Terms of Use

Dated: 22 April 2016

  1. INTRODUCTION

    1. This agreement (the "Agreement") sets out the terms and conditions (the "Terms and Conditions") governing your use of the website www.transwap.com (the "Website") and its related services that we may agree to provide to you from time to time (the "Service"). These Terms and Conditions are binding on you therefore it is important that you read and understand the Agreement.
    2. By accessing and using the Website, you are deemed to have expressly read and understood the Agreement and accepted the Terms and Conditions when you use the Website and the Service. You agree to be bound by these Terms and Conditions and other specific rules and procedures as determined or as may be amended from time to time at the sole discretion of TranSwap.
  2. INTELLECTUAL PROPERTY RIGHTS

    1. The Service is protected by copyright, trade secret and other intellectual property laws. We and/or our licensors own the title, copyright and other worldwide intellectual property rights in all services relating to TranSwap. Using TranSwap and the Service does not grant you any rights to our trademarks or service marks.
    2. For the purpose of these Terms and Conditions, intellectual property rights shall mean all patent rights, copyright rights, moral rights, rights of publicity, trademark, trade dress and service mark rights, goodwill, trade secret rights and other intellectual property rights as may now exist or hereafter come into existence, and all applications and registrations, renewals and extensions thereof, under the laws of Singapore and any country, territory or other jurisdiction.
  3. REGISTRATION, IDENTIFICATION AND ACTIVATION

    1. To help the government fight terrorism and money laundering, the applicable laws require us to obtain, verify and record information that identifies each person who wishes to use the Service.
    2. As such, in order for you to use the Service, you must first register for an account with TranSwap, during which we will ask for your name, address, date of birth, identification number and other identification documents that local applicable laws require us to obtain. In some cases, we may also be required by local applicable laws to conduct a face-to-face verification. We appreciate your understanding and cooperation.
    3. As part of your registration and use of the Service, you represent and warrant that:

      (a) If an individual, you are at least eighteen (18) years of age;

      (b) You are eligible to register and use the Service and have the right, full authority and ability to enter into this Agreement and perform under these Terms and Conditions;

      (c) You will not be violating any laws or regulations by registering with us, entering into or by performing any part of this Agreement, or by otherwise using the Service;

      (d) All information provided by you as part of your registration and use of the Service is current, accurate and complete, and you undertake to promptly notify us of any changes to such information;

      (e) You will ensure that your all information provided at registration remains accurate and up to date; and

      (f) You will not impersonate any other person, operate under an alias or otherwise conceal your identity. We will use the information provided by you, as well as the information that we receive from the use of the Website and the Service, to facilitate your participation in the services and for other purposes consistent with our Privacy Policy.

    4. From time to time, we may require you to provide additional information as a condition of the continued use of the Website and the Service.
    5. You may register only once, and each user must maintain a separate registration. If we detect multiple active registrations for a single user, we reserve the right to merge or terminate the registrations and refuse all continued use of the Service without notification to you.
    6. We, at our sole and absolute discretion, may refuse to approve or terminate existing registrations with or without cause or notice, other than any notice required by any applicable law, and not waived herein.
  4. THE SERVICE

    1. General Description for the use of the Service
      1. The Service enables the transmission of funds to recipients ("Recipients") located in other countries. You may place an order where you instruct us to convert and transfer a specific amount / specific foreign currency to a Recipient located in a foreign country ("Order").
      2. Funds that are transmitted to Recipients pursuant to an Order are transmitted via electronic funds transfer, wire transfer or other electronic methods.
      3. From time to time, we will identify on the Website the currencies for which the Service is available. Available currencies are subject to change at TranSwap's sole discretion.
      4. Use of the Service is subject to the Terms and Conditions provided herein as may be amended from time to time. You signify agreement with these Terms and Conditions and assume liability for any and all charges and fees incurred on the use of the Service, whether authorized or unauthorized.
      5. The Service, as described above, may be amended by us at any time. In addition, we retain full discretion to refuse to complete any Order at any time.
    2. Book New Transfer and Completing an Order
      1. Each Order must include all correct and accurate information as requested by us, including but not limited to:

        (a) Type and amount of currency requested;

        (b) Type and amount of currency offered;

        (c) Payee details; and

        (d) Other instructions (e.g., payee notification).

