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Caxton Terms and Conditions

These terms and conditions apply to Your prepaid Card. You should read them carefully before accepting them. You accept them by ticking the box “[I confirm that I have read, understood and agree to the Caxton FX Limited ("CFX") prepaid Currency Card terms and conditions]” as part of Your online registration. In these terms and conditions "You" or "Your" means the named Cardholder and the authorised user of the Card. "We", "Us" or "Our" means Valitor Payment Services Limited or the Programme Manager, as the context may require.

1. Contact details

Your Card can be managed online at www.caxtonfx.com. You may report Your Card lost or stolen by calling 0333 123 1812 or +44 20 7201 0526.

If there is anything You do not understand or agree with please contact Us using Our Contact Details:

  • Telephone: 0333 123 1812 or +44 20 7201 0526 from outside the UK;
  • Mailing address: CaxtonFX Ltd 11th Floor Portland House, Bressenden Place, London SW1E 5BH; 
  • Email: [email protected].

You can download a copy of the Agreement at any time from Our Website. We will also send You an electronic copy of the Agreement by email upon Your request.

2. Definitions

In these terms and conditions (“Agreement”) the following words and expressions have the following meanings:

“Account” means the prepaid e-money account associated with a Card

“Account ID and Password” means a set of personal codes selected by the Cardholder to access their online Account associated with the Payment Services

“Additional Card” means any additional card associated with the Account and issued to a person (“Additional Cardholder”) at any time after the successful registration of the Account

“Agreement” means this Agreement of open-ended duration between You and Us incorporating these terms and conditions, as amended from time to time

“ATM” means an automated teller machine

“Authorised” means an act of authorising the payment transfer by using the Card together with (i) the PIN or with (ii) the CVV code and Expiry Date or with (iii) the signature of the Cardholder

“Available Balance” means the value of unspent funds loaded onto Your Account and available to use in a Card Currency

“Business Day” means a day other than a Saturday or Sunday on which banks are open for business in the UK

“Card” means any or all of the following, as the context suggests:  (1) a Primary Card, which is a personalised Mastercard consumer prepaid card provided by Us to You, (2) any Card provided by Us to You as a replacement for a Card

“Card Currency” means 1.GBP 2. EUR 3. USD 4. AUD 5. CAD 6. NZD 7.HKD 8. CHF 9.JPY 10.DKK 11.ZAR 12.PLN 13.SEK 14.NOK 15.HUF

“Cardholder” means Primary Cardholder and/or Additional Cardholder, as the context may require

“Cardholder Services” means [email protected] or 0333 123 1812 or +44 20 7201 0526

“Card Not Present” means a contract (subject to exceptions) concerning goods or services concluded between a supplier and a consumer under an organised distance sales or service provision scheme run by the supplier who, for the purpose of the contract, makes exclusive use of one or more means of distance communication up to and including the moment at which the contract is concluded.  Where “distance communication” is any communication by which, without the simultaneous physical presence of the supplier and the consumer, may be used for the conclusion of a contract between those parties

“EEA” means European Economic Area

“e-money” means electronic money as defined under section 2(1) of the Electronic Money Regulations 2011 (as amended from time to time)

“Expiry Date” means the expiry date printed on the Card

“Fees & Limits Schedule” means the schedule contained herein

“Fee” means any fee payable by the Cardholder, as referenced in the Fees & Limits Schedule

“Issuer” means Valitor Payment Services Limited

“KYC” means Know Your Customer, which stands for requirements for knowledge of and information on customers of regulated entities or for regulated activities in order to comply with anti-money laundering and counter-terrorist financing law

“Limitation Period” means the period of twenty (20) years following the termination of the Agreement

“Merchant” means a retailer or any other person that accepts payment via the System

“Payment Order” means the Merchant’s payment service provider’s instructions to Us to execute a Transaction following Your authorisation of the Transaction

“Payment Services” means all payment and e-money services and any related services available to the Cardholder through the use of the Account and/or Card

“PIN” means the personal identification number necessary to access the Payment Services

“Primary Card” means the first Card issued by Us to the Cardholder (“Primary Cardholder”) in response to registration of the Account where the Primary Cardholder has successfully applied for a Payment Service and has been issued with at least one Card by Us and who is the legally and financially responsible person for the Payment Services

“Programme Manager” means Caxton FX Limited, a company registered in England and Wales with number 4610337, of Portland House, Bressenden Place, London SW1E 5BH

“System” means Mastercard and its payment network

“Transaction” means realising: (i) a payment, or a purchase of goods or services from a Merchant where payment is made (in whole or in part) by use of the Payment Services, including where payment is made over the Internet, by phone or mail order or (ii) a cash withdrawal made from an ATM or bank using a Card plus any Transaction fees charged by Us in connection with Your cash withdrawal

“Wallet” means a designated currency account (relating to Your Card) to which You are able to load funds for the purpose of accessing Your e-money

"We", "Us" or "Our" means Valitor Payment Services Limited, a company registered in England and Wales with number 8053178 and/or the Programme Manager, as the context may require

“Website” means www.caxtonfx.com

“You” or “Your” means the named Cardholder and the authorised user of the Card

3. This Agreement

The Agreement governs the relationship between You and Us for the provision of the Payment Services by Us to You. This Agreement also contains important warnings and information that may affect Your rights and Your ability to recover Your money. You accept the Agreement by ticking the box “[I confirm that I have read, understood and agree to the Caxton FX Limited ("CFX") prepaid Currency Card terms and conditions]” as part of Your online registration. This Agreement does not give You any rights against the System, its affiliates or any third party. The Card remains the property of Valitor Payment Services Limited and is not transferable to anyone else.

4. Your Caxton Mastercard prepaid Card

You can use the Card at any location that displays the Mastercard acceptance mark, including online or on the telephone. The primary purpose of the card is for use overseas however, issuance of the Card is subject to that You are domiciled in the United Kingdom upon registration and initial issuance of your Caxton card. Any re-issue of cards can then be domiciled in the United Kingdom or the European Economic Area. In the event We determine you are no longer domiciled in the United Kingdom or European Economic Area, We may terminate the Card and/or suspend its use.

Where You have requested an Additional Card, You authorise Us to issue a Card and a PIN to the Additional Cardholder and You authorise each Additional Cardholder to authorise Transactions on Your behalf. Additional Cardholders must be 13 years of age or over.

Your Card is an e-money prepaid card, it is not a credit, charge or debit card. You will not earn any interest on any funds loaded on Your prepaid Card. As the Payment Services are prepaid payment services and not a credit or bank product, You must therefore ensure that You have a sufficient Available Balance to pay for each purchase, payment or cash withdrawal that You make using the Payment Services (including value added tax and any other taxes, charges and fees that are applicable). If for any reason a Transaction is processed and the Transaction amount exceeds the Available Balance, You must repay Us the amount of such excess immediately and We will be entitled to stop any existing or subsequent Transactions from proceeding.

5. Applying for and activating Your prepaid Card

To apply for the Card You must be at least 18 years old and a UK resident. We will require evidence of who You are and Your address for Our KYC procedures. We may ask You to provide some documentary evidence to prove this and/or we may carry out checks on You electronically. We do not charge a fee for the first Card being applied for but we may take an initial load of between £10 and £1,000, as requested by You in Your, application, which will be added to Your Available Balance when the card is generated.

Please refer to Our Website for all Card loading options, or refer to the "Loading Your prepaid Card" clause below. You will also need to set up Your online account before You can start using Your Card. To do this, please visit Our Website and follow the simple steps to set up Your account.

You must sign the signature strip on the back of the Card as soon as it is received.

6. Loading Your prepaid Card

Funds can be loaded to Your Card in a number of ways (Internet top up, phone top up, smartphone app), however, Your first load must be made online. Simply follow the instructions on the Website.

The minimum load value for both the initial load (Excluding deposit when applying) and subsequent reloads is the currency equivalent of £50. Your Card cannot be loaded more than twice in 24 hours. The aggregate Available Balance on Your Card can never exceed the currency equivalent of £12,000 at any time. We reserve the right to refuse to accept any particular loading Transaction.

Once loaded, funds will usually be available for use on the Card within minutes.

We reserve the right to suspend or terminate the right to load Your Card at any time without notice.

7. Service limits

Transactions may be restricted by Card type, individual usage patterns and payment risk profiles. For anti-money laundering and anti-fraud reasons We reserve Our right to change particular payment restrictions (including from those published or included herein) without notice and to the extent required to meet Our regulatory obligations. See further information on service limits on www.caxtonfx.com.

8. Use of the Payment Services

You will need access to the Internet in order to use the Payment Services. You can use the Payment Services up to the amount of the Available Balance for Transactions (i) via the Internet, (ii) at Merchants and (iii) to make cash withdrawals from ATMs. If the Available Balance is insufficient to pay for a Transaction, some Merchants will not permit You to combine use of a Card with other payment methods.

We will deduct the value of Your Transactions from the Available Balance on Your Card. We will also deduct any applicable fees as soon as they become payable based upon the Fees & Limits Schedule. A domestic ATM Transaction Fee is payable in respect of cash withdrawals made at domestic ATMs using Your Card. In addition, Your withdrawal may also be subject to any applicable fees, limits, rules and regulations of the relevant ATM operator or bank. It is Your responsibility to check whether any such additional fees apply, as they cannot be refunded once the cash has been withdrawn.

In order to protect You and Us from fraud, Merchants and ATM operators will seek electronic authorisation before processing any Transaction. If a Merchant or ATM operator is unable to get an electronic authorisation, they may not be able to authorise Your Transaction.

Like other payment card issuers, We cannot guarantee a Merchant, an ATM operator or a bank will accept Your Card. We may at any time suspend, restrict or terminate Your Card and/or Your Account, refuse to issue or replace a Card or refuse to authorise a Transaction for reasons relating to the following:

  • if We have reasonable grounds to believe that the security of Your Card has been compromised or suspect that Your Card is being used in an unauthorised or fraudulent manner;
  • if there are insufficient funds on Your Card at the time of the Transaction to cover the amount of the Transaction and any applicable fees;
  • if there is an outstanding Shortfall (as defined in clause 15) on the Card in accordance with clause 16;
  • if We have reasonable grounds to believe that You are acting in breach of this Agreement;
  • if We have reasonable grounds to believe that the Transaction is potentially suspicious or illegal (for example, if We believe that the Transaction is being made fraudulently) or because of errors, failures (whether mechanical or otherwise) or refusals by Merchants, payment processors or payment schemes processing Transactions, or
  • if We need to do so in order to comply with the law.

If We do this, We will inform You of the action taken and its reasons in advance or, if that is not possible, immediately after, unless to do so would compromise reasonable security measures or be otherwise unlawful. We will reactivate Your Account and/or Card and where appropriate issue You with a replacement Card if after further investigations we reasonably believe that the reasons for the action no longer apply.

The Primary Cardholder will remain responsible for the use of the Payment Services, and will continue to be regarded as the holder of any funds already or subsequently loaded on the Account.

Your ability to use or access the Payment Services may occasionally be interrupted, for example, if We need to carry out maintenance on Our systems. Please contact Cardholder Services via Our Website to notify Us of any problems You are experiencing using Your Card or Account and We will endeavour to resolve them.

9. Conditions of use at certain Merchants

In some circumstances We or Merchants may require You to have an Available Balance in excess of the Transaction amount. For example, at restaurants You may be required to have 15% more on Your Card than the value of the bill to allow for any gratuity or service charge added by the restaurant or You.

By way of example if You use Your Card at an automated fuel dispenser (“pay at the pump”), the Merchant may preauthorise the Transaction amount up to £100.00 or more.  If Your Card is declined, even though You have sufficient funds available, You should pay for Your purchase using Your Card inside with the cashier.  If You use Your Card at a hotel, for a car rental purchase, or for similar purchases, the Merchant may preauthorise the Transaction amount for the purchase amount plus up to 20% or more to ensure there are sufficient funds available to cover tips or incidental expenses incurred.  Any preauthorisation amount will place a “hold” on Your Available Balance until the Merchant sends Us the final payment amount of Your purchase.  Once the final payment amount is received, the preauthorisation amount on hold will be removed.  It may take up to thirty (30) days for the hold to be removed.  During the hold period, You will not have access to the preauthorised amount.

Some Merchants may not accept payment using Our Payment Services. It is Your responsibility to check the policy with each Merchant. We accept no liability if a Merchant refuses to accept payment using Our Payment Services.

Your card is a prepaid card and is not a credit card. As a result, you may not benefit from the same protections afforded to credit card users should you have a dispute with a merchant for non-delivery of goods or services.

10. Keeping Your Card secure and Your liability

You are responsible for Your Card, Account, PIN, Account ID and Password. Do not share Your Card or Account security details (PIN, Account ID and Password) with anyone.

You must take all reasonable steps to keep Your Account, PIN, Account ID and Password safe, and separate from Your Card or any record of Your Card number, and not disclose it to anyone else. This includes:

  • not keeping Your PIN with Your Card;
  • not storing the PIN on a device which is not password protected or on a device which is accessible to others;
  • never sharing Your PIN with anyone; 
  • when entering Your PIN, taking all reasonable steps to ensure it cannot be observed by others;
  • not entering Your PIN into any terminal that appears to be modified or suspicious, and
  • if You believe that anyone has gained unauthorised access to Your PIN, notifying Us without undue delay following the procedures in clause 17.

You may need a PIN in order to make payments at a Merchant and will need a PIN to make cash withdrawals (from an ATM or a bank) with the Card. The PIN can only be obtained by logging into Your account and using the PIN reveal facility.

If You forget Your PIN, the PIN can be obtained by logging into Your account and using the PIN reveal facility

The Primary Cardholder created or was given an Account ID and Password when activating the Primary Card. You will need this Account ID and Password to perform the following functions in relation to Your Payment Services online:

  • changing Your registered details;
  • checking the amount of Available Balance;
  • checking Transaction details;
  • reporting Your Card as lost or stolen;
  • changing Your Password.

The Payment Services may only be used by the Cardholder.

We recommend that You check the balance on Your Card regularly online on the Website. We will provide the Cardholder with the Available Balance and a statement of recent Transactions on the Account either by electronic means or on Our secure webpage at any time. We also recommend and instruct You to go thoroughly over all Your Transactions on a regular basis online on the Website.  Your statement will show:

  • information relating to the Merchant and the Transaction reference;
  • the amount of the Transaction shown in the currency in which the Transaction was debited to the Account;
  • the amount and breakdown of charges for the Transaction;
  • the exchange rate We used in the Transaction, if any, and the amount of the Transaction after the currency conversion, and
  • the date the Transaction was debited to the Account.

You will be liable for all losses, including any related fees and charges, for any unauthorised Transaction if We can show that You have (i) acted fraudulently or (ii) failed with intent or gross negligence to use and keep safe Your Card, PIN, Account ID and Password in accordance with this Agreement.

You will also be liable for all losses, including any related fees and charges, for any unauthorised or incorrectly executed Transaction if You fail to notify Us without undue delay on becoming aware of the Transaction, and in any event within thirteen (13) months of the Transaction debit date.

You will also be liable for any debit balance that may arise due to properly authorised transactions. Any debit balance that arises is repayable on demand.

In all other circumstances Your maximum liability will be as set out in this clause 10 and in clauses 17 and 19.

If You believe that someone else knows Your Account or Card security details, You should contact Us without undue delay.

Once any Card on Your Account has expired or if it is found after You have reported it as lost or stolen, You agree to destroy it by cutting it in two through the magnetic strip and chip.

You agree to indemnify and hold Us harmless from and against all reasonable costs of any legal action taken to successfully enforce this Agreement arising out of a material breach of any of the terms and conditions of this Agreement by You or by Your fraudulent conduct.

11. Authorising Transactions

Subject to the features of a particular Card, the authorisation of a Transaction can include authorising any single Transaction, a series of or recurring Transactions (including Transactions for an indefinite period) or pre-authorising future Transactions of a certain or uncertain amount. A Transaction will be regarded as Authorised by You where You:

  • authorise the Transaction at the point of sale by following the instructions provided by the Merchant to authorise the Transaction, which may include:
    • entering Your PIN or providing any other security code;
    • signing a sales voucher;
    • providing the Card details and/or providing any other details as requested; and/or
    • waving/swiping the Card over a card reader or inserting Your Card into a card reading device for the purpose of making a payment;
  • insert a Card and enter Your PIN to request a cash withdrawal at an ATM, or
  • make a request for a cash advance at a bank counter.

Once a Transaction is Authorised, it cannot be withdrawn or revoked unless both the Merchant and We agree to allow You to revoke it at Our discretion. However, the following Transactions may be withdrawn if You, or an Additional Cardholder, give notice to the Merchant and provide a copy of the notice to Us:

  • any Transaction which is agreed to take place on a date later than the date it was Authorised as long as the notice was provided no later than the close of business on the Business Day before it was due to take place; and
  • continuous payment debits as long as notice was provided no later than the close of business on the Business Day preceding the day agreed for the withdrawal.

Within the EEA We will ensure transfer of the payment to the payment service provider of the Merchant by the end of the next Business Day following the receipt of the Payment Order. If the payment service provider of the Merchant is located outside the EEA, We will effect payment as soon as possible. If We receive the Payment Order after 4:30 pm, it will be deemed received by Us on the following Business Day.

12. Communications regarding Your Account

You can check Your Available Balance and Transaction history at any time by logging onto Your online Account. The online service is free and You can subscribe to different forms of Card statements there. You can also check Your Available Balance and Transaction history by phoning 0333 123 1812 or +44 20 7201 0526, during normal business hours.

13. Cancelling the Card and terminating the Agreement

If You are the Cardholder and You wish to cancel the Payment Services or terminate this Agreement at any time, You must request cancellation or termination online by sending an email to [email protected] informing Us of Your wish to cancel or terminate and to claim a refund of Your Available Balance. You must email Us from the email address registered on the Account. Our Cardholder Services department will then suspend all further use of Your Payment Services.

Once We have received all the necessary information from You and We have completed and are satisfied with the outcome of applicable anti-money laundering, fraud and other illegal activity checks (including KYC) and once all Transactions and applicable fees and charges have been processed, we will refund the Cardholder any Available Balance less any fees and charges payable to Us, provided that We are not required to withhold Your Available Balance by law or regulation, or at the request of the police, a court or any regulatory authority.

If Your Card is cancelled and Your Account closed or if this Agreement is terminated by You, You must tell Us what You want Us to do with the Available Balance within three (3) months of the date of any such cancellation, closure or termination. We reserve the right not to return the Available Balance to You for up to ninety (90) Business Days from the date of any such cancellation, closure or termination to ensure that details of all Transactions have been received.

We can return the Available Balance to the loading source or Your bank account. Please note We will need to verify Your identity in order to satisfy anti-money laundering requirements before We return the Available Balance to You. If You do not contact Us within the three (3) months, the Available Balance may be returned to the loading source. If it is not possible to return the Available Balance to the loading source, We will hold it and You will be able to redeem it in accordance with clause 15.

Subject to clause 20 a Redemption Processing Fee will be charged (see clause 21 for the Fees and Limits Schedule) if You cancel the Card before its Expiry Date unless You have arranged to transfer any unused funds to another prepaid card managed by the Programme Manager, or You cancel Your Card within fourteen (14) days of receiving it.

If, following reimbursement of Your Available Balance, any further Transactions are found to have been made or charges or fees incurred using the Card or We receive a reversal of any prior Transaction, We will notify You of the amount and You must immediately repay Us such amount on demand as a debt.

14. Right to cancel (“Cooling-Off Period”)

You have a legal right to cancel Your Card free of charge up to fourteen (14) days after You receive it but subject to deduction of any reasonable costs, as permitted by law, incurred by Us in the performance of any part of the provision of Payment Services before You cancel - this fourteen (14) day period is known as the "Cooling-Off Period".

If You contact Us within this fourteen (14) day period and inform Us that You wish to withdraw from this Agreement, You must not use the Payment Services. We will then cancel the Payment Services and reimburse the amount of Available Balance on the Account to the Cardholder. However, We reserve the right to hold Available Balance for up to ninety (90) Business Days from receipt of Your instructions to ensure that details of all Transactions have been received. Whenever a currency other than a Card Currency is unloaded/removed from the Card before, during or after the fourteen (14) day Cooling-Off Period, it will be exchanged at the current buyback rate - not the rate at which the funds were initially loaded.

After the Cooling-Off Period You may only cancel the Payment Services as described in clause 13 above.

15. Expiry and redemption

Your Card has the Expiry Date printed on it, after which You may not use the Card. However, We will invite You to renew Your Card approximately one (1) month prior to the Expiry Date. You will be contacted by email at Your registered email address, where You will be required to re-confirm Your details and that You require a replacement Card. On issuing a replacement Card, the Available Balance held on Your previous Card will be automatically transferred to Your replacement Card with a new Expiry Date.

Subject to the paragraph above the Available Balance will no longer be usable following the Expiry Date of the Card and this Agreement will terminate. Notwithstanding any Expiry Date Your Available Balance is available for redemption by contacting Us at any time before the end of the Limitation Period. After the Limitation Period Your funds will no longer be redeemable. In the event that You make a request for redemption before the Expiry Date or after one year following the termination of the Agreement, a Redemption Processing Fee may be charged (see Fees & Limits Schedule) subject to clause 20.

