New Zealand Terms – Xe Help Centre

NEW ZEALAND CONSUMER TERMS AND CONDITIONS

Definitions
Changes to our terms
Language and applicable law
Financial markets
Formation of contract
Your responsibility to us
Our responsibility to you
Termination
Our liability
Circumstances beyond our control
Linking and framing
Confidentiality
Your information
General
Schedule: Cash Pickup

Foreign Exchange Services Version V.2.0 02/2022

Our Services in New Zealand are provided by HiFX Limited (trading as ‘Xe’, ‘Xe.com’ or ‘Xe New Zealand’) (Xe NZ), a registered Financial Services Provider under the Financial Services Providers (Registration and Dispute Resolution Act) 2008 (NZ), No.FSP94961. Xe NZ also holds an AFSL No. 240914. Xe NZ forms part of the Xe Group.

These terms and conditions of business (“Our Terms”) explain your responsibilities to us and our responsibilities to you, how and when the contract between us and you is formed and can be terminated and the extent to which we may be liable to you.

We take our responsibilities seriously and expect the same from you. We therefore ask you to read Our Terms carefully, and in their entirety, as they will be incorporated into contracts which are formed between us and you. Sometimes third parties earn commission from Xe when they refer customers to our business. If you were referred to Xe by a third party, then you acknowledge that the third party may have received a commission from Xe.

In particular, your attention is drawn to the following clauses:

(a) Clause 4.1, which emphasises that any information provided by us is not to be relied upon as personal advice, rather your decisions regarding any of Our Services must be based upon independently obtained financial, legal and taxation advice and your own skill and judgement;

(b) Clause 6.3, which outlines the purposes for which you may use Our Services. We do not allow Our Services to be used for investment or speculative purposes;

(c) Clause 7.4, which outlines statutory obligations regarding how we deal with funds received from you. If you are a Wholesale client, please be aware that the same protections may not be afforded to you, as per cl. 7.4; and

(d) Clause 8.6, which sets out the consequences which will apply following termination of an FX Contract prior to the originally agreed date or prior to settlement.

Our Terms apply to Our Services which are as follows:

(a) Foreign Exchange Trades ("Trades"), whereby you send us money in one currency ("the Sale Currency") in exchange for us sending money to a nominated account in another currency ("the Purchase Currency"); and

(b) the Account, which you must have with us for the management of Trades.

1. DEFINITIONS

1.1 In Our Terms the following words have the following meanings:

“Acceptance” means our acceptance of a Request by you to enter into a Trade, as communicated to you in a manner outlined in clause 5.5;

"Account" means a running account maintained by us for the purpose of recording credits and debits in relation to Trades, Security or Security Payment Payments and other financial requirements;

“Additional Security Payment” means any additional sum of money on top of the Security Payment which we may require from you (otherwise referred to as a Security Payment Call), for example in the event of a Variation on a Trade (also referred to as a ‘Margin’ or ‘Margin Call’);

“AML and CTF Laws” means the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (NZ) and any other applicable laws, rules, regulations and other subordinate instruments in New Zealand which relate to aspects of anti-money laundering and/or counter terrorist financing, and equivalent laws, rules and regulations in other applicable jurisdictions;

"Application Form" means the form of application by which you apply to become our client and to open an Account, by whatever means that the form is given (including in electronic form) and requiring such information as we require from time to time;

“Authorised Person” means a living individual who is authorised by you and accepted by us to provide us with instructions on your behalf;

“Beneficiary Account” means the account, which you provide us with the details of, belonging to a Third Party which is to be the recipient of money;

“Business Day” means a day on which the trading banks are open for business in Auckland, New Zealand (excluding a Saturday, Sunday or public holiday);

"Business Hours" generally means between 8:00 a.m. and 5:30:00 p.m. on Business Days (Auckland time);

“Client Trust Account" means a trust account held with a Specified Bank for the purpose of complying with the Financial Markets Conduct Regulations 2014 (NZ), and any other applicable New Zealand laws, rules and regulations ("Derivatives Investor Money Obligations");

“Close Out” means a termination of a Trade prior to the originally agreed date or prior to settlement of a Trade;

“Close Out Contract Note” means a Contract Note produced by us upon Close Out to record the terms on which we have Closed Out a Trade which was terminated prior to the date it was due to be settled;

“Close Out Cost” means the difference between the amount of the Purchase Currency in the Contract Note and the amount of the Purchase Currency needed to purchase the amount of the Sale Currency in the Contract Note at the Market Rate upon Close Out, where the latter exceeds the former;

"Contact Details" Email: help@support.xe.com;

Phone: 0800 932 664 or +64 9 306 3700; or

Post: PO Box 7646, Wellesley Street, Auckland, New Zealand;

“Contract Note” means the document (electronic or otherwise written) produced by us which outlines the Trade we have agreed to perform for you and any specific requirements concerning that Trade, which will be sent to you following our Acceptance, save for a Close Out Contract Note;

"Derivatives Investor Money" has the meaning set out in regulation 239 of the Financial Markets Conduct Regulations 2014 (NZ), namely funds received from retail clients (i.e., not Wholesale clients) for the purpose of meeting Security Payment or Security obligations or other collateral requirements in connection with a "derivative" offered requiring disclosure (which is defined as excluding deliverable FX Contracts that are to settle within three (3) Business Days);

“Forward Trade” means a foreign exchange transaction forming part of Our Services where you ask us to secure an exchange rate now but to make the transaction on a pre-determined future date more than two (2) Business Days after Acceptance and up to 12 months after Acceptance;

“Funds on Account” means any funds received by Xe from you which are not related to an existing Trade or Payment or which cannot be assigned to a Trade or Payment, for any reason including, but not limited to, a failure to provide a Trade or Payment reference, which funds shall remain on your account until otherwise dealt with in accordance with Our Terms;

“Further Loss” means any such loss that we make or liability that we incur as a result of termination of the Trade, other than that resulting from a Close Out (for example, any expenses, premiums, commissions or other fees incurred by us);

“FX Contract” means the contract between you and us for the performance of a Trade;

"Hedge Contract" means a contract, or other instrument between us and a Hedge Counterparty, concluded for the purpose of hedging our exposure to foreign exchange transactions with our clients;

"Hedge Counterparty" means any bank, related body corporate of a bank or other regulated financial corporation which is a counterparty to us in our contractual dealings to hedge our exposure to foreign exchange transactions with clients;

“Limit Order” means a Market Order involving a foreign exchange transaction forming part of Our Services on the basis of a prior instruction we receive from you to transact at a predetermined target exchange rate (which is better than the exchange rate that is available to you when you place the order) and at which you wish to transact;

"Loss" means a damage, loss, expense or liability incurred by the person concerned, however it arises and whether it is present or future, fixed or unascertained, actual or contingent;

“Market Order” means a foreign exchange transaction forming part of Our Services where we receive a Limit Order or Stop Loss Market Order instruction from you to buy or sell a currency at (or, in the case of a Stop Loss Market Order, at or around) a predetermined target exchange rate which includes an Online Market Order;

“Market Rate” means the rate obtained by us from a live market feed at the time of Execution;

"Our App" means the 'XE Currency Converter & Global Money Transfers' mobile application provided by the Xe Group, available at https://www.xe.com/apps/;

"Our Documentation" means any written document (including in electronic form) that we may provide you with requiring such information from you as we require from time to time concerning the provision of Our Services to you;

“Online Market Order” has the meaning set out in clause 7.7.1 and further detailed in clauses 7.7.2 and 7.7.3;

"Our Website" means any online or electronic services provided or made available by the Xe Group, through which we may provide Our Services – including (but not limited to) Our Website or Our App;

“Our Services” means the financial service of issuing a Trade to you, managing the Trade (including settlement or execution), the Account and all ancillary services;

“Our Terms” means these terms and conditions of business for Our Services;

“Our Nominated Account” means the bank account that we nominate into which you must pay us any sums due to us relating to any of Our Services;

“Privacy Laws” means the Privacy Act 2020 (NZ), and all other applicable laws in New Zealand relating to protection of personal information;

“Purchase Currency” means the money you are entitled to following settlement of a Trade, otherwise referred to as Bought Currency;

“Request” means your request for a Trade through the Our Website system, by email from your designated email address or over the telephone (although we reserve the right to require written confirmation of a Request by you, prior to accepting the Request);

“Reversal Transaction” means the currency transaction we may enter into in the market upon Close Out in terms which are the reverse of any Trade not yet completed and which may be at a different exchange rate from that relating to the Trade;

“Sale Currency” means money in the currency you have contracted to sell, as set out in the Contract Note relevant to the Trade (otherwise referred to as Sold Currency);

"Same Day Trade" means a Trade whereby the Sale Currency is sold for the Purchase Currency by the end of the same Business Day;

