If loaded on-line funds will normally be available for use on the Mastercard Prepaid Card within a few hours. The Financial Services Compensation Scheme does not apply to your Mastercard Prepaid Card, however in the unlikely event that WDCS becomes insolvent, funds that you have loaded are protected against claims made by creditors.
Detailed instructions on how to use your Prepaid Card are found on the Website. You will need to follow these instructions when using your Prepaid Card.
We will deduct the value of your transactions from the balance on your Prepaid Card. We will also deduct any applicable fees as soon as they become payable by you, see our Fees section below for details of our fees.
The Prepaid Card belongs to us. We may ask you to stop using your Prepaid Card and return it to us or destroy it. We may at anytime suspend, restrict or cancel your Prepaid Card or refuse to issue or replace a Prepaid Card for reasons relating to the following:
If we do this, we will tell you as soon as we can or are permitted to do so after we have taken these steps.
If we refuse to authorise a transaction, we will, if practicable, tell you why immediately unless it would be unlawful for us to do so. You may correct any information we hold and which may have caused us to refuse a transaction by emailing us on email@example.com.
Subject to the features of the particular Prepaid Card, the authorisation of a transaction can include authorising any single transaction, a series or recurring transactions (including transactions for an indefinite period) or pre-authorising future transactions of a certain or uncertain amount a Prepaid Card transaction will be regarded as authorised by you where you:
Authorisation for a transaction may not be withdrawn (or revoked) by you after the time it is received. However, the following transactions may be withdrawn if you or an additional Prepaid Cardholder gives notice to the supplier (providing a copy of the notice to us):
We may charge you a fee if a transaction is revoked by you under this condition.
Funds to cover the authorised transactions received by us will be paid over to the merchant acquirer within 3 days following the receipt by us of the instruction to make payment. A transaction (the payment order) will be received as follows:
This agreement will continue indefinitely unless terminated. You have a legal right to cancel your Prepaid Card up to 14 days after you receive the Prepaid Card without being charged the Refund Fee - this 14 day period is known as the "Cooling-Off Period". Under these terms and conditions, you also have the right to cancel your Prepaid Card at any time after the 14 day Cooling-Off Period without notice and any funds remaining on your Prepaid Card will be returned to you within 5 days subject to satisfactory checks being completed. Whenever foreign currency is unloaded/removed from the Prepaid card before during or after the 14 day cooling off period, it will be exchanged at the current buyback rate - not the rate at which the currency was initially loaded.
We may also cancel your agreement for any reason by giving you at least 2 month's notice:
We may also cancel this agreement or suspend your card or account immediately if we believe your Prepaid Card is deliberately being used by you to commit fraud or for other illegal purposes. If we do this we will tell you as soon as we are permitted to do so.
If we cancel your Prepaid Card you must tell us what you want us to do with any unused funds within 3 months of the date we tell you your Prepaid Card is cancelled. We can return the funds to the loading source, to a bank account in the same name as the prepaid card account for your refund. Please note we will need to verify your identity in order to satisfy Anti Money Laundering requirements. If we receive no contact within three months, the funds will be returned to the loading source.
You will not be entitled to a refund of money you have already spent on transactions authorised, or pending or any fees for use of the Prepaid Card before the Prepaid Card is cancelled or expires. You can cancel your Prepaid Card by sending an email to us using the "contact us" function on the Website, and confirming that you have destroyed your Prepaid Card.
If you cancel your Prepaid Card, once all transactions and fees have been deducted, we will arrange for any unused funds to be refunded to you, see "Your Right to a Refund" section below for further information. A Refund Fee may be charged (see Fees section below) unless you have arranged to transfer any unused funds to another Prepaid Card managed by us, or you cancel your Prepaid Card within 14 days of receiving it.
Your Prepaid Card will be valid for 3 years. You may apply, on our website, for a renewal up to 2 months before expiry of the Prepaid Card. This renewal will run for a further three years and your balance will be transferred to the new card
Valid cards can be renewed free of charge. If your card expired and it has a leftover balance then an administration fee of £2/$3/€2.50 per month will be applied.
