General Terms of Service

IMPORTANT: PLEASE CAREFULLY READ THE FOLLOWING TERMS OF SERVICE. YOU ACKNOWLEDGE THAT YOU UNDERSTAND AND AGREE TO ALL OF THESE TERMS IF YOU HAVE REGISTERED FOR A SWAPX CARD.

These Terms of Service, the Card Terms and Conditions, the swapx.co.uk Privacy Policy and the swapx.co.uk Terms of Website Use form the agreement for your Account and Card. These Terms of Service govern the provision of currency conversion services by us in connection with your Account and you have no rights against the Card Issuer in relation to these services. By activating your Card you are confirming that you accept these Terms of Service. If there is anything you do not understand or agree with, please contact SWAPX Ltd Customer Services

These Terms of Service are between you (the User) and SWAPX LTD, a company incorporated in England and Wales with company number 09829039 and whose registered office is at 3 New Mill Court, Swansea Enterprise Park, Swansea, SA7 9FG.

We may amend these terms in accordance with paragraph 8.5. You must carefully review these Terms of Service and documents referenced herein when choosing whether to use the SWAPX Services. Please be advised: These Terms of Service contain provisions that govern how claims we have against each other are resolved, including an agreement to arbitrate, which will, with limited exception, require you to submit claims you have against us to binding and final arbitration. You will be permitted to pursue claims against us only on an individual basis, not as a plaintiff or class member in any class or representative action or proceeding, and you will be permitted to seek relief (including monetary, injunctive, and declaratory relief) only on an individual basis.

Please note the following risks of using the SWAPX Services, which are set forth in more detail in the relevant sections of these Terms of Service: We may close, suspend, or limit your access to your SWAPX Account and the SWAPX Services if you violate these Terms of Service, or any other agreement you enter into in relation with this service, or as may be otherwise specified in these Terms of Service. We may also use fraud and risk modeling when assessing the risk associated with your SWAPX Account.

These Terms of Service are separate and independent from the Card Terms and Conditions which govern the relationship between you and the Card Issuer. By agreeing to the SWAPX Terms of Service you shall be deemed to agree to the Card Terms and Conditions as well. In the event of a conflict between these Terms of Service and the Card Terms and Conditions, the terms of the Card Terms and Conditions shall prevail. Capitalized terms have the meanings set forth in Schedule 1—Definitions, or the meaning set forth below.

Your Use of Another User’s Information

1.1 You agree to use Information that you receive about another User only as necessary to use the SWAPX Services. You shall not disclose such Information to a third party, use such Information for your marketing purposes or use it for any other purposes, without our prior written consent to do so and, where required by law, the consent of the other User.

Location-Based Data

1.2 You may opt-out of providing location data through your mobile device; Unless you opt-out of providing location data, you consent to the collection, use, sharing, and onward transfer of location data, as further set forth in the Privacy Policy. Security

1.3 You are responsible for maintaining adequate security and control of your mobile phone, any and all IDs, passwords, personal identification numbers (PINs), or any other codes that you use to access the SWAPX Services, SWAPX Card and your SWAPX Account. You should also carefully safeguard your Card. You agree to immediately notify us of any unauthorized use of your login credentials or other breach of security, via our in-app chat support system. You can also block your card on the app anytime, and if unable you can do it via our automated phone line +44 (0) 203 422 9144.

1.4 All Transactions are processed by automated methods, and anyone who obtains your access credentials and/or mobile phone could use it to transfer your money without your permission.

1.5 You should treat the funds held in your Account like cash in a wallet. If a Card is lost or stolen or there is unauthorised use of a Card, you may lose some or all of the balance held in your Account in the same way as if you lost cash.

Eligibility

1.6 To be eligible to use and register for the SWAPX Services, you must be at least 18 years old.

Services Generally

2.1 You may send money from, and receive money into, or exchange money in your SWAPX Account through the SWAPX Services, by using a mobile device, the Internet, or other technologies on which SWAPX may make the SWAPX Services available from time to time. You may add money to your SWAPX Account and conduct payment transactions as described below. Please note that funds sent through the SWAPX Services may not be instantly available to you.

Account Profile

2.2 From the interface in the SWAPX Portal, you may view your Transaction history, change applicable settings, and exchange and send money, and any other services we may choose to provide.

Changes to the SWAPX Services

2.3 We reserve the right to change, suspend or discontinue any aspect of the SWAPX Services at any time, including hours of operation or availability of the SWAPX Services or any SWAPX Services feature, without notice and without liability. We also reserve the right to impose limits on certain SWAPX Services features or restrict access to some or all of the SWAPX Services without notice and without liability.

Transaction Restrictions

2.4 Restrictions on transactions are fully described in SWAPX Portal.

Approved Devices and Platforms

2.5 The SWAPX product is intended for use on mobile devices, Apple or Android operating systems, the SWAPX web site, or other devices or operating systems approved by SWAPX, as provided to you directly by SWAPX. You are strictly prohibited from using the SWAPX Services on a mobile device or operating system, or other device or operating system that has been modified or customized in any way. You bear sole responsibility for such unauthorized use of the SWAPX Services on a modified mobile device or computer.

Account Creation

3.1 When you sign up, you are creating a SWAPX Account unique to your provided phone number. During the signup process for the creation of a SWAPX Account we will ask you to provide certain Information.

Identity Authentication

3.2 You agree to cooperate with all requests made by us or any of our third party service providers in connection with your SWAPX Account, to identify you, authenticate your identity, or validate your funding sources or Transactions. We and/or the Card Issuer reserves the right to close, suspend, or limit access to your SWAPX Account and/or the SWAPX Services in the event we are unable to obtain or verify such Information. You authorize SWAPX, directly or through SWAPX third party service providers, to make any inquiries we consider necessary to validate your identity. This may include asking you for further information, requiring you to provide your date of birth, or other information that will allow SWAPX to reasonably identify you, including requiring you to take steps to confirm ownership of your phone number or payment instruments or verifying your Information against third party databases or through other sources. We may also ask to see your driver’s license or other identifying documents at any time (on our own behalf or on behalf of the Card Issuer).

Accuracy of Information

3.3 You are responsible for the accuracy of the applicable transaction information and payment information for each Transaction you engage in.

