Framework Terms and Conditions
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1. MONEY TRANSFER SERVICE
1.1 These Terms and Conditions set out the terms and conditions which apply to money
transmission services with Exim Exchange Company (UK) Limited of The Limes, 1339
Road, London N20 9HR (the "Firm").
The contact details of the Firm’s head office and branch from which the service is
to you are given below
Address - 5 Old Montague Street, London E1 5NL
Telephone number 020 7377 2474, 020 7377 1335
The Firm is registered with the Financial Services Authority under the Payment Services
Regulations 2009 (registration number: 504062) for the provision of payment services
For simplicity we will refer to ourselves and our branches and agents as "the Firm"
We operate a money transmission service which you will use to send and to receive
transfers. Our money transfers can be sent from our Branch in London and picked up
most locations throughout Bangladesh. You may call the number listed above or check
Web site at www.eximexchange.co.uk (the "Web site") for our address and business
hours. The main characteristics of the payment services which we may provide to you
• Retail money remittance service: a money transfer service for a sending customer
a remittance payment is made to a named receiving customer, normally in another
country, and where the transaction size is less than £5,000 (money may be received
cash or in a bank account);
• High value money transfer service: a money transfer service for a sending customer
where a remittance payment is made to a named receiving customer, normally in
another country, and where the transaction size is £5,000 or more; and
• Foreign Exchange plus onward transfer: provision of currency exchange for a customer
plus onward transmission of funds for a payment purpose.
Money transfers will normally be paid out in cash, but some payment service providers
the receiving location will pay by cheque or a combination of cash and cheque. All
are subject to availability, the payee showing documentary evidence of their identity
providing all details about the money transfer required by us as set out in these
Conditions and including, without limitation, the name of the payer, country of origin,
of the payee, the payment amount, transaction control identification number and any
conditions or requirements which we consider necessary or applicable at the payee
location. In limited circumstances, the making of a money transfer may be subject
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taxes and service charges, details of which are set out in our [tariff card/charges
They may, in addition, be obtained by contacting us using the contact details set
clause 1.1 of these Terms and Conditions or by checking our Web site.
1.2 We are agreeing to provide you with a money transfer service. We do not accept
responsibility for any goods or services which may be paid for by a money transfer
taxes, charges or duties payable thereon). You are cautioned against sending money
person you do not know. You bear the risk of your intended payee failing to pick
payment after it has been transferred to the correct destination.
2.1 We may accept your instructions even if they are not given in conventional written
form such as by letter or on cheques. This would cover any form of electronic or
communication, including those not currently available. It applies to all present
future business with you, but does not imply that we can or do currently actually
types of electronic communications: we will tell you what types we will accept.
2.2 Note that there may be no signature, security or password protection for email,
and other future forms of electronic communication. You should bear this in mind
decide to permit us to accept those types of instruction. If we do decide to accept
or types of electronic communication from you, we advise:
2.2.1 against using analogue mobile or cordless phones to contact us as they can
sometimes be intercepted or overheard;
2.2.2 you to be careful not to let other people see your details if you are online
in a public
2.2.3 against using email for sending us confidential information.
2.3 Where we agree to accept instructions in a particular format (including in electronic
we will not be able to act on the instructions unless they are legible and clear.
2.4 We may decline to act on any communication, even if we have told you we will
accept that type of instruction. We may do this in particular if we consider that
doubt about the validity of the communication and it is in our or your interest to
with you. However, we are not obliged to check or consider the validity of your
communications unless we have previously agreed a system of validation with you.
to any legal or regulatory requirements which may apply, we are authorised to act
instruction, agreement or arrangement without enquiring about its purpose, or the
circumstances in which it is given, or about the disposition of any proceeds.
2.5 If we come to believe that you may not have properly authorised a communication,
after making reasonable efforts to check whether it was authorised, refuse to act
instruction and take steps to reverse any action already taken on it.
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2.6 Without prejudice to clause 6 of these Terms and Conditions, we may rely and
further enquiry on any electronic communication which we reasonably believe you have
given us, even if in fact it has not come from you, and we may assume that:
2.6.1 a person identifying themselves by using the correct login email, username
password is authorised to instruct us and carry out a payment transaction; and
2.6.2 all payment transactions are valid where the correct login email, username
password have been used.
