General terms & conditions
  1. These Terms
    1. These terms and conditions, including the terms which apply when buying or selling currency and the terms which apply to payment services (the “Terms”), together with the application form (together, the “Agreement”), govern the provision of foreign currency exchange services and payment services to you by WTUK Limited.
    2. Please read these Terms carefully. You are required to read and agree to these Terms when you submit your application form to become a client of WTUK. Once you have been accepted as a client of WTUK, a copy of these Terms will be sent to you by email for your reference.
    3. By agreeing to these Terms, you agree with WTUK that all orders will be accepted on these Terms and all transactions will be carried out in accordance with these Terms.
    4. These Terms tell you who we are, how we will provide services to you, how we or you may change or end agreements under these Terms, what to do if you have any problems and other important information.
    5. If you have any queries in relation to these Terms, please contact us on the details below.
    6. Our services to you will be carried out as described below and with reasonable skill and care.
  2. Definitions
    1. References in these Terms to “we,” “us,” “our,” “ours,” or “WTUK” are references to WTUK Limited.
    2. References in these Terms to “you,” “your,” “yours,” or “Client” are to you, the customer of WTUK Limited and, as the context may require, your designated authorised representative(s) from time to time.

      “Authorised Persons” has the meaning set out in clause 1.4 of the Terms which apply when buying or selling currency;

      “Business Day” means a day when the banks in the City of London are normally open for business;

      “Business Clients” means Clients which are companies, or other business organisations, and which are not consumers, Micro-Enterprises or charities with an annual income of less than £1 million;

      “Clients” and “you” means Business Clients, Individual Clients and Authorised Persons;

      “EEA” means the European Economic Area;

      “Event of Insolvency” means the Client becomes insolvent or unable to pay its debts, has a bankruptcy, winding up or administration petition against it or presented to the Court or has to convene (or has convened) a meeting for the purpose of having a liquidator appointed or has a receiver appointed over its property or proposes a form of arrangement or composition with its creditors (other than for the purposes of an amalgamation or reconstruction approved in advance in writing by WTUK) or in the case of a partnership has a bankruptcy petition presented against a partner;

      “Individual Clients” means Clients who are not Business Clients;

      “Micro-Enterprise” means an enterprise which: (a) employs fewer than 10 persons; and (b) has a turnover or annual balance sheet that does not exceed €2 million;

      "Orders" has the meaning set out in clause 1.1 of the Terms which apply when buying or selling currency;

      “Speculative Purpose” means buying or selling currency solely to try to profit from exchange rate fluctuations;

      “Writing" when we use the words "writing" or "written" in these Terms, this includes emails, text messages WhatsApp messages and other messages sent through social media;