Intellectual Property

3.4 "SWAPX.co.uk," "SWAPX", and all logos related to the SWAPX Services are either trademarks or registered trademarks of SWAPX or its licensors. You may not copy, imitate or use them without SWAPX’s prior written consent. In addition, all page headers, custom graphics, button icons, and scripts are service marks, trademarks, and/or trade dress of SWAPX. You may not copy, imitate, or use them without our prior written consent. All right, title and interest in and to the SWAPX website, any content thereon, the SWAPX Services, the technology related to the SWAPX Services, and any and all technology and any content created or derived from any of the foregoing is the exclusive property of SWAPX and its licensors.

Customer Support

3.5 If you have an inquiry regarding a payment made with the SWAPX App or web portal, or you believe there has been an error or unauthorized Transaction, please contact SWAPX Customer Support immediately. Customer Support can be contacted by email 24 hours a day, 7 days a week. You can block your card on the app and web portal at anytime, if unable you can email us at support@swapx.co.uk

Card Service

4.1 You will be issued a Card by the Card Issuer and you hereby authorize us to share any Information you provide to us with the Card Issuer. The Card Issuer will use such Information that you provide in accordance with its privacy policy as set out in the Card Terms and Conditions. 4.2 For the avoidance of doubt SWAPX is the merchant of record for all Transactions to load your Account.

Transaction Limits

4.3 Transactions with your Account (including Transactions initiated using your Card) may be limited by applicable limits set by SWAPX or the Card Issuer. The limits are defined in on the website.

Reported Account Balance

4.4 You acknowledge that balances and available funds reported via the SWAPX Services only approximate real time balances rather than the settled balances in your Account. A real time balance may not take into account pending debits and credits. Despite that fact, SWAPX will provide you information about pending debits and credits when it has that information.

Loading Your Account

4.5 To load your Account, you must request an electronic transfer from either your Registered Bank Account or a debit card. All such loading methods will incur a 1% load fee, of the amount loaded charged by SWAPX at the time of load. In such a transaction, you are instructing SWAPX to accept electronic transfers via direct deposit, or from a debit or credit card, in the amount you specify, and to deposit such funds into your Account.
4.6 You acknowledge that a one time administration fee of £2.50 will be debited at point of the first load to your card in addition to the debit amount requested.
4.7 You can deposit money to your SWAPX account only from a bank account registered in your name. Transfers from third parties, including but not limited to companies, friends and family, will be returned to the sender's account after deducting third-party processing fees.

Methods of Sending, Spending or Exchanging Money

5.1 By sending, spending or exchanging money, you authorize and instruct SWAPX to communicate your instruction to execute the transaction. Once you have provided your authorization for the Transaction, you will not be able to cancel it, except as provided for by applicable law. You are solely responsible for confirming the accuracy of any Transactions made by you.

Receipts at Merchant Locations

5.2 SWAPX provides virtual receipts for all Transactions, which are accessible online or through the App. In addition to virtual receipts, merchants should provide you receipts when you use the SWAPX Services. SWAPX is under no obligation to provide you with a physical receipt or other written confirmation in connection with any Transaction.

Refused and Refunded Transactions

5.3 When you send money, the recipient is not required to accept it. You agree that you will not hold us liable for any damages resulting from a recipient’s decision not to accept a payment. Any unclaimed, refunded or denied payment will be returned to you through the original Payment Instrument. Any unclaimed payment will be returned to you within 30 days of the date you initiated payment.

Fraud Detection

5.5 SWAPX may delay sending instructions on your behalf if it has reason to believe that your instructions may involve fraud or misconduct, or violate applicable law, these Terms of Service, applicable SWAPX policies, as determined in SWAPX’s sole and absolute discretion.

Taxes

5.6 It is your responsibility to determine what, if any, taxes apply to the payments you make or receive, and it is your responsibility to collect, report and remit the correct tax to the appropriate tax authority. We are not responsible for determining whether taxes apply to your Transaction, or for collecting, reporting or remitting any taxes arising from any Transaction. In certain circumstances, such as if you are a legal resident of the Republic of Ireland and you conduct an ATM transaction in the Republic of Ireland, SWAPX may collect from You the appropriate stamp duty up to the legal maximum as required by the Irish Revenue Commissioners. You hereby agree to comply with any and all applicable tax laws in connection with your use of the SWAPX Services, including without limitation, the reporting and payment of any taxes arising in connection with Transactions made through the SWAPX Services.

Fees for the SWAPX Services – Fair Use Policy

5.7 The fees for the SWAPX Services are set out in Schedule 2 at the bottom of this agreement. These fees are incorporated into these terms and conditions and are subject to change from time to time by us giving you two months’ notice. Information on why we charge certain fees can be viewed in the Fair Use Policy which may be viewed on our website at https://SWAPX.com/fairusage.

5.8 Please be aware that some ATM providers charge additional fees for the use of their ATMs and some Merchants add a surcharge for accepting certain types of cards. You may also be subject to their terms and conditions of business when using a Card with them and it is your responsibility to check before proceeding with a Transaction.

Transaction Authorisation

5.9 You will be deemed to have authorised a transaction by using the Card together with (i) the PIN Code or with (ii) the CVC Code and expiry date or with (iii) the signature of the Cardholder or (iv) using the Card’s contactless functionality.

5.10 Your Card (other than a virtual card) can be used to make cash withdrawals from ATMs and banks who agree to provide this service as well as payments authorised Merchants, unless we inform you otherwise.

5.11 The value of each Transaction and the amount of any fees or charges payable by you under these Terms of Service will be deducted from the available balance in your account.

5.12 Once a Transaction is authorised it cannot be withdrawn. Within the EEA we will ensure transfer of the payment to the payment service provider of the Merchant within three Business Days and ensure transfer of the payment within one Business Day. If the payment service provider of the Merchant is located outside the EEA, we will transact the payment as soon as possible.

5.13 Some Merchants such as car hire companies, hotels, restaurants and other service providers will estimate the sum of money you may spend with them or for which you require authorisation. This estimate may be for a greater amount than the amount you finally spend with them or are charged for by them. This means that some of the funds on your Account may be held for up to 30 days until the Merchant has settled the Transaction amount and accordingly, You will not be able to spend this estimated sum during this period. We cannot release such sum without authorisation from the Merchant. In certain situations, for example at restaurants, you may be required to have a maximum of 20% more on your Wallet than the value of the bill to allow for any service charge added by the restaurant.

