Legal Documents And Disclaimer

Legal Documents And Disclaimers

We've assembled all our important legal documents here for your convenience.

Legal Requirements

Terms and Conditions

This website (the "Website") is operated and owned by CurrencyFair [CurrencyFair Limited, Colm House, 91 Pembroke Road, Ballsbridge, Dublin 4, Ireland.] ("CurrencyFair"). On behalf of CurrencyFair (Singapore) Pte Ltd, 1 Robinson Road, #17-00 AIA Tower, Singapore 048542 (“CurrencyFair”). Please read the following terms and conditions before using this Website. By accessing and using this Website you acknowledge that you have read, understood and agree to be bound by these terms and conditions as they may be modified and/or amended from time to time. CurrencyFair (Singapore) Pte Ltd reserves the right to change these terms and conditions at any time at its sole discretion. By continued use of the Website you agree to be bound by revised or further terms and conditions after such changes have been published on the Website. You should therefore check these terms and conditions every time you use the Website. If you are registering on behalf of a business you hereby declare that you have the authority to bind that business to these terms and conditions.

1. Accessing the Website

1.1 You should not use the Website from any country where accessing or using the Website or any of the information, products or services on it is prohibited by law. This Website does not constitute any invitation or solicitation by CurrencyFair (Singapore) Pte Ltd to any person to use any such information, products or services in countries where to do so is prohibited by law.

2. Restrictions on use

2.1 This Website may only be used by individuals, companies or other legal persons who have the legal capacity to enter into legally binding contracts under the law applicable in their country of residence. Without limiting the foregoing and by way of example, this service is not available to persons under the age of 21 or otherwise under legal age of majority or to persons of unsound mind. If you lack the legal capacity to enter into a contract you may not use the products and services by CurrencyFair (Singapore) Pte Ltd and CurrencyFair (Singapore) Pte Ltd shall not be responsible for any unauthorised use of such products and services by you.

2.2 The content of the Website and the products and services made available by CurrencyFair (Singapore) Pte Ltd on the Website are intended for use by holiday or business travellers or by individuals or corporations seeking to purchase currencies for legitimate use, and shall not be used for speculation or investment.

3. Changes to the website

3.1 CurrencyFair (Singapore) Pte Ltd may, in its absolute discretion, make such changes to the Website content or to the products and services offered by CurrencyFair (Singapore) Pte Ltd through the Website as CurrencyFair (Singapore) Pte Ltd considers appropriate from time to time.

4. Terminations of use

4.1 CurrencyFair (Singapore) Pte Ltd may terminate your use of the Website for any breach of these terms or conditions or for any breach of law or regulation or for any reason CurrencyFair (Singapore) Pte Ltd considers appropriate in order to comply with anti-money laundering and other financial regulations. CurrencyFair (Singapore) Pte Ltd reserves the right to decline any part of your order at any time.

5. Intellectual Property

5.1 All intellectual property and all materials comprising or contained in the Website including but not limited to all text/articles, logos, software and images, are owned, or as the case may be licensed, except as otherwise expressly stated, by CurrencyFair (Singapore) Pte Ltd. The materials contained on or comprising the Website may not be copied or redistributed for commercial or private purposes of any kind without prior written permission from CurrencyFair (Singapore) Pte Ltd. CurrencyFair (Singapore) Pte Ltd grants you a non-transferable and limited personal licence to access and use the Website. This licence is conditional on your continued compliance with these terms and conditions. You agree not to “deep-link” to the Website, resell or permit access to the Website to others and you agree not to copy any materials appearing on the Website for resale of for any other purpose to others without the prior written consent of CurrencyFair (Singapore) Pte Ltd. For the avoidance of doubt, you will be responsible and bound by any unauthorised use of the Website made in breach of this section.

6. Links to other websites

6.1 CurrencyFair (Singapore) Pte Ltd may provide links to other websites that are controlled or operated by third parties. Links to other websites are solely provided for your convenience and are not an endorsement, authorisation, sponsorship or affiliation by CurrencyFair (Singapore) Pte Ltd with respect to such site, its owners or its providers and you shall not hold CurrencyFair (Singapore) Pte Ltd liable for any loss or damage caused by use of or reliance on any content, goods or services available on these linked sites.

