You should read these Terms and Conditions carefully and ensure you understand them. Please obtain independent advice or contact us if you have any questions.
This Agreement (the “Agreement”) is a legal agreement between you and us and governs your access to and use of our Services. By accessing and using our Services, you agree to be bound by this Agreement. We use some words which start with capital letters in this Agreement. These are called Defined Terms and you can see what each of these words means in the Glossary at the end of this Agreement.
Each use of our Services will be treated as a separate Transaction. The specific details of each Transaction, including the currencies, the amounts and the Recipient Account, will be agreed separately each time you request a Transaction in the confirmation by email you receive. This is called a Deal Confirmation. Whilst each Transaction will be a separate Agreement in its own right, it will still incorporate the terms and conditions contained in this Agreement.
In this Agreement, we refer to other documents. Some of the documents we have listed below contain legal obligations for you and for us, so you should read them carefully to make sure you understand them. Please click on the hyperlinks below to read our:
We may amend any of these documents from time to time. Such amendments will become effective as indicated in the updated document, when we post the revised policy or document on our Website or as per our communication of the changes to you. We will endeavour to provide notice as is required. If you continue to use our Services after the documents have been amended, you will be deemed as having accepted those changes. If you do not agree with any of the amendments, you may terminate your account with us. See Clause 17 (Changes to this Agreement) for full details.
In the event of any conflict or inconsistency between any of the documents we refer to, the following order shall prevail:
Copies:
You can obtain a copy of this Agreement, or any other document referred to in this Agreement, at any time, from our Website at SwitchHub.ca, by calling the telephone numbers in the Contact Us section below, or by emailing us at info@switchhub.ca
This Agreement applies to all Customers who use our Services through our Website, telephone, mobile applications, software, APIs or any other access channels.
In this Agreement,“we”, “us” or “our” means the relevant SwitchHub company. “Customers” and “you” includes individual Customers.
Please read this Agreement carefully before you begin to use our Services. If you proceed to use our Services, you acknowledge that you understand this Agreement and have had the opportunity to obtain your own independent legal advice in relation to this Agreement.
By selecting the “I agree” box or typing your name on any form we may ask you to sign, you agree that your electronic signature is your consent to be bound by this Agreement and any Transaction terms and conditions. Youfurther agree that we may accept your electronic signature as the legal equivalent of your manual/handwritten signature and that no third-party verification is necessary to validate your signature in any way.
What we Provide: We are an online money transfer company. We provide “FX Services”, that is buying and selling currency from you, for personal purposes. There are two main types: Spot Contracts and Forward Contracts. We also offer “Payment Services”, which can either be a same-currency Transaction or a cross-currency Transaction.
Not for Investment Purposes: We do not offer any form of investment or speculative trading facilities.
Exchange Rates: When you give us an Instruction, we will provide you with a quote for an indicative exchange rate that may apply to your Transaction. The exchange rate we quote is not the same as the market exchange rate and is not guaranteed until the Transaction is confirmed as rates can and do change frequently. The exchange rate that applies to your Transaction will be listed on the Deal Confirmation email you receive.
We do not enter into any kind of set-off arrangements that would allow you to receive or pay only the amount of any gain or loss you may have made as the result of exchange rate movements when a Transaction completes.
No Financial Advice: We do not provide you with personal financial advice. We do not take into account your specific financial circumstances or needs when we enter into a Transaction with you. Any advice we do provide will relate only to information that is already publicly available and/or to the mechanics of your Transaction. You must obtain your own financial advice and make your own assessment as to whether our Services are appropriate for your requirements and financial circumstances. Selection of the type and timing of each Transaction you enter into is for you to decide.
Fees: we do not charge any fees on a Transaction if the Transaction involves a currency conversion. Please be advised that your own bank or your Recipient’s bank may independently charge fees on the Transaction. You should consult directly with the bank for information regarding any fees they may charge. In our sole discretion, from time to time we may permit same currency-pair transfers that do not involve a conversion of currency. The fee for a same-pair currency transfer will be quoted to you at the time of booking and will be expressed either as a flat fee or a percentage of the transfer amount. Any fees charged by us in relation to a particular Transaction will always be shown on the Deal Confirmation email as well as the receipt we provide to you.
In certain circumstances, certain intermediary fees might be levied upon a Transaction. Where possible, we will estimate the amount of such fees in the Deal Confirmation, but the Recipient Account may receive less than originally estimated. You acknowledge and agree that third party intermediary fees may apply to your Transaction. We have no control over those, receive no part of them and they are you or your Recipient’s responsibility to pay (depending upon what may have been agreed between you).
Types of Accounts:
Personal Accounts: Personal accounts are intended only to be used for Transactions related to personal, family or household purposes. Personal accounts may not be used for business, commercial or merchant transactions. Some features of our Services may not be available to personal account holders.
Identity Verification:
To provide you with our Services, we must collect certain information about you and any Authorised User you may appoint to provide an Instruction on your behalf. This is so that we can verify your identity and also meet any regulatory or legal obligations we may have. The information may include, but is not limited to, details such as name, contact details, date of birth, proof of identity and/or financial affairs. If you are a business, it may also include information about the way you are set up, your directors or management body, the laws you may be subject to, and the ownership of your company or business. Without this information, or if we are not satisfied with it, we may not be able to provide you with our Services.
We may also carry out electronic database searches and credit reference agency searches to verify your identity and, if necessary, the identity and credit standing of the owners, principals, employees or directors of your business or any Authorised User of your business account. This may create a credit “footprint” on the relevant individual’s file with any such credit reference agency. When opening an account, you agree that we are permitted to leave a footprint on credit files as part of the performance of our Services. For more information see clause 16.3 (Consent to Credit Reference Reports).
Owner of the Money You are Transferring:
For each Transaction, unless we agree otherwise, you, must be the beneficial owner of the money you intend to transfer or you are acting in your capacity as a trustee of trust money. We may request documentary evidence showing ownership of the funds. You may not enter into Transactions on behalf of third parties, unless you are expressly authorised to do so in accordance with this Agreement and can prove that to us if we ask you to.