You should treat your Prepaid Card like cash. If it is lost or stolen, you may lose some or all of your money on your Prepaid Card, in the same way as if you lost cash in your wallet or purse. As a result, you must keep your Prepaid Card safe and not let anyone else use it. If you are issued with a PIN, you must immediately memorise it and destroy the notification. You must keep your PIN secret at all times. You can change you PIN to something more memorable at most ATM machines by following the on screen instructions.
We recommend that you check the balance on your Prepaid Card regularly online at the Website. We will provide you with your Prepaid Card balance and a statement of recent transactions either by electronic means or on our secure webpage at any time. Your statement will show:
You must tell us without undue delay by calling us on our 24 hour lost and stolen card helpline 01753 775961 if you know or suspect that a Prepaid Card is lost or stolen or that the PIN or password is known to an unauthorised person or if you think a transaction has been incorrectly executed. If you ask us to do so, we will investigate any disputed transaction or misuse of your Prepaid Card and we may need more information and assistance from you.
We will refund any incorrectly executed transaction immediately unless we have any reason to believe that the incident has been caused by a breach of this agreement, gross negligence or we have reasonable grounds to suspect fraudulent activity.
However, if the investigations show that any disputed transaction was authorised by you, or you have acted fraudulently or with gross negligence (for example by failing to keep your Prepaid Card or PIN secure), we will not refund the transaction amount and will charge you a fee of up to £50 for any loss we suffer because of the use of the Prepaid Card.
We will not be liable for any loss arising from:
We are also not liable for:
We reserve the right to charge you for any reasonable costs that we incur in taking action to stop you using this Prepaid Card and to recover any monies owed as a result of your activities.
The Funds on your Prepaid Card
You may request a refund of the funds on your Prepaid Card provided you have more than €10 or the GBP equivalent loaded on your Prepaid Card. To do so, send us an e-mail using the "contact us" facility on the Website requesting a refund. We will then confirm the exchange rate we will use for the refund by email and arrange to have the money returned to you. We encourage you to keep the card, which is valid for three years, and use it on your next trip. When we process your refund, we may charge a Refund Fee (see Fees section below).
We will arrange an electronic transfer to a bank account nominated by you. However, to enable us to comply with our legal obligations, we may ask you to provide us with certain information before we can process your refund request.
You may be entitled to claim a refund in relation to transactions where:
We may change these terms at any time by notifying you by e-mail or other agreed means at least 2 months before the change is due to take effect. The up-to-date version of the Prepaid Card terms and conditions will always be available on the Website. The change will automatically take effect and you will be taken to have accepted the notified change unless you tell us that you do not agree to the change. In that event, we will treat that notice as notification that you wish immediately to terminate. In such circumstances we will refund any balance on the card in accordance with section 10 above.
We may make immediate changes to the exchange rate used to convert foreign transactions into Sterling. For all transactions made in a foreign currency you can find out what the applicable exchange rate was at the time of the transaction by contacting our Customer Services Team.
We do not charge any fees for checking your on-line balance and transactions. However the following fees do apply.
|FairFX Card Issue Fee||£9.95, unless purchased through a special partner offer or if you load £200+ onto the card at time of purchase.|
|Family and Friends Card Issue Fee||£6.00|
|Monthly Management Fee||FREE|
|Usage Restrictions||Please see Terms and Conditions|
|UK Point Of Sale Transaction Fee||Euro and US Dollar cards - no transaction fee. Everywhere card - a 1.4% transaction fee applies to all transactions.|
|International Point Of Sale Transaction Fee||Euro and US Dollar cards - no transaction fee. Please note that an Out of Currency fee may apply* Everywhere card - A 1.4% transaction fee applies to all transactions|
|ATM Transaction Fee||
Please note that some ATMs may apply an additional surcharge.
|Over the Counter Bank Branch Withdrawal Fee||1.5% of the transaction value. Subject to a minimum fee of €6.25 / £5 / $7.50|
|Lost and Stolen Card Block Fee||FREE|
|Customer Service Telephone Enquiries||Standard call charges apply.|
|Lost and Stolen Card Replacement Fee||£5.99, €9 or $12|
|PIN Issue/Re-Issue Fee||FREE|
|Card Load/Reload||FREE card load online by Debit card or Bank Transfer. Credit card loads will incur an additional fee of 2.5%|
|Dispute Administration Fee||£10 per disputed transaction (this may be refunded in certain circumstances).|
|Refund Fee on active cards||
If you have expressed that your Prepaid Card will be used for business and personal spending then you will have been issued with a card number that begins with 5116. If your Prepaid Card number begins with 5116, the following ATM Transaction Fee and UK Point Of Sale Transaction Fee will be applicable instead of what is outlined above. All other Prepaid Card fees are applied as normal.
|ATM Transaction Fee||
|Point Of Sale Transaction Fee||
|Out of Currency Fee||Euro Card / Dollar Card - 1.75% of transaction value|
* An 'Out of Currency Fee' is a charged when you use the card in a different currency to what is held on the card (including ATM withdrawals). This fee is 1.75% of the transaction value on Euro and Dollar Cards.
When you use your Prepaid Card at an ATM, you may also be subject to applicable fees, surcharge rules and regulations of the relevant ATM, or other financial institution or association.
If we decide to increase or impose any new fees, we will tell you by e-mail, text, or post, at least two months before any changes take effect. Authorisation will be requested for all transactions at the time of each transaction. In the unlikely event, for any reason whatsoever, a transaction is completed when there are insufficient funds on the Prepaid Card for that transaction (a "Shortfall"), the Shortfall shall be reimbursed by you unless it is due to an error on the part of the retailer where the Prepaid Card was presented, in this circumstance we may seek the Shortfall from the retailer.
You agree that once we make this Shortfall known to you, we may charge you for the Shortfall amount. We may charge the amount of the shortfall from any other Prepaid Cards that you hold with us, to any other payment method which you may designate at that time, or against any funds which you may subsequently load onto your Prepaid Card or on any additional Prepaid Card ordered by you. Until we are reimbursed the Shortfall amount, we may suspend your Prepaid Card and any additional Prepaid Cards connected to you. In addition, we reserve the right to charge you an Administration Fee for each transaction that you make using your Prepaid Card that results in a Shortfall or increases the Shortfall amount on your Prepaid Card.
You must let us know as soon as possible if you change name, address, phone number or e-mail address. If we contact you in relation to your Prepaid Card, for example, to notify you that we have cancelled your Prepaid Card, we will use the most recent contact details you have provided to us. Any e-mail to you will be treated as being received as soon as it is sent by us. We will not be liable to you if your contact details have changed and you have not told us.
If you have any disputes about purchases made using your Prepaid Card, you should settle these with the person you bought the goods or services from. We are not responsible for the quality, safety, legality or any other aspect of any goods or services purchased with your Prepaid Card. Remember that once you have used your Prepaid Card to make a purchase we cannot stop that transaction.
If you have an enquiry relating to your Prepaid Card, you can email firstname.lastname@example.org or telephone 0871 911 0007 (use 01753 778619 when calling from abroad). We will deal with your enquiry promptly.
The Prepaid Card programme is managed by Prepaid Card Technology. If you are unhappy in any way with your Prepaid Card or the way it is managed, tell us by using the e-mail enquiry facility on the Website so we can investigate the circumstances for you. Any complaints you have will be dealt with quickly and fairly. You may be able to take unresolved complaints to the Financial Ombudsman Service, Exchange Tower, London E14 9SR. Telephone: 0800 023 4567 or 0300 123 9123 and e-mail: email@example.com
The Prepaid Card is an electronic money product and although it is a product regulated by the Financial Conduct Authority, it is not covered by the Financial Services Compensation Scheme. However, in the unlikely event that WDCS becomes insolvent, funds that you have loaded are protected against claims made by creditors.
We may assign the benefit and burden of these terms and conditions to another company at any time, on giving you 2 month's prior notice of this. If we do this, your rights will not be affected.