    3. Any reference in the Terms to the singular shall, where appropriate, also include the plural and vice versa;
    4. Where a word or phrase starts with a capital letter such as Speculative Purposes then it is intended to have the meaning given to it in this section.
  3. Information about us, what we do and how to contact us
    1. Who we are: We are WTUK LIMITED, a company established in England and Wales. Our company registration number is 08261731 and our registered office and head office is at Chesterfield House, 1 Station Street, Bingham, Nottinghamshire, NG13 8AQ. We are authorised by the Financial Conduct Authority (FCA) under the Electronic Money Regulations 2011 (FRN.900536) for the issuing of electronic money.
    2. What we do: WTUK buys and sells currencies and sends the currency purchased to a third party’s bank account designated by you. Our services comprise the purchase and/or sale of currency in accordance with your instructions for either immediate delivery by electronic transfer, known as a “spot trade” and/or for delivery to the third party at some time in the future, known as a “forward trade.”
    3. WTUK buys and sells currency on an execution only basis and does not provide advice as to the merits of proposed orders. Whilst WTUK may provide information about currency markets and related matters, the Client relies entirely on its own judgement when placing an order and should not treat any information we provide to you as advice.
    4. WTUK does not supply currency for Speculative Purposes or provide investment advice.
    5. How to contact us: You can contact us by telephoning our customer service team at +44 (0) 115 941 5959, by email at support@whitesgroup.com, or by post to Chesterfield House, 1 Station Street, Bingham, Nottinghamshire, NG13 8AQ. We do not charge you for telephoning us although you will have to pay your own call charges.
    6. How we may contact you: If we have to contact you we will do so by telephone or by writing to you at the email address or postal address you provided to us on your application form, or any contact details that you subsequently supply to us.
  4. On-boarding requirements
    1. WTUK reserves the right to refuse any person as a client, and not to supply services to any person.
    2. To be accepted as a client of WTUK, you must provide the information requested on our application form and any other information which we need in order to comply with the law and regulations governing our services, particularly those relating to money laundering.
    3. Once we have received your completed application form and your acceptance of these Terms, we will consider your application. If we accept you as a Client we will send you an email to confirm this and include a copy of these Terms for your records.
    4. Once we have confirmed that you have been accepted as a client of WTUK, you will be able to place orders with us to buy or sell currency and transfer currency by telephone, in writing or via our online trading platform.
  5. How we may use your personal information
    1. We are keen to strike a fair balance between your personal privacy and ensuring you obtain a good service from us. We are fully registered under the United Kingdom’s Data Protection Act 1998. Further information about this Act can be found at https://ico.org.uk/.
    2. How we will use your personal information. We will use the personal information you provide to us:
      1. to supply our services to you;
      2. to process your payment for our services; and
      3. if you agree to it when placing an order, to give you information about similar products and services that we provide, but you may stop receiving this at any time by contacting us.
    3. Where you instruct us to make a payment to an individual or other person, such as a business, on your behalf then we may need to process personal data about that individual or other person in order to complete the payment. You will supply that information and you will ensure that the relevant individual(s) consent(s) to our processing of that data in order to make that payment.
    4. We may supply some of your Personal Data to the third party due to receive the currency transfer, or their bank in order to complete the payment. If their bank is outside the European Economic Area, then this may include a transfer of your Personal Data to a country outside the European Economic Area.
    5. We may pass your personal information to credit reference agencies or other agencies that provide services to verify your identity or for any other checks or searches required by legislation or our regulators relating to money laundering. These agencies may keep a record of any search that they do.
    6. We may outsource or contract the provision of IT services to third parties, and if we do those third parties may hold and process your Personal Data. In these circumstances we will ensure that the IT supplier only processes your Personal Data for us, and as directed by us.
    7. We may from time to time re-organise our corporate structure. Accordingly, we may pass your Personal Data to other companies in our group of companies. If we do, then we will ensure that those other Companies comply with the provisions of this clause 5 in relation to your Personal Data.
    8. If we sell all or part of our business, we can pass your Personal Data to the purchaser. In that event, we will ensure that the purchaser contacts you after completion of the sale to inform you of the identity of the purchaser.
    9. We will only give your Personal Data to other third parties where the law either requires or allows us to do so.
    10. When you view one of our websites some information may be stored on your computer. This information will be in the form of a “cookie” or similar file and will help us to improve your browsing experience. Cookies allow websites to be tailored to better match your interests and preferences. With most internet browsers, you can erase cookies from your computer hard drive, block all cookies, or receive a warning before a cookie are is stored. Please refer to your internet browser instructions or help screen to learn more about these functions.
  6. Complaints and problems
    1. We are committed to providing the highest levels of service. If you have any questions or complaints about our services, please contact us. You can telephone our customer service team on +44 (0) 115 941 5959 or write to us at support@whitesgroup.com or Chesterfield House, 1 Station Street, Bingham, Nottinghamshire, NG13 8AQ. You can find further information about our complaints procedure here.
    2. If you are not happy with how we have handled any complaint, you may have the right to forward your concerns to the Financial Ombudsman Service (FOS). You can contact the Financial Ombudsman Service at:

      The Financial Ombudsman Service (UK)
      Exchange Tower
      London
      E14 9SR
      Telephone: 0300 123 9123 or 0800 023 4567
      Website: https://help.financial-ombudsman.org.uk/help
    3. The Financial Ombudsman Service will not charge you for making a complaint and if you are not satisfied with the outcome you can still bring legal proceedings against us.
    4. In addition clients may submit disputes for online resolution to the European Commission Online Dispute Resolution platform.
  7. Other important Terms
    1. Recording of telephone calls. The parties agree and consent to:
      1. the electronic recording by either party of telephone conversations between the parties with or without an automatic tone warning device; and
      2. the use of such recordings or transcripts from such recordings as evidence by either party in any dispute or anticipated dispute between the parties or relating to dealings between the parties;
      3. any such recordings or transcripts made by WTUK may be destroyed by WTUK in accordance with WTUK’s normal practice.
    2. Transfer of rights. You need our consent to transfer your rights to someone else. You may only transfer your rights or your obligations under these Terms to another person if we agree to this in writing.
    3. Third party rights. Nothing in this Agreement is intended to confer any benefit on any third party or any right to a third party to enforce a term of this Agreement. This agreement does not give rise to any rights under the Contracts (Rights of Third Parties) Act 1999 to enforce any term of this agreement.
    4. Notices. Documents may be sent by email or post. Proof of posting or dispatch of any document or other communications shall be deemed to be proof of receipt:
      1. in the case of email - the day of dispatch or, if not a Business Day, the next Business Day thereafter;
      2. in the case of delivery by first class post - 48 hours from the date of posting.
    5. Documents shall be sent to the last known fax number, email address or address of either party as provided by the other party from time to time.
    6. No partnership, joint venture or agency. Nothing in this Agreement shall be deemed to create a partnership, joint venture or agency relationship between the parties.
    7. Illegality and unenforceability. If a court finds any part of this Agreement illegal or unenforceable, the rest of this Agreement will continue in full force and effect.
    8. Delay in enforcement. Any failure by either party to exercise and any delay, forbearance or indulgence by any party in exercising any right, power or remedy under this Agreement shall not operate as a waiver of that right, power or remedy or preclude its exercise at any subsequent time. Even if we delay in enforcing this contract, we can still enforce it later. If we do not insist immediately that you do anything you are required to do under these Terms, or if we delay in taking steps against you in respect of your breaking this contract, that will not mean that you do not have to do those things and it will not prevent us taking steps against you at a later date. For example, if you miss a payment and we do not chase you but we continue to provide the services, we can still require you to make the payment at a later date (including any rollover charges and associated costs or any additional charges as passed by correspondent banks as described in clause 5.7 of the section headed “Terms which apply when buying or selling currency”).
    9. Assignment. The Client may not assign this agreement without the written consent of WTUK.
    10. Entire agreement. These Terms, together with the documents referred to therein and the Application Form, constitute the entire agreement and understanding of the parties with respect to the subject matter of this Agreement and supersede all prior oral and written communications with respect thereto. If you require changes, please make sure that you ask for these to be put in writing. In that way we can avoid any problems surrounding what we and you are expected to do.
    11. Language. This Agreement is in English and any information or notifications which we send you will be in English. All documents provided to us must be in English and if translated to English the said document must be stamped and certified by an official translator. Any charges either directly or indirectly incurred as a result of translation will be the responsibility of the client.
    12. Governing Law and Jurisdiction. This agreement and any dispute or claim arising out of or in connection with it or its subject matter or formation (including non-contractual disputes or claims) shall be governed by and construed in accordance with the law of England and Wales. Each party irrevocably agrees that the courts of England and Wales shall have exclusive jurisdiction to settle any dispute or claim arising out of or in connection with this agreement or its subject matter or formation (including non-contractual disputes or claims).
  8. Changes to the Terms & Conditions
    1. WTUK have the right to amend these Terms & Conditions with a minimum of 30 days’ notice in writing to the Client.

