About usServicesPrivacy PolicyTerms & ConditionsContact UsFAQs
Welcome to “ Pak Exchange Ltd ” The one top international money transfer company, On time, First time, Every time.
 
 
   
 
   
 
Terms & Conditions

 

PAK Exchange Limited [ Terms and Conditions]

- 1 -

1. PAK EXCHANGE LIMITED TRANSFER SERVICE

1.1 These Terms and Conditions set out the terms and conditions which apply to money

transmission services with PAK Exchange Limited of

 

2nd Floor Suite A

Apollo Centre 

Desborough Road

High Wycombe

HP11 2QW 

 

MLR No: 12622369 (the "Firm"FSA No: 578824).

The Firm's head office address is

 

Pak Exchange Ltd

2nd Floor Suite A

Apollo Centre

Desborough Road 

High Wycombe

HP11 2QW 

 

Telephone number: 0207 1129265, fax number: 02084718435,

Email : info@pakexchange.co.uk

For simplicity we will refer to ourselves as "the Firm""we/our/us".

We operate a money transmission service which you will use to send and to receive money

transfers. Our money transfers can be sent and picked up at most locations worldwide. You

may call the number listed abovecheck our website at www.pakexchange.co.uk (the

"Website") for the address and business hours of nearby locations. Some locations are open

24 hours a day. The main characteristics of the payment services which we may provide to

you are as follows:

Retail money remittance service: a money transfer service for a sending customer where a

remittance payment is made to a named receiving customer, normally in another country,

and where the transaction size is less than £5,000 (money may be received in cashin a

bank account);

High value money transfer service: a money transfer service for a sending customer

where a remittance payment is made to a named receiving customer, normally in another

country, and where the transaction size is £5,000more; and

Foreign Exchange plus onward transfer: provision of currency exchange for a customer

plus onward transmission of funds for a payment purpose. 3

Money transfers will normally be paid out in cash, but some payment service providers in the

receiving location will pay by chequea combination of cash and cheque. All payments are

subject to availability, the payee showing documentary evidence of their identity and

providing all details about the money transfer required by us as set out in these Terms and

Conditions and including, without limitation, the name of the payer, country of origin, name

of the payee, the payment amount, transaction control identification number and any other

conditionsrequirements which we consider necessaryapplicable at the payee payment

location. In limited circumstances, the making of a money transfer may be subject to local

1 Required as pre-contract information under the Payment Services Regulations 2009 ("PSR") Schedule 4,

1(a).

2 Required as pre-contract information under PSR Schedule 4, 1(b).

3 A description of the main characteristics of the payment service to be provided is required as pre-contract

information under PSR Schedule 4, 2(a).

taxes and service charges, details of which are set out in our [tariff card/charges brochure].

They may, in addition, be obtained by contacting us using the contact details set out in clause

1.1 of these Terms and Conditionsby checking our Website.

1.2 We are agreeing to provide you with a money transfer service. We do not accept any

responsibility for any goodsservices which may be paid for by a money transfer (or any

taxes, chargesduties payable thereon). You are cautioned against sending money to any

person you do not know. You bear the risk of your intended payee failing to pick up the

payment after it has been transferred to the correct destination.

2. COMMUNICATIONS

2.1 We may accept your instructions even if they are not given in conventional written paper

form such as by letteron cheques. This would cover any form of electronictelephonic

communication, including those not currently available. It applies to all present and any future

business with you, but does not imply that we cando currently actually accept all types of

electronic communications: we will tell you what types we will accept.

2.2 Note that there may be no signature, securitypassword protection for email, phone, fax and

other future forms of electronic communication. You should bear this in mind if you decide to

permit us to accept those types of instruction. If we do decide to accept any typetypes of

electronic communication from you, we advise:

2.2.1 against using analogue mobilecordless phones to contact us as they can sometimes

be interceptedoverheard;

2.2.2 you to be careful not to let other people see your details if you are online in a public

place; and

2.2.3 against using email for sending us confidential information.