We will have the right to set-off, transfer, or apply sums held in the Account or Cards in or towards the satisfaction of all or any liabilities and fees owed to Us by You that have not been paid or satisfied when due.

Authorisation will be requested for a Transaction at the time of the Transaction. In the unlikely event of a Transaction being completed, for any reason whatsoever, when there are insufficient funds on the Card for that Transaction ("Shortfall"), the Shortfall will be repaid by You unless it is due to an error on the part of the Merchant to which the Card was provided by You as the means of payment. Should You not repay this amount immediately after receiving an invoice from Us We reserve the right to take all steps necessary, including legal action, to recover any monies outstanding.

16. Termination and suspension of Payment Services

The Agreement is open-ended and of no fixed duration.

We may terminate the Agreement for any reason by giving You at least two (2) months’ notice. We may terminate the Agreement without prior notice if:

  • You breach an important part of this Agreement, or repeatedly breach the Agreement and fail to resolve the matter in a timely manner;
  • You fail to pay fees or charges that You have incurred or fail to put right any Shortfall, or
  • We are required to do so by law or by the System (for example, where the provision of the Payment Service to You becomes unlawful).

We may also terminate this Agreement or suspend Your Card or Account without prior notice if:

  • We reasonably believe Your Card is deliberately being used by You to commit fraud or for other illegal purposes, or
  • We discover that any of the information You provided Us with when You applied for Your Card was incorrect.

If We terminate the Agreement without prior notice, We will tell You as soon as We are permitted by law to do so.

17. Lost, stolen or compromised Cards and Your right to refund for unauthorised Transactions

If You know or suspect that Your Card is lost or stolen, or that the PIN is known to an unauthorised person, or if You think a Transaction has been unauthorised, You must tell Us without undue delay by calling Us on 0333 123 1812 or +44 20 7201 0526 from outside the UK (this is a 24 hour service).

A Transaction will be considered to be unauthorised if You have not given Your consent for the Transaction to be made by authorising it as set out in clause 11. In order to get a refund for any unauthorised Transaction, You must report the Transaction without undue delay upon becoming aware of it or otherwise You will lose Your right to a refund. You will not be able to get a refund for any unauthorised Transaction reported after thirteen (13) months have passed following the debit date of the Transaction.

Despite the possible thirteen (13) month refund period You will not be able to claim for a refund for an unauthorised Transaction if the Transaction was correctly displayed in Your online Account and You failed to inform Us about the Transaction being unauthorised without undue delay upon seeing the Transaction in Your online Account. In this respect We urge You to check Your online Account on a regular basis and review Your Transactions carefully.

When You call Cardholder Services, You will be asked to provide Us with Your Card number where possible and some other identifying details. If there is an Available Balance remaining on Your Card, We will replace the Card unless there is evidence that the notified incident had been caused by Your breach of this Agreement, gross negligence or Your fraudulent conduct. Alternatively, Your Available Balance can be redeemed to You. If We replace the Card, the Card will be delivered to Your home address subject to possible fees - please see the Fees & Limits Schedule in clause 21.

We will immediately refund the full amount of any unauthorised Transaction reported by You, including any associated fees and charges, provided You notify Us of the Transaction in accordance with this Agreement except that:

  • if there is evidence that You acted fraudulently or have with intent or gross negligence failed to comply with the Agreement in relation to the use of the Card and safety of the Card’s security details, We will first carry out a prompt investigation to determine whether the Transaction was Authorised by You and will only refund if the investigation shows that the Transaction was not Authorised by You, and
  • if the Card was lost, stolen, compromised or You have failed to keep Your PIN or other security details safe from misappropriation, You will be liable for losses, before notice is given by You to Us, up to a maximum of thirty five (35) GBP (or equivalent in another currency) per instance of loss, theft or misappropriation.

You will be liable for all losses incurred in respect of an unauthorised Transaction where You have acted fraudulently or have with intent or gross negligence failed to comply with the Agreement in relation to the use of the Card and safety of its security features.

Except where You have acted fraudulently You will not be liable for any losses incurred in respect of an unauthorised Transaction arising after You notify Us of the Transaction in accordance with the Agreement or for any losses that occur where Your Card has been used in a Card Not Present environment.

If there is evidence that You checked Your online Account and did not notify Us of the unauthorised Transaction without undue delay, You may not be entitled to a refund.

We reserve the right to investigate any disputed Transaction or misuse of the Card before and after a refund. In order to do so We may need more information and assistance from You and You are required to reasonably cooperate with any investigation by Us or any law enforcement agency or other competent authority. If We refund You following Your claim and subsequently establish that You were not entitled to a refund, We may deduct it from Your Available Balance after notifying You. If You do not have sufficient Available Balance, You must repay Us the amount immediately on demand.

18. Our liability

We will not be liable for any loss arising from:

  • Your inability to use the Payment Service as set out in the Agreement or for any reason stated in clauses 10, 13, 16 and other clauses limiting Your use;
  • any cause which results from abnormal or unforeseen circumstances beyond Our control, consequences of which would have been unavoidable despite all Our efforts to the contrary, including but not limited to fault in or failure of data processing systems, lack of funds, maximum withdrawal limits set by ATM operators;
  • a Merchant refusing to accept Your Card;
  • any issue with the goods or services that are purchased with Your Card;
  • any loss or theft that is reported with undue delay or more than thirteen (13) months following the debit date of the Transaction in question;
  • Our compliance with legal and regulatory requirements;
  • Our suspending, restricting or cancelling Your Card or refusing to issue or replace it in accordance with clause 8 above, or
  • loss or corruption of data unless caused by Our wilful default.

From time to time, Your ability to use Your Card may be interrupted, e.g. when We carry out maintenance to improve and keep the service running for Our customers. If this happens, You may be unable to:

  • load Your Card;
  • use Your Card to make a payment, and/or
  • obtain information about the funds available on Your Card and/or about Your recent Transactions.

We will not be liable for any loss arising from such interruptions.

We are also not liable for:

  • business interruption, loss of revenue, goodwill, opportunity or anticipated savings, or
  • any indirect or consequential loss arising from Your total or partial use or inability to use Your Card, or the use of Your Card by any third party.

To the fullest extent permitted by relevant law, and subject to clauses 17 and 19, Our total liability under or arising from this Agreement will be limited as follows:

  • where Your Card is faulty due to Our default, Our liability will be limited to replacement of the Card or, at Our discretion, repayment to You of the Available Balance;
  • where sums are incorrectly deducted from Your Available Balance due to Our fault, Our liability will be limited to payment to You of an equivalent amount, and
  • in all other circumstances of Our default, Our liability will be limited to repayment of the amount of the Available Balance.

No party will be liable for, or be considered in breach of this Agreement on account of, any delay or failure to perform as required by this Agreement as a result of any causes or conditions which are beyond such party's reasonable control and which such party is unable to overcome by the exercise of reasonable diligence.

The above exclusions and limitations set out in this clause 18 will also apply to any liability of Our affiliates, such as the Programme Manager, Mastercard International or other suppliers, contractors, agents or distributors and any of their respective affiliates (if any), to You, which may arise in connection with this Agreement.

19. Your right to a refund for Authorised and incorrectly executed Transactions

You may be able to claim a refund for an authorised Transaction if (i) Your authorisation of the Transaction did not specify the exact amount at the time of the authorisation, and (ii) the amount of the Transaction exceeded what You would have reasonably expected taking into consideration Your previous spending patterns and other relevant circumstances. A claim for a refund of such a Transaction must be made within eight (8) weeks from the date on which the funds were deducted from Your Available Balance. We may require You to provide Us with such information as is reasonably necessary to ascertain whether You meet the conditions for the refund. Within ten (10) Business Days of receiving (i) Your claim for a refund or (ii) where applicable, any further information We requested from You, We will either refund the full amount of the Transaction or provide You with justification for refusing the refund.

In order to get a refund for an incorrectly executed Transaction (including non-executed or defectively executed Transaction), You must report the Transaction without undue delay upon becoming aware of it or otherwise You will lose Your right to a refund. You will not be able to get a refund for any incorrectly executed Transaction reported after thirteen (13) months have passed following the debit date of the Transaction.

Despite of the possible thirteen (13) month refund period You will not be able to claim for a refund for an incorrectly executed Transaction if the Transaction was correctly displayed in Your online Account and You failed to inform Us without undue delay about the Transaction being incorrectly executed upon seeing the Transaction in Your online Account. In this respect We urge You to check Your online Account on a regular basis and review Your Transactions carefully.

As soon as practicable after You have notified Us of a disputed Transaction in accordance with this Agreement, You must confirm the disputed Transaction in writing by email or by post, setting out full details of the Transaction and Your reason for disputing it. You must provide Us with all receipts and information that are relevant to Your claim.

Where We are liable for an incorrectly executed Transaction, We will without undue delay refund You the amount of the Transaction, restore Your account to the state it would have been had the defective Transaction not taken place and refund any charges and interest that have arisen as a consequence of the non-execution or defective execution of the Transaction provided You notify Us of the Transaction in accordance with this clause 19.

If We refund You following Your claim and subsequently establish that You were not entitled to a refund, We may deduct it from Your Available Balance after notifying You. If You do not have sufficient Available Balance, You must repay Us the amount immediately on demand.

If You are not satisfied with the justification provided for refusing the refund or with the outcome of Your claim for a refund, You may submit a complaint as described in clause 26.

20. Changes to the Agreement

We may change the Agreement at any time and will notify You by email or other agreed means at least two (2) months before the change is due to take effect unless We are required by law to change the Agreement immediately or if We reasonably consider the change is to your advantage and there is no increased cost to you. You will be deemed to have accepted the notified change unless You tell Us that You do not agree to the change prior to the change being effective, in which case the Agreement will terminate without charge upon expiry of the notice. You also have a right to terminate the Agreement immediately and without charge at any point during the notice. In such circumstances We will refund the Available Balance on the Account in accordance with clause 13 and You will not be charged a Redemption Processing Fee.

The notices and the most recent version of the Card terms and conditions will always be available on the Website. You may also want to check the Website regularly for any notices and changes.

We may make immediate changes to the exchange rate used to convert the amount of a foreign Transaction between two currencies as applicable.

21. Exchange rates, fees and limits

The Card is a multi-currency Card. As such, for a Transaction made in a Card Currency, there is an order of priority to determine which Card Currency is used for the Transaction.   

The Card is set up so that You can fully utilise Your entire Available Balance to fund a Transaction. This means that where You do not have funds available on the Card in the currency of the Transaction, either because it is not one of the available Card Currencies on the Card, or because You do not have a sufficient Available Balance in the relevant Card Currency, the Card will use Your Card Currency Available Balances in the default order of priority.

The default order of priority is: 1.GBP 2.EUR 3.USD 4.AUD 5.CAD 6.NZD 7.HKD 8. CHF 9.JPY 10. DKK 11. ZAR 12. PLN 13. SEK 14. NOK 15. HUF.

This means that the Card will first take funds from the relevant Card Currency Available Balance, i.e. if the Transaction in question is in US$, the Card will first look to see if You have a sufficient US$ Available Balance and if not, will then work its way through the balances in the above order until the Transaction amount is able to be satisfied.

Where the conversion takes place between any of the 15 Card Currencies, the foreign exchange rate used for allocating funds from one Card Currency to another Card Currency is set and determined by Us and varies each day. Any Transaction made in a Card Currency will be converted in the default order of priority on the day we receive details of that foreign currency conversion. For the exchange rate currently applicable, please click here. This foreign exchange service is provided to You by the Programme Manager.

For a Transaction made in a currency other than a Card Currency, the amount deducted from your Available Balance will be converted to the Card Currency on the day we receive details of that foreign currency conversion. You can find out what the applicable exchange rate was at the time of the Transaction via the Mastercard website. Where a Transaction is performed in a currency different from the Card Currencies the foreign exchange will take place at 2.49% fee to the Mastercard daily settlement rate.

Please see the Fees and Limits Table below for an explanation of what foreign exchange fees apply in these scenarios.

Fees and limits are subject to variation in accordance with the Agreement. Unless otherwise specified, all fees will be debited in GBP. If there is an insufficient Available Balance in GBP to pay such fees then We will automatically deduct funds from the Available Balances in other Card Currencies in the following order of priority: 2.EUR 3.USD 4.AUD 5.CAD 6.NZD 7.HKD 8. CHF 9 .JPY 10. DKK 11. ZAR 12. PLN 13. SEK 14. NOK 15. HUF. The following fees and limits apply.

 

Fees, Charges & Limits in GBP

Although the below values are displayed in GBP, if Your card is loaded in a different currency, Your card will be charged in that currency.

FEES & CHARGES

GBP

Card purchase and Annual Fee

Free

Secondary Card purchase (applied to the card balance)

5.00

Load and reload

Free

Point of sale Transaction - international

Free

Point of sale Transaction - domestic

1.50

ATM Transaction - international

Free

ATM Transaction - domestic

1.50

Over the counter cash - international

4.50 plus 2% of withdrawal amount

Over the counter cash - domestic

4.50 plus 2% of withdrawal amount

FX mark-up where a Transaction is performed in a currency different from the
currencies available on the card

2.49%

Available balance enquiry - ATM

0.3

Available balance enquiry - online

Free

PIN reminder*

Free

Card renewal

Free

Card replacement fee - damaged/lost/stolen

5.00

Redemption processing fee

1.50

Account Management fee (applied every month if there have been no transactions in the previous 24 months)

2.00

*PIN reminder is available online on Your account or on the app. If You change Your PIN at an ATM, Your online account and app will still show the new PIN.

Limits

GBP

Minimum load

50

Maximum single load

12,000.00

Maximum total available balance

12,000.00

Maximum number of loads per day

2

Maximum load amount per year

50,000.00

Maximum number of point of sale Transactions per 24-hour period

20

Maximum number of ATM withdrawals per 24-hour period

2

Maximum value of single ATM withdrawal

300

Maximum withdrawal amount in 24 hours at ATM

300

We may charge fees in connection with any of Our services and facilities that You have made use of or requested based on Our Fees & Limits Schedule. The Fees & Limits Schedule is subject to changes, which will be notified to You as set out in clause 20. The most recent update of schedule will be available on the Website.

The foreign exchange rate used for allocating funds from one Card Currency to another Card Currency is set and determined by Us and varies each day. For the exchange rate currently applicable, please login to your account.

22. Cardholder details

You must let Us know as soon as possible if You change Your name, address, phone number or email address. If We contact You in relation to Your Card, for example, to notify You that We have cancelled Your Card, We will use the most recent contact details You have provided to Us. We will not be liable to You if Your contact details have changed and You have not informed Us.

23. Data protection

In purchasing the Card and using it, You agree that We can use Your personal information in accordance with Our Privacy Policy. Our Privacy Policy is set out here. It includes details of the personal information that We collect, how it will be used, and who We pass it to. You can tell Us if You do not want to receive any marketing materials from Us

24. Payment disputes with Merchants

In relation to any dispute between the Cardholder and a Merchant, provided You are able to satisfy Us that You have already made all efforts to resolve the dispute with the relevant Merchant, We will attempt to assist You so far as is reasonably practicable. If there is an irresolvable dispute with a Merchant in circumstances where the Card has been used for a Transaction, You will be liable for the Transaction and will have to resolve this directly with the relevant Merchant.

25. Communication

Unless required otherwise by other provisions of this Agreement, if You have an enquiry relating to Your Card, You can call Our customer service telephone line on 0333 123 1812 or +44 20 7201 0526 from outside the UK. Calls to 03 numbers cost no more than a national rate call to an 01 or 02 number and must count towards any inclusive minutes in the same way as 01 and 02 calls.

These rules apply to calls from any type of line including mobile, BT, other fixed line or payphone.

This Agreement is concluded in English. All communications with You will be in English.

We may contact You by email, text message or post unless provided otherwise under the Agreement. You must maintain a valid email address, a valid mobile telephone number and a valid address registered with Us and must notify Us of any changes in Your registered details without delay. You agree to check for incoming messages regularly.

Any email will be deemed received as soon as it is sent unless within twenty four (24) hours the sender receives a failure notice indicating that the email has not been transmitted. Any email will be deemed received by the recipient on the day it is received in an email inbox if received before 4.30 pm on a Business Day.  If received at any other time, it will be deemed received on the next Business Day.

Any communication or notice sent by post will be deemed received three (3) days from the date of posting for UK post or within five (5) days of posting for international post.  Any communication or notice sent by text message will be deemed received the same day.

26. Cardholder complaints

The Card programme is managed by the Programme Manager. If You are not satisfied with Your Card or the way it is managed, tell Us by contacting Us using Our Contact Details in clause 2 so We can investigate the circumstances for You.  We will promptly send You the complaint acknowledgement by post or by email and enclose with it a copy of Our Complaints Procedure either as a hard copy or as a pdf file. We will endeavour to resolve your complaint within 15 working days and provide a written response. Occasionally, for reasons beyond our control, we may need to take up to 35 working days to resolve complaint. We will advise you if this is going to be the case. You may also request to be provided with a copy of Our Complaints Procedure at any time. Details of Our Complaints Procedure can also be obtained on Our Website. Any complaints You have will be dealt with quickly and fairly and You agree to cooperate with Us and provide the necessary information for Us to investigate and resolve the complaint. You may be able to take unresolved complaints to the Financial Ombudsman Service via:

Post: Exchange Tower, London E14 9SR.

Telephone: 0800 023 4567 (landline users) or 0300 123 9 123 (mobile users)

email: [email protected]

27. Compensation and protection of Your funds

The Card is an e-money product and although it is a product regulated by the Financial Conduct Authority, it is not covered by the Financial Services Compensation Scheme. No other compensation scheme exists to cover losses claimed in connection with the Card. This means that in the unlikely event that Valitor Payment Services Limited becomes insolvent Your funds may become valueless and unusable and as a result You may lose all of Your money.

Valitor Payment Services Limited ensures that once it has received Your funds they are deposited in a secure account with an authorised credit institution separate from the money belonging to Valitor Payment Systems Limited and  specifically for the purpose of redeeming Transactions made by Your Card. In the event that Valitor Payment Services Limited becomes insolvent, funds against which Valitor Payment Services Limited has already issued electronic money are protected against the claims made by creditors to Valitor Payment Services Limited estate of a bankrupt

28. Assignment

We may assign or transfer this Agreement in whole or in part to another company at any time. If We assign the Agreement to another company, You will be given two (2) months’ notice of this. Unless You tell Us within the two (2) month period that You do not want to continue with the Agreement after the assignment, You agree that We can assign the Agreement in this way. Your rights will not be affected by such assignment should it happen.  You may not assign the Agreement to a third party. Your right to terminate the Agreement under clause 13 is not affected.

29. Transfer of funds to a new prepaid Card

We have the right to and may transfer Your Available Balance to a new Card provided by a prepaid card issuer other than Valitor Payment Services Limited at any time. Before We do this You will be given at least two (2) months’ notice of the Card arrangements and the new Card terms and conditions. Unless You tell Us within the two (2) month period that You do not want a new Card from the new issuer, You agree that We can transfer the Available Balance on Your Card to a new prepaid Card provided by the new prepaid card issuer. Your right to terminate the Agreement under clause 13 is not affected.

30. Governing law

This Agreement (including any non-contractual disputed or claims) arising out of or in connection with it will be governed by English law and the English courts will deal with any legal proceedings between You and Us. 

31. The Issuer of the Card

Your Card is issued by Valitor Payment Services Limited whose principal office is 1 Fore Street, London EC27 9DT, United Kingdom. Valitor  Payment Services Limited is authorised and regulated by the Financial Conduct Authority as an electronic money institution (reference number 900688) and is accordingly permitted to issue electronic money in the UK. Your Card is the property of Valitor Payment Services Limited and is not transferable to anyone else.

Valitor Payment Services Limited is licensed as a principal member of Mastercard.

These terms and conditions apply to Your Caxton International Payments account. You should read them carefully before accepting them. You accept them by either ticking the box “I confirm that I have read, understood and agree to the Caxton FX Limited (“CFX”) International Payments terms and conditions” as part of your online registration or by using the service following a verbal application process.

Contact details

Your account can be managed online at www.caxtonfx.com.

If there is anything You do not understand or agree with, please contact Us using Our Contact Details:

  • Telephone: 0333 123 1815 or 44 (0) 207 235 3435 from outside the UK;
  • Mailing address: Caxton FX Ltd 11th Floor Portland House, Bressenden Place, London SW1E 5BH;
  • Email: [email protected].

You can download a copy of the Agreement at any time from Our Website. We will also send You an electronic copy of the Agreement by email upon Your request.

Definitions

In these terms and conditions (“Agreement”) the following words and expressions have the following meanings:

“Account” means Your International Payments account with Caxton FX

“Account Holder” means the individual customer that opens an International Payment account with Caxton FX

“Account ID and Password” means a set of personal codes selected by the Account Holder to access their Online Account.