      2. You are solely responsible for the accuracy and validity of the information submitted.
      3. Once you place an Order, we will match your Order with other orders of reciprocal currency (a "Matched Order"). You will be notified of the Matched Order, together with the exchange rate (as described in Clause 4.4 of this Agreement) and transaction fees (as described in Clause 4.5 of this Agreement).
      4. Once you have confirmed that you are agreeable to the said exchange rate and the said transaction fees, the Order may not be modified or cancelled. You will also receive a detailed instruction for you to transfer funds to us directly or to our service providers (as described in Clause 4.3 of this Agreement) (the "Payment Instructions"). (the above said process above shall herein be referred to as "Transaction")
    3. Payment Instructions
      1. We only accept payment for your transfer via wire transfer from your bank account. No other payment methods are accepted, including cash, mailed cheque, or electronic cheque.
      2. We must receive your funds to our account specified in our Payment Instructions. If for any reason your Order is cancelled or refused, then we will promptly return the funds to the account from which it originated. In the event that we are unable to return the deposit, then we will promptly contact you to resolve the matter.
    4. Exchange Rates
      1. The exchange rate for Matched Orders will be the mid-market exchange rate of the "Buy" and "Sell" rates (the "Midpoint Rate") at the time the Order (or portion thereof) is matched (the "Exchange Rate").
      2. For completeness, TranSwap relies on aggregated 3rd party information sources to determine the Midpoint Rate, and we do not guarantee that the rates match any particular benchmark source at any given time.
      3. We will convert your Order at the Exchange Rate, provided that your funds reaches our specified bank accounts within the specified period stated in our Payment Instructions.
      4. For avoidance of doubt, please note that neither TranSwap nor any of our service providers take any margin or spread on the Exchange Rate associated with your Order. The Exchange Rate provided to you with your Matched Order is exactly the same rate as your counterparty.
    5. Transaction Fee and Administration Fee
      1. We change a transaction fee on every Order that is completed ("Transaction Fee"). The Transaction Fee is fully visible to you before you accept and confirm every Order.
      2. For avoidance of doubt, the Transaction Fee does not include any fees that your bank or the Recipient's bank may charge. Depending on the situation, these fees may be deducted from your funds or from the delivered amount to your Recipient.
      3. An administration fee (the "Administration Fee") may be incurred when your Order is refused due to incorrect payee details, regulatory requirements or any other reason ("Refused Order"). The Administration Fee will be deducted from your funds to us. Our current Administration Fee for Refused Order is S$10.00 per Order. For avoidance of doubt, the Administration Fee is in addition to any amount your bank or the Recipient's bank may charge.
    6. Refused Transactions
      1. We reserve the right in our sole discretion to refuse any Transaction. Reasons for refusal may include but are not limited to an inability to match your registration information with your bank account details, incorrect Recipient details or an insufficient deposit amount. We generally will attempt to notify of you of any refusal, using the contact information provided as part of your registration, stating (where possible) the reasons for the refusal and whether the problem can be corrected. We will not notify you of a refusal where to do so would be unlawful.
    7. Cancellation of Transactions
      1. You may cancel your Transaction for a full refund at any time if the Transaction Amount has not yet been converted in accordance with your order.
  5. TRANSACTION HISTORY

    1. You may access the Website and view your transaction history ("Transaction History"). You acknowledge and agree that we are not under any obligation whatsoever to issue a monthly statement to you detailing the transactions conducted by you through the Service.
  6. DISPUTES AND ERRONEOUS TRANSACTIONS

    1. The details in the email conformation message after every transaction and/or the entries in your Transaction History are presumed true and correct unless you notify us in writing of any disputes thereon within twenty-four (24) hours from the time of the transaction. If no dispute is reported within the said period, all transactions and entries in the Transaction History are considered conclusively true and correct.
  7. UNLAWFUL AND OTHER IMPERMISSIBLE USE

    1. You confirm that you shall not use the Service to conduct transactions in connection with any prohibited activities under applicable laws, and we reserve the right to investigate any suspicious activity or in response to any complaints or reported violations. When investigating any such activity, we reserve the right to report suspected unlawful activity to any appropriate regulatory or similar authority or person and to provide such authority or person any relevant information, including personal data.
    2. If we detect any unusual or suspicious activity on your use of the Service, we may require you to contact us or temporarily suspend the continued use of the Service until we can verify the activity.
    3. We may close and revoke any service with or without notice to you if, because of any change to any applicable law, regulation, regulatory requirement or judicial decision, or in our opinion, maintaining or performing any obligation under the terms in these Terms and Conditions becomes illegal, or we are otherwise prohibited from doing so. If this happens, you must pay us all liabilities on demand.
  8. TRANSWAP'S SERVICE PROVIDERS

    1. We use agents and 3rd party service providers to help us deliver the Service to you. In any event, all services provided by us or our agents and service providers are performed at our discretion and subject to our supervision and control.
  9. LIMITATIONS OF LIABILITY

    1. The Website and the Service are provided on an "as is" and "as available" basis. Use of the Service is at your own risk. In the even of any action that you may file against us, you agree that our total liability shall not exceed S$1,000.00 (One thousand Singapore Dollars) or the amount of the damages actually suffered by you, whichever is lower.
    2. You hereby agree to indemnity and render us, our directors, officers, employees, agents, affiliates, holding companies, subsidiaries, service providers or subcontractors and assign free and harmless from and against any claim, cause of action, suit, liability, and loss or damage of whatever nature that may arise as a result of or in connection with your use of the Service in the following instances:

      (a) Losses or damages alleged to result from our failure to properly complete a Transaction;

      (b) Losses or damages alleged to result from our delay in completing a Transaction;

      (c) If, through no fault of ours, you have not timely deposited sufficient funds with us to make the Transaction;

      (d) If your system or device was not working properly during your use of the Service and you knew about the breakdown when you started the Transaction;

      (e) For errors made by you or a Recipient, such as making a transfer to an unintended person or transferring an unintended amount;

      (f) For errors by your bank, such as the provision of an incorrect bank account information;

      (g) For losses or damage arising from your misuse or inability to use the Service and the Website, whether due to reasons within our control or not;

      (h) For losses or damage to you from our inability to complete a Transaction because we are prohibited by law or for losses or damage caused as a result of actions taken due to our obligations under applicable law or order; or

      (i) Due to circumstances beyond our control (such as failure or interruption of telecommunications or data transmission systems) that prevent or affect the Transaction, despite reasonable precautions that we have taken.

  10. DISCLAIMER OF LIABILITY

    1. In providing the Service to you, