GMT Foreign Exchange - Terms and Conditions

Definition of Terms

With respect to the Terms and Conditions set out herein:

The Client shall mean the organisation, company or individual that enters into a Transaction with the Company and/or is named as the Account Holder on an account opened with the Company.

The Company shall mean GMT Foreign Exchange, whose registered office is at Cloud 9, No. 15, Greenwich Church Street, London, SE10 9BJ.

A Transaction refers to an agreement between the Company and a Client for provision of services provided by the Company to the Client.

The Terms and Conditions set out below are applicable to any and all transactions entered into by the Company with a particular Client.

General Terms and Conditions

By entering into a transaction with the Company, the Client acknowledges that they have read and understood the Terms and Conditions contained herein and agree to be bound by them.

The Client acknowledges that it is their sole responsibility to ensure that all transactions they request the Company to carry out on their behalf are for legitimate purposes. The signed order confirmation will constitute the Client’s acknowledgement to this effect and the Company will not be held responsible for any breaches of law in the United Kingdom or any foreign country involved that may arise from the execution of an instruction provided by the Client to the Company.

Clients may be required to provide a suitable form of ID such as a Driving License or a Passport and additional information such as proof of address depending upon the nature and amount of the transaction. The Company may also require additional information regarding the sources of funds and the reason for a particular Transaction in some cases and the Client may be required to provide proof to this effect. For some types of transactions, it may be necessary for a Client to open an account with the Company. Clients can open an account by submitting a completed account opening application to the Company along with any necessary documentation. The Company reserves the right to refuse a Transaction and/or an application to open an account where it deems the identification and/or other required documentation produced to be unsuitable or unsatisfactory.

The Client agrees to provide, forthwith upon request, any and all information required by the Company to provide to applicable governmental or regulatory authorities in order to enable the Company to comply with applicable anti-money laundering laws and regulations.

The Company will provide an exchange rate at the time that a particular transaction is requested by a Client. This rate, once accepted by a Client, will be maintained throughout for that particular transaction and the Company is under no obligation to amend this rate to reflect currency fluctuations or maintain this rate for any subsequent Transactions.

The Company reserves the right to refuse to accept a transaction and/or open an account on behalf of a Client at its discretion. The Company also reserves the right to terminate or reverse a transaction and/or close an account if:

The Client breaches any of the applicable Terms and Conditions set out herein or fails to meet their obligations with respect to them.
It becomes apparent that proceeding with/completing a transaction or maintaining a particular account will be unlawful.
The Company is requested to do so by any regulatory authority regardless of whether or not such a request is legally binding.
The Company, at its discretion, decides it is necessary or desirable for its own protection.

In the event of a dispute between a Client and the Company with regard to a Transaction, if the Company is found to be at fault, the liability of the Company will be limited to the direct loss and the Company will not be liable for any consequential losses.

The Client consents to the Company recording and storing any data or information about the Client as may be necessary in order for the Company to provide its services to the Client. In accordance with the Data Protection Act 1998, the Client may request to see a copy of the information that is held about them by the Company by submitting a written request to the Company.

The Company reserves the right to amend the Terms and Conditions set out herein at any time by providing written notice to the Clients concerned and any amendments will take effect from the date of such a notice. Amendments shall not affect any rights or obligations that may exist with respect to transactions that have been agreed and entered into prior to the amendments taking effect.

Currency Exchange Transactions

Clients may request Currency Exchange Transactions either in person, by telephone or online via the Company’s website. Where Clients request for the currency to be delivered to them, the Company can only deliver in person to commercial addresses within the City of London, Greenwich and Canary Wharf. Delivery to any residential addresses or commercial addresses outside the areas mentioned above will be via Postal Delivery.

Currencies for Postal Delivery transactions will be dispatched only once cleared funds have been received into the Company account. The currency will be posted using the Royal Mail Special Delivery service and will be subject to a charge of £5 per £2500 worth of foreign currency ordered, or part thereof, to cover the cost of postage and insurance. Postal deliveries via Royal Mail will take place between Monday to Friday excluding bank and public holidays and may on some occasions be arranged for Saturdays. The Company will not be liable for delayed or lost deliveries that are a result of Royal Mail failing to meet its delivery guarantees. Since all deliveries via Royal Mail are ensured, in the case of delays, the Company will, if necessary, arrange for a full refund limited to the amount of the direct loss and in the case of the lost deliveries, either re-deliver the foreign currency or arrange for a full refund limited to the amount of the direct loss after consultation with the Client. If the delivery address provided is for any kind of building with a common reception, Royal Mail will deliver to the Reception or other delivery point. It is therefore important that the Client is present to sign for the delivery or takes reasonable steps to ensure that the delivery is received safely. The Company will not be responsible for lost deliveries where a signature has been obtained by Royal Mail at the delivery address supplied but where the Client has not received the delivery.