We recognise that there may be situations where a third party is legitimately involved, while you are still the beneficial owner of the funds, including but not limited to: salary payment; from solicitor e.g. property sale, estate, trust; sale of shares where payment is from the investment firm; joint accounts; family member (to first party); pension payments; refund of a deposit on rental / holiday accommodation; inheritance payment, etc. In such circumstances we may ask you to provide us with additional documentary evidence so that we can meet our legal requirements.
Appointing Someone to Act on Your Behalf (Authorised Users):
If you are transacting with us as a Personal Customer, you may choose to appoint one or more Authorised Users if you would like us to take an Instruction from someone else acting on your behalf.
You can do this by signing an Authorised Signatory Form. An Authorised User may have unlimited authority to give us an Instruction on your behalf, or you may specify the stages of a Transaction you authorise them to undertake. We may contact you to confirm the details on any Authorised Signatory Form we receive from you.
We will rely on an Instruction received from any individual(s) authorised by you in accordance with this Agreement until such time as you withdraw or change that authority by giving us 48 hours’ notice in writing. If you wish to change or remove an Authorised User, you may do so by completing a Change of Authorised Signatory Form or otherwise by notifying us in writing.
This Agreement also applies to Authorised Users, but you remain responsible for their actions. We accept no liability for carrying out a Transaction that has been instructed by your Authorised User if you did not want the Transaction to proceed.
You, or an Authorised User, can give us an Instruction, consent to a payment or confirm the payment to the Recipient Account via our Secure Website, verbally by telephone, or by email (where we agree in advance to email Instructions).
Keeping Your Account Safe:
We will issue, or you can choose, a username for your account with us. We will also ask that you provide personalised security details (such as a password or fingerprint) and answers to security questions. Together these are known as your Secure Detailsand they allow us to verify your identity so that you can give us an Instruction. We may accept any Instruction received, using the Secure Details, without performing any further checks on the identity of the user.
You must take all reasonable steps to keep your Secure Details secret and safe, and you must take all reasonable steps to prevent loss, theft or fraudulent misuse of them. We recommend that you do not write them down in a format that is recognisable, save them electronically, choose simple passwords, or let someone else know them unless they are an Authorised User.
If you know or suspect that your Secure Details have been lost, stolen or misappropriated, or that there has been unauthorised use of our Services or any other security breach, you must notify us immediately by calling us on the numbers in Contact Uswithin the Country Section at the end of this Agreement or by emailing us at info@SwitchHub.ca. In such circumstances we may suspend your account to protect you and refer the matter to our fraud department.
Keeping Our People Safe:
We do not tolerate hostile, aggressive, threatening or abusive language or behaviour towards our people and reserve the right to terminate a telephone call, cancel a Transaction, decline to provide you with Services or close your account in any circumstances where any of our people may feel threatened, alarmed, distressed or afraid.
Where there are extenuating circumstances and you wish to appeal our decision, you are entitled to raise a complaint in line with our Complaints Policy in the Country Section at the end of this Agreement.
Communicating With You:
When we need to contact you, we will do so by email, text, telephone or mobile application using the most recent details you gave us.
We may record telephone calls for training, quality assurance and compliance purposes. By entering into this Agreement you consent to the electronic recording of all telephone conversations that take place between you and us without an automatic warning tone or message being given. In the event of any dispute between you and us, the recording or transcript of our telephone conversation may be used as evidence of the nature and purpose of the call and any details that were agreed between you and us in relation to the provision of any of Services.
You must ensure that all information provided to us is accurate and up-to-date at all times. You must tell us of any changes by calling us, updating your details on our Secure Website or mobile app. or emailing us, as soon as you can. If you do not, this may impact the Services that we can offer you.
By entering into this Agreement, together with the consents you gave when registering with us, you consent to receive communications from us, including e-mails and phone calls directed to the e-mail address and/or telephone number you provide when you registered for an account with us. Such communications may include, but are not limited to, Transaction details or Deal Confirmations and receipts, requests for additional documents or information and notifications regarding updates to your account.
You may also receive marketing or promotional messages where permitted or if you have agreed to this when you created your account with us. You may opt out of receiving promotional e-mail communications at any time by changing your preferences on your account page on our Secure Website, clicking the unsubscribe link included on the email or by contacting Customer Service. To continue using our Services, there are certain communications directly related to your Transactions and your account which you cannot opt out from receiving.
Instructions:
To give us an Instruction, we require that you provide us with the value of the transaction, the currencies you want to exchange and the Recipient Account you want to pay, as applicable.
When we receive an Instruction from you, we shall provide you, as applicable, with the exchange rate, information on the maximum time it will take for the Recipient Account to receive the money, any charges payable by you and a breakdown of such charges.
When the Transaction is Legally Binding:
Transactions become legally binding once the booking process has been completed online or when your email, giving an Instruction, has been processed or when the telephone call, in which you place an Instruction, has concluded. We will then send you an email headed “Deal Confirmation” which is our written record of the Instruction you have given us. If you do not contact us within 24 hours of receipt of the Deal Confirmation, the Transaction details will be deemed to be correct. Even if no Deal Confirmation is received, the Transaction is still legally binding, unless we have made a mistake, and this can be evidenced by the emails we have exchanged with you, the data available on our Secure Website or the transcript of the telephone conversation during which it was booked.
Third Party Liability:
We enter into Transactions directly with you or with you via your Authorised User. We have no responsibility to any third party. The agreement is personal to you and you cannot transfer any rights or obligations under it to anyone else.
Please be advised that if you book a Transaction through a mobile device, your wireless carrier’s standard charges, data rates and fees may apply. If you access the Services using a mobile application developed for Apple iOS, Android or Microsoft Windows, you agree that Apple Inc., Google Inc. and Microsoft Corporation are not parties to this Agreement and are not responsible for the provision or support of the Services. Your access to the Services using a mobile application is subject to such applicable third-party provider’s terms of service.
