Terms and conditions

Easy Exchange Terms and Conditions

Version 3.0 April 2018

Privacy policy

Easy Exchange Ltd, Company registration 3779438.

Anti-money laundering registration number is: XQML00000105350.

Hong Kong MSO license Number (Easy FX exchange Limited) 16-08-01900.

Easy Exchange is registered with Financial Conduct Authority (FCA), Registration number 524192.

WARNING: Money Laundering is a very serious International offence and customers should note that any suspicious transactions will be reported to the appropriate authorities in relevant countries without further reference Customer amounts will be monitored for money laundering reasons.

None of the information contained in this website constitutes, nor should be construed as Financial Advice. The relevant foreign exchange rates used on screen are for cleared funds received by Easy Exchange at that point in time.

In the event that Easy Exchange receives cleared funds from clients that only equate to a portion of deal size requested via a transfer form in the client account area, Easy Exchange will take no action unless it has been arranged to do so at a prior stage. The foreign exchange rates used on the 'new transfer form’ are only used to give an indication of the amount you will be sending in the appropriate foreign currency unless you have fixed the exchange rate and the fee.

All Easy Exchange transfer charges will be removed from the money transferred in the Country of its origin. Transfers are subject to a maximum value of £50,000 per customer per day. Please contact us between 9:00am to 5:00pm (UK Time) regarding amounts over £50,000 or to discuss increasing your daily limit. The minimum value money transfer we conduct is for 50 Pounds/Dollars. If you choose to lock in your Exchange rate or Delivery Fee it will only be honoured if Easy Exchange receives your cleared funds within one business day. If you have locked in the exchange rate you agree to honour the agreement that is made between Easy Exchange and you the account holder by making payment within the one business day.

Easy Exchange will close accounts that abuse this feature by attempting to cancel the transaction once the exchange rate has been locked.

Easy exchange may not be able to deliver funds to a designated beneficiary account if it does not belong to the remitter making the transfer, i.e. a third party payment.

Currency availability may be subject to monetary limits, currency exchange restrictions and to customers complying with anti money laundering regulations. All beneficiary bank fees are included in the transfer charge except for transactions using SWIFT. Please ask us if you are unsure.

In the instance that an individuals ‘receiving bank’ costs are deemed unreasonable by Easy Exchange, Easy Exchange will deduct this from the final amount transferred to the respective beneficiary account.

Customers are responsible to ensure that the details provided at registration (address, telephone number, email, Identification documents (when they expire) etc.) are kept up to date. Easy Exchange reserves the right to request further information pertaining to client accounts at any time. Failure to supply such information may result in limitation on usage of this service or suspension of account. By submitting your order, you confirm and give permission for Easy exchange to pass on your information to relevant Regulators, Reserve banks, Banks and Electronic Identity checking agencies if required.

Easy Exchange does not submit customer transaction information to the Reserve Bank of any country unless they require us to. We can try and assist customers when requested but Easy Exchange takes no responsibility for lodging Balance of Payments flows in any country. By submitting your order, you confirm that the purpose of the order is not for speculative investment or any other purposes but money transferral.

You also confirm that the details contained in the order are correct in all respects. Any Easy exchange member that has done at least one transaction can establish a group with Easy exchange and lead it.

Group rewards are calculated based on the group profits according to Easy Exchange rules. Group rewards are calculated daily at 5:30pm UK time however groups have an ‘infinite life’ . All transactions of group participants will receive the final price and exchange rate calculated daily at 5:30pm (UK time) regardless of the time on that day that the transaction has been first instigated. Group rewards are distributed to group leaders once per month. Participants of groups are also distributed rewards monthly based on all of their group participation.

The amount of the reward is determined by the groups individual rules set by the group leader. These rules are overseen by Easy Exchange and Easy Exchange reserves right to close groups at any time trying to circumvent our internal rules. Group participants receive rewards from the groups they are in prior to the group leader receiving their leadership rewards. The group leader can only change its rewards rules once per month. Easy Exchange members can freely move between groups (auto invite and acceptance). Any incomplete transactions they have at the time will follow them to the new group so long as they are in the same specific currency. Easy Exchange members can not be in more than one group of the same specific currency at any one time. Group leaders can not lead more than one specific currency group at a time. They can leader many other different Currency groups at the same time. 1 reward point is currently equal to one GBP. Rewards can only be paid to a bank account or a regulated wallet provider in the name of a verified Easy Exchange member. A minimum of 50 rewards points at a time can be paid outside of Easy Exchange. The option to take part in the Group transfer system is not necessarily available for all types of money transfer conducted through Easy Exchange.