2.7 You must follow any security procedures we specify. We may also require you to
separate agreement before you can use some types of electronic communication to send
instructions and to access some kinds of services by electronic communication.
2.8 We may insist that you confirm any electronic communication in conventional written
by the next business day. We need not wait for confirmation before acting on the
instruction. For the purposes of these Terms and Conditions, "business day" means
on which we are open for business (other than a Saturday or Sunday or a public holiday)
required for the execution of a payment transaction.
2.9 We can communicate with you by any form of electronic communication by which
chosen to be able to give us instructions.
2.10 The language of these Terms and Conditions shall be English and all information
made available and notified to you shall be in English.
2.11 We will provide you with a further copy of these Terms and Conditions upon request.
2.12 After we receive a payment instruction from you as payer, we shall make available
the following information in accordance with the provisions of clause 2.14:
2.12.1 a reference enabling you to identify each payment transaction and, where
appropriate, information relating to the payee;
2.12.2 the amount of the payment transaction in the currency used for the payment
2.12.3 the amount of the charges and transfer fees for the payment transaction payable
you (with a breakdown of such amounts where applicable);
2.12.4 where applicable, the exchange rate used in the payment transaction by us
amount of the payment transaction after that currency conversion; and
2.12.5 the date of receipt by us of your payment instruction.
2.13 After the execution of a payment transaction, we shall make available to you,
if you are the
payee, the following information in accordance with the provisions of clause 2.14:
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2.13.1 a reference enabling you to identify the payment transaction and, where
appropriate, the payer, and any information transferred with the payment
2.13.2 the amount of the payment transaction in the currency in which the funds are
2.13.3 the amount of the charges and transfer fees for the payment transaction payable
2.13.4 where applicable, the exchange rate used in the payment transaction by us,
amount of the payment transaction before that currency conversion; and
2.13.5 the credit value date.
2.14 The information specified in clauses 2.12 and 2.13 shall, unless otherwise agreed,
available to you once a month using one of the methods of communication described
enabling you to store and reproduce the information unchanged. You will examine the
confirmations and communications which we send to you within a reasonable time after
receiving them and will promptly advise us without undue delay of any apparent mistake
discrepancy. Delay in notification may make correcting any error difficult.
2.15 If you prefer paperless communications with us, we may communicate and make
all relevant transaction information with you through an internet money transmission
service (if any) accessible via our Web site. To access the internet money transmission
service, you will need a computer with an internet connection and a suitable web
as well as a working email address.
2.16 If you require information on an individual payment transaction before sending
instruction, please contact us using the contact details set out in clause 1.1 of
and Conditions or via our Web site.
3.1 We will use reasonable care and skill in providing money transmission services
to you, but
you should bear in mind that your payments do not carry the benefit of any interest
our service does not have the benefit of any government-backed insurance, guarantee
compensation scheme (for example, no compensation is available from the Financial
Services Compensation Scheme if we are unable to meet our liabilities) and the relationship
of the Firm with you is not that of a bank or trustee.
3.2 You must not give out security details, such as any password or PIN, to anyone.
notify us without undue delay in writing or by telephone using the contact details
set out in
clause 1.1 of these Terms and Conditions or via our Web site on becoming aware that
someone else knows your password, PIN or other security information or that any of
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have been lost, stolen or misappropriated, and we will take immediate steps to try
prevent these from being used.
3.3 You agree to assist us in the discharge of our anti-money laundering, security
verification responsibilities by providing such information and evidence which we
request from time to time in this regard. You agree to notify us promptly of any
the details you have supplied to us. In addition, we may, in our sole discretion,
documents to be supplied to us at any time during our relationship with you in order
our legal and regulatory obligations.
3.4 You represent and warrant that:
3.4.1 you are over 18 years old
3.4.2 the information and details you supply to us are true, accurate and complete
3.4.3 your money transfer instructions to us and your use of your chosen form of
instrument for payment to us will not breach any applicable agreement, law or
and you agree to compensate us for any loss we suffer as a result of the above
representations being untrue or incorrect.
