These terms and conditions apply from 17/11/2025.
1 Definitions
In this Agreement the following words have the following meanings:
| “Charity” | means a body whose annual income is less than £1 million and is (a) in England and Wales, a charity as defined by section 1(1) of the Charities Act 2011 (meaning of “charity”); (b) in Scotland, a charity as defined by section 106 of the Charities and Trustee Investment (Scotland) Act 2005; (c) in Northern Ireland, a charity as defined by section 1(1) of the Charities Act (Northern Ireland) 2008. |
| “Terms and Conditions” | means the UK terms and conditions entered into between you and Xe governing your use of Xe’s foreign exchange services. |
| “Micro-Enterprise” | has the meaning set out in the Payment Services Regulations 2017 which is (generally) you if you (and members of your group in some circumstances) at the time at which a Contract is entered into, employ fewer than 10 persons and have an annual turnover and/or annual balance sheet total which does not exceed €2M. |
| “Vulnerable Customer” | means a natural person who, due to their personal circumstances, is especially susceptible to harm – particularly when a firm is not acting with appropriate levels of care. You cannot be a Vulnerable Customer if you are an incorporated entity, such as a company or limited liability partnership. You may be a Vulnerable Customer if you are a sole trader or a partner in an unincorporated partnership. |
2 This Agreement
2.1 These Multi-Currency Balance Terms (the “Agreement”) govern your use of multi-currency balances the “Multi-Currency Balance” or the “MCB”) for businesses offered by HiFX Europe Limited trading as Xe (“Xe”).
2.2 In this Agreement, “you” and “your” refers to you, and “we,” “us” and “our” refer to Xe. To use the MCB, you must accept all the terms of this Agreement.
2.3 This Agreement is in addition to and must be read in conjunction with the Terms and Conditions. If there is any inconsistency between this Agreement and the Terms and Conditions, this Agreement will prevail. Capitalised terms not defined in this Agreement have the same meaning set out in the Terms and Conditions.
2.4 These documents contain legal obligations for you and for us so you should read them carefully to make sure you understand them. If you have any questions, please contact us on +44 (0)1 753 441844 or transfer.eu@xe.com.
2.5 You may request a copy of this Agreement at any time by calling or emailing us at +44 (0)1 753 441844 or transfer.eu@xe.com.
3 Our MCB service
3.1 You can load MCB Funds from an account in your name (“Funds”) to use to make payments.
3.2 If you apply for MCB functionality, we will assess the suitability of a MCB service for your business. You must be using the MCB for business purposes and have a legitimate need to use it.
3.3 You may hold Funds in any currencies that we support. We may change these at any time, but we will usually give you two months’ notice before we withdraw a currency. You acknowledge that you accept any risks related to holding balances in multiple currencies and that exchange rates may fluctuate. You agree you will not use Funds for speculative trading.
3.4 Subject to clause 3.7, You can redeem the Funds at any time by giving us a payment instruction as set out in clause 6, otherwise, the Funds held do not expire other than when your account is closed.
3.5 We do not pay interest on any MCB Funds.
3.6 We may impose limits on the maximum amount of Funds that can be held at any given time and, to the extent that any limits are imposed, we will communicate these to you. Any Funds held in excess of any limits imposed shall be returned to you.
3.7 We may impose time limits on the maximum length of time which you can hold as MCB Funds and, to the extent that any time limits are imposed, we will communicate these to you. Any Funds held in excess of such time limits will be returned to you.
3.8 The MCB is not a bank account. This means your Funds are not protected by the UK’s Financial Services Compensation Scheme. Instead, we will segregate and safeguard funds corresponding to your Funds amount (‘relevant funds’) in a separate bank account. This protection continues until you ask us to redeem your Funds by instructing us to make a payment from your MCB. This means in the event of our insolvency, your claim and the claims of other MCB customers are to be paid from the relevant funds in priority to the claims of all other creditors.
4 Information about Multi-Currency Balances
4.1 We will email you whenever there is a payment in or out of your MCB, confirming the reference, the amount of the payment in the currency used and any currency conversion, any charges, and the date the payment was received or made.
4.2 This information is also available free of charge by logging into our https://www.xe.com/ website (“Website”) and selecting the MCB. If you decide to turn off e-mail notifications, it is your responsibility to check these regularly and print or save a copy of this information for your records. If you notice any errors or unauthorised transactions, please contact us immediately using the contact details below.
4.3 We may charge a fee for a Transfer or Payment and where we do so, this will be clearly communicated to you prior to you completing a transaction.
5 Loading Funds
5.1 You may hold multiple currencies, provided we consider, in our sole discretion, there is a reasonable business need for multiple currencies.