Terms and Conditions Changes for Electronic Checking follow :

Easy Exchange uses electronic checking methods to verify the identity of each user resident in the UK and reserves the right to choose the company it uses to do these checks.

The check will any registered passport details we may have asked for and registered address as well as checks against sanctions lists and Politically Exposed Persons lists.

Further checking points might be added by Easy Exchange and if a client thinks they might have trouble passing any of these checks they must contact a member of the Easy Exchange staff to discuss things further.

Any client that fails these checks might be required to provide additional information to Easy Exchange in the form of paper or electronic information or might be refused registration with Easy Exchange.

For our clients in Hong Kong by agreeing to our terms in conditions you confirm the following statement. ‘For verifying my identity for the purposes of anti-money laundering, identification and risk mitigation, I, voluntarily provide Easy exchange Limited or T/A Easy FX Exchange HK (“Service Provider”) and/or GBG Group PLC (“GBG”) with my Personal Data (as defined below) and hereby expressly consent to and authorise the following: “Personal Data” refers to such data only consist of the following (and shall include any updated data of the following items from time to time):

(a) my full name, including surname, given name and other name;

(b) my Hong Kong Identity Card Number;

(c) my date of birth;

(d) my correspondence address; and

(e) my telephone number.

This consent and authorisation is given by me to the Service Provider on its own behalf, and on behalf of, and as agent for, GBG and TransUnion Limited (“TransUnion”) for the following uses of my Personal Data:

(i) the transfer to TransUnion by the Service Provider, through GBG, of my Personal Data for verification of my Personal Data;

(ii) TransUnion checking if my Personal Data is on the database of TransUnion;

(iii) TransUnion providing the matching result to GBG and the Service Provider, which may or may not be located inside Hong Kong, without having sent me any copy of the result for my review;

and (iv) Retention of the Personal Data for the period necessary.

By submitting this data, I understand the above and I give consent to and authorize the Service Provider, GBG and TransUnion to act in accordance with (i) to (iii) above.

Further, I agree and acknowledge that the use of my Personal Data for the above by the Service Provider, GBG and TransUnion shall not be made the basis for any complaint, claim, suit, demand or cause of action or other proceeding against the Service Provider, GBG, or TransUnion Limited by me or any third party’.

Requests made to Easy Exchange relating to a transaction that fall out of the normal terms of business may cause the transaction to be charged at our standard fee and not receive any Group benefits. Easy Exchange shall in no way, and under no circumstances, be liable for any damages or losses, including without limitation, direct, indirect, consequential, special, incidental, or punitive damages deemed or alleged to have resulted from or caused by the following scenarios:

a. payments made to unintended Recipients or payments made in incorrect amounts due to the input of incorrect information by Members;

b. for any fraud, deception or misrepresentations by Users, whether or not the User is verified in any manner;

c. any damages resulting from a recipient's decision not to accept a payment made through Easy Exchange;

d. any errors or omissions in the website content;

e. the misuse of the web site content or the inability of any person to use the site; f. delays, losses, errors, or omissions resulting from failure of any telecommunications or any other data transmission system and the failure of the central computer system or any part thereof;

g. any results of any acts of Government or authority, any act of God or force majeure.

Cancellation and Refunds.

Once Easy Exchange has received your cleared funds via bank transfer/card payment or any other means and has commenced with the transfer it can not be cancelled. If your transfer has resulted from a genuine mistake, Easy Exchange will attempt to retrieve your money. If our attempt is successful this will incur a minimum fee of £50 to cover the costs of retrieval. In a successful case we will refund your money less the retrieval costs when they land back in one or our segregated client funds accounts. We will endeavor to do this within 5 Business days.

We take no responsibility if we can not retrieve your funds due to your mistake. The onus of proving such mistakes falls to the Customers and must be communicated to Easy Exchange Limited within 24 hours of supplying your funds.

Where Easy exchange has executed your Transaction other than in accordance with your Transfer instructions will refund the full amount debited. Unless there are exceptional circumstances, no adjustment will be made for any currency fluctuations which may have occurred between the time you pay us the Transaction Amount and the time of credit.