“Agreement” means this Agreement of open-ended duration between You and Us incorporating these terms and conditions, as amended from time to time

“Account Information Service Provider (AISP)” means another financial services business through which You may be able to access information relating to Your account.

“Authorised” means an act of authorising the payment transfer.

“Available Balance” means the value of the funds held on Your International payment Account and available to use for International Payments

“BIC Code” means a unique identifier for a financial institution that You ask us to send money to on Your behalf

“Business Day” means a day other than a Saturday or Sunday or a UK public holiday

“Client” means the same as Account Holder in this agreement

“Contract Note” means the documentation that sets out the terms for each purchase or sale of a currency that You undertake

“Currency” means any currency in Caxton FX is able to offer International Payments

“Customer Services” means [email protected] or 0333 123 1815 or 44 (0) 207 235 3435 from outside the UK

“CDD” means Customer Due Diligence, which is the regulatory requirement that applies to Us where We have to satisfactorily verify Your identity prior to opening Your account and on an occasional basis thereafter

“EEA” means the European Economic Area

“Exchange Rate” means that rate at which we will offer to convert one currency for another

“FCA” means the Financial Conduct Authority the regulatory authority covering payment services in the UK

“Fee” means any fee payable by the Account Holder, as referenced in this document

“FSMA” means the Financial Services and Markets Act

“IBAN Number” means a standard number that identifies a bank account across national borders

“Investment Products” in the context of this agreement means options contracts for foreign exchange protected by the Financial Services Compensation Scheme (FSCS).

“Online Account” means the internet based access to Your Account

“Payment Initiation Service Provider (PISP)” means another financial services business through which You may be able to make payments on Your Caxton account.

“Payment Order” means Your instruction to Us to execute a Payment Transaction on your Payment Account.

“Payment Services” means all payment services and any related services available to the Account Holder through the use of Your International Payment account

“Payment Services Regulations 2017” means the legislation that governs this agreement.

“Payment Transaction” means an act, initiated by You of placing, transferring or withdrawing funds on Your Payment Account

“Physical Delivery” means that settlement of the contract will take place through You actually selling or purchasing the currency as specified in the Contract Note.

“Purchase Currency” means the currency that You are requesting to buy from Us

“Recipient” means an individual or entity that will receive the funds detailed in Your Payment Order

“Sale Currency” means the currency that You are requesting to sell to Us

“Spot” means the exchange rate applicable at any particular moment for immediate settlement

“SWIFT code” means an internationally recognised code to identify the bank You instruct Us to send money to on Your behalf  

"We", "Us" or "Our" means Caxton FX limited, a company registered in England and Wales with number 4610337

“Website” means www.caxtonfx.com

“You” or “Your” means the named Account Holder

 

1. Caxton FX's Services

1.1 Caxton FX Ltd, ("CFX") enters into contracts for the purchase and sale of currency for trade, commercial or other non-speculative purposes. CFX does not offer or provide any advice of any nature. As an integral part of its foreign currency service, CFX provides a money transmission service. CFX is authorised to provide this payment service by the Financial Conduct Authority (Registration number 900663) under the Payment Services Regulations 2017. CFX is also supervised for anti-money laundering purposes by the HMRC (registration number 12149429).

1.2 Any individual or business ("Client") that wishes to enter into transactions for the purchase and sale of currency with CFX by submitting an order to CFX ("Order") agrees that each Order shall constitute a separate contract incorporating and subject to these Terms to the exclusion of any other terms now or in the future, unless otherwise agreed by CFX. Each Order shall only become binding if and when accepted (whether orally, by phone, in writing or by any other media) by a duly authorised CFX representative.

1.3 CFX may use any contact details provided by the Client when responding to Orders and does not commit to use only the preferred delivery method or the preferred contact details of a particular authorised representative. The Client shall ensure that all contact details it supplies can be used for all communications for all authorised representatives for all Orders.

1.4 CFX may accept written or oral instructions for an Order from the Client or an authorised representative of the Client. Orders must be given in the prescribed CFX format. CFX may require written confirmation of any Client instruction before accepting an Order.

1.5 CFX may provide the Client with information or opinions about the foreign exchange markets but CFX does not offer any advice to the Client on the merits of any transaction either with CFX or with others. When entering into any contract the Client shall rely entirely on its own judgment.

1.6 CFX is not obliged to accept Orders from a Client and may at its discretion refuse any Order without giving any reason and without liability for any resultant loss or damages incurred by the Client or any other party.

1.7 Once an Order is accepted by CFX from or on behalf of a Client it cannot be cancelled, withdrawn, or varied in any way by the Client if the payment has already been debited to their Payment Account

1.8 If the Payment Order was initiated through a PISP the Client cannot revoke the Payment Order after giving consent to the PISP.

1.9 If the Payment Order is set up to be paid on a specific date the Client may not revoke the Payment Order after the end of the business day preceding the payment date.

2. Documentation for accepted Foreign Exchange Orders

2.1 CFX will issue a contract note confirming the details of each Order accepted by it which may be sent to the Client by fax, email, post or Online Account. Any such confirmation shall be provided for audit purposes only and shall not affect the terms of any Order agreed by CFX. The contract note will detail a unique reference for identification purposes as well as other information, for example, but without limitation, the purchase currency, the sale currency, the amount of each currency, the exchange rate, the date for settlement, any extra charges you may incur and the deposit required if it is a forward contract.

2.2 The Client shall notify CFX of any error or omission in any confirmation within 12 hours of receipt of a contract note issued by CFX. If CFX agrees there has been an error or omission, it shall issue a revised contract confirmation reflecting the revised terms.

3. Payment and Settlement

3.1 For a Spot transaction the Client agrees to pay, on the settlement date that CFX requires, the full amount specified by CFX on the contract note as full payment for the contract. CFX reserves the right to charge administration fees for funds received after the settlement date. Please refer to the Fees Schedule.

3.2 The Client shall not be entitled to any interest on any funds held on its behalf by CFX.

3.3 CFX may deduct from any payments to be made to or on behalf of the Client such amounts as may be required by law or as may be charged by CFX in respect of transfer or other charges owed to CFX. Refer to the Fees Schedule for charges on Payment Transactions. All payments due from the Client to CFX under these terms shall be made without any deduction, counter-claim or withholding whatsoever.

3.4 The Client agrees and represents that all funds to be paid by the Client in respect of any Order will be legally and beneficially owned by the Client in full and will not be subject to any charge or lien or other encumbrance of any kind.

3.5 All funds provided by the Client under these Terms may only be used by CFX in the performance of your obligations, as instructed by you.

3.6 Unless otherwise instructed by you, CFX will send your funds once the order has been settled and you have provided us with the beneficiary details. Further terms for the transmission of your funds exist under Clause 8.

4. Client Money Protection

4.1 CFX offers client money protection if the client sends money to CFX prior to a Payment Transaction taking place or if CFX is explicitly requested by the client to hold money for them after a transaction has been completed.

4.2 CFX holds all client money in accordance with the Financial Conduct Authority's (FCA) Client Money rules and the Payment Services rules for safeguarding. This means it holds clients' money separately from the firm's money in a designated Client Trust Account in an EU regulated credit institution. This arrangement is designed to ensure that client money is not a risk in the unlikely event of CFX getting into financial difficulties.

4.3 Neither Spot Foreign Exchange nor Payment Services are regulated investment products so do not fall under the Financial Services Compensation Scheme.

5. Limitation of Liability

5.1 CFX agrees to perform its obligations with reasonable care and skill but providing it does so, CFX shall not be liable to the Client or any third party for any damages, costs, expenses, taxes, liabilities or losses resulting from the failure of CFX to execute any Order in accordance with the instructions of the Client.

5.2 CFX accepts no responsibility for any delay in onward payment attributable to the late arrival of funds or instruction for payment relative to the cut off times of the designated bank if this is the fault of the Recipients bank.

5.3 The Client shall indemnify and keep CFX indemnified against all damages, costs, expenses, taxes, liabilities or losses of any nature suffered by CFX through the failure of the Client to observe any Terms in respect of any Order agreed with CFX. The Client shall indemnify and keep CFX indemnified against all liabilities incurred by CFX in the proper performance of its services or any Order, including any liabilities incurred by CFX as a result of CFX performing actions to perform Client instructions (or acting on Orders which reasonably appear to CFX to be from the Client or its authorised representative).

5.4 The Client shall keep all passwords and authorisations issued to it by CFX confidential and secure and CFX shall be entitled to rely on all instructions or Orders received by it using those passwords and authorisations as if they were received from the Client, without conducting any further checks as to the identity of the person making the instruction or Order.

5.5 CFX shall not be liable for any fees or commissions charged by any intermediary bank or other entity when funds are transferred either to or from CFX's or Client's account.

5.6 The limitations of liability in these Terms are agreed by the parties on the basis that the Client is aware of the volatility of the foreign currency markets.

5.7 CFX reserves the right to defer the date of settlement of an Order (but not outward payments - please see Clause 8) without liability to the Client if it is prevented from or delayed in the carrying on of its business due to the circumstances beyond its reasonable control including, without limitation, acts of God, governmental actions, war or national emergency, acts of terrorism, protests, riot, civil commotion, fire, explosion, flood, epidemic, lock-outs, strikes or other labour disputes, technical problems or restraints or delays affecting carriers or inability or delay in obtaining supplies of adequate or suitable currency, provided that, if the event in question continues for a continuous period in excess of 30 days, the Client shall be entitled to terminate the Order.

5.8 Neither party shall be liable to the other party in contract, tort, negligence, breach of statutory duty or otherwise for any loss, damage, costs or expenses of any nature whatsoever incurred or suffered by that other party of an indirect or consequential nature, including without limitation any loss of profits, business or goodwill, anticipated savings, loss caused by any third party, even if such loss was reasonably foreseeable.

5.9 Subject to clause 5.10, CFX's liability under or in connection with any and all Orders, whether arising in contract, tort, negligence, breach of statutory duty or otherwise, shall not exceed £50,000 (fifty thousand pounds sterling) in aggregate.

5.10 CFX does not purport to limit its liability for death or personal injury or fraudulent misrepresentation.

5.11 The limitations of liability in this clause 5 shall be construed and applied in accordance with clause 8.4 and the failure or unenforceability of any provision shall not affect the enforceability of the remaining provisions of this clause 5.

6. Default

6.1 CFX reserves the right to close out or terminate all or part of any Orders if:

  • the Client fails to make a payment for an Order when due and in accordance with the terms; or
  • the Client is made bankrupt or otherwise insolvent or
  • any other breach by the Client under these Terms; or
  • CFX is requested to do so by any regulatory body or considers it desirable or necessary to do so for its own protection or as required by law.

6.2 If the Client becomes aware of any event referred to in this clause, the Client shall give CFX notice of this immediately.

6.3 Without limitation to any other rights and remedies CFX may have, if the Client wishes to alter or terminate the terms of an Order and CFX is willing to agree to this, the Client shall be liable for any losses due to a change in the value of the contract through currency movement. Such charges are to be paid within 48 hours of CFX's consent to the alteration or termination. The client should also refer to the Fees Schedule for details of the fees applied.

6.4 CFX may decline to provide any reason for the close out or termination of any Order

7. Notices and Service

7.1 Documents may be sent by fax, email or post. Documents shall be sent to the last known address, email address or fax number given by each party from time to time.

8. Fund transfer and the Payment Services Regulations

8.1 CFX may accept Your instructions for a Payment Order using any form of communication CFX considers to be appropriate including letter, fax, email or telephone.

8.2 CFX may decline to act on any communication, even if CFX has told You it will in general accept that type of instruction. CFX may do this in particular if CFX considers that there is doubt about the validity of the communication and it is in CFX's or Your interest to query it with You. Subject to any legal or regulatory requirements which may apply, CFX will act upon any instruction, agreement or arrangement without enquiring about its purpose, or the circumstances in which it is given, or about the disposition of any proceeds.

8.3 The language of these Terms and Conditions shall be English and all information provided, made available and notified to You shall be in English.

8.4 You may be provided with a further copy of these Terms and Conditions upon request.

8.5 Immediately after a Payment Order is received from You, CFX shall provide to You the following information:

  • a reference enabling You to identify each Payment Transaction and, where appropriate, information relating to the Recipient;
  • the amount of the Payment Transaction in the currency used for the Payment Transaction;
  • the amount of any charges and transfer fees (if applicable) for the Payment Transaction payable by You;
  • where applicable, the exchange rate used in the Payment Transaction by Us and the amount of the Payment Transaction after that currency conversion; and
  • the date of receipt by Us of Your Payment Order.

8.6 If You require information on an individual Payment Transaction before sending Us an instruction, please contact Us.

8.7 We have an obligation to disclose certain payer details to intermediaries in accordance with Regulation EU 2015/847 on information on the payer accompanying transfers of funds and You authorise Us to do this.

9. Fees and Charges

9.1 These terms and conditions set out how, when and what We charge for the services We provide.

9.2 In the event that We make any charges, You authorise Us to deduct those charges from the Payment Transaction before sending it. If We deduct any charges, We will notify You before We accept a Payment Order from You and additionally give You details in the contract note We issue after a Payment Order is accepted. Details will also be available on Your Online Account.

9.3 If Your Payment Transaction is going to an EEA country We can only accept the instruction on the basis that the Recipient pays any charges made by their bank or payment provider.

9.4 We do not apply charges of Our own, however charges may occasionally be applied by third party banks before We receive Your funds.

9.5 The following fees are applicable;

  • £25 – SWIFT payment detail amendment
  • £25 – To trace a payment sent
  • £25 – To attempt to recall a payment already sent
  • £50 – Administration fee for late settlement of a payment instruction, plus £20 per day.

10. Payment transactions

10.1 In order for a Payment Transaction from You to be properly remitted, You must provide Us with the information or unique identifier which is necessary for the proper execution of the Payment Transaction. If this information is incorrect, it could result in the payment transaction being delayed or the funds transferred being lost. The information could comprise the Recipient's bank sort code and account number or, where applicable, the Recipient's SWIFT number, BIC number and IBAN number.

10.2 Unless otherwise instructed by You, We will remit Your funds once the Payment Order has been settled and You have provided Us with the Recipient details. We will take this as consent that You wish the funds to be transferred to the Recipient's account. Amendments to Your Payment Order may give rise to additional charges (see 9.1.5)

10.3 We will execute Payment Transactions so that the amount to be transferred reaches the Recipient's payment service provider no later than the end of the next business day if the payment is within the EEA or by the third business day for payments outside of the EEA after settlement date of the Order. We must receive Payment Orders before 3.00 UK time for payments in Euros or 4.30 UK time for other currencies. When your Payment Order is accepted after this time We will deem the instruction to have been received on the next business day. Payment Orders received on days which are not business days for Us will also be deemed to have been received on the next business day.

10.4 Once We receive Your Payment Order, You cannot revoke it unless You inform Us that You withdraw Your consent no later than the business day before the agreed day of the Payment Transaction.

10.5 Where we receive a Payment Order from You for execution on a specific day, You agree that the time of receipt is deemed to be that specific day on which We are to execute the Payment Order.

10.6 It is Your responsibility to ensure that the funds You pay to Us are sufficient to make each and every Payment Transaction which You authorise Us to make. We will not make any Payment Transaction instructed by You unless You have paid to Us sufficient funds first.

We have the right to refuse to accept a Payment Order or inbound payment and to refuse to execute any Payment Transaction for any of the following reasons:

  • any condition in these Terms and Conditions has not been satisfied;
  • execution would be unlawful;
  • execution would expose CFX to a level of risk it considers to be unacceptable.

10.7 With Your permission, Account Information Service Providers (AISPs) may obtain access to Your account allowing You to view all Your online Payment Accounts, with various payment providers in one place. You should consider carefully the risks involved in granting such access, including whether the AISP is authorised by the FCA to provide such a service. If You have a dispute with the AISP the matter will have to be resolved directly with them.

10.8 With Your permission, Payment Initiation Service Providers (PISPs) may obtain access to Your account allowing You to initiate payment orders from Your Caxton Payment Account. You should consider carefully the risks involved in granting such access, including whether the PISP is authorised by the FCA to provide such a service. If You have a dispute with the PISP over a Payment Order initiated through a PISP the matter will have to be resolved directly with them. If we believe the Payment Order to be fraudulent or Your account has been accessed in an unauthorised manner We will refuse the transaction.

10.9 If any Payment Order is declined You may contact Us using the contact details set out in clause 1 of these Terms and Conditions or via Our Website. If We have declined the Payment Order We will, where reasonably possible (and where We are not prevented from so doing by law or regulation) contact You to tell You why the Payment Order was declined at the earliest opportunity after We receive Your instruction. If the reason for Our declining the Payment Order was based on incorrect information, We will agree with You what needs to be done to correct that information.

10.10 You agree that We may retain funds received by Us for Your benefit until Our security validation, verification and anti-money laundering procedures have been completed before You may instruct Us to transfer them.

11. Liability and refunds

11.1 The extent of Your liability for any losses You incur in respect of an unauthorised Payment Transaction:

  • arising from the use of lost or stolen personalised security features or procedures agreed between Us and You for Your use in order to give Us Payment Orders, including (without limitation) an unauthorised Payment Transaction through any electronic communication, is a maximum of £35, or
  • where You have acted fraudulently or have with acted with gross negligence is the full amount of those losses.

11.2 You may be entitled to redress for an unauthorised or incorrectly executed Payment Transaction only if You notify Us without undue delay on becoming aware of any unauthorised or incorrectly executed Payment Transaction, and in any event no later than 13 months after the debit date.

11.3 Where You initiate a Payment Order, We are responsible to You for the correct execution of the Payment Transaction unless the Recipient's payment service provider received the amount of the Payment Transaction in accordance with the Payment Transaction execution times set out in clause 10.3 of these Terms. You may request that We make immediate efforts to trace the Payment Transaction and notify You of the outcome.

11.4 Where We are liable to You as payer under clause 11.3 for a non-executed or defective Payment Transaction, We will refund to You the amount of the non-executed or defective Payment Transaction by the end of the next business day.

11.5 Notwithstanding anything to the contrary in these Terms and Conditions, We shall not be liable to You if We are prevented, hindered or delayed from or in performing any of Our obligations under these Terms and Conditions due to abnormal and unforeseeable circumstances beyond Our control.

11.6 If You provide incorrect details for a Payment Transaction We will make every reasonable effort to recover the funds. If We cannot recover the funds We will provide You with all relevant information to enable You to pursue Your own recovery action.

11.7 If You receive a payment to which You are not entitled, We are required to share Your personal information with the payment provider that sent the payment so that they may contact You directly to enable recovery.

11.8 You must maintain up to date anti-virus protection on the device from which You access Your Caxton account. You must also remain vigilant and check that You are accessing only the proper Caxton website at all times.

11.9 You will be liable for any debit balance that may arise due to properly authorised transactions. Any debit balance that arises is repayable on demand.

12. Modifications to Terms and Conditions

12.1 We will notify You in writing at least 2 months before We make any change to these Terms and Conditions. You will be deemed to have accepted any such change if You do not notify Us to the contrary before the date on which any such change comes into effect. However, if You choose not to accept any such change, Our notice of the change shall be deemed to be notice of termination and our relationship pursuant to these Terms will terminate the day before any change comes into effect.

12.2 You may terminate our relationship under these Terms by giving us at least 1 month's notice. We shall not charge You for the termination of our relationship under these Terms after the expiry of 6 months from its commencement. We may terminate our relationship under these Terms by giving You at least 2 months' written notice. Such termination will not release You from any liability in respect of any sums owing to Us or from any previous liability for any act performed by Us in accordance with instructions received from You.

13. Complaints

13.1 We aim to provide the highest level of customer service possible. If You do experience a problem, We will endeavour in all cases to provide You with a final response within 15 working days. Occasionally, for reasons beyond Our control, We may take 35 working days to issue a final response. We will inform You if this will be the case. If You would like to make a complaint, please refer to Our Complaints Policy for details of Our internal process for dealing with complaints promptly and fairly. Our Complaints Policy is available on Our Website or by contacting Your account manager.

13.2 We will fully investigate any complaint and try to reach a satisfactory conclusion. Complaints may be recorded and monitored for Our internal use; We may submit an anonymous summary of complaints made to Us during a particular period of time to Our regulator. If You are not satisfied with Our final response You may be able to refer Your complaint to The Financial Ombudsman Service, Exchange Tower, Harbour Exchange Square, London E14

14. General

14.1 Nothing in these Terms shall be deemed to create a partnership or joint venture or agency relationship between the parties or confer any right or benefit to any third party.

14.2 These Terms are the conditions in force at the date of this Agreement and shall not be superseded, or modified except with written consent by CFX.

14.3 No oral representation by CFX, its employees or agents shall be binding on CFX or shall form part of these Terms, and except as set out above all conditions, warranties or other terms implied by statute or common law are hereby excluded to the fullest extent permitted by law.

14.4 Should all or part of any of these Terms be deemed unenforceable or illegal, the remaining terms or parts thereof will nevertheless continue in force and effect to the fullest extent permitted by applicable law.