7. Accuracy of content

7.1 All content shown on the Website (and all services and products provided through it) are provided and made available without any warranties, conditions or guarantees given by CurrencyFair (Singapore) Pte Ltd. All such warranties, conditions or guarantees which would otherwise be implied by law are excluded to the fullest extent permitted by law. In particular, CurrencyFair (Singapore) Pte Ltd does not warrant the accuracy, suitability, reliability, completeness, performance and/or fitness for purpose of the content of any services or products available through this Website.

7.2 CurrencyFair (Singapore) Pte Ltd shall use its reasonable endeavours to ensure that any dated information contained or reproduced on the Website is obtained from sources believed to be reliable and has been prepared in good faith and with all reasonable care. CurrencyFair (Singapore) Pte Ltd does not accept any responsibility to update or amend any information and makes no warranty concerning the completeness and exactness of such information. CurrencyFair (Singapore) Pte Ltd shall not have any liability for the use or interpretation of such information. None of the information constitutes financial or investment advice. Daily data is not readily available for some exchange rates and therefore may be out of date.

8. Communications with CurrencyFair

8.1 Any communications or materials of any kind that you e-mail, physically mail, telephone or otherwise transmit through the Website, including information, data, questions, comments or suggestions (“your communication”) will be treated as non-proprietary and non-confidential and CurrencyFair (Singapore) Pte Ltd may use your communication in any way it thinks fit, either on the Website or elsewhere with no liability or obligation to you. CurrencyFair (Singapore) Pte Ltd is free to use any idea, concept, know-how or technique contained in your communication for any purposes including but not limited to developing and marketing products. CurrencyFair (Singapore) Pte Ltd may monitor your communications for the security of the Website and such monitoring will not entitle you to any cause of action or give you any right to the manner in which communications are monitored. CurrencyFair (Singapore) Pte Ltd shall not be liable for any costs, damages, expenses or any other liabilities incurred as a result of CurrencyFair (Singapore) Pte Ltd’s monitoring activities.

9. Liability

9.1 You agree to use the Website at your own risk.

9.2 CurrencyFair (Singapore) Pte Ltd uses reasonable skill and care in providing its products and services to you. However (to the maximum extent permitted by law) CurrencyFair (Singapore) Pte Ltd shall not be liable to you for any loss, damage, claim or compensation (including loss of profit or loss of use) incurred by you from your use of, or your inability to use, the Website or the products or services offered through or by the Website however caused notwithstanding any error or omission including negligence.

9.3 CurrencyFair (Singapore) Pte Ltd shall not be liable to you or any third party for any loss, damage, claim or compensation (including loss of profit or loss of use) incurred by you resulting from the failure of CurrencyFair (Singapore) Pte Ltd to execute any transfer in accordance with the instructions from you.

9.4 Time shall not be of the essence for the processing of any transfer. In particular, CurrencyFair (Singapore) Pte Ltd accepts no responsibility for any delay in onward payment attributable to the late arrival of your instruction for transfer relative to the cut off times of our partner bank.

9.5 CurrencyFair (Singapore) Pte Ltd shall not be liable for any fees or commissions charged by any intermediary bank or other entity when funds are deposited in your CurrencyFair (Singapore) Pte Ltd account or transferred to your personal or beneficiary account.

9.6 CurrencyFair (Singapore) Pte Ltd’s maximum aggregate liability to you in respect of all foreign currency transactions undertaken by you shall be limited to a refund equivalent to any monies you have paid to CurrencyFair (Singapore) Pte Ltd to acquire foreign currency.

9.7 You agree that CurrencyFair (Singapore) Pte Ltd shall not be responsible in any way to you or any other person in the event of force majeure or for the act of any Government or legal authority.

9.8 For your protection and that of other users you shall not share your registration information (password, User Name, security questions and PIN) with any other person or entity for any purpose. You alone are responsible for all acts or omissions that occur within the Website through the use of your registration information.