We may transfer your unused balance to a new Prepaid Card provided by a Prepaid Card issuer other than Wirecard Card Solutions Ltd at any time. Before we do this, we will give you 2 month's notice of the new Prepaid Card arrangements and the new Prepaid Card terms and conditions. Unless you advise us within the 2 month period that you do not want a new Prepaid Card from the new Prepaid Card issuer, you agree that we can automatically transfer the unused balance on your Prepaid Card to a new Prepaid Card provided by the new Prepaid Card issuer.
This Agreement is concluded in English. All communications with you will be in English. These terms and conditions will be construed in accordance with English law.
As a responsible e-money issuer, Wirecard Card Solutions Ltd ensures that once it has received your funds they are deposited in a secure account, specifically for the purpose of redeeming transactions made by your Prepaid Card. In the unlikely event that Wirecard Card Solutions Ltd becomes insolvent, funds that you have loaded, which have arrived with and been deposited by Wirecard Card Solutions Ltd, are protected against the claims made by creditors.
Your Prepaid Card is issued by Wirecard Card Solutions Ltd (WDCS) whose principal office is Grainger Chambers, 3-5 Hood Street, Newcastle upon Tyne, NE1 6JQ, which is authorised by the Financial Conduct Authority to conduct electronic money service activities under the Electronic Money Regulations 2011 (Ref: 900051) as an issuer of e-money. Your Prepaid Card is the property of Wirecard Card Solutions Ltd and is not transferable to anyone else.
If you use your card in restaurants and bars in the USA, you will see a separate transaction described as ‘Commission’ on your statement. The value of the commission transaction will be for 15% of your authorised transaction amount. It is commonplace for restaurants and bars in the USA to authorise transactions on the payment card before customers have had the chance to add a tip to their bill. For transactions from restaurants and bars FairFX places a ‘hold’ of 15% of the authorised amount on your card until the final amount is confirmed by the merchant. Until the final amount is confirmed, a ‘commission’ amount will show on your statement to ensure sufficient funds are available on your card should a tip be charged. If the tip is not going through the card payment, then the ‘commission’ amount will be released as available funds to spend as soon as the Merchant confirms the transaction amount. Merchants typically finalise payments within three days but it can take longer and is controlled by the merchant. Merchants can only add tips to your card if you’ve agreed to it. During the hold period, you will not have access to the preauthorised amount.
After you have completed a FairPay transaction with FairFX, if you find a better rate from any other provider in the UK, notify us within 24 hours of transacting with us and we'll refund the difference between the FairPay online rate and the alternative rate you found elsewhere. This will only be in relation to the amount you have already transacted through FairPay.
1. The FairPay Price Guarantee only applies to rates offered through the online FairPay platform at www.fairfx.com/fairpay. Services we offer either in conjunction with any of our partner companies (including those hosted through www.fairfx.com or www.fairfx.net) or for reloading a FairFX Prepaid Mastercard® Card or for home delivery of cash are excluded from the FairPay Price Guarantee.
2. Our commitment only applies to the currencies listed as Payment Currencies on FairPay (www.fairfx.com/fairpay) on the "trade date" you executed a transaction with us on FairPay. The trade date is the date you entered into your legally binding contract with FairFX Plc on the FairPay platform.
3. Foreign Exchange markets are volatile and rates can change quickly. The rate guarantee will only apply if you can demonstrate that you obtained a better quote online from an automated platform (and not over the phone) from another provider within 30 minutes of the time of executing your FairPay transaction on the same trade date.
4. The quotation from the other provider to which your FairPay transaction is being compared must be from a foreign currency retailer based in the UK who makes international transfers in the normal course of business and must be available to a UK resident retail customer.
5. The quotation from the other provider to which your FairPay transaction is being compared must be from a foreign currency retailer acting as a Principal to the transaction and not an exchange rate from a peer-to-peer platform.
6. The quotation from the other foreign currency retailer to which your FairPay transaction is being compared must be for the same transaction value as your completed FairPay transaction and for the same transaction terms including value date and must be for deliverable FX.