"Security Information" means any details enabling you to access our Our Website or to use any of Our Services, including (but not limited to) an email address, logon code or password used by you (or an Authorised Person);

“Security Payment” means the amount (otherwise referred to as Initial Margin) which we may ask you to provide us with in advance as part payment of the Sale Currency to secure a Trade. Once payment has been made to us, and we have received cleared funds, that amount will be credited to your Account, however any Margin or Additional Margin credited to the Account will not constitute a debt by us to you;

"Specified Bank" has the same meaning as defined in regulation 5 of the Financial Markets Conduct Regulations 2014 (NZ), namely a registered New Zealand Bank, a bank that is authorised to accept deposits under the law of Australia, Canada, Hong Kong, Ireland, Singapore, the United Kingdom or the United States of America, or any other overseas bank that is subject to regulatory controls substantially the same as those applying in New Zealand;

“Spot Trade” means a Trade forming part of Our Services where the Value Date is within two (2) Business Days of the date of Acceptance. That is, T+2 T=today plus 2 business days;

“Spread” means the profit we make on the Trade;

“Stop Loss Market Order” means a Market Order involving a foreign exchange transaction forming part of Our Services on the basis of an instruction we receive from you which specifies a minimum predetermined target exchange rate at or around which you are willing and wish to transact;

"Swap Trade" means a Trade in which two foreign exchange contracts – a Spot Trade and a Forward Trade – are packaged together to offset each other (albeit with different Value Dates and exchange rates);

“Target Rate” means the rate at which a Market Order is executed, being at (or, in the case of a Stop Loss Market Order, at or around) the exchange rate specified by you for the Market Order including the profit we make on the Trade;

“Third Party” means any person other than you or us, including (without limitation) any body corporate, limited liability company, partnership, group company or associated company;

“Trade” means any foreign exchange transaction which you authorise us to make involving you selling us Sale Currency in return for you buying Purchase Currency forming part of Our Services, namely any Same Day Trade, Spot Trade, Forward Trade, Swap Trade, Market Order or Same Currency Payment);

“Unallocated Funds” means any funds received by Xe which are not related to a registered client or an existing Trade or Payment or which cannot be assigned to a Trade or Payment, which funds are held in a separate Xe account until otherwise dealt with in accordance with Our Terms;

"Sanction Laws" means the economic, trade or financial sanctions laws and/or regulations from regulators implemented, adapted, imposed, administered, enacted and/or enforced by the applicable authorities;

“Value Date” the date on which the Trade will mature or settle (as applicable) as specified by us;

“Variation” means the difference between the original value of a Trade and the value if the Trade was immediately Closed Out (for example, as a result of exchange rate movements on a Forward Trade), up to a maximum of the full value of the Trade;

"Volatile Market Conditions" means abnormal or unusual conditions in any foreign currency market that, in our opinion, results in, or is likely to result in, a material effect, volatility or uncertainty in the price or availability of any currency;

“we”, “our” or “us” refers to HiFX Limited (trading as ‘Xe.com’ or ‘Xe New Zealand’), which is a company incorporated in New Zealand (Company number 1121503, registered office at Part Level 4, 2 Commerce Street, Auckland 1010, New Zealand), and provides Our Services;

"Wholesale client" has the same meaning as defined in section 6 of the Financial Markets Conduct Act 2013 (NZ);

‘‘Xe Group” refers to HiFX Europe Limited, Xe Europe B.V., HiFX Australia Pty Ltd, HiFX Limited, Xe Corporation Inc. and Dandelion Payments, Inc. dba “Xe” or “Xe.com”, each being a wholly owned subsidiary of Euronet Worldwide, Inc. (“EWI”);

“you” or “your” refers to the person or persons named as our customer, being the person or persons with whom we contract to provide Our Services. If two or more persons are named as account holders, "you" will be a reference to all persons named as joint account holders on the relevant account, severally as well as jointly; and

“Your Nominated Account” means the bank account notified by you to us into which we are to transfer any Purchase Currency to you.

1.2 All references in Our Terms (unless otherwise stated):

(a) to a person or persons shall include any natural person, company, firm, partnership, trust, public body or other organisation;

(b) to “clauses” are to clauses of Our Terms;

(c) to any legislation (including statutes, statutory instruments, statutory provisions or regulations) shall include them as amended or re-enacted from time to time;

(d) made in the singular shall include the plural and vice versa;

(e) to "including" does not imply any limitation; and

(f) to a time of day is to Sydney time, unless otherwise stated.

All headings used in Our Terms are for ease of reference only and shall not affect the interpretation of Our Terms.

2. CHANGES TO OUR TERMS

2.1 We may amend Our Terms from time to time, for example in order to comply with changes in the law or regulatory requirements or due to changes in market conditions.

2.2 If we make any change to Our Terms, we will do so by giving notice in writing to you in accordance with clause 14.6 and/or informing you of the change by telephone and/or by placing the revised version of Our Terms on Our Website.

2.3 These changes are to be effective and binding when issued. Any changes that we make to Our Terms will not apply retrospectively to outstanding Requests and Trades, unless we are required to make them do so by law or regulatory requirements. However, you will be bound by the amendments when you enter into subsequent transactions. All changes are deemed to be accepted by you if you continue to use Our Services.

3. LANGUAGE AND APPLICABLE LAW

3.1 Our Terms are written in the English language which shall also be the language of each FX Contract. All communications between us shall be made in the English language.

3.2 Our Terms are governed by and shall be interpreted in accordance with the laws of New Zealand. Any disputes in relation to any dispute between us arising from or relating to Our Terms or any FX Contract, you submit to the jurisdiction of the courts of New Zealand.

4. FINANCIAL MARKETS

4.1 No advice

We may provide you with publicly available market information or advice relating to the mechanics of a transaction, should you ask us to do so. However, we do not provide personal advice (for example, whether to proceed with, or not proceed with or in respect of the timing of any Trade or Payment unless required by law). You should not treat any information we provide to you as personal advice, unless we expressly tell you that we are giving personal advice. That is, we do not take into account your personal or corporate situation, experience, financial objectives or circumstances.

Xe does not provide personalised advice to retail clients. Transactions for retail clients shall be conducted on an ‘execution only’ basis.

You represent and warrant that you have sought independent financial, legal and taxation advice as you consider appropriate prior to entering any a FX Contract with us. You also warrant that you have carefully considered whether entering into specific foreign exchange transactions are appropriate in terms of your own experience, financial objectives, needs and circumstances.

It is entirely up to your own skill and judgment to decide whether or not to make a Request and entirely for you to decide whether or not a Request, a particular Trade, and your instructions to us, are suitable for you, your circumstances and your purposes.

In making your decision to enter into a FX Contract, you warrant that you will not place any reliance on market-related information provided by us from time to time (either on Our Website or by our team members) or our opinion of the merits or otherwise of any Trade, taxation matter or matters concerning any foreign exchange financial products or markets or other matters of whatever kind. Before you make such a decision, you should read our Product Disclosure Statement.

4.2 Timing

You should be aware that banks through which payment of a Trade is to be effected have fixed cut off times for the receipt and dispatch of electronic payments. We are not responsible for and have no liability for any delay in or failure of any Trade which results from a late arrival of funds or from late receipt of instructions relative to the cut off times.

4.3 Bank delays and errors

We accept no responsibility for, and will have no liability in respect of, any delays in onward payment that may be attributable to factors outside of our control, including (without limitation) bank(s) errors, omissions or delays. This includes, but is not limited to, any failure to establish an account or conduct the payment and any withholding of, or delay in processing, a payment by a bank or intermediary bank(s).

A bank may also be required to (among other things) delay, block or withhold payment, without providing notice or incurring any liability, if processing the payment may contravene the AML and CTF Laws and/or other laws. This may arise if a bank is not satisfied with information about you, as our client, the recipient or the purpose and nature of the payment.

5. FORMATION OF CONTRACT

5.1 Each Request is an irrevocable offer to us by you to enter into a Trade.

5.2 We may, in our sole discretion, refuse to enter into a Trade at any time, without providing any reason. Without limitation, examples of when we may refuse to enter into a Trade include where we are required to do so under AML and CTF Laws or as described in clause 7.5 below. We will have no liability to you for any Loss in relation to any Request or Service that we have not accepted or agreed to provide.

5.3 We also reserve the right not to act on any Request, where the amount of the Trade does not comply with any transaction thresholds or limitations, as referred to in below Clause 6.11.6.

5.4 A Request will only result into a FX Contract upon our acceptance of the Request, as follows:

(a) if you are instructing us using the Our Website, upon confirmation of acceptance which will be displayed on the Our Website system through which the Request was placed. The Trade or FX Option placed through our Our Website is effective from the date and time we specify in the Acceptance;

(b) if you are instructing us by email or phone, upon verbal acceptance by one of our team and/or in writing by email (any such verbal confirmation will be followed by written confirmation in the form of a Contract Note); and

5.5 Once formed, Trades cannot be cancelled or altered by you. However, upon request by you, we may at our absolute discretion agree to cancel or vary a Trade (charges may apply and we will inform you of these charges at the time).

5.6 Details of Trades will be communicated to you on Acceptance and confirmed to you in writing (which includes electronically) in a Contract Note. The failure to provide you with a Contract Note will not prejudice the rights or obligations of either party under any FX Contract.

5.7 You agree to check each Contract Note as soon as practicable after receipt and to immediately notify us of any errors or omissions in the Contract Note. Unless you notify us of any error or omission within 24 hours, you will be deemed to have ratified and accepted the contents of the Contract Note (except where we accept there is manifest error in the Trade details and these could not reasonably have been identified by you from the contents of the Contract Note).

5.8 Each Trade is subject to a separate FX Contract and is issued at our sole discretion. Each FX Contract incorporates Our Terms (as amended by us in writing from time to time).

5.9 For the avoidance of doubt, other entities forming part of the Xe Group are our affiliates and not a party to Our Terms or any FX Contract.

6. YOUR RESPONSIBILITY TO US

6.1 Account Registration

Before we can perform any of Our Services for you, you must establish an Account with us by completing an Application Form. You must provide us with all the details we require from you, including details relating to your identity, proof of address and any other information we may require from you to enable us to complete our anti-money laundering and onboarding process.

We may require you to submit additional Application Forms to access different kinds of Trades that may be subsequently offered by us. If you do not use Our Services for eighteen (18) months, you may need to re-apply to use Our Services.

We reserve the right to refuse an Application Form and are not required to explain the reasons for any such refusal.

6.2 Compliance with legal requirements, including AML and CTF Laws

You must promptly supply us with all information and documentation which we may ask you for at any time to enable us or our banking counterparties to comply with any legal requirements in New Zealand or any other country relating to Our Services, including the AML and CTF Laws.

You agree that any such information or documentation (which may include your “personal information” as defined in the Privacy Laws) currently in the possession of the Xe Group may be shared with us and used by us to enable or facilitate our compliance with legal obligations and/or our legitimate internal compliance processes, and vice versa. You acknowledge that the transfer of information and documentation pursuant to this clause 6.2 may involve a transfer to or from outside New Zealand.

We will handle any information or documentation provided by you in accordance with Clauses 13 ("Confidentiality") and 14 ("Your Information") of Our Terms.

You undertake that you:

(a) are not aware and do not hold any suspicion that your funds are derived from, or will be used in connection with, money laundering, terrorism financing or other activities which are unlawful in New Zealand or any other country;

(b) will not knowingly put us in breach of any laws or regulations in New Zealand or any other country, including the AML and CTF Laws; and

You agree that we are not required to take any action or perform any obligation under or in connection with Our Terms that may place us in breach of any laws or regulations in New Zealand or any other country and that we may delay, freeze, block or refuse to make any payment or refuse to provide any of Our Services in certain circumstances, without providing notice or incurring any liability. For example, if we are not satisfied as to your identity or the information provided by you, or if we are not satisfied that providing any of Our Services or making a payment would be in compliance with AML and CTF Laws or other legal requirements.

6.3 Payment Purposes

You agree to only use Our Services for currency conversion in connection with making payments for relevant goods or services or other valid commercial or personal purposes, and not for any investment purposes. You warrant that will not use any of Our Services to try to speculate or profit from exchange rate fluctuations. You agree that you will take physical delivery on the Value Date of the Purchase Currency after payment to us of the full amount of the Sale Currency for each Trade.

You warrant and undertake to us prior to making any Request, that the Beneficiary is not a person, group or entity, or associated with a country, sanctioned under Sanction Laws.

6.4 Security Information

It is your responsibility to safeguard any Security Information you may use to access any part of our Our Website, or to use any of Our Services. You will notify us without undue delay on becoming aware of the loss, theft, misappropriation or unauthorised use of any such Security Information, including the details of any payment card, assigned to you or held by you.

You agree that:

(a) you will not provide, disclose or make available the Security Information to any person (other than an Authorised Person in their capacity as your agent;

(b) you will not permit, consent or allow any person (other than any Authorised Person in their capacity as your agent) to use the Security Information or to access or use the Our Website using that Security Information;

(c) we are not liable for any Loss caused by us acting on instructions or other communications provided to us by, on behalf of, or apparently on your behalf, via the Our Website system accessed using the Security Information;

(d) you are responsible for the consequences of any unauthorised disclosure or use of the Security Information, and for any actions or omissions by an Authorised Person, and will compensate us for any Loss suffered by us in respect of any such disclosure, use, actions or omissions; and

(e) you will notify us immediately upon becoming aware of any unauthorised disclosure or use of the Security Information or the use of the Our Website.

6.5 Information provided to Us

You are solely responsible for ensuring the completeness and accuracy of all information you provide to us at any time, including but not limited to information set out in your Request and details of the Beneficiary Account (including the account number and full name and physical address of the account holder and beneficiary bank). We will rely solely upon the Beneficiary Account details that you provide.

If we act in accordance with you instructions and send your funds to an incorrect Beneficiary Account as a result of an error made by you, we will be under no obligation either to recover the funds or to resend the funds to the correct Beneficiary Account.

However, if we send your funds to the incorrect Beneficiary Account as a result of an error made by us, we will undertake urgent reasonable action at our own expense to attempt to recover the misdirected funds. In this event, you must take immediate action to assist us in recovering the funds if the mistaken Beneficiary Account is in any way associated with you.

You must always provide us with instructions, and make sure any Authorised Person provides us with instructions, in the English language.

If, at any time, you ask us to communicate with any other person about a FX Contract, we will not be liable to you for any disclosure of any information we make to that person concerning that FX Contract and we are entitled to rely on and to treat any information disclosed to us by that person as complete and accurate in all respects.

You must keep your contact information up to date at all times and be available should we need to contact you. You will notify us as soon as you become aware of any error in any details you have provided to us and must not withhold or omit any information that would render those details false or inaccurate. As set out in clauses 8.2.4 and 8.2.5, failure to do so may form grounds for termination of a FX Contact by us.

You will also notify us immediately if you become aware of any error in connection with a FX Contract or if any of the circumstances listed in clause 8.2.11 (which relate to your ability to pay us for Our Services) occurs. You undertake not to omit to tell us anything which may affect our decision whether or not to provide you with Our Services or to continue to do so.

6.6 Capacity

Each FX Contract is personal to you, as our client. Unless you have disclosed that you are acting in a trustee, agent or partnership capacity or on behalf of another person, you agree that you are acting as principal only and not for, or on behalf of a Third Party and will not complete a Request on behalf of any Third Party or provide us with any instructions for or on behalf of or on account of any Third Party, and will precure that Authorised person will also not do so. We have no responsibility to and will not perform Our Services for any person except you or an Authorised Person under any FX Contract, unless otherwise expressly agreed by us.

By entering into a FX Contract, you confirm that you have capacity and authority to place a Request and enter into, and perform your obligations pursuant to, the FX Contract.

6.7 Compliance with Local Laws

We are based in and operate our business out of New Zealand and in accordance with New Zealand law. For that reason, we cannot be expected to know of or investigate any local law requirements that may apply if you are accessing Our Website or Our Services from outside New Zealand and we are not responsible for compliance with any other local law. If you are accessing Our Website or Our Services from outside New Zealand, you must satisfy yourself of any other local law requirements and agree to only use Our Services and enter into FX Contracts if doing so does not cause you or us to be in breach of any applicable foreign law.

6.8 Authorisation

You may, subject to our acceptance, authorise an Authorised Person to provide us with instructions on your behalf. Any appointment of an Authorised Person shall remain in full force and effect unless and until a notice of cancellation of appointment is delivered to us. Unless and until you have provided notice to us to the contrary, you acknowledge and agree that:

(a) you are responsible for ensuring that only the Authorised Person accesses Our Services to issue a Request or otherwise provide us with instruction(s) on your behalf;

(b) you shall ensure that the Authorised Person is aware of Our Terms and you will procure that such Authorised Person complies with Our Terms; and

(c) we will treat use of the Authorised Person’s sign-in or account information or a Request by or the instructions of the Authorised Person, as if they came from and are authorised by you.

You warrant to us that all Authorised Persons have full authority from you to instruct us in connection with all matters in respect of which they are stated to be authorised by you in Our Documentation. It is your responsibility to properly complete Our Documentation with all information relating to the Authorised Person and the scope of their authority.

6.9 Joint Account Holders

Where we receive an instruction to perform a Trade from any person who is a joint account holder with us, the Trade will be treated as made with all persons named as joint account holders on the relevant account and each of them will (both together and separately) be responsible for the performance of all obligations under the FX Contract and liable to us in the event of any breach of its terms. Any notice which we are required to give concerning any joint account will be treated as properly given if it is given in accordance with clause 14.6 of Our Terms, regardless of to whom of the joint account holders it is addressed.