14.5 The Client warrants that it is acting as principal and has full legal capacity to agree to these Terms.

14.6 The Client agrees that CFX may carry out any check as to the Client's status and other checks as it deems fit. The Client agrees that CFX can process their personal data provide services, process Orders and conduct relevant credit reference and other checks. You are providing Us with Your explicit consent to process Your personal data in order to provide You with this payment account. In addition, You agree that We can use Your personal information in accordance with Our Privacy Policy and share it with those parties necessary to provide You with Your payment account. Our Privacy Policy includes details of the personal information that We collect, how it will be used, and who We pass it to. You can tell Us if You do not want to receive any marketing materials from Us. 

14.7 Words shall have the meanings given to them in these Terms or if not defined, their usual meaning in the UK currency markets. The Client should also refer to the Definitions section of this document. Any dispute as to the meaning of any word shall be determined by an independent expert agreed by the parties, whose decision shall be final and binding on the parties.

14.8 The parties agree and consent to the recording of telephone conversations between the parties or their representatives without an automatic warning tone. The parties agree to the use of any such recordings as evidence in any dispute or anticipated dispute between the parties.

14.9 These Terms shall be governed by and construed in accordance with English law and subject to the jurisdiction of the English courts.

14.10 The data provided in this document is for information purposes only. It does not constitute advice nor is it intended as a solicitation for funds or recommendation to trade. Caxton FX Ltd accepts no responsibility for any loss suffered or damages sustained through any act or omission taken as a result of any of the information herein.

These terms and conditions apply to Your Caxton International Payments account. You should read them carefully before accepting them. You accept them by either ticking the box “I confirm that I have read, understood and agree to the Caxton FX Limited (“CFX”) International Payments terms and conditions” as part of your online registration or by using the service following a verbal application process.

Contact details

Your account can be managed online at www.caxtonfx.com.

If there is anything You do not understand or agree with, please contact Us using Our Contact Details:

  • Telephone: 0333 123 1815 or 44 (0) 207 235 3435 from outside the UK;
  • Mailing address: Caxton FX Ltd 11th Floor Portland House, Bressenden Place, London SW1E 5BH;
  • Email: [email protected].

You can download a copy of the Agreement at any time from Our Website. We will also send You an electronic copy of the Agreement by email upon Your request.

Definitions

In these terms and conditions (“Agreement”) the following words and expressions have the following meanings:

“Account” means Your International Payments account with Caxton FX
“Account Holder” means the individual customer that opens an International Payment account with Caxton FX
“Account ID and Password” means a set of personal codes selected by the Account Holder to access their Online Account.
“Agreement” means this Agreement of open-ended duration between You and Us incorporating these terms and conditions, as amended from time to time
“Account Information Service Provider (AISP)” means another financial services business through which You may be able to access information relating to Your account.
“Authorised” means an act of authorising the payment transfer.
“Available Balance” means the value of the funds held on Your International Payment Account and available to use for International Payments
“Beneficiary” means an individual or entity that will receive the funds detailed in Your Payment Order
“BIC Code” means a unique identifier for a financial institution that You ask us to send money to on Your behalf
“Business Day” means a day other than a Saturday or Sunday or a UK public holiday
“Client” means the same as Account Holder in this agreement
“Contract Note” means the documentation that sets out the terms for each purchase or sale of a currency that You undertake
“Currency” means any currency in Caxton FX is able to offer International Payments
“Customer Services” means [email protected] or 0333 123 1815 or 44 (0) 207 235 3435 from outside the UK
“CDD” means Customer Due Diligence, which is the regulatory requirement that applies to Us where We have to satisfactorily verify Your identity prior to opening Your account and on an occasional basis thereafter
“EEA” means the European Economic Area
“Exchange Rate” means that rate at which we will offer to convert one currency for another
“FCA” means the Financial Conduct Authority the regulatory authority covering payment services in the UK
“Fee” means any fee payable by the Account Holder, as referenced in this document
“FSMA” means the Financial Services and Markets Act
“IBAN Number” means a standard number that identifies a bank account across national borders
“Investment Products” in the context of this agreement means options contracts for foreign exchange protected by the Financial Services Compensation Scheme (FSCS).
“Online Account” means the internet based access to Your Account
“Payment Initiation Service Provider (PISP)” means another financial services business through which You may be able to make payments on Your Caxton account.
“Payment Order” means Your instruction to Us to execute a Payment Transaction on your Payment Account.
“Payment Services” means all payment services and any related services available to the Account Holder through the use of Your International Payment account
“Payment Services Regulations 2017” means the legislation that governs this agreement.
“Payment Transaction” means an act, initiated by You of placing, transferring or withdrawing funds on Your Payment Account
“Physical Delivery” means that settlement of the contract will take place through You actually selling or purchasing the currency as specified in the Contract Note.
“Purchase Currency” means the currency that You are requesting to buy from Us
“Sale Currency” means the currency that You are requesting to sell to Us
“Spot” means the exchange rate applicable at any particular moment for immediate settlement
“SWIFT code” means an internationally recognised code to identify the bank You instruct Us to send money to on Your behalf 
"We", "Us" or "Our" means Caxton FX limited, a company registered in England and Wales with number 4610337
“Website” means www.caxtonfx.com
“You” or “Your” means the named Account Holder


1. Caxton FX's Services

1.1 Caxton FX Ltd, ("CFX") enters into contracts for the purchase and sale of currency for trade, commercial or other non-speculative purposes. CFX does not offer or provide any advice of any nature in relation to this product. As an integral part of its foreign currency service, CFX provides a money transmission service. CFX is authorised to provide this payment service by the Financial Conduct Authority (Registration number 900663) under the Payment Services Regulations 2017. CFX is also supervised for anti-money laundering purposes by the HMRC (registration number 12149429)

1.2 Any individual or business ("Client") that wishes to enter into transactions for the purchase and sale of currency with CFX by submitting an order to CFX ("Order") agrees that each Order shall constitute a separate contract incorporating and subject to these Terms to the exclusion of any other terms now or in the future, unless otherwise agreed by CFX. Each Order shall only become binding if and when accepted (whether orally, by phone, in writing or by any other media) by a duly authorised CFX representative.

1.3 CFX may use any contact details provided by the Client when responding to Orders and does not commit to use only the preferred delivery method or the preferred contact details of a particular authorised representative. The Client shall ensure that all contact details it supplies can be used for all communications for all authorised representatives for all Orders.

1.4 CFX may accept written or oral instructions for an Order from the Client or an authorised representative of the Client. Orders must be given in the prescribed CFX format. CFX may require written confirmation of any Client instruction before accepting an Order.

1.5 CFX may provide the Client with information or opinions about the foreign exchange markets but CFX does not offer any advice to the Client on the merits of any transaction either with CFX or with others. When entering into any contract the Client shall rely entirely on its own judgment.

1.6 CFX is not obliged to accept Orders from a Client and may at its discretion refuse any Order without giving any reason and without liability for any resultant loss or damages incurred by the Client or any other party.

1.7 Once an Order is accepted by CFX from or on behalf of a Client it cannot be cancelled, withdrawn, or varied in any way by the Client if the payment has already been debited to their Payment Account

1.8 If the Payment Order was initiated through a PISP the Client cannot revoke the Payment Order after giving consent to the PISP.

1.9 If the Payment Order is set up to be paid on a specific date the Client may not revoke the Payment Order after the end of the business day preceding the payment date.

2. Documentation for accepted Foreign Exchange Orders

2.1 CFX will issue a contract note confirming the details of each Order accepted by it which may be sent to the Client by fax, email, post or Online Account. Any such confirmation shall be provided for audit purposes only and shall not affect the terms of any Order agreed by CFX. The contract note will detail a unique reference for identification purposes as well as other information, for example, but without limitation, the purchase currency, the sale currency, the amount of each currency, the exchange rate, the date for settlement, any extra charges you may incur and the deposit required if it is a forward contract.

2.2 The Client shall notify CFX of any error or omission in any confirmation within 12 hours of receipt of a contract note issued by CFX. If CFX agrees there has been an error or omission, it shall issue a revised contract confirmation reflecting the revised terms.

3. Payment and Settlement

3.1 For a Spot transaction the Client agrees to pay, on the settlement date that CFX requires, the full amount specified by CFX on the contract note as full payment for the contract. CFX reserves the right to charge administration fees for funds received after the settlement date. Please refer to the Fees Schedule.

3.2 The Client shall not be entitled to any interest on any funds held on its behalf by CFX.

3.3 CFX may deduct from any payments to be made to or on behalf of the Client such amounts as may be required by law or as may be charged by CFX in respect of transfer or other charges owed to CFX. Refer to the Fees Schedule for charges on Payment Transactions . All payments due from the Client to CFX under these terms shall be made without any deduction, counter-claim or withholding whatsoever.

3.4 The Client agrees and represents that all funds to be paid by the Client in respect of any Order will be legally and beneficially owned by the Client in full and will not be subject to any charge or lien or other encumbrance of any kind.

3.5 All funds provided by the Client under these Terms may only be used by CFX in the performance of your obligations as instructed by you.

3.6 Unless otherwise instructed by you, CFX will send your funds once the order has been settled and you have provided us with the beneficiary details. Further terms for the transmission of your funds exist under Clause 8.


4. Client Money Protection

4.1 CFX offers client money protection if the client sends money to CFX prior to a Payment Transaction taking place or if CFX is explicitly requested by the client to hold money for them after a transaction has been completed.

4.2 CFX holds all client money in accordance with the Financial Conduct Authority's (FCA) Client Money rules and the Payment Services rules for safeguarding. This means it holds clients' money separately from the firm's money in a designated Client Trust Account in an EU regulated credit institution. This arrangement is designed to ensure that client money is not a risk in the unlikely event of CFX getting into financial difficulties.

4.3 Neither Spot Foreign Exchange nor Payment Services are regulated investment products so do not fall under the Financial Services Compensation Scheme.


5. Limitation of Liability

5.1 CFX agrees to perform its obligations with reasonable care and skill but providing it does so, CFX shall not be liable to the Client or any third party for any damages, costs, expenses, taxes, liabilities or losses resulting from the failure of CFX to execute any Order in accordance with the instructions of the Client.

5.2 CFX accepts no responsibility for any delay in onward payment attributable to the late arrival of funds or instruction for payment relative to the cut off times of the designated bank if this is the fault of the Recipients bank.

5.3 The Client shall indemnify and keep CFX indemnified against all damages, costs, expenses, taxes, liabilities or losses of any nature suffered by CFX through the failure of the Client to observe any Terms in respect of any Order agreed with CFX. The Client shall indemnify and keep CFX indemnified against all liabilities incurred by CFX in the proper performance of its services or any Order, including any liabilities incurred by CFX as a result of CFX performing actions to perform Client instructions (or acting on Orders which reasonably appear to CFX to be from the Client or its authorised representative).

5.4 The Client shall keep all passwords and authorisations issued to it by CFX confidential and secure and CFX shall be entitled to rely on all instructions or Orders received by it using those passwords and authorisations as if they were received from the Client, without conducting any further checks as to the identity of the person making the instruction or Order.

5.5 CFX shall not be liable for any fees or commissions charged by any intermediary bank or other entity when funds are transferred either to or from CFX's or Client's account.

5.6 The limitations of liability in these Terms are agreed by the parties on the basis that the Client is aware of the volatility of the foreign currency markets.

5.7 CFX reserves the right to defer the date of settlement of an Order (but not outward payments - please see Clause 8) without liability to the Client if it is prevented from or delayed in the carrying on of its business due to the circumstances beyond its reasonable control including, without limitation, acts of God, governmental actions, war or national emergency, acts of terrorism, protests, riot, civil commotion, fire, explosion, flood, epidemic, lock-outs, strikes or other labour disputes, technical problems or restraints or delays affecting carriers or inability or delay in obtaining supplies of adequate or suitable currency, provided that, if the event in question continues for a continuous period in excess of 30 days, the Client shall be entitled to terminate the Order.

5.8 Neither party shall be liable to the other party in contract, tort, negligence, breach of statutory duty or otherwise for any loss, damage, costs or expenses of any nature whatsoever incurred or suffered by that other party of an indirect or consequential nature, including without limitation any loss of profits, business or goodwill, anticipated savings, loss caused by any third party, even if such loss was reasonably foreseeable.

5.9 Subject to clause 5.10, CFX's liability under or in connection with any and all Orders, whether arising in contract, tort, negligence, breach of statutory duty or otherwise, shall not exceed £50,000 (fifty thousand pounds sterling) in aggregate.

5.10 CFX does not purport to limit its liability for death or personal injury or fraudulent misrepresentation.

5.11 The limitations of liability in this clause 5 shall be construed and applied in accordance with clause 8.4 and the failure or unenforceability of any provision shall not affect the enforceability of the remaining provisions of this clause 5.

6. Default

6.1 CFX reserves the right to close out or terminate all or part of any Orders if:

  1. the Client fails to make a payment for an Order when due and in accordance with the terms; or
  2. the Client is made bankrupt or otherwise insolvent or
  3. any other breach by the Client under these Terms; or
  4. CFX is requested to do so by any regulatory body or considers it desirable or necessary to do so for its own protection or as required by law.

6.2 If the Client becomes aware of any event referred to in this clause, the Client shall give CFX notice of this immediately.

6.3 Without limitation to any other rights and remedies CFX may have, if the Client wishes to alter or terminate the terms of an Order and CFX is willing to agree to this, the Client shall be liable for any losses due to a change in the value of the contract through currency movement. Such charges are to be paid within 48 hours of CFX's consent to the alteration or termination. The client should also refer to the Fees Schedule for details of the fees applied.

6.4 CFX may decline to provide any reason for the close out or termination of any Order

7. Notices and Service

7.1 Documents may be sent by fax, email or post. Documents shall be sent to the last known address, email address or fax number given by each party from time to time.

8. Fund transfer and the Payment Services Regulations

8.1 CFX may accept Your Payment Order using any form of communication CFX considers to be appropriate including letter, fax, email or telephone.

8.2 CFX may decline to act on any communication, even if CFX has told You it will in general accept that type of instruction. CFX may do this in particular if it considers that there is doubt about the validity of the communication and it is in CFX's or Your interest to query it with you. Subject to any legal or regulatory requirements which may apply, CFX will act upon any instruction, agreement or arrangement without enquiring about its purpose, or the circumstances in which it is given, or about the disposition of any proceeds.

8.3 The language of these Terms and Conditions shall be English and all information provided, made available and notified to You shall be in English.

8.4 You may be provided with a further copy of these Terms and Conditions upon request.

8.5 Immediately after a Payment Order is received from You, CFX shall provide to You the following information:

  1. a reference enabling You to identify each Payment Transaction and, where appropriate, information relating to the Beneficiary;
  2. the amount of the Payment Transaction in the currency used for the Payment Transaction;
  3. the amount of any charges and transfer fees (if applicable) for the Payment Transaction payable by You;
  4. where applicable, the exchange rate used in the Payment Transaction by Us and the amount of the Payment Transaction after that currency conversion; and
  5. the date of receipt by Us of your Payment Order.

8.6 If You require information on an individual Payment Transaction before sending Us an instruction, please contact Us.

8.7 We have an obligation to disclose certain payer details to intermediaries in accordance with Regulation EU 2015/847 on information on the payer accompanying transfers of funds and You authorise Us to do this.


9. Fees and Charges

9.1 These terms and conditions set out how, when and what We charge for the services we provide.

9.2 In the event that We make any charges, You authorise Us to deduct those charges from the Payment Transaction before sending it. If We deduct any charges, We will notify You before we accept a Payment Order from You and additionally give You details in the contract note We issue after a Payment Order is accepted. Details will also be available on Your Online Account.

9.3 If Your Payment Transaction is going to an EEA country We can only accept the instruction on the basis that the Beneficiary pays any charges made by their bank or payment provider.

9.4 We do not apply charges of Our own, however charges may occasionally be applied by third party banks before We receive Your funds.

9.5 The following fees are applicable:

  • £25 – SWIFT payment detail amendment
  • £25 – To trace a payment sent
  • £25 – To attempt to recall a payment already sent
  • £50 – Administration fee for late settlement of a payment instruction, plus £20 per day.

10. Payment transactions

10.1 In order for a Payment Transaction from You to be properly remitted, You must provide Us with the information or unique identifier which is necessary for the proper execution of the Payment Transaction. If this information is incorrect, it could result in the Payment Transaction being delayed or the funds transferred being lost. The information could comprise the Beneficiary’s bank sort code and account number or, where applicable, the Beneficiary's SWIFT number, BIC number and IBAN number.

10.2 Unless otherwise instructed by You, We will remit Your funds once the Payment Order has been settled and You have provided Us with the Beneficiary details. We will take this as consent that You wish the funds to be transferred to the Beneficiary account. Amendments to your Payment Order may give rise to additional charges (see 8.2.5)

10.3 We will execute Payment Transactions so that the amount to be transferred reaches the Beneficiary's payment service provider no later than the end of the next business day if the payment is within the EEA or by the third business day for payments outside of the EEA after settlement date of the Payment Order. We must receive Payment Orders before 3.00 UK time for payments in Euros or 4.30 UK time for other currencies. When Your Payment Order is accepted after this time We will deem the instruction to have been received on the next business day. Instructions received on days which are not business days for Us will also be deemed to have been received on the next business day.

10.4 Once we receive your Payment Order, You cannot revoke it unless You inform Us that You withdraw Your consent no later than the business day before the agreed day of the Payment Transaction.

10.5 Where We receive a Payment Order from You for execution on a specific day, You agree that the time of receipt is deemed to be that specific day on which We are to execute the Payment Order.

10.6 It is Your responsibility to ensure that the funds You pay to Us are sufficient to make each and every Payment Transaction which You authorise Us to make. We will not make any Payment Transaction instructed by You unless You have paid to Us sufficient funds first.

10.7 We have the right to refuse to accept a Payment Order or inbound payment and to refuse to execute any Payment Transaction for any of the following reasons:

  1. any condition in these Terms and Conditions has not been satisfied;
  2. execution would be unlawful;
  3. execution would expose CFX to a level of risk it considers to be

10.8 With Your permission, Account Information Service Providers (AISPs) may obtain access to Your account allowing You to view all your online Payment Accounts, with various payment providers in one place. You should consider carefully the risks involved in granting such access, including whether the AISP is authorised by the FCA to provide such a service. If You have a dispute with the AISP the matter will have to be resolved directly with them.

10.9 With Your permission, Payment Initiation Service Providers (PISPs) may obtain access to Your account allowing You to initiate Payment Orders from Your Caxton Payment Account. You should consider carefully the risks involved in granting such access, including whether the PISP is authorised by the FCA to provide such a service. If You have a dispute with the PISP over a Payment Order initiated through a PISP the matter will have to be resolved directly with them. If we believe the Payment Order to be fraudulent or Your account has been accessed in an unauthorised manner We will refuse the transaction.

10.10 If any Payment Order is declined You may contact Us using the contact details set out in clause 1 of these Terms and Conditions or via Our Website. If We have declined the Payment Order We will, where reasonably possible (and where We are not prevented from so doing by law or regulation) contact You to tell You why the Payment Order was declined at the earliest opportunity after We received Your instruction. If the reason for Our declining the Payment Order was based on incorrect information, We will agree with You what needs to be done to correct that information.

10.11 You agree that We may retain funds received by Us for Your benefit until Our security validation, verification and anti-money laundering procedures have been completed before You may instruct Us to transfer them.


11. Liability and refunds

11.1 The extent of Your liability for any losses You incur in respect of an unauthorised Payment Transaction:

  1. arising from the use of lost or stolen personalised security features or procedures agreed between Us and You for Your use in order to give Us Payment Orders, including (without limitation) an unauthorised Payment Transaction through any electronic communication, is a maximum of £35, or
  2. where You have acted fraudulently or have with acted with gross negligence is the full amount of those losses.

11.2 You may be entitled to redress for an unauthorised or incorrectly executed Payment Transaction only if You notify Us without undue delay on becoming aware of any unauthorised or incorrectly executed payment transaction, and in any event no later than 13 months after the debit date.

11.3 Where You initiate a Payment Order, we are responsible to you for the correct execution of the Payment Transaction unless the Beneficiary's payment service provider received the amount of the Payment Transaction in accordance with the Payment Transaction execution times set out in clause 10.3 of these Terms. You may request that We make immediate efforts to trace the payment transaction and notify You of the outcome.

11.4 Where We are liable to You as payer under clause 11.3 for a non-executed or defective Payment Transaction, We will refund to you the amount of the non-executed or defective Payment Transaction by the end of the next business day.

11.5 Notwithstanding anything to the contrary in these Terms and Conditions, We shall not be liable to You if we are prevented, hindered or delayed from or in performing any of Our obligations under these Terms and Conditions due to abnormal and unforeseeable circumstances beyond Our control.

11.6 If You provide incorrect details for a Payment Transaction We will make every reasonable effort to recover the funds. If We cannot recover the funds We will provide You with all relevant information to enable You to pursue Your own recovery action.

11.7 If the You receive a Payment Transaction to which You are not entitled, We are required to share Your personal information with the payment provider that sent the payment so that they may contact You directly to enable recovery. 