How You May Close Your SWAPX Account

6.1 You may close your SWAPX Account at any time by contacting customer service. Your SWAPX Account can be closed only by you.

6.2 Whether your Account if closed by You or terminated by SWAPX in accordance with these Terms of Service, if your SWAPX Account holds a balance at the time of its closure, we will ask you to withdraw your funds within a reasonable period of time, during which your SWAPX Account will be accessible for the purpose of withdrawing the remaining balance only. After the expiry of this period you will not be able to access your SWAPX Account but you may withdraw any remaining funds by contacting Customer Service and requesting that the funds are sent to you by returning the funds by either a card refund or bank transfer. You may do so for a period of six years from the date of closure of your SWAPX Account. Once SWAPX has verified your identity, it will close your Account. When your SWAPX Account is closed, any pending instructions will be cancelled.

Limitations on Closing Your SWAPX Account

6.3 You may not close your SWAPX Account to evade an investigation. If you attempt to close your SWAPX Account while SWAPX is conducting an investigation, it may freeze the account to protect all parties to the SWAPX Services, its affiliates, or a third party against any liability. You will remain liable for any obligations related to your SWAPX Account even after the SWAPX Account is closed.

Electronic Delivery of Communications

7.1 All fees are charged as per SWAPX App notifications. Your bank may also charge you fees as related to the applicable Payment Instrument. This section describes how SWAPX communicates with you electronically, provides additional detail about the Communications we provide you, and sets out the hardware and software you need to receive these Communications.

7.2 You agree and consent to electronic receipt of all Communications that we provide in connection with your SWAPX Account and the SWAPX Services. Since the SWAPX Service is an electronic service, you agree that SWAPX has no obligation to send, and you have no right to receive, communications in paper form. We will provide Communications to you by making them available through the SWAPX Services or by emailing them to you at the primary email address listed in your SWAPX Account profile. Electronic Communications shall be deemed to be received by you upon delivery in the following manner posting them to your SWAPX App, or on our web site or making them available through the SWAPX Services.

7.3 SWAPX and the Card Issuer may issue combined Communications for the sake of convenience and you hereby consent to such joint Communications. You acknowledge and agree that such joint Communications shall not make the SWAPX or the Card Issuer responsible for the other’s services.

Checking for Communications and Updates

8.1 It is your responsibility to log on to your SWAPX Account and the SWAPX Services to open and review Communications that we deliver to you through those means. We may, but are not obligated under these Terms of Service to provide you with notice of the posting of a Communication to your SWAPX Account or the SWAPX Services. You are obligated to review your notices and Transaction history, and to promptly report any questions, apparent errors, or unauthorized Transactions. Failure to timely contact SWAPX may result in loss of funds or important rights. You agree that we will not provide you with a separate periodic statement for your use of the SWAPX Services unless you specifically request one, in which case you will be charged a fee as described in the Card Terms and Conditions. You are responsible for reviewing the Transactions reflected in your Transaction history, as made available in the App.

Calls to You Mobile Telephone Numbers

8.2 By providing SWAPX a telephone number (including a mobile telephone number), you agree to receive autodialed and prerecorded message calls at that number. The ways in which you provide us a telephone number include, but are not limited to, providing a telephone number at SWAPX Account opening, adding a telephone number to your SWAPX Account at a later time, providing it to one of our employees, or by contacting us from that phone number. If a telephone number provided to us is a mobile telephone number, you consent to receive SMS or text messages at that number, for service-related matters. We will not share your phone number with non-affiliated third parties for their purposes without your consent and we will never market, advertise, or solicit you using autodialing or prerecorded messages, but we may share your phone numbers with the Card Issuer, our affiliates or with other service providers, such as billing or collections companies, who may contact you using autodialed or prerecorded message calls or text messages. Standard telephone minute and text charges may apply if we contact you.

Recording Calls

8.3 You understand and agree that SWAPX may, without further notice or warning and in our discretion, monitor or record the telephone conversations you or anyone acting on your behalf has with SWAPX or its agents for quality control and training purposes or for its own protection. You acknowledge and understand that, while your communications with SWAPX may be overheard, monitored, or recorded without further notice or warning, not all telephone lines or calls may be recorded by SWAPX, and SWAPX does not guarantee that recordings of any particular telephone calls will be retained or retrievable.

Updating Your Contact Information

8.4 It is your responsibility to keep your primary email address up to date so that SWAPX can communicate with you electronically. You understand and agree that if SWAPX sends you an electronic Communication but you do not receive it because your primary email address on file is incorrect, out of date, blocked by your service provider, or you are otherwise unable to receive electronic Communications, SWAPX will be deemed to have provided the Communication to you. You can update your primary email address or street address at any time by logging into the SWAPX web portal or by calling +44 (0) 203 422 9144. If your phone number becomes invalid, SWAPX may deem your SWAPX Account to be inactive, and you will not be able to use your SWAPX Account until we receive a valid, working primary email address from you.

Amending these terms and conditions

8.5 These terms and conditions may be amended unilaterally by us, by you being given two months’ notice. These changes will be deemed to have been accepted by you where you do not, before the proposed date of the entry into force of the changes, notify us to the contrary. If you do notify us to the contrary, your notification will be deemed to be a notice that you wish to close your SWAPX Account.

Restricted Activities

9.1 In connection with your use of the SWAPX Services, or in the course of your interactions with SWAPX, other Users, or third parties, you will not carry out any of the following activities (the "Restricted Activities"):

Breach these Terms of Service, or any other agreement or policy that you have agreed to with SWAPX, the Card Issuer, or a Card Processor;

Violate any law, statute, ordinance, or regulation;

Use the SWAPX Services to purchase or sell, or to facilitate the purchase or sale of, illegal goods or services, including, but not limited to: unlawful sexually oriented materials or services, counterfeit products, unlawful gambling activities, fraud, money laundering, the funding of terrorist organizations, or the unlawful purchase or sale of tobacco, firearms, prescription drugs, or other controlled substances;
Infringe SWAPX or any third party’s copyright, patent, trademark, trade secret or other intellectual property rights, or rights of publicity or privacy;
Act in a manner that is defamatory, libelous, threatening or harassing;
Provide false, inaccurate or misleading information;
Engage in debt-collection activities;
Instruct us to send or receive what we reasonably believe to be potentially fraudulent funds on your behalf;
Refuse to cooperate in an investigation or provide confirmation of your identity or any Information you provide to us;
Attempt to "double-dip" during the course of a Dispute, Chargeback, Reversal or other investigation, with "double-dipping" being defined as intentionally or knowingly receiving or intentionally or knowingly attempting to receive funds from both SWAPX and a merchant or the Card Issuer for the same Transaction;
Control a SWAPX Account that is linked to another SWAPX Account that has engaged in any of these Restricted Activities;
Conduct your business or use the SWAPX Services in a manner that is likely to result in or may result in complaints, Disputes, Reversals, Chargebacks, fees, fines, penalties or other liability to SWAPX, other Users, third parties or you;
Use your SWAPX Account or the SWAPX Services in a manner that the Card Issuer, Visa, MasterCard, American Express, Discover or any other electronic funds transfer network reasonably believes to be an abuse of the card system or a violation of card association or network rules;
Allow your SWAPX Account to have a negative balance;
Provide yourself a cash advance from your credit card (or help others to do so);
Take any action that imposes an unreasonable or disproportionately large load on our infrastructure; facilitate any viruses, Trojan horses, worms or other computer programming routines that may damage, detrimentally interfere with, surreptitiously intercept or expropriate any system, data or information; use an anonymizing proxy; use any robot, spider, other automatic device, or manual process to monitor or copy our website without our prior written permission; or interfere or attempt to interfere with the SWAPX Services;
Take any action that may cause us to lose any of the services from our Internet service providers, payment processors, or other suppliers;
Use the SWAPX Services to test credit card behaviors;
Circumvent any SWAPX policy or determinations about your SWAPX Account such as temporary or indefinite suspensions or other SWAPX Account holds, limitations or restrictions, including, but not limited to, engaging in the following actions: attempting to create new or additional SWAPX Account when a SWAPX Account has a negative balance or has been restricted, suspended or otherwise limited; creating new or additional SWAPX Accounts using Information that is not your own (e.g. name, address, email address, etc.); or using someone else’s SWAPX Account;
Harass our employees, agents, or other Users;
Use the SWAPX Services to fund or remit payroll or payroll deposits;
Refuse to cooperate in an investigation or provide confirmation of your identity or any Information you provide to us; or Use the SWAPX Services in a manner that we believe may be a violation of any applicable electronic payment network rules, card association or network rules, or applicable law.
Use the SWAPX Services to trade FX for speculative purposes or for FX arbitrage
If your SWAPX Account is used to conduct (or to attempt to conduct) Transactions that we believe are not permitted by these Terms of Service (such as one of the activities set forth above) or applicable law, we may, in our sole discretion, and without waiving any of our rights, freeze, close, suspend, terminate or limit your access to the SWAPX Services. We reserve the right to refuse to facilitate any Transaction.
Fraud Monitoring

9.2 SWAPX may monitor your Transactions for the purpose of determining fraudulent activity and whether you are in good standing. Based on our methods, which are subject to change without notice, we may decide to suspend your SWAPX Account, or in other ways limit your privileges. SWAPX will use all available information to help combat fraud on our system. If you believe your SWAPX Account has been opened or used in an unauthorized manner in connection with a Transaction, please contact us

Unauthorized Transactions

9.3 If you think that you have lost any of your Account ID Information, or they have been stolen, or in the event of an unauthorised Transaction, or a Transaction which has not been executed or has been incorrectly executed by us, you must let us know without undue delay and in any case no later than 13 months after the debit date, by contacting SWAPX customer support as soon as possible via our in-app chat support system. You also can block your card on the app and web portal at anytime, if unable you can do it via our automated phone line +44 (0) 203 422 9144.

9.4 Subject to clauses 9.5 and 9.6, you shall be entitled to a refund in the amount of an unauthorised Transaction or a Transaction incorrectly executed by us and, where applicable, restoration of your Account to the state it would have been in had the unauthorised or incorrectly executed Transaction not taken place, provided you have notified us of the Transaction in question without undue delay and in any case no later than 13 months after the debit date (save where we have failed to provide or make available the required transaction information to you). Any undue delay in making a notification may result in you being liable for any losses as a result.

9.5 Subject to clause 9.6, you are liable up to a maximum of €50 (or the equivalent in the currency of your Account) for any losses incurred in respect of an unauthorised Transaction arising from:

9.5.1 the use of your Account ID Information where these details have been stolen; or

9.5.2 where you have failed to keep your Account ID Information safe.

9.6 You will not be liable for any losses incurred in respect of an unauthorised Transaction if you have exercised reasonable care in safeguarding your Card and Account ID Information from risk of loss or theft or unauthorized use and, upon becoming aware of an unauthorized Transaction or the loss or theft of your Card or Account ID Information, you notified us promptly. You will not be liable for any losses which arise after you have notified us that you believe any of your Account ID Information has been stolen or might be used in an unauthorised way, as specified in clause 9.3.

9.7 You shall be liable for all losses incurred in respect of an unauthorised Transaction where:

9.7.1 you have acted fraudulently;

9.7.2 you have compromised the security of your Account with intent or with gross negligence; or

9.7.3 you have provided any of your Account ID Information to another person who then uses those details to make a Transaction.

In these circumstances, we reserve the right to charge you for any reasonable costs that we incur in taking action to stop your Card or Account being used and to recover any monies owed as a result.

The SWAP and Exchange Rates

CURRENCY SWAP TRANSACTIONS
Any Swap Request by the Cardholder shall solely be governed by the provisions of these Terms of Service.
We use the Interbank Mid-market Rate for all SWAP options obtained from The Currency Cloud. By applying for a SWAPX account and using the Website you confirm that you have read and accepted The Currency Cloud End User Terms of Use which can be found at - https://www.currencycloud.com/terms-and-conditions/
Cardholders will be given two options as to how quickly they require the Swap Request to be processed by us at the time of making a Swap Request (“SWAP Options”). The fees that a Cardholder will be charged in respect of any Currency Swap Transaction will be dependent upon the Swapping Option that a Cardholder requests.
Details of the SWAP Options and the fees payable in relation to each Swapping Options are subject to change from time to time, and are set out in detail here.

 


SWAP OPTIONS

1 - The user can elect to SWAP NOW, whereby if a SWAP partner is not available the user agrees to immediate execution will be effected through a direct SWAP with us at a fee of 1% deduction from the live interbank rate. The rate used shall be the live interbank rate available at the time of accepting the SWAP.

2 – 7 Day SWAP – The user can elect to SWAP within a 7day period. This option shall incur no additional fees for the swap. The swap request shall be live within this time period until SWAPX can match all or part of the swap request. The rate used shall be the interbank mid rate at the time the SWAP is matched. The user shall be notified once all or part of the swap is matched. At the end of the period the user shall be offered the option to SWAP NOW, the remainder of the swap request that remains un-matched. The SWAP NOW fee of 1% shall become applicable for the remainder of the amount required to be swapped.

The fees payable in relation to each Swapping Option will be displayed at the time of making the Swap Request, and in accepting a Swap Request, you are agreeing to the price displayed at that time.
We will use our best endeavours to process a Swap Request to meet your deadlines as the same are specified at the time of making the Swap Request.
It will be possible to transact through the Website when the Global Foreign Exchange Market is closed for business. In such circumstances, we will apply the exchange rate as available at the close of business of the Global Foreign Exchange Market on the previous business day.
Parts of a Currency Swap Transaction will be executed as suitable matches for them become available at the then applicable Interbank Mid-market Rate. Once a part of the Currency Swap Transaction is executed that part is irreversible and you may no longer change it. You will however be able to correct the details of the outstanding parts of your Swap Request at any time up until the full execution of the request. After that point you will no longer be able to correct details of your Swap Request. Your Account will receive Currency Swap Transaction updates along the way, so you know exactly which part has been fulfilled and which part is outstanding.
We will acknowledge your Swap Request once we have received it, but please note that this is an acknowledgement only and does not constitute acceptance of your request by us.
The Currency Swap Transaction between us and you will only be binding once we send you the confirmation that your Swap Request has been fulfilled. Until that time there will be no binding arrangement for us to supply you with any foreign currency or other services.
We are entitled to refuse, withdraw or cancel your Swap Request at any time, for any reason.
If a Swap Request is cancelled on the instructions of any court, law enforcement agency or regulatory body we may retain all or any of your money if required to do so by law and then deal with it as ordered by a court or other body of competent jurisdiction.
You are responsible for any additional costs incurred by us if you have provided incorrect payment instructions for the purpose of transferring funds from your Account.

TRANSACTIONS CONCLUDED THROUGH OUR SITE

Contracts for the supply of information, products and services formed through Our Site or as a result of visits made by you are governed by the SWAPX Terms of Service.
Please follow the steps on the screen in order to place a currency order. We and Our commercial partners reserve the right to ask for further information before the currency order can be placed in the market.
We will use various procedures to authenticate each currency order for the purposes of law and regulations including anti-money laundering regulations. We reserve the right to decline to continue to process any part of your proposed currency order at any time.
You will be able to correct the details of your currency order any time up until the full execution of your request. We will execute parts of a swap as we find suitable matches for them. Once a part of the swap is executed that part is irreversible and you may no longer change it. You will however be able to correct the details of the outstanding parts of your request for currency at any time.
We will acknowledge your proposed currency order once We have received it but please note that this is an acknowledgement only and does not constitute acceptance of your proposed currency order by Us.
All currency orders placed are subject to a swap being available or a ‘top-up’ by Us, and We will confirm such matching to you by sending you a message that confirms that the currency order has been fulfilled. The contract between Us and you will only be formed once We send you the confirmation that your currency order has been fulfilled. Until that time there will be no binding arrangement for Us to supply you with any foreign currency or other services. You should print and retain a copy of the confirmation for your records.
We are entitled to refuse, withdraw or cancel your proposed or matched currency order at any time, for any reason.

We will endeavour to ensure that the marketplace for placing currency orders will be open at all times, however, we make no representations or warranties as to its availability at any given time.
We reserve the right to suspend the marketplace at any time and for any length of time. While the marketplace is suspended you will not be able to place currency orders but you will be able to cancel open currency orders. During suspension We will not cancel any open currency orders.
We are not liable to you for any loss, damage, claim or compensation (including loss of profit or loss of use) incurred by you from your inability to use Our Site or the information, products or services offered through or by Our Site during the periods in which the marketplace is closed or suspended.


9.8 We reserve the right to revert foreign exchange trades done with you if traded prices differ from market rates due to any external factors such as volatile market conditions, SWAPX Services system failure or any other external factors. Please see Schedule 2 for further details of the exchange rates we will apply.

9.10 Your Account only holds money in GBP, EUR, USD, SEK, DKK. You may use your card to withdraw or spend in currencies other than those you hold. Where you do this you may subject to further charges outside of SWAPX’s control. SWAPX will charge you 2% on top of the MasterCard Daily FX rate and such charges will be debited from your Base currency on the day of the transaction.

9.11 Due to (a) the difference in price for purchasing and selling currencies; and/or (b) fluctuations in currency exchange rates between the date the Purchase Currency Monies were purchased and the date the Purchase Currency Monies were converted back into the currency of the Sale Currency Monies, the amount of the converted GBP/EUR/USD might be more or less than the Sale Currency Monies. If it is more, then you acknowledge and accept that, owing to SWAPX’s regulatory permissions, you will only be entitled to receive, as a maximum, the amount of the Sale Currency Monies. If it is less, than you acknowledge and accept that this is the case.

Your Liability — General

10.1 You are responsible for all liabilities, financial or otherwise, incurred by Us, a User, or a third party caused by or arising out of your breach of these Terms of Service, your use of the SWAPX Services, and any use of your SWAPX Account. You agree to reimburse Us, a User, or a third party for any and all such liability, to the extent not prohibited by applicable law. The consequence of any breach of the terms of the Card Terms and Conditions will be covered by that agreement, separately and independently from these Terms of Service.

Reimbursement for Your Liability

10.2 To the extent permitted by law, we may collect from you any obligations that you owe us under the Terms of Service. To the extent permitted by law, we may also collect from you, by any collection means available to us, any amounts we pay or incur in connection with Reimbursable Claims. Additionally, as applicable, you agree to cooperate with Us, the Card Processor, and any third party associated with the SWAPX Services.

Actions— Restricted Activities

10.3 If SWAPX its sole discretion believes that you may have engaged in any Restricted Activities, as set out in section 9 which are relevant to its support of this agreement, whether provision of payment services, it may take various actions to protect ourselves, other Users, other third parties, or you from liability. The actions it may take include but are not limited to the following:

It may close, suspend, or limit your access to your SWAPX Account or the SWAPX Services (such as limiting access to any of your Payment Methods, and/or your ability to send money, make withdrawals, or remove financial Information).
It may contact Users who have Transacted with you, contact your bank or credit card issuer, and/or warn other Users, law enforcement, or impacted third parties of your actions;
It may update inaccurate Information you provided us;
It may take legal action against you; and
SWAPX in its sole discretion, reserves the right to terminate these Terms of Service or access to its website for any reason and at any time upon notice to you.
10.4 SWAPX and the Card Issuer may also decline Card Transactions, or suspend, restrict or cancel your Card as set out in the Card Terms and Conditions.

Arbitration Generally

11.1 If a Dispute, claim, or controversy of any kind arises out of or relates to these Terms of Service, you and we agree to resolve any such Dispute, claim, or controversy exclusively through mandatory binding arbitration. You should review this provision carefully. This arbitration provision limits your and our ability to litigate claims in court, and you and we each agree to waive your and our respective rights to a jury trial. Any arbitration under this provision shall take place on an individual basis; class arbitrations and class actions are not permitted. You will not have the right to participate as a class representative, private attorney general, or member of any class of claimants for any claim subject to arbitration. A claim by, or on behalf of, other persons will not be considered in, joined with, or consolidated with the arbitration proceedings between you and us. Any Dispute regarding the prohibitions in the prior sentence shall be resolved by the arbitrator in accordance with these Terms of Service.

Applicable Law

11.2 You agree that the laws of the United Kingdom, without regard to principles of conflict of laws, will govern these Terms of Service and any claim or Dispute that has arisen or may arise between you and SWAPX.

Agreement to Arbitrate

11.3 You and SWAPX each agree that any and all Disputes or claims that have arisen or may arise between you and SWAPX shall be resolved exclusively through final and binding arbitration, rather than in court, except that you may assert claims in small claims court, if your claims qualify.

Indemnification

11.4 You agree to defend, indemnify and hold the parties to these Terms of Service, our parents, affiliates and the officers, directors, agents, joint venturers, employees and suppliers of SWAPX harmless from any claim or demand (including attorneys’ fees) made or incurred by any third party due to or arising out of your breach of these Terms of Service, your improper use of the SWAPX Services, and/or your violation of any law or the rights of a third party

Release

11.5 If you have a Dispute with one or more Users, you release SWAPX (and our parent, our affiliates, and our and their respective officers, directors, agents, joint ventures, employees and suppliers) from any and all claims, demands and damages (actual and consequential) of every kind and nature, known and unknown, arising out of or in any way connected with such Disputes. You agree that you will not involve SWAPX in any litigation or other Dispute arising out of or related to any Transaction, agreement, or arrangement with any User, advertiser or other third party in connection with the SWAPX Services. If you attempt to do so, (i) you shall pay all costs and attorneys’ fees of SWAPX and its affiliates and shall provide indemnification as set forth below, and (ii) the jurisdiction for any such litigation or Dispute shall be limited as set forth below

Limitations of Liability

12.1 IN NO EVENT SHALL SWAPX, OUR PARENT AND AFFILIATES, AND THE OFFICERS, DIRECTORS, AGENTS, JOINT VENTURERS, EMPLOYEES AND SUPPLIERS OF SWAPX ("SWAPX PARTIES") BE LIABLE FOR LOST PROFITS OR ANY SPECIAL, INCIDENTAL OR CONSEQUENTIAL DAMAGES ARISING OUT OF OR IN CONNECTION WITH OUR WEBSITE, THE SWAPX SERVICES OR THESE TERMS OF SERVICE, HOWEVER ARISING. SOME STATES DO NOT ALLOW THE EXCLUSION OR LIMITATION OF INCIDENTAL OR CONSEQUENTIAL DAMAGES SO THE ABOVE LIMITATION OR EXCLUSION MAY NOT APPLY TO YOU. IN ADDITION, TO THE EXTENT PERMITTED BY APPLICABLE LAW SWAPX PARTIES ARE NOT LIABLE, AND YOU AGREE NOT TO HOLD THESE PARTIES RESPONSIBLE, FOR ANY DAMAGES OR LOSSES (INCLUDING, BUT NOT LIMITED TO, LOSS OF MONEY, GOODWILL, OR REPUTATION, PROFITS, OR OTHER INTANGIBLE LOSSES OR ANY SPECIAL, INDIRECT, OR CONSEQUENTIAL DAMAGES) RESULTING DIRECTLY OR INDIRECTLY FROM: (1) YOUR USE OF OR YOUR INABILITY TO USE THE SWAPX SERVICES; (2) DELAYS OR DISRUPTIONS IN THE SWAPX SERVICES; (3) VIRUSES OR OTHER MALICIOUS SOFTWARE OBTAINED BY ACCESSING THE SWAPX SERVICES OR ANY ASSOCIATED SITE OR SERVICE; (4) GLITCHES, BUGS, ERRORS, OR INACCURACIES OF ANY KIND IN THE SWAPX SERVICES; (5) THE CONTENT, ACTIONS, OR INACTIONS OF THIRD PARTIES; (6) A SUSPENSION OR OTHER ACTION TAKEN WITH RESPECT TO YOUR SWAPX ACCOUNT; (7) YOUR NEED TO MODIFY PRACTICES, CONTENT, OR BEHAVIOR, OR YOUR LOSS OF OR INABILITY TO DO BUSINESS, AS A RESULT OF CHANGES TO THESE TERMS OF SERVICE OR SWAPX’S POLICIES. SWAPX RESERVES THE RIGHT TO MODIFY ITS POLICIES AND THESE TERMS OF SERVICE AT ANY TIME CONSISTENT WITH THE PROVISIONS OUTLINED HEREIN.