6.10 Third Parties

A FX Contract is personal to you and us. We have no responsibility to and will not perform Our Services for any Third Party under any FX Contract, unless the identity of the Third Party has been approved by us in writing prior to entering into the FX Contract. You warrant to us that you are acting as principal only and not acting for or on behalf of or as an agent for any Third Party, whose identity has not been disclosed by you in writing to us prior to applying for the Account.

As set out in clause 6.6, if you are acting in a trustee, agent or partnership capacity, you agree to give the additional warranties and representations set out in Schedule 2 of Our Terms.

6.11 Payment Obligations

6.11.1 Spot Trade

The amount we require from you for a Spot Trade (the full amount of the Sale Currency) will be due to and must be paid to us in full in cleared funds into Our Nominated Account by no later than the time stipulated by us on the Business Day immediately preceding the Value Date.

6.11.2 Same Day Trade

The amount we require from you for a Same Day Trade (the full amount of the Sale Currency) will be due to and must be paid to us in full in cleared funds into the Our Nominated Account by no later than the time stipulated by us on the day of the Same Day Trade.

6.11.3 Forward Trades, Security Payment Payments & Additional Margins

The amount we require from you for a Forward Trade will be due to and must be paid to us:

(a) If Security Payment is required, as specified by us, in full in cleared funds by no later than the time stipulated by us on the Business Day we tell you in our Acceptance; and

(b) the balance, in full in cleared funds by no later than the time stipulated by us on the Contract Note, unless expressly agreed by us otherwise in writing.

In addition to the Security Payment and balance due to us, we may also require an Additional Security Payment from you to make up for any Variation which may have occurred on the Trade. We will contact you if we require an Additional Security Payment from you, including by telephone call or email to you or an Authorised Person.

It is important that you remain contactable by us during our Business Hours on Business Days using the contact details that you provide us with, from time to time. Your failure to be contactable or to receive notice of an Additional Security Payment at any contact address does not affect the validity of our request for the Additional Security Payment or your obligation to satisfy it.

Payments made towards satisfying requests for Security Payment or Additional Security Payment are to be held in Our Nominated Account.

You agree and acknowledge that:

(a) you have an obligation to pay an Additional Security Payment within the time specified by us;

(b) if no other time is stipulated by us, you must pay the requested Additional Security Payment within twenty-four (24) hours of our request for payment;

(c) we may require an Additional Security Payment to be paid immediately, for example if there are Volatile Market Conditions;

(d) time is of the essence in relation to you making a payment of an Additional Security Payment;

(e) the minimum amount of the Additional Security Payment may be determined by us in our absolute discretion. Your liability in respect of Additional Margins is not limited to the amount, if any, initially paid to us for your Account. Rather, you are responsible for paying any deficit owing to us after termination of a Trade;

(f) we may make requests for Additional Margins more frequently than daily and you must fully and punctually comply with such requests;

(g) if you fail to pay the Additional Security Payment the required time, then we may (without prejudice to any other rights or powers under Our Terms) in our absolute discretion immediately terminate by way of Close Out without notice, all or some of the your Trades, whether or not those Trades caused the need for the Additional Security Payment; and

(h) we may ask you for proof that you have instructed your bank to pay us the additional amount we require within twenty-four (24) hours of our request, or within a time otherwise specified by us. Failure to provide us with this proof on demand may also result in a Close Out.

6.11.4 Swap Trade

If a Trade is a Swap Trade:

(a) clause 6.11.1 will apply to the Spot Trade component of the Swap Trade; and

(b) clause 6.11.3 will apply to the Forward Trade component of the Swap Trade.

6.11.5 General Payment Obligations for all FX Contracts

Payment Times

You must pay all sums due to us for the FX Contract (including any transaction fees and service fees) in full in cleared and settled funds by the due date and time we specify into Our Nominated Account. Time is of the essence in relation to the performance of your payment obligations under Our Terms.

Payment Currency

You must pay all sums due to us for the FX Contract by electronic payment in the currency agreed in the FX Contract. We do not accept cash or cheques paid over the counter. If you attempt to make payment in cash, you will not have satisfied your payment obligation to us, and it may take up to twenty-eight (28) Business Days for us to make your funds accessible. Cash payments made into our bank account may be repaid to you less any cash handling fees imposed by our bank (approximately 2.5%) and our reasonable administrative fees. We may also be required by AML and CFT Laws to seek satisfactory information from you about the source of the funds before returning the funds to you.

No Set-Off, Counter-Claim or Conditional Payments

All payments by you under Our Terms are to be made without any set-off by you, counter claim or condition made by you and without you making any deduction or withholding for any tax or any other reason, unless the deduction or withholding is required by an applicable law or the set-off arises by express application of Our Terms.

Interest, Charges & Fees

We may charge interest on any sum due to us at any time (including any sum due to us after we Close Out any or all of your Trades) which is not received by us in full in cleared and settled funds by the due date at the rate of five percent (5%) per annum above our principle bank’s base lending rate from time to time, and this interest will accrue daily from, and including, the due date until we are in receipt of the overdue amount in full in cleared and settled funds. This rate is available from us upon request.

We may also charge a fee to you if you instruct us to make more than one onward payment on settlement of a Trade.

You acknowledge that you will not receive interest on any Security Payment Payments or any of your money held by us. We will retain interest paid to us in respect of Security Payment Payments and your money (including money held by us on trust, if applicable) and you waive all rights to receive interest.

You also acknowledge that bank charges and fees may be deducted from payments to or from us by third party banks in the following circumstances:

(a) by your bank and any intermediary or receiving banks from money paid by you to us; or

(b) by intermediary and receiving banks from Purchase Currency transferred internationally by us on behalf of you,

and these charges and fees are to your account.

We may also charge you a transfer fee, in an amount specified on Our Website, if the amount of the Sale Currency falls within a range listed on Our Website as attracting a fee. We may vary both the applicable range of Sale Currency and the amount of the transfer fee from time to time.

Transaction Thresholds & Limitations

We may also (without notice), from time to time, set or alter limits on the value and/or types of FX Contracts that we may enter into with you. The applicable limits will be made available on Our Website or Our App.

Ownership of Funds

You warrant to us that all sums you pay us and any security you give to us relating to the Trade (including any Security Payment or Additional Security Payment) will be beneficially owned by you and not subject to any mortgage, charge, lien or other encumbrance.

Source of Funds

Unless a payment from a Third Party is approved by us in advance, you will only pay us from a legitimate source held in the same name to which your Account is held with us (such as your bank account). We do not generally accept debit or credit card payments from you, unless agreed in writing on the relevant Contract Note

You must inform us in advance if the payment is to be made by a Third Party on behalf of you. We may be required by AML and CTF Laws to undertake additional compliance checks for a Third Party payment and there may be delays in allocating the payment to your Account. We reserve the right to return the payment to the remitting account and require you to pay from your own bank account if we are not satisfied with the information provided.

7. OUR RESPONSIBILITY TO YOU

7.1 We will:

7.1.1 provide Our Services at all times in accordance with Our Terms;

7.1.2 in relation to each Trade :

(a) tell you what the Value Date will be;

(b) tell you what Sale Currency amount and any other amount we require from you, together with the date and time by which we must be in receipt of that amount in full in cleared and settled funds; and

(c) use the contact information you provide us with to contact you, including to verify any transaction, to check your identity or to notify you of any requirement for an Additional Security Payment.

7.2 We will not be obliged to:

7.2.1 provide any of Our Services to you unless or until you have met the requirements of clauses 6.1 (Account Registration), 6.2 (Compliance with Legal Requirements, including AML and CTF Laws), 6.3 (Payment Purposes), 6.4 (Security Information), 6.5 (Information provided to Us), 6.6 (Capacity) and 6.7 (Compliance with Local Laws) of Our Terms;

7.2.2 provide any of Our Services to you if an event listed in clause 8.2 of Our Terms occurs;

7.2.3 perform a Trade until we are in receipt of cleared and settled funds from you;

7.2.4 accept any money to perform a Trade from any person other than you;

7.2.5 proceed with any Trade having a value higher than any transaction limit which we may impose from time to time.

7.3 Settlement of liabilities and deductions

7.3.1 We may use any sum which we receive from you (including any sum forming part of any Security Payment we receive from you) at any time to settle any liability which we may incur relating to a FX Contract.

7.3.2 Where we are required by the law of any country, territory or state (for example, for tax reasons) to make any deduction from any amount that we receive from you for the Trade, we must make such a deduction. The amount that we deduct will be reasonable and no more than the amount of our legal liability.