Terms which apply when buying or selling currency

  1. Orders
    1. We will accept from you oral or written instructions (for the purchase and/or sale of currency (“Orders”).
    2. An Order may be made:
      1. During a telephone conversation where we offer you terms for a particular currency transfer and you verbally accept those terms;
      2. Where we offer you the terms for a particular currency transfer by email that email will be an indication of the rates available at the time we send the email. It is not a formal offer to sell/buy at that rate. If you wish to buy at that rate, then your email reply to us will be your formal offer to buy at the rate we have set out in our email. We may then accept that offer by sending you a second email and our sending that email will form the contract and we will be then and only then, be legally bound to provide the currency then or at a later date we have agreed on.
      3. In the case of an Order placed on our online platform when you click on the "Complete" button that appears once you have received an online quote.
    3. Once you have made an Order using one of the methods above at clause 1.2.1, 1.2.2 or 1.2.3, we will confirm your Order by sending an email to you setting out the details of that order. You should check carefully that all the details are correct and, in particular, note the appropriate bank details date or dates by which your funds must be transferred to us.
    4. We shall be entitled to act upon such Orders received from you, as well as any persons as you authorise ("Authorised Persons"). You must provide us with details of all Authorised Persons together with specimen signatures, and we will only be obliged to accept orders from Authorised Persons once, and from the point at which, we acknowledge in writing that we will accept Orders from the relevant Authorised Person. We may accept Orders orally or in writing whether from the Client or purporting to be from the Client and which we honestly believe have come from the Client.
  2. Changing your mind
    1. Once a contract has been formed, you have no right to cancel the Order as WTUK will have immediately committed to buy the currency to fulfil your order. If you do need to make changes, we will be able to limit the losses we suffer (for which you are liable) if you inform us of any changes to your Order as soon as possible.
    2. If you change your mind prior to the services being completed, you must contact us and advise of this as soon as possible. If we have accepted your order at the time you contact us, but you are yet to pay for the service, you will be liable for any costs incurred by us in processing and fulfilling your order.
    3. You do not have a right to change your mind in respect of our services once these have been completed. This means that once you have placed an Order with us and we have purchased the required currency you have requested, and you have paid the required funds to us, you do not have the right to change your mind.
  3. Capacity and warranties
    1. The law requires WTUK to know its clients. This means that WTUK must obtain proof that a Client is who he or she has stated he or she is.
    2. Accordingly, when a Client agrees to these Terms and makes any orders, the Client warrants (which means you make a binding contractual promise to us) that:
      1. it is acting as a principal and not as an agent or an intermediary for any third party and will not do so without WTUK’s prior written approval;
      2. it has full power, authority and legal capacity to enter into this Agreement and place an order in accordance with this Agreement;
      3. all information supplied to WTUK in its application form, any orders and any correspondence with WTUK, including its address and personal details, is true and accurate in all material respects, that it has not withheld any information which would render the information supplied to be false or inaccurate in any material respect and that it will inform WTUK in any changes to that information;
      4. it will place Orders for non-Speculative Purposes and with genuine reasons for requiring an exchange of currency (other than for investment purposes);
      5. all Orders which are not spot transactions are entered into as a means to facilitate payment for identifiable goods, services or direct investment;
      6. it will provide to WTUK on request such information regarding its financial and business affairs as WTUK may reasonably require including any obligations relating to the Money Laundering Regulations 2017;
      7. all sums paid by it to WTUK belong to the client, have not been obtained by illegal means, are in no way tainted by criminal activity and are not subject to any charge, encumbrance or other security.
    3. If the Client fails to honour any of the warranties in clause 3.2, WTUK may at its sole discretion, immediately or at a later time, either suspend providing its services to the client or terminate the relationship entirely which may include not fulfilling any outstanding orders.
  4. Margin
    1. WTUK may require the Client to make an immediate advance payment to WTUK in respect of certain Orders including forward trades WTUK may agree to accept from the Client from time to time (which is called the “Margin" for the rest of this document). This is to provide WTUK with security in respect of the risk it is incurring on the order prior to the Client making payment.
    2. If it is not paid in advance the Margin will be paid in accordance with clause 5.
    3. If it is paid in advance the Margin will be held by WTUK in trust for the Client in a designated or undesignated client account and until such time as the ownership of the Margin passes to WTUK the Client warrants that the Margin will be free from, and the Client shall not create over the Margin, any charge or other encumbrance.
    4. Ownership of the Margin will transfer automatically to WTUK when one of the following events happens: -
      1. (a) the date of settlement of the Order or, (b) in the event that the Order is closed out prior to the date of settlement of the Order on the instruction of the Client;
      2. at such time as WTUK incurs any costs, losses or liabilities or is exposed to any rise in currency exchange rates on behalf of the Client in respect of any Order, in which case a proportion of the Margin equal to WTUK's costs, losses and liabilities shall automatically become the property of WTUK;
      3. the Client becomes insolvent or unable to pay its debts, or has a bankruptcy, winding up or administration petition against it or the local equivalent presented to a court;
      4. the Client is not able to comply with or is in breach of any of the Terms.
    5. If the market moves unfavourably WTUK may require the Client to provide a greater Margin to reflect the increased risk (the "Margin Call"). In the event of a Margin Call being made the Client shall pay all monies required pursuant to the Margin Call in accordance with clause 5 to WTUK within 24 hours of WTUK first communicating the Margin Call to the Client. The Client's failure to do so will be a fundamental breach of these Terms and will entitle WTUK to immediately and without notice to the Client cancel the order without liability.