3.5 We may use information about you and your individual representatives to discharge
responsibilities referred to in clauses 3.3, 5.8, 5.11 and 5.12 to provide our services
manage our relationship with you. We may disclose this information to payers, payees
intermediaries in the course of providing our services or as required by Regulation
1781/2006 on information on the payer accompanying transfers of funds; persons with
whom we share information for anti-money-laundering, security verification or validation
purposes; regulatory and prosecuting authorities; service providers acting on our
Bangladesh Bank. This may involve transfer of information to countries which do not
data protection laws as strict as those in the UK. Individuals wishing to access
or correct the
information that we hold about them can do so by contacting our Data Protection Officer
our address as stated in paragraph 1. Before giving us information about any individual
should make sure that they are aware of the matters set out in this clause 3.5.
4. FEES, CHARGES AND EXCHANGE RATES
4.1 Our tariff card sets out how, when and what we charge for the services we provide.
details are also displayed prominently at our premises and those of our branches
or on our Web site or may be obtained by contacting us using the contact details
set out in
clause 1.1 of these Terms and Conditions. You agree to pay our fees and charges for
payment transaction and in the circumstances set out in further detail in our tariff
4.2 If you are the recipient or payee of an international payment we may deduct our
and transfer fees for each such payment from the money transferred before making
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available to you. If we deduct any charges under this clause 4.2, we will give you
the information which we regularly make available to you (using the means agreed
by which you wish to be notified) of the full amount of the money we receive and
charges for receiving the money which we have deducted.
4.3 We may change any of our charges at any time. We will tell you (in accordance
7.5 of these Terms and Conditions) at least 2 months before the change to the charge
effect. Please see clause 7 of these Terms and Conditions which explains in more
procedures for changes to our contract terms.
4.4 Applicable exchange rates for payment transactions, as well as the relevant date
exchange rate used for determining the applicable exchange rate, are set out on our
Web site, displayed prominently at our premises and those of our branches and agents
may be obtained by contacting us using the contact details set out in clause 1.1
Terms and Conditions. Payment transactions will be executed, unless otherwise agreed,
Bangladeshi Taka. Currency will be converted from sterling (GBP) at the time of transfer
the payee will receive the relevant foreign currency amount. For transfers to certain
countries, the currency may be converted at the time the payee receives the transfer,
which case the payment amount may be subject to exchange rate fluctuations between
time of transfer and the time the payee collects the payment amount. Our exchange
may be less favourable than some publicly reported commercial exchange rates used
transactions between banks and other financial institutions. Any difference between
exchange rates offered to you and the exchange rates received by us will be kept
by us, in
addition to our transfer fees and other charges.
If you wish to transmit payments to countries that provide payment in multiple currencies,
you must select the currency of the payment at the time you consent to the payment
transfer. The transfer fees and charges and the money we make when changing your
into foreign currency may vary based upon the payment currency that you select. Some
payment service providers in foreign locations may offer payees the choice to receive
in a currency which differs from the one that you select as payer. In such instances,
make additional money when your funds are converted into the currency selected by
4.5 We may change our exchange rates at any time and without notice to you. Such
an exchange rate will be applied immediately.
4.6 Telephone notification to the payee that the money transfer is available for
offered for an additional fee.
4.7 Messenger delivery of a cheque or bank draft is available in some countries to
destinations for an additional fee.
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4.8 Supplemental messages may be included with money transfers to most countries
5. PAYMENT TRANSACTIONS
5.1 In order for a payment instruction from you to be properly executed, you must
with the information or unique identifier which is necessary for the proper execution
payment instruction. If this is incorrect, it could result in the payment transaction
delayed or the monies transferred being lost. The information could comprise the
bank sort code and account number or, where applicable, the payee's SWIFT number,
number and IBAN number.
5.2 You must give consent before the execution of each payment transaction by giving
payment instructions in a signed and completed order form substantially in the form
is available at our premises and those of our branches or from our Website or by
us using the contact details set out in clause 1.1 of these Terms and Conditions,
letter or facsimile transmission, in each case correctly addressed to us, or by handing
it to us
at our premises.
5.3 We shall have the right to stop the use of any personalised set of procedures
between you and us, which are used by you in order to initiate payment instructions
on reasonable grounds relating to:
5.3.1 the security of such security features; or
5.3.2 the suspected unauthorised or fraudulent use of such security features.