7.4 Protecting Your Funds

7.4.1 If you are a Wholesale client, you acknowledge and agree that we are not required to hold any funds received by you in a Client Trust Account.

7.4.2 All funds received by us from you that are not Derivatives Investor Money (for example, funds received from Wholesale clients or funds received in connection with short-term deliverable FX Contracts settling within three (3) Business Days) will be paid to us directly. You acknowledge and agree that we are authorised to use such funds for:

(a) the purpose of meeting our obligations relating to exchange-traded derivatives, provided that we are satisfied that the recipient is a Hedge Counterparty; and

(b) authorised Hedge Contracts, providing that the amount transferred to a Hedge Counterparty is limited to such an amount that is reasonably required for entering into derivatives with the Hedge Counterparty or for settling or securing those derivatives with the Hedge Counterparty.

7.5 Certain High Risk or Complex Jurisdictions

7.5.1 We reserve the right not to accept or allow payments from or to, either directly or indirectly, certain jurisdictions which we have determined, acting in our sole discretion, are high risk to our business or involve a higher level of complexity for us in carrying out our transactional monitoring process.

7.5.2 We further reserve the right to request additional information from you, including information on the payee, where payments are to be made to certain jurisdictions, acting in our sole discretion.

76 Our Website

7.6.1 If you use Our Website, you are bound by any terms of access to and use of Our Website which are available online at xe.com. If there is any inconsistency, those terms prevail over Our Terms to the extent of any inconsistency.

7.6.2 You acknowledge and agree that:

(a) the acceptance of a Request placed through Our Website system (resulting in a Trade being entered into) may be delayed by filters or other electronic features of the electronic system;

(b) we will not be liable for any Loss incurred by you arising from any delay in the dissemination of market information or the processing of any Request; and

(c) if a failure, interruption or malfunction of electronic communication between the parties prevents a Request from being placed, we are liable to you for any Loss caused by that failure, interruption or malfunction.

7.5.3 You also agree to:

(a) notify us immediately if you become aware of any inaccurate information being transmitted through Our Website including, for example, inaccurate content as to Requests or Account balances; and

make all reasonable attempts to verify whether a Request has been received, approved and effected prior to taking further action, if you are you are uncertain as to whether your Request has resulted in a Trade following you confirming the exchange rate being offered on Our Website system. You will be solely responsible and liable for any duplicate instruction that you place.

7.6 Market Orders

7.6.1 This clause 7.7 applies to any Market Order which you place with us through Our Website (“Online Market Order”), over the phone (individually and collectively, “Market Order”), and we agree to perform for you.

7.6.2 Without prejudice to clause 7.6.7 below (Stop Loss Market Orders), we reserve the right not to act on any Online Market Order placed with us where the amount of the Trade does not comply with limits imposed by us from time to time. We may further place limits on the number of Online Market Orders you may place at any given time and such limits will be communicated to you by email.

7.6.3 A Market Order is effective from the date and time we confirm by phone, email or via our Our Website. A Market Order is valid and open to Acceptance until cancelled. You may cancel or vary a Market Order using the Our Website or by telephone on Business Days during our Business Hours at any time before the Target Rate is reached.

7.6.4 Each Market Order constitutes a continuing offer to us, that we may accept at any time until the expiry date for the Market Order (if applicable) or until you cancel the Market Order. Once a Market Order is cancelled, we have no further obligations to you in respect of that order, save to return to you any funds (and interest, if applicable) that you may have provided us with in order to perform the Market Order, subject to any deductions which we may be required to make.

7.6.5 We will execute a Stop Loss Market Order or a Limit Order after the Target Rate has been reached and when we are able to transact with bank counterparties at such Target Rate.

7.6.6 Upon Acceptance (i.e. the Market Order being executed and fulfilled at the Target Rate to meet the order), we will notify you and send you a Contract Note within two (2) Business Days. You must ensure that we receive payment in cleared funds by the Value Date specified in the Contract Note.

7.6.7 As we communicated to you when you placed the Market Order and as accepted by you, we will use reasonable endeavours to fill the Market Order on the basis of the predetermined exchange rate specified by you but we make no guarantee that a Market Order will be filled (when such rate is reached or otherwise).

7.6.8 You acknowledge and agree that:

(a) we will in our sole discretion (acting reasonably and in good faith) determine whether a Target Rate has been reached and may disregard temporary movements in exchange rates;

(b) although you specified a Target Rate for a Market Order, market conditions may prevent the execution of a Market Order at that exchange rate;

(c) as a result of fluctuations and movements during Volatile Market Conditions outside of our control that affect or may affect our ability to perform a Spot Trade entered into on execution of a Stop Loss Market Order, an executed Stop Loss Market Order may be significantly and adversely above or below the rate nominated by you;

(d) you may not cancel a Market Order after the Target Rate has been reached, whether or not we have notified you that the Target Rate has been reached; and

(e) you are legally bound by the Market Order once the Target Rate has been reached.

7.7 Spread

For FX Contracts, the rate which we offer you is different to the rate we are able to obtain from the wholesale market. Accordingly, we make a profit from selling you Purchase Currency.

7.8 Treatment of Unallocated Funds and Funds on Account

Funds on Account

7.8.1 Funds on Account may be maintained for a maximum of ninety (90) days. You shall be responsible for all risks (including, without limitation, volatility of the foreign currency market) associated with maintaining Funds on Account. Prior to the expiration of the ninety (90) day period, Xe may contact you for your instructions in respect of disposition of the Funds on Account. If Xe does not receive a timely instruction for the disposition of such funds, those funds will be converted to your home currency at the then prevailing exchange rate(s) and returned to you.

7.8.2. Xe will make the following attempts to contact you and should you fail to provide Xe with your instructions on the Funds on Account, your Funds on Account may be dealt with as set out below:

7.8.2.1. Xe will send correspondence to you, on the preferred form of communication in force at the time, highlighting that you have Funds on Account and request instruction on how to proceed and stating that should you not take appropriate action within two (2) weeks of our final correspondence as set out below, Xe may handle your funds as set out in 7.8.2.2.
7.8.2.2. Following our first correspondence to you, Xe may send a further final correspondence to you. If you fail to take appropriate action within two (2) weeks of the date of our final correspondence, Xe may remove the Funds on Account, convert them to your home currency at the then prevailing exchange rate(s) and return them to you. Should this prove not possible, Xe may dispose of those Funds on Account to the state, a non-profit organisation or recognise the Funds on Account as revenue or as may be otherwise required by law, subject to applicable laws and Regulations.

7.8.3. Where Xe holds Funds on Account and you enter into a Payment Contract or Trade, Xe may use the Funds on Account in settlement or part-settlement of such Payment Contract or Trade, unless instructed otherwise by you. In the event that any Funds on Account held by Xe are so applied and are insufficient, you shall remain liable to Xe for any balance and you shall forthwith pay or reimburse such balance in full on demand.

7.8.4. In the event that Our Terms are terminated for any reason, Xe may convert Funds on Account into your home currency at the then-prevailing exchange rate(s) and return such funds to you subject to this clause 7.8.

Unallocated Funds

7.8.5. Notwithstanding any other provisions of Our Terms, and to the extent permitted by law, where Xe holds Unallocated Funds in an amount less than 10 of the relevant currency unit (or 100 of the applicable currency unit in Australia and New Zealand), Xe may immediately recognise that amount as revenue or dispose such amount to the state or non-profit organisation or as may be otherwise required by law, subject to the applicable laws and Regulations;

7.8.6. Unallocated Funds (exceeding 10 of the applicable currency unit or 100 of the applicable currency unit in Australia and New Zealand) may be maintained for a maximum of ninety (90) days, subject to applicable laws and Regulations. You shall be responsible for all risks (including, without limitation, volatility of the foreign currency market) associated with the Unallocated Funds. If Xe does not receive a timely instruction for the disposition of such funds, those funds may be disposed to the state, a non-profit organisation or recognised as revenue by Xe or as may be otherwise required by law, subject to applicable laws and Regulations.

7.8.7. You acknowledge and accept that no interest will be paid by Xe to you in respect of any Funds on Account or Unallocated Funds.