2.3 Where we agree to accept instructions in a particular format (including in electronic format),

we will not be able to act on the instructions unless they are legible and clear.

2.4 We may decline to act on any communication, even if we have told you we will in general

accept that type of instruction. We may do this in particular if we consider that there is doubt

about the validity of the communication and it is in ouryour interest to query it with you.

However, we are not obliged to checkconsider the validity of your communications unless

we have previously agreed a system of validation with you. Subject to any legalregulatory

requirements which may apply, we are authorised to act upon any instruction, agreement or

arrangement without enquiring about its purpose,the circumstances in which it is given, or

about the disposition of any proceeds.

3. RELATIONSHIP

3.1 We will use reasonable care and skill in providing money transmission services to you, but

you should bear in mind that your payments do not carry the benefit of any interest and that

our service does not have the benefit of any government-backed insurance, guarantee or

compensation scheme (for example, no compensation is available from the Financial Services

Compensation Scheme if we are unable to meet our liabilities) and the relationship of the

Firm with you is not that of a banktrustee.

3.2 You must not give out security details, such as any passwordPIN, to anyone. You must

notify us without undue delay in writingby telephone using the contact details set out in

clause 1.1 of these Terms and Conditionsvia our Website on becoming aware that

someone else knows your password, PINother security informationthat any of these

have been lost, stolenmisappropriated, and we will take immediate steps to try to prevent

these from being used.13

4. FEES, CHARGES15 AND EXCHANGE RATES

4.1 Our [tariff card/charges brochure] sets out how, when and what we charge for the services we

provide.16 17These details are also displayed prominently at our premises and those of our

branches and agentson our Websitemay be obtained by contacting us using the contact

details set out in clause 1.1 of these Terms and Conditions. You agree to pay our fees and

charges for each payment transaction and in the circumstances set out in further detail in [our

tariff card/charges brochure].

4.2 If you are the recipientpayee of an international payment we may deduct our charges and

transfer fees for each such payment from the money transferred before making it available to

you. If we deduct any charges under this clause 4.2, we will give you details in the

information which we regularly make available to you (using the means agreed with us by

which you wish to be notified) of the full amount of the money we receive and of our charges

for receiving the money which we have deducted.18

5. PAYMENT TRANSACTIONS

5.1 In order for a payment instruction from you to be properly executed, you must provide us

with the informationunique identifier which is necessary for the proper execution of the

payment instruction. If this is incorrect, it could result in the payment transaction being

delayedthe monies transferred being lost. The information could comprise the payee's

bank sort code and account number or, where applicable, the payee's SWIFT number, BIC

number and IBAN number.24

5.2 You must give consent before the execution of each payment transaction by [giving us

payment instructions in a signed and completed order form [substantially in the form set out

on the reverse of these Terms and Conditions]/[which is available at our premises and those

of our branches and agentsfrom our Websiteby contacting us using the contact details

set out in clause 1.1 of these Terms and Conditions]], [by email, letterfacsimile

transmission, in each case correctly addressed to us,by handing it to us at our premises25]

26.

5.3 We shall have the right to stop the use of any personalised set of procedures agreed between

you and us, which are used by you in order to initiate payment instructions to us, on

reasonable grounds relating to27:

5.3.1 the security of such security features; or

5.3.2 the suspected unauthorisedfraudulent use of such security features.28

5.4 We will execute payment instructions so that the amount to be transferred reaches the payee's

payment service provider no later than the end of the third business day29 (after 1 January

2012, the next business day) after we received your instruction. We must receive payment

instructions before the cut-off time specified in our [tariff card/charges brochure]obtained

by contacting us using the contact details set out in clause 1.1 of these Terms and Conditions

24 Required as pre-contract information under PSR Schedule 4, 2(b).

25 The FSA June 2009 Approach to the PSRs document p.61 gives examples of consent being given in

writing, verified by a signature, by telephone, by use of a password, by means of a payment card and PIN or

over a secure password-protected website. The procedure and means of consent must be detailed in the

framework contract.