5.2 To load your MCB, funds can be sent electronically in the same currency you have elected for your account by paying from a bank account or another MCB in your name.
5.3 If you want to make the payment from a bank account or another MCB in someone else’s name, we may require evidence that you are entitled to the funds.
5.4 Once we receive the funds, we will update the balance of your MCB.
5.5 We do not accept cash, cheques, or other ways of loading Funds. If your Funds are rejected, we will not be responsible for any costs you may incur. We may also need you to evidence ownership of any Funds before returning them to you.
6 Paying out of Multi-Currency Balances
6.1 You or an Authorised User can use the security procedures provided to you to ask us to make a transfer or give us payment instructions via our Website, verbally by telephone, or by email where we agree.
6.2 You can ask us to make a payment from your MCB either as an immediate one-off payment, or set up an automatic conversion payment, that is, when you instruct us to convert funds from one currency to another and make a payment immediately upon us issuing the Funds (an “Automatic Conversion”).
Transfers between MCBs
6.3 You can transfer funds between your MCBs either online or by calling us (a “Transfer”).
6.4 Before confirming an immediate Transfer, we will tell you the amount of Funds you will use to purchase your required currency and the Xe Spot Exchange rate to be applied (if relevant). We will convert the Funds at the Xe Spot Exchange Rate we offer at the time we process your instruction. You can find the current rate by checking our Website or by calling us, however, you acknowledge that exchange rates can fluctuate rapidly and a different rate may apply to a particular Transfer.
Payments from your MCB
6.5 You can redeem Funds by giving us an instruction to pay another account in your name or someone else’s. This needs to include the details of the recipient you want to pay (in particular, their account number, which we rely on to make the payment, their full name and address and the full name and address of the recipient bank), the amount, and (if applicable) the currencies you want to exchange.
6.6 You can redeem by paying in the same currency as your MCB or by paying in a different currency. If you wish to pay in a different currency, your confirmation will comprise your agreement to enter into a Spot Trade. On receipt of your instruction, we will specify the transaction details including:
(a) the amount of the “Sale Currency” required, that is, the currency you are selling to us which shall be debited from your MCB;
(b) the amount of the “Purchase Currency”, that is, the currency you are buying from us;
(c) the exchange rate offered;
(d) any applicable fees; and
(e) the recipient the funds are to be sent to.
6.7 We will redeem the Funds by debiting the relevant amount from your MCB.
6.8 It is your responsibility to ensure that you give us accurate and complete details. We rely solely on the account number you give us and will not check that the name you provide matches the account number you have given us.
7 Execution Times
7.1 We process Transfers and payments on Business Days (a day, other than Saturday, Sunday or public holiday, on which banks are open for business in London, or where relevant, in the country of the currency you are exchanging), provided we receive your instruction before our relevant cut off time, otherwise we will deem it to be received the following Business Day.
7.2 When we ‘receive’ your instruction depends on the type of Transfer or payment you have asked us to make.
7.3 You can see the status of a payment by logging into our Website at https://www.xe.com/
7.4 You may cancel an Automatic Conversion instruction at any time by giving us at least 24 hours’ notice, which will apply to any Funds received after this time. Otherwise, a Trade or Payment cannot generally be withdrawn or changed once it has been received.
8 Payment Service Providers
8.1 You may authorise regulated payment services providers to give us instructions in certain circumstances. These are:
(a) payment initiation service providers to give us instructions to make a Payment from your MCB, or
(b) account information service providers to provide them with your transaction history.
8.2 You must also take the steps set out in clause 6 of the Terms and Conditions to ensure your security procedures remain secure. Please contact us if you’d like further information.
9 Liability
9.1 In addition to the grounds set out in the Terms and Conditions, we will not be liable to you in respect of any:
(a) delays due to normal business maintenance of our Website,
(b) any breach of this Agreement by you;
(c) act or omission of an e-commerce marketplace, including those resulting from your entry into this Agreement, and
(d) failure of a third party sending funds to your account that are not received by Xe due to error or fraudulent activity.
9.2 These exceptions will not apply if we acted fraudulently, with gross negligence or we are at fault and the law doesn’t allow us to exclude or limit liability.
10 Duration and termination of this Agreement
10.1 This Agreement will remain in force until terminated by you or us.
10.2 Unless otherwise agreed in writing by you, you may terminate this Agreement at any time without charge by notifying us in writing.
10.3 We may terminate this Agreement and close or restrict your MCB at any time by giving you two calendar months’ notice in writing. In addition to the grounds set out in the Terms and Conditions, we may also terminate this Agreement and close your MCB immediately if we reasonably believe:
(a) you have seriously or repeatedly broken the terms of this Agreement,
(b) you are no longer eligible for a MCB, or
(c) your MCB is being used in connection with speculation, fraud, money laundering, terrorist financing, tax evasion, or other criminal activity.
