Terms and Conditions for the Global Account (the “Agreement”)
Updated April 2021
Access to and use of the Global Account is deemed by your acceptance of the Terms.
This Agreement will remain in force until terminated by you or by us.
You may terminate this Agreement at any time without charge by notifying us in writing or by email.
Currenxie Limited is licensed by the Hong Kong Customs and Excise as a Money Service Operator (Licence No. 14-05-01424).
Currenxie Limited holds a Hong Kong Money Lenders Licence Number 0068/2020.
Currenxie Limited is registered as an FMSB with FINTRAC in Canada.
Currenxie SA Pty Limited is licensed as a Financial Service Provider with the Financial Services Board (South Africa) Number 48691.
Currenxie Australia Pty Ltd is registered with AUSTRAC Australian Business Number (ABN): 15 621 566 309.
Currenxie UK Limited is authorized as an Electronic Money Institution (EMI) by the UK Financial Conduct Authority with registration number 901010.
1. General terms
The Global Account is available for use together with unique identifying bank account numbers. These bank account numbers may be issued to you by Currenxie in conjunction with Currenxie’s banking partners. Currenxie will provide you with a user interface referred to as the Currenxie Platform (“Currenxie Platform”).
Your Global Account must be in good standing for continued access. If your Global Account is closed due to suspicious activity or for any other reason, funds received through the Global Account may be rejected and the funds returned to the sending entity. Any applicable costs or expenses will be borne by you.
Currenxie will be entitled to withhold funds transferred to Currenxie if Currenxie has reasonable suspicion of fraudulent or criminal activity or if Currenxie reasonably considers that it is required to do so under any applicable law or regulation, or at the direction of any regulatory or other competent authority.
Where we need to contact you under this Agreement, we will do so by email, or telephone, using the details you most recently gave us.
You must ensure that all information provided to us is accurate and up-to-date at all times. You must inform us of any changes by emailing us as soon as practicable, and in any event within 14 days of the change. If you do not, this may impact the services that we can offer you as you may miss notifications if we are sending messages to an old email address.
Where notice in writing is required under this Agreement, it may be sent by email. Email is deemed to be received when it was sent provided no message of non-delivery was received by the sender.
3. Receiving payments
The Global Account has restrictions in place regarding types of payments permitted, be they sent via local payment channels (e.g. SEPA in the Eurozone) or via telegraphic transfer. We only accept cross-border TT payments into Hong Kong-issued accounts. All other accounts issued globally must only be used to receive local incoming payments. In addition, eCommerce and B2B inward payments and currencies supported are restricted by place of account issuance. Please refer to the settings tab within your Global Account for specific details of these restrictions.
Cash deposits and cheques are not supported under the Global Account. Upon Global Account approval, you will be required to request personalised bank account details.
You may provide your bank account details to companies that you would like to receive payments from via the Global Account. Your bank account details are unique to you and should be kept secure and protected.
Please note that the Global Account is not a bank account and you should not attempt to use the Global Account as a bank account. Funds received on your behalf are not insured as they would be in a typical bank account.
4. Transfer of funds must be effected through the Currenxie Platform
The Global Account is a service that enables you to receive local payments in Australia, Canada, the Eurozone, Hong Kong, Indonesia, Japan, Mexico, Singapore, the United Kingdom, the USA and any other jurisdiction in which Currenxie provides bank account numbers within the Global Account. Funds cannot be withdrawn directly from these bank account numbers. All transfers of funds must take place from within your Global Account. Attempts to initiate a transfer of funds from the Global Account except via the Currenxie platform will be rejected. Any unauthorised direct withdrawal from an underlying account will result in a request for the immediate return of funds and may result in the termination of your Global Account and legal action if necessary.
Payment advice will be available to you via the online platform once the transfer request has been submitted successfully. The advice will include the beneficiary name, currency and amount of payment, the payment date and any relevant payment references.
5. Keeping your Global Account safe
Currenxie will never ask you to provide your password to us or to a third party. Please contact Client Support, Currenxie’s client support team (“Client Support”), if anyone asks for your password. Never disclose your Global Account password to any third party. Keep your password safe and change it regularly. Do not ever let anyone access your Global Account or watch you access it.
We will only contact you using the email address that has been registered with us. You must make sure that your email account(s) are secure and is only accessed by you. Let Client Support know immediately if your email address becomes compromised. If you suspect your Global Account, login details, password or other security feature is stolen, lost, used without authorisation or otherwise compromised, you are advised to change your password.
Never use any functionality that allows login details or passwords to be stored by the computer or browser you are using or to be cached or otherwise recorded.