26 Required as pre-contract information under PSR Schedule 4, 2(c).

27 Required as pre-contract information under PSR Schedule 4, 5(b).

28 Reg. 56 provides that before blockingstopping a payment instrument, the payment service provider must

contact the customer to advise them of its intentions and its reason for doing so. If the payment service

provider is unable to contact the customer beforehand, it must do so immediately afterwards. However, if

providing this information would compromise reasonable security measureswould be unlawful, this

requirement does not apply. The payment service provider is required to unblock the payment instrument as

soon as practicable after the reasons for blocking cease to apply.

29 Must be in T&Cs so that customer can expressly consent to execution time being T+3 until 2012.

or on our Website30we will deem the instruction to have been received on the next business

day.31 Instructions received on days which are not business days for us will also be deemed to

have been received on the next business day.32

5.5 Once we receive your payment instruction, you cannot revoke it unless you inform us in

writing that you withdraw your consent no later than the business day before the agreed day

of execution of the instruction.33

5.6 Where we receive a payment instruction from you for execution on a specific day, you agree

that the time of receipt is deemed to be that specific day on which we are to execute the

payment instruction.34

5.7 It is your responsibility to ensure that the monies you pay to us are sufficient to make each

and every payment transaction which you authorise us to make. We will not make any money

transfer instructed by you unless you have paid to us sufficient funds first. When we accept a

cheque, creditdebit cardother non-cash form of payment from you we make no promise

to make payment of any relevant money transfer if your form of payment is not uncollectible,

nor do we assume any liability for damages resulting from non-payment of the money

because of uncollectability.

5.8 Applicable laws prohibit money transmitters from conducting business with certain

individuals and countries. In order to comply, we are required to screen all transfers against

the list of names provided by various governments and/or government agencies. If a potential

match is found, we will suspend the transfer and additional information on either the

payerthe payee, as necessary. Upon satisfactory review, the payment transfer will be

released for collection.

5.9 We have the right to refuse to accept a payment instructionpayment and to refuse to

execute any payment transaction for any of the following reasons.

5.9.1 if any condition in these Terms and Conditions has not been satisfied; or

5.9.2 if execution would be unlawful.

30 Firm to ensure that exact cut-off times are specified in [tariff card/charges brochure/other leaflet available]

and on its website.

31 Must be in T&Cs so that customer can expressly consent to cut-off times.

6. LIABILITY AND REFUNDS

6.1 The extent of your liability as payer for any losses you incur in respect of an unauthorised

payment transaction:37

6.1.1 arising from the use of loststolen (or, where you have failed to keep them safe,

from the misappropriation of) personalised security featuresprocedures agreed

between us and you for your use in order to give us payment instructions, including

(without limitation) an unauthorised payment transaction through any electronic

36 Reg. 66. Must be in T&Cs so that customer can expressly consent to notification time being T+3 until

2012. Reg 66(3) states that the framework contract may provide for the payment service provider to charge

the payment service user for this notification where the refusal is reasonably justified. Reg 54 provides that

the payment service provider may only charge the payment service user for this (a) where agreed between

the parties; and (b) where such charges reasonably correspond to the payment service provider's actual

costs.

37 Required as pre-contract information under PSR Schedule 4, 5(c).

communicationa misappropriation of the security features of our electronic

communications service, is a maximum of £50, or

6.1.2 where you have acted fraudulentlyhave with intentgross negligence failed to:

(i) take all reasonable steps to keep safe any of the personalised security features or

procedures agreed between us and you for your use in order to give us payment

instructions, including (without limitation) an unauthorised payment transaction

through any electronic communicationa misappropriation of the security features

of our electronic communications service, (ii) use such features and procedures in

accordance with the terms and conditions governing their issue and use,(iii) notify

us in writingby telephone using the contact details set out in clause 1.1 of these

Terms and Conditionsvia our Website and without undue delay on becoming

aware of the loss, theft, misappropriationunauthorised use of such security

featuresprocedures, is the full amount of those losses.