  5. Price and payment
    1. WTUK will only accept payments made to it from a bank account bearing the Client’s name and not from any third party, unless specifically agreed in advance. We will not accept payments in cash.
    2. We will pass on changes in the rate of VAT. If the rate of VAT changes between your order date and the date we supply the product, we will adjust the rate of VAT that you pay, unless you have already paid for the product in full before the change in the rate of VAT takes effect.
    3. All payments due from the Client to WTUK under these Terms shall be made in full without any set-off, counter-claim, deduction or withholding whatsoever.
    4. WTUK has the right to deduct from any payments due to be made to, or on behalf of the Client, such amounts as WTUK may be required by law to deduct or may be charged to WTUK in respect of transfer or other charges.
    5. WTUK have the right to set-off against any Client monies held by WTUK any amounts owed by the Clients to WTUK in respect of any order.
    6. All monies paid to us which belong to you and not us will be held in an undesignated or designated client account until otherwise applied according to your instructions or these Terms. Payments held in the undesignated or designated client account shall be separately identifiable from WTUK’s own funds.
    7. If you do not pay for any currency you purchase by the date due for payment, we will attempt to contact you to ask you whether you would like to keep your position open. If you do not pay by the date due for payment, we may close your position or, in our discretion, keep your position open for such time as we decide. If we keep your position open, you will have to pay us and associated costs or any additional charges as passed by correspondent banks as described in clause for keeping your position open until such time as we close your position.
    8. WTUK can charge interest if you pay late. If you do not make any payment to us by the due date set out in the email confirmation of your order, we may charge interest to you on the overdue amount at the rate of 2% a year above the base lending rate of Bank of England from time to time. This interest shall accrue on a daily basis from the due date until the date of actual payment of the overdue amount, whether before or after judgment. You must pay us the required interest together with any overdue amount (including any costs or charges as described in clause 5.7).
  6. Termination for Individual Clients
    1. WTUK will have the right to terminate this Agreement and not fulfil any Order without prior notice or further liability to the Individual Client upon or at any time after the happening of any of the following events:
      1. the Individual Client fails to make any payment for an order when due and in accordance with this Agreement;
      2. the Individual Client breaches any of the terms of this Agreement or fails to comply with its obligations to WTUK in respect of any order;
      3. it becomes or may become unlawful for WTUK to maintain or give effect to all or any of the obligations under this Agreement or otherwise to carry on its business;
      4. if WTUK or the Individual Client are requested to not fulfil an order (or any part thereof) by any regulatory authority whether or not the request is legally binding.
    2. WTUK may retain all or any of the monies transferred to it by the Individual Client if it is required to do so by law and then deal with the money as ordered by a court or other body of competent jurisdiction.
  7. Termination for Business Clients
    1. WTUK shall have the right to close out all or part of any Orders from the market without prior notice or further liability to the Business Client upon or at any time after the happening of any of the following events:
      1. the Business Client shall fail to make any payment for an Order when due and in accordance with this Agreement;
      2. the Business Client breaches any of the terms of this Agreement or fails to comply with its obligations to WTUK in respect of any Order;
      3. it becomes or may become unlawful for WTUK to maintain or give effect to all or any of the obligations under this Agreement or otherwise to carry on its business or if WTUK or the Business Client are requested to close out an Order (or any part thereof) by any regulatory authority whether or not the request is legally binding.
      4. an Event of Insolvency or any other similar or analogous event occurs under the laws of any applicable jurisdiction or if the Business Client ceases or threatens to cease to carry on all or part of its business;
      5. any of the events specified above or anything analogous thereto occurs under the laws of any applicable jurisdiction; or
      6. WTUK at its absolute discretion considers it necessary or desirable to do so for its own protection provided that WTUK shall immediately inform the Business Client if it has closed out all or part of any Orders pursuant to this clause.
    2. If the Business Client becomes aware of the occurrence of any event referred to in clause 7.1, it shall give WTUK notice of such event forthwith.
    3. WTUK may retain all or any of the Business Client's monies if it is required to do so by law and then deal with the money as ordered by a court or other body of competent jurisdiction.
  8. Our responsibility for loss or damage suffered by Individual Clients
    1. We are responsible to Individual Clients for foreseeable loss and damage caused by us. If we fail to comply with these terms, we are responsible for loss or damage Individual Clients suffer that is a foreseeable result of our breaking this contract or our failing to use reasonable care and skill but we are not responsible for any loss or damage that is not foreseeable. Loss or damage is foreseeable if either it is obvious that it will happen or if, at the time the contract was made, both we and the Individual Client knew it might happen.
    2. Individual Clients are liable to us in the same way and for the same losses as are set out in 8.1 above.
    3. WTUK will not be liable for any liability arising out of this agreement or any order made in pursuance of this agreement by reason of any cause except where it is due to the negligence or breach of contract of WTUK.
    4. WTUK will not be liable for any loss or damage suffered as a result of any delay in payment attributable to the late arrival of monies in our client account to settle Orders. It is the Individual Client’s responsibility to ensure that required monies are received by our designated bank on or before the date and time set out in the Individual Client’s order confirmation email. This is essential to ensure the contract between us can be completed.
