TERMS OF SERVICES

1. MONEY TRANSFER SERVICES

1.1 These Terms and Conditions govern the Money Transfer services provided by Luxfin Capital Ltd with registration number 10285479, registered referred to as the “Luxfin Capital”, “we”, “us” or “our” to Payment Services User referred to as “you” or “your”.  Luxfin Capital Ltd’s registered address is 124 City Road, London, England, EC1V 2NX, United Kingdom and its head office address is 33 St. James's Square, London, SW1Y 4JS, United Kingdom telephone number: +44 (0) 2070 606836.

1.2 Luxfin Capital Ltd is a registered UK Small Payment Institution regulated by the Financial Conduct Authority (FRN 814851).

1.3 For the purpose of data protection, Luxfin Capital is registered as a Data Controller with the UK Information Commissioner's Office, registration reference: ZB582760.

1.4 You should read these Terms of Service along with our Privacy Policy.

1.5 Services are provided during our office hours on business days Monday-Friday 10:00 am-5:00 pm (GMT).

2. ACCESSING THE SERVICES

2.1 The services under these Terms are provided to a business rather than individuals, you must have the authority to act on behalf of the business. By accepting these Terms of Service, you confirm that you have the authority to bind any business or entity as a Sender on whose behalf you seek to use our services and that the business or entity accepts these terms in full.

2.2 In order to use our services, your business must be registered or have a bank account in a country or territory that we support in order to use our services.

2.3 To be eligible for our Services, you must be at least 18 years old. You must be able to enter into legally binding contracts under applicable law, including local law in the jurisdiction in which you reside.

2.4 You can authorise others to access, operate or otherwise use our services on behalf of a Business) (an “Authorised User”). You acknowledge that if you provide such access to an Authorised User, we’ll deal with such Authorised User as if they were you for the purposes of this Agreement including any conduct related to sending money. You will be bound by anything done by any Authorised User, even if they do something that is outside the scope of the authority you gave them. You acknowledge that Luxfin Capital Ltd will not perform any verification of the authority of your Authorised Users to act on behalf of your business. You also acknowledge that we may disclose certain information about your profile to any Authorised User and that we are not responsible for your Authorised User’s use of that information. Granting permission to any Authorised User does not relieve you of your responsibilities under these Terms.

2.4 You agree that you will not send or receive a Money Transfer for or in connection with any criminal or illegal source or purpose.

3. VERIFICATION OF IDENTITY

3.1 We are required by law to carry out all necessary security and customer due diligence checks on you and any parties involved in your transaction for example, the beneficial owner to provide any Services to you and manage the ongoing business relationship with you. You agree to comply with the verification requests by providing information and/or documentation as required per the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 and The Money Laundering and Terrorist Financing (Amendment) Regulations 2019.

3.2 Corporate clients should provide us with the business's full name, registration number and registered address, business activities and the intended nature of the business relationship. 

3.3 You agree to provide us with accurate, truthful, and complete identification information.

3.4 You must update this information whenever it changes. We cannot be responsible for any 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.

3.5 It is your responsibility to let us know if there are inaccuracies or changes to your personal information. All changes must be notified to us via email: info@luxfincapital.co.uk or by calling us: at +44 (0) 2070 606836.

3.6 We may make inquiries and searches against databases in credit reference agencies or any third party we consider necessary to validate the information you provide to us in order to assist in verifying your identity or prevent or detect fraud. The credit reference agencies will record details of the search type “identification” whether or not this application proceeds. Verification searches may be repeated from time to time to comply with recordkeeping requirements and keep your information up to date.

3.6    If we cannot verify the necessary information, we may require you to provide additional documentation.

4. MEANS OF COMMUNICATION

4.1 We will usually contact you regarding Services via the email address provided by you. For this purpose, you must ensure that Luxfin Capital Ltd holds a valid email address for you at all times. 

4.2 You need to check your email regularly about your Money Transfers services. We will not be liable for any consequences or loss if you do not do this.

4.3 Where appropriate, we may use other ways to contact you including by telephone or by post. 

4.4 You may give notice to us via the Luxfin Capital All changes must be notified to us via email: info@luxfincapital.co.uk  or by calling us: at +44 (0) 2070 606836.

