Terms Conditions

Customer Agreement

Dated: 14 January 2016

This Agreement is a contract between you and Khyber Exchange and applies to your use of the Khyber Exchange services (the "Services").

By registering for the Services, you must read, agree with and accept all of the terms and conditions contained in this Agreement. This Agreement is provided to you and concluded in English. You agree that any use by you of the Services shall constitute your acceptance of the Agreement and we recommend that you store or print-off a copy of the Agreement (including all policies) for your records.

Please read this Agreement carefully and make sure that you understand it fully before using the Services. Please note that if you do not accept this Agreement, you will not be able to use the Services.

  1. Our Relationship With You
    1. Khyber Exchange is only a Payment Service Provider.

Khyber Exchange Services are operated by Khyber Money  Exchange Ltd. registered in England and Wales (company number 06832517) with its registered office at  31 Plashet Grove, London E6 1AD. Khyber Exchange is registered as a money service business by Her Majesty's Revenue and Customs (HMRC) and is under the prudential supervision of the United Kingdom Financial Conduct Authority (FCA).

The main business for Khyber Exchange is money transfer and provision of services for making foreign currency payments internationally.

Our main trading address is 31 Plashet Grove, London E6 1AD, England.

    1. Your Privacy.

Protecting your privacy is very important to Khyber Exchange. Your passwords are stored on Khyber Exchange servers in encrypted form. We do not disclose your account details, postal or email addresses to anyone except when legally required to do so and as specified in our Privacy Policy.

Sensitive information between your browser and the Khyberexchange.co.uk website is transferred in encrypted form using Secure Socket Layer (SSL). When transmitting sensitive information, you should always make sure that your browser can validate the Khyber exchange.co.uk certificate.

For further details on our Privacy Policy, please click here https://Khyber exchange.co.uk/privacy-policy.

    1. Transaction History.

You can access your details of executed payment transactions and other information relating to your Account by logging into Khyberexchange.co.uk and clicking on the "transaction history" tab.

    1. Duplicate accounts.

Khyber Exchange may refuse creating duplicate accounts for the same user due to security and client identification requirements. Khyber Exchange reserves the right to refuse the creation of duplicate accounts for the same user due to security and client identification requirements. In a case where duplicate accounts are detected, Khyber Exchange reserves the right to close or merge these duplicate accounts without notification.

  1. Eligibility
    1. Eligibility.

To be eligible for our Services, you must be at least 18 years old. You further represent and warrant to us that if you are an individual and you open an Account with us that you are not acting on behalf of an undisclosed principal or a third party beneficiary.

Before being able to use the Service we have to perform mandatory customer verification. For that we may ask for photographic evidence of your identity such as a copy of your passport. It is possible to provide this evidence through a number of methods including fax and email.

Khyber Exchange reserves the right to access various government and private databases so as to verify your information (so called “electronic ID”) If certain databases provide a match to the information you provide then we may not have to ask for photographic evidence of your identity.

Khyber Exchange reserves the right to refuse to accept any new user or any transaction at its discretion.

  1. Using the Service
    1. Types of Payment Orders
      1. Fixed Target. Payment orders, where you require Khyber Exchange to transfer a fixed amount of foreign currency to the payment recipient.
      2. Fixed Source. Payment orders, where you order to convert a fixed amount of source currency and transfer the resulting amount to the recipient in foreign currency.
    2. Exchange Rates
      1. Khyber Exchange makes reasonable efforts to match transactions at exchange rates aligned to the mid-market rate at the global currency markets. Khyber Exchange is not liable in any way if the target currency after the exchange is less than anticipated as a result of changes in the global currency markets.
      2. Unless the exchange rate is locked-in pursuant to the section 3.2.3 below, Khyber Exchange converts your transaction amount (or any proportion thereof) by matching it with a number of different counterparties. Every such match is conducted at the mid-market rate at the time of the relevant match. The final effective rate (the “Effective Rate”) for your transaction is then a weighted average of the rates across all applied matches.

Khyber Exchange does not take any margin or spread on the exchange rate, hence there are no buy and sell rates. The rate that you get is exactly the same rate as your counterparty.

      1. We may specify the exchange rate applicable to your transaction at the time you initiate your payment. This exchange rate will be locked-in (the “Locked-In Exchange Rate”) for a period which we show you in the payment flow and that period may vary for different currencies (the “Specified Period”).

We will convert the transaction amount at the Locked-In Exchange Rate provided that the transaction amount reaches our relevant bank account within the Specified Period. Unless you cancel your transaction through our website before the transaction amount is converted, we will convert your transaction amount using the Locked-In Exchange Rate even if the mid-market rate at the time of the conversion would be better or worse for you than the Locked-In Exchange rate.

In the event that the transaction amount reaches our bank account after the Specified Period, then the Locked-In Exchange Rate will no longer apply. We will instead apply the Effective Rate in order to convert the transaction amount in accordance with the provisions set out in section 3.2.2 above.

