Overseas Money Transfer

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Terms and Conditions


Terms & Conditions of UKFX Holdings Ltd under use of www.overseasmoneytransfers.co.uk

1.0 OMT - Overseas Money Transfers Ltd (Company registered under number: 7886401) and is a trading name of UKFX Holdings Ltd (Company registered under number: 6588495) and Authorised with the Financial Conduct Authority to carry on Electronic Money activities under the Electronic Money Regulations 2011 (EMRs).no 901082. We are also a registered money service business with H.M Revenue & Customs no.12305659.

1.1 The Service The Company enters into contracts for the purchase and sale of currency for trade, commercial or other non-speculative purposes.

1.2 No Financial Advice The Client shall be solely responsible for evaluating and selecting the timing and nature of all Transactions entered into and shall not treat any information provided by the Company as financial advice. The Client must rely solely on its own judgement in determining whether the Service, or any incidental services provided by the Company are appropriate for the Client's purposes.

1.3 Client Agreement All Transactions shall be subject to the terms and conditions of this Agreement and shall constitute separate and several agreements in their own right.

1.4 Licence The Company is authorised to deal in foreign exchange products and to make a market in providing buy/sell quotes for foreign currency exchange products.

2 Instructions

2.1 Username and password Email instructions effected pursuant to the use of the username and password issued to the Client by the Company will in all circumstances be binding on the Client.

2.2 No obligation The Company is not obliged to accept any Instruction and may refuse any Instruction without giving any reason and without any liability for any resultant loss or damages incurred by the Client or any other party.

2.3 Transaction Binding The details of each Transaction will be confirmed online. The Transaction shall be binding upon the Client at that point. Once binding, a Transaction may not be altered or cancelled without the express written consent of the Company.

2.4 Prompt Performance The Client acknowledges that due to volatility in exchange rates, the timely performance of the Client's obligations is an essential term of any Transaction and that resultantly cleared funds are to be deposited in the bank account nominated by the Company within 24 hours of online confirmation.

2.5 Out-of-Market Quotes In circumstances where the Company has made an Out-of-Market Quote the Company shall have 2 business days in which to requote the Rate, prior to which time the Transaction shall not be legally binding.

2.6 Further Information The Company may request further confirmation or information from the Client in relation to any Instruction if the Company reasonably considers that such confirmation or information is necessary to confirm or clarify an Instruction and the Company shall not be liable to the Client for any delay or failure to complete the Transaction as a result of such request.

3 Payment Provisions

3.1 Payment The Client must initiate payment of any Sold Amount to the Company Account on the day that the Transaction is confirmed in accordance with Clause 2.4.

3.2 Nominated Beneficiary Account The Client must provide details of the Nominated Beneficiary Account as part of the ordering process. The Company will rely on the details specified for the Nominated Beneficiary Account and will not check to ensure that the instruction provided by the Client is correct and will accept no liability for error by the client with regard to beneficiary payment instructions.

3.3 Cleared Funds and Settlement The Client must deliver the Sold Amount in full without any set-off and in cleared funds together with any applicable service fees required by the Company before the Company will pay any amount to the Nominated Beneficiary Account. Should the Company, in its sole discretion, elect to pay an amount to the Nominated Beneficiary Account before the Client's funds have cleared, the Client acknowledges that the Company is not, by so doing, waiving any rights it may have under this clause or under any other clause of this Agreement and shall take immediate action to place the Company in cleared funds should any Sold Amount not be cleared as anticipated. Settlement of the transaction will generally be made by the Company within 2 business days of receipt of cleared funds.

3.4 Non Payment The Company reserves the right to Close Out any Transaction in circumstances where the Sold Amount has not been received by the Company within 24 hours of the Transaction becoming legally binding in accordance with Clause 2.4 or the Client has failed to provide the details of the Nominated Beneficiary Account.