No Endorsement of Products

12.2 SWAPX does not represent or endorse, and shall not be responsible for:

the reliability or performance of any merchant or Third Party Provider;
the safety, quality, accuracy, reliability, integrity or legality of any good or service;
the truth or accuracy of the description of any good or service, or of any advice, opinion, offer, proposal, statement, data or other information (collectively, "Provider Content") displayed or distributed, purchased or paid through the SWAPX Services; or
your ability to buy or redeem goods, services using the SWAPX Services. SWAPX hereby disclaims any liability or responsibility for errors or omissions in any Provider Content.
SWAPX reserves the right, but shall have no responsibility, to edit, modify, refuse to post or remove any Provider Content, in whole or in part, that in its sole and absolute discretion is objectionable, erroneous, illegal, fraudulent or otherwise in violation of these Terms of Service.
No Warranty

12.3 THE SWAPX SERVICES IS PROVIDED "AS IS," "AS AVAILABLE" AND WITHOUT ANY REPRESENTATION OR WARRANTY, WHETHER EXPRESS, IMPLIED OR STATUTORY. SWAPX, AND THE OFFICERS, DIRECTORS, AGENTS, JOINT VENTURERS, EMPLOYEES AND SUPPLIERS OF SWAPX, OUR PARENT OR OUR AFFILIATES, (COLLECTIVELY, "SWAPX PARTIES"), MAKE NO REPRESENTATION OR WARRANTY OF ANY KIND WHATSOEVER FOR THE SERVICES OR THE CONTENT, MATERIALS, INFORMATION AND FUNCTIONS MADE ACCESSIBLE BY THE SWAPX SERVICES USED ON OR ACCESSED THROUGH THE SWAPX SERVICES, OR FOR ANY BREACH OF SECURITY ASSOCIATED WITH THE TRANSMISSION OF SENSITIVE INFORMATION THROUGH THE SWAPX SERVICES.THE SWAPX PARTIES DO NOT WARRANT THAT THE FUNCTIONS CONTAINED IN THE SWAPX SERVICES WILL BE UNINTERRUPTED OR ERROR FREE. THE SWAPX PARTIES SHALL NOT BE RESPONSIBLE FOR ANY SERVICE INTERRUPTIONS, INCLUDING, BUT NOT LIMITED TO, SYSTEM FAILURES OR OTHER INTERRUPTIONS THAT MAY AFFECT THE RECEIPT, PROCESSING, ACCEPTANCE, COMPLETION OR SETTLEMENT OF PAYMENT TRANSACTIONS OR THE SWAPX SERVICES. THE SWAPX PARTIES SPECIFICALLY DISCLAIM ANY IMPLIED WARRANTIES OF TITLE, MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND NON-INFRINGEMENT.

SWAPX DOES NOT HAVE ANY CONTROL OVER THE PRODUCTS OR SERVICES THAT ARE PAID FOR WITH THE SWAPX SERVICES. SWAPX IS NOT RESPONSIBLE FOR THE QUALITY, PERFORMANCE, OR ANY CONSEQUENTIAL RESULTS OF THE PRODUCTS AND OR SERVICES PURCHASED DURING THE TRANSACTIONS. SWAPX CANNOT ENSURE THAT A MERCHANT YOU ARE DEALING WITH WILL ACTUALLY COMPLETE THE TRANSACTION OR IS AUTHORIZED TO DO SO. SWAPX DOES NOT GUARANTEE CONTINUOUS, UNINTERRUPTED OR SECURE ACCESS TO ANY PART OF THE SWAPX SERVICES, AND OPERATION OF THE SWAPX SERVICES MAY BE INTERFERED WITH BY NUMEROUS FACTORS OUTSIDE OF OUR CONTROL. SWAPX WILL MAKE REASONABLE EFFORTS TO ENSURE THAT REQUESTS FOR ELECTRONIC DEBITS AND CREDITS INVOLVING BANK ACCOUNTS AND CREDIT CARDS ARE PROCESSED IN A TIMELY MANNER BUT SWAPX MAKES NO GUARANTEES OR WARRANTIES REGARDING THE AMOUNT OF TIME NEEDED TO COMPLETE PROCESSING BECAUSE THE SWAPX SERVICES ARE DEPENDENT UPON MANY FACTORS OUTSIDE OF OUR CONTROL, SUCH AS DELAYS IN THE BANKING SYSTEM. SOME STATES DO NOT ALLOW THE DISCLAIMER OF IMPLIED WARRANTIES, SO THE FOREGOING DISCLAIMERS MAY NOT APPLY TO YOU. THIS PARAGRAPH GIVES YOU SPECIFIC LEGAL RIGHTS AND YOU MAY ALSO HAVE OTHER LEGAL RIGHTS THAT VARY FROM STATE TO STATE.

Third Party Agreements

13.1 These Terms of Service do not amend or otherwise modify your agreement with the Card Issuer, or any other agreement with a third party, and you are responsible for ensuring your use of the SWAPX Services complies with such agreements. You also are responsible for all charges and/or debits to your Payment Instrument resulting from purchases using the SWAPX Services, in accordance with such agreements. In the event of any inconsistency between these Terms of Service and the Card Terms and Conditions, or any other agreement with a third party, these Terms of Service govern the relationship between you and SWAPX solely with respect to the SWAPX Services, and your agreement with such third party governs the relationship between you and such third party. You acknowledge and agree that you are solely responsible for the Payment Instrument and other information you enter or otherwise store in the SWAPX Services. SWAPX is not responsible for the accuracy or availability of any information you enter or otherwise store in the SWAPX Services, including, without limitation, whether such information is current and up-to-date.

Complete Agreement

13.2 These Terms of Service and the Card Terms and Conditions set forth the entire understanding between you, the Card Issuer and SWAPX with respect to the SWAPX Services. Any other terms which by their nature should survive, will survive the termination of these Terms of Service. Unless stated otherwise in these Terms of Service, if any provision of these Terms of Service is held to be invalid or unenforceable, such provision shall be struck and the remaining provisions shall be enforced

No Assignment

13.3 You may not transfer or assign any rights or obligations you have under these Terms of Service without SWAPX prior written consent. SWAPX reserves the right to transfer or assign these Terms of Services or any right or obligation under these Terms of Service at any time.

