Terms & Conditions
Updated; 14 January 2016. This agreement is a contract between you and Khyber Exchange and applies to your use of the Khyber Exchange services (the “services”). By registering for the services, you must read, agree with and accept all of the terms and conditions contained in this Agreement. This agreement is provided to you and concluded in English. You agree that any use by you of the Services shall constitute your acceptance of the Agreement and we recommend that you store or print-off a copy of the Agreement (including all policies) for your records. Please read this Agreement carefully and make sure that you understand it fully before using the Services. Please note that if you do not accept this Agreement, you will not be able to use the Services.
1.1.This document tells you the terms and conditions upon which we deal with making foreign currency payments internationally(the Services) listed on www.khyberexchange.co.uk (the Website) and that our Website is intended for use by customers resident in England, Wales, Scotland and Northern Ireland (the United Kingdom), the EU and internationally. Please note that in these Terms and Conditions use of the term “services” includes, without limitation.
1.2 Before confirming your order please:
1.2.1. Read through these terms and conditions.
1.2.2. Print a copy of the reference number for future reference.
1.3. By ordering any of the Services listed within the Khyber Exchange Website, you agree to be legally bound by these Conditions. You will be unable to proceeds with any of our Services if you do not accept these terms.
2. About us
2.1. This website is owned and operated by Khyber Exchange (we/us/our), a private limited company registered in England and Wales under the company number: 06832517 with our office registered at 31 Plashet Grove, London E6 1AD.
2.2. Khyber Exchange is regulated by, Her Majesty’s Revenue and Customs (HMRC) and the Financial Conduct Authority (FCA), a regulatory professional body for the purpose of regulating our Payment Services activities in accordance with the Payment Services Regulations. We can be identified on the FCA Register by our registration number (584039). You can find out more at https://register.fca.org.uk/ShPo_FirmDetailsPage?id=001b000000NMZGTAA5. You can also find out the professional conduct rules and regulations at http://www.fca.gov.uk.
3.1. We will always contact you by email or provide you with information by posts on our website, Facebook and Twitter as a way of communicating to your.
3.2. You also agree that emails can be used as a long distance means of communication and acknowledge that all contracts, notices, information and other communication that we provide you electronically comply with any legal requirements which would require for the interaction to be in writing.
4. Registering with Khyber Exchange.
4.1. You are required to register in our online portal in order to be able to transfer money with us.
4.2. When registering with for online transfers you must choose a username and password. You are solely responsible for all the username and password you choose.
4.3. By registering on the website you under take:
4.3.1. That all details you provide to us for the purpose of registration and purchasing using our services are true, up-to-date and accurate in all respects.
4.3.2. You must notify us immediately of any changes of information provided on registration or to your personal information i.e. name, address.
4.3.3. You are over 18 and if under 18 you have a permission from either a parent or guardian in order to be able to use the services provided by Khyber Exchange with and under their supervision.
4.3.4. To only use the Website using your own username and password.
4.3.5. You must not disclose your password and user name to anyone.
4.3.6. You must change your password immediately if it is compromised.
4.3.7. You must not transfer money on behalf of anyone else than you, nor to give them your user name or password.
4.3.8. You must provide us accurate and complete truthful details for (i) the money remittance transaction you request to remit, (ii) they payee or beneficiary’s accurate and complete details, including name, address, bank account and another relative information concerning the payee or beneficiary.
4.3.9. You must not use our services to commit fraud, money laundering, financial crime or financing terrorism or any other criminal activities. If such activates raises suspicion then you must expressly agree that we have the right to immediately cancel all transactions requested and suspend your account without notice to you We will report it to the appropriate policing or regulatory authority in cases where we detect any crimes being committed by you, the payee or beneficiary or any other third party on your behalf.
4.4. We reserve the right to terminate your account with Khyber Exchange without notice to you if:
4.4.1. You breach these conditions (Repeatedly or otherwise)
4.4.2. You are committing identity theft by impersonating any other person or entity.
4.4.3. If you fail to provide us details we have requested in order to determine the accuracy and validity o any information supplied by you (all within a reasonable time period).
4.4.4 We suspect that you have engaged in any sort of criminal activity or about to, or have in anyway been involved in fraudulent or illegal activity the website; we have the right to terminate your account and report you to the relevant authority.