9.9 You hereby indemnify and hold blameless CurrencyFair (Singapore) Pte Ltd, its directors, officers, employees and agents form and in respect of any loss, damage, liability, cost or expense that it may suffer or incur by reason of you failing to discharge your obligations under or acting in breach of any of these terms and conditions or any breach of any applicable law or regulation.

9.10 You shall be responsible for providing and maintaining the means by which you access the Website which may include but is not limited to a computer and a modem or telephone. You shall be responsible for all access, service and ongoing fees necessary to connect to the Website and you shall assume all risks associated with the use and storage of information on your computer or on any other computer through which you will gain access to Website and our services. You agree that CurrencyFair (Singapore) Pte Ltd shall not be liable in any way to you in the event of failure of or damage or destruction to your computer system, data or records or any part thereof or for any delays, losses, errors or omissions resulting from the failure or mismanagement of any telecommunications or computer equipment or software. You shall not expose the Website to any viruses, trojans or other similarly harmful or inappropriate material or device. In the event that any such viruses etc. are deemed to have been transmitted to the Website from your account, CurrencyFair (Singapore) Pte Ltd reserves the right to terminate your account and you shall be liable for the cost to CurrencyFair (Singapore) Pte Ltd of removing such viruses etc. and CurrencyFair (Singapore) Pte Ltd shall have the right to set-off the cost against any balance held to the credit of your CurrencyFair (Singapore) Pte Ltd account.

9.11 CurrencyFair (Singapore) Pte Ltd shall not be liable for any viruses for other technologically harmful material that may affect your computer equipment, computer programs or other material resulting from your use of the Website.

9.12 If you have a mobile device with fingerprint authentication enabled, you will have the ability to access the CurrencyFair (Singapore) Pte Ltd mobile app using your fingerprint data. If your device does not have fingerprint authentication enabled or available, you can also access the CurrencyFair (Singapore) Pte Ltd. mobile app via your mobile PIN or your email address and password combination. You alone are responsible for all acts or omissions that occur within the CurrencyFair (Singapore) Pte Ltd mobile app through the use of your registration information, PIN or biometric data. Please note that CurrencyFair (Singapore) Pte Ltd does not retain or store any biometric data.

10. Closure or suspension of the marketplace

10.1 The marketplace will be open during the periods published in the FAQs which may be updated from time to time. CurrencyFair (Singapore) Pte Ltd reserves the right to open or close the marketplace earlier or later than the published times.

10.2 At the point the marketplace is closed all open orders will be cancelled. Should your order be cancelled as a consequence of the marketplace closing, CurrencyFair (Singapore) Pte Ltd will return the balance of your funds in the marketplace to your CurrencyFair (Singapore) Pte Ltd account and send you an email informing you of such cancellation and transfer.

10.3 CurrencyFair (Singapore) Pte Ltd reserves the right to suspend the marketplace at any time and for any length of time. While the marketplace is suspended you will not be able to place orders but you will be able to cancel open orders. During suspension CurrencyFair (Singapore) Pte Ltd will not cancel any open orders.

10.4 CurrencyFair (Singapore) Pte Ltd shall not be liable to you for any loss, damage, claim or compensation (including loss of profit or loss of use) incurred by you from your inability to use the Website or the products or services offered through or by the Website during the periods in which the marketplace is closed or suspended.

11. Provisions relating to the formation of a contract between you and CurrencyFair.

11.1 Please follow the steps on the Website in order to place or match an order. CurrencyFair (Singapore) Pte Ltd reserves the right to ask for further information before placing or matching the order in the marketplace.

11.2 CurrencyFair (Singapore) Pte Ltd shall use various procedures to authenticate each order to meet anti-money laundering requirements. CurrencyFair (Singapore) Pte Ltd reserves the right to decline to continue to process any part of your proposed order at any time.

11.3 You will be able to correct the details of your order any time up until the order enters matched status. After that point you will no longer be able to correct details of your order.

11.4 CurrencyFair (Singapore) Pte Ltd will send you an email acknowledgement of your proposed order once it has received it but please note that this is an acknowledgement only and does not constitute acceptance of your proposed order by CurrencyFair (Singapore) Pte Ltd.