No Third Party Beneficiaries

13.4 No third party shall have any rights to enforce the Terms of Service.

Termination by SWAPX

13.5 We, in our sole discretion, may terminate these Terms of Service at any time, by giving two months notice, the termination of these Terms of Service will not affect any of our rights or your obligations arising under these Terms of Service. Termination of your SWAPX Account requires termination of your Card. SWAPX will deal with your remaining balance in accordance with clause 6.2.

Third Parties

13.6 We are not providing you with any benefits (including purchase protection and insurance) for your use of the SWAPX Services besides those expressly stated.

Communication with Issuers

13.7 By electing to use the SWAPX Services, you authorize SWAPX, directly or through the SWAPX Services to communicate with the Card Issuer, to provide or obtain any information required by the Card Issuer. The Card Issuer does not endorse and is not responsible for the SWAPX Services.

No Relationship with Issuer of Payment Instruments

13.8 Use of the SWAPX Services is not approved by, or offered in conjunction with the issuer of your Payment Instrument. Your Payment Instrument issuer may impose fees, Transaction limits, or other limitations.

Compliance with Legal Requests

13.9 We may comply with any subpoena, levy, or other legal process which we believe (correctly or otherwise) to be valid. We may notify you of such process electronically, by phone, or in writing. If we are not fully reimbursed for our record research, photocopying, and handling costs by the party that served the legal process, we may charge such costs to you. We may honor any legal process that is served personally, by mail, or by facsimile to us, even if the law requires personal delivery at another location.

Change in Service Providers

13.10 Both the Card Issuer and SWAPX have the right to change any of its third-party service providers, including without limitation the Card Processor, with or without notice, that we, in our sole discretion, deem to be reasonable in the circumstances. You agree to cooperate with the Card Issuer and SWAPX and any other service providers selected by SWAPX as reasonably required for the Card Issuer or such other service providers to perform services for which it is responsible.

No Waiver

13.11 If we fail to enforce any of our rights under the Terms of Service, or applicable laws, it shall not be deemed to constitute a waiver of such right. If any provision is found by a court to be invalid, then the remaining provisions shall remain in full force and effect.

Force Majeure

13.12 We shall not be liable for any delays in processing or other nonperformance caused by such events as fires, telecommunications failures, utility failures, power failures, equipment failures, software failures, labor strife, riots, war, terrorist attack, nonperformance of our vendors or suppliers, acts of God, or other causes over which SWAPX has no reasonable control, and nothing in this section will affect or excuse your liabilities and obligations under these Terms of Service.

Contact

13.13 To reach SWAPX in relation to any technical issues regarding the SWAPX App or the SWAPX Services you can do so via in-app support or for lost and stolen cards by phone, block your card on the app anytime via our automated phone line +44 (0) 203 322 8352.

SCHEDULE 1 — DEFINITIONS

“Account ID Information” means any and all of the following pieces of information: your Card details (Card number, expiry date and CVV code), your PIN, information you use to log in to your Account, your secure identification number, security questions and answers and other Account credentials and information specific to your Account.

"Account Profile" means the location on the SWAPX Services where you can, after logging in, view and manage your profile, including your personal information, and your SWAPX Account settings including your notification preferences.

"Affiliates" are companies that are direct or indirect subsidiaries of SWAPX or are otherwise related to SWAPX through common ownership or control.

"Account" means the electronic money account opened and maintained in your name with SWAPX.

"Card Processor" means a third-party payment network card (e.g, Visa, MasterCard, Discover or American Express) processor.

"Chargeback" means a request that you file directly with your debit or credit card company to invalidate a Transaction to load your Account.

"Card" means a SWAPX-branded card issued to you (or, at your request, to another User) by the Card Issuer in accordance with the Card Terms and Conditions, whether in the form of a plastic or virtual card

“Card Issuer” means Paysafe Financial Services Limited, a company incorporated in England and Wales with company number 4478861 whose registered office is at Compass House, Chivers Way, Cambridge, CB24 9BZ and authorised and regulated by the Financial Conduct Authority (reference number: 900015)

“Card Terms and Conditions” means the terms and conditions entered into between you and the Card Issuer governing the use of your Card.

"Communications" means any SWAPX Account or Transaction information provided to you, including: any agreements and policies you agree to, (e.g., these Terms of Service) including updates to these agreements or policies; disclosures and notices, including prospectuses and reports for transaction receipts or confirmations; SWAPX Account statements and history; and payments authorizations and transaction receipts or confirmations; documents; and any other information related to your SWAPX Account or the SWAPX Services.

"Dispute" means a dispute with respect to the SWAPX Services (excluding Transactions) filed directly with us. "Information" means any confidential and/or personally identifiable information or other information, including but not limited to the following: name, email address, date of birth, tax identification number, billing/shipping address, phone number and financial information.

"Payment Instrument" means an Account, a Registered Bank Account, or the Card.

"Mobile App" or "App" or "SWAPX App" means the application on your mobile device through which you use the SWAPX Services.

"SWAPX Member" means a personal user of the SWAPX Services.

"SWAPX Services" means the payment solution that allows Users to make (i) Card Transactions; (ii) transfer monies to other Users or Non Users; or (iii) withdraw monies from your Account using a mobile device, the internet or other technologies through which SWAPX may choose to offer its payment solution from time to time.

"SWAPX Wallet" means the digital interface that allows you to add, manage and access Payment Instruments, conduct payment transactions and make other permitted uses of the SWAPX Services.

“SWAP OPTIONS” means Cardholders will be given two options as to how quickly they require the Swap Request to be processed by us at the time of making a Swap Request. These choices are swap options.

“SWAP Partner” means another user who is a match or part match for the swap request.

"SWAPX," "we," "us," or "our" means SWAPX LTD, a company incorporated in England and Wales with company number 09829039 and whose registered office is at 3 New Mill Court, Swansea Enterprise Park, Swansea, SA7 9FG .

"Registered Bank Account" means an external bank account that you have registered and authenticated with the SWAPX Services.

"Transaction" means the use of the SWAPX Services to instruct SWAPX or a third party to send/receive/exchange funds on your behalf for a purpose permitted hereunder, including the use of your Card to initiate a Transaction.

"User" means any person or entity using the SWAPX Services including you and other SWAPX Members.