    5. Individual Clients should allow at least one full Business Day to transfer monies to our designated account for the settlement of Orders as monies often take a full day and can take more. Individual Clients should make all necessary enquiries to ensure that the money arrives in our account on time as we will not be able to complete the transaction on time and may not be able to sell at the rates we have offered Individual Clients.
    6. WTUK will not be liable for any costs or losses incurred by Individual Clients in relation to buying and selling currency as a result of any other events outside its control. If our performance of the services is affected by an event outside our control, then we will let you know as soon as possible and we will take steps to minimise the effect of the delay. However, we will not be liable for any costs arising from any delays caused by the event. If there is a risk of substantial delay Individual Clients may contact us to cancel their Order and receive a refund for any services you have paid for but not received. An event outside our control means any event beyond our reasonable control.
    7. WTUK do not exclude or limit in any way its liability to Individual Clients where it would be unlawful to do so. This includes liability for death or personal injury caused by our negligence or the negligence of our employees, agents or subcontractors; for fraud or fraudulent misrepresentation or for breach of your legal rights in relation to our services.
    8. If Individual Clients give us incomplete or incorrect information or fail to give us the information we need after we have requested it and, as a result, we are not able to supply the currency on time or at all, then we will not be liable for any losses that you incur as a consequence.
    9. We are not liable to Individual Clients for business losses. We only provide our services for domestic and private use. If Individual Clients use our services for any commercial, business or re-sale purpose we will have no liability to Individual Clients for any loss of profit, loss of business, business interruption or loss of business opportunity.
  9. WTUK's Liability to Business Clients
    1. In this clause and clause 10 "Liability" shall mean losses, costs (including legal costs) damages, expenses, taxes, duties, charges or any other liability whatsoever.
    2. WTUK shall not be liable to Business Clients for Liability arising out of this Agreement or any Order made in pursuance of this Agreement by reason of any cause except where it is due to the negligence or breach of contract of WTUK.
    3. In any event WTUK will only be liable for direct losses and WTUK expressly excludes any liability for consequential loss (including loss of profits) or damage.
    4. In addition, WTUK's liability to Business Clients under these Terms shall not exceed £10,000 in respect of any one claim or in aggregate.
    5. Nothing in this agreement shall limit or exclude the liability of either party:
      1. for death or personal injury resulting from negligence; or
      2. for fraud or fraudulent misrepresentation; or
      3. for breach of the condition as to title or the warranty as to quiet possession implied by law. WTUK excludes all liability other than that accepted in this clause 9 to the fullest extent permitted by law and, without prejudice to the generality of the foregoing, WTUK accepts no responsibility for any delay or the fault or failure of any third party involved in the transmission, provision or delivery of any Order.
  10. Business Clients Liability to WTUK
    1. The Business Client shall indemnify and keep WTUK indemnified on demand against all Liabilities incurred by WTUK in the proper performance of its services or the enforcement of its rights hereunder and, in particular, without prejudice to the generality of such indemnity, against all amounts which WTUK may certify to be necessary to compensate it for all Liability sustained or incurred by WTUK (including but not limited to WTUK 's loss of profits) as a result of:
      1. any default in payment by the Business Client or any sum under this Agreement or any Order when due or any other breach by the Business Client of this Agreement;
      2. WTUK doing and taking all and any action and steps whatsoever to carry out the terms of any Business Client instructions whether oral or written from or purporting to be from Authorised Persons for such purpose pursuant to and in accordance with clause 1.4; or
      3. WTUK exercising its right under these Terms to terminate all or any part of any Order.
    2. WTUK may charge the Business Client interest daily on any amounts owing to WTUK (including any rollover charges and associated costs or any additional charges as passed by correspondent banks as described in clause 5.7 of the section headed “Terms which apply when buying or selling currency”) at the rate of 4 per cent per annum above the Bank of England base rate from time to time in force compounded daily from the due date until payment.
    3. In the event of a default in payment by the Business Client WTUK may without notice to the Business Client combine, consolidate or merge all or any of the Liabilities of the Business Client and may set-off or transfer any sums from time to time owed to the Business Client in or towards the satisfaction of any of the Liabilities of the Business Client and notwithstanding that the Liabilities may not be expressed in the same currency WTUK is authorised to effect any necessary currency conversions at the rates then prevailing.
  11. Documentation
    1. WTUK will provide the Client with a document confirming the details of each Order which shall, whether sent by fax, post or email be conclusive evidence of the contract formed between the parties.
    2. Unless the Client notifies WTUK of any error or omission within the earlier of two Business Days of receipt of any documents issued by WTUK to the Client or the date of settlement of the Order, the Client shall be deemed to have agreed and accepted the contents of such documents and shall not thereafter be entitled to dispute the content of any such document which shall, in the absence of any obvious error, be conclusive evidence of the matters stated therein. The Client will contact WTUK if it has not received a document confirming the details of an Order within 48 hours of proposing the Order.
    3. Where the Client specifies a date for settlement of the Order which occurs less than two Business Days from the date of the Order, unless the Client notifies WTUK of any error or omission in any documents issued by WTUK to the Client at the point at which such documents are received by the Client, the Client shall be deemed to have agreed and accepted the contents of such documents and shall not thereafter be entitled to dispute the contract of any such document which shall, in the absence of any obvious error, be conclusive evidence of the matters stated therein.
    4. Documents may be sent by fax, email or post and proof of posting or dispatch or any document or other communications shall be deemed to be proof of receipt (a) in the case of fax or email the day of despatch or if not a Business Day the next Business Day thereafter, and (b) in the case of delivery by first class post 48 hours from the date of posting.