11.5 All orders placed are subject to matching by CurrencyFair (Singapore) Pte Ltd and CurrencyFair (Singapore) Pte Ltd will confirm such matching to you by sending you an email that confirms that the order has been matched. The contract between CurrencyFair (Singapore) Pte Ltd and you shall only be formed once CurrencyFair (Singapore) Pte Ltd sends you the confirmation email that your order has been matched. Until that time there will be no binding arrangement for CurrencyFair (Singapore) Pte Ltd to supply you with any foreign currency or other services. You should print and retain a copy of the confirmation email for your records.

11.6 CurrencyFair (Singapore) Pte Ltd shall be entitled to refuse, withdraw or cancel your proposed or matched order at any time, for any reason, and without incurring any liability to you for any resulting loss or damages incurred by or any other party.

11.7 Should your proposed or matched order be cancelled before being processed CurrencyFair (Singapore) Pte Ltd will seek confirmation from you as to whether you wish to have the cleared balance of your CurrencyFair (Singapore) Pte Ltd account transferred as per your specific instructions. In the event that a proposed or matched order is cancelled on the instructions of any law enforcement agency or regulatory body, CurrencyFair (Singapore) Pte Ltd may retain all or any of your funds held by it if it is required to do so by law and then deal with it as ordered by a court or other body of competent jurisdiction.

11.8 You shall be responsible for any additional costs incurred by CurrencyFair (Singapore) Pte Ltd in the event you have provided incorrect payment instructions for the purpose of transferring funds from your CurrencyFair (Singapore) Pte Ltd account.

12. Deposits and Transfers of Funds

12.1 You shall not be entitled to any interest on funds held in your CurrencyFair (Singapore) Pte Ltd account. CurrencyFair (Singapore) Pte Ltd is not a bank.

12.2 CurrencyFair (Singapore) Pte Ltd shall be entitled to deduct from any funds it holds for you, including any deposit you have paid to it in relation to any order and any amount held by it for transfer, such amounts as may be required by law or as may be charged by CurrencyFair (Singapore) Pte Ltd for the purposes of opening or maintaining your account and the payment of fees or other charges owed to CurrencyFair (Singapore) Pte Ltd. The current fee and charges are set out in the FAQs.

12.3 You agree and represent that all funds deposited by you in respect of any order shall be legally and beneficially owned by you in full and shall not be subject to any charge or lien or other encumbrance of any kind.

12.4 All funds deposited by you under these Terms may be used by CurrencyFair in the performance of its own obligations to any counterparty of CurrencyFair or otherwise in relation to your order.

13. General

13.1 If any provisions of these terms and conditions including these disclaimers and limitations shall be unlawful, invalid or unenforceable then such provisions shall fall away and shall not affect the legality, validity and enforceability of the remaining terms. Your statutory rights remain unaffected.

14. Privacy and data protection

14.1 CurrencyFair (Singapore) Pte Ltd processes information about you in accordance with its privacy policy. By using the Website you consent to such processing and you confirm that all data you provide is accurate.

14.2 By using CurrencyFair (Singapore) Pte Ltd, you agree to the use of third party analytics.

15. Governing Law

15.1 All use of the Website and these terms and conditions shall be governed by and construed in accordance with the laws of the Singapore.

15.2 All disputes arising out of the use of the Website and/or any services or products provided by CurrencyFair (Singapore) Pte Ltd or any dispute relating to these terms and conditions shall be resolved by the Courts of Singapore.

16. Anti-money laundering procedures

16.1 As a remittance business, CurrencyFair (Singapore) Pte Ltd. is regulated by the Monetary Authority of Singapore (MAS) under the Money-Changing and Remittance Businesses Act (Cap. 187). CurrencyFair (Singapore) Pte Ltd is obliged to comply with anti-money laundering and countering the financing of terrorism (AML/CFT) requirements, including to apply AML/CFT procedures aimed at detecting and preventing financial crime. Our staff are fully conversant with the AML/CFT regulations and are aware of their responsibilities in the monitoring and reporting of any actions that raise suspicion or give cause for concern.

16.2 CurrencyFair (Singapore) Pte Ltd may utilise the services of a third party in order to confirm your identity as part of the registration process.