12. Modifications to Terms and Conditions

12.1 We will notify You in writing at least 2 months before We make any change to these Terms and Conditions. You will be deemed to have accepted any such change if You do not notify Us to the contrary before the date on which any such change comes into effect. However, if You choose not to accept any such change, Our notice of the change shall be deemed to be notice of termination and Our relationship pursuant to these Terms will terminate the day before any change comes into effect.

12.2 You may terminate our relationship under these Terms by giving Us at least 1 month's notice. We shall not charge You for the termination of Our relationship under these Terms after the expiry of 6 months from its commencement. We may terminate Our relationship under these Terms by giving You at least 2 months' written notice. Such termination will not release You from any liability in respect of any sums owing to Us or from any previous liability for any act performed by Us in accordance with instructions received from You.


13. Complaints

13.1 We aim to provide the highest level of customer service possible. If You do experience a problem, We will endeavour in all cases to provide You with a final response within 15 working days. Occasionally, for reasons beyond Our control, we may take 35 working days to issue a final response. We will inform You if this will be the case. If You would like to make a complaint, please refer to Our Complaints Policy for details of Our internal process for dealing with complaints promptly and fairly. Our Complaints Policy is available on Our Website or by contacting Your account manager.

13.2 We will fully investigate any complaint and try to reach a satisfactory conclusion. Complaints may be recorded and monitored for Our internal use; We may submit an anonymous summary of complaints made to Us during a particular period of time to Our regulator. If You are not satisfied with Our final response You may be able to refer Your complaint to The Financial Ombudsman Service, Exchange Tower, Harbour Exchange Square, London E14


14. General

14.1 Nothing in these Terms shall be deemed to create a partnership or joint venture or agency relationship between the parties or confer any right or benefit to any third party.

14.2 These Terms are the conditions in force at the date of this Agreement and shall not be superseded, or modified except with written consent by CFX.

14.3 No oral representation by CFX, its employees or agents shall be binding on CFX or shall form part of these Terms, and except as set out above all conditions, warranties or other terms implied by statute or common law are hereby excluded to the fullest extent permitted by law.

14.4 Should all or part of any of these Terms be deemed unenforceable or illegal, the remaining terms or parts thereof will nevertheless continue in force and effect to the fullest extent permitted by applicable law.

14.5 The Client warrants that it is acting as principal and has full legal capacity to agree to these Terms.

14.6 The Client agrees that CFX may carry out any check as to the Client's status and other checks as it deems fit. The Client agrees that CFX can process their personal data provide services, process Orders and conduct relevant credit reference and other checks. You are providing Us with Your explicit consent to process Your personal data in order to provide You with this payment account. In addition, You agree that We can use Your personal information in accordance with Our Privacy Policy and share it with those parties necessary to provide You with Your payment account. Our Privacy Policy includes details of the personal information that We collect, how it will be used, and who We pass it to. You can tell Us if You do not want to receive any marketing materials from Us. 

14.7 Words shall have the meanings given to them in these Terms or if not defined, their usual meaning in the UK currency markets. The Client should also refer to the Definitions section of this document. Any dispute as to the meaning of any word shall be determined by an independent expert agreed by the parties, whose decision shall be final and binding on the parties.

14.8 The parties agree and consent to the recording of telephone conversations between the parties or their representatives without an automatic warning tone. The parties agree to the use of any such recordings as evidence in any dispute or anticipated dispute between the parties.

14.9 These Terms shall be governed by and construed in accordance with English law and subject to the jurisdiction of the English courts.

14.10 The data provided in this document is for information purposes only. It does not constitute advice nor is it intended as a solicitation for funds or recommendation to trade. Caxton FX Ltd accepts no responsibility for any loss suffered or damages sustained through any act or omission taken as a result of any of the information herein.

Travel Savings Plan Terms and Conditions

The following Terms apply to the Caxton Travel Savings Plan and form an Addendum to the Mastercard Prepaid Card Terms and Condition that apply to you (You / Your) as a Caxton Card customer. You agree to this Addendum by ticking acceptance of the Terms and Conditions as identified in the Plan setup process online. Once agreed and entered into, the Currency Savings Plan cannot be changed without incurring charges.

This Addendum is intended to govern only the services regarding the Travel Savings Plan; all other provisions of the Mastercard Prepaid Card Terms & Conditions remain operative and shall govern all other Caxton services. 

1. Contact details

If there is anything You do not understand or agree with, please contact Caxton using the following details:

  • Telephone: 0333 123 1815 or 44 (0) 207 235 3435 from outside the UK;
  • Mailing address: Caxton FX Ltd 11th Floor Portland House, Bressenden Place, London SW1E 5BH;
  • Email: [email protected].

Travel Savings Plan (Plan) options

The Travel Savings Plan (Plan) gives you the option to make monthly Plan Payments to

build a Final Amount in GBP (a GBP Plan) or other Caxton Card currency (a Currency Plan).

Under the terms of this Travel Savings Plan Addendum, You agree to making a series of monthly payments with the purpose of achieving a Final Amount at a future Maturity Date which will be loaded to your Caxton Account and Caxton Card.

2.1 Currency Plan

When You set up a Travel Savings Plan in a non-GBP currency (Currency Plan) you choose the following parameters, all of which become fixed when You complete the set-up process; the Plan Currency; the Final Amount in the Plan Currency between the value of £1,000 and £10,000 or currency equivalent; the number of monthly Plan Payments; and the Payment Day of the month You want Caxton to take payments. The number of Plan Payments and the Payment Day determine the Maturity Date of the Plan.

Under the terms of the Currency Plan, and as distinct from the GBP Plan, the Final Amount will only be added to Your Caxton Card after the final Plan Payment has been made. If the Final Amount exceeds Your Caxton Card load limits then the balance will remain on your Caxton Account Currency Balance for your future use. See the Mastercard Prepaid Card Terms & Conditions for Your Caxton Card limits.

To provide the Currency Plan, Caxton buy a Forward Contract on the currency markets. By its nature, and under the terms of this Addendum, a Forward Contract is a binding agreement between You and Caxton to buy the Final Amount of currency at the future Maturity Date at an agreed rate of exchange. These Currency Plan arrangements are fixed. See the Changes section and the Cancellation section in this Addendum.

There is no draw-down facility during the Currency Plan Payment Period and no interest will be paid on the money you pay to Caxton during the Plan Payment Period.

2.2 GBP Plan

When You set up a Travel Savings Plan in GBP (GBP Plan) you choose the following parameters; GBP as the Plan Currency; the Final Amount in GBP between £1,000 and £10,000; the number of monthly Plan Payments; and the Payment Day of the month You want Caxton to take payments. The number of Plan Payments and the Payment Day determine the Maturity Date of the Plan.

After each Plan Payment, Caxton will transfer the Plan Payment amount to Your Caxton Card up to the load limit of Your Caxton Card. If the Plan Payment exceeds Your Caxton Card load limit then the balance will remain on your Account Currency Balance for your future use. See the Mastercard Prepaid Card Terms & Conditions for Your Caxton Card limits.

3. Plan Setup

To setup your Travel Savings Plan you must be a Caxton Cardholder and must setup your Plan via Your online account. Once you have entered the required information online to define the Plan, a Plan Quote will be displayed showing any applicable rate of exchange (not applicable for a GBP Plan), the amount of each monthly Plan Payment and the total of the Plan Payments. The Plan Quote will be valid for a duration of 5 mins after which you will be alerted via the setup process that the Your Plan Quote has expired. To complete the setup You will be asked to confirm permission for Caxton to take the Plan Payments from the debit card registered against Your Caxton Account and to accept the Travel Savings Plan terms and conditions.

4. Plan Payments

Under the terms of this Addendum, You are obliged to make the Plan Payments on the monthly Payment Day You defined when setting up Your Plan. Caxton will take Plan Payments on the monthly Payment Day from the debit card you authorised for payments in the setup process. 

The first Plan Payment will be taken when you sign up for the Plan. Thereafter, the Plan Payments will be taken the next and subsequent calendar months on the monthly Payment Day you have requested.

Should the debit card You authorised during the Plan Setup becomes invalid for any reason during the Plan Payment Period You must notify Caxton. If Caxton is unable to take a due Plan Payment from the debit card provided, Caxton will endeavour to contact You at the earliest opportunity. In the event of non-payment after 72 hours Caxton will cancel Your Plan and the Cancellation terms will apply; see the Cancellation section of this Addendum. 

5. Payment protection

Plan Payments made to a GBP Plan are loaded directly to your Caxton Card Account and are held in a secure account with an authorised credit institution as detailed in the Mastercard Prepaid Card Terms and Conditions.

Plan Payments made to a Currency Plan are held as Client Money by Caxton as Investment Products regulated under the Financial Services and Markets Act and are also covered by the Financial Services Compensation Scheme (FSCS). Under the FSCS you are considered a Private investor and are covered by the FSCS for 100% of the first £30,000 and 90% of the next £20,000 up to £48,000. Further details of the scheme are available from the FSCS website www.fscs.org.uk.

6. Changes

Caxton is unable to permit changes to the Plan Currency, Final Amount, the Plan Period or the monthly Payment Day. In the first instance you should contact Caxton. To amend or change Your Plan it will be necessary to cancel Your existing Plan and the relevant Cancellation terms will apply; see the Cancellation GBP Plan or Cancellation Currency Plan in this Addendum.

7. Cancellation

Your Plan can be cancelled by You or by Caxton in the event of an unpaid Plan Payments after 72 hours. If You need to cancel Your Plan you must contact Caxton; Contact Details are provided in the Addendum. Please see below for the specific Cancellation terms for your Plan.

7.1 Cancelling a GBP Plan

If you have a GBP Plan there are no cancellation charges. 

In the event of Cancellation of a GBP Plan, Caxton will cease taking payments from Your authorised debit card. If the cancellation is less than 5 days before the next Plan Payment is due, the Plan Payment may still be deducted from Your authorised debit card; in this case Caxton will contact you to discuss refund arrangements.

7.2 Cancelling a Currency Plan

If you have a Currency Plan an Administration fee of £50 plus any applicable Reversal Loss will be due for payment by You. When you cancel Your Currency Plan, You have the option to;-

  • either have the currency value You have paid for up to the Cancellation Date loaded to Your Caxton Card;
  • or not to receive currency and have sterling paid back to Your Debit Card;

in both cases, cancellation charges will be deducted from the amount you receive.

The Reversal Loss is dependent on the exchange rate difference between when You setup Your Plan and the cancellation date applied to the currency You do not take delivery of. The Reversal Loss will be calculated and confirmed to You by Caxton.

If the cancellation is less than 5 days before the next Plan Payment is due, the Plan Payment may still be deducted from Your authorised debit card; in this case Caxton will contact you to discuss refund arrangements.

Cash Delivery Terms and Conditions

These terms and conditions apply to Caxton’s Cash Delivery Service whereby the Caxton Primary cardholder can order foreign currency banknotes for delivery to the address registered against their Caxton account. You accept these Terms and Conditions by ticking the acknowledgement box during the Cash Delivery ordering process.

By using this Service, You acknowledge that You have read and understood these terms and conditions, and agree to be bound by them.

“You” or “Your” means the named Primary Cardholder placing the ordering cash for home delivery (the Order) via Our Service.

"We", "Us" or "Our" means Caxton FX Ltd.

1. Contact details

If there is anything You do not understand or agree with please contact Us using Our Contact Details:

  • Telephone: 0333 123 1812 or +44 20 7201 0526 from outside the UK;
  • Mailing address: CaxtonFX Ltd 11th Floor Portland House, Bressenden Place, London SW1E 5BH; 
  • Email: [email protected].
  • Your Card Account can be managed online at caxtonfx.com.

You can download a copy of these Terms & Conditions at any time from Our Website or we will email them to You on request. 

2. Definitions

“Business Day” means a day other than a Saturday or Sunday on which banks are open for business in the UK.

“Cardholder” means the Primary Cardholder.

“Currency” means the currency purchased by You at the agreed exchange rate pursuant to the Order.

“Order” means the transaction You completed via the online Ordering Process for the delivery of one or more currencies to the Cardholder’s address.

“Ordering process” means the online process provided in Your Caxton online account which facilitates placing the Order.

“Service” means the Caxton Cash Delivery Service for the purpose of ordering foreign currency banknotes, excluding coins, for delivery to a UK address only as registered in the Cardholders account. 

3. Ordering

You must not order money for purposes other than those deemed legitimate which comply with all applicable laws, rules and regulations. We may refuse orders for whatever reason. In particular We will only consider orders if We are satisfied that there is a bonafide underlying transaction for which the Currency is required.

You warrant that the information You provide to Us is true and accurate in all respects, that You will not withhold any material information from Us and You will provide Us with any information that We may reasonably require in connection with Your Order.

The minimum and maximum order value for currency and any applicable Charges for Your Order will be displayed and applied during the Ordering Process.

The order value limits are identified below and We reserve the right to amend these without notice from time to time. For applicable Charges see section 5, Delivery Charges, of these Terms and Conditions.

  • Minimum order value: currency equivalent of £250
  • Maximum order value: currency equivalent of £5,000

There is a maximum single packet value of £2500 applied by Royal Mail. If Your Order is over £2500 it will be split into two separate packets and the applicable Postage fees will be due on each packet.

Orders will be processed at the foreign exchange rates quoted during the Ordering Process and will be rounded up to the nearest available currency banknote denomination. Any additional delivery charges will be displayed and added to Your Order during the Ordering Process.

Your Order will be delivered to the address registered in Your Caxton account. For Your security Your Order cannot be delivered to alternative addresses.

4. Payment

You can only pay for Your Order using a debit card registered in Your Caxton account.

5. Charges

Postage and Adminstration Fees are applicable to Your Order and are dependent on the Order value. Postage Charges are for Royal Mail Guaranteed Delivery, or equivalent service, and a supplement will apply for Saturday delivery.  All charges will be declared and added to Your Order during the Ordering Process and are identified below and We reserve the right to amend these without notice from time to time.

Order value Postage charge Saturday postage supplement Administration fee
£200 - £750
£750.01 - £1000
£1000.01 - £2500
£7.50
£8.50
£11.00
£1.50
£1.50
£1.50
£2.00
£0.00
£0.00

6. Delivery times

When You place Your Order You have the option to request a delivery day up to 10 days later and also a Saturday. If You do not request a specific delivery day then the delivery times below will apply.  Your Order will be despatched to Your registered address using Royal Mail Special Delivery, which guarantees delivery before 1:00pm. A signature will be required on delivery of Your Oder and if non one is at your address when it is delivered then Royal Mail will leave notification of alternative delivery or collection arrangements. 

Due to limited availability, an extended delivery of plus one Business day applies to some currencies.  You will be advised of this during the Ordering Process.

 

Order Placed Order delivered (standard currencies) Order delivered (unusual currencies)
Before 1.00pm on a Business Day Next Business Day, by 1pm

Or request Saturday delivery (fee applies)

Next Business Day + 1 day, by 1pm
After 1.00pm Friday OR

at any time on a non-Business Day

Next Business Day + 1 day, by 1pm Next Business Day + 2 days, by 1pm

In the event that any currency in your order is temporarily out of stock we will contact you to make alternative arrangements.

We will not be liable for any losses or expenses arising from late or non-delivery by Royal Mail for whatever reason. If Royal Mail fails to deliver Your Order it will require investigation and a full refund may only be given after 10 working days of dispatch.

Royal Mail may not be able to deliver to certain areas in the United Kingdom. Information of such areas can be viewed on Royal Mail’s website. If you click on this link you will leave our Website and our privacy policy and terms and conditions will no longer apply. This link is provided for your information only. We have no control over the contents of Royal Mail’s website or resources and accept no liability for them or for any loss or damage that may arise from your use of Royal Mail.

7. Cancellations

In order to uphold Our next day delivery commitments We are unable to cancel Your order once it has been placed. However, We will carry out Our best efforts to accommodate Your needs, within reason. For assistance please contact Us.

Should any order be cancelled before being processed, Your card issuer may hold the associated payment for up to 5-7 days before releasing them back to the account You hold with them. Please be advised that this ruling is beyond Our control and We have no liability for such actions.

You acknowledge and agree that We can refuse/cancel Your order at anytime, for any reason, at Our absolute discretion, especially if We reasonably feel that You will be unable to fulfil Your obligations under these Terms and Conditions.

If You are in breach of these Terms and Conditions We may cancel Your order and You will be liable for any losses that We incur. We may also terminate any Order if We are required to do so on the instructions of any law enforcement agency or regulatory body. In this case We may retain all or any of Your money if We are required to do so by law and then deal with it as ordered by a court or other body of competent jurisdiction.

8. Exclusion of Warranties and Limitation on Liability

To the extent permitted by law, all conditions, warranties and remedies imposed or implied by any applicable law are expressly excluded (save for death, personal injury or fraud, Our liability shall remain unlimited);

We will not be liable to You in contract, tort, breach of statutory duty or in any other way in connection with the Terms and Conditions 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 Order; and Under no circumstances shall We be liable for an act of omission of any third party involved in the payment process or otherwise. All implied terms are excluded to the fullest extent available under of the law.

9. Our liability to You

If We are in breach of Our obligations under these Terms and Conditions, We will only be liable to You for the value of the Order. You accept that this is a reasonable pre-estimate of the loss You may suffer resulting from any breach of Us or Our obligations hereunder.

We shall not be liable if, for any reason, We are unable to perform Our 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, delivery system or any other cause outside Our control or Our agents or subcontractors.

10. Your liability to Us

You agree to indemnify Us against all liabilities that We incur as a result of Us accepting Your order to buy currency and/or following Your instructions. You will be liable for and will indemnify Us against any reasonable costs, losses or liabilities We incur in order to provide You with this service. This includes costs, losses or liabilities arising from any later chargeback of Your debit card payment.

You are responsible for checking Your Order when you receive it and to report any discrepancies to Us within 24 hours of receipt. Any discrepancies not reported within this period hours will prejudice any claim You make.

11. Data Protection Policy

To provide this Service Caxton has engaged a third-party currency supplier, ICE Plc. It is therefore essential that We pass them Your personal information, including Your name and address so that Your Order can be delivered. In submitting Your Order You agree to Us sharing Your personal information with ICE Plc who will not use this data for any purpose other than to fulfill Your order.

12. Other Terms

Your obligations under these Terms and Conditions may not be assigned or transferred in any way to any other party. We shall have the right at any time to transfer and assign Our rights under these Terms and Conditions to any other party as We deem fit.

Use of this Service is subject to all applicable rules and customs involved in foreign exchange transactions.

Any delay or failure on Our part to exercise Our rights shall in no way amount to or be deemed as a waiver or giving up of such rights by Us, nor shall it prejudice any of Our other rights under these Terms and Conditions.

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.

Should any of these Terms and Conditions be in conflict with any other documentation or information that We have provided to You in connection with Your Order , then these Terms and Conditions shall have priority unless specifically agreed by Us in writing that such other documentation and information shall have priority in whole or in part.

A person who is not a party to these Terms and Conditions has no rights under the Contracts (Rights of Third Parties) Act 1999 to enforce any term of the Terms and Conditions but this does not affect any right or remedy of a third party which, exists or is available under that Act.

13. Applicable 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.

The Service is provided by Caxton FX Ltd, with the provision and delivery of cash currency fulfilled by ICE plc Registered in England: No 2080759 Registered office: Albany Court Yard, 47-48 Piccadilly, London W1J 0LR.

Business Terms and Conditions

Caxton FX Mastercard Corporate Prepaid Card Terms and Conditions

These terms and conditions apply to Your corporate prepaid Card. You should read them carefully before accepting them. You accept them by ticking the box “I confirm that I have read, understood and agree to the Caxton FX Limited (“CFX”) prepaid Currency Card terms and conditions” as part of Your online registration. In these terms and conditions “You” or “Your” means the named Organisation and the Cardholder(s). “We”, “Us” or “Our” means the Company, Valitor Payment Services Limited or the Programme Manager, as the context may require.

1. Definitions

In these terms and conditions (“Agreement”) the following words and expressions have the following meanings:

“Account” means Your Caxton FX Mastercard Business account which is linked to the use of Your Card(s) and is maintained for Your Card(s); 

“Agreement” means Your submitted application and this Agreement of open-ended duration between You and Us incorporating these terms and conditions, as amended from time to time and any other document which You are required to sign for the provision of the Account and Mastercard Business Traveller Card(s);

“ATM” means an automated teller machine; 

“Authorised Administrator” means the person(s) nominated by You (the organisation) to administer the Card(s) on Your behalf.

“Cardholder” means an individual to whom a Card(s) is supplied by You (the organisation) under these Terms and Conditions.