5.1. To be eligible to use our services on the website you must:
5.1.1. Must be 18 years of age or over.
5.1.2. Be able to provide details of an address in the United Kingdom or within Europe or your local country address.
5.1.3. If you do not qualify for the use of our website then you must not create an account under false information.
5.1.4. Valid Photo identification (Passport or Driving License) Coloured and Clearly readable scan - Visa scan is required along with it if you have a non-British passport)
5.1.5. Identification requirements for Online Payment:
5.1.6. Address Verification (any valid utility bill / bank statement or council tax bill (last 3 months bill.)
5.1.7. Khyber Exchange may refuse creating duplicate accounts for the same user due to security and client identification requirements. Khyber Exchange reserves the right to refuse the creation of duplicate accounts for the same user due to security and client identification requirements. In a case where duplicate accounts are detected, Khyber Exchange reserves the right to close or merge these duplicate accounts without notification.
6. Your Privacy.
7. Exchange Rates
7.1. Khyber Exchange makes reasonable efforts to match transactions at exchange rates aligned to the mid-market rate at the global currency markets. Khyber Exchange is not liable in any way if the target currency after the exchange is less than anticipated as a result of changes in the global currency markets.
7.2. Unless the exchange rate is locked-in pursuant to the section 3.2.3 below, Khyber Exchange converts your transaction amount (or any proportion thereof) by matching it with a number of different counterparties. Every such match is conducted at the mid-market rate at the time of the relevant match. The final effective rate (the “Effective Rate”) for your transaction is then a weighted average of the rates across all applied matches. Khyber Exchange does not take any margin or spread on the exchange rate, hence there are no buy and sell rates. The rate that you get is exactly the same rate as your counterparty.
7.3. We may specify the exchange rate applicable to your transaction at the time you initiate your payment. This exchange rate will be locked-in (the “Locked-In Exchange Rate”) for a period which we show you in the payment flow and that period may vary for different currencies (the “Specified Period”). We will convert the transaction amount at the Locked-In Exchange Rate provided that the transaction amount reaches our relevant bank account within the Specified Period. Unless you cancel your transaction through our website before the transaction amount is converted, we will convert your transaction amount using the Locked-In Exchange Rate even if the mid-market rate at the time of the conversion would be better or worse for you than the Locked-In Exchange rate. In the event that the transaction amount reaches our bank account after the Specified Period, then the Locked-In Exchange Rate will no longer apply. We will instead apply the Effective Rate in order to convert the transaction amount in accordance with the provisions set out in section 3.2.2 above.
7.4. In order to protect you from negative volatility in the global foreign exchange markets, Khyber Exchange automatically applies a 3% rate limit (the “Automatic Rate Limit”) to all transactions in any currency other than the currencies where we lock the rate according to the section 3.2.3 above. This means that in the event that the conversion rate moves negatively against you beyond the Automatic Rate Limit, then Khyber Exchange will temporarily stop any further conversions until market conditions improve. We will notify you should the situation not improve for more than 24 hours. You may manually adjust this rate limit to below 3% (e.g. 2%, 1% or 0.5% etc) by logging into your Khyber Exchange account. Khyber Exchange will always pass on any improvements in exchange rates. Any rate limits will only apply to limit negative rate movements.
8.1. Every new payment submitted on the Khyber Exchange website will be inactive until we have received a valid deposit. You need to pre-pay the deposit to Khyber Exchange in the following way: Transfer the full invoiced amount in source currency on the Khyber Exchange clearing bank account by bank transfer (see "Bank Transfers" section). If it is a Fixed Target payment order, then the invoiced value equals the required source currency if exchanged at your specified Limit Rate. The excess deposit, which is the difference between the invoiced value (your paid deposit) and the effective source currency requirement, is refunded to your specified source currency account after your order is matched.
If for any reason your transaction is cancelled or refused, then Khyber Exchange will promptly return the deposit to the sender’s original source of funds. In the event that we are unable to return the deposit (e.g. if the bank account details provided are incorrect), then Khyber Exchange will promptly contact you using the most up-to-date contact information provided to us by you on your Khyber Exchange account.
9. Payment Limits.
9.1. The upper transaction limit for payments is 100000 GBP or equivalent. The maximum amount of currency accepted for exchange varies dynamically based on market conditions. There is no lower limit.
10. Cancelations of Transactions
10.1 Khyber Exchange may refuse the payment order if we cannot match the user's name and address as provided to Khyber Exchange to your bank account or credit card details. In this case, you may be liable for an administration charge, which will be deducted from your deposit.
10.2. You may cancel your transaction at any time before the transaction gets paid to the beneficiary. However, there will be 15 pounds or 15 Euro cancellation charges applied. If the sending amount is more that 2000 pound or 2000 Euro then 1% cancellation charges will be applied.