16.3 CurrencyFair (Singapore) Pte Ltd reserves the right to collect identification information from you prior to accepting any funds deposited by you or processing your order. In general, CurrencyFair (Singapore) Pte Ltd collects identification information in the form of a copy of a passport/driver’s licence and a utility bill showing your current residential address that is dated within the last three months. CurrencyFair (Singapore) Pte Ltd may also use electronic means of verification subject to regulatory requirements.

16.4 You should assume that all information provided to CurrencyFair (Singapore) Pte Ltd is available to regulatory authorities in both the country of origin of the funds, and the destination country of the funds and may be made available to partner banks of CurrencyFair (Singapore) Pte Ltd who process those transfer of funds.

16.5 You represent and warrant that the funds transferred to your account with CurrencyFair (Singapore) Pte Ltd are not connected in any manner to money laundering, terrorism financing or any unlawful or illegal activity.

16.6 CurrencyFair (Singapore) Pte Ltd reserves the right at all times to refuse to process any proposed or matched order which it believes in its sole discretion, is connected in any manner to any unlawful or illegal purpose. CurrencyFair (Singapore) Pte Ltd is obliged to report to the relevant authorities in Singapore any such suspicious transactions.

16.7 CurrencyFair (Singapore) Pte Ltd is obliged by law to monitor any unusual or suspicious transactions of any size taking place where it has reasons to believe the funds are derived from suspicious, unlawful or illegal activity. CurrencyFair (Singapore) Pte Ltd reserves the right to review such transactions. In certain circumstances, CurrencyFair (Singapore) Pte Ltd. may request from you documentation to support the underlying economic rationale for a specific transaction. In the event that this review causes a delay to the deposit, trade or transfer, CurrencyFair (Singapore) Pte Ltd shall not be liable for any late fees, unpaid invoices or any other costs associated with the transaction.

16.8 There is a statutory and regulatory obligation on all CurrencyFair (Singapore) Pte Ltd employees and their agents to report suspicious transactions to the Singapore authorities. Where any such report is made, CurrencyFair (Singapore) Pte Ltd accepts no liability for any delay in transmission of or confiscation of the funds.

17. Refer a friend programme

17.1 The referral programme offers existing CurrencyFair (Singapore) Pte Ltd account holders a reward for inviting new customers to register with and use the services provided by CurrencyFair (Singapore) Pte Ltd. This reward may change from time to time and may also change based on promotions being run in specific regions.

17.2 If you are eligible for a reward in exchange for introducing new customers to CurrencyFair (Singapore) Pte Ltd, you may share your unique referral code or link (click on ‘Like CurrencyFair (Singapore)?’ field on the top right hand side of the page when you’re logged in) with the referred customer.

17.3 Referral codes and links shall only be used for personal and non-commercial purposes. You can share your referral code or link by email, Facebook, Twitter, blogs, etc. where you are the primary content owner and creator. CurrencyFair (Singapore) Pte Ltd reserves the right, in its sole discretion, to revoke any rewards issued if it deems that there has been inappropriate use of the referral program.

17.4 Rewards are issued when a person you referred via your code or link carries out a trade and transfer using CurrencyFair. A qualifying transfer is a single transfer out from your CurrencyFair account. The amount transferred out from your CurrencyFair account must be 3 000SGD minimum or the equivalent of 3 000SGD in the relevant currency at the time of transfer out. We reserve the right to revoke any rewards if we deem that there has been inappropriate use of the program.

17.5. CurrencyFair (Singapore) Pte Ltd may integrate the Website with third party sites such as Facebook or Gmail to allow you to import your contacts for the purposes of the referral programme. You may import your contracts via the use of the third party sites or enter the email addresses manually. In both cases, CurrencyFair (Singapore) Pte Ltd will send the contacts you have selected an email invitation on your behalf. Please note that information about your contacts is retained for the sole purpose of managing the referral programme. For example, CurrencyFair (Singapore) Pte Ltd may need to check if the person you are trying to invite already has registered with it.

17.6 If you import your contacts from a third party site, CurrencyFair (Singapore) Pte Ltd will collect, but not store, the login credentials for the account you wish to import your contacts from. It will use this information only for the purpose of importing your contacts.