7. The price compared will be the total price (including overseas transfer fees or charges, commission, and FX margins) charged by the other provider to which the FairPay rate is being compared, on the same trade date you used FairPay. The prices compared must be genuine like-for-like buy rate and sell rate prices offered to the general public in the normal course of business and not "interbank rates"* or prices only available to staff, club members or other selected groups or individuals, or any limited time special offers.
8. The guarantee only applies to FairPay transactions paid for by Bank Transfer or Debit Card and does not include transactions paid for by Credit Card.
9. The guarantee is only effective for FairFX customers who have executed a FairPay transaction with FairFX and have completed the transaction by paying FairFX and the final foreign currency delivery has been completed.
*Interbank rates are considered rates that are indicative of the market and shown on various market and competitor websites which are not actually available for buying or selling but are based on the mid-point of buy and sell rates for large transactions in international foreign exchange markets.
10. We offer our FairPay Price Guarantee wherever we can verify, to our reasonable satisfaction, the alternative online price that you have been offered. Therefore, please email the following information to firstname.lastname@example.org in order to claim your refund of any difference versus the FairPay transaction performed with FairFX.
11. Given that the Foreign Exchange markets move so quickly, our commitment only applies if you are able to demonstrate that you have obtained an online quote from another provider within 30 minutes of the FairPay transaction executed with FairFX.
12. The FairPay Price Guarantee only applies to transactions carried out on UK Business days between 09.00 and 17.30 UK time.
13. In exceptional market conditions, FairFX reserves the right to amend the rate comparison terms and conditions.
15. The FairPay Price Guarantee commitment to refund any difference will not apply if you have not paid us in full for the FairPay transaction that is being compared.
16. The FairPay Price Guarantee shall not apply in the unlikely event of FairFX quoting a rate that is manifestly in error (for instance a rate of Interbank or better on any currency or transposing a US dollar rate for a Euro rate)
17. The FairPay Price Guarantee is only applicable to UK resident customers.
18. FairFX may, at any time, withdraw this commitment in respect of transfers that have not already been made, without notice.
19. This commitment is made by FairFX Plc., 3rd Floor Vintners' Place, 68 Upper Thames Street, London EC4V 3BJ. UK Company registration number 05539698 and Money Service Business registration number 12236741
20. The FairPay Price Guarantee is capped at the prevailing Interbank rate at the time of the FairPay transaction. The maximum rate differential that this guarantee will cover is the spread between the FairPay rate and the Interbank rate at the precise moment of the completion of the FairPay transaction.
21. The FairPay Price Guarantee refund is payable up to a maximum of £250 on a single transaction. Each customer is limited to one successful claim under this Guarantee in each calendar year.
22. The guarantee does not apply to variations in FairFX’s own rates as these are changed to reflect market movements.
FairPay Online Price Guarantee Terms and Conditions last updated on 16 October 2013.
We will deal with you on:
You may give us instructions orally, electronically or in writing. The only persons authorised to give us instructions on your behalf are those notified in writing to us in accordance with the terms of the Application Form. In entering into this Agreement, you warrant and understand that:
3.1 We will provide facilities for you to buy and sell currency.
3.2 Once a Contract has been entered into, and whether or not a Contract Note has been issued, it cannot be altered, cancelled or rescinded.
3.3 When making an Order or entering into any Contract you rely solely on your own judgement. If we provide you with information concerning any matter including (without limit) the foreign exchange markets, it is on a voluntary basis and we do not accept responsibility for the accuracy or completeness of such information or assume any duty of care in relation to it. We do not offer advice under this Agreement on any matter including (without limit) the merits or otherwise of any currency transactions, on taxation, or markets.
3.4 We may at our absolute discretion refuse any Order without giving any reason and without liability for any loss or damage incurred by you or any other party.
3.5 We will not transfer to you any funds representing the benefit of any fluctuation in currency arising after a Contract has been entered into .
3.6 We may request from you, from time to time, and you will provide any information regarding you and your business and financial affairs, status and corporate identity including, without limitation, any information required for compliance with legislation governing money laundering or other matters.