Changing or Cancelling a Transaction:
An Instruction from you cannot be cancelled, withdrawn or changed once you have given it unless we have made a mistake and you inform us as such, after receiving your Deal Confirmation. In exceptional circumstances, we may agree to cancel or change an Instruction after it has been received. If you think that such circumstances exist you should contact us immediately by telephone.
Quotes Made in Error:
If we quote you a rate that is clearly a mistake on our part, as the result of a technical or human error, it is not binding on us and we reserve our right not to process the Instruction. You must notify us by telephone or email as soon as the mistake comes to your attention and we will send a revised quote as soon as possible.
You Agree to Act Quickly:
By entering into this Agreement, you acknowledge that exchange rates can fluctuate rapidly, so being able to access the rate we quote you depends on you promptly performing your agreed actions. We reserve the right to cancel or suspend a Transaction if you do not provide us with any requested information or funds promptly.
Service Notification:
Once we have carried out a Service for you, we will send you a notification including a reference, amount of the payment in currency used, any charges and the date the order was received. This information is also available on our Secure Website. If you decide to turn off e-mail notifications, it is your responsibility to check these regularly and print or save a copy of this information for your records.
Spot Contracts:
If you wish to enter into a Spot Contract, you may do so by giving us an Instruction online, by telephone, or by email, if we agree this with you in advance.
Forward Contracts:
In jurisdictions where Personal Customers are able to enter into Forward Contracts. In giving us an Instruction for a Forward Contract, you must also specify the date you want the exchange to occur.
Advance Payment (deposit): We may ask you to pay a deposit in full or part payment of a Forward Contract, at any point from the time you give us an Instruction until the Maturity Date. We will tell you whether a deposit is payable before you confirm the Forward Contract. We will state the amount of any deposit/s that must be paid and tell you the date by which they must be paid.
Failure to Pay the Advance Payment: If you do not pay the deposit by the date required, we may cancel the Forward Contract.
Change to the Maturity Date: You may ask us to bring forward (pre-deliver) or to extend (roll over) the Maturity Date in relation to the whole or only part of your Forward Contract. Agreeing to such a request is entirely at our discretion. If we agree, the rate may be adjusted to account for the timing of the new Maturity Date and no profit on the adjusted Transaction will be payable by us.
Payment of Full Amount on Settlement: You must transfer the full amount of funds due for the Forward Contract Transaction (which is the total amount due, less any Advance Payment you have already paid) together with any applicable fees payable, on or before the Maturity Date. If we have not received funds by the Maturity Date, you will be in breach of your obligations under the Forward Contract and we may cancel the Transaction.
Assumption of Risk: Due to the volatile nature of the foreign currency exchange market, the value of the currency sold by you may be less favourable on the date of settlement than its value upon booking the Forward Contract. You hereby expressly accept and assume such risk and agree that we have no liability to you for any losses you may incur due to fluctuations in the exchange rate.
Limit Orders: You may give us an Instruction for a Limit Order on a Spot Contract by telephone, or, if we agree this with you, through our Secure Website or by email.
When You Can Cancel a Limit Order: You may cancel a Limit Order at any time before the Target Rate is reached by contacting us by telephone only. You may not cancel a Limit Order after the Target Rate has been reached, whether or not we have notified you that the Target Rate has been reached. When the Target Rate is reached, you are legally bound by the Transaction.
How We Will Notify You About the Target Rate: We will notify you by telephone or email as soon as possible after the Target Rate has been reached. The Target Rate will be deemed to have been reached only when the exchange rate nominated in your Limit Order has been filled with our provider. This will occur when the rate you have nominated has been exceeded by an amount that includes our Margin. It is important that you know that exchange rates can change very quickly and the Target Rate may not remain for long. As such, you may need to act quickly when you receive a notification from us.
Target Rate: You may find that, in some cases, the exchange rate spikes and falls with the result being that the exchange rate you have nominated in your Limit Order has been reached but it may not get filled due to limited liquidity in the market. For the avoidance of doubt, we will not fill your Limit Order in those circumstances. If the Target Rate does not become Sustainable and Purchasable during the relevant period, the Instruction will automatically expire.
Making Payment: As soon as you receive our notification that the Target Rate has been reached, you must take action to ensure that the funds reach our nominated account by the Delivery Date. If we do not receive the funds in time, we reserve our right to cancel the Limit Order.
If you elect to use Automatic Conversion, we will convert your funds immediately upon receipt by us and transfer such funds to your designated Recipient Account. If you instruct us to undertake Automatic Conversion, either for a single Transaction or as a standing instruction, you acknowledge and agree that:
We will convert funds from one currency to another and transfer such funds to your designated Recipient Account at our then current Spot Rate;
The Transaction will be legally binding on you when we receive the relevant funds; and
We will provide you with confirmation of the Transaction details via a Deal Confirmation.
It is your responsibility to ensure that you give us accurate and complete details. We rely solely on the account number you give us and will not check that the name you provide matches the account number you have given us.
You may cancel an Automatic Conversion instruction at any time by giving us at least 24 hours’ notice, which will apply to any funds received by us after this time. Otherwise, a Transaction or Instruction cannot generally be withdrawn or changed once it has been received.
Deal Confirmation: In the Deal Confirmation email, we will specify the Transaction details including:
The amount of the “Sale Currency” required, that is, the currency you are selling to us,
The amount of the “Purchase Currency”, that is, the currency you are buying from us,
The exchange rate offered,
Any applicable fees,
Who the funds are to be sent to (the “Recipient Account”),
The “Booking Date”, that is, the date your Instruction is treated as finalised,
The “Maturity Date” or “Delivery Date”, that is, the date on which the currency exchange is to be made by us and by which you must have provided cleared funds to cover the Transaction costs and any applicable fees. These should be in the same currency as your Sale Currency and into the bank account we specify, and
Any terms and conditions for paying an Advance Payment or deposit (if applicable).
No Obligation: We are under no obligation to accept an Instruction from you, and we do not accept any liability for any loss you may incur as a result.
Security Breach: We will prevent the use of your Secure Details if we reasonably believe that:
It is appropriate to protect their security or access,
Their use is or may be unauthorised or fraudulent,
It may otherwise compromise our security measures, or
We have to do so under an applicable law or regulation or order of a court or other regulatory body.
We will tell you if we need to stop or suspend the use of your Secure Details, using the contact details you have provided to us, unless that would break the law.
Secure Details: Unless we have terminated the Agreement due to a security breach or a suspected security breach, we will allow you to use your Secure Details again once the reasons for suspending the use of your Secure Details no longer applies.
Security Breach Notification: We will also take reasonable steps to tell you (provided we are legally permitted to do so) if we become aware of a security breach that could impact you and let you know of any steps you may take to reduce any risk to you.
Transaction Limits: We may apply limits to the number of Transactions that you can make each day. We may also apply limits to the amount of money that you can transfer each day. Where this is the case, we will notify you separately and let you know if there is another way you can give us an Instruction.
We have the right to close your account, at our sole discretion, if we reasonably believe the information you have provided to us is false or misleading or that a proposed Transaction may be connected in some way with Illegal Activities or may result in reputational harm or any other unacceptable business risk to us. If we do this, any monies we may owe to you will be returned to you in accordance with applicable laws. Likewise, any monies you owe to us must be paid.
When you transfer your funds to us via a bank transfer, you need to include your client reference number so we can tell who the money has come from. This number will be included in the Deal Confirmation we send to you after you give us your Instruction.
You can also find your client reference number by accessing your online account and going to the “Our Account Details” tab and selecting an available currency. Your unique client reference number will be next to “Reference” on the last line of every bank account.
This number is unique to you for all your transfers and every currency and should be used by you every time you send money to us.
Spot Contract Payments: You must pay us the full amount into our nominated account as soon as possible and within two Business Days of when the Transaction becomes legally binding. If we have not received the funds by that date, we will not be able to process the Transaction and reserve the right to cancel the Transaction. You should use your client reference number as the reference for all payments to us.
Forward Contract Payments: You must pay us the full amount of funds for the Forward Contract (less any Advance Payment(s) already paid) AND any fees that are payable before the Maturity Date. If we have not received the funds by the Maturity Date, we will not be able to process the Transaction and reserve the right to cancel the Transaction. You should use your client reference number as the reference for all payments to us.
Payment from Another’s Account: If you want to make the payment from someone else’s bank account, we may require evidence that you are entitled to do this and you must bring it to our attention as early as possible to avoid delays to your Transaction. You must be the beneficial owner of the applicable funds (see 5.3 Owner of the Money you Are Transferring).
It is your responsibility to ensure that accurate and complete payment information (including details of the Recipient Account) are provided to us on or before the Maturity Date or Delivery Date.
You must provide us with full details of the Recipient Account, including the account number, the full name and address of the recipient, the full name and address of the recipient’s bank and any other reasonably requested details. If you fail to do so, we will not be able to process the Transaction.
We rely solely on the Recipient Account bank account number you give us. We do not, as a matter of course, carry out any further checks to verify that the account details are correct so it is important that you give us the right details.
The full amount being transferred, plus any Transaction fees that may be payable and any other fees that have been requested or may be deducted by us or a third party, must be received by us in cleared funds before we credit your Recipient Account.
Should we receive less than the agreed amount of funds from you (for example, as a result of your bank deducting a fee prior to transfer), we reserve the right to proceed with the Transaction using that lesser amount which will result in a lesser amount being transferred to your Recipient Account.
Failure to Make Payment: If you fail to make full payment for any Transaction when due; or when a payment is returned unpaid or is otherwise dishonoured and no alternative form of payment is received by us, we will not be able to process your Transaction and may take other action such as cancelling a Transaction (see Clause 11), closing your account or pursuing you for any losses we may have suffered as a result.
If you send funds to us prior to giving us an Instruction and want us to hold your funds, pending completion of the Transaction, you must provide us with your Instruction as soon as possible. If you do not do so, we will attempt to return the funds to you.
You acknowledge and agree that we do not hold your funds in trust and will not transfer your funds into a separate bank account or pay you any interest on any funds held by us.
Once a Transaction has been completed, provided that no outstanding amounts are owed to us, the Purchased Currency, held by us, will be available for onward payment to you or to the Recipient Account.
We will not pay out funds until all payments to us have cleared, including the full amount being transferred and any fees that may be due.
If you believe that you did not authorise a Transaction relating to a Payment Service, please notify us without undue delay. If we determine that you did not authorise a Transaction in accordance with the process in Section 6, we will refund you the value of the transaction as soon as practicable unless:
We reasonably believe you have acted fraudulently, or
You have failed to take care of your Secure Details or failed to notify us without undue delay after becoming aware of the loss, theft or unauthorised use of your Secure Details.
In both cases, you will be liable for any associated loss.
If we investigate further and find that you authorised the payment(s), you must return any refund(s) we provided to you as soon as possible.
We are liable to you for the correct execution of your Instruction, unless we can show we acted in accordance with your Instruction and the Recipient Account received the requested amount of funds. You should check Deal Confirmation emails, receipts and other information when you receive it from us and contact us immediately if there is anything which is incorrect or which you need us to clarify or confirm. If you do not do so, we will not be liable to you for any associated loss.
Where we have incorrectly executed a Transaction and we are liable, we shall refund you the amount of the Transaction without undue delay.
Regardless of whether we are liable to refund you, we shall immediately and without charge:
make efforts to trace any non-executed or incorrectly executed Transaction; and
notify you of the outcome.
We are liable to you for any charges incurred by you where we have incorrectly executed a Transaction.
All information you provide to us must be complete, accurate and truthful at all times and you must update this information whenever it changes. We are not responsible for any financial loss arising out of your failure to do so. We may ask you at any time to confirm the accuracy of your information and/or provide additional supporting documents.