8. TERMINATION

8.1 Each Trade will expire automatically following full settlement of the Trade.

8.2 In addition to any other termination rights in Our Terms, we may terminate a FX Contract immediately (without notice):

8.2.1 where you fail to provide us:

(a) with any amount due to us relating to any Trade (including any Security Payment or Additional Security Payment) by the due date; or

(b) with proof that you have instructed your bank to pay us any Additional Security Payment, upon demand by us;

8.2.2 where we try to but are unable to make contact with you using the contact details you have provided to us, in the event that we require an Additional Security or you are not contactable for a period of twenty-four (24) hours on Business Days in other circumstances;

8.2.3 where you do not provide us with instructions in writing, including (without limitation) all the details we require relating to Your Nominated Account or the Beneficiary Account;

8.2.4 where you have failed to comply in full with any reasonable information request made by us;

8.2.5 where you have provided us with information that is or becomes, in our opinion, false, misleading or inaccurate in any material respect or you are unable to prove to our reasonable satisfaction that any information is true and complete in all material respects;

8.2.6 where it becomes, or there is a material risk that it may become, unlawful for us to continue to provide you with Our Services or to maintain or give effect to all or any of the obligations under Our Terms;

8.2.7 where we are requested to do so by law, by any court of competent jurisdiction or by any governmental or regulatory body which authorises us to perform Our Services, whether or not the request is legally binding;

8.2.8 where a serious dispute has arisen between us;

8.2.9 where you do something you agree not to do, or you fail to do something you agree to do, in connection with Our Terms or any FX Contract;

8.2.10 following a material breach by you of any of Our Terms (including any breach by you of any of the provisions of clause 6) or your non-compliance with any applicable statute or regulation or in the event that we discover or have reasonable cause to suspect any crime, fraud or fraudulent activity by you;

8.2.11 in the event that you become unable to pay your debts as and when they fall due, you cease or threaten to cease any payment/s due under Our Terms or any FX Contracts, cease or threaten to cease to carry on all or a part of your business (if applicable), you make any assignment, arrangement or composition with or for the benefit of your creditors, you become insolvent, you are placed into receivership, administration or go into liquidation or are subjected to any similar event;

8.2.12 if you are a natural person, in the event that you die, become of unsound mind or otherwise lose mental capacity, have bankruptcy proceedings commenced against you, have a bankruptcy petition issued against you, or commit one or more acts of bankruptcy as set out in the Insolvency Act 2006 (NZ);

8.2.13 if you are a partnership, in the event that a partner dies or becomes of unsound mind, has bankruptcy proceedings commenced against them, has a bankruptcy petition issued against them, or commits one or more acts of bankruptcy as set out in the Insolvency Act 2006 (NZ), or the partnership is dissolved for any reason;

8.2.14 where at any time, we reasonably believe termination of one or more Trades is necessary or desirable, in order to protect both you and us, including (without limitation and by way of example only) when Volatile Market Conditions exist or we reasonably believe that you will be unable to fund the Trade or otherwise comply with your obligations to us as and when they fall due;

8.2.15 where at any time, after making reasonable enquiries, we believe on reasonable grounds that there is a material risk that you are:

(a) entering into a Trade for speculative purposes; or

(b) are in breach of AML and CTF Laws or any other laws relevant to a Trade or Our Services.

8.2.16 as provided for in clause 11.

8.3 Default Notification

If you become aware of the occurrence of any event referred to in clause 8.2 (other than clauses 8.2.2, 8.2.14 and 8.2.15), you must provide us with notice of such event immediately.

8.4 Your Termination Rights

As we may take on risk and incur liability straight away on your behalf when a FX Contract is formed, your rights to terminate are limited. However, if the following events occur, you may terminate any FX Contract by providing us with written notice in accordance with clause 15.6:

(a) if we materially breach any of Our Terms or otherwise fail to comply with our obligations to you in respect of a FX Contract;

(b) if we are in breach of any statute or regulation relevant to the FX Contract;

(c) if we become unable to pay our debts as they become due, make any assignment, arrangement or composition with or for the benefit of our creditors, or we become insolvent.

Upon you providing us with a notice of termination, we must immediately Close Out each relevant Trade and clause 8.6 will apply to that termination be way of Close Out.

8.5 Survival

The provisions of this clause 8 (Termination) and clauses 3 (Language and Applicable Law), 9 (Our Liability), 11 (Circumstances beyond our Control), 12 (Linking and Framing), 13 (Confidentiality), 14 (Your information) and 15 (General) shall survive the termination or expiry of Our Terms for any reason.

8.6 Consequences of Termination

8.6.1 Close Outs

If a FX Contract is terminated for any reason, we:

(a) will Close Out any Trade not yet completed, which you acknowledge may involve us entering into a Reversal Transaction;

(b) will notify you of the Close Out Cost that we will claim from you as a genuine pre-estimation of the cost to us of Close Out (and not as a penalty);

(d) may use any sum which you have paid us (including any Security Payment), in satisfaction of that Close Out Cost and/or Further Loss and to settle any other liability or recompense us for our Loss incurred in connection with the termination, unless the Close Out or termination is as a result of our being placed into receivership, administration or liquidation;

(e) will return the balance of any sum which you have paid us that remains to you after settlement of all liabilities; and

(f) will not execute the Trade or Payment.

8.6.2 Payment of Loss

You must pay us on demand within two (2) business days the amount of the Close Out Cost and/or Further Loss that we claim following any Close Out or termination, unless the Close Out or termination is as a result of our being placed into receivership, administration or liquidation.

8.6.3 Set-off

You agree that we may set off any money due and payable by you to us under the Agreement or in respect of any Trade or otherwise against any of your money held by us or any money payable by us to you. You authorise us to withdraw the amount set-off from any funds held in your Account. This clause will not limit any right of set-off, combination of accounts, or rights of retention or withholding that we may have at law or in equity.

8.6.4 Netting Agreement

You also agree that if one or more FX Contracts are terminated by either party under Our Terms, we may elect to net the payments due and payable but unpaid from us to you and from you to us on termination (together with any other payments due and payable but unpaid from us to you and from you to us in respect of any other Trade or otherwise) so that one netted balance is calculated by us and notified to you as soon as reasonably practicable after termination. Both your obligation and our obligation to make all such payments will be satisfied by the payment of the net amount due, from the party having a net debit, to the party having the net credit, provided that those obligations of the party having the net credit will be deemed to be satisfied and discharged on the date such payment is due, regardless of whether the payment is made. The party with the net debit will pay the net amount due to the party having the net credit on the date on which that notice is given.

8.6.5 The provisions of clauses 8.2 to 8.6.4 are without prejudice to any rights that we may have to recover from you such Loss or damage as we may suffer as a result of a breach by you of your FX Contract with us which does not result from Close Out or termination of the FX Contract. Our rights to recover such Loss or damage shall not be affected by termination or expiry of the FX Contract for any reason.

8.6.6 Costs and expenses of termination

You are liable to us for any costs or expenses we reasonably incur in connection with the exercise of our rights under this clause 8 (including legal costs), together with interest on those costs and expenses at the rate of five percent (5%) per annum above our bank’s base lending rate at the time the costs and expenses are incurred. This rate is available from us upon request. You authorise us to withdraw the amount of such costs, expenses and interest from any funds held in your Account.

8.6.7 No payment of profit

You agree that we will not be liable to pay you any profit arising from Closing Out in any circumstances, unless we have agreed with you in writing otherwise.

9. OUR LIABILITY

9.1 Under no circumstances will we be liable to You or any Third Party for:

9.1.1 any Loss or damage (including but not limited to any loss of profits, loss of business, loss of opportunity, loss of interest on funds or loss of or damage to reputation or goodwill) arising directly or indirectly:

(a) out of anything done or omitted to be done by us in good faith in the course of performing Our Services, which shall include where we refuse to enter into a FX Contract, where we delay, freeze, block or refuse to make a payment (for example, in circumstances set out in clause 6.2) or where we terminate a FX Contract in any of the circumstances set out in clause 8.2;

(b) out of the failure or delay of any Third Party in the transmission, provision or delivery of Our Service;

(c) as a result of any fluctuation in any exchange rate, or other circumstance beyond our control (as set out in clause 10);

(d) as a result of any act or omission by you or any Authorised Person, which shall include where you do not provide us with any amount we require from you by the due date; or

9.1.2 any indirect or consequential loss, whether resulting from currency speculation, from purposes associated with your personal business or from any other cause whatever, regardless of the legal basis or form of action (including Loss or damage suffered by you as a result of an action brought by a Third Party),

even if we have been advised of the possibility of such Loss.

9.2 You will be liable to us for all losses which we suffer or incur relating to any fraud or fraudulent activity by you at any time.

9.3 The limitation and exclusion of liability under this clause 9 is set on the basis that you are aware of the volatile nature of foreign exchange and are not participating in speculative activity.

9.4 Subject to clause 9.5, our total liability to you in connection with the performance, or contemplated performance, of Our Services, is limited to an amount not exceeding (in total) the amount of money actually received by us from you in respect of any particular Trade, payment or other matter or circumstance giving rise to a claim by you.

9.5 If by law, our liability cannot be excluded of limited as provided in Our Terms, then the exclusion or limitation is to be deemed to be varied so as to limit our liability to:

(a) supplying Our Services again; or

(b) the payment of the cost of having Our Services supplied again.