“Authorised” means an act of authorising the payment transfer by using the Card together with (i) the PIN or with (ii) the CVV code and Expiry Date or with (iii) the signature of the Cardholder;

“Available Balance” means the value of unspent funds loaded onto Your Account, belonging to the Company and available for use by the Cardholder in a Card Currency;

“Business Day” means a day other than a Saturday or Sunday on which banks are open for business in the UK;

“Card” means any or all of the following, as the context suggests: (1) a Card, which is a personalised Mastercard corporate prepaid card provided by Us to You, (2) any Card provided by Us to You as replacement for a Card;

“Card Currency” means 1. GBP 2. EUR 3. USD 4. AUD 5. CAD 6. NZD 7. HKD 8. CHF 9. JPY DKK 11. ZAR 12. PLN 13. SEK 14. NOK 15. HUF;

“Cardholder Services” means [email protected] or +44 20 7201 0528;

“Card Not Present” means a contract (subject to exceptions) concerning goods or services concluded between a supplier and a company under an organised distance sales or service provision scheme run by the supplier who, for the purpose of the contract, makes exclusive use of one or more means of distance communication up to and including the moment at which the contract is concluded. Where “distance communication” is any communication by which, without the simultaneous physical presence of the supplier and the consumer, may be used for the conclusion of a contract between those parties; 

“DIRECTOR” means a person who has been validly appointed as a Director to the Company;

“EEA” means European Economic Area;

“E-money” means electronic money as defined in clause 6 and as defined section 2(1) of the Electronic Money Regulations 2011 (as amended from time to time);

“Expiry Date” means the expiry date printed on the Card;

“Fees & Limits Schedule” means the schedule contained herein;

“Fee” means any fee payable by the Cardholder, as referenced in the Fees & LimitsSchedule;

“Issuer” means Valitor Payment Services Limited;

“KYB” means Know Your Business, which stands for requirements for knowledge of and information on customers of regulated entities or for regulated activities in order to comply with anti-money laundering and counter-terrorist financing law;

“KYC” means Know Your Customer, which stands for requirements for knowledge of and information on customers of regulated entities or for regulated activities in order to comply with anti-money laundering and counter-terrorist financing law;

“Merchant” means a retailer or any other person that accepts payment via the System;

“Named Organisation” means the corporate entity that has successfully registered for a Payment Service and has been issued with at least one Card by Us and is both legally and financially responsible for the Payment Services;

“Payment Order” means the Merchant’s payment service provider’s instructions to Us to execute a Transaction following Your authorisation of the Transaction; 

“Payment Services” means all payment services and any related services available to the Cardholder under the Agreement through the use of the Card;

“PIN” means the personal identification number necessary to access the Payment Services;

“Programme Manager” means Caxton FX Limited, a company registered in England and Wales with number 4610337, of Portland House, Bressenden Place, London SW1E 5BH;

“Registered Email and Password” means a set of personal codes selected by or provided to You to access the secure part of the Website associated with the Card; 

“System” means Mastercard and its payment network;

“Transaction” means realising: (i) a payment, or a purchase of goods or services from a Merchant where payment is made (in whole or in part) by use of the Payment Services, including where payment is made over the Internet, by phone or mail order or (ii) a cash withdrawal made from an ATM or bank using a Card plus any Transaction fees charged by Us in connection with Your cash withdrawal;

“Cost Centre” Means a designated currency account (relating to Your Card) to which You are able to load funds for the purpose of accessing Your e-money

“We”, “Us” or “Our” means Valitor Payment Services Limited, a company registered in England and Wales with number 8053178 and/or the Programme Manager, as the context may require;

“Website” means www.caxtonfx.com/business;

“You” or “Your” means the applicant Company and the Cardholder as applicable.

2. Contact details

Your Card can be managed online at www.caxtonfx.com. You may report Your Card lost or stolen by calling +44 20 7201 0528.

If there is anything You do not understand or agree with please contact Us using Our Contact Details:

  • Telephone: +44 20 7201 0528;
  • Mailing address: Caxton FX Ltd, 11th Floor, Portland House, Bressenden Place, London SW1E 5BH;
  • Email: [email protected]

You can download a copy of the Agreement at any time from Our Website. We will also send You an electronic copy of the Agreement by email upon Your request.

3. This Agreement 

The Agreement governs the relationship between You and Us for the provision of the Payment Services by Us to You. This Agreement also contains important warnings and information that may affect Your rights and Your ability to use the Payment Services. You accept the Agreement by ticking the box “I confirm that I have read, understood and agree to the Caxton FX Limited (“CFX”) prepaid Currency Card terms and conditions” as part of Your online registration. This Agreement does not give You any rights against the System, its affiliates or any third party. The Card remains the property of Valitor Payment Services Limited and is not transferable to anyone else.

4. Your Caxton Mastercard prepaid Card 

You can use the Card at any location that displays the Mastercard acceptance mark, including online or on the telephone. The primary purpose of the card is for use overseas.

Your Card is an electronic money prepaid card, it is not a credit, charge or debit card. The Company will not earn any interest on any funds it loads onto the Account associated with Your prepaid Card. As the Payment Services are prepaid payment services and not a credit or bank product, You must therefore ensure that there is a sufficient Available Balance to pay for each purchase, payment or cash withdrawal that You make using the Payment Services (including value added tax and any other taxes, charges and fees that are applicable). If for any reason a Transaction is processed and the Transaction amount exceeds the Available Balance, You must repay Us the amount of such excess immediately and We will be entitled to stop any existing or subsequent Transactions from proceeding.

5. Registering for and activating your prepaid Card

To register for the Card You must be at least 18 years old, a UK resident and a Director of the Company. You must comply fully with Our KYC procedures as set out at www. caxtonfx.com/business. We will require evidence of who You are and Your address for Our KYC procedures. We may ask You or the Company to provide some documentary evidence to prove this and/or We may carry out checks on You electronically.

To activate Your new Card You must use the activate function after logging into Your online account.

You must sign the signature strip on the back of the Card as soon as it is received.

6. Loading of the Card

The Card can be loaded with funds only by the Company and in the Company’s sole discretion subject to the agreement between the Company and the Issuer. Only an Authorised Administrator will be able to load the Card. Cardholders will not be able to load the card. We will issue the Company with an amount of electronic money equivalent to the funds loaded (“E-money”).

The E-money belongs to the Company at all times and the Company is the sole E-money holder. The Company will grant You permission to use its E-money available on the Card subject to the Agreement. The Company reserves the right to withdraw its permission at any time, without notice and for any reason. Cardholders will not have permission to use the Card once they are no longer an employee of the Company.

The minimum load value for both the initial load and subsequent reloads is GBP 100. Your Card cannot be loaded more than twice in any one day. The Available Balance on Your Card can never exceed GBP 15,000 at any time. We reserve the right to refuse to accept any particular loading Transaction.

Once loaded, funds will usually be available for use on the Card within minutes

We reserve the right to suspend or terminate the Company’s right to load the Card at any time without notice.

7. Service limits

Transactions may be restricted by Card type, individual usage patterns and payment risk profiles. For anti-money laundering and anti-fraud reasons We reserve Our right to change particular payment restrictions (including from those published or included herein) without notice and to the extent required to meet Our regulatory obligations. See further information on service limits on www.caxtonfx.com/business.

8. Use of the Payment Services

You will need access to the Internet in order to use the Payment Services. You can use the Payment Services up to the amount of the Available Balance for Transactions (i) via the Internet, (ii) at Merchants and (iii) to make cash withdrawals from ATMs. If the Available Balance is insufficient to pay for a Transaction, some Merchants will not permit You to combine use of a Card with other payment methods.

We will deduct the value of Your Transactions from the Available Balance on Your Card. We will also deduct any applicable fees as soon as they become payable based upon the Fees & Limits Schedule. A Cash Withdrawal Fee is payable in respect of domestic cash withdrawals made at ATMs using Your Card. In addition, Your withdrawal may also be subject to any applicable fees, limits, rules and regulations of the relevant ATM operator or bank. It is Your responsibility to check whether any such additional fees apply, as they cannot be refunded once the cash has been withdrawn.

In order to protect You and Us from fraud, Merchants and ATM operators will seek electronic authorisation before processing any Transaction. If a Merchant or ATM operator is unable to get an electronic authorisation, they may not be able to authorise Your Transaction.

Like other payment card issuers, We cannot guarantee a Merchant, an ATM operator or a bank will accept Your Card. We may at any time suspend, restrict or terminate Your Card, refuse to issue or replace a Card or refuse to authorise a Transaction for reasons relating to the following:

  • if We have reasonable grounds to believe that the security of Your Card has been compromised or suspect that Your Card is being used in an unauthorised or fraudulent manner;
  • if there are insufficient funds on Your Card at the time of the Transaction to cover the amount of the Transaction and any applicable fees;
  • if there is an outstanding Shortfall (as defined in clause 15) on the Card in accordance with clause 16;
  • if We have reasonable grounds to believe that You are acting in breach of this Agreement;
  • if We have reasonable grounds to believe that the Transaction is potentially suspicious or illegal (for example, if We believe that the Transaction is being made fraudulently) or because of errors, failures (whether mechanical or otherwise) or refusals by Merchants, payment processors or payment schemes processing Transactions, or
  • if We need to do so in order to comply with the law.

If We do this, We will inform You of the action taken and its reasons in advance or, if that is not possible, immediately after, unless to do so would compromise reasonable security measures or be otherwise unlawful. We will reactivate Your Card and where appropriate issue You with a replacement Card if after further investigations We reasonably believe that the reasons for the action no longer apply.

The named Organisation or Company will remain responsible for the use of the Payment Services.

Your ability to use or access the Payment Services may occasionally be interrupted, for example, if We need to carry out maintenance on Our systems. Please contact Cardholder Services via Our Website to notify Us of any problems You are experiencing using Your Card and We will endeavour to resolve them.

9. Conditions of use at certain Merchants

In some circumstances We or Merchants may require the Available Balance on the Card to be in excess of the Transaction amount. For example, at restaurants You may be required to have 15% more on Your Card than the value of the bill to allow for any gratuity or service charge added by the restaurant or You.

By way of example, if You use Your Card at an automated fuel dispenser (“pay at the pump”), the Merchant may preauthorise the Transaction amount up to £100.00 or more. If Your Card is declined, even though You have sufficient funds available, You should pay for Your purchase using Your Card inside with the cashier. If You use Your Card at a hotel, for a car rental purchase, or for similar purchases, the Merchant may preauthorise the Transaction amount for the purchase amount plus up to 20% or more to ensure there are sufficient funds available to cover tips or incidental expenses incurred. Any preauthorisation amount will place a “hold” on the Available Balance until the Merchant sends Us the final payment amount of Your purchase. Once the final payment amount is received, the preauthorisation amount on hold will be removed. It may take up to thirty (30) days for the hold to be removed. During the hold period, You will not have access to the preauthorised amount.

Some Merchants may not accept payment using Our Payment Services. It is Your responsibility to check the policy with each Merchant. We accept no liability if a Merchant refuses to accept payment using Our Payment Services.

10. Keeping Your Card secure and Your liability

You are responsible for Your Card, PIN, Registered Email and Password. Do not share Your Card security details (PIN, Account ID and Password) with anyone.

You must take all reasonable steps to keep Your PIN, Registered Email and Password safe and separate from Your Card or any record of your Card number, and not disclose it to anyone else. This includes:

  • not keeping Your PIN with Your Card;
  • not storing the PIN on a device which is not password protected or on a device which is accessible to others;
  • never sharing Your PIN with anyone;
  • when entering Your PIN, taking all reasonable steps to ensure it cannot be observed by others;
  • not entering Your PIN into any terminal that appears to be modified or suspicious, and
  • if You believe that anyone has gained unauthorised access to Your PIN, notifying Us without undue delay following the procedures in clause 17.

You will need a PIN in order to make payments at a Merchant or cash withdrawals (from an ATM or a bank) with the Card. The PIN can only be obtained by logging into Your account and using the PIN reveal facility.

If You forget Your PIN, the PIN can be obtained by logging into Your account and using the PIN reveal facility

You created or were given a Registered Email and Password by the Authorised Administrator. You will need this Registered Email and Password to perform the following functions in relation to Your Payment Services online:

  • changing Your registered details;
  • checking the amount of Available Balance;
  • checking Transaction details;
  • reporting Your Card as lost or stolen;
  • changing Your Password.

The Payment Services may only be used by the Cardholder.

We recommend that You check the Available Balance on Your Card regularly online on the Website. We will provide the Cardholder with the Available Balance and a statement of recent Transactions on the Card either by electronic means or on Our secure webpage at any time. We also recommend and instruct You to go thoroughly over all Your Transactions on a regular basis online on the Website. Your statement will show:

  • information relating to the Merchant and the Transaction reference;
  • the amount of the Transaction shown in the currency in which the Transaction was debited to the Account;
  • the amount and breakdown of charges for the Transaction;
  • the exchange rate We used in the Transaction, if any, and the amount of the Transaction after the currency conversion, and
  • the date the Transaction was debited to the Account.

You will be liable for all losses, including any related fees and charges, for any unauthorised Transaction if We can show that You have (i) acted fraudulently or (ii) failed with intent or gross negligence to use and keep safe Your Card, PIN, Registered Email and Password in accordance with this Agreement.

You will also be liable for all losses, including any related fees and charges, for any unauthorised or incorrectly executed Transaction if You fail to notify Us without undue delay on becoming aware of the Transaction, and in any event within thirteen (13) months of the Transaction debit date.

You will also be liable for any debit balance that may arise due to properly authorised transactions. Any debit balance that arises is repayable on demand.

In all other circumstances Your maximum liability will be as set out in this clause 10 and in clauses 17 and 19.

If You believe that someone else knows Your Account or Card security details, You should contact Us without undue delay.

Once the Card has expired or if it is found after You have reported it as lost or stolen, You agree to destroy it by cutting it in two through the magnetic strip and chip.

You agree to indemnify and hold Us harmless from and against all reasonable costs of any legal action taken to successfully enforce this Agreement arising out of a material breach of any of the terms and conditions of this Agreement by You or by Your fraudulent conduct.

Your card is a prepaid card and is not a credit card. As a result, you may not benefit from the same protections afforded to credit card users should you have a dispute with a merchant for non-delivery of goods or services.

11. Authorising Transactions

Subject to the features of a particular Card, the authorisation of a Transaction can

include authorising any single Transaction, a series of or recurring Transactions (including Transactions for an indefinite period) or pre-authorising future Transactions of a certain or uncertain amount. A Transaction will be regarded as authorised by You where You:

  • authorise the Transaction at the point of sale by following the instructions provided by the Merchant to authorise the Transaction, which may include:
    • entering Your PIN or providing any other security code;
    • signing a sales voucher;
    • providing the Card details and/or providing any other details as requested; and/or
    • waving/swiping the Card over a card reader or inserting Your Card into a card reading device for the purpose of making a payment;
  • insert a Card and enter Your PIN to request a cash withdrawal at an ATM, or
  • make a request for a cash advance at a bank counter.

Once a Transaction is authorised, it cannot be withdrawn or revoked unless both the Merchant and We agree to allow You to revoke it at Our discretion. However, the following Transactions may be withdrawn if You give notice to the Merchant and provide a copy of the notice to Us:

  • any Transaction which is agreed to take place on a date later than the date it was authorised as long as the notice was provided no later than the close of business on the Business Day before it was due to take place, and
  • direct debits if they are to occur after the date of the withdrawal.

Within the EEA We will ensure transfer of the payment to the payment service provider of the Merchant by the end of the next Business Day following the receipt of the Payment Order. If the payment service provider of the Merchant is located outside the EEA, We will effect payment as soon as possible. If We receive the Payment Order after 16:30hrs, it will be deemed received by Us on the following Business Day.

12. Communications regarding Your Card

You can check the Available Balance and Transaction history at any time by logging onto Your online Account. The online service is free and You can download Card statements there. You can also check the Available Balance and Transaction history by phoning +44 20 7201 0528.

13. Cancelling the Card and terminating the Agreement

If You are a Director or Company Secretary and You wish to cancel the Payment Services or terminate this Agreement at any time, You must request cancellation or termination online by sending an email to [email protected] informing Us of Your wish to cancel or terminate. You must email Us from the email address registered on Your online account. Our Cardholder Services department will then suspend all further use of Your Payment Services.

If Your Card is cancelled or the Agreement terminated, any Available Balance will be returned to the Company pursuant to Our agreement with the Company. We reserve the right not to return the Available Balance to the Company for up to ninety (90) Business Days from the date of any such cancellation, closure or termination to ensure that details of all Transactions have been received.

Once the Payment Services have been cancelled, it will be Your responsibility to destroy Your Card.

If, following reimbursement of the Available Balance to the Company, any further Transactions are found to have been made or charges or fees incurred using the Card or We receive a reversal of any prior Transaction, We will notify You of the amount and You must immediately repay Us such amount on demand as a debt.

14. Right to cancel (“Cooling-Off”)

You have a legal right to cancel Your Card up to fourteen (14) days after You receive it without any penalty fees but subject to deduction of any reasonable costs incurred by Us in the performance of any part of the provision of Payment Services before You cancel - this fourteen (14) day period is known as the “Cooling-Off Period”.

If You contact Us within this fourteen (14) day period and inform Us that You wish to withdraw from this Agreement, You must not use the Payment Services. We will then cancel the Payment Services and reimburse the amount of Available Balance on the Account to the Company. However, We reserve the right to hold Available Balance for up to ninety (90) Business Days from receipt of Your instructions to ensure that details of all Transactions have been received. Whenever currency other than a Card Currency is unloaded/removed from the Card before, during or after the fourteen (14) day Cooling-Off Period, it will be exchanged at the current buyback rate - not the rate at which the funds were initially loaded.

After the Cooling-Off Period You may only cancel the Payment Services as described in clause 13 above.

15. Expiry and redemption

Your Card has the Expiry Date printed on it, after which You may not use the Card. However, subject to the Company’s agreement, We will renew Your Card approximately one (1) month prior to the Expiry Date. You will be contacted by email at Your registered email address, where You will be required to reconfirm Your details and that You require a replacement Card. On issuing a replacement Card, the Available Balance held on Your previous Card will be automatically transferred to Your replacement Card with a new Expiry Date.

Subject to the paragraph above the Available Balance will no longer be usable following the Expiry Date of the Card. Notwithstanding any Expiry Date Your Available Balance is available for redemption by contacting Us at any time before the end of the Limitation Period. After the Limitation Period Your funds will no longer be redeemable.

We will have the right to set-off, transfer, or apply sums held on the Card in or towards the satisfaction of all or any liabilities and fees owed to Us by You that have not been paid or satisfied when due.

Authorisation will be requested for a Transaction at the time of the Transaction. In the unlikely event of a Transaction being completed, for any reason whatsoever, when there are insufficient funds on the Card for that Transaction (“Shortfall”), the Shortfall will be repaid by You unless it is due to an error on the part of the Merchant to which the Card was provided by You as the means of payment. Should You not repay this amount immediately after receiving an invoice from Us We reserve the right to take all steps necessary, including legal action, to recover any monies outstanding.

16. Termination and suspension of Payment Services 

The Agreement is open-ended and of no fixed duration.

We may terminate the Agreement for any reason by giving You at least two (2) months’ notice. We may terminate the Agreement without prior notice if:

  • You breach an important part of this Agreement, or repeatedly breach the Agreement and fail to resolve the matter in a timely manner;
  • You fail to pay fees or charges that You have incurred or fail to put right any Shortfall, or
  • We are required to do so by law or by the System (for example, where the provision of the Payment Service to You becomes unlawful).

We may also terminate this Agreement or suspend Your Card without prior notice if:

  • We reasonably believe Your Card is deliberately being used by You to commit fraud or for other illegal purposes, or
  • We discover that any of the information You provided Us with when You applied for Your Card was incorrect.

If We terminate the Agreement without prior notice, We will tell You as soon as We are permitted by law to do so.

17. Lost and stolen Card and Your right to refund for unauthorised Transactions

If You know or suspect that Your Card is lost or stolen, or that the PIN is known to an unauthorised person, or if You think a Transaction has been unauthorised, You must tell Us without undue delay by calling Us on +44 20 7201 0526 (this is a 24 hour service).

A Transaction will be considered to be unauthorised if You have not given Your consent for the Transaction to be made by authorising it as set out in clause 11. In order to get a refund for any unauthorised Transaction, You must report the Transaction without undue delay upon becoming aware of it or otherwise You will lose Your right to a refund. You will not be able to get a refund for any unauthorised Transaction reported after thirteen (13) months have passed following the debit date of the Transaction.

Despite the possible thirteen (13) month refund period You will not be able to claim for a refund for an unauthorised Transaction if the Transaction was correctly displayed in Your online account and You failed to inform Us about the Transaction being unauthorised without undue delay upon seeing the Transaction in Your online account. In this respect We urge You to check Your online account on a regular basis and review Your Transactions carefully.

When You call Cardholder Services, You will be asked to provide Us with Your registered email and some other identifying details. If there is an Available Balance remaining on Your Card, We will replace the Card unless there is evidence that the notified incident had been caused by Your breach of this Agreement, Your gross negligence or Your fraudulent conduct. If We replace the Card, the Card will be delivered to Your registered Company address subject to possible fees. Please see the Fees & Limits Schedule in clause 21.