It is your obligation to regularly check the transaction history of your Global Account. Contact us immediately in case of any unauthorised, incorrect, or misdirected transaction, or if you suspect that your Global Account has been compromised.
We may suspend your Global Account or otherwise restrict its functionality if we have concerns about the security of your Global Account or any of its security features.
We will notify you of any suspension or restriction of your Global Account and of the reasons for such suspension or restriction as soon as we can unless notifying you would be unlawful or compromise our reasonable security interests. We will lift the suspension and/or restriction as soon as practicable after the reasons for the suspension and/or restriction have ceased to exist.
You are responsible for all losses relating to an unauthorised transaction from your Global Account if you have acted fraudulently or failed, either intentionally or through negligence, to use your Global Account in accordance with the terms of this Agreement.
6. Verification of service
Users of the Global Account are required to provide Currenxie with certain information and documents, which might include a passport, government-issued ID, address proof and additional documents allowing Currenxie to verify the source of the funds, including but not limited to online store sales reports, invoices for services delivered, or underlying contacts supporting amounts for which you are being paid, and payment confirmation from the entity sending the funds. We may also need to update this information during the term of this Agreement. If you do not give us this information or we are not satisfied with it, we may not be able to provide any services to you. We also carry out electronic database searches to verify your identity.
Currenxie may request additional information to enable it to comply with any applicable law or regulation. Such information will be used in conjunction with other information Currenxie has related to your Global Account. Failure to provide such requested information may result in us denying your use of the Global Account. All information you provide to us must be accurate, complete and up-to-date. If we cannot verify that this information is accurate, we may deny your use of the Global Account, or close your Global Account.
You must advise us of any changes by calling, or emailing us as soon as practicable, and in any event within 14 days of the change.
7. Prohibited use of the service
Currenxie strictly prohibits using the Global Account while impersonating any person or entity or while falsely claiming an affiliation with any person or entity.
By using the Global Account, you also confirm that you will not accept payments in connection with the following activities, items or services which Currenxie views as prohibited (this list may be updated from time to time):
- Counterfeit & Replica goods
- Unauthorised Copies of Intellectual Property
- Stolen Property
- Bitcoin and other cryptocurrencies
- Ethnically or Racially Offensive Material
- Illegal Drugs & Associated paraphernalia
- Legal intoxicants or ‘Legal highs’
- Products that present a high risk to consumer safety
- Pornographic products or services
- Animals, pets or wildlife
- Hazardous Materials
- Weapons, ammunition or explosives
- Human Parts and Remains
- Gambling or betting proceeds of any kind
- Personal use such as gifts, loans or payments from friends and family
- Any activity deemed to be illegal in any applicable jurisdiction
- Any other activity that Currenxie deems to fall outside of its internal compliance risk threshold
Should you be unsure whether or not your business or products or services fall under any of the above-prohibited activities please contact us and we will review your specific circumstances and advise you.
You confirm that you have authority to act for the business making this application. Please seek advice on where you are at all unsure about your legal responsibilities.
8. Suspension or termination
- you have violated any of the Terms (or any other applicable Currenxie terms);
- you have provided any false, incomplete, inaccurate, or misleading information;
- you have engaged in fraudulent or illegal conduct;
- there is a reasonable suspicion of fraudulent or criminal activity;
- we are required to do so under any applicable law or regulation, or at the direction of any regulatory, law enforcement or other competent authority;
- you threaten or are abusive to our staff;
- you become bankrupt or insolvent or appear to be the subject of an insolvency event
9. Rejected payments
Currenxie reserves the right to reject, return or hold funds received from sources which are not acceptable to us as dictated by our compliance policies. Payments can be rejected for any reason, including but not limited to reasons related to compliance with Anti-Money Laundering regulations or any other compliance policies. When rejecting or returning a payment Currenxie will be under no obligation to disclose the reason for the rejection or return.
The time it takes for payments to reach Currenxie is not under the control of Currenxie.
All payments sent are also subject to the terms and conditions of the entity sending the payment (the “Paying Entity”). Any issues or disputes associated with such terms and conditions should be resolved directly with the Paying Entity and are not the responsibility of Currenxie.
Any costs and expenses associated with rejected or returned payments shall be borne by you. If a payment is rejected or returned for any reason, fees may be charged by the bank returning or rejecting the payment. Currenxie will not be held responsible for any fees incurred in connection with payments that are rejected or returned. In no event will Currenxie be liable for consequential damages (including lost profits), extraordinary damages, special damages or punitive damages. Currenxie reserves the right to charge your account with associated processing fees that may be incurred.
