Terms and Conditions

The foreign exchange facility is offered to you and is subject to these terms and conditions (the “Terms and Conditions”). By accepting and proceeding with a foreign exchange transaction you agree to be bound by such Terms and Conditions.

 
1. DEFINITIONS

‘Business Day’ - Means from 9.00am-5.00pm from Monday-Friday except for any public
bank holidays in England and Wales
‘Certified copy’ - Copies must be certified by a UK Lawyer, Banker, Authorised Financial
Intermediary or Accountant. These copies will need to be signed, dated and stamped (with
the company name) with the following narrative: “This is a true copy of the original”
‘Contract’ - Means the formal Contract entered into between you and NU Currencies
for the foreign exchange transaction to buy / sell the relevant currencies at the quoted
exchange rate on the dates quoted and to make the payment (as set out therein on and
subject to these Terms and Conditions and the Trading Agreement)
‘Currency’ - The currency purchased / sold by you at the agreed exchange rate pursuant
to the Contract
‘Dealer’ - Means our employee / representative dealing with your Contract
‘Exchange’ – agreement to exchange one currency for another
‘Forward Contract’ – A Contract to buy foreign currency on your behalf at some date in
the future
‘Forward Contract’ - A Contract to buy foreign currency on your behalf at some date in
the future
‘Loss’ - means any loss, tax, cost, expense (including without limit legal expenses incurred
in recovering any money due to NU Currencies), damage or liability that NU Currencies
may incur on your behalf with a third party in connection with a Contract or otherwise as a
result of or in connection with your default or your failure to comply with the terms of this
Trading Agreement (including, without limit, your failure to fulfil your obligations under a
Contract) or any other agreement NU Currencies have with you provided that the same are
not a direct result of our wilful default or fraud.
‘Margin’ - An advance payment in relation to a Forward Contract of such amount as NU
Currencies may at NU Currencies discretion require from time to time and which will,
unless notified to you otherwise, not be more than 10% of the value of the Contract. This
is to provide NU Currencies with collateral security in respect of the risk NU Currencies is
incurring on your Forward Contract prior to you making full payment.
‘NU Currencies’ – NU Currencies is a trading name of NU Currencies Ltd, a private limited
company registered in England and Wales with registered number 7605415 whose
registered office is Skinner House, 38-40 Bell Street, Reigate, Surrey, RH 2 7BA .
‘NU Currencies Website’ - NU Currencies website www.nucurrencies.com
‘Onward Transfer Instruction Form’ – The confirmation of your payment instruction
contained in the Contract or Trade Note to be completed by you
‘Trade’ – means an order placed with NU Currencies via telephone, facsimile, electronic
mail, or any other mutually agreeable means by which trades are communicated between
you and NU Currencies, Limitations and Statutory Requirements apply.
‘Trading Agreement’ – The NU Currencies Account Opening Form with supporting
documents entered into by you and NU Currencies
‘Trade Note’ & ‘Deal Confirmation’ – The evidence of the Contract entered into by the
parties dispatched by us usually within 24 hours of you making the Contract.
‘Value Date’ – The date when your Contract matures and the currency is ready for delivery
‘You’, ’you’, ‘Your’ & ‘your’ – Means the party entering into this agreement.

 
2. ANTI -MONEY LAUNDERING AND ANTI -TERRORISM LAWS

You take responsibility to be familiar with all applicable laws and regulations relating
to anti-money laundering and counter terrorism (“Anti-Terrorism Laws”) of the United
Kingdom, including the Proceeds of Crime Act 2002, Terrorism Act 2000, the Serious
Organized Crime and Police Act 2005 and the Money Laundering Regulations 2007;
Your transactions are subject to applicable Anti-Terrorism Laws. NU Currencies
comply in all material respects with all applicable Anti-Terrorism Laws. NU Currencies
performance hereunder may also be subject to compliance with all applicable Anti-
Terrorism Laws. NU Currencies is prohibited from dealing or otherwise engaging
in any transaction by any Anti-Terrorism Laws in respect of any flagged person or
business.

 

3. SERVICE LIMITATIONS AND STATUTORYRE QUIREMENTS

3.1 NU Currencies are not authorised to provide advice on any aspect of foreign
currency markets and/or trading in foreign Currency markets. Accordingly any
decision you make to Exchange Currency is made on your judgement alone.
3.2 When signing the Trading Agreement and entering into any Trade, you warrant
that you are acting on your own behalf, for a genuine reason and the Currency that
you wish to sell is legally and beneficially yours. You also warrant to NU Currencies
that the information that you provide to NU Currencies is true and accurate in
all respects, and you will provide NU Currencies with any information that NU
Currencies may reasonably require.