Any refunds will be credited back to the same Payment Instrument used to fund the Transaction and in the same currency. If you are aware of any unauthorised or incorrectly executed Transactions that have taken place on your account with your Membership/client ID you should inform us immediately and continue to do so until we are reached. If you would like a refund due to these events contact us stating the circumstances and relevant details and we can investigate.

Cleared funds received between 9:30am (U.K time) and 5:30pm (U.K time) will be reconciled at the prevailing exchange rate at the time during our reconciliation process. We endeavour to reconcile customer payments every hour or less. Note, the exchange rate on your transfer can be locked in between 8:00am (UK time) up until 8:00pm (UK time) if required. This option is not available in all countries/Currencies. Easy Exchange is not open on Public Holidays.

Cleared funds received on public holidays will receive the relevant screen exchange rate as at 9:30am (UK time) on the next business day. Easy Exchange will use its sole discretion when deciding the method by which these instructions will be transmitted.

All funds received by Easy Exchange will be credited to a client segregated bank account established and maintained by Easy Exchange with its bank/s. All efforts are used to not comingle Easy Exchange funds with client funds in accordance with FCA guidance on safeguarding. The funds received are not used by Easy Exchange other than for the purpose of money transferal agreed upon.

Easy Exchange does not accept cash deposits. Any cash deposits made into the Easy Exchange bank account may be returned and will definitely incur extra charges as imposed by our Bank. In the event that Easy Exchange does not receive the funds within 3 working days of receiving your online money transfer form, the transaction may be considered void. If you have locked in fees and exchange rates this time frame is reduced to 1 Business day. In the event that Easy Exchange receives cleared funds that are less than the amount instructed for transfer on the Easy Exchange money transfer form, the transaction may be deemed void. Easy exchange will hold the money and the onus will be on the customer to make contact with Easy Exchange and prove the funds are theirs.

The return of any funds may incur a £50.00 fee. In the event that Easy Exchange receives cleared funds that have no associated transfer form submitted no action will be taken. Easy Exchange will only deal and transmit client money upon receiving instructions via are a transfer form sent within the client account area.

Easy Exchange will use as a paying bank any bank, of its own or another of its choice, in the country whose national currency is being remitted and/or the country where the beneficiary resides. Easy Exchange does not accept any responsibility for any loss or damage caused by delays, interruptions, misinterpretations or errors in transmissions, which are not directly due to the negligence or default of Easy Exchange.

In any case, Easy Exchange will not be liable in any circumstances for any loss of business, goodwill or any type of consequential or indirect loss whatsoever. The liability of any member of Easy Exchange for any loss, injury or damage resulting from any failure, delay or error shall be limited to the lower of: -

The amount of such loss, injury or damage;

The amount of any interest the customer may fail to earn or any interest the customer may incur for the period of the delay.

The customer shall be bound by and agrees to hold Easy Exchange harmless against all obligations and responsibilities imposed by foreign laws. Easy exchange is not a deposit taking business. All deposits taken by Easy Exchange are for the specific purpose of money transfer. No interest will be paid out on deposits held by Easy Exchange for the duration of the transfer process. All information provided to Easy Exchange will be treated as confidential and used for no other purpose than that of money transfer. Easy Exchange may refuse to act on any instruction if it doubts the authenticity of the instruction or do not consider it to be sufficiently clear. Easy Exchange endeavours to transfer your money to your designated beneficiary account after 5 business days of receiving your cleared funds*. In the event that Easy Exchange is experiencing technical difficulties, the relevant screen rates or service times will not be guaranteed.

Easy Exchange reserves the right to refuse registration to any potential client and also the right to cancel any clients membership for any legitimate reason.

*Working days do not include Saturdays, Sundays or Public holidays in either the U.K or recipient country.

These terms and conditions shall be governed and interpreted in accordance with English Law and you agree to submit to the non-exclusive jurisdiction of the English Courts. None of the information contained in this website constitutes, nor should be construed as Financial Advice.

Easy Exchange Ltd, Hampden Rd, Kent. Company registration 3779438.

Anti-money laundering registration number is: XQML00000105350.

Easy Exchange is registered with Financial Conduct Authority (FCA):

Registration number 524192. Hong Kong money service operator license 16-08-01900