3.7 You are responsible for ensuring the accuracy of all information submitted to us by you and must not withhold or omit any information that would render those details false or inaccurate. You will notify us immediately if you become aware of any error or omission.
4.1 In the event of a Spot Trade, you will pay the Sale Currency in full into the Client Nominated Account for value no later than the close of business the following business day.
4.2 In the event of a Forward Trade, you will immediately (in the normal course of events within 24 hours after the Order is placed unless otherwise agreed) pay into the Margin Nominated Account in cleared funds a Margin of 10% of the full amount of the Sold Currency, or such other percentage as we may specify at our sole discretion and will pay any outstanding balance of the Sale Currency into the Nominated Account not later than one Working Day before the Value Date of the particular Forward Trade. Any margin held by us will be lodged against the forward position of the client held in the name of FairFX. The client acknowledges that this money will not be covered by the client money rules.
4.3 FairFX accepts no responsibility in the event that the client sends currency to the incorrect client segregated designated currency account.
4.4 In the event of a Same Day Trade you will pay the Sale Currency into the Client Nominated Account by no later than 12.00pm on a Working Day, unless we stipulate otherwise.
4.5 All payments made by you under this Agreement shall be free from and without set-off, withholding, counterclaim or deduction whatsoever. We shall make all payments due to you under this Agreement in full unless required by law to make deductions including, without limitation, deductions or withholdings in respect of any taxation liabilities.
4.6 Banks have specified cut off times for the receipt and dispatch of electronic payments. We accept no responsibility for any consequence attributable to the arrival of funds or instruction of payment after the relevant cut off times.
4.7 We reserve the right to make a Margin Call to re-establish the Margin to the original percentage level agreed for the particular Trade if the Margin subsequently falls below the applicable threshold for that Trade as set out below as a result of an adverse market movement:
4.8 All Margin Calls must be paid within twenty four hours of our first communicating the Margin Call to you.
4.9 The Margin will vest automatically in us in any of the following circumstances:
4.9.1 on the Value Date;
4.9.2 if you breach of any material term of the Agreement;
4.9.3 in the circumstances set out in Clause 5.1.5.
4.10 All funds provided by you under a Contract (whether as security or otherwise) may be appropriated by us if we incur any liability in respect of any Trade or in the event that you are unable to pay sums due to us or breach of this Agreement.
4.11 If you fail to make any payments due to us then we may charge you interest at the rate set out in the Late Payment of Commercial Debts (Interest) Act 1998 and/or any regulations or guidance issued under that Act.
4.12 Charges - we will charge a telegraphic transfer fee per same day electronic transfer charges.
4.13 FairFX may, at it's discretion, make payments to third party introducers.
5.1 We may close out all or part of any Trade from the market and/or terminate this Agreement without notice if:
5.1.1 you fail to make any payment for a Service when due in accordance with this Agreement;
5.1.2 you are in material breach of this Agreement or fail to comply with your obligations in respect of a Trade;
5.1.3 you are in breach of any relevant statute, regulation or regulatory regime;
5.1.4 it becomes unlawful for us to perform this Agreement;
5.1.5 you become unable to pay your debts as they become due or have a bankruptcy petition presented against them or you propose a form of composition or arrangement to its creditors or if you cease or threaten to cease to carry on all or a part of your business; 5.1.6 in respect of any reasons specified in the Application Form; or
5.1.7 any of the events specified above or anything analogous to them occurs under the laws of any applicable jurisdiction.
5.2 If you become aware of the occurrence of any event referred to in this Clause 5, you must give us immediate written notice.
6.1 The following provisions set out our entire liability to you for any losses, costs (including legal costs), damages, expenses, taxes, charges or any other liability whatsoever ('Claim') except for death or personal injury caused by our negligence or the negligence of those for whom we are legally responsible that causes death or personal injury or for our fraudulent misrepresentation.
6.2 The limitation and exclusion of liability is set on the basis that you are aware of the volatility of the foreign currency market.
6.3 We are not liable for any Claim that arises as a result of currency fluctuation between the Order Confirmation and the Value Date, or as a result of your non-compliance with the terms of this Agreement or caused by the failure or delay of any third party in the transmission, provision or delivery of any Service.