 

4. DOCUMENTATION

4.1 Before you can enter into a Trade with NU Currencies, NU Currencies must receive
the original Trading Agreement bearing the original signature{s). In respect of any
written instructions that NU Currencies receive from you in the future and if such
signature(s) substantially resemble the specimen(s) you agree that NU Currencies
may accept those signature(s) as being genuine and you authorise NU Currencies
to act on those instructions.
4.2 Where there is more than one signature on the Trading Agreement, unless
otherwise expressly agreed in advance in writing you agree that NU Currencies
may accept any one signature as sufficient authority to bind all signatories to the
Trading Agreement and that any liability incurred by you in accordance with clause
13 shall be joint.
4.3 You agree to defend NU Currencies and keep NU Currencies fully indemnified
against any losses that NU Currencies may incur as a result of accepting instructions
sent by fax or email which NU Currencies reasonably believe to have been sent from
you.
4.4 NU Currencies shall be under no duty to challenge or make any enquiries
concerning any instructions to NU Currencies sent by fax or email that NU
Currencies reasonably believe to have been sent by you.
4.5 Once You have signed the Trading Agreement, returned it to NU Currencies and NU
Currencies have verified your identity and NU Currencies are reasonably satisfied
as to the legitimacy of your purpose for requiring the Currency, you will be able to
enter into a Trade, subject always to NU Currencies sole discretion.

 

5. TRADES AND CONFIRMATIONS

5.1 You may contact NU Currencies in order to enter into a Trade by telephone, post,
fax or email.
5.2 By placing a Trade with NU Currencies, you agree to the terms and conditions set
forth in this Agreement.
5.3 Once you have been quoted an exchange rate that is acceptable to you and
you have confirmed you wish to enter into a Trade at that rate, then should
the Dealer accept your order and tell you of the same, a Trade will have been
entered into between you and NU Currencies. Once a Trade has been made it
cannot be withdrawn, rescinded or amended without NU Currencies express
consent in writing.
5.4 You acknowledge that you are solely responsible for the accuracy of the Trade and
agree to keep copies of any Trades information to and forth between you and NU
Currencies. You assume all risk that the Trade is altered during its transmission, and
agree to review the Deal Confirmation.
5.5 NU Currencies will confirm each Trade in writing by sending you a Trade Note (Deal
Confirmation). You should contact NU Currencies to notify NU Currencies of the
payment details if you have not received the Trade Note within 48 hours of making
the Trade. For the avoidance of doubt regardless of whether you receive the Trade
Note you are still bound by the Trade.
5.6 NU Currencies is under no obligation to provide any Service unless a Deal
Confirmation has been delivered to you.
5.7 You agree to promptly notify NU Currencies if you do not receive a Trade Note
(Deal Confirmation) for your Trade Order or Delivery Instructions.
5.8 You agree that in order to perform transactions for you, NU Currencies must
assume that your instructions are those that appear on the Deal Confirmation
and therefore you will meet its related financial obligations unless NU Currencies
is informed by you of the error or discrepancy prior to the execution of the
Trade or release of payment according to delivery instruction on the Deal
Confirmation.
5.9 Once a Trade has been placed with NU Currencies, a Trade may not be cancelled by
you without written approval from NU Currencies, whether such Trade was placed
via telephone, facsimile, electronic mail or otherwise.
5.10 NU Currencies may reject, suspend or cancel a Trade, if NU Currencies believes, in
its sole discretion, that:
5.10.1 The Trade is unclear;
5.10.2 The Trade requires any action by NU Currencies on a non-Business day;
5.10.3 The Trade was not authorised by an Authorised Party;
5.10.4 You are in default of this Agreement;
5.10.5 Performance of the Services would be unlawful or contravene the requirements of
any government or regulatory authority;
5.10.6 You are Insolvent Reigate Surrey RH2 7BA
5.10.7 NU Currencies cannot reasonably provide the Services for reasons beyond NU
Currencies reasonable control.
5.11 You agree to defend NU Currencies from any Losses in connection with any
Trade(s) that are defective for any of the foregoing reasons.

