FX SERVICES Sample Clauses
The FX Services clause defines the terms under which foreign exchange (FX) transactions are conducted between the parties. It typically outlines the procedures for executing currency conversions, the applicable rates, settlement timelines, and any associated fees or charges. For example, it may specify how exchange rates are determined—such as referencing a particular market rate or provider—and detail the process for confirming and settling FX trades. The core function of this clause is to ensure both parties have a clear understanding of how FX transactions will be managed, thereby reducing the risk of disputes and providing operational certainty in cross-currency dealings.
FX SERVICES. Note. The FX Services described in this Part C do not constitute the issuance of electronic money nor the provision of payment services, are not regulated activities and are therefore not subject to regulation by the FCA. Accordingly, the regulatory protections afforded to users of such services do not apply to your use of the FX Services. In particular, you may not be entitled to refer a complaint in relation to the FX Services to the FOS as envisaged in Clause 12 of Part A.
19. PLACING TRADES
FX SERVICES. For all Orders related to Financial Instruments denominated in non-euro currencies (Foreign Currencies), a currency conversion may be required. Vivid NL will facilitate the necessary conversion of euros into the required foreign currency (e.g. US dollar) on Your behalf. Vivid NL may use one or more third party services providers for this conversion. Vivid NL will always inform You of the currency exchange rate (FX rate) and additional fees before (ex-ante) and after (ex-post) Your Order is executed.
FX SERVICES. Note. The FX Services described in this Part C do not constitute the issuance of electronic money nor payment services activity and are therefore not subject to regulation by the FCA under the PSRs/EMRs.
FX SERVICES. 4.1. The FX Services are spot trades where we agree to exchange one Accepted Currency to another Accepted Currency for you.
4.2. You can initiate FX Services using your Payment Account by specifying the Accepted Currency (within the Applicable Limits) either as an amount that you would like to send to a recipient, or as an amount that you would like a recipient to receive (“FX Instruction”).
4.3. In the event you provide FX Instructions on a day that is not a Business Day or after the time when we have ceased accepting FX Instructions on a Business Day (as stated on the App) you will be given the option to use the Exchange Rate offered by us at the time the relevant market closed on the previous Business Day (“Fixed Rate”); or the beginning of the next Business Day (“Variable Rate”).
4.4. We will inform you of our Fees, the Exchange Rate that we will use for the FX Services (or an estimate of the Variable Rate which you agree is subject to change) and calculate the amount of Accepted Currency that you must transfer to your Payment Account (“Required Funds”) in order for us to carry out the FX Services (“Quote”).
4.5. If the Required Funds are not received into your Payment Account before the time and date specified by us in the Quote then we will use the Exchange Rate offered by us at the time the Required Funds are received into your Payment Account.
4.6. You may withdraw FX Instructions for free at any time prior to transferring the Required Funds to your Payment Account. In the event you do so, we offer no guarantee that the same Fees and Exchange Rate will be available if you subsequently submit an identical FX Instruction in the future. FX Instructions cannot be withdrawn once you have transferred the Required Funds to your Payment Account.
4.7. After the FX Services have been provided, we will initiate onward payment immediately once your payment instruction in respect of this Payment Service has been deemed given to us as set out in section 5.3.
FX SERVICES. All Services contemplated by this Agreement are provided on an execution only basis.
FX SERVICES. 18. PLACING TRADES
18.1 How to Place and Confirm a Trade
18.1.1 You can place an Order by using one of the methods at Clause 14.5 online, by telephone or by email.
18.1.2 Once we have received your Order, we will confirm:
(a) the amount of the Sale Currency and the Purchase Currency;
(b) the foreign exchange rate which we intend to apply;
(c) any Payment to be made in accordance with Clause 19;
(d) any Margin payable by you in accordance with Clause 20; and
(e) any additional terms which we intend to apply to the Trade.
18.1.3 Upon receipt of an Order, we will provide you with a Transaction Receipt and a Payment Instruction Confirmation, which we may provide in a single communication.
18.1.4 You must carefully review the Transaction Receipt and the Payment Instruction Confirmation and tell us before Payment if you think any of the details are incorrect. If you are placing an order by telephone or by email, you must tell us within one (1) hour of receipt of your Transaction Receipt and Payment Instruction Confirmation. We’ll provide you with a revised Transaction Receipt and/or Payment Instruction Confirmation as soon as possible.
18.1.5 Except in the case of Limit Orders (see Clause 21 below), we will execute the Trade upon receipt of Payment.
18.1.6 You may not cancel a Trade which you have placed with us. However, if we haven’t yet processed the Trade:
(a) you can correct any incorrect Beneficiary Account details (though we may charge a fee for this); or
(b) we may at our discretion permit you to cancel the Trade.
18.1.7 If we permit you to cancel an Order:
(a) if we’ve already received the Payment Amount, we’ll return it to the account from where it came. However, if the Sale and Purchase Currencies are different, we’ll convert the Purchase Currency back to the Sale Currency using an agreed exchange rate at the time of cancellation, which means the amount we return to you may be more or less than the original Payment Amount;
(b) we won’t refund any fees you’ve paid us; and
(c) we may require you to pay an additional fee that we agree with you at the time of permitting cancellation.