3.6 Payment Irrecoverable The Company shall be under no liability to recover any funds duly paid to a Nominated Beneficiary Account and will not resend any funds pursuant to an amended Instruction until the Company is in receipt of further funds from the Client.

3.7 Recovery of Funds In the event that funds have been sent to the wrong beneficiary account as the result of an error made by the Company, the Company shall take action at its own expense to recover those funds, provided always that the Client will take immediate action to recover any such funds itself to the extent that the mistaken beneficiary is related to or associated with the Client and will otherwise assist the Company with any necessary recovery action. In the event that funds are mistakenly paid by the Company on behalf of a third party into an account operated or controlled by the Client, the Client undertakes and agrees to refund any such funds to the Company or in accordance with the Company's instructions immediately.

3.8 No Interest The Client shall in no circumstances be entitled to receive interest on any amounts that the Company receives from the Client in relation to a Transaction or otherwise.

3.9 Form of Payment All payments made pursuant to this Agreement are required to be made by telegraphic transfer, electronic funds transfer or UK debit card only. The Company does not accept or make any payments by cash, credit card, cheque or draft.

3.10 Funds Held without Instructions In circumstances where funds are held by the Company pending further instructions from the Client, the Client acknowledges and agrees that the Company will not pay interest on such funds.

3.11 Refunds Should we be unable to complete our verification procedures upon you or if the order is cancelled for any reason we will issue a refund usually within 48 hours of this failure however you must be prepared to wait up to 5 working days. All refunds may incur charges in accordance with our cancellation terms and will be returned nett of these charges to the source of payment.

4 Orders

4.1 Legally Binding Orders shall become legally binding as and from the time that the Order Details are accepted by the website.

5 Anti-Money Laundering

5.1 AML Compliance In dealing with the Company, the Client acknowledges and agrees that the Company is obliged to adhere to applicable AML Regulations in all relevant jurisdictions. The Client will not attempt to initiate any Transactions that may contravene any AML Regulations and will provide such information as is necessary or desirable for the Company to comply with its AML obligations.

5.2 Information Collection The Company reserves the right to collect such information as is necessary from the Client to meet its obligations under applicable AML Regulations. The Company may pass on information collected from the Client and relating to Transactions as required by applicable AML Regulations and is under no obligation to inform the Client it has done so. The Company may undertake all such AML checks in relation to the Client, its Authorised Signatories or any Transaction (including restricted lists, blocked persons and countries lists) as may be deemed necessary or appropriate by the Company, and reserves the right to take any actions (including cancellation of the Transaction, refusal to remit payments, and freezing or blocking of funds or access) with no liability to the Client or any third party.

5.3 Transmission of Information to Regulatory Bodies The Company reserves the right to provide all such information regarding the Client and any Transactions in relation to its obligations to, or requests (whether legally binding or not) by, any relevant regulatory body.

6 Disputes

6.1 Disputes Policy Any dispute in relation to this Agreement or the services provided by the Company must first be referred to the Company.

6.2 FOS If the dispute is not resolved it must then be submitted to the Financial Ombudsman Service ("FOS") for determination in accordance with its rules.

6.3 Only Avenue The Client may not proceed against the Company except in accordance with this disputes clause.

7 Liability

7.1 No Liability for Delays The Client acknowledges that delays in the transmission and receipt of payments may occur. In particular, the Client acknowledges that the Company operates an online dealing platform that could be subject to technical, or other, problems beyond the Company's control which could result in delays in excess of 48 hours. Accordingly, the Company cannot guarantee that transfers of funds will always be made on a timely basis and shall in no circumstances be liable to the Client for any costs, expenses, liabilities or losses of any kind, however arising, resulting from any delay in any payment made on behalf of the Client or any delay in responding to instructions received from the Client.

7.2 Liability Limited Without limiting the effect of Clause 7.1, the Company's total aggregate liability to the Client for any breach of its obligations under this Agreement, or any Transactions contemplated by it, shall be limited to the total amount paid to the Company by the Client in relation to any particular Transaction. In no circumstances shall the Company be liable to the Client for any consequential or indirect losses of any kind, whether foreseeable or not.