9.6 Your Indemnity

You hereby fully indemnify us and shall keep us fully indemnified in respect of all and any liability (including any Loss) which we reasonably incur in the proper performance of Our Services and the enforcement of our rights under Our Terms, including (without limitation) all and any liability incurred by us as a result of, or in connection with:

(a) any default in payment by you of any sum owing under Our Terms when due;

(b) your breach of any of Our Terms or of any other term or condition of a FX Contract or of any other term or condition relating to any of Our Services;

(d) any action or steps taken by us to carry out or give effect to instructions or Requests, received from you or a person purporting to be an Authorised Person; and

(e) any termination of a FX Contract by us pursuant to clauses 8.2.1 to 8.2.15.

We are not liable under any FX Contract to any Third Party and are not liable for any Loss or damage whatsoever caused to any Third Party. You hereby also fully indemnify us and shall keep us fully indemnified in respect of all and any Loss, costs (including legal costs), claims, damages, expenses, taxes, charges and any other liability whatsoever which we may incur at any time to any Third Party in connection with our performance, or contemplated performance, of a FX Contract or any of Our Services or otherwise in connection with any instruction or Request from you or any Authorised Person.

9.7 Negligence or Fraud

No provision of this clause 9, nor any other provision of Our Terms, shall have as its object or effect the exclusion or limitation of any liability we may have for personal injury or death resulting from our negligence or for fraud or any other liability which is not possible for us to exclude or limit by law or regulation (taking into account, without limitation, any act, omission, and/or contributory negligence of you and subject to the limitations on our liability under the other terms of this clause 9).

10. CIRCUMSTANCES BEYOND OUR CONTROL

To the extent permitted by law, we are not liable to you if we are unable to perform any of our obligations to you or our performance of any of our obligations is delayed due to any circumstances outside of our reasonable control, including (without limitation) any industrial action, labour dispute, act of God, fire, flood or storm, war, riot, civil commotion, siege, security alert, act of terrorism or any resulting precautionary measures taken, act of vandalism, sabotage, virus, pandemic, malicious damage, compliance with any statute, statutory provision, law, governmental or court order, the actions or instructions of the police or of any governmental or regulatory body which authorises us to perform Our Services, cut or failure of power, failure of equipment, systems or software or internet interconnectivity or the occurrence of any extraordinary fluctuation in any financial market that may materially adversely affect our ability to perform the Trade or your ability to fund the Trade. If any of these circumstances occur then we may suspend any FX Contract for the period during which they continue or, at our discretion and in order to protect both you and us, we may terminate any FX Contract.

11. LINKING AND FRAMING

We are not responsible for the content, policies or services of any other persons or sites linked to or accessible via Our Website. The existence of any link to any other website does not constitute an endorsement of, or association with, any such website or any person operating any such website. Any reliance on any content, policies or services of any other persons or websites are at your sole risk. Any queries, concerns or complaints concerning such websites should be directed to the persons responsible for their operation.

12. CONFIDENTIALITY

12.1 We respect the privacy of all our customers and always aim to treat customer information as confidential and to use customer information in confidence. Details concerning how we use information provided by you, how we share your information and the steps we take to protect such information are set out in our Privacy Notice.

12.2 We will not treat your information as confidential where it is already public knowledge or where it becomes public knowledge through no fault of our own.

12.3 We may disclose your information if we are required to do so by law, by a court, by court order, to meet any statutory, legal or regulatory requirement on us, or by the police or any other law enforcement agency in connection with the prevention or detection of crime or to help combat fraud, money laundering or other illegal activity.

12.4 In order to provide Our Services we may rely on services of other service providers. In this context and in order to execute your FX Contract, we may be required to disclose relevant information about you to such third-party service providers to the extent necessary for us to provide you Our Services. For further detail, please see our Privacy Notice.

12.5 You acknowledge and agree that we may use international intermediaries to process your Trades and we may be required to send your personal information to those intermediaries in order to complete your Trade.

13. YOUR INFORMATION

13.1 Details concerning how we use your information, how we share your information, the steps we take to protect your information are set out in our Privacy Notice. We will handle your information in accordance with our Privacy Notice.

13.2 Our Privacy Notice is incorporated by reference into these Terms. You acknowledge that you are bound by and have had the opportunity to read our Privacy Notice. A copy of our Privacy Notice can be found on Our Website and can also be obtained by contacting us on Our Contact details, at:

Email: help@support.xe.com;

Phone: 0800 932 664 or +64 9 306 3700; or

Post: PO Box 7646, Wellesley Street, Auckland, New Zealand

A summary of how we collect and use your information can also be found on Our Website.

13.3 We may monitor and record any telephone conversation we have with you and any Authorised Persons and make transcripts of them, with or without an automatic warning message or tone. We may store and use any recording and any transcript of any telephone conversation we have with you for the purposes of verifying the details of a FX Contract or to help us to resolve any dispute that may arise between us concerning an FX Contract or any of Our Services, for the purposes of the prevention or detection of money laundering or crime (including fraud), and for the purposes of training and quality control.

13.4 You agree that we may use any information that we collect about you for the purposes of complying with our obligations under AML and CTF Laws, and for any other purposes relating to the provision of Our Services.

13.5 In accordance with AML and CTF Laws, we are required to retain and maintain certain records (including copies of identification documents and transaction records) for a period of five (5) years.

13.6 You also agree that if personal information has been provided to us by or on behalf of you in relation to Third Parties connected to you, each such person has authorised you to provide such personal information to us to be used, held and disclosed in the manner set out in Our Terms.

14. GENERAL

14.1 Third Party Rights

Sections 12 and 17 of the Contract and Commercial Law Act 2017 (NZ) shall not apply to Our Terms or any FX Contract. This means that only you and we have any rights, obligations or privileges under the relevant FX Contract and no-one other than you or we can enforce any of its terms or take any action under Our Terms or any FX Contract.

14.2 Severability

If any court of competent jurisdiction finds that any part of Our Terms is invalid, unlawful or unenforceable for any reason, those parts (to the extent possible) shall be deemed omitted from Our Terms without affecting the legality of the remaining parts which will (to the extent possible) remain in force and continue to be binding on you and us.

14.3 No waiver

Any failure to enforce or delay in enforcing any right, power or remedy available to you or us under Our Terms or any FX Contract (including as provided for in Our Terms or otherwise available under New Zealand law) will not operate as a waiver of that right, power or remedy or mean that you or we cannot exercise any such right, power or remedy at a later date.

14.4 Assignment

You may not assign, transfer, charge or dispose of Our Terms or any FX Contract or any of your associated obligations, rights or privileges to any other person at any time without our express prior consent in writing.

We may assign, transfer, charge or dispose of Our Terms or any FX Contract in whole or in part or any of our associated obligations, rights or privileges to any other person at any time without prior notice to you, but we will take appropriate steps to try to ensure that doing so will not harm any of your rights under the relevant FX Contract(s).

We may also novate our rights and obligations under Our Terms or any FX Contract to any Third Party without notice. On a novation by us, the Third Party will be the contracting party in place of us and references to us in Our Terms will be deemed to be references to the Third Party.

14.5 Dispute Resolution

14.5.1 Internal Complaints Procedure

We value all our customers and take our obligations seriously. We have established internal procedures for investigating any complaint that may be made against us. In the event of a dispute arising out of or in connection with any FX Contract or the provision of Our Services pursuant to Our Terms, all parties agree to endeavour to resolve the dispute by engaging in good faith negotiations.

You should seek to have your complaint resolved by us in the following manner prior to commencing any external complaints procedure.

In accordance with our complaints procedure, you should contact us by submitting a complaints form online, which can be found in our Help Centre article, How to make a complaint.

External Complaints Procedure We are a member of an independent dispute resolution scheme operated by Financial Services Complaints Limited (FSCL). Where we have been unable to adequately resolve your complaint after 40 days of the complaint having been made to us, you will have the right to refer the complaint to FSCL either verbally, by email or in writing. Full details on how to access the FSCL scheme and make a complaint can be obtained from FSCL’s website www.fscl.org.nz or by calling 0800 347257 or +64 (0)4 472 3725. Resolution of your complaint by FSCL is provided free of charge.

14.5.2 Mediation

If the dispute does not fall within FSCL's rules and has not been adequately resolved within thirty (30) days following the Complaints Manager being notified (or a period otherwise agreed between us), either party may elect to submit the dispute to mediation by providing written notice to the other party.

The mediation will be in accordance with, and subject to, the New Zealand Dispute Resolution Centre Mediation Rules.

14.5.3 Arbitration

If the dispute is not settled within thirty (30) days following submission to mediation (or a period otherwise agreed between us), it may be submitted to arbitration by either party providing written notice to the other. The arbitration shall be in accordance with, and subject to, the New Zealand Dispute Resolution Centre Arbitration Rules.

14.5.4 Legal Action

Nothing in Our Terms shall prevent either party from seeking an urgent injunction or appealing the arbitration decision. We are also not prevented from commencing immediate legal action to recover any amounts owing as a result of a Close Out under clause 8. You acknowledge and agree that in certain instances, we may engage a third party debt collection agency to recover on our behalf.