4.5 All communications between us and you shall be made in the English language.

5. CONSENT AND WITHDRAWAL OF CONSENT

5.1   In order for a Money Transfer order to be properly received, you must give us consent by providing us with instructions and information that clearly identifies:

5.1.1. you as the sender (which may include a ‘unique identifier’),

5.1.2 the beneficiary of Money Transfer and/or

5.1.3 the account or card number, international bank account number, and bank code, sorting number (if any).

5.1.4 as well as any other relevant information reasonably required to execute the Money Transfer.

5.2 You must provide us with a full deposit only after all requested information and documentation provided by you has been accepted and verified by Luxfin Capital Ltd.

5.3 We will consider that you have given us consent to execute the Money Transfer Order if you give us clear instructions via an authorised person’s email or during a phone conversation with our office (in which case you will be required to pass authentication) and provide us with a full deposit for the Money Transfer.

5.4 If you submit a Money Transfer order without providing the necessary information and documentation and the full deposit, such a Money Transfer order will be deemed incomplete and will be cancelled from our side.

5.6 You may withdraw your consent and cancel a Money Transfer at any time before the point at which the payment order can no longer be revoked. 

5.6 You cannot cancel your Money Transfer once your funds have been converted and transfer initiated. You cannot cancel your Money Transfer once your funds have been received and the transfer executed.

6. RECEIPT AND EXECUTION OF PAYMENT ORDERS

6.1 Luxfin must ensure that the amount of the payment transaction is sent (credited) to the beneficiary’s bank by the end of the business day following the time of receipt of the payment order. 

6.2 If your Money Transfer request is received by us by 1 pm UK cut-off time on a business day your Money Transfer will be deemed received the same Business Day.

6.3 If your Money Transfer request is received by us after 1 pm UK time on a business day or on a day that is not a business day (e.g., a weekend or bank holiday), your Money Transfer will be deemed received on the following business day.

6.4 Money Transfer order cut-off times vary depending on different currencies and time zones. The Payment cut-off time and estimated completion time of your Money Transfer will be provided to you before setting up your Money Transfer. You can find more information available upon request from our office: +44 (0) 2070 606836.

6.5 We will use reasonable efforts to ensure that the funds arrive in the beneficiary’s bank account or payment account within the notified timeframe provided to you. We do not have any control over the time it may take for the beneficiary’s bank or payment provider to credit and make available funds to the recipient.

6.6 A Money Transfer request means clear instructions for the Money Transfer Order and all the necessary information and documentation required for the execution of the Transfer Order and full payment deposit received into the Luxfin Capital LTD account.

7. MAXIMUM EXECUTION TIME 

7.1 The maximum execution time for Money Transfers is as follows:

7.1.1 The end of the Business Day following the Business Day of receipt (or deemed receipt, see 6.1 and 6.3 of a Money Transfer order provided that it:

(a)  is in Euro; or

(b) is executed wholly within the United Kingdom in Sterling; or

(c)  involves only one currency conversion between Euro and Sterling that is;

(i)  carried out in the United Kingdom; or

(ii) where there is a cross-border payment, the cross-border transfer is in Euros;

7.1.2 The end of the fourth business day after receipt (or deemed receipt) of the Money Transfer order where the Money Transfer does not fall within 7.1.1(a) – 7.1.1(c) above but is to be executed wholly within the European Economic Area.

7.1.3 With respect to any other payment transactions, maximum execution times do not apply, as it depends on the transfer currency and payment service beneficiary bank.

8. REFUSAL OF MONEY TRANSFER ORDERS

8.1  Luxfin Capital reserves the right to refuse to accept or cancel Money Transfer orders, at its discretion, where the source of the funds or purpose of the Money Transfer appears on or is related to an item representing banned industries, which are against the law or are not in line with the institution’s risk appetite, including those who are connected with dual-used goods and proliferation of chemical, biological, radiological, and nuclear (CBRN) weapons.

8.2 We reserve the right to refuse or cancel any Money Transfer order if the conditions set out in these Terms have not been met. Reasons for refusal may include but are not limited to incorrect information about a recipient, insufficient available funds, or where we believe you may have violated these Terms, including where we believe you are or may be attempting to engage in a business relationship for purposes not permitted by these Terms. 

8.3 We may impose limits on the Money Transfer amount. We may do so either on a per Transaction basis or on an aggregate basis, and either in respect of one set of registration details or one Payment Instrument or on related sets of registration details or Payment Instruments.

