Agreement is a contract between you and Khyber Exchange and applies to your use
of the Khyber Exchange services (the "Services").
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
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.
- Our Relationship With You
- Khyber Exchange is only a Payment Service
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).
business for Khyber Exchange is money transfer and provision of services for
making foreign currency payments internationally.
trading address is 31 Plashet Grove, London E6 1AD, England.
- Your Privacy.
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
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.
- Transaction History.
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.
- Duplicate accounts.
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.
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.
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.
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.
Exchange reserves the right to refuse to accept any new user or any transaction
at its discretion.
- Using the Service
- Types of Payment Orders
- Fixed Target.
Payment orders, where you require Khyber Exchange to transfer a fixed
amount of foreign currency to the payment recipient.
- 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
- Exchange Rates
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.
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
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.
- 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”).
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.
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.
- 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.
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.
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.
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:
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.
- Payment Limits
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.
- Bank Transfers
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.
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.
your bank charges you for receiving of payments you shall be liable for paying
- Refused Transactions
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.
- Cancellation of Transactions
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.
- Your Obligations
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
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.
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.
- Transaction Fee
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.
- Administration Charges
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:
Invalid recipient account details
Refused payment (see Section 3.6)
- General Terms
- Third Party Services
acknowledge and agree that Khyber Exchange may engage third party partners and
providers in order to deliver you the Services.
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
Conditions set out in this Agreement.
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
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.
- 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
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
- Entire Agreement
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.
- Law And Jurisdiction
provision of the Service and any dispute or claim arising out of the provision
of the Service is governed by English law.
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.
"Deposit" has the
meaning given in section 3.3.
this agreement including all subsequent amendments.
"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).
Payment" has the meaning given in section 3.1a.
"Fixed Source Payment"
has the meaning given in section 3.1b.
"Days" means calendar
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.
"Fees" means those
amounts stated in section 4 of this Agreement.
"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.
"Payment Order" means
an instruction validly made by you to us requesting the execution of a payment
“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
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.
"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.
"Services" means all
payment services and related products available through the Khyber Exchange
"you" or "your" means you and any other person or entity
entering into this Agreement with us or using the Service.
"Verified" means that
you have completed our verification process in order to help establish your
identity with Khyber Exchange.
Customer Complaints Procedure
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.
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)