Should you make an error (for example, you give us the wrong Recipient Account details) and your funds are not sent to the intended Recipient Account as a result, we will not be liable for any loss you incur but we will make reasonable efforts to help you trace the money. Whether the funds can be recovered will depend on a number of factors including which bank the money has been paid to and any local laws that may apply. You can ask us in writing for any relevant information we may have to help you reclaim payment of the funds.
You agree to take all available steps to recover any such funds if the mistaken Recipient Account is owned or controlled by someone related to you or associated with you in some way.
We reserve the right to cancel any Transaction, without prior notice to you, if we believe there is a valid reason for us to do so including, but not limited to, any of the following:
Your failure to pay any amount owed to us is considered a material breach of this Agreement. In addition to the amount owed, you will be liable for any costs we may incur during collection of such amounts. Collection costs may include lawyers’ fees and expenses, the cost of arbitration or court proceedings, collection agency fees, applicable interest and any other related costs.
You agree that we may charge you interest on any sum that remains payable to us after it fell due. Interest will accrue and will be calculated daily and be compounded monthly from the date payment was due until the date full payment is made by you
If we cancel a Transaction, we will contact you explaining the amount of any sums that are payable to us and the amount of any sums being withheld by us.
In addition to other remedies available to us, if you fail to pay any amount when it becomes due under this Agreement, we may set-off such amount against any amount payable by us to you.
We are entitled to set-off against any amounts due to us by you, any amounts received by us from or on behalf of you. We may determine the application of any amounts which are to be set-off at our discretion.
Please read our Money Laundering Statement within the Legal section of our website at SwitchHub.ca.
By entering into this Agreement, you agree that you will not knowingly do anything to put us in breach of the Anti-Money Laundering and Counter-Terrorism Financing laws in any jurisdiction in which we operate. You undertake to notify us if you become aware of anything that would put us in breach of any AML/CFT law.
To reduce the risk that our Services could be used for money laundering purposes, we will not accept payment in cash, by cheque or by debit or credit card. All money is received and remitted by us by means of electronic bank transfer only.
You must ensure that you use your client reference number as the reference on your electronic payments. You acknowledge that if you do not include your client reference number we may not be able to link the payment to you and may have to cancel the Transaction and attempt to return the funds to the account from which we received them.
You Have No Grounds for Suspicion: By giving us an Instruction, you confirm that you are not aware and have no reason to suspect that: (i) the money you are transferring comes from or is related to Illegal Activities; or (ii) the money you are transferring will be used to finance, or used in connection with, Illegal Activities.
All information you provide to us could be made available to regulatory authorities in both the country of origin of the funds and in the country to which the funds are being sent.
We are subject to various laws relating to AML/CFT. You consent to us disclosing, in connection with any of these laws, any of the personal information we may hold about you, any Authorised User, the owner of a Recipient Account or any other individual linked to your account whose personal information we may hold, such as any of the owners, directors, shareholders or other persons involved in the running of a business who have a Business Customer account with us. You agree that any personal information provided to us by you in relation to any of these individuals has been provided in accordance with the terms of this Agreement, specifically clause 17 (How We Use Your Information).
Freezing or Blocking the Transfer of Funds: In certain circumstances, we may freeze or block an account where we believe or are told that it is being, or has been used, in connection with actual or suspected Illegal Activities. Freezing or blocking can arise as a result of the account monitoring that is required by AML/CFT laws and or at the direction of a court, regulator or government authority. If this occurs, we are not liable to you for any consequences you may suffer or losses you may incur whatsoever and you agree to indemnify us for all losses, costs, expenses, claims and damages that we may suffer or be found liable for, in connection with the freezing or blocking of your account.
Right to Refuse to Provide a Service: We reserve the right to refuse to accept you as a Customer or to refuse to process any Transaction at any stage of our relationship if we reasonably believe the information you have provided to us is false or misleading or that a proposed Transaction may be connected in any way with Illegal Activities or may result in reputational harm or any other unacceptable business risk to us.
Reporting Obligations: We are obligated to report all suspicious activities and Transactions to the relevant authorities. In almost all instances we are not permitted by law to inform you of any such reporting.
You agree to indemnify us for any losses, costs, expenses or fees we may incur as a result of your failure to perform any of your obligations under this Agreement. This includes any legal costs that we may incur in enforcing any of our rights or recovering any amounts due to us. You also agree to indemnify us for any fees, costs, duties and taxes charged by any third parties in relation to the Transactions you enter into, including fees or charges which may be charged by your Recipient Account’s bank, whether or not those fees or charges were notified to you in advance.
You agree to indemnify us (and our respective affiliates, subsidiaries, officers, directors, employees, contractors, agents, licensors and suppliers) from and against any and all claims, fines, civil penalties (including but not limited to regulatory fines for data breaches), losses, judgments, damages, liabilities, interest and expenses including, but not limited to, legal fees arising out of or in relation to any claim, action, or other proceedings brought by any third party that may arise out of or relate to: (i) any actual or alleged breach of your obligations, representations or warranties, as set out in this Agreement; (ii) your fraudulent, negligent, wrongful or improper use of the Services; (iii) your violation of any law, rule, or regulation of any country; (iv) any other party’s access and/or use of the Services using your Secure Details.
If we make an error and your funds are sent to the wrong Recipient Account or we complete a Transaction incorrectly or late, unless dealt with elsewhere in this Agreement, we will take urgent action at our own expense to recover the funds. Subject to the exclusion at clause 13.2(2), we will refund the applicable funds to you. We will not be liable to you if the bank where the Recipient Account is held received the funds and they then made the error.
Where the mistaken Recipient Account is held by a person or company with whom you have a personal or pre-existing business relationship with, you must immediately take all reasonable steps to assist us to recover any such funds. To the extent that your failure to take such reasonable steps impacts our ability to recover the funds from the mistaken Recipient Account or causes you further loss, we will not be liable to you under this clause.
Our liability to you for each and every Transaction is limited to the amount of money you have actually paid us in relation to any particular Transaction.
