Currency Accounts Clause Samples
The Currency Accounts clause establishes the rules and procedures for maintaining and managing accounts in different currencies within a contractual relationship. It typically outlines how payments, deposits, or balances are handled when parties transact in more than one currency, specifying which currencies are permitted and how conversions, if necessary, are to be calculated. This clause ensures clarity and consistency in financial dealings involving multiple currencies, reducing the risk of disputes over exchange rates or payment obligations.
Currency Accounts. 2.14.1. Subject to agreement with us, Currency Accounts can be denominated in most of the main global currencies – for example US dollar and euro.
2.14.2. Currency Accounts are available only to commercial clients who hold a sterling denominated Account with us. If your sterling denominated Account is closed, suspended or under notice of closure, we may close your Currency Account and any balance and accumulated interest will be repaid to you.
2.14.3. Subject to agreement with us, Currency Accounts can be opened as a Current Account, a Notice Account or Fixed Term Deposit Account.
2.14.4. Rates of credit interest for a Currency Account may be tiered. These tiers, and the interest rate applicable to each tier, are set out in the Interest Rates Schedule for Commercial Clients, which is available on the Website, at any of our branches, or directly from us upon request. The funds will receive interest at the rate applicable to the Currency Account until funds are withdrawn.
2.14.5. If you have a Currency Account and the applicable credit interest rate on that Currency Account goes below zero, we may charge you interest on the credit balance in that Currency Account.
2.14.6. Where you wish to pay into a Currency Account in sterling (or in any other currency other than the denomination currency of the Currency Account) your attention is drawn to term 2.2.3.
2.14.7. Payments from, or payments into your Currency Account cannot be made by way of BACS or CHAPS or via Faster Payments. Where your Currency Account is able to make and receive electronic payments (for example, where your Currency Account is a Current Account) all such payments will be made and received via SWIFT or SEPA credit transfer.
2.14.8. All permitted withdrawals and Payment Instructions from Currency Accounts will be transacted in the currency in which your Currency Account is denominated.
2.14.9. SWIFT payments will be made in the currency of the Account that you are debiting (for example, where you issue a Payment Instruction to send euros to Spain, if you have a euro Current Account, this will be debited in euros from your euro Current Account).
2.14.10. Where a currency conversion is required for a SWIFT payment out of your Currency Account, you will receive a foreign exchange confirmation. This will inform you of the exchange rate used and, where required, any currency conversion charge taken for completing the transaction.
2.14.11. In the case of ATM withdrawals from a Currency Account in s...
Currency Accounts. You may hold one or more currency accounts with us, which consists of an account number and other necessary information to accept payments in a given currency. These account details are a routing address for your E-Money Account. This means that payments sent to these currency accounts will be reconciled to your e-money balance with Ebury via your Assure FX login. Funds received through your currency accounts will be treated in exactly the same way as any other funds you hold with us (see Clause 13 of the Ebury Relationship Agreement). Before we provide you with your currency accounts, we may request additional information or documentation to comply with our obligations to our regulators or otherwise under Applicable Laws. You must provide us with this requested information within a reasonable timeframe. You are responsible for paying all taxes and related charges which you may be required to pay (in any jurisdiction) as a result of you receiving funds to your currency accounts. If you are unclear as to your obligations, you should seek independent advice from a tax professional.
Currency Accounts. Approved users may establish and fund one or more Currency Accounts to facilitate transactions on ▇▇▇▇▇▇▇.▇▇▇. You are the owner of the balance of each of your Currency Accounts. ▇▇▇▇▇▇▇.▇▇▇ holds the balance of your Currency Accounts in segregated custodial accounts with authorized financial institutions. All funds held in a Currency Account are held in trust by ▇▇▇▇▇▇▇.▇▇▇ for the benefit of the user.
Currency Accounts. Approved users may establish and fund one or more Currency Accounts to facilitate transactions on Cryptorao. You are the owner of the balance of each of your Currency Accounts. Cryptorao holds the balance of your Currency Accounts in segregated custodial accounts with authorized financial institutions. All funds held in a Currency Account are held in trust by Cryptorao for the benefit of the user.
Currency Accounts. Approved users may establish and fund one or more Currency Accounts to facilitate transactions on Chbits. You are the owner of the balance of each of your Currency Accounts. Chbits holds the balance of your Currency Accounts in segregated custodial accounts with authorized financial institutions. All funds held in a Currency Account are heldin trust by Chbits for the benefit of the user.