PAK Exchange Limited [ Terms and Conditions]
- 1 -
1. PAK EXCHANGE LIMITED TRANSFER SERVICE
1.1 These Terms and Conditions set out the terms and conditions which apply to money
transmission services with PAK Exchange Limited of
2nd Floor Suite A
MLR No: 12622369 (the "Firm"FSA No: 578824).
The Firm's head office address is
Pak Exchange Ltd
2nd Floor Suite A
Telephone number: 0207 1129265, fax number: 02084718435,
Email : firstname.lastname@example.org
For simplicity we will refer to ourselves as "the Firm""we/our/us".
We operate a money transmission service which you will use to send and to receive money
transfers. Our money transfers can be sent and picked up at most locations worldwide. You
may call the number listed abovecheck our website at www.pakexchange.co.uk (the
"Website") for the address and business hours of nearby locations. Some locations are open
24 hours a day. The main characteristics of the payment services which we may provide to
you are as follows:
• Retail money remittance 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 less than £5,000 (money may be received in cashin a
• 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 £5,000more; and
• Foreign Exchange plus onward transfer: provision of currency exchange for a customer
plus onward transmission of funds for a payment purpose. 3
Money transfers will normally be paid out in cash, but some payment service providers in the
receiving location will pay by chequea combination of cash and cheque. All payments are
subject to availability, the payee showing documentary evidence of their identity and
providing all details about the money transfer required by us as set out in these Terms and
Conditions and including, without limitation, the name of the payer, country of origin, name
of the payee, the payment amount, transaction control identification number and any other
conditionsrequirements which we consider necessaryapplicable at the payee payment
location. In limited circumstances, the making of a money transfer may be subject to local
1 Required as pre-contract information under the Payment Services Regulations 2009 ("PSR") Schedule 4,
2 Required as pre-contract information under PSR Schedule 4, 1(b).
3 A description of the main characteristics of the payment service to be provided is required as pre-contract
information under PSR Schedule 4, 2(a).
taxes and service charges, details of which are set out in our [tariff card/charges brochure].
They may, in addition, be obtained by contacting us using the contact details set out in clause
1.1 of these Terms and Conditionsby checking our Website.
1.2 We are agreeing to provide you with a money transfer service. We do not accept any
responsibility for any goodsservices which may be paid for by a money transfer (or any
taxes, chargesduties payable thereon). You are cautioned against sending money to any
person you do not know. You bear the risk of your intended payee failing to pick up the
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 paper
form such as by letteron cheques. This would cover any form of electronictelephonic
communication, including those not currently available. It applies to all present and any future
business with you, but does not imply that we cando currently actually accept all types of
electronic communications: we will tell you what types we will accept.
2.2 Note that there may be no signature, securitypassword protection for email, phone, fax and
other future forms of electronic communication. You should bear this in mind if you decide to
permit us to accept those types of instruction. If we do decide to accept any typetypes of
electronic communication from you, we advise:
2.2.1 against using analogue mobilecordless phones to contact us as they can sometimes
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 format),
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 in general
accept that type of instruction. We may do this in particular if we consider that there is doubt
about the validity of the communication and it is in ouryour interest to query it with you.
However, we are not obliged to checkconsider the validity of your communications unless
we have previously agreed a system of validation with you. Subject to any legalregulatory
requirements which may apply, we are authorised to act upon any instruction, agreement or
arrangement without enquiring about its purpose,the circumstances in which it is given, or
about the disposition of any proceeds.
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 and that
our service does not have the benefit of any government-backed insurance, guarantee or
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 banktrustee.
3.2 You must not give out security details, such as any passwordPIN, to anyone. You must
notify us without undue delay in writingby telephone using the contact details set out in
clause 1.1 of these Terms and Conditionsvia our Website on becoming aware that
someone else knows your password, PINother security informationthat any of these
have been lost, stolenmisappropriated, and we will take immediate steps to try to prevent
these from being used.13
4. FEES, CHARGES15 AND EXCHANGE RATES
4.1 Our [tariff card/charges brochure] sets out how, when and what we charge for the services we
provide.16 17These details are also displayed prominently at our premises and those of our
branches and agentson our Websitemay 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 each payment transaction and in the circumstances set out in further detail in [our
tariff card/charges brochure].