8.4 We will endeavour to notify you of any refusal, cancellation or limitation using the contact information that you have provided to us, stating (where possible) the reasons for such refusal, cancellation or limitation and explaining how to correct any errors. However, we will not notify you if such notification may be unlawful.

9. FEES AND CHARGES

9.1 A fee will be payable for Money Transfers under these Terms and Conditions which will be determined by the currency and destination country of the Money Transfer. You can find details of the fees applicable by contacting our office at +44 (0) 2070 606836. The fee applicable to a Money Transfer will be agreed upon when you initiate the Money Transfer order instruction with Luxfin Capital. 

9.2 All information regarding fees and charges will be displayed on your Money Transfer Receipt and where applicable, a breakdown of the amounts of any fees or charges will be provided to you.

9.3 On certain occasions intermediary bank fees may be applicable. Luxfin Capital is not liable for covering fees imposed by the bank of the beneficiary.

9.4 In case of refusal of payment orders by the bank of beneficiary or revocation of a payment order, you as a payment service user are obliged to cover charges reasonably corresponding to Luxfin Capital as payment service provider’s actual costs. 

9.5 In case the currency exchange quote has been agreed between you and Luxfin Capital Ltd and the deposit is not received, you as a payment service user are responsible for the loss of the result of the market move between the time of booking and the time of cancellation.

10. EXCHANGE RATES

10.1 Our currency exchange rates are available by contacting our office at +44 (0) 2070 606836.

10.2 Our exchange rates are recalculated periodically throughout the day. The exchange rate applicable to a transaction is set when the client initiates it and will be displayed on the Receipt. The exchange rate applicable to a Money Transfer will be agreed upon when the client initiates the Money Transfer Order instruction with Luxfin Capital Ltd.

10.3 If you submit an incomplete Money Transfer Order, Luxfin Capital Ltd will not hold the exchange rate applicable at the point of the incomplete submission and your instruction will be cancelled. Any further attempt to complete the Money Transfer Order will be treated as a new submission. If any deposit is received for an incomplete Money Transfer order, it will be returned back to you in 24 hours. 

11. SECURITY

11.1 You must take all reasonable steps to keep your personal details safe.

11.2 You must keep your unique identifier and e-mail account secure.  You must not share it with anyone nor use any functionality that allows your Personal Details to be stored by the computer or browser you are using, or to be cached or otherwise recorded. It will be considered gross negligence if the information is shared.

11.3 You must notify Luxfin Capital without delay if anyone asks for your Personal Details or you become aware of the loss, theft or unauthorised use of a unique identifier or email address by calling us at +44 (0) 2070 606836, and we will take immediate steps to change the details, what we hold for your authentication to prevent any potential fraud. Any delays in notifying us may affect the security of your Luxfin Capital profile and result in you being responsible for financial losses.

11.4 All information provided by you will be treated securely and strictly in accordance with the UK Data Protection Act 2018. For more details on Data Protection, please see our Privacy Policy. We do not disclose your details to anyone except when legally required to do so or when we fulfil our obligations to provide services to you.

11.5 If we have reasonable concerns either about the security of your personal identification information or any suspected or actual fraudulent use of your profile, Luxfin Capital will deactivate your profile and contact you as soon as possible via registered email, telephone or both (unless contacting you would be unlawful or compromise our reasonable security measures).

12. CANCELLATION AND REFUNDS 

12.1 You can cancel your Currency Exchange if the quote has not been agreed.  You can cancel Money Transfer before the transfer is initiated, the deposit is paid or the quote for the currency exchange is agreed upon.

12.2 In case the currency exchange quote has been agreed between you and Luxfin Capital Ltd and the deposit is not received, you as a payment service user are responsible for the loss of the result of the market move between the time of booking and the time of cancellation.

12.2 You cannot cancel your Currency Exchange once the currency exchange is completed and/or the transfer is initiated. You cannot cancel your Money Transfer once your deposit funds have been received and the transfer has been initiated.

12.3 If you wish to request a refund for your deposit without funds being exchanged and/or a Money Transfer order is initiated,  you must notify us immediately but no later than the end of the next business day after the funds were deposited by calling our office at +44 (0) 2070 606836, or emailing info@luxfincapital.co.uk. We will refund the deposit in full in the amount and currency that we hold, which usually will be the same amount and currency, as what we have received from you.