Terms which apply to payment services and our compliance with the Payment Services Regulations

The Terms set out in this section (Payment Terms) apply in relation to any money transfer which you instruct us to make to a third party using the currency which you have bought after an Order is completed (Payment Transaction).

We will provide you with a further copy of these Payment Terms on request.

  1. Instructions to make a Payment Transaction
    1. You can give us instructions to make a Payment Transaction in the following ways:
      1. by telephone;
      2. by email;
      3. through our online platform; or
      4. electronically communicated.
    2. When you give us instructions to make a Payment Transaction, you must give us the security information we request.
    3. In order for us to make a Payment Transaction, if you are making:
      1. a payment in the United Kingdom, you need to give us the recipient’s sort code and account number;
      2. a payment internationally, the recipient’s SWIFT Bank Identifier Code (BIC) or international bank account number (IBAN) or both;
      3. any additional information we may request relating to the beneficiary including name, address and date of birth for compliance purposes.
    4. You must make sure you give us the correct details required under paragraph 1.3 of these Payment Terms. If you do not, your Payment Transaction will not reach the intended recipient even if you have the recipient’s name correct and we will not be liable to you under paragraph 6.4.
    5. By giving us instructions in one of the ways set out in paragraph 1.1 of these Payment Terms and security information we request as set out in paragraph 1.2, you will be treated as having authorised us to make the Payment Transaction.
    6. We will treat any instruction that you give us to make a Payment Transaction as received on the later of:
      1. the date you give us the instruction;
      2. the date of settlement of any Order for the purchase of currency that will be used to make the Payment Transaction; and
      3. the date on which the Payment Transaction is to be made,
      provided that if any instruction would be received on a date which is not a Business Day, or after 5pm on a Business Day, we will treat it as received on the next Business Day.
    7. We will adhere to this to the best of our ability however will not be liable for the failure to make a Payment Transaction in unforeseeable circumstances beyond our control.
    8. You can withdraw your authorisation to make any Payment Transaction by notifying us before the end of the Business Day prior to the date on which the Payment Transaction is to be made. If we have accepted your order at the time you contact us but you are yet to pay for the service, you will be liable for any costs incurred by us in processing and fulfilling your order.
  2. Refusal of instruction to make a Payment Transaction
    1. We may refuse to make a Payment Transaction where you have not complied with this Agreement or where making the Payment Transaction would be unlawful or for any other valid reason.
    2. Where we refuse to make a Payment Transaction, we will tell you as soon as possible by email, telephone, through our online platform or any other contact details you have provided to us unless it is unlawful for us to do so. If possible, we will also tell you the reasons for our refusal to make a Payment Transaction and, where the reasons relate to factual matters, the procedure for rectifying any factual matters that led to the refusal.
    3. We may suspend your ability to make Payment Transactions on reasonable grounds relating to:
      1. security of your security details; or
      2. the suspected fraudulent or unauthorised use of your security details.
    4. Unless it would compromise reasonable security measures, or it would be unlawful, we will inform you by email, telephone, through our online platform or any other contact details you have provided to us of any suspension of your ability to make Payment Transactions and our reasons for doing so. Where we are unable to tell you beforehand, we will tell you immediately afterwards unless it would compromise reasonable security measures or it would be unlawful.
  3. Charges
    1. We do not charge for the Payment Transaction itself.
  4. Execution times for Payment Transaction
    1. Where you ask us to make a Payment Transaction:
      1. in euro, to an account in the EEA; or
      2. in pounds sterling, to an account in the United Kingdom,
      we will ensure that the amount of the Payment Transaction is sent from our account to the account instructed by the end of the Business Day following the date on which your instruction is treated as received in accordance with paragraph 1.6.
    2. Where you ask us to make a Payment Transaction in an EEA currency to an account in the EEA which does not fall within paragraph 4.1, we will ensure that the amount of the Payment Transaction is sent from our account to the account to the account instructed by the end of the fourth Business Day following the date on which your instruction is treated as received in accordance with paragraph 1.6.
    3. If there is an issue with your Payment Transaction for circumstances beyond our control or we need further information regarding the transaction, we will let you know as soon as possible to avoid delaying your Payment Transaction.
  5. Information