7.3 Indemnity The Client shall fully indemnify the Company and keep it fully indemnified from and against all and any liabilities, damages, losses and costs (including legal costs calculated on a solicitor and own client basis) incurred by the Company in enforcing its rights under this Agreement or otherwise arising under this Agreement.

7.4 Third Party Fees The Client acknowledges and agrees that the Client shall at all times be liable to pay fees, costs, duties and taxes charged by third parties, including but not limited to fees charged by beneficiary banks, whether or not the existence of, or any increases to, any such fees or charges have been notified to the Client by the Company.

8 Closing Out

8.1 Closing Out Transactions The Company may, in its sole discretion, refuse to perform or Close Out all or any part of any Transaction, without liability to the Client or any third party for any losses which may be incurred as a result and without giving prior notice to the Client, on the occurrence of any of the following events:

  1. i. failure by the Client to make any payment when due, including the payment of any deposit;
  2. ii. if the Client is an individual, the death or loss of mental capacity of the Client;
  3. iii. the occurrence of an Insolvency Event;
  4. iv. representations or information provided by the Client are or become, in the opinion of the Company, inaccurate or misleading in any material respect;
  5. v. giving effect to any obligations under this Agreement becomes unlawful;
  6. vi. a dispute has arisen between the Parties;
  7. vii. breach by the Client of any terms of this Agreement or any other Transaction; or
  8. viii. in circumstances where the Company reasonably forms the view that it is necessary to do so for its own protection.

8.2 Consequences of Closing Out In the event that a Transaction is Closed Out, the Company will calculate, as at the Closing Out Date, the mark-to-market value of the Transaction using prevailing market rates chosen by the company and set against the rates published by Metro bank on that day. If, as a result of that calculation, the Transaction results in a loss, the Client shall be liable to compensate the Company immediately upon demand for the amount of that loss, together with any expenses incurred by the Company and any premiums, commissions or other fees. In no circumstances shall the Company be liable to pay to the Client any profit arising from the Closing Out of a Transaction. Subject to a minimum close out fee of £200.00. Failure to pay this fee within 48 hours will attract interest at Metro bank base rate + 5%. After 7 days the close out fee rises to £500.00 as a minimum should it not have been settled prior to this time.

8.3 Set-Off The Client acknowledges and agrees that the Company may deduct from any payment to be made to the Client, including any deposit held by the Company, or any amount held by the Company for payment to any Nominated Beneficiary Account, any amount the Client may owe to the Company, including any loss incurred as a result of Closing Out a Transaction, as well as any fees, costs, taxation liabilities or other charges of any kind incurred by the Company in relation to the Transaction.

8.4 Interest The Company reserves the right to charge interest on any outstanding sum due and payable to it by the Client, such interest to be calculated at a rate of 5% per annum over the base rate of Lloyds Banking Group (or of such monetary authority as may replace it). Interest will accrue and be calculated daily and be compounded monthly from the date payment was due until the date full payment is made by the Client.

8.5 Default Notification The Client must notify the Company immediately upon becoming aware of the occurrence of any event referred to in Clause 8.1 above.

8.6 Notice of Monies Due Where a Transaction is Closed Out or does not proceed to completion for any reason, the Company will provide to the Client a written statement explaining the amount of any sums payable by the Client or the amount of any sums being withheld by the Company from sums payable to the Client.