12.4 If a Money Transfer order has been executed from Luxfin Capital's side and for any reason has been refused by the beneficiary’s bank or revoked, Luxfin Capital will refund your money to the amount which will be returned by beneficiary’s bank, to the same account used to fund the Transaction and in the same currency, less any reasonable actual costs: Currency exchange difference, any Transfer Service Fees already paid, revocation, recall or tracing charges.

13. INCORRECT AND UNAUTHORISED TRANSACTIONS

13.1 You need to let us know immediately on becoming aware of any incorrect or unauthorised transaction, whether initiated or executed by calling our office at +44 (0) 2070 606836, further information must be provided also in writing to email info@luxfincapital.co.uk. The time for you to report incorrect transactions or unauthorised transactions is seven (7) days after the execution. We will start an investigation as soon as practicable, and no later than the end of the business day after you notify us and will inform you about further actions.

13.2 Corporate Opt-Out. Where payment service users are not consumers the time for notifying Luxfin Capital Ltd of any unauthorised transaction or incorrectly executed transaction and/or refund is seven(7) days of the alleged error, rather than the thirteen (13) months under regulation 76 of the Payment Services Regulations 2017.

13.3  We do not store information on sensitive payment data and payment methods used. In case an unauthorised transaction from your bank account appears, you need to inform your bank account provider about any unauthorised transaction to request a refund.

13.4 You will be liable for all losses incurred in respect of an unauthorised Money Transfer order and not entitled to any refund:

(a)  if you have acted fraudulently; or

(b) if you do not quickly notify us of security issues or abuse of your unique identifier/email. You remain liable for losses incurred until you notify us; or

(c) if the Money Transfer order was unauthorised, but you have with intent or gross negligence compromised the security of your personal details, your unique identifier/email.

13.5 Where an executed payment transaction was not authorised in accordance with Point 5 ‘Consent and withdrawal of consent’ and gross negligence or fraudulent behaviour does not apply,  Luxfin Capital shall at your request refund the payment amount including all fees deducted by us. We may require proof that such payments were unauthorised. 

13.6 If a Money Transfer order is not executed, executed defectively or late due to incorrect or incomplete information provided by you, we will not be responsible for any losses. However, at your request, we will make reasonable efforts to recover the funds or amend the transfer. We may charge you a fee for bank amendment/recall costs up to GBP 35 and for other actual costs that have been incurred (for example, currency exchange costs). You will be asked to pay the fee before we seek to initiate the amendment or recover the funds. If we are unable to recover the funds we will on receipt of a written request, provide you with all available relevant information in order for you to claim repayment of the funds.

13.7 If you identify that we have not executed, executed defectively or late a Money Transfer order by our fault you should notify us without undue delay but not later than seven days by calling our office at +44 (0) 2070 606836, or mailing info@luxfincapital.co.uk.

Provided you make such notification we will immediately and without charge:

(a) make efforts to trace any non-executed or defectively executed payment transaction; and notify you of the outcome.

(b) we will make a refund to you without due delay of the Deposit amount received from you for the non-executed Money Transfer order or cover the difference of defectively or late executed Money Transfer order and, where applicable, restore you to the position you would have been in had the defective execution not taken place.

14. CHANGES AND TERMINATION

14.1 These Terms will be provided to you prior business relationship starting. You may request the latest version of the Terms at any time during the contractual relationship.

14.2 We reserve the right to revise these Terms or information that governs your relationship with Luxfin Capital.

14.3 We may change these Terms by giving you at least two (2) months’ prior written notice. This notice will be provided by email. If you do not agree, you can terminate the business relationship immediately by closing your Luxfin Capital profile and ceasing use of our Services during the notice period. If we do not hear from you during the notice period, you will be considered as having accepted the proposed changes and they will apply to you from the effective date specified on the notice.

14.4 In some instances, we may change these Terms immediately. Changes to these Terms which do not require two months’ notice or are:

(a) more favourable to you; 

(b) required by law; 

(c) related to the addition of a new service, extra functionality to the existing Service; or 

(d) changes which neither reduce your rights nor increase your responsibilities will come into effect immediately if they are stated in the change notice. 

14.5 Changes to exchange rates shall come into effect immediately without notice and you shall not have the right to object to such a change. 