    Information before making a Payment Transaction

    1. Where you instruct us to make a Payment Transaction, we will provide the following details to you on request before making the Payment Transaction:
      1. the maximum execution time for making a payment transaction, unless the Payment Transaction is made in a non-EEA currency or the account to which the Payment Transaction is to be made is outside the EEA;
    2. Information when making a Payment Transaction

    3. When making a Payment Transaction, we will provide you with a contract note (trade confirmation) setting out:
      1. a reference to enable you to identify the Payment Transaction;
      2. the amount and currency of the Payment Transaction;
      3. the date of the Payment Transaction;
      4. the date which your funds need to be in our accounts to process the Payment Transaction.
    4. Information after making a Payment Transactions

    5. After making a Payment Transaction, we will provide you with a remittance receipt setting out:
      1. a reference to enable you to identify the Payment Transaction;
      2. an estimated time frame of when the Payment Transaction will be complete;
      3. the recipient’s details of which the Payment Transaction will be sent to.
    6. We may charge you a fee for providing you with a duplicate copy of any contract note which reasonably corresponds to our costs.
  6. Unauthorised or incorrectly executed Payment Transactions
    1. We are liable to you for the correct execution of a Payment Transaction which you instruct us to make to an account in the EEA unless we can demonstrate that the recipient’s bank or payment service provider received the amount of the Payment Transaction in accordance with the execution times set out in paragraph 3.
    2. Where the bank account details for the recipient of a Payment Transaction which you give us in accordance with paragraph 1.3 are incorrect, and we make a Payment Transaction in accordance with your instructions, we will be treated as executing the Payment Transaction correctly. This means that we will not be liable to refund the amount of the Payment Transaction in accordance with paragraph 6.4. However, we will make reasonable efforts to recover the funds involved in the Payment Transaction and may make a charge for this which corresponds to our actual costs of seeking to recover the funds involved.
    3. If we are unable to recover the funds involved in a Payment Transaction where you have given us incorrect bank details in accordance with paragraph 1.3 we will, on written request, provide you all available relevant information for you claim repayment of the funds.
    4. Where we do not correctly execute a Payment Transaction which you instruct us to make to an account in the EEA, we will refund the amount of the non-executed or defective Payment Transaction following an appropriate investigation completed within a reasonable time frame. We will also be liable to you for any charges for which you for which you are responsible or any interest which you must pay as a result of the non-execution or defective execution or late execution of the Payment Transaction. We will need to have evidence of these charges to refund you the costs.
    5. You must tell us about any Payment Transaction which you have not authorised in accordance with paragraph 1.1 or which we have incorrectly executed without undue delay and, in any case, no later than 13 months after the date of the Payment Transaction.
    6. Where we have executed a Payment Transaction which you have not authorised in accordance with paragraph 1.1, we will refund the amount of the unauthorised Payment Transaction unless:
      1. you have acted fraudulently; or
      2. you have deliberately failed to keep your security details safe in accordance with paragraph 7 or have been grossly negligent in keeping your security details safe.
  7. Keeping your security details safe
    1. You should not choose security details which are easy to guess, or which other people might know. You must keep your security details safe and should not disclose these to anyone or write them down in a way in which someone else can find out what they are.
    2. You must tell us without undue delay by telephoning us on 0115 941 5959 or emailing us at support@whitesgroup.com if you have lost your security information or if you believe that someone else knows or has used your security information.
    3. In the event of suspected or actual fraud or security threats, we will use SMS, telephone, post or another secure method to contact you. We will ask to verify your identity for security purposes.
  8. Termination and variation of Payment Terms and Charges
    1. We will give you at least two months’ notice of any termination of the Payment Terms or any change to the Payment Terms.
    2. You will be treated as accepting any change that we make to the Payment Terms unless you tell us that you do not agree to the change, in which case you have the right to terminate the Payment Terms without charge by giving us notice at any time before the change comes into effect.
    3. You may terminate the Payment Terms without charge by giving us notice at any time.
  9. Events beyond our control
    1. We will not be responsible for any failure to make a Payment Transaction in accordance with these Payment Terms where:
      1. our failure is due to abnormal and unforeseeable circumstances beyond our control, the consequences of which would have been unavoidable despite all efforts to the contrary; or
      2. our failure is due to our obligations under applicable law in the United Kingdom or the EEA.