For the avoidance of doubt and without limiting any other provision of this Agreement:
If your funds are sent to the wrong account or otherwise fail to reach your Recipient Account as the result of a mistake made by us, we will credit your Recipient Account with the same amount of funds (subject always to your obligations under this Agreement), but that shall be the full extent of our liability to you in these circumstances.
If we cancel or refuse to process one or more of your Transactions for any reason, we shall refund to you any funds that we hold on your behalf, but that shall be the full extent of our liability to you in these circumstances.
We will not be liable to you for loss incurred by you under this Agreement that is:
Our liability to you will be proportionately reduced to the extent that:
These exceptions will not apply to the extent that we acted fraudulently, with gross negligence or the law does not allow us to exclude or limit liability.
You agree that the following statements are true and accurate, and you acknowledge that we may refuse to process, or cancel, any or all Services and Transactions, if we find at any stage that they are not true and accurate:
We represent and warrant that:
We will make every effort to process Transactions in a timely manner, but we make no guarantees or warranties regarding the time it takes to complete a particular Transaction because our Services are dependent upon many factors outside of our control. Additionally, we do not have any control of, or liability for, any acts or omissions of the bank where the Recipient Account is held or any goods or services that are paid for using our Services.
Whilst we make every effort to provide our Services to you with the utmost care and diligence, we do not warrant or guarantee that the Services will meet your requirements; that the Services will be available at a particular time or location; that the Services will be uninterrupted, error-free, without defect; that any defects or errors will be corrected; or that the services are free of viruses.
You acknowledge that the terms of the Privacy Policy as disclosed to you (see clause 1.2 (How this Agreement Works)), and as may be amended from time to time, forms part of the basis upon which we provide Services to you.
The following provisions apply contractually between you and us in relation to privacy and data protection.
You acknowledge and agree that we may use, store, retain and otherwise process information, including personal information, or data provided by you in connection with this Agreement, in line with any Data Protection and Privacy laws that may apply or as may have been disclosed to you during the onboarding process and as set out in these terms.
You acknowledge that, to provide our Services to you, we may need to obtain personal information about your Authorised Users, your Recipient Account holders. You agree to provide us with the information that we request and you agree that, in relation to any information you give us about other people, you have disclosed to the individual/s concerned that we will collect, use and disclose their information in accordance with this Agreement. You acknowledge that if you refuse or fail to provide any requested information relating to your Authorised Users, Recipients and / or any other relevant third party that we may not be able to process your Transaction.
You acknowledge and agree that we may access any electronic databases we deem necessary to assist us to identify you and to assess your creditworthiness. You agree that we may obtain, use and retain information about you that we have obtained from any business that provides information about the creditworthiness of individuals, including a consumer credit report from a credit reporting agency. In doing so, we may give information about you to a credit reporting agency for the purpose of obtaining a consumer credit report about you and allowing the credit reporting agency to create or maintain a credit information file containing information about you and you accept and agree that this may create a credit “footprint” on your file with any such credit reference agency
We collect and store all information electronically and take all reasonable steps to protect information from unauthorised access, but we cannot accept liability for unauthorised access or use of your personal information or Secure Details where you have failed to keep your personal information or Secure Details safe.
We will be legally obligated to use your information for other purposes, for example, to keep records to meet our regulatory obligations, following termination of this Agreement. If you withdraw any consent provided to us, we may not be able to continue to provide Services to you, but we will be required to retain your Personal Information for as long as may be necessary to meet any regulatory requirements.
We may make changes to this Agreement for a number of reasons including, but not limited to, changes in:
the Services we offer or introducing a new Service,
technology, the banking system or industry,
expected changes, to laws or regulations,
our costs, or,
how we need to operate to manage our business sustainably over the long term.
We will notify you of any changes by email and by posting an updated version of this Agreement on our Website.
The amount of notice we provide will depend on the type of changes we are making and the country you reside in (see the Country Sections section at the end of this Agreement).
This will not affect any rights or obligations you already have, but you will be bound by the new terms when you enter into any Transactions after the changes have been made to this Agreement.
Accepting Changes to this Agreement: If you do not tell us that you want to terminate this Agreement before the change happens, we will treat you as having accepted the change.
This Agreement will remain in effect until it is terminated by you or us.
By You: You may terminate this Agreement at any time without charge by notifying us in writing or telling us (we may ask you to confirm this in writing), providing all monies owed to us have been paid. Any Transactions or Services that have been requested, prior to termination, will be completed prior to termination taking place.
By Us: We may terminate this Agreement, by providing notice to you of our intention to do so, at any time. Where there is a specific notice period in respect of our decision to terminate, it is listed in the Country Section at the end of this Agreement, otherwise we will provide prior notice. We may also suspend or limit your access to our Services or we may terminate this Agreement on shorter notice, or immediately, if we reasonably believe that:
Final Settlement
For the purposes of this clause 18.2 the following defined terms apply;
“Close-out Amounts” means the losses we would incur or gains we would realise on the Termination Date in replacing the material terms and option rights of the parties under a Transaction. We may consider any of the following in determining the Close-Out Amount:
quotations for replacement Transactions from third parties;
third party market data; or
internal quotes or market data.
We may determine Close-out Amounts for groups of Transactions if they are all accounted for. Unpaid Amounts and Expenses in respect of Terminated Transactions are excluded from the Close-out Amount calculation.
“Expenses” means any amounts incurred by you or us in enforcing and protecting the rights under this Agreement.
“Termination Amount” means the sum of:
the Close-Out Amounts; plus
any Expenses; plus
any Unpaid Amounts due from you to us; minus
any Unpaid Amounts due from us to you.
“Termination Date” means the date on which a Transaction is cancelled.
“Unpaid Amounts” means all amounts (excluding the Termination Amount) that have become payable by one party to the other under this Agreement and which remain unpaid as at the Termination Date.
When a Transaction is cancelled or this Agreement is terminated, for any reason, we will calculate the Termination Amount on the date of such cancellation/termination.
Where the Termination Amount is an amount owing to us, it will be immediately due and payable to us. You agree to pay the Termination Amount within 7 days of being notified by us of the total amount due.