14.6 You may terminate your relationship with Luxfin Capital Ltd and these Terms at any time by providing us with written notice via email at info@luxfincapital.co.uk. The notice will be deemed as accepted on business days during the company's working hours or the next business day if a termination request is submitted outside the working hours. We will terminate your access to our Services, and your profile will be deactivated and/or not be available anymore.

14.6 Luxfin Capital Ltd may terminate the relationship at any time by giving at least thirty (30) days prior written notice to the Payment Service User for any reason regardless of whether that reason is listed in these Terms.

14.7 We may suspend your ability to use a Payment Services and terminate the relationship with you without notice in certain circumstances, if:

(a)The period from the last Money Transfer order made by you with us over five years.

(b) Money Transfer order is related to Banned business activities and restricted, regions.

(c) You breach any provision of these Terms or documents referred to in these Terms.

(d) We have a suspicion that there is a security breach or that your actions are considered gross negligence.

(e) We are requested or directed to do so by any competent court of law, government authority, public agency, or law enforcement agency.

(f) We have a suspicion that you are in breach of any applicable law or regulation; or

(g)We have a suspicion that you are involved in any fraudulent activity, money laundering, terrorist financing, or other criminal or illegal activity.

14.8 We are obliged to keep records about you and your transactions for the period of up to five years from the date when your relationship with Luxfin Capital was terminated or the last transaction was made.

15. COMPLAINTS

15.1 Please tell us if you have any problems with our service by calling us at our office at +44 (0) 2070 606836, or by email at info@luxfincapital.co.uk.

15.2 We will seek to resolve your complaint as quickly as possible and provide you with acknowledgement of the complaint within three business days of receipt.

15.3  If you are not happy with our response, or if we have not finished investigating your complaint and given our final response after 15 Business Days, you may, subject to fulfilling eligibility requirements, refer your complaint to The Financial Ombudsman Service, Exchange Tower, London, E14 9SR, using the telephone numbers: +44 300 123 9 123 and +44 800 023 4567 or email at complaint.info@financial-ombudsman.org.uk 

15.4 Corporate Opt-out. If you are a large corporation (that is, not a consumer) certain provisions in these Terms will apply differently to you. If you are a Corporate Opt-out client, you will not be able to complain to the Financial Ombudsman Service.

16. GOVERNING LAW

16.1 These Terms of Services will be governed and construed in accordance with English Law, and any arising dispute pursuant to these Terms of Services will be determined by the courts in England and Wales.

16.2 You agree that English courts have exclusive jurisdiction over any disputes.

17. GENERAL

17.1   We are not obliged to perform our obligations if abnormal and unforeseeable circumstances beyond our control prevent us from doing so.

17.2 Neither these Terms nor any transaction carried out under them shall confer contractual or other rights on, or be enforceable against us by, any party other than you.

17.3   To the extent permissible by law, if you use our Services for any commercial or business purpose we will have no liability to you for any loss of profit, loss of business, business interruption, loss of business opportunity or similar.

17.4    Luxfin Capital is not a bank. No compensation is available from the Financial Services Compensation Scheme if we are unable to meet our obligations. 

17.5   Segregation of client funds is ensured by Luxfin Capital, but we are not obliged to Safeguard funds as a Small Payment Institution, therefore, we will not hold your deposits for longer than until the end of the next business day, after the funds have been received.  

18. CORPORATE OPT-OUT

18.1 If you are a large corporation (that is, not a consumer) within the meaning of the UK Payment Services Regulations 2017 (PSR), certain provisions in these Terms will apply differently to you.

(a) If you are a Corporate Opt-out Client you will not be able to complain to the Financial Ombudsman Service. In addition, the provisions of Part 6 of Payment Services Regulations 2017 (PSR) or regulations 66(1), 67(3), 67(4), 75, 77, 79, 80, 83, 91, 92 and 94 of the PSR will not apply to these Terms.

(b) The time period for notifying Luxfin Capital of any unauthorised transaction or incorrectly executed transaction and/or refund is seven (7) days of the alleged error, rather than the thirteen (13) months under regulation 76 of the PSR.

(c) The notice period for Luxfin Capital terminating these terms may be thirty days, not two months, and we can end the relationship for any reason regardless of whether that reason is listed in these Terms of Service.

** Effective from 28th October 2024