5.4 We will execute payment instructions so that the amount to be transferred reaches
payee's payment service provider no later than the end of the third business day
January 2012, the next business day) after we received your instruction. We must
payment instructions before the cut-off time specified in our tariff card or obtained
contacting us using the contact details set out in clause 1.1 of these Terms and
on our Web site or we will deem the instruction to have been received on the next
day. Instructions received on days which are not business days for us will also be
have been received on the next business day.
5.5 Once we receive your payment instruction, you cannot revoke it unless you inform
writing that you withdraw your consent no later than the business day before the
day of execution of the instruction.
5.6 Where we receive a payment instruction from you for execution on a specific day,
that the time of receipt is deemed to be that specific day on which we are to execute
5.7 It is your responsibility to ensure that the monies you pay to us are sufficient
to make each
and every payment transaction which you authorise us to make. We will not make any
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money transfer instructed by you unless you have paid to us sufficient funds first.
accept a cheque, credit or debit card or other non-cash form of payment from you
no promise to make payment of any relevant money transfer if your form of payment
uncollectible, nor do we assume any liability for damages resulting from non-payment
money because of uncollectability.
5.8 Applicable laws prohibit money transmitters from conducting business with certain
individuals and countries. In order to comply, we are required to screen all transfers
the list of names provided by various governments and/or government agencies. If
potential match is found, we will suspend the transfer and request additional information
either the payer or the payee, as necessary. Upon satisfactory review, the payment
will be released for collection.
5.9 We have the right to refuse to accept a payment instruction or payment and to
execute any payment transaction for any of the following reasons:
5.9.1 if any condition in these Terms and Conditions has not been satisfied; or
5.9.2 if execution would be unlawful.
5.10 If any payment instruction is declined you may contact us using the contact
details set out in
clause 1.1 of these Terms and Conditions or via our Web site. If we have declined
payment instruction we will, where reasonably possible (and where we are not prevented
from so doing by law or regulation) tell you why the payment instruction was declined
earliest opportunity and in any event no later than the end of the third business
day (after 1
January 2012, the next business day) after we received your instruction. If the reason
our declining the payment instruction was based on incorrect information, we will
with you what needs to be done to correct that information.
5.11 You agree that we may retain monies received by us for your benefit until our
validation, verification and anti-money laundering procedures have been completed
you may withdraw them or instruct us to transfer them. Our Web site sets out a list
purposes for money transfers which you are prohibited from transacting, transmitting
receiving (including, without limitation, the purchase of drugs and weapons and,
countries, gambling activities). You agree that you will not transact, transmit or
payment transfers for or in connection with any criminal or illegal purpose whatsoever.
may report any suspicious activity relating to your transactions to the relevant
5.12 Additional security questions may be required for certain payment transactions
of the payment amount) and, in addition, the payee may be required to provide
documentary evidence of their identity. Further information regarding the use of
questions for the destinations of your payment transfers is available on our Web
site or by
contacting us using the contact details set out in clause 1.1 of these Terms and
5.13 You may not be protected against reversals of money transfers in respect of
which you are
the payee where the reversal is due to the use of a stolen or unauthorised payment
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instrument or means of authentication by the payer. Once a payee has received a payment
sent by us in accordance with your instructions as payer, that payment cannot normally
6. LIABILITY AND REFUNDS
6.1 The extent of your liability as payer for any losses you incur in respect of
6.1.1 arising from the use of lost or stolen (or, where you have failed to keep them
from the misappropriation of) personalised security features or procedures agreed
between us and you for your use in order to give us payment instructions, including
(without limitation) an unauthorised payment transaction through any electronic
communication or a misappropriation of the security features of our electronic
communications service, is a maximum of £50, or
6.1.2 where you have acted fraudulently or have with intent or gross negligence failed
(i) take all reasonable steps to keep safe any of the personalised security features
procedures agreed between us and you for your use in order to give us payment
instructions, including (without limitation) an unauthorised payment transaction
through any electronic communication or a misappropriation of the security
features of our electronic communications service, (ii) use such features and
procedures in accordance with the terms and conditions governing their issue and
use, or (iii) notify us in writing or by telephone using the contact details set
clause 1.1 of these Terms and Conditions or via our Website and without undue
delay on becoming aware of the loss, theft, misappropriation or unauthorised use
such security features or procedures, is the full amount of those losses.