 

6. PAYMENT

6.1 You shall pay all amounts, full cleared funds, due to NU Currencies on the Balance
Due Date and provide NU Currencies with confirmation of the required payment
instructions for the purchased Currency. NU Currencies may refuse to forward
outgoing payments until funds from you have deemed to have in fact been cleared,
6.2 Subject to NU Currencies receipt of cleared funds and clear payment instructions
the Currency purchased will be sent by electronic transfer to the destination
account specified by you, on the Value Date specified in the Deal Confirmation
provided.
6.3 Provided that all your obligations under the relevant underlying Contracts have
been fulfilled and you have paid all monies due and owing to NU Currencies in full
(and subject to NU Currencies rights of set off under Section 13.2) you may request
NU Currencies to remit funds to you which are held in your Holding Account(s) from
time to time by notice to NU Currencies in writing and the amount of any Margin
or Call Margin associated with the Contract in question. Upon such request NU
Currencies shall remit such available funds to you as per your account instructions.

 

7. FORWARD CONTRACTS

7.1 NU Currencies may require you to provide NU Currencies with a Margin at any time
before or after NU Currencies agree to enter into a Forward Contract.
7.2 In the event that NU Currencies liability under the Contract increases as a result of
variations in foreign exchange markets NU Currencies reserve the right to make
additional Margin calls.
7.3 In the event that you do not pay either the initial Margin or any subsequent Margin
call, NU Currencies shall be entitled to terminate the Contract and to the extent that
NU Currencies suffer any loss as a result of such termination you agree to reimburse
NU Currencies in full for such loss including any direct and indirect expenses
incurred by NU Currencies.
7.4 The Margin will be held on trust in a designated client account. You will remain the
beneficial owner of this money unless NU Currencies incur any costs, losses or
liabilities in connection with or arising out of the Contract(s) including, without limit,
liabilities NU Currencies incur with third party currency dealers, exchanges, brokers,
banks or similar entities or any clearing house or regulatory body. (and subject to
NU Currencies rights of set off under Section 13.2)

 

8. COSTS

NU Currencies do not charge any commission but NU Currencies will charge you for any
transfer fees or other reasonable costs that NU Currencies incur. You should be aware that
you may also be subject to other charges, for example by banks receiving your payment,
over which NU Currencies have no control and accept no liability. To the extent that NU
Currencies are aware of any such charges these will be set out in the Trade Note.

 

9. RECORDING TE LEPHONE CONVERSATIONS

NU Currencies may record telephone conversations with or without use of a warning
message and NU Currencies may use these recordings as evidence of Trades entered into
or in relation to disputes as well as for NU Currencies on-going training and quality control
programme.

 

10. TERMINATING CONTRACTS

10.1 NU Currencies maintain the right to terminate any Trade if you are in breach of
any of the Terms and Conditions, the Trading Agreement or any Contract and, if
capable of being rectified and after receiving notice, you do not rectify the breach
within a reasonable time. NU Currencies may also terminate any Trade if we
reasonably believe that you will be unable to fulfil your obligations under any Trade
or if continuing any Trade would expose NU Currencies to any liability which may
exceed the money, in cleared funds, you have paid to NU Currencies.
10.2 NU Currencies may terminate any Trade forthwith. You will be liable for any losses
that NU Currencies incur. NU Currencies may also terminate any Contract if NU
Currencies are required to do so on the instructions of any law enforcement agency
or regulatory body. In this case NU Currencies may retain all or any of your money
if NU Currencies are required to do so by law and then deal with it as ordered by a
court or other body of competent jurisdiction.
10.3 You will be liable for all Loss that NU Currencies may sustain suffer or incur in the
cancellation of any Contract.

 

11. NU CURRENCIES LIABILITY TO YOU

11.1 If NU Currencies are in breach of NU Currencies obligations under the Trading
Agreement NU Currencies will only be liable to you for the direct losses that you
incur. Direct losses mean the value of the Currency you ask NU Currencies to
Exchange, pursuant to any Trade. You accept that this is a reasonable pre-estimate
of the loss you may suffer resulting from any breach by NU Currencies of NU
Currencies obligations hereunder.

 

12. EXCLUSION OF WARRANTIES AND LIMITATION ON LIABILITY

To the extent permitted by Law
12.1 NU Currencies will not be liable to you for any indirect or consequential losses or
special damages or for loss of profit, contracts, business or anticipated savings or
any other additional costs that you may incur whether or not such costs, losses
or damages were in the contemplation of the parties at the date of the Trading
Agreement
12.2 Under no circumstances shall NU Currencies be liable for an act or omission of any
third party involved in the payment process or otherwise. All implied terms are
excluded to the fullest extent available under the laws of England and Wales.
12.3 NU Currencies shall not be liable if for any reason if NU Currencies are unable to
perform NU Currencies Obligations under these Terms and Conditions due (directly
or indirectly) to the failure of any machine, data processing system or transmission
link or industrial dispute or any other cause outside NU Currencies control or NU
Currencies agents or subcontractors control.