      1. In order to protect you from negative volatility in the global foreign exchange markets, Khyber Exchange automatically applies a 3% rate limit (the “Automatic Rate Limit”) to all transactions in any currency other than the currencies where we lock the rate according to the section 3.2.3 above.

This means that in the event that the conversion rate moves negatively against you beyond the Automatic Rate Limit, then Khyber Exchange will temporarily stop any further conversions until market conditions improve.

We will notify you should the situation not improve for more than 24 hours. You may manually adjust this rate limit to below 3% (eg. 2%, 1% or 0.5% etc) by logging into your Khyber Exchange account. Khyber Exchange will always pass on any improvements in exchange rates. Any rate limits will only apply to limit negative rate movements.

  1. Deposits

Every new payment submitted on the Khyber Exchange website will be inactive, until we have received a valid deposit. You need to pre-pay the deposit to Khyber Exchange in the following way:

Transfer the full invoiced amount in source currency on the Khyber Exchange clearing bank account by bank transfer (see "Bank Transfers" section). If it is a Fixed Target payment order, then the invoiced value equals the required source currency if exchanged at your specified Limit Rate. The excess deposit, which is the difference between the invoiced value (your paid deposit) and the effective source currency requirement, is refunded to your specified source currency account after your order is matched.

If for any reason your transaction is cancelled or refused, then Khyber Exchange will promptly return the deposit to the sender’s original source of funds. In the event that we are unable to return the deposit (e.g. if the bank account details provided are incorrect), then Khyber Exchange will promptly contact you using the most up-to-date contact information provided to us by you on your Khyber Exchange account.

    1. Payment Limits

The upper transaction limit for payments is 100000 GBP or equivalent. The maximum amount of currency accepted for exchange varies dynamically based on market conditions. There is no lower limit.

    1. Bank Transfers

All EUR payments to Khyber Exchange below £25,000 have to be made as Single European Payment Area (SEPA) payments with the "shared" fees option. Khyber Exchange makes all outgoing EUR payments through SEPA with the "shared" option. Your specified recipient account must support receiving SEPA payments.

All GBP payments must originate from a UK bank or building society. Khyber Exchange makes GBP payments through the "UK Faster Payments" scheme where possible or alternatively through BACS.

You may be liable for an additional administration charge if the account numbers or the recipient name you have provided are incorrect.

In case your bank charges you for receiving of payments you shall be liable for paying these.

    1. Refused Transactions

Khyber Exchange may refuse the payment order, if we cannot match the user's name and address as provided to Khyber Exchange to your bank account or credit card details. In this case you may be liable for an administration charge, which will be deducted from your deposit.

    1. Cancellation of Transactions

You may cancel your transaction at any time before the transaction gets paid to the beneficiary. However there will be 15 pond or 15 Euro cancelation charges applied. If the sending amount is more that 2000 pound or 2000 Euro then 1% cancelation charges will be applied.

    1. Your Obligations

You are responsible for ensuring the payment details you provide are accurate. Once payment instructions have been executed by Khyber Exchange, transactions cannot be reversed and Khyber Exchange will not be liable in any way for any loss you suffer as a result of a transaction being carried out in accordance with your instructions.

In the unlikely event that you notice an error in either the payment sent or received as a result of using the Services, then you should immediately notify us at help@Khyberexchange.co.uk. If you become aware that you have received a payment over and above what you were expecting, you must immediately notify us of this so that arrangements can be made for you to immediately return any overpayment.

You agree not to use the Services for any unlawful activity and Khyber Exchange reserves the right to investigate any suspicious activity or in response to any complaints or reported violations. When investigating any such activity, Khyber Exchange reserves the right to report suspected unlawful activity to any appropriate person or body and to provide them with any relevant information, including personal data.

  1. Fees
    1. Transaction Fee

Khyber Exchange charges a fee on every payment; the minimum fee is 1 GBP/EUR. Fees relating to the payment are visible to the user before submitting the payment.

    1. Administration Charges

Administration charges may only incur when our settlement banks or the receiving bank refuse your transaction due to incorrect payment details, their regulatory requirements or any other valid reason. Any administrative charges from the settlement banks or the receiving banks will be deducted from your payment amount. In addition, Khyber Exchange admin charges may specifically apply in the following scenarios:

from EUR

from GBP

Invalid recipient account details

8.00 EUR

8.00 GBP

Refused payment (see Section 3.6)

8.00 EUR

8.00 GBP

  1. General Terms
    1. Third Party Services

You acknowledge and agree that Khyber Exchange may engage third party partners and providers in order to deliver you the Services.

By using our Services, you agree to be bound by any user agreements established by any third party partners and providers that Khyber Exchange engages with, including the “End User Terms of Use” established by our partner please click here see the full list of our partner. This is in addition to the Terms and Conditions set out in this Agreement.

By accepting and agreeing to the partner’s terms and conditions you expressly acknowledge that Khyber Exchange acts as agent of the partner and that Khyber Exchange shall have no liability for the actions or omissions of the third party partner.

    1. Communications

We are required to provide certain information to you in writing. By accepting this Agreement, you agree that we can communicate with you electronically either by email or by posting notices on the Khyber Exchange website.