17.7 By taking part in the referral programme, you agree that CurrencyFair (Singapore) Pte Ltd may, in its sole discretion, from time to time, share your first name in the promotional content for the referral programme. No other personally identifiable information will be used.

17.8 If you are eligible for free transfers from the referral programme in your region, you can check the status of free transfers on the “my account” page on the Website. If you are eligible for a cash reward, this will be credited to your CurrencyFair (Singapore) Pte Ltd wallet and you can check your reward status on the ‘Transaction’s Details’ page on the Website.

17.9 You shall verify your identity with CurrencyFair (Singapore) Pte Ltd before any cash rewards are paid. CurrencyFair (Singapore) Pte Ltd reserves the right to withhold or cancel any referral payments. In some cases it may not be possible for CurrencyFair (Singapore) Pte Ltd to provide any details in relation to such cancellations.

17.10 If you join CurrencyFair (Singapore) Pte Ltd through a referral link, the referring party will know you are using CurrencyFair (Singapore) Pte Ltd. because of the trigger at which his reward is paid.

17.11 In the event that the referral reward changes for any reason, the reward credited to you will be the current reward applicable at the time the referred customer conducts the minimum required transfer.

Security Statement

18.1 The security of your funds while they are with us is our primary concern. CurrencyFair (Singapore) Pte Ltd is fully regulated and holds all client funds separately in a highly-rated, global financial institutions, so you can rest easy knowing that your funds are always protected.

Regulation

19.1 CurrencyFair (Singapore) Pte Ltd is licensed by the Monetary Authority of Singapore pursuant to section 8(3)(a) of the Money-Changing and Remittance Businesses Act Cap 187 (“MCRB Act”). Its parent company, CurrencyFair Limited is regulated (fully authorised) by the Central Bank in Ireland under the European Communities (Payments Services) Regulations 2009.

Client Funds

20.1 CurrencyFair (Singapore) Pte Ltd holds all client funds in segregated client accounts held with our global banking providers. These accounts are separate from any CurrencyFair (Singapore) Pte Ltd corporate accounts. Client funds are never commingled with those of CurrencyFair (Singapore) Pte Ltd. and we cannot use them to settle any of our own obligations.

Anti-Money Laundering and Countering the Financing of Terrorism

21.1 CurrencyFair (Singapore) Pte Ltd is subject to Anti-Money Laundering and Counter-Financing of Terrorism (AML/CFT) regulations in Singapore. To comply with the AML/CFT requirements, CurrencyFair (Singapore) Pte Ltd may be required to:

  • Verify all client identification and address details, either by electronic means or the provision of required documentation;
  • Monitor and review all account and transaction records;
  • Report suspicious transactions to the appropriate authorities including the Singapore Police Force;
  • Train all staff in the AML/CFT requirements;
  • Retain client data for a minimum 7 years after the account relationship ends.
  • Comply with the Data Protection Act.

21.2 CurrencyFair (Singapore) Pte Ltd may require you to provide additional information and/or documentation to facilitate our compliance with AML/CFT regulations. CurrencyFair (Singapore) Pte Ltd retains the right, at any time and in its sole discretion, to refuse to provide our service to you or to process a transaction if it suspects that it is being used in furtherance of any fraudulent activity, money laundering, terrorism financing or other criminal and/or illegal activity, or if you fail to provide to it upon request any additional information and/or documentation to support the economic rationale for the transaction(s). Banking partners of CurrencyFair (Singapore) Pte Ltd may in their sole discretion refuse to process a transaction from CurrencyFair (Singapore) Pte Ltd where they deem a transaction to be outside their risk tolerance, and you agree that CurrencyFair (Singapore) Pte Ltd shall not be held liable for such actions of our banking partners.

Chargebacks

22.1 You hereby agree, warrant and represent that no chargebacks or other cancellation of deposits shall be made relating to your CurrencyFair (Singapore) Pte Ltd account without our prior written consent. In the event of any of the foregoing occurring, you agree to indemnify us and hold us harmless against any and all costs, claims, damages and expenses arising out of or in connection therewith and to refund and compensate us for any losses we would otherwise incur arising from such actions including any expenses incurred by us in the process of recovering such amounts.