6.2 You may be entitled to redress for an unauthorised or incorrectly executed payment
transaction only if you notify us in writing or by telephone using the contact details
set out in
clause 1.1 of these Terms and Conditions without undue delay on becoming aware of
unauthorised or incorrectly executed payment transaction, and in any event no later
months after the debit date. Such redress may include, in relation to an unauthorised
executed payment transaction, our refunding the amount of the unauthorised payment
transaction to you as payer.
6.3 Where you initiate a payment instruction as payer, we are responsible to you
for the correct
execution of the payment transaction unless the payee's payment service provider
the amount of the payment transaction in accordance with the payment instruction
execution times set out in clause 5.4 of these Terms and Conditions. You may request
we make immediate efforts to trace the payment transaction and notify you of the
Where we are liable to you as payer under this clause 6.3 for a non-executed or defective
payment transaction, we may without undue delay refund to you the amount of the non
or defective payment transaction.
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6.4 Where you are the intended payee of a payment instruction initiated by a third
and the payer's payment service provider can prove that we received the amount of
payment transaction in accordance with the payment instruction execution times set
clause 5.4, we are liable to you for the correct execution of the payment transaction
shall immediately make available the amount of the payment transaction to you as
6.5 If we are in breach of contract or otherwise negligent and we might reasonably
expected your loss to result directly from our breach or negligence, we are in any
6.6 We will not be liable for any losses not directly associated with any incident
that may cause
you to make a claim against us, nor are we liable for loss of profits, loss of business,
goodwill or any form of special damages whatsoever and howsoever arising and whether
such liability was reasonably foreseeable or not and whether or not we have been
the possibility of such loss being incurred.
6.7 Nothing in clauses 6.5 and 6.6 of these Terms and Conditions excludes our liability
fraudulent misrepresentation by ourselves, our employees or agents or our liability
or personal injury caused by our negligence or the negligence of our employees or
6.8 Notwithstanding anything to the contrary in these Terms and Conditions, we shall
liable to you or be obliged to perform our obligations under these Terms and Conditions
we are prevented, hindered or delayed from or in performing any of our obligations
these Terms and Conditions due to abnormal and unforeseeable circumstances beyond
control (including any strike, lock-out, labour dispute, act of God, war, riot, civil
malicious damage, compliance with a law or governmental order, rule, regulation or
direction, accident, breakdown or other failure of equipment, software or communications
network, fire, flood, or other circumstances affecting the supply of goods or services).
6.9 You acknowledge that our Website is subject to periodic maintenance and testing
you may not be able to access it from time to time as a result. We are not responsible
any loss you may suffer as a result of your being unable to access our Website at
6.10 You must send us all relevant supporting documentation in relation to any claim
for a refund or compensation.
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7. MODIFICATIONS TO TERMS AND CONDITIONS; TERMINATION
7.1 We may change any provision of these Terms and Conditions.
7.2 We will notify you in writing at least 2 months before we make any change to
and Conditions. You will be deemed to have accepted any such change if you do not
us to the contrary before the date on which any such change comes into effect. However,
you choose not to accept any such change, our notice of the change shall be deemed
notice of termination given under clause 7.8 of these Terms and Conditions and our
agreement pursuant to these Terms and Conditions will terminate the day before any
change comes into effect.
7.3 If we have made a major change or a lot of minor changes in any one year, we
will give you a
copy of the new terms and conditions or a summary of the changes.
7.4 If we agree to fix any condition for a certain time, we will not change it during
7.5 When we tell you about a change we will do so by letter, email, text or messages
or in any
other way which is sent to you individually or will do so in a way that we reasonably
is likely to come to your attention and which satisfies legal and other regulatory
7.6 Our agreement under these Terms and Conditions will continue until terminated
accordance with this clause 7.
7.7 You may terminate our agreement under these Terms and Conditions by giving us
at least 1
month's written notice. We shall not charge you for the termination of our agreement
under these Terms and Conditions after the expiry of 12 months from its commencement.