6.2 You may be entitled to redress for an unauthorisedincorrectly executed payment

transaction only if you notify us in writingby telephone using the contact details set out in

clause 1.1 of these Terms and Conditions without undue delay on becoming aware of any

unauthorisedincorrectly executed payment transaction, and in any event no later than 13

months after the debit date. Such redress may include, in relation to an unauthorised executed

payment transaction, our refunding the amount of the unauthorised payment transaction to

you as payer.38 39

6.3 Where you initiate a payment instruction as payer, we are responsible to you for the correct

execution of the payment transaction unless the payee's payment service provider received the

amount of the payment transaction in accordance with the payment instruction execution

times set out in clause 5.4 of these Terms and Conditions.40 You may that we make

immediate efforts to trace the payment transaction and notify you of the outcome.

Where we are liable to you as payer under this clause 6.3 for a non-executeddefective

payment transaction, we may without undue delay refund to you the amount of the nonexecuted

or defective payment transaction.

6.4 Where you are the intended payee of a payment instruction initiated by a third party payer,

and the payer's payment service provider can prove that we received the amount of the

payment transaction in accordance with the payment instruction execution times set out in

7. MODIFICATIONS TO TERMS AND CONDITIONS; TERMINATION

7.1 We may change any provision of these Terms and Conditions.

7.2 We will notify you in writing at least 2 months42 before we make any change to these Terms

and Conditions. You will be deemed to have accepted any such change if you do not notify us

to the contrary before the date on which any such change comes into effect. However, if you

choose not to accept any such change, our notice of the change shall be deemed to be notice

of termination given under clause 7.8 of these Terms and Conditions and our agreement

41 As per Reg 79.

42 As per Reg 42(1).

pursuant to these Terms and Conditions will terminate the day before any change comes into

effect.43

7.3 If we have made a major changea lot of minor changes in any one year, we will give you a

copy of the new terms and conditionsa summary of the changes.

7.4 If we agree to fix any condition for a certain time, we will not change it during that time.

7.5 When we tell you about a change we will do so by letter, email, textmessagesin any

other way which is sent to you individuallywill do so in a way that we reasonably believe

is likely to come to your attention and which satisfies legal and other regulatory requirements.

7.6 Our agreement under these Terms and Conditions will continue until terminated in

accordance with this clause.

7.7 You may terminate our agreement under these Terms and Conditions by giving us at least 1

month's written notice. We shall not charge you for the termination of our agreement under

these Terms and Conditions after the expiry of 12 months from its commencement.45

7.8 We may terminate our agreement under these Terms and Conditions by giving you at least 2

months' written notice.46 Such termination will not release you from any liability in respect of

any sums owing to usfrom any previous liability for any act performed by us in

accordance with instructions received from you.

7.9 If you are an individual, and up to and including the time at which we conclude our

agreement with you under these Terms and Conditions we have only communicated with you

for the purposes of the agreement without you and us being physically present at the same

time, you have a right to cancel the agreement when you give us your first payment

instruction, starting on the day on which you indicate to us your acceptance of the agreement

("conclusion day") and ending on the expiry of 14 calendar days beginning with the day after

conclusion day. Such right may be exercised by contacting us at our address, facsimile

numberemail address using the contact details set out in clause 1.1 abovevia our

Website and informing us that you wish to cancel your agreement with us. If you exercise

this right before you have sent us any payment instruction, the agreement will terminate and

you will not be charged a cancellation fee. If you exercise your right after you have sent us

your first payment instruction, we may deduct a cancellation fee from the monies you have

already paid to us before we transfer them back to you (please note that we will not be able to

transfer any monies back to you to the extent that we have already executed your payment

43 Required as pre-contract information under PSR Schedule 4, 6(a).

44 Required as pre-contract information under PSR Schedule 4, 6(b).

45 Required as pre-contract information under PSR Schedule 4, 6(c). Reg 43(2) provides that, subject to this,

any charges for termination must reasonably correspond to the actual costs to the payment service provider

of termination.