4.2 If you are the recipientpayee of an international payment we may deduct our charges and
transfer fees for each such payment from the money transferred before making it available to
you. If we deduct any charges under this clause 4.2, we will give you details in the
information which we regularly make available to you (using the means agreed with us by
which you wish to be notified) of the full amount of the money we receive and of our charges
for receiving the money which we have deducted.18
5. PAYMENT TRANSACTIONS
5.1 In order for a payment instruction from you to be properly executed, you must provide us
with the informationunique identifier which is necessary for the proper execution of the
payment instruction. If this is incorrect, it could result in the payment transaction being
delayed the monies transferred being lost. We may verify your personal details (Address and ID document)
from credible independent source. The information could comprise the payee's
bank sort code and account number or, where applicable, the payee's SWIFT number, BIC
number and IBAN number.24
5.2 You must give consent before the execution of each payment transaction by [giving us
payment instructions in a signed and completed order form [substantially in the form set out
on the reverse of these Terms and Conditions]/[which is available at our premises and those
of our branches and agentsfrom our Websiteby contacting us using the contact details
set out in clause 1.1 of these Terms and Conditions]], [by email, letterfacsimile
transmission, in each case correctly addressed to us,by handing it to us at our premises25]
5.3 We shall have the right to stop the use of any personalised set of procedures agreed between
you and us, which are used by you in order to initiate payment instructions to us, on
reasonable grounds relating to27:
5.3.1 the security of such security features; or
5.3.2 the suspected unauthorisedfraudulent use of such security features.28
5.4 We will execute payment instructions so that the amount to be transferred reaches the payee's
payment service provider no later than the end of the third business day29 (after 1 January
2012, the next business day) after we received your instruction. We must receive payment
instructions before the cut-off time specified in our [tariff card/charges brochure]obtained
by contacting us using the contact details set out in clause 1.1 of these Terms and Conditions
24 Required as pre-contract information under PSR Schedule 4, 2(b).
25 The FSA June 2009 Approach to the PSRs document p.61 gives examples of consent being given in
writing, verified by a signature, by telephone, by use of a password, by means of a payment card and PIN or
over a secure password-protected website. The procedure and means of consent must be detailed in the
26 Required as pre-contract information under PSR Schedule 4, 2(c).
27 Required as pre-contract information under PSR Schedule 4, 5(b).
28 Reg. 56 provides that before blockingstopping a payment instrument, the payment service provider must
contact the customer to advise them of its intentions and its reason for doing so. If the payment service
provider is unable to contact the customer beforehand, it must do so immediately afterwards. However, if
providing this information would compromise reasonable security measureswould be unlawful, this
requirement does not apply. The payment service provider is required to unblock the payment instrument as
soon as practicable after the reasons for blocking cease to apply.
29 Must be in T&Cs so that customer can expressly consent to execution time being T+3 until 2012.
or on our Website30we will deem the instruction to have been received on the next business
day.31 Instructions received on days which are not business days for us will also be deemed to
have been received on the next business day.32
5.5 Once we receive your payment instruction, you cannot revoke it unless you inform us in
writing that you withdraw your consent no later than the business day before the agreed day
of execution of the instruction.33
5.6 Where we receive a payment instruction from you for execution on a specific day, you agree
that the time of receipt is deemed to be that specific day on which we are to execute the
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 money
transfer instructed by you unless you have paid to us sufficient funds first. When we accept a
cheque, creditdebit cardother non-cash form of payment from you we make no promise
to make payment of any relevant money transfer if your form of payment is not uncollectible,
nor do we assume any liability for damages resulting from non-payment of the 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 against
the list of names provided by various governments and/or government agencies. If a potential
match is found, we will suspend the transfer and additional information on either the
payerthe payee, as necessary. Upon satisfactory review, the payment transfer will be
released for collection.
5.9 We have the right to refuse to accept a payment instructionpayment and to refuse 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.
30 Firm to ensure that exact cut-off times are specified in [tariff card/charges brochure/other leaflet available]
and on its website.
31 Must be in T&Cs so that customer can expressly consent to cut-off times.
6. LIABILITY AND REFUNDS
6.1 The extent of your liability as payer for any losses you incur in respect of an unauthorised
6.1.1 arising from the use of loststolen (or, where you have failed to keep them safe,
from the misappropriation of) personalised security featuresprocedures 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
36 Reg. 66. Must be in T&Cs so that customer can expressly consent to notification time being T+3 until
2012. Reg 66(3) states that the framework contract may provide for the payment service provider to charge
the payment service user for this notification where the refusal is reasonably justified. Reg 54 provides that
the payment service provider may only charge the payment service user for this (a) where agreed between
the parties; and (b) where such charges reasonably correspond to the payment service provider's actual
37 Required as pre-contract information under PSR Schedule 4, 5(c).
communicationa misappropriation of the security features of our electronic
communications service, is a maximum of £50, or
6.1.2 where you have acted fraudulentlyhave with intentgross negligence failed to:
(i) take all reasonable steps to keep safe any of the 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 communicationa 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,(iii) notify
us in writingby telephone using the contact details set out in clause 1.1 of these
Terms and Conditionsvia our Website and without undue delay on becoming
aware of the loss, theft, misappropriationunauthorised use of such security
featuresprocedures, is the full amount of those losses.
6.2 You may be entitled to redress for an unauthorisedincorrectly executed payment
transaction only if you notify us in writingby telephone using the contact details set out in
clause 1.1 of these Terms and Conditions without undue delay on becoming aware of any
unauthorisedincorrectly executed payment transaction, and in any event no later than 13
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.38 39
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 received 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.40 You may that we make
immediate efforts to trace the payment transaction and notify you of the outcome.
Where we are liable to you as payer under this clause 6.3 for a non-executeddefective
payment transaction, we may without undue delay refund to you the amount of the nonexecuted
or defective payment transaction.