 

13. YOUR LIABILITY TO NU CURRENCIES

13.1 You agree to indemnify NU Currencies against all liabilities that NU Currencies incur
as a result of NU Currencies accepting your order(s) to Exchange currency and/or
following your instructions or instructions that originated to be from you, whether
by phone, fax, post, email or otherwise. Without limiting the general scope of this
indemnity, if you are late in making any payment or are otherwise in breach of the
Terms and Conditions of any Contract, you will be liable for and will indemnify NU
Currencies against any costs, losses or liabilities that NU Currencies may incur in
connection with or arising out of your Contract(s) including, without limit, costs,
losses or liabilities NU Currencies incur with third party currency dealers, exchange
brokers, banks or similar entities or any clearing house or regulatory body. NU
Currencies may charge you interest on any amounts owing to NU Currencies at
the rate of 4% per annum above the Bank of England base rate from time to time
in force. Interest will accrue daily and be compounded from the due date until
payment.
13.2 NU Currencies have the right at any time or times to satisfy or partially offset any
liability that may arise against any collateral NU Currencies holds for you, or
any obligation NU Currencies has to you, to the extent that any retention of such
sums shall mean that NU Currencies shall then hold Insufficient funds to make the
payment(s), the subject of any Contract, NU Currencies shall inform you, and you
will forthwith supply NU Currencies with sufficient funds so that NU Currencies
may make the payment(s) due under the Trade. If the liabilities to be set off are
expressed in different currencies, NU Currencies may convert either liability at a
market rate of exchange for the purpose of set-off. Any exercise by NU Currencies
of NU Currencies rights under this Section shall be without prejudice to any other
rights or remedies available to NU Currencies under this Trading Agreement or
otherwise.

 

14. DATA PROTECTION POLICY

14.1 NU Currencies are committed to the lawful and correct treatment of personal
information and will only use information obtained lawfully and in accordance with
the Data Protection Act 1998 (“the Act”). This privacy policy statement will apply
equally to all of NU Currencies offices irrespective of where they are based, save for
where part or all of any local law takes precedence over the Act.
14.2 You agree that NU Currencies may keep personal details about you, which you or
others give NU Currencies.
14.3 This centrally held information may be used and updated by NU Currencies to
identify products and services that might be suitable for you. NU Currencies may
contact you about products and services available which NU Currencies believe
may interest you, unless you have informed NU Currencies verbally or write to
NU Currencies, Skinner House, 38-40 Bell Street, Reigate, Surrey, RH 2 7BA or
send an e-mail to info@nucurrencies.com that you do not wish to receive any
such promotional material. In these circumstances, NU Currencies will not make
marketing approaches to you without your consent.
14.4 NU Currencies may also use your information for research and statistical analysis
in order to improve the services NU Currencies offer. If you ask, NU Currencies will
tell you what information NU Currencies hold about you and provide you with a
copy in accordance with the Act. The fee for this is currently £10. The information
NU Currencies hold about you is confidential and will only be disclosed outside the
Group:-
14.4.1 with your consent.
14.4.2 to investigate or prevent crime.
14.4.3 to the extent that the law permits or requires it, even without your consent.
14.4.4 I f there is a duty to the public to reveal the information.
14.5 NU Currencies may check what you have told NU Currencies and share information
with fraud prevention agencies. It is important that you give NU Currencies accurate
information. If you give false or inaccurate data or NU Currencies suspect fraud, NU
Currencies will record this in such manner as NU Currencies think fit. If you ask,
NU Currencies will tell you which credit reference and fraud prevention agencies NU
Currencies have used, so that you can get a copy of your details from them.
 
14.6 NU Currencies complies with data protection law and NU Currencies are committed
to use your information only as allowed by the law. NU Currencies will only use your
information to allow NU Currencies to provide NU Currencies services to you and
to assess NU Currencies risks in providing those services including conducting
a search through an identity referencing agency who may refer to the Electoral
Register and other sources of information and use such methods as they see fit to
verify your identity. A record of this process will be kept that may be used to help
other companies verify your identity. Information may also be passed to financial
and other organisations to prevent fraud.
14.7 Your information may also be used to enable NU Currencies to enforce NU
Currencies rights under this Trading Agreement if necessary. Please ask your
Dealer to contact you if you requires any further information about NU Currencies
Data Protection Policy.
14.8 You acknowledge and agree that the processing and disclosure of information may
involve the transfer of information outside the European Economic Area (EEA ),
including to countries worldwide which do not have data protection laws. Any
consent given by you in this agreement is without prejudice to any other right NU
Currencies may have to process information relating to you under the terms of any
other agreement or as otherwise permitted by Applicable Law.
14.9 In order to make any payment, personal information relating to the individuals
involved in the transfer may be processed for the purposes of:
14.9.1 Complying with applicable laws, including without limitation anti-money laundering
and anti-terrorism laws and regulations,
14.9.2 Fighting crime and terrorism, and disclosure to any Government entity, regulatory
authority or to any person NU Currencies reasonably think necessary for these
purposes. This may mean that personal information will be transferred outside the
EEA to countries, which do not provide the same level of data protection as the UK.