Legal Action: We may be required to respond to and comply with valid legal orders affecting you. As a result, we may take certain actions such as suspending payments, freezing accounts, releasing your funds, or disclosing data or information about you or your Transaction, to the extent we are required to do so, to a court, a regulatory body, government agencies or other enforcement authorities. Unless prohibited by applicable law or regulatory requirements, we will make reasonable efforts to notify you of any such action. You acknowledge that we do not have any obligation to contest or appeal any legal requirement which may involve you. We are not liable for any losses, whether direct or indirect, that you may incur in relation to our response to, or compliance with, a legal requirement.
Recovery of Money Payable by You: You acknowledge that nothing in this Agreement shall prevent us from taking immediate legal action for monetary damages, interim or permanent relief, approaching a court for an urgent injunction or to appeal the decision of an arbitrator or to recover any monies you may owe us as a result of the cancellation of a Transaction or termination of this Agreement. You hereby expressly submit to the exclusive jurisdiction of any such court of law.
For details of our internalcomplaint handling procedures please refer to the Country section or to our Complaints Policy which can be found on our Website. Alternatively, you can ask us to send you a copy using the Contact Us details below.
As an online service, most of our communications with you, including but not limited to Deal Confirmations and updates to agreements and disclosures, will be provided to you in electronic format, unless otherwise required by applicable law or in accordance with your stated preferences at the time of registration of your account with us. We will provide these communications to you by posting them on our Website or by emailing them to you at the email address listed in your account. You agree and consent to receive such communications in electronic format (please note that consent to communications for marketing purposes is treated separately and you have the right to “opt out” of such communications). You further agree that such electronic communications have the same meaning and effect as if we had provided you with a paper copy. You may withdraw your consent to receive all communications electronically at any time by contacting us (see Contact Us details below) but if you do so, you will no longer be able to use our Services, unless we agree otherwise.
You may print and retain a copy of all our communications, if you so wish.
In the event that your contact email address changes, you must notify us.
All intellectual property, including but not limited to our logo, Secure Website and mobile app are owned by us or third parties, and all right, title and interest relating to them shall remain our property, or that of our subsidiaries, and/or any such other third parties.
Our Secure Website, mobile app and Services may be used only for the purposes permitted by this Agreement. Unless you have our express written consent, you are authorised to view and retain a copy of the pages of our Secure Website and mobile app for your own personal, non-commercial use only. Other products, services and company names appearing on our websites or mobile application may be trademarks of their respective owners.
Which Laws apply?Ontario, Canada.
Notices: Where notice in writing is required under this Agreement, it may be sent by post or email. Proof of posting will be proof of receipt; in the case of email on the day of dispatch or in the case of delivery by post, 48 hours from the date of posting. Documents shall be sent to the last known postal address or email address you have provided to us.
Remedies and Waivers: Any failure by you or us to exercise any right or provision under this Agreement will not affect the right to enforce the same right or provision on a future date and will not affect any other rights under this Agreement, nor will it affect any right or remedy either of us may have under any applicable law or regulation, unless expressly stated otherwise.
Transfer of Obligations Under this Agreement: Unless you have our express written consent (not to be unreasonably withheld), the rights and obligations under this Agreement may not be transferred by you. This Agreement is with you, the Customer, and we have no obligations to any other party. We may transfer this Agreement to any third party, providing we tell you in advance.
Severability: If any term under this Agreement, whether in full or in part, is found to be illegal, invalid or unenforceable, under any law or enactment, it will no longer form part of this Agreement. That will not affect the legality, validity or enforceability of the rest of this Agreement which will otherwise remain in full force and effect.
Headings Used: The headings used to identify this Agreement’s provisions, do not have any substantive meaning or interpretative value.
Entire Agreement: Except where expressly stated otherwise, this Agreement will prevail over any conflicting policy or agreement and supersedes all prior agreements or understandings you may have with us.
Force Majeure: Where we are prevented from providing the Services because of telecommunications or utility failures, equipment failures, labour strife, riots, war, terrorist act, pandemics, unforeseen government-imposed restrictions, fire or other acts of nature or any other circumstances outside of our reasonable control (a “Force Majeure Event”), we will be relieved of our obligations under this Agreement.
Market Disruption: If, in our reasonable opinion, a Market Disruption occurs after we have provided you with a quote, we may revise any quote, or any rate or margin component of any of our Services, with immediate effect, until we reasonably determine the period of Market Disruption has ended.
No Partnership or Agency: Nothing in this agreement is intended to, or shall operate to create a partnership between the you and us, or authorise either party to act as agent for the other, and neither party shall have the authority to act in the name or on behalf of, or to otherwise bind the other, in any way including, but not limited to, the making of any representation or warranty, the assumption of any obligation or liability and the exercise of any right or power.
Survival: Clauses that Remain Valid: Upon termination of this Agreement for any reason, the following sections of this Agreement, shall remain in effect: clause clause 13 (Indemnities); 14 (Limitation of Our Liability); clause 15 (Warranties); clause 20 (How to Make a Complaint); clause 23.1 (Which Laws apply?); clause 23.7 (Entire Agreement); and clause 23.11 (Survival: Clauses that Remain Valid).
Advance Payment means a payment of all or part of any sum that is due us on the Maturity Date.
Authorised Signatory Form means a form that we will give you to enable you to appoint somebody else to perform a Transaction on your behalf. This person will then become an “Authorised User”.
Automatic Conversion – when you instruct us to convert funds from one currency to another and enter into a Transaction immediately upon us receiving funds into our account.
Business Day means a day other than a Saturday, Sunday or public holiday on which banks are open for business in Toronto, Ontario.
Customer/s means as defined in clause 2 (Who This Agreement Affects).
Data Protection and Privacy Laws means all laws and regulations relating to the processing of your Personal Data under this Agreement
Deal Confirmation means the notification we send you confirming the details of the Instruction you have given us.
Delivery Date means the date on which we have requested that you deliver your funds to our account for transmission.