14.6 Notices

14.6.1 All notices or demands under Our Terms or any FX Contracts must be given in writing (including in electronic form), unless otherwise specified in Our Terms or expressly agreed by us in advance in writing, and written in the English language. Notices or demands may be given to, or served on a party as follows:

(a) Where it is to be given by you, it must be sent by:

Email: help@support.xe.com; or

Post: PO Box 7646, Wellesley Street, Auckland, New Zealand

or to such other email or address in New Zealand which we tell you to use by notifying you in advance in writing in accordance with the provisions of this clause 14.6; and

(b) where it is to be given by us, it must be sent by email to the last email address which we hold for you, by fax to the last fax number we hold for you or by post or personal delivery to the last postal address we hold for you, or to such other email or postal address in New Zealand which you tell us to use by notifying us in advance in writing in accordance with the provisions of this clause 14.6.

14.6.2 Any notice or demand made under Our Terms will be deemed to be delivered as follows:

(a) If sent by domestic post, two (2) Business Days after it is posted;

(b) If sent by facsimile, at the earlier of the time of receipt of a correct and complete transmission report by us at the close of transmission or acknowledgement from you of the facsimile;

(c) If sent by email, at the time sent by the sender to the recipient (provided that the sender has not received an undeliverable message); and

(d) If delivered by hand, at the time personally delivered.

14.7 Entire Agreement

We intend to rely on the Contract Note and Our Terms as constituting the entire agreement and understanding in relation to the subject matter of the Contract Note. You agree that the Contract Note and Our Terms supersede all oral communications and prior writing in relation to them. If you require any changes, please make sure you ask for them to be put in writing. Neither we nor you may alter the terms of this agreement without the agreement of the other (other than as provided for in clause 14.8 below). This clause 14.7 does not exclude any liability we may have to you for fraud or prevent you from bringing any claim against us for fraud or fraudulent misrepresentation.

14.8 Variation

14.8.1 Changes to Our Terms can only be made as provided for in clause 2 or where you and we together agree in writing to such changes (and which will generally only be in exceptional circumstances). Our Terms can never be altered, changed or varied verbally.

14.8.2 You may not unilaterally alter, vary or make any change to Our Terms. You may however alter, vary or change any term of Our Terms where we agree this with you. Where we agree this with you, the fact of our agreement will be communicated to you orally or in writing and, where it is communicated to you orally, confirmed in writing.

14.9 No joint venture, agency or partnership

Nothing in Our Terms or in a FX Contract is intended to create any relationship of joint venture, agency, partnership, employment or franchise between you and us at any time, nor impose any fiduciary duty on us. We do not owe you any duty to offer you the best possible price or terms in your favour, nor are we required to act in your best interests. Neither you nor we shall have any authority to act as agent for or to bind the other one of you or us at any time in any way.

14.10 Conflict

In the event of any conflict between any terms or conditions in any other documentation or materials provided to you by us at any time pursuant to a FX Contract, unless expressly stated otherwise in such documentation or materials, Our Terms shall always prevail.

14.11 Exercise of Discretion

We have discretions under Our Terms which can affect your Account and FX Contracts. You do not have any power to direct how we exercise our discretions. When exercising our discretions, we will comply with our legal obligations. We will have regard to (but not be bound by) our policies and have regard to managing risk (including financial, credit and legal risks) for us and all of our clients, our obligations to our counterparties, market conditions and our reputation. We will always try to act reasonably in exercising our discretions, but we are not obliged to act in your best interests or to avoid or minimise a loss in the Account.

14.12 Taxes

You acknowledge and agree that we do not collect tax for any authority in any form or manner unless required by law. It is your sole obligation to calculate and pay all taxes applicable to you.

14.13 Disclosures

Without limiting any other method by which we may be permitted to provide a disclosure document, you acknowledge and agree that any disclosure statement or other document required to be given to you by law may be given to you by being placed on Our Website or sent by electronic means to the email address nominated by you in the Application Form or subsequently nominated by you in writing.

You acknowledge and agree that you have been provided with, and have had the opportunity to read, our Product Disclosure Statement and our Financial Services Guide.

14.14 Consumer Guarantees

You warrant and acknowledge that if Our Services are acquired by you for the purposes of a business, then nothing in the Consumer Guarantees Act 1993 (NZ) will apply to Our Services, any Trade.

14.15 Statutory Obligations

Nothing in these Terms affects our obligations as a Registered Financial Service Provider and Australian Financial Services Licensee.

Schedule: Cash Pickup

1. Interpretation

1.1 In this Schedule, words shall be given the meaning set out in Xe’s standard terms and conditions available online (as amended from time to time) (Xe’s Terms), unless defined otherwise herein.

2. Incorporation of Cash Pickup Terms

2.1 These Xe Cash Pickup Terms apply to, and only when, you utilise Xe’s Cash Pickup Services (as defined herein). These terms are additional to and supplement Xe’s Terms. Where there is any conflict in respect of any Cash Pickup Services, these Xe Cash Pickup Terms shall prevail.

3. Cash Pickup Service

3.1 Xe’s Cash Pickup Service is offered at Xe’s sole discretion via Xe’s 'Currency Converter & Global Money Transfers' mobile application (Xe’s App) in respect of Spot Trades only (Xe Cash Payment), whereby payment is sent to your chosen recipient (Beneficiary) and made available in cash at the selected Correspondent’s store or agency (Xe Cash Pickup Service). Xe’s Cash Pickup Service is made available through our international network of pay-out locations (Xe Correspondents).

3.2 If you select the Cash Pay-out option when making a payment through Xe’s App, Xe will make available a Contract Note which will be e-mailed to your authorised e-mail address and will include:

(a) a unique identifier number (to identify the relevant Xe Cash Payment and/or Trade at the selected Xe Correspondent’s store or agency);

(b) information relating to the Beneficiary;

(d) the value date of the Xe Cash Payment;

(e) Xe’s Exchange Rate (where applicable);

(f) any additional fees or charges (as applicable); and

(g) Xe Correspondent’s country location.

3.3 We may, at any time and at our sole discretion, amend the contents or format of our Contract Note from time to time for formatting, marketing, regulatory, legal and/or other business reasons.

IMPORTANT: While Xe will try to ensure the funds are available for collection by the Beneficiary at the selected Xe Correspondent’s location on the date of the transaction and during the hours of operation of the Xe Correspondent, transfers may be subject to delay due to circumstances outside Xe’s control, such as exceeding account limitations, regulatory requirements, bank or public holidays or other conditions in the destination country. Therefore, Xe makes no representation regarding the exact time when the funds will be available for collection by the Beneficiary.

4. Charges & Fees

4.1 We may deduct bank charges and fees from your Xe Account in respect of any Cash Payment executed by Xe on your behalf. We may also charge you a transfer fee, in an amount specified on Our Website (or the relevant Contract Note), which may be subject to change from time to time at Xe’s sole discretion.

5. Transaction Thresholds & Limitations

5.1 Supported currencies and associated limits for Xe’s Cash Pickup Service are contained on Our Website here. We may also (without notice), from time to time, set or alter limits on the value and/or types of Cash Payments that we may enter into with you. The applicable limits will be made available on Our Website or Our App.

6. Your Information

6.1 You agree to provide all information reasonably required by Xe and/or Xe Correspondents to comply with applicable AML and CTF Laws. Xe will not be obliged to complete any Trade or Xe Cash Payment or offer Cash Pay-out where it considers, in its discretion, insufficient information has been provided or under any of the circumstances listed in Xe’s Terms (as amended from time to time). Please read Xe’s Privacy Notice here.

7. Limitation of Liability

7.1 Except as otherwise required by law, Xe and/or Xe Correspondent liability is limited to Cash Payment amount showing on the face of your receipt for your money transfer transaction, including any service fee by Xe and/or Xe Correspondent. Except as provided in the previous sentence, in no event shall Xe and/or Xe Correspondent be liable to you or any party for any damages including without limitation, any direct, indirect, special, punitive, incidental or consequential damages (including, but not limited to, damages for loss of business profits, business interruption, loss of programs or information, or loss of savings), or any other damages arising - in any way, shape or form - out of the availability, use, reliance on, or inability to utilize the service, or the late delivery or non-delivery of your payment order, messages or refunds even if Xe and/or Xe Correspondent shall have been advised of the possibility of such damages, and regardless of the form of action, whether in contract, tort, or otherwise. Because some jurisdictions do not allow the exclusion or limitation of incidental or consequential damages, the above exclusions of incidental and consequential damages may not apply to you, but shall apply, in any event, to the maximum extent legally possible. No person is authorized to alter or waive the terms of this agreement on Xe and/or Xe Correspondent behalf.