 

15. AMENDMENTS OR CANCE LLATIONS

15.1 NU Currencies reserve the right to amend, cancel or suspend these Terms and
Conditions at any time.
15.2 Where a change is to occur that will impose or increase a charge or increase
your liability for losses concerning a Contract, NU Currencies will give you notice
of such variation either by writing to you, placing an advertisement in the press
and /or making an announcement via the NU Currencies website:
www.nucurrencies.com

 

16. YOUR RIGHT TO DISPUTE ERRORS

16.1 In the event of any apparent errors or where you have any questions arising from or
related to any Contract please telephone 0800 1300 986 during a Business Day or
write to NU Currencies, Skinner House, 38-40 Bell Street, Reigate, Surrey, RH 2 7BA
or send an e-mail to info@nucurrencies.com
16.2 Where you believe that an error has occurred in relation to a Contract you should
inform NU Currencies immediately and no later than 14 days after the Contract date.
You will need to provide the following information.
16.2.1 Y our name and any reference number set out in any Trade Note (Deal Confirmation)
or elsewhere.
16.2.2 details of the apparent error
16.2.3 the exact amount of the disputed transaction.
16.3 NU Currencies will notify you of the results of the initial investigation within 30
Business Days after hearing from you.
16.4 I f your query is not dealt with to your satisfaction you may be able to refer it to the
Financial Ombudsman Service, an independent body established to adjudicate on
eligible disputes with financial firms. Their address is South Quay Plaza, 183 Marsh
Wall, London, E14 9SR ; telephone 0845 0801 800; or email: enquiries@financialombudsman.
org.uk; website: www.financial-ombudsman.org.uk.

 

17. OTHER TERMS

17.1 Your obligations under these Terms and Conditions may not be assigned or
transferred in anyway to any other party. NU Currencies shall have the right at any
time to transfer and assign NU Currencies rights under these Terms and Conditions
to any other party as NU Currencies deem fit.
17.2 Use by you of NU Currencies foreign exchange facility is subject to all applicable
laws, rules and customs of any clearing house or other association involved in
transactions.
17.3 Any delay or failure on NU Currencies part to exercise NU Currencies rights shall
in no way amount to or be deemed as a waiver or giving up of such rights by NU
Currencies, nor shall it prejudice any of NU Currencies other rights under these
Terms and Conditions or any Contract.
17.4 Should NU Currencies terminate any Contract in accordance with clause 10, your
liability to indemnify NU Currencies under clause 13 shall not terminate.
17.5 A person who is not a party to the Trading Agreement has no rights under the
Contracts (Rights of Third Parties) Act 1999 to enforce any term of the Trading
Agreement but this does not affect any right or remedy of a third party which exists
or is available under that Act.
17.6 Should any of these Terms and Conditions be deemed to be unenforceable or
illegal, the remainder of the Terms and Conditions shall remain in full force and
effect as if the unenforceable or illegal part has been removed.
17.7 Should any of these Terms and Conditions be in conflict with any other
documentation or information that NU Currencies have provided to you in
connection with any Contract, then these Terms and Conditions shall have
priority unless specifically agreed by NU Currencies in writing that such other
documentation and information shall have priority in whole or in part.
17.8 The Trading Agreement, these Terms and Conditions and any Contract and all
the documents referred to therein supercede all prior agreements, oral or written,
between you and NU Currencies. You shall not be entitled to rely on any oral or
written representations made by NU Currencies to you in respect of the subject
matter of the Trading Agreement.

 

18. APP LICABLE LAW

These Terms and Conditions and any disputes or claims arising out of or in connection
with them shall be governed by and construed in accordance with the laws of England and
Wales and the English Courts shall have jurisdiction over any such dispute.

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Contact

Tel: 0800 1300 986 FREE
Email: info@nucurrencies.com

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