We will immediately refund the full amount of any unauthorised Transaction reported by You, including any associated fees and charges, provided You notify Us of the Transaction in accordance with this Agreement except that:

  • if there is evidence that You acted fraudulently or have with intent or gross negligence failed to comply with the Agreement in relation to the use of the Card and safety of the Card’s security details, We will first carry out a prompt investigation to determine whether the Transaction was Authorised by You and will only refund if the investigation shows that the Transaction was not Authorised by You, and
  • if the Card was lost, stolen, compromised or You have failed to keep Your PIN or other security details safe from misappropriation, You will be liable for losses, before notice is given by You to Us, up to a maximum of thirty five (35) GBP (or equivalent in another currency) per instance of loss, theft or misappropriation.

You will be liable for all losses incurred in respect of an unauthorised Transaction where You have acted fraudulently or have with intent or gross negligence failed to comply with the Agreement in relation to the use of the Card and safety of its security features.

Except where You have acted fraudulently You will not be liable for any losses incurred in respect of an unauthorised Transaction arising after You notify Us of the Transaction in accordance with the Agreement or for any losses that occur where Your Card has been used in a Card Not Present environment.

If there is evidence that You checked the online Transaction history and did not notify Us of the unauthorised Transaction without undue delay, You may not be entitled to a refund.

We reserve the right to investigate any disputed Transaction or misuse of the Card before and after a refund. In order to do so We may need more information and assistance from You and You are required to reasonably cooperate with any investigation by Us or any law enforcement agency or other competent authority. If We make a refund following Your claim and subsequently establish that there was no right to a refund, We may deduct the refund amount from the Available Balance after notifying the Company and You. If there is not sufficient Available Balance, You must repay Us the amount immediately on demand.

18. Our liability

We will not be liable for any loss arising from:

  • Your inability to use the Payment Service as set out in the Agreement or for any reason stated in clauses 10 and 13;
  • any cause which results from abnormal or unforeseen circumstances beyond Our control, consequences of which would have been unavoidable despite all Our efforts to the contrary, including but not limited to fault in or failure of data processing systems, lack of funds, maximum withdrawal limits set by ATM operators;
  • a Merchant refusing to accept Your Card;
  • any issue with the goods or services that are purchased with Your Card;
  • any loss or theft that is reported with undue delay or more than thirteen (13) months following the debit date of the Transaction in question;
  • Our compliance with legal and regulatory requirements;
  • Our suspending, restricting or cancelling Your Card or refusing to issue or replace it in accordance with clause 8 above, or
  • loss or corruption of data unless caused by Our wilful default.

From time to time, Your ability to use Your Card may be interrupted, e.g. when We carry out maintenance to improve and keep the service running for Our customers. If this happens, You may be unable to:

  • load Your Card
  • use Your Card to make a payment, and/or
  • obtain information about the funds available on Your Card and/or about Your recent Transactions.

We will not be liable for any loss arising from such interruptions.

We are also not liable for:

  • business interruption, loss of revenue, goodwill, opportunity or anticipated savings, or
  • any indirect or consequential loss arising from Your total or partial use or inability to use Your Card, or the use of Your Card by any third party.

To the fullest extent permitted by relevant law, and subject to clauses 17 and 19, Our total liability under or arising from this Agreement will be limited as follows:

  • where Your Card is faulty due to Our default, Our liability will be limited to replacement of the Card or, at Our discretion, repayment to You of the Available Balance
  • where sums are incorrectly deducted from the Available Balance due to Our fault, Our liability will be limited to payment to You of an equivalent amount, and
  • in all other circumstances of Our default, Our liability will be limited to repayment of the amount of the Available Balance to the Company.

No party will be liable for, or be considered in breach of this Agreement on account of, any delay or failure to perform as required by this Agreement as a result of any causes or conditions which are beyond such party’s reasonable control and which such party is unable to overcome by the exercise of reasonable diligence.

The above exclusions and limitations set out in this clause 18 will also apply to any liability of Our affiliates such as the Programme Manager, Mastercard or other suppliers, contractors, agents or distributors and any of their respective affiliates (if any), to You, which may arise in connection with this Agreement.

19. Your right to a refund for authorised and incorrectly executed Transactions 

You may be able to claim a refund for an authorised Transaction if (i) Your authorisation of the Transaction did not specify the exact amount at the time of the authorisation, and (ii) the amount of the Transaction exceeded what You would have reasonably expected taking into consideration Your previous spending patterns and other relevant circumstances. A claim for a refund of such a Transaction must be made within eight (8) weeks from the date on which the funds were deducted from the Available Balance. We may require You to provide Us with such information as is reasonably necessary to ascertain whether You meet the conditions for the refund. Within ten (10) Business Days of receiving (i) Your claim for a refund or (ii) where applicable, any further information We requested from You, We will either refund the full amount of the Transaction or provide You with justification for refusing the refund.

In order to get a refund for an incorrectly executed Transaction (including non-executed or defectively executed Transaction), You must report the Transaction without undue delay upon becoming aware of it or otherwise You will lose Your right to a refund. You will not be able to get a refund for any incorrectly executed Transaction reported after thirteen (13) months have passed following the debit date of the Transaction.

Despite of the possible thirteen (13) month refund period You will not be able to claim for a refund for an incorrectly executed Transaction if the Transaction was correctly displayed in Your online Transaction history and You failed to inform Us without undue delay about the Transaction being incorrectly executed upon seeing the Transaction in Your online account. In this respect We urge You to check Your online Transaction history on a regular basis and review Your Transactions carefully.

As soon as practicable after You have notified Us of a disputed Transaction in accordance with this Agreement, You must confirm the disputed Transaction in writing by email or by post, setting out full details of the Transaction and Your reason for disputing it. You must provide Us with all receipts and information that are relevant to Your claim.

Where We are liable for an incorrectly executed Transaction, We will without undue delay refund You the amount of the Transaction, restore the Account to the state it would have been had the defective Transaction not taken place and refund any charges and interest that have arisen as a consequence of the non-execution or defective execution of the Transaction provided You notify Us of the Transaction in accordance with this clause 19.

If We refund You following Your claim and subsequently establish that You were not entitled to a refund, We may deduct it from the Available Balance after notifying the Company and You. If there is insufficient Available Balance, You must repay Us the amount immediately on demand.

If You are not satisfied with the justification provided for refusing the refund or with the outcome of Your claim for a refund, You may submit a complaint as described in clause 26.

20. Changes to the Agreement

We may change the Agreement at any time and will notify You by email or other agreed means at least two (2) months before the change is due to take effect unless We are required by law to change the Agreement immediately or if We reasonably consider the change is to Your advantage and there is no increased cost to You. You will be deemed to have accepted the notified change unless You tell Us that You do not agree to the change prior to the change being effective, in which case the Agreement will terminate without charge upon expiry of the notice. You also have a right to terminate the Agreement immediately and without charge at any point during the notice.

The notices and the most recent version of the Card terms and conditions will always be available on the Website. You may also want to check the Website regularly for any notices and changes.

We may make immediate changes to the exchange rate used to convert the amount of a foreign Transaction between two currencies as applicable.

21. Exchange rates, fees and limits

The Card is a multi-currency Card. As such, for a Transaction made in a Card Currency, there is an order of priority to determine which Card Currency is used for the Transaction. The Card is set up so that You can fully utilise Your entire Available Balance to fund a Transaction. This means that where You do not have funds available on the Card in the currency of the Transaction, either because it is not one of the available Card Currencies on the Card, or because You do not have a sufficient Available Balance in the relevant Card Currency, the Card will use Your Card Currency Available Balances in the default order of priority.

The default order of priority is: 1. GBP 2. EUR 3. USD 4. AUD 5. CAD 6. NZD 7. HKD 8. CHF 9. JPY 10. DKK 11. ZAR 12. PLN 13. SEK 14. NOK 15. HUF.

This means that the Card will first take funds from the relevant Card Currency Available Balance, i.e. if the transaction in question is in US$, the Card will first look to see if You have a sufficient US$ Available Balance and if not, will then work its way through the balances in the above order until the Transaction amount is able to be satisfied.

Where the conversion takes place between any of the 15 Card Currencies, the foreign exchange rate used for allocating funds from one Card Currency to another Card Currency is set and determined by Us and varies each day. Any Transaction made in a Card Currency will be converted in the default order of priority on the day we receive details of that foreign currency conversion. For the exchange rate currently applicable, please log in to your account here. This foreign exchange service is provided to You by the Programme Manager.

For a Transaction made in a currency other than a Card Currency, the amount deducted from your Available Balance will be converted to the Card Currency on the day We receive details of that foreign currency conversion. You can find out what the applicable exchange rate was at the time of the Transaction via the Mastercard website. Where a Transaction is performed in a currency different from a Card Currency, We will add a 2.49% fee to the Mastercard daily settlement rate, which can be found here.

Please see the Fees and Limits Table below for an explanation of what foreign exchange fees apply in these scenarios.

Fees and limits are subject to variation in accordance with the Agreement. Unless otherwise specified, all fees will be debited in GBP. If there is an insufficient Available Balance in GBP to pay such fees then We will automatically deduct funds from the Available Balances in other Card Currencies in the following order of priority: 2. EUR 3. USD 4. AUD 5. CAD 6. NZD 7. HKD 8. CHF 9. JPY 10. DKK 11. ZAR 12. PLN 13. SEK 14. NOK 15. HUF.

The following fees and limits apply.

Although the below values are displayed in GBP, if Your card is loaded in a different currency, Your card will be charged in that currency.

FEES & CHARGES

GBP

Card purchase and Annual Fee

Free

Load and reload

Free

Point of sale Transaction - international

Free

Point of sale Transaction - domestic

1.50

ATM Transaction

1.50

Over the counter cash - international

4.50 plus 2% of withdrawal amount

Over the counter cash - domestic

4.50 plus 2% of withdrawal amount

FX mark-up where a Transaction is  performed in a currency different from the currencies available on the card

2.49%

Available balance enquiry - ATM

0.3

Available balance enquiry - online

Free

PIN reminder*

Free

Card renewal

Free

Card replacement fee - damaged/lost/stolen

5.00

Redemption processing fee

1.50

*PIN reminder is only available online on Your account. Please note that the PIN displayed on Your account or on the app is the PIN that was originally issued with the card. If You change Your PIN at an ATM, Your online account and app will still show the original PIN, not the new one.

LIMITS GBP

Minimum Load per Wallet

100

Maximum Single Load per Wallet

15,000

Maximum Load Amount per Wallet per Day

15,000

Maximum Number Of Loads per Wallet per Day

15

Maximum Load Amount per Wallet per Year

150,000

Maximum Number Of POS per Card per 24 hours

30

Maximum Number of ATM withdrawals per Card per 24 hours

2

Maximum value Of Single ATM Withdrawal

500

The foreign exchange rate used for allocating funds from one Card Currency to another Card Currency is set and determined by Us and varies each day. For the exchange rate currently applicable, please log in to your account here. This foreign exchange service is provided to You by the Programme Manager.

We may charge fees in connection with any of Our services and facilities that You have made use of or requested based on Our Fees & Limits Schedule. The Fees & Limits Schedule is subject to changes, which will be notified to You as set out in clause 21. The most recent update of schedule will be available on the Website.

22. Company Details

If You are a Director or Company Secretary, You must let Us know as soon as possible if Your Company changes its name, registered address, trading address, phone number or email address. If We contact You in relation to Your Card, for example, to notify You that We have cancelled Your Card, We will use the most recent contact details You have provided to Us. We will not be liable to You if Your contact details have changed and You have not informed Us.

23. Data protection

In registering for the Card and using it, You agree that We can use Your (the Company’s) information in accordance with Our Privacy Policy. Our Privacy Policy is set out here. It includes details of the personal information that We collect, how it will be used, and who We pass it to. You can tell Us if You do not want to receive any marketing materials from Us.

24. Payment disputes with Merchants

In relation to any dispute between the Cardholder and a Merchant, provided You are able to satisfy Us that You have already made all efforts to resolve the dispute with the relevant Merchant, We will attempt to assist You so far as is reasonably practicable. If there is an un-resolvable dispute with a Merchant in circumstances where the Card has been used for a Transaction, You will be liable for the Transaction and will have to resolve this directly with the relevant Merchant.

25. Communication

Unless required otherwise by other provisions of this Agreement, if You have an enquiry relating to Your Card, You can call Our customer service telephone line on +44 20 7201 0528. Calls to 03 numbers cost no more than a national rate call to an 01 or 02 number and must count towards any inclusive minutes in the same way as 01 and 02 calls.

These rules apply to calls from any type of line including mobile, BT, other fixed line or payphone.

This Agreement is concluded in English. All communications with You will be in English.

We may contact the Authorised Administrator or the Cardholder by email, or post unless provided otherwise under the Agreement. You must maintain a valid email address, a valid mobile telephone number and a valid address registered with Us and must notify Us of any changes in Your registered details without delay. You agree to check for incoming messages regularly and frequently.

Any email will be deemed received as soon as it is sent unless within twenty four (24) hours the sender receives a failure notice indicating that the email has not been transmitted. Any email will be deemed received by the recipient on the day it is received in his email inbox if received before 16.30 hrs on a Business Day. If received at any other time, it will be deemed received on the next Business Day.

Any communication or notice sent by post will be deemed received three (3) days from the date of posting for UK post or within five (5) days of posting for international post. Any communication or notice sent by text message will be deemed received the same day.

26. Complaints

The Card programme is managed by the Programme Manager. If You are not satisfied with Your Card or the way it is managed, tell Us by contacting Us using Our Contact Details in clause 2 so We can investigate the circumstances for You. We will promptly send You the complaint acknowledgement by post or by email and enclose with it a copy of Our Complaints Procedure either as a hard copy or as a pdf file. We will endeavour to resolve your complaint within 15 working days and provide a written response. Occasionally, for reasons beyond our control, we may need to take up to 35 working days to resolve complaint. We will advise you if this is going to be the case. You may also request to be provided with a copy of Our Complaints Procedure at any time. Details of Our Complaints Procedure can also be obtained on Our Website. Any complaints You have will be dealt with quickly and fairly and You agree to cooperate with Us and provide the necessary information for Us to investigate and resolve the complaint.

You may be able to take unresolved complaints to the Financial Ombudsman Service if your business is considered to be a “Micro-Enterprise” or a small Charity as defined by the Payment Services Regulation 2009 via:

Post: Exchange Tower, London E14 9SR. 

Telephone: 0800 023 4567 (landline users) or 0300 123 9 123 (mobile users)

email: [email protected]

27. Compensation and protection of the Company’s funds

The Card is an electronic money product and although it is a product regulated by the

Financial Conduct Authority, it is not covered by the Financial Services Compensation Scheme. No other compensation scheme exists to cover losses claimed in connection with the Card. This means that in the unlikely event that Valitor Payment Services Limited becomes insolvent the funds on the Card may become valueless and unusable and as a result You may lose all of Your money.

Valitor Payment Services Limited ensures that once it has received the funds from the Company they are deposited in a secure account, specifically for the purpose of redeeming transactions made by Your Card. In the event that Valitor Payment Services Limited becomes insolvent, funds against which Valitor Payment Services Limited has already issued E-money to the Company are protected against the claims made by creditors.

28. Assignment

We may assign or transfer this Agreement in whole or in part to another company at any time. If We assign the Agreement to another company, You will be given two (2) months’ notice of this. Unless You tell Us within the two (2) month period that You do not want to continue with the Agreement after the assignment, You agree that We can assign the Agreement in this way. Your rights will not be affected by such assignment should it happen. You may not assign the Agreement to a third party. Your right to terminate the Agreement under clause 13 is not affected.

29. Transfer of funds to a new prepaid Card

We have the right to and may transfer the Available Balance to a new Card provided by a prepaid card issuer other than Valitor Payment Services Limited at any time. Before We do this You will be given at least two (2) months’ notice of the Card arrangements and the new Card terms and conditions. Unless You tell Us within the two (2) month period that You do not want a new Card from the new issuer, You agree that We can transfer the Available Balance on Your Card to a new prepaid Card provided by the new prepaid card issuer. Your right to terminate the Agreement under clause 13 is not affected.

30. Governing law

This Agreement (including any non-contractual disputed or claims) arising out of or in connection with it will be governed by English law and the English courts will deal with any legal proceedings between You and Us.

31. The Issuer of the Card

Your Card is issued by Valitor Payment Services Limited whose principal office is 1 Fore Street, London EC27 9DT, United Kingdom. Valitor Payment Services Limited is authorised and regulated by the Financial Conduct Authority as an electronic money institution (reference number 900688) and is accordingly permitted to issue electronic money in the UK. Your Card is the property of Valitor Payment Services Limited and is not transferable to anyone else.

Valitor Payment Services Limited is licensed as a principal member of Mastercard.

Caxton Corporate International Payments Terms and Conditions (“Terms”)

Contact Details

Your account can be managed online at www.caxtonfx.com

If there is anything You do not understand or agree with, please contact Us using Our Contact Details:

  • Telephone 0333 123 1815 or 44 (0) 207 235 3435 from outside the UK;
  • Mailing address: Caxton FX Ltd, 11th Floor, Portland House, Bressenden Place, London, SW1E 5BH;
  • Email: [email protected]om

 

Definitions

In these terms and conditions (“Agreement”) the following words and expressions have the following meanings:

“Account” means Your International Payments account with Caxton FX

“Account Holder” means the individual customer that opens an International Payment account with Caxton FX

“Account ID and Password” means a set of personal codes selected by the Account Holder to access their Online Account.

“Agreement” means this Agreement of open-ended duration between You and Us incorporating these terms and conditions, as amended from time to time

“Authorised” means an act of authorising the payment transfer.

“Available Balance” means the value of the funds held on Your International payment Account and available to use for International Payments

“Beneficiary” means an individual or entity that will receive the funds detailed in Your Payment Order 

“BIC Code” means a unique identifier for a financial institution that You ask us to send money to on Your behalf

“Business Day” means a day other than a Saturday or Sunday or a UK public holiday

“Client” means the same as Account Holder in this agreement

“Contract Note” means the documentation that sets out the terms for each purchase or sale of a currency that You undertake

“Currency” means any currency in Caxton FX is able to offer International Payments

“Customer Services” means [email protected] or 0333 123 1815 or 44 (0) 207 235 3435 from outside the UK

“CDD” means Customer Due Diligence, which is the regulatory requirement that applies to Us where We have to satisfactorily verify Your identity prior to opening Your account and on an occasional basis thereafter

“EEA” means the European Economic Area

“Exchange Rate” means that rate at which we will offer to convert one currency for another

“FCA” means the Financial Conduct Authority the regulatory authority covering payment services in the UK

“Fee” means any fee payable by the Account Holder, as referenced in this document

“FSMA” means the Financial Services and Markets Act

“IBAN Number” means a standard number that identifies a bank account across national borders

“Investment Products” in the context of this agreement means options contracts for foreign exchange protected by the Financial Services Compensation Scheme (FSCS).

“Online Account” means the internet-based access to Your Account

“Payment Order” means Your instruction to Us to execute a Payment Transaction on your Payment Account.

“Payment Services” means all payment services and any related services available to the Account Holder through the use of Your International Payment account

“Payment Services Regulations 2017” means the legislation that governs this agreement.

“Payment Transaction” means an act, initiated by You of placing, transferring or withdrawing funds on Your Payment Account

“Physical Delivery” means that settlement of the contract will take place through You actually selling or purchasing the currency as specified in the Contract Note.

“Purchase Currency” means the currency that You are requesting to buy from Us

“Sale Currency” means the currency that You are requesting to sell to Us

“Spot” means the exchange rate applicable at any particular moment for immediate settlement

“SWIFT code” means an internationally recognised code to identify the bank You instruct Us to send money to on Your behalf  

"We", "Us" or "Our" means Caxton FX limited, a company registered in England and Wales with number 4610337

“Website” means www.caxtonfx.com

“You” or “Your” means the named Account Holder

1. Caxton FX’s Services

1.1 Caxton FX Ltd, whose registered office is at Portland House, Bressenden Place, London SW1E 5BH (“CFX”) enters into contracts for the purchase and sale of currency for trade, commercial or other-non- speculative purposes. CFX does not offer or provide any advice of any nature regarding this product. As an integral part of its foreign currency service, CFX provides a money transmission service. CFX is authorised to provide this payment service by the Financial Conduct Authority (Registration number 900663) under the Payment Services Regulations 2017. CFX is also supervised for anti-money laundering purposes by the HMRC (registration number 12149429).

1.2 Any business (“Client”) that wishes to enter into transactions for the purchase and sale of currency with CFX by submitting an order to CFX (“Order”) agrees that each Order shall constitute a separate contract incorporating and subject to these Terms to the exclusion of any other terms now or in the future, unless otherwise agreed by CFX. Each Order shall only become binding if and when accepted (whether orally, by phone, in writing or by any other media) by a duly authorised CFX representative.

1.3 CFX will only accept Orders from the Client to buy and sell currencies for Spot or Forward delivery where the Client agrees to take physical delivery of the purchased currency on the specified delivery date (“Value Date”).

1.4 CFX may accept Orders for the Client from an Authorised Administrator approved by CFX. CFX may use any contact details provided by the Client when responding to Orders and does not commit to use only the preferred delivery method or the preferred contact details of a particular Authorised Administrator. The Client shall ensure that all contact details it supplies can be used for all communications for all authorised representatives for all Orders.