46 As per Reg 43(4).

instruction). If you do not exercise this right, the agreement will not have been cancelled by

you.47

8. GENERAL

8.1 Termination of our agreement under these Terms and Conditions does not affect yourour

accrued rights and obligations at the date of termination.

8.2 A failure to exercisedelay in exercising a rightremedy provided by these Terms and

Conditionsby law does not constitute a waiver of the rightremedya waiver of other

rightsremedies. No singlepartial exercise of a rightremedy provided by these Terms

and Conditionsby law prevents further exercise of the rightremedythe exercise of

another rightremedy.

8.3 In case any provision inobligation under these Terms and Conditions shall be invalid,

illegalunenforceable in any jurisdiction, the validity, legality and enforceability of the

remaining provisionsobligations,of such provisionobligation in any other

jurisdiction, shall not in any way be affectedimpaired thereby.

8.4 You may not assign, transfercreate any trust in respect of,purport to assign, transfer or

create any trust in respect of, a rightobligation under these Terms and Conditions.

8.5 Neither these Terms and Conditions nor any transaction carried out under them shall confer

contractualother rights on,be enforceable against us by, any party other than you.

9. GOVERNING LAW AND JURISDICTION; REDRESS

9.1 These Terms and Conditions and our agreement under these Terms and Conditions and all

matters arising fromconnected with these Terms and Conditions and our agreement are

governed by English law.

9.2 The courts of England have exclusive jurisdiction to settle any dispute arising from or

connected with these Terms and Conditions and our agreement under these Terms and

Conditions (including a dispute regarding their existence, validityterminationrelating to

any non-contractualother obligation arising out ofin connection with them)the

consequences of their nullity. You may also be eligible for redress for any dispute and matter

arising out ofin connection with these Terms and Conditions through the dispute

resolution mechanism provided by the Financial Ombudsman Service (please see below for

further details).48

47 Financial Services (Distance Marketing) Regulations 2004.

48 Required as pre-contract information under PSR Schedule 4, 7(a).

10. HELP AND INFORMATION; COMPLAINTS

10.1 If you have any queriesrequire a copy of these Terms and Conditions (or any document

comprised in them), please contact us using the contact details in clause 1.1 of these Terms

and Conditions.

10.2 We aim to provide the highest level of customer service possible. If you do experience a

problem, we will always seek to resolve this as quickly and efficiently as possible. However,

if you are unhappy and would like to make a complaint, please refer to our Complaints Policy

for details of our internal process for dealing with complaints promptly and fairly. Our

Complaints Policy is available on our Websiteby contacting our customer service team at:

[Mr Sajid Imran ]

[PAK Exchange Ltd]

 

2nd Floor Suite A

Apollo Centre 

Desborough Road

High Wycombe

HP11 2QW 

 

Phone: [02071129265]

Fax: [02084718435]

Email: [info@pakexchange.co.uk]

We will then investigate the matter and try to reach a satisfactory conclusion. Complaints

may be recorded and monitored for our internal use; we may submit an anonymised summary

of complaints made to us during a particular period of time to our regulator. If you are not

happy with our final if we have not concluded our investigation after 8 weeks,

you may be able to refer your complaint to The Financial Ombudsman Service, South Quay

Plaza, 183 Marsh Wall, London E14 9SR.49

49 Required as pre-contract information under PSR Schedule 4, 7(b).

These Terms and Conditions are agreed and accepted

by the Firm: PAK Exchange Ltd.

 

 

Want to protect against fluctuations?
The currency market can be extremely volatile, with exchange rates changing by the seconds. Transaction when rates
are in your favour can make a big difference...
 
Home    |    About Us    |    Services    |    Privacy Policy    |    Terms & Conditions    |    Contact Us    |    FAQs  
© 2017 All rights reserved.
SSL By Trustwave
Registered with HM Custom & Excise # 12622369 and FCA # 578824
Maintained By: STM