6.4 We are not liable for indirect loss, or for loss of profits, management time, contracts, goodwill, anticipated savings, even if such loss was reasonably foreseeable.
6.5 Subject to provisions of this Condition 6, our total aggregate liability to you for any Claim will not exceed the total Sale Currency paid by you in respect of the Order giving rise to the Claim. Where no Order is placed, our liability is nil.
6.6 You will indemnify and keep us indemnified against all losses (including legal costs on a solicitor and own client basis) and liabilities incurred by us in the proper performance of services for you or in the enforcement of our rights hereunder and, in particular, losses and liabilities incurred as a result of:
6.6.1 any default in payment by you of any sum due under a Contract or any other breach of this Agreement;
6.6.2 our carrying out your instructions: or
6.6.3 our exercising our rights under Clause 5.1, but in such event we will have the right, as an alternative to our right to an indemnity, to set-off against any monies held by us on your account any amounts owed by you to us.
7.1 Nothing in this Agreement confers any benefit or any right to enforce this Agreement on any third party.
7.2 Nothing in this Agreement is intended to create a partnership, joint venture or agency relationship between the parties.
7.3 Clauses 6 and 7 will survive termination of any Order or termination of this Agreement.
7.4 These Conditions constitute the entire agreement and understanding of us and you and supersede all oral communications and prior writing relating to it.
7.5 We may amend these Conditions by notice in writing to us at any time and such amendment will be binding from the date of such notice. Any such amendment will not be retrospective or affect any rights or obligations that may already exist in respect of any Order.
7.6 Should any part of this Agreement be found by a court of law to be unenforceable or illegal, the remaining terms will continue in full force and effect.
7.7 You may not assign or transfer your rights or obligations under this Agreement without our express written consent. We may assign, transfer and/or novate our rights and obligations under the Agreement to any third party.
7.8 Any failure by either party to exercise and any delay, forbearance or indulgence by any party in exercising any right, power or remedy under this agreement will not operate as a waiver of that right, power or remedy or preclude its exercise at any subsequent time.
7.9 If any of the terms of this Agreement conflict with a Contract, the Contract will prevail.
7.10 Other than an obligation to make payment, a party shall not be liable to the other for failure to perform its obligations under this Agreement or any Order if that failure was caused by events beyond its reasonable control. These events include, but are not limited to fire, flood, failure of third party systems, terrorist attack and war.
7.11 These Conditions will be governed and construed in accordance with English Law and the parties submit to the non-exclusive jurisdiction of the English Courts.
You warrant and represent to us on a continuing basis that:
8.1 all information that you supply to us is complete, true, accurate and not misleading in any material respect;
8.2 you are obligated to inform us with immediate effect if beneficial ownership of the company changes by more than 10%
8.3 you are acting as principal and not as another party's agent or representative;
8.4 you are not prevented by any legal disability or subject to any law or regulation that from performing this Agreement and any related transactions contemplated by it.
8.5 you have all necessary consents and have the authority to enter into this Agreement and subsequent Orders or other transaction contemplated by this Agreement (and if the Client is a body corporate, you are properly empowered and have obtained all necessary corporate or other authority pursuant to its constitutional and organisational documents);
8.6 you comply with all relevant laws, regulations, exchange requirements and registration requirements;
8.7 all Orders are placed in the course of your usual trade or business and will be for commercial or investment purposes only and not for currency speculation; and
8.8 you will take risk in and ownership of the purchased currency upon payment of the full amount of the sold currency as directed by on your instructions contained in the relevant order.
You agree that we may:
a. record telephone conversations between you and us; and
b. use such recordings, or transcripts from such recordings, as evidence in any dispute or anticipated dispute.
In entering into this Agreement you will be providing us with personal) information within the meaning of the Data Protection Act 1998. You consent to us processing all such information for the purposes of performing this Agreement and also for the purposes of administering the relationship between you and us, We may use and/or disclose such information to any of our Associates for sales and marketing purposes unless you notify your objection to this in writing.