10.3. You are responsible for ensuring the payment details you provide are accurate. Once payment instructions have been executed by Khyber Exchange, transactions cannot be reversed and Khyber Exchange will not be liable in any way for any loss you suffer as a result of a transaction being carried out in accordance with your instructions. In the unlikely event that you notice an error in either the payment sent or received as a result of using the Services, then you should immediately notify us at help@Khyberexchange.co.uk. If you become aware that you have received a payment over and above what you were expecting, you must immediately notify us of this so that arrangements can be made for you to immediately return any overpayment.
11.1. Transaction Fees- Khyber Exchange charges a fee on every payment; the minimum fee is 1 GBP/EUR. Fees relating to the payment are visible to the user before submitting the payment. We may increase or decrease transaction fee on daily bases or transactions wise. All transactions to Pakistan are free of charge if transaction value is more than £135.00
11.2. Administration charges may only incur when our settlement banks or the receiving bank refuse your transaction due to incorrect payment details, their regulatory requirements or any other valid reason. Any administrative charges from the settlement banks or the receiving banks will be deducted from your payment amount. In addition, Khyber Exchange admin charges may specifically apply in the following scenarios:
from EUR from GBP
Invalid recipient account details 8.00 EUR 8.00 GBP
Refused payment (see Section 3.6) 8.00 EUR 8.00 GBP
12. General Terms
12.1. Third Party Services - You acknowledge and agree that Khyber Exchange may engage third party partners and providers in order to deliver you the Services. By using our Services, you agree to be bound by any user agreements established by any third party partners and providers that Khyber Exchange engages with. This is in addition to the Terms and Conditions set out in this Agreement. By accepting and agreeing to the partner’s terms and conditions you expressly acknowledge that Khyber Exchange acts as an agent of the partner and that Khyber Exchange shall have no liability for the actions or omissions of the third party partner.
12.2. Outside Of Our Control
If we are unable to perform our obligations under this Agreement because of factors beyond our control, including a change of law, an event of Force Majeure, withdrawal of a currency or the imposition of sanctions against a country or beneficiary, we will notify you as soon as is reasonably practicable and will use reasonable endeavours to secure the return of any money paid by you in respect of which we have been unable to discharge our obligations under this Agreement. We will not have any liability to you where we are unable to perform our obligations.
12.3. Complaints Procedure
we are committed to providing you with the highest standards of service. If you feel we have not achieved that, you can find information about our complaints procedure here.
12.4. Entire Agreement - and any document expressly referred to in it constitute the whole agreement between us and supersede any previous discussions, correspondence, arrangements or understandings between us.
12.5. Law And Jurisdiction - The provision of the Service and any dispute or claim arising out of the provision of the Service is governed by English law. Any dispute or claim arising out of or in connection with the Service will be subject to the non-exclusive jurisdiction of the courts of England and Wales.
13. Customer Complaints Procedure
13. Customer Complaints Procedure
At Khyber Exchange, we always aim to provide you with the highest standards of service – both through our product and our Customer Support team, who are always on hand to help with your inquiries. However, we do understand that there may be rare occasions where our service has not met your expectations.
If this is the case, we wish to extend our sincerest apologies to you that you feel we have let you down, and we will remain committed to righting the situation with you wherever possible.
This article contains details of our complaints procedure and your rights as a consumer. The procedure has been designed in line with the recommendations and requirements of our regulators at the Financial Conduct Authority (FCA) and the Financial Ombudsman Service (FOS).
Although you have the right to make a complaint orally, for the sake of a clear understanding of the issues at hand, we would always recommend that you submit your complaint by email to support@Khyberexchange.co.uk, clearly detailing your account membership number.
Please outline fully the nature of your dissatisfaction or complaint, and your email will be escalated to the correct individual or department. All of our Customer Support team receive training on recognizing, managing a complaint and are aware of our internal escalation procedure.
We will then:
• Send you written acknowledgment that your complaint has been received;
• Contact you further should we require any additional information regarding your case;
• Fully investigate your case and your concerns, followed by issuing a detailed response, including an explanation of our decisions, and reasons for our actions.
If you remain dissatisfied with our response, you have the right to forward your concerns to the Financial Ombudsman Service.
We always encourage you to allow us to undergo our Internal Complaints Procedure before referring your concerns to the Financial Ombudsman.
The Financial Ombudsman can be contacted at:
The Financial Ombudsman Service (UK).