The Client is solely responsible for the accuracy of the information provided to the Company by them with respect to a Transaction. Changes to the details of a Transaction or cancellations will only be accepted up to one hour after the time the Transaction is placed. If your order has already been dispatched, the Company will be unable to make any changes or cancel your order. The Company will not be responsible for deliveries that are either late or do not arrive due to incorrect address information being provided by the Client with regards to the Transaction. In the event that a delivery is lost due to negligence on the part of the Company, measures will be taken by the Company to ensure that the Client is reimbursed by an amount limited to and equal to the original amount of the Transaction in Sterling Pounds plus any applicable delivery charges and the Company will not be liable for any consequential losses due to lost or delayed deliveries.

Clients can exchange unused foreign currency and/or Travellers’ Cheques for Sterling Pounds. This service can be provided to Clients who come in person to the Company or via the Company’s delivery service subject to the conditions of the delivery service. The Company shall provide the applicable exchange rate to the Client at the time of entering into the Transaction.

International Money Transfers / Regular Payments Abroad / Property Purchases Abroad

Money transfers and payments abroad will only be initiated once cleared funds have been received into the Company account.

The Client is solely responsible for the accuracy of the information provided to the Company by them with respect to a Transaction. Any changes to the original instructions and/or Transaction details received or cancellations will be subject to a fee/administration charge. The Company will not be responsible for payments that are either late or do not arrive due to incorrect information being provided by the Client with regards to a Transaction.

In the event that a transfer or payment is delayed due to negligence on the part of the Company, measures will be taken by the Company to ensure that the matter is resolved as efficiently as possible, failing which, the Client will be reimbursed by an amount limited to and equal to the original amount of the Transaction in Sterling Pounds plus any transfer charges imposed by the Company and in such cases, the Company will not be liable for any consequential losses due to delayed transfers or payments.

Clients can transfer the money to the Company’s bank account via CHAPS or electronic bank transfer. The Client must ensure that their Name and the Deal No provided by the Company at the time of placing the order appear on the Reference field of the transfer. The Client understands that CHAPS transfers will be subject to a charge from the Client’s Bank.

The Client accepts that the Company does not assume any responsibility for infringements of currency import and/or export restrictions, if any, in the United Kingdom and/or any other country and it is the responsibility of the Client to ensure that any and all transactions requested by them do not violate any such restrictions or applicable regulations.

The Company shall not be liable for delays in effecting or failure to effect a payment to a beneficiary’s account due to any laws, decrees, orders, charges or regulations that are or become applicable to a particular transfer.

Money transfers, Regular payments and Property Purchases will be subject to a fee per Transaction.

It may be necessary for some transfers to be executed via a clearing bank and in such cases, the Company will not be liable for any delays that may occur in affecting a payment or charges that may be incurred during the course of the transfer. The Company will also not be responsible for any charges imposed on a transfer by any Intermediary or Correspondent Banks. The Company shall also not be liable for any consequential losses that may arise as a result of delays in payment or additional charges being incurred during the course of a Transaction.
Promotions and Special Offers

Any Promotions and Special Offers that may from time to time be provided by the Company shall be governed according to the individual and/or specific Terms and Conditions issued pursuant to those Promotions and/or Special Offers in addition to the Terms and Conditions herein as applicable.

Complaints and Disputes

If a dispute arises between the Company and a Client with respect to a Transaction, the Company reserves the right to take whatever action it deems necessary and appropriate for the account of the particular Client with respect to the disputed Transaction.

To register a complaint with the Company, please write to:

GMT Foreign Exchange
Cloud 9, No. 15, Greenwich Church Street
London
SE10 9BJ

Governing Law

These Terms and Conditions shall be governed and construed in accordance with English Law and all parties involved agree that any dispute pursuant to these Terms and Conditions shall be determined by the English Courts.

Privacy Policy

GMT Foreign Exchange is committed to protecting your personal information. The Privacy Policy below outlines how we will use your information.

We will hold and process the information we hold about a client as necessary to administer the services being provided by us for the client and to operate and maintain an account on behalf of that client where applicable. We will only share information that we hold about a client with other companies and organisations as and when necessary for the successful provision of our services to the client

We may also exchange information with other organisations, both within the United Kingdom and overseas as appropriate, in order to verify a client’s identity, to prevent crime and/or recover debt. In particular, if fraud is identified, details will be passed to fraud prevention agencies to prevent fraud and money laundering.

GMT Foreign Exchange will treat all information we hold about a client as private and confidential and shall not disclose any information we hold about a client except where:

we are required to do so by any applicable regulations, in order to comply with the law and/or we are requested to do so by any regulatory authorities or fraud prevention agencies.
it is at a client’s request, with their consent.

In accordance with the Data Protection Act 1998, Clients may request to see a copy of the information that is held about them by the Company by submitting a written request to the Company.