6.4 Where you are the intended payee of a payment instruction initiated by a third party payer,
and the payer's payment service provider can prove that we received the amount of the
payment transaction in accordance with the payment instruction execution times set out in
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 months42 before we make any change to these Terms
and Conditions. You will be deemed to have accepted any such change if you do not notify us
to the contrary before the date on which any such change comes into effect. However, if you
choose not to accept any such change, our notice of the change shall be deemed to be notice
of termination given under clause 7.8 of these Terms and Conditions and our agreement
41 As per Reg 79.
42 As per Reg 42(1).
pursuant to these Terms and Conditions will terminate the day before any change comes into
7.3 If we have made a major changea lot of minor changes in any one year, we will give you a
copy of the new terms and conditionsa summary of the changes.
7.4 If we agree to fix any condition for a certain time, we will not change it during that time.
7.5 When we tell you about a change we will do so by letter, email, textmessagesin any
other way which is sent to you individuallywill do so in a way that we reasonably believe
is likely to come to your attention and which satisfies legal and other regulatory requirements.
7.6 Our agreement under these Terms and Conditions will continue until terminated in
accordance with this clause.
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.45
7.8 We may terminate our agreement under these Terms and Conditions by giving you at least 2
months' written notice.46 Such termination will not release you from any liability in respect of
any sums owing to usfrom 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 our
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 at the 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 with the day after
conclusion day. Such right may be exercised by contacting us at our address, facsimile
numberemail address using the contact details set out in clause 1.1 abovevia 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 will terminate and
you will not be charged a cancellation fee. If you exercise your right after you have sent us
your first payment instruction, we may deduct a cancellation fee from the monies you have
already paid to us before we transfer them back to you (please note that we will not be able to
transfer any monies back to you to the extent that we have already executed your payment
43 Required as pre-contract information under PSR Schedule 4, 6(a).
44 Required as pre-contract information under PSR Schedule 4, 6(b).
45 Required as pre-contract information under PSR Schedule 4, 6(c). Reg 43(2) provides that, subject to this,
any charges for termination must reasonably correspond to the actual costs to the payment service provider
46 As per Reg 43(4).
instruction). If you do not exercise this right, the agreement will not have been cancelled by
8.1 Termination of our agreement under these Terms and Conditions does not affect yourour
accrued rights and obligations at the date of termination.
8.2 A failure to exercisedelay in exercising a rightremedy provided by these Terms and
Conditionsby law does not constitute a waiver of the rightremedya waiver of other
rightsremedies. No singlepartial exercise of a rightremedy provided by these Terms
and Conditionsby law prevents further exercise of the rightremedythe exercise of
8.3 In case any provision inobligation under these Terms and Conditions shall be invalid,
illegalunenforceable in any jurisdiction, the validity, legality and enforceability of the
remaining provisionsobligations,of such provisionobligation in any other
jurisdiction, shall not in any way be affectedimpaired thereby.
8.4 You may not assign, transfercreate any trust in respect of,purport to assign, transfer or
create any trust in respect of, a rightobligation under these Terms and Conditions.
8.5 Neither these Terms and Conditions nor any transaction carried out under them shall confer
contractualother rights on,be enforceable against us by, any party other than you.
9. GOVERNING LAW AND JURISDICTION; REDRESS
9.1 These Terms and Conditions and our agreement under these Terms and Conditions and all
matters arising fromconnected with these Terms and Conditions and our agreement are
governed by English law.
9.2 The courts of England have exclusive jurisdiction to settle any dispute arising from or
connected with these Terms and Conditions and our agreement under these Terms and
Conditions (including a dispute regarding their existence, validityterminationrelating to
any non-contractualother obligation arising out ofin connection with them)the
consequences of their nullity. You may also be eligible for redress for any dispute and matter
arising out ofin connection with these Terms and Conditions through the dispute
resolution mechanism provided by the Financial Ombudsman Service (please see below for
47 Financial Services (Distance Marketing) Regulations 2004.
48 Required as pre-contract information under PSR Schedule 4, 7(a).
10. HELP AND INFORMATION; COMPLAINTS
10.1 If you have any queriesrequire a copy of these Terms and Conditions (or any document
comprised in them), please contact us using the contact details in clause 1.1 of these Terms
10.2 We aim to provide the highest level of customer service possible. If you do experience a
problem, we will always seek to resolve this as quickly and efficiently as possible. However,
if you are unhappy and would like to make a complaint, please refer to our Complaints Policy
for details of our internal process for dealing with complaints promptly and fairly. Our
Complaints Policy is available on our Websiteby contacting our customer service team at:
[Mr Sajid Imran ]
[PAK Exchange Ltd]
2nd Floor Suite A
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. If you are not
happy with our final if we have not concluded our investigation after 8 weeks,
you may be able to refer your complaint to The Financial Ombudsman Service, South Quay
Plaza, 183 Marsh Wall, London E14 9SR.49
49 Required as pre-contract information under PSR Schedule 4, 7(b).
These Terms and Conditions are agreed and accepted
by the Firm: PAK Exchange Ltd.