10. Client Support
You agree you will direct questions regarding the Global Account only to Currenxie. You agree you will not initiate direct contact with any bank that is involved in supporting the Global Account.
Any direct contact with a bank or other provider regarding the Global Account may result in immediate termination of the service. Account statements are available via the platform but you will not receive account statements by mail, voided checks or other documents regarding your Global Account.
You agree to contact Currenxie through official communication channels. These include email, phone, and by creating a support ticket from within the Global Account platform.
11. Incorrectly executed payments
If you make a mistake (for example, you give us the wrong account details) and your funds are sent to the wrong account as a result, we will not be liable to you for any loss or have an obligation to recall the funds.
If your funds are sent to the wrong account as a result of a mistake made by us, we will take actions at our own expense to recover those funds, provided that you take prompt and reasonable steps to assist us in recovering any such funds if the mistaken recipient is related to you or associated with you in any way. We will not be liable to you if the recipient bank makes an error in its own application of funds.
12. Funds availability
All payments received are pre-screened by Currenxie prior to crediting to your Global Account. Currenxie reviews all payments received and may choose to either approve or reject each payment at its sole discretion.
In regions where we are required to do so, as required by local regulations, we will segregate and safeguard the funds for onward payment. This means in the event of our insolvency, you have priority over relevant funds and no creditor should be able to claim relevant funds held in this account. In those regions not requiring the use of a safeguarded account we will not put your funds in trust nor will we necessarily put your funds into a separate account.
We will not pay to you any interest on funds held by us.
The fees for your payment will be notified to you when you place your payment order. We may also charge receiving fees depending upon your account configuration. Currenxie is entitled to debit your Global Account at any time in respect of any sum howsoever due and owed to Currenxie by you, whether in respect to a transaction, fees or charges or otherwise, and notwithstanding that the Global Account would be overdrawn as a result.
We reserve the right to change fees from time to time.
14. Taxes and liabilities
You are responsible for reporting to all applicable government tax authorities and for the payment of any applicable taxes that apply to your business activities.
You confirm that you adhere to all applicable laws including tax laws and that you will pay and are responsible for paying all taxes and other government charges as is required by each jurisdiction in which you operate. Taxes and fees are subject to change at the discretion of each country’s government.
15. Information and privacy
Your use of the Global Account is at your own risk. The Global Account is provided on an “as is” basis without warranties of any kind. Currenxie hereby disclaims all warranties, either express or implied, including but not limited to warranties of merchantability and fitness for a particular purpose.
17. Limitation of liability
In no event shall Currenxie, its agents, representatives, directors, officers, employees and affiliates be liable to you or any other party for any loss or injury or any damages, either direct, indirect, punitive, special, incidental, consequential or otherwise (including, but not limited to lost profits or lost savings) resulting from or in any way connected to your use of the Global Account or the Global Account, even if it has been advised of the possibility of such damages. This limitation of liability shall apply regardless of whether the claim asserted is based on contract, tort, negligence, strict liability or otherwise.
Currenxie, its affiliates, agents, representatives, directors, officers, or employees, shall not be liable if it is unable to perform its obligations under this Agreement due, directly or indirectly, to the failure, defect or malfunction of any machine, system of authorisation, data processing or communication system or transmission link or any industrial dispute, war, Act of God or anything outside the control of Currenxie, its service providers or its agents.
You agree to indemnify and hold Currenxie, its shareholders, subsidiaries, affiliates, directors, officers and employees, harmless from any loss, claim, demand, or damage, including reasonable legal fees incurred by Currenxie due to or arising out of your use of the Global Account and/or breach of these Terms.
19. Modification of Terms and Services
These Terms are effective until amended or terminated by Currenxie. We reserve the right to change the Terms including any applicable fees.
We reserve the right to cease offering the Global Account at any time. You are responsible for regularly reviewing the Terms.
Continued use of the Global Account after any changes to the Terms shall constitute your consent to such changes. You may stop using the Global Account at any time.
20. Governing law and jurisdiction
The Global Account and these Terms are governed by and shall be construed in accordance with Hong Kong Law and the parties hereto submit to the non-exclusive jurisdiction of the Hong Kong Courts. You agree to waive any right you may have to commence or participate in any class action against Currenxie related to the Global Account or these Terms and, where applicable, you agree to opt-out of any class proceedings against Currenxie or its affiliates.
You shall not transfer any rights or obligations you have under these Terms without the prior written consent of Currenxie. We may assign any right or obligation under these Terms without your consent.
23. Our contact details
Head Office: Currenxie Limited, Suite 1001, 10/F Cambridge House, Taikoo Place, 979 King’s Road, Quarry Bay, Hong Kong