10.4 If we close or restrict your MCB, you agree to provide us with any information we reasonably need to reactivate it. If any MCB is inactive for an extended period of time, being four months without a payment or Transfer, we may close the MCB on giving written notice to you,
10.5 When you or we close your MCB, you must redeem any Funds that are still held on your MCB within a reasonable time by asking us to make a payment to another account in your name. We do not charge for redemption but there may be a charge for the Payment. After this time, you may not be able to access your MCB and will need to contact Customer Service to redeem any remaining Funds. You have the right to do this for a period of 6 years from the date your MCB is closed.
10.6 If you owe us money, we may deduct the amount owed from any balance on your MCBs without further notice to you.
11 Warranties and indemnities
11.1 You agree that the following statements are true and accurate, and you acknowledge that we may refuse to follow an instruction or close your MCB in the event that they are not true and accurate:
(a) You are over the age of 18,
(b) You have full authority to enter into this Agreement and services under it;
(c) You are the beneficial owner of the money being transferred;
(d) You are not acting on behalf of another person unless you inform us that you are acting as:
(i) a corporate partner of a partnership:
(ii) trustee of a trust; and
(e) You will report and remit to the appropriate government tax authorities any taxes or duties that may apply.
11.2 If you are acting as a trustee of a trust, this Agreement binds you in your personal capacity and in your capacity as trustee of the trust.
11.3 You agree to pay us any costs (including Close Out Costs), expenses or fees we may reasonably incur as a result of your failure to perform your obligations under this Agreement. This includes any legal costs, on a solicitor and own client basis, that we may incur in order to enforce our rights or recover any amounts you owe us. You also agree to pay us any fees, costs, duties and taxes validly charged by third parties in relation to the services you enter into, including fees charged by your recipient bank.
11.4 If you are merchant receiving funds from an e-commerce marketplace, or via a payment processor, you acknowledge that:
(a) the payment and delivery of the funds to us is controlled solely by that marketplace or payment processor and is subject to their terms and conditions. Any issues or disputes with such payment or delivery must be resolved directly with the marketplace or payment processor and are not our responsibility; and
(b) we do not accept liability for returns or recalls initiated by you or by a marketplace or payment processor. You are solely responsible for returns or recalls initiated by you or by a marketplace or payment processor. If a marketplace or payment processor debits or recalls funds, you indemnify us in respect of any such amounts, together with any costs or expenses incurred by us in connection with dealing with the debit or recall requests. We reserve the right to debit your MCB or invoice you separately for any such amounts.
Our contact details
12.1 Our head office is at 1 Arlington Square, Downshire Way, Bracknell, RG12 1WA, United Kingdom. You can contact us by:
(a) Calling us on +44 (0)1 753 441844
(b) Sending us an email at transfers.eu@xe.com
12.2 This Agreement and all other documents we make available to you are written and available only in English and we will only communicate with you in English. To the extent that the Agreement and any other documents are provided in any other language and there is a conflict with the English language version, the English language version shall prevail.
13 Complaints and disputes
13.1 If you are not satisfied with any aspect of our service, please contact us in any of the ways set out in the ‘Our contact details’ section above.
13.2 For details of our internal complaint handling procedures please refer to our Complaints Policy which can be found on our website. Alternatively, you can ask us to send you a copy.
13.3 If we are unable to resolve your complaint and it relates to your MCB or Our Services, you may be entitled to refer it to the Financial Ombudsman Service (“FOS”) by writing to Exchange Tower, Harbour Exchange, London E14 9SR, telephoning on 0800 023 4567 or emailing complaint.info@financial-ombudsman.org.uk. You can find further information and eligibility on www.financial-ombudsman.org.uk.
13.4 If we are unable to resolve your complaint and you are a business that is not eligible for FOS, it must be submitted to arbitration by an arbitrator appointed by the Chartered Institute of Arbitrators, or a similar body, whose decision shall be binding upon the parties.
14 Governing law
14.1 This Agreement shall be interpreted in accordance with the laws of England and Wales. Both parties submit to the exclusive jurisdiction of the courts of England, except for an action for injunctive relief, which may be brought in any appropriate jurisdiction.
15 Severability
15.1 If any provision of this Agreement is found to be illegal or unenforceable, that provision will be limited to the minimum extent necessary so that this Agreement will otherwise remain in full force and effect.
16 Assignment and waiver
16.1 You may not assign this Agreement or any rights under it, in whole or in part, without Xe’s prior written consent.
16.2 If we fail to exercise or enforce any right or provision of this Agreement it shall not constitute a waiver of our right to enforce the same right or provision on a future date.