7.8 We may terminate our agreement under these Terms and Conditions by giving you
at least 2
months' written notice. Such termination will not release you from any liability
in respect of
any sums owing to us or from any previous liability for any act performed by us in
accordance with instructions received from you.
7.9 If you are an individual, and up to and including the time at which we conclude
agreement with you under these Terms and Conditions we have only communicated with
you for the purposes of the agreement without you and us being physically present
same time, you have a right to cancel the agreement when you give us your first payment
instruction, starting on the day on which you indicate to us your acceptance of the
agreement ("conclusion day") and ending on the expiry of 14 calendar days beginning
the day after conclusion day. Such right may be exercised by contacting us at our
facsimile number or email address using the contact details set out in clause 1.1
above or via
our Website and informing us that you wish to cancel your agreement with us. If you
exercise this right before you have sent us any payment instruction, the agreement
terminate and you will not be charged a cancellation fee. If you exercise your right
have sent us your first payment instruction, we may deduct a cancellation fee from
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monies you have already paid to us before we transfer them back to you (please note
we will not be able to transfer any monies back to you to the extent that we have
executed your payment instruction). If you do not exercise this right, the agreement
have been cancelled by you.
8.1 Termination of our agreement under these Terms and Conditions does not affect
your or our
accrued rights and obligations at the date of termination.
8.2 A failure to exercise or delay in exercising a right or remedy provided by these
Conditions or by law does not constitute a waiver of the right or remedy or a waiver
rights or remedies. No single or partial exercise of a right or remedy provided by
Terms and Conditions or by law prevents further exercise of the right or remedy or
exercise of another right or remedy.
8.3 In case any provision in or obligation under these Terms and Conditions shall
illegal or unenforceable in any jurisdiction, the validity, legality and enforceability
remaining provisions or obligations, or of such provision or obligation in any other
jurisdiction, shall not in any way be affected or impaired thereby.
8.4 You may not assign, transfer or create any trust in respect of, or purport to
or create any trust in respect of, a right or obligation under these Terms and Conditions.
8.5 Neither these Terms and Conditions nor any transaction carried out under them
contractual or other rights on, or be enforceable against us by, any party other
9. GOVERNING LAW AND JURISDICTION; REDRESS
9.1 These Terms and Conditions and our agreement under these Terms and Conditions
matters arising from or connected with these Terms and Conditions and our agreement
governed by English law.
9.2 The courts of England have exclusive jurisdiction to settle any dispute arising
connected with these Terms and Conditions and our agreement under these Terms and
Conditions (including a dispute regarding their existence, validity or termination
to any non-contractual or other obligation arising out of or in connection with them)
consequences of their nullity. You may also be eligible for redress for any dispute
arising out of or in connection with these Terms and Conditions through the dispute
resolution mechanism provided by the Financial Ombudsman Service (please see below
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10. HELP AND INFORMATION; COMPLAINTS
10.1 If you have any queries or require a copy of these Terms and Conditions (or
comprised in them), please contact us using the contact details in clause 1.1 of
10.2 We aim to provide the highest level of customer service possible. If you do
problem, we will always seek to resolve this as quickly and efficiently as possible.
if you are unhappy and would like to make a complaint, please refer to our Complaints
for details of our internal process for dealing with complaints promptly and fairly.
Complaints Policy is available on our Web site or by contacting our customer service
Exim Exchange Company (UK) Limited
Ground Floor, Universal House, 88-94 Wentworth Street, London E1 7SA
Phone: 020 7377 2474
Fax: 020 7377 1335
We will then investigate the matter and try to reach a satisfactory conclusion. Complaints
may be recorded and monitored for our internal use; we may submit an anonymised
summary of complaints made to us during a particular period of time to our regulator.
are not happy with our final response or if we have not concluded our investigation
weeks, you may be able to refer your complaint to The Financial Ombudsman Service,
Quay Plaza, 183 Marsh Wall, London E14 9SR.
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These Terms and Conditions are agreed and accepted
by the Firm:
SIGNED BY )
[insert name of officer] )
for and on behalf of )
[insert name of company] )
[insert name of individual] )