9 Representations and Warranties

9.1 Client Warranties The Client makes the following representations and warranties as at the date of this Agreement and at each time a Transaction is entered into:

  1. (i) the Client is duly organised and validly existing (or, if an individual, is of legal age and is under no legal disability or incapacity) and has full power and authority to enter into, and has taken all necessary steps to enable it lawfully to enter into, this Agreement and every Transaction under this Agreement, and perform its obligations thereunder;
  2. (ii) the Client is acting as principal on its own account or as trustee of a trust and not on behalf of any other person or undisclosed beneficiary in relation to each Transaction entered into with the Company;
  3. (iii) all information provided by the Client to the Company is, or at the time it is provided will be, accurate and up-to-date in all material respects and the Client has not omitted or withheld any information which could make such information inaccurate or misleading in any material respect;
  4. (iv) the Client has a valid commercial or personal reason for entering into each Transaction, and will not enter into any Transaction for speculative purposes;
  5. (v) in entering into any Transaction, the Client has not relied on any market - related information offered from time to time by the Company on the Website or through its representatives or agents;
  6. (vi) transactions entered into by the Client will not constitute a breach of any relevant AML regulations in any jurisdiction;
  7. (vii) there are no claims outstanding or threatened against the Client that would restrict or interfere with the exercise by the Company of the rights contained herein;
  8. (viii) the Client will not engage in any illegal, deceptive, unfair or unethical trade practice which may adversely affect the reputation and goodwill of the Company, and will not make false, misleading or disparaging representations concerning the Company;
  9. (ix) in circumstances where the Client is acting as a trustee of a trust, the Client is duly and properly authorised to enter into this Agreement and any Transactions in accordance with the terms of the relevant trust instrument;
  10. 1. (x) the client will act within the terms of the chargeback clause 3.10; and
  11. (xi) the Client has read and understood the following documents and agrees to be legally bound by the contents of the terms and conditions:

10 Privacy

Please see our specific privacy policy here

10.1 Collection of Information In order to provide the Client with the Services, the Company must collect certain Personal Information about the Client or the Authorised Signatories of the Client and obtain their consent in relation to the handling of such Personal Information. The Client hereby gives that consent or warrants that it has obtained that consent from each Authorised Signatory. The Client also agrees to provide upon request all such information in relation to its financial and business affairs and/or identity, as the Company may reasonably require.

10.2 Use of Information The Client hereby authorises the Company to collect, use, store or otherwise process any Personal Information concerning the Client and in particular, agrees that the Company may use all such Personal Information, including the information referred to in clause 10.4, for the purposes of complying with its obligations under any AML Regulations and for any other purpose directly related to the provision by the Company of the Service.

10.3 Identity Verification The Client may be required to provide evidence to verify its identity or the identity of its Authorised Signatories. If the Company is not satisfied with the information provided by the Client, it may request additional information. The Company will not accept a Client Application and the completion of Services will not be available to the Client unless and until verification procedures have been completed to the satisfaction of the Company.

10.4 Information correct The Client must ensure that all information provided to the Company is accurate and up-to-date at all times. Any changes must be advised to the Company as soon as practicable.

10.5 Protection of Information The Company collects and stores all information electronically, and takes reasonable steps to protect such information from unauthorised access, misuse, loss or destruction. The Company shall in no way be liable to the Client for any loss or damage the Client may incur as a result of the loss or theft of such information held by the Company.

10.6 Retention of Information Any information collected by the Company, including telephone recordings or transcripts, may be kept or destroyed in accordance with normal Company procedures.

10.7 Recording phone conversations The Parties consent to the electronic recording by either Party of telephone conversations between them without an automatic warning tone and the utilisation of such recordings as evidence by either Party in any dispute or anticipated dispute between the Parties or in relation to any dealings between the Parties.

11 General

11.1 Notices Documents under this agreement may be sent by facsimile, post or email and proof of posting shall be proof of receipt; in the case of facsimile or email on the day of dispatch, in the case of delivery by post 48 hours from the date of posting. Documents shall be sent to the last known address, email address or facsimile number given by each Party from time to time.

11.2 Relationship Nothing in this Agreement will be deemed to create a partnership or joint venture or agency relationship between the Parties or confer any right or benefit on any third party.

11.3 Enforceability Should any of these terms be deemed unenforceable or illegal, the remaining terms will nevertheless continue in force and effect.