Forward Contract means a foreign exchange contract under which we exchange money at an agreed exchange rate and at an agreed time which is between 48 hours and 12 months from the time of the contract commencing.
FX Service means the Service where we buy and sell currency from you for personal or commercial purposes. Being Spot Contracts, Forward Contracts, and Options.
Instruction means a request made by you or any of your Authorised Users to enter into a Transaction. It shall be taken to include any information, communications or documents incidental to or relating to a Transaction whether we process the Transaction or not.
Illegal Activities means any actual or alleged unlawful or criminal acts including but not limited to money laundering, terrorism financing or any similar activities.
Limit Order means an Instruction to enter into a Spot or Forward Contract at a rate you have nominated (“Target Rate”).
Margin means the difference between the retail exchange rate we quote to you and the wholesale exchange rate we obtain from our provider.
Market Disruption means a situation wherein markets cease to function in a regular manner, typically characterised by rapid and large market declines. Market disruptions can result from both physical threats to the stock exchange or unusual trading (as in a crash).
Maturity Date means, in relation to a Forward Contract, the date on which the currency exchange is to be made by the Company and includes any agreed variation to the original date, being either an earlier or a later date.
“SwitchHub” means as defined in clause 2 (Who This Agreement Affects).
Payment Services means the Service where we send your money to someone else, rather than to an account owned by you. It also covers the Service where we send your money to an account owned by you where there is no FX.
Rate means the foreign currency exchange rate that we quote you for a Transaction.
Recipient Account means the account to which you are sending your funds.
Secure Details means the log in details for your account, or other passwords we may require you to provide to us any time you wish to access any of our Services.
Secure Website means the private login area for our Customers onon www.SwitchHub.cand the SwitchHub app.
Services means FX Services and Payment Services, provided by us through our Secure Website, mobile applications, software, APIs or other access channels.
Spot Contract means a foreign exchange contract under which we agree to exchange money at an agreed rate within 48 hours of the contract commencing.
Spot Rate means the rate that we receive from our bank service provider at the time that the conversion is initiated plus our Margin.
Sustainable and Purchasable: means, in regard to foreign exchange market rates, the rate at which a Limit Order will be executed. The rate must be traded in the market with volume sufficient to sustain that rate level for a commercially reasonable timeframe.
Target Rate means the rate (calculated after we apply our margin) at which the customer has instructed us to carry out the Transaction if and when the stipulated rate is Sustainable and Purchasable.
Transaction means a contract to use a Service and shall be taken to refer to a series of Transactions pursuant to standing Instructions given by you or any Authorised User.
Website means any public-facing website owned by us including, www.SwitchHub.ca
[Switch Hub Inc] [105 Consumers Drive, Whitby, Ontario, Canada. L1N 1C4]
Tel:2892780278
Info@SwitchHub.ca
If you are not satisfied with any aspect of our service, please contact us in any of the ways set out in the ‘Contact Us’ section.
If more than 90 days from the date of your complaint has passed and you have not received a final response, or you are dissatisfied with our final response, you may be eligible to refer your complaint to an independent arbitrator.
You can commence mediation or arbitration proceedings by contacting ADR Chambers who provide various dispute resolution services across Canada.
Their contact details are:
Website: https://adrchambers.com/
Email: adr@adrchambers.com
Telephone: 1-800-856-5154 (Free call) *
In writing to: 180 Duncan Mill Road, 4th Floor, North York, Ontario, M3B 1Z6
If you are a Quebec resident and have a Personal Account with us, this provision does not apply to you. See clause i (Quebec Consumer Terms). This Agreement shall be interpreted in accordance with the federal laws of Canada and the laws of the Province of Ontario, each as may be applicable, without regard to its conflicts of law provisions and you agree to submit to the exclusive jurisdiction of the courts of the Province of Ontario.
Company Information: This Agreement is between you and Switch Hub Consulting Inc. (trading as “SwitchHub”). We are registered in Canada under Corporation No. 1261181-3. Our registered office is at 105 Consumers Drive, Whitby, Ontario Canada, L1N 1C4. We are licensed by the Financial Transactions and Reports Analysis Centre of Canada (“FINTRAC”) under License Number M22578161.
A copy of this Agreement is available in French. Any translation of this Agreement is provided solely for your convenience and is not intended to modify the terms of this Agreement. In the event of a conflict between the English version of this Agreement and a version in a language other than English, the English version will prevail.
You agree that we may charge you interest on any sum that remains payable to us after we cancel any or all of your Transactions at a rate of 3% per annum over the cash rate target of the Reserve Bank of Canada (or of such monetary authority as may replace it). Interest will accrue and will be calculated daily and be compounded monthly from the date payment was due until the date full payment is made by you.
Some provinces and territories do not allow for the exclusion of warranties. In these provinces and territories you are provided with only the warranties that are expressly required by applicable law.
If you are an individual residing in the Province of Quebec and you are using the Services for personal, family, or household purposes, the following terms apply to you:
Disclaimer of Warranties: The sole warranty applicable to this Agreement is the legal warranty provided under the civil code of Quebec and any warranty provided for under the Consumer Protection Act (Quebec).
Modification of Terms: The provisions relating to our Services, the price and payment terms for our Services, the party providing the Services, termination rights and any provision of the Privacy Policy may be changed if thirty (30) days’ notice in writing is given that sets out (i) the new or amended clause and the clause in its original form and (ii) the date that the new or amended clause takes effect. You shall have the right to terminate this Agreement during the notice period.
Governing Law: This Agreement shall be interpreted in accordance with the laws of the Province of Quebec and the federal laws of Canada, each as applicable. You agree to submit to the jurisdiction of the courts of the Province of Quebec.
In accordance with Canadian law, SWITCHHUB is required to report certain information about Forward Contracts to a swap data repository. You hereby consent and authorize disclosure of such information.
We do not charge fees for any Transactions. However, please be advised that your bank or your Recipient’s bank may independently assess fees on the Transaction. You should consult directly with your bank for information regarding those fees.