1.5 CFX may accept written or oral instructions for an Order from the Client or an Authorised Administrator of the Client. Orders must be given in the prescribed CFX format. CFX may require written confirmation of any Client instruction before accepting an Order.

1.6 CFX may provide the Client with information or opinions about the foreign exchange markets but CFX does not offer any advice to the Client on the merits of any transaction either with CFX or with others. When entering into any contract the Client shall rely entirely on its own judgment.

1.7 CFX is not obliged to accept Orders from a Client and may at its discretion refuse any Order without giving any reason and without liability for any resultant loss or damages incurred by the Client or any other party.

1.8 Once a Payment Order is accepted by CFX from or on behalf of a Client it cannot be cancelled, withdrawn, or varied in any way by the Client if the payment has already been debited to their payment account.

1.9 If the Payment Order is set up to be paid on a specific date the Client may not revoke the Payment Order after the end of the business day preceding the payment date.     

2. Documentation for accepted Foreign Exchange Orders

2.1 CFX will issue a contract note confirming the details of each Order accepted by it which may be sent to the Client by fax, email, post or on the company’s Online Account. Any such confirmation shall be provided for audit purposes only and shall not affect the terms of any Order agreed by CFX. The contract note will detail a unique reference for identification purposes as well as other information, for example, but without limitation, the purchase currency, the sale currency, the amount of each currency, the exchange rate, the date for settlement, any extra charges you may incur and the deposit required if it is a forward contract.

2.2 The Client shall notify CFX of any error or omission in any confirmation within 12 hours of receipt of a contract note issued by CFX. If CFX agrees there has been an error or omission, it shall issue a revised contract confirmation reflecting the revised terms.

3. Payment and settlement

3.1 For a Spot transaction the Client agrees to pay, on the settlement date that CFX requires, the full amount specified by CFX on the contract note as full payment for the contract. CFX reserves the right to charge administration fees for funds received after the settlement date. Please refer to the Fees Schedule.

3.2 The Client shall not be entitled to any interest on any Margin or any other funds held on its behalf by CFX.

3.3 CFX may deduct from any payments to be made to or on behalf of the Client such amounts as may be required by law or as may be charged by CFX in respect of transfer or other charges owed to CFX. Refer to the Fees Schedule for charges on fund transfers. All payments due from the Client to CFX under these terms shall be made without any deduction, counter-claim or withholding whatsoever.

3.4 The Client agrees and represents that all funds to be paid by the Client in respect of any Order will be legally and beneficially owned by the Client in full and will not be subject to any charge or lien or other encumbrance of any kind.

3.5 All funds provided by the Client under these Terms  may only be used by CFX in the performance of your obligations, as instructed by you.

3.6 Unless otherwise instructed by you, CFX will send your funds once the order has been settled and you have provided us with the beneficiary details. Further terms for the transmission of your funds exist under Clause 8.

4. Client money protection

4.1 CFX offers client money protection if the client sends money to CFX prior to a transaction taking place or if CFX is explicitly requested by the client to hold money for them after a transaction has been completed.

4.2 CFX holds all client money in accordance with the Financial Conduct Authority’s (FCA) Client Money rules and the Payment Services rules for safeguarding. This means it holds clients’ money separately from the firm’s money in a designated Client Trust Account in an EU regulated credit institution. This arrangement is designed to ensure that client money is not a risk in the unlikely event of CFX getting into financial difficulties.

4.3 Neither Spot Foreign Exchange nor Payment Services are regulated investment products so do not fall under the Financial Services Compensation Scheme.

5. Limitation of Liability

5.1 CFX agrees to perform its obligations with reasonable care and skill but providing it does so, CFX shall not be liable to the Client or any third party for any damages, costs, expenses, taxes, liabilities or losses resulting from the failure of CFX to execute any Order in accordance with the instructions of the Client.

5.2 CFX accepts no responsibility for any delay in onward payment attributable to the late arrival of funds or instruction for payment relative to the cut off times of the designated bank if this is the fault of the Beneficiary’s bank.

5.3 The Client shall indemnify and keep CFX indemnified against all damages, costs, expenses, taxes, liabilities or losses of any nature suffered by CFX through the failure of the Client to observe any Terms in respect of any Order agreed with CFX. The Client shall indemnify and keep CFX indemnified against all liabilities incurred by CFX in the proper performance of its services or any Order, including any liabilities incurred by CFX as a result of CFX performing actions to perform Client instructions (or acting on Orders which reasonably appear to CFX to be from the Client or its Authorised Administrator).

5.4 The Client shall keep all passwords and authorisations issued to it by CFX confidential and secure and CFX shall be entitled to rely on all instructions or Orders received by it using those passwords and authorisations as if they were received from the Client, without conducting any further checks as to the identity of the person making the Payment Order.

5.5 CFX shall not be liable for any fees or commissions charged by any intermediary bank or other entity when funds are transferred either to or from CFX’s or Client’s account.

5.6 The limitations of liability in these Terms are agreed by the parties on the basis that the Client is aware of the volatility of the foreign currency markets.

5.7 CFX reserves the right to defer the date of settlement of an Order (but not outward payments - please see Clause 8) without liability to the Client if it is prevented from or delayed in the carrying on of its business due to the circumstances beyond its reasonable control including, without limitation, acts of God, governmental actions, war or national emergency, acts of terrorism, protests, riot, civil commotion, fire, explosion, flood, epidemic, lock-outs, strikes or other labour disputes, technical problems or restraints or delays affecting carriers or inability or delay in obtaining supplies of adequate or suitable currency, provided that, if the event in question continues for a continuous period in excess of 30 days, the Client shall be entitled to give notice in writing to CFX to terminate the Order.

5.8 Neither party shall be liable to the other party in contract, tort, negligence, breach of statutory duty or otherwise for any loss, damage, costs or expenses of any nature whatsoever incurred or suffered by that other party of an indirect or consequential nature, including without limitation any loss of profits, business or goodwill, anticipated savings, loss caused by any third party, even if such loss was reasonably foreseeable.

5.9 Subject to clause 5.10, CFX’s liability under or in connection with any and all Orders, whether arising in contract, tort, negligence, breach of statutory duty or otherwise, shall not exceed £50,000 (fifty thousand pounds sterling) in aggregate.

5.10 CFX does not purport to limit its liability for death or personal injury or fraudulent misrepresentation.

5.11 The limitations of liability in this clause 5 shall be construed and applied in accordance with clause 8.4 and the failure or unenforceability of any provision shall not affect the enforceability of the remaining provisions of this clause 5.

6. Default

6.1 CFX reserves the right to close out or terminate all or part of any Orders if:-

  1. I) the Client fails to make a payment for an Order when due and in accordance with the terms;

or

  1. II) the Client goes into liquidation or commits any act of insolvency as defined by the Companies Act 1985 as amended;

or

            III) any other breach by the Client under these Terms;

or

  1. IV) CFX is requested to do so by any regulatory body or considers it desirable or necessary to do so for its own protection or as required by law.

6.2 If the Client becomes aware of any event referred to in this clause, the Client shall give CFX notice of this immediately.

6.3 If the Client fails to comply with any of its obligations under these Terms, and without limitation to any other rights or remedies of CFX under these Terms, in the case or “forward contracts”, the Margin shall, at CFX’s discretion, be forfeit to CFX.

6.4 Without limitation to any other rights and remedies CFX may have, if the Client wishes to alter or terminate the terms of an Order and CFX is willing to agree to this, the Client shall pay a minimum administration fee of £150 on each occasion and the Client shall be liable for any losses due to a change in the value of the contract through currency movement. Such charges are to be paid within 48 hours of CFX’s consent to the alteration or termination.

7. Notices and service

7.1 Documents may be sent by fax, email or post. Documents shall be sent to the last known address, email address or fax number given by each party from time to time. 

8. Communications

8.1 CFX may accept your instructions for payment using any form of communication CFX considers to be appropriate including letter, fax, email or telephone.

8.2 CFX may decline to act on any communication, even if CFX has told You it will in general accept that type of instruction. CFX may do this in particular if it considers that there is doubt about the validity of the communication and it is in CFX’s or Your interest to query it with You. Subject to any legal or regulatory requirements which may apply, CFX will act upon any instruction, agreement or arrangement without enquiring about its purpose, or the circumstances in which it is given, or about the disposition of any proceeds.

8.3 The language of these Terms and Conditions shall be English and all information provided, made available and notified to you shall be in English.

8.4 You may be provided with a further copy of these Terms and Conditions upon request.

8.5 Immediately after a payment instruction is received from You, CFX shall provide to You as soon as reasonably practicable the following information:

  • a reference enabling You to identify each payment transaction and, where appropriate, information relating to the payee;
  • the amount of the payment transaction in the currency used for the payment instruction;
  • the amount of any charges and transfer fees (if applicable) for the payment transaction payable by You;
  • where applicable, the exchange rate used in the payment transaction by us and the amount of the payment transaction after that currency conversion; and
  • the date of receipt by Us of Your payment instruction.

8.6 If You require information on an individual payment transaction before sending Us an instruction, please contact Us.

8.7 We have an obligation to disclose certain payer details to intermediaries in accordance with Regulation EU 2015/847 on information on the payer accompanying transfers of funds and You authorise Us to do this.

9. Fees and Charges

9.1 These terms and conditions set out how, when and what We charge for the services We provide. Details of charges are also available from the customer service team or by writing to Us.

9.2 In the event that We make any charges, You authorise Us to deduct those charges from the money transferred before sending it. If We deduct any charges, We will notify You before We accept a Payment Order from You and additionally give You details in the contract note We issue after an Order is accepted. Details will also be available on Your Online Account.

9.3 If Your Payment Order is going to an EEA country We can only accept it on the basis that the Beneficiary pays any charges made by their bank or payment provider.

9.4 We do not apply charges of Our own, however charges may occasionally be applied by third party banks before We receive Your funds.

9.5 The following fees are applicable to

£25 – SWIFT payment detail amendment

£25 – To trace a payment sent

£25 – To attempt to recall a payment already sent

£50 – Administration fee for late settlement of a Payment Order, plus £20 per day.

10. Payment Transactions

10.1    In order for a Payment Order from You to be properly remitted, You must provide Us with the information or unique identifier which is necessary for the proper execution of the Payment Order. If this information is incorrect, it could result in the Payment Transaction being delayed or the funds transferred being lost. The information could comprise the payee’s bank sort code and account number or, where applicable, the payee’s SWIFT number, BIC number and IBAN number.

10.2    Unless otherwise instructed by You, we will remit Your funds once the Payment Order has been settled and You have provided us with the Beneficiary details. We will take this as consent that You wish the funds to be transferred to the Beneficiary account. Amendments to Your instructions may give rise to additional charges (see 8.2.5)

10.3    We will execute Payment Orders so that the amount to be transferred reaches the Beneficiary’s payment service provider no later than the end of the third business day if the payment is within the EEA, or by the third business day for payments outside the EEA after the settlement date of the Payment Order. We must receive payment instructions before 3.00 UK time for payments in Euros or 4.30 UK time for other currencies. When Your Payment Order is accepted after this time We will deem the instruction to have been received on the next business day. Instructions received on days which are not business days for Us will also be deemed to have been received on the next business day.

10.4    Once We receive Your Payment Order, You cannot revoke it unless You inform Us that You withdraw Your consent no later than the business day before the agreed day of transfer.

10.5    Where We receive a Payment Order from You for execution on a specific day, You agree that the time of receipt is deemed to be that specific day on which We are to execute the payment instruction.

10.6    It is Your responsibility to ensure that the funds You pay to Us are sufficient to make each and every Payment Transaction which You authorise Us to make. We will not make any Payment Transaction instructed by You unless You have paid to Us sufficient funds first.

10.7 We have the right to refuse to accept a Payment Order or payment and to refuse to execute any Payment Transaction for any of the following reasons:

  1. any condition in these Terms and Conditions has not been satisfied;
  2. execution would be unlawful;
  • execution would expose CFX to a level of risk that it considers to be unacceptable.

10.8    With Your permission, Account Information Service Providers (AISPs) may obtain access to Your account allowing You to view all Your online Payment Accounts with various payment providers in one place. You should consider carefully the risks involved in granting such access, including whether the AISP is authorized by the FCA to provide such a service. If You have a dispute with the AISP the matter will have to resolved directly with them.

10.9    With your permission, Payment Initiation Service Providers (PISPs) may obtain access to Your account allowing You to initiate Payment Orders from Your Caxton Payment Account. You should consider carefully the risks involved in granting such access, including whether the PISP is authorized by the FCA to provide such a service. If You have a dispute with the PISP over a Payment Order initiated through a PISP the matter will have to be resolved directly with them. If We believe the Payment Order to be fraudulent or Your account has been accessed in an unauthorised manner We will refuse the transaction.            

10.10 If any Payment Order is declined You may contact Us using the contact details set out in clause 1.1 of these Terms and Conditions or via our Website. If We have declined the Payment Order We will, where reasonably possible (and where We are not prevented from so doing by law or regulation) tell You why the Payment Oder was declined at the earliest opportunity after We received your instruction. If the reason for Our declining the payment instruction was based on incorrect information, We will agree with You what needs to be done to correct that information.

10.11 You agree that We may retain funds received by Us for Your benefit until Our security validation, verification and anti-money laundering procedures have been completed before You may instruct Us to transfer them.

11. Liability and refunds

11.1    The extent of Your liability for any losses You incur in respect of an unauthorised Payment Transaction:

  1. arising from the use of lost or stolen personalised security features or procedures agreed between Us and You for Your use in order to give Us payment instructions, including (without limitation) an unauthorised payment transaction through any electronic communication, is a maximum of £35, or
  2. where You have acted fraudulently or have with acted with gross negligence is the full amount of those losses.

11.2    You may be entitled to redress for an unauthorised or incorrectly executed Payment Transaction only if You notify Us without undue delay on becoming aware of any unauthorised or incorrectly executed Payment Transaction, and in any event no later than 13 months after the debit date.

11.3    Where You initiate a Payment Order, We are responsible to You for the correct execution of the Payment Transaction unless the Beneficiary’s payment service provider received the amount of the Payment Transaction in accordance with the Payment Transaction execution times set out in clause 8.3.3 of these Terms. You may request that We make immediate efforts to trace the Payment Transaction and notify You of the outcome.

11.4    Where We are liable to You as payer under this clause 8.4.3 for a non-executed or defective payment transaction, We will refund to You the amount of the non-executed or defective Payment Transaction by the end of the next business day.

11.5    Notwithstanding anything to the contrary in these Terms and Conditions, We shall not be liable to You if we are prevented, hindered or delayed from or in performing any of Our obligations under these Terms and Conditions due to abnormal and unforeseeable circumstances beyond Our control.

11.6    If You provide incorrect details for a Payment Transaction We will make every reasonable effort to recover the funds. If We cannot recover the funds We will provide You will all relevant information to enable You to pursue Your own recovery action.

11.7    If You receive a Payment Transaction to which You are not entitled, We are required to share Your information with the payment provider that sent the Payment Transaction so that they may contact You directly to enable recovery.

11.8    You must maintain up to date anti-virus protection on the device from which You access Your Caxton account. You must also remain vigilant and check that you are accessing only the official Caxton website (www.caxtonfx.com) at all times.

11.9    You will be liable for any debit balance that may arise due to properly authorised transactions. Any debit balance that arises is repayable on demand.

12. Modifications to Terms and Conditions

12.1    We will notify You in writing at least 2 months before We make any change to these Terms and Conditions. You will be deemed to have accepted any such change if You do not notify Us to the contrary before the date on which any such change comes into effect. However, if You choose not to accept any such change, Our notice of the change shall be deemed to be notice of termination and Our relationship pursuant to these Terms will terminate the day before any change comes into effect.

12.2    You may terminate Our relationship under these Terms by giving Us at least 1 months’ notice. We shall not charge You for the termination of our relationship under these Terms after the expiry of 6 months from its commencement. We may terminate our relationship under these Terms by giving You at least 2 months’ written notice. Such termination will not release You from any liability in respect of any sums owing to Us or from any previous liability for any act performed by Us in accordance with instructions received from You.

13. Complaints

13.1    We aim to provide the highest level of customer service possible. If You do experience a problem, We will endeavor in all cases to provide You with a final response within 15 working days. Occasionally, for reasons beyond Our control, We may take 35 working days to issue a final response. We will inform You if this will be the case. If You would like to make a complaint, please refer to Our Complaints Policy for details of Our internal process for dealing with complaints promptly and fairly. Our Complaints Policy is available on Our Website or by contacting Your account manager.

13.2    We will fully investigate any complaint and try to reach a satisfactory conclusion. Complaints may be recorded and monitored for Our internal use; We may submit an anonymous summary of complaints made to us during a particular period of time to Our regulator. If You are not satisfied with Our final response, You may be able to take unresolved complaints to the Financial Ombudsman Service if Your business is considered to be a “Micro-Enterprise”. A ‘micro-enterprise’ is defined as an enterprise that: employs fewer than ten persons; and has a turnover that turnover does not exceed €2 million.

           The financial Ombudsmen Service can be contacted as follows:

           Exchange Tower, Harbour Exchange Square, London E14 9SR

           Email - [email protected]

You can also call the Financial Ombudsman Service on the below numbers:

0800 023 4567 - Calls to this number are normally free for people ringing from a “fixed line” phone – but charges may apply if You call from a mobile phone.

0300 123 9 123 - Calls to this number are charged at the same rate as 01 or 02 numbers on mobile phone tariffs.

These numbers may not be available from outside the UK. If abroad call on +44 20 7964 0500.

14. General

14.1    Nothing in these Terms shall be deemed to create a partnership or joint venture or agency relationship between the parties or confer any right or benefit to any third party.

14.2    These Terms are the conditions in force at the date of this agreement and shall not be superseded, or modified except with written consent by CFX.

14.3    No oral representation by CFX, its employees or agents shall be binding on CFX or shall form part of these Terms, and except as set out above all conditions, warranties or other terms implied by statute or common law are hereby excluded to the fullest extent permitted by law.

14.4    Should all or part of any of these Terms be deemed unenforceable or illegal, the remaining terms or parts thereof will nevertheless continue in force and effect to the fullest extent permitted by applicable law.

14.5    The Client warrants that it is acting as principal and has full legal capacity to agree to these Terms.

14.6    The Client agrees that CFX may carry out any check as to the Client’s status and personnel and other checks as it deems fit. The Client agrees on its own behalf and duly authorised on behalf of its personnel that CFX can process personal data relating to individuals to provide services, process Orders and conduct relevant checks. Information may be disclosed to third parties including other CFX affiliates, service providers, regulators and others worldwide, including people in other countries without data protection laws, for the foregoing purposes. You are providing Us with Your explicit consent to process Your personal data in order to provide You with this payment account. In addition, You agree that We can use Your personal information in accordance with Our Privacy Policy and share it with those parties necessary to provide You with Your payment account. Our Privacy Policy includes details of the personal information that We collect, how it will be used, and who We pass it to.      

14.7    Words shall have the meanings given to them in these Terms or if not defined, their usual meaning in the UK currency markets. You should also refer to the Definitions section of this document. Any dispute as to the meaning of any word shall be determined by an independent expert agreed by the parties, whose decision shall be final and binding on the parties.

14.8    The parties agree and consent to the recording of telephone conversations between the parties or their representatives without an automatic warning tone. The parties agree to the use of any such recordings as evidence in any dispute or anticipated dispute between the parties.

14.9    These Terms shall be governed by and construed in accordance with English law and subject to the jurisdiction of the English courts.

14.10 The data provided in this document is for information purposes only. If does not constitute advice nor is it intended as a solicitation for funds or recommendation to trade. Caxton FX limited accepts no responsibility for any loss suffered or damages sustained through any act or omission taken as a result of any of the information herein. 

Competition Terms and Conditions

1. The Promotion

Caxton are awarding one winner £300 to be loaded onto their Caxton Card as a result of a prize draw.

2. The Promotion Period

Promotion runs from Friday 30th November to Tuesday 4th December 23:59 BST only.

3. Eligibility Criteria

In order to participate to win £300 onto your Caxton Card, you (the ‘Participant’) must:

3.1 Be over 18 years of age;

3.2 Have a Caxton account

3.3 Have filled out the RFi customer survey between the period between Friday 30th November and Tuesday 4th December 23:59 BST only.

3.4 Caxton employees and their families are exempt from this prize draw.

The above mentioned are collectively referred to as the “Eligibility Criteria”. Once you have satisfied the Eligibility Criteria you shall be considered an eligible participant for the purpose of this Promotion (a ‘Participant’).

4. The Prize

4.1 One winner will be picked and notified via their email that they entered at the end of the survey on Wednesday 5th December 2018

4.2 The winner will have 48 hours from first being contacted to accept the prize via the instructions given in the winning notification. If the winner has not responded in this time period, an alternative winner will be picked and notified

4.3 On confirmation of the winner's details, the prize will be loaded onto the Caxton card linked to their Caxton Account

4.4 The prize draw will take place under the supervision of an independent adjudicator who will randomly select the winner


Promoter: Caxton FX Ltd Portland House, Bressenden Place, London SW1E 5BH.

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