    1. Events Outside Of Our Control

If we are unable to perform our obligations under this Agreement because of factors beyond our control, including a change of law, an event of Force Majeure, withdrawal of a currency or the imposition of sanctions over a country or beneficiary, we will notify you as soon as is reasonably practicable and will use reasonable endeavors to secure the return of any money paid by you in respect of which we have been unable to discharge our obligations under this Agreement. We will not have any liability to you where we are unable to perform our obligations.

    1. Complaints

We are committed to providing you with the highest standards of service. If you feel we have not achieved that, you can find information about our complaints procedure here.

  1. Entire Agreement

This Agreement and any document expressly referred to in it constitute the whole agreement between us and supersede any previous discussions, correspondence, arrangements or understandings between us.

    1. Law And Jurisdiction

The provision of the Service and any dispute or claim arising out of the provision of the Service is governed by English law.

Any dispute or claim arising out of or in connection with the Service will be subject to the non-exclusive jurisdiction of the courts of England and Wales.

  1. Definitions

o    "Deposit" has the meaning given in section 3.3.

o    "Agreement" means this agreement including all subsequent amendments.

o    "Business Days" means a day (other than a Saturday or Sunday) on which banks in England are open for business (other than for the sole purpose of 24-hour electronic banking).

o    "Fixed Target Payment" has the meaning given in section 3.1a.

o    "Fixed Source Payment" has the meaning given in section 3.1b.

o    "Days" means calendar days.

o    "European Economic Area" or "EEA" means region made up of the following countries: Austria, Belgium, Bulgaria, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovak Republic, Slovenia, Spain, Sweden and the UK.

o    "Fees" means those amounts stated in section 4 of this Agreement.

o    "Force Majeure" means events or causes including, but not limited to, the following: an act of God, peril of the sea, unavoidable accident of navigation, war (whether declared or not), sabotage, riot, insurrection, civil commotion, national emergency (whether in fact or law), martial law, fire, flood, cyclone, earthquake, landslide, explosion, power or water shortage, failure of a transmission or communication network, epidemic, quarantine, strike or other labour difficulty or expropriation, restriction, prohibition, law, regulation, decree or other legally enforceable order of a government agency, breakage or accident, change of International, State or Commonwealth law or regulation or any damage of Khyber Exchange’s machinery or systems, unless occurring as a result of an act, omission, default or negligence of you or Khyber Exchange.

o    "Payment Order" means an instruction validly made by you to us requesting the execution of a payment transaction.

o    "Khyber Exchange", “Exchange Solutions”, "we", "us" or "our" means Khyber Money Exchange Ltd. with registered head office at 31 Plashet Grove, London E6 1AD,  United Kingdom and includes its successors and any person to whom it has assigned it rights under this Agreement.

o    "Khyberexchange.co.uk website(s)" means any URL, such as Khyber xchange.co.uk, owned and operated by Khyber Money Exchange Ltd that we use to provide the Services to you.

o    "Policy" or "Policies" means any Policy or other agreement between you and Khyber Exchange that you entered into on the Khyber Exchange website(s), or in connection with your use of the Services.

o    "Services" means all payment services and related products available through the Khyber Exchange website(s).

o    "User," "you" or "your" means you and any other person or entity entering into this Agreement with us or using the Service.

o    "Verified" means that you have completed our verification process in order to help establish your identity with Khyber Exchange.


Customer Complaints Procedure

At Khyber Exchange, we always aim to provide you with the highest standards of service – both through our product, and our Customer Support team, who are always on hand to help with your enquiries. However, we do understand that there may be rare occasions where our service has not met your expectations.

If this is the case, we wish to extend our sincerest apologies to you that you feel we have let you down, and we will remain committed to righting the situation with you wherever possible.

This article contains details of our complaints procedure, and your rights as a consumer. The procedure has been designed in line with the recommendations and requirements of our regulators at the Financial Conduct Authority (FCA) and the Financial Ombudsman Service (FOS).

Although you have the right to make a complaint orally, for the sake of a clear understanding of the issues at hand, we would always recommend that you submit your complaint by email to support@Khyberexchange.co.uk, clearly detailing your account membership number.

Please outline fully the nature of your dissatisfaction or complaint, and your email will be escalated to the correct individual or department. All of our Customer Support team receive training on recognising and managing a complaint, and are aware of our internal escalation procedure.

We will then:

  • Send you written acknowledgement that your complaint has been received;


  • Contact you further should we require any additional information regarding your case;


  • Fully investigate your case and your concerns, followed by issuing a detailed response, including explanation of our decisions, and reasons for our actions.


If you remain dissatisfied with our response, you have the right to forward your concerns to the Financial Ombudsman Service.

PLEASE NOTE: We always encourage you to allow us to undergo our Internal Complaints Procedure before referring your concerns to the Financial Ombudsman.

The Financial Ombudsman can be contacted at:

The Financial Ombudsman Service (UK)
Exchange Tower
E14 9SR