11.4 Entire Agreement This Agreement, together with the Confirmation for each Transaction, comprises the entire agreement and understanding of the Parties and supersedes all previous oral and written communications. If any clause of this Agreement conflicts with the Confirmation or Order Details, the Confirmation or Order Details will prevail.

11.5 Modification by company The Company may alter the Client Agreement by posting the new terms on the Website. Any such amendment will not affect any rights or obligations already in existence. The Client is bound by the new terms if the client continues to use the Service after those terms are posted on the Website.

11.6 Assignment The Client may not assign any rights or obligations under this Agreement without the written consent of the Company. At the discretion of the Company, a Related Body Corporate of the Company may satisfy its obligations under this Agreement.

11.7 Waiver Any failure or delay by either Party to exercise any right arising under this Agreement shall not be construed as a waiver of such right.

11.8 Implied terms No oral representation by the Company, its employees or agents shall be binding on the Company or shall form part of this Agreement, and all conditions, warranties or other terms implied by statute or common law are hereby excluded to the fullest extent permitted by law.

11.9 Governing Law This Agreement shall be construed in accordance with the laws of England & Wales and the Parties irrevocably submit to the exclusive jurisdiction of the courts to settle any disputes which may arise in connection with this Agreement.

11.10 Complaints In the event that the Client wishes to make a complaint in relation to the products and services we offer, the Client may do so either in writing to UKFX Holdings Ltd at our registered office address 1st Floor, Jebsen House, Ruislip, Middx, HA4 7BD or, via email on manager@imsfx.co.uk. We will answer your complaint in writing or via email within 15 working days of acknowledgement by us of receipt of your complaint.

12 Definitions

means 'anti-money laundering' as those terms are generally understood in the Money Laundering, Terrorist Financing and Transfer of Funds (information on the payer) Regulations 2017.

Client Agreement or Agreement
means this agreement.

Client Application
means the application completed by the Client in order to gain access to the Website and the Services.

Close Out
means reversing a foreign currency exchange transaction in the circumstances set out in Clause 8 or otherwise pursuant to this Agreement.

Closing Out Date
means the date on which a Transaction is Closed Out.

means UKFX Holdings Ltd or any Related Body Corporate, trading as Overseas Money Transfers.co.uk.

Company Account
means an account nominated by the Company for receipt from the Client of the Sold Amount.

means the website screen shown after successful submission of an instruction by the client online and/or the document forwarded to the Client online setting out all relevant details of a Transaction.

Insolvency Event
means a receiver, manager, trustee, administrator, controller or similar external administrator is appointed over any of the assets or undertakings of the Client; the Client is or becomes unable to pay its debts as and when they are due; the Client ceases to carry on business; an order is made for the winding up or dissolution of the Client otherwise than for the purpose of an amalgamation or reconstruction which has the prior written consent of the Company.

means a request made by the Client to the Company to enter into a Transaction.

Nominated Beneficiary Account
means the bank account of a person to whom the Client has instructed the Company to transfer funds.

Out-of-Market Quote
means a Rate quoted by the Company which is demonstrably inconsistent with prevailing market rates as the result of a human or technical error on the part of the Company.

means a party to this Agreement.

Personal Information
means information or an opinion (including information or an opinion forming part of a database), whether true or not, and whether recorded in a material form or not, about an individual whose identity is apparent, or can reasonably be ascertained, from the information or opinion.

means the foreign currency exchange rate applicable to a Transaction.

means the facility offered by the Company for the purpose of buying and selling currency for delivery.

means the act of instructing the payment of the bought amount of currency to the nominated beneficiary account by the Company.

Sold Amount
means the amount of the currency that the Client is selling to the Company.

means a binding agreement between the Client and the Company to exchange one contract for another at an agreed rate and shall be taken to refer to a series of transactions pursuant to standing instructions given by the Client.

Transaction Date
means the date on which the Client enters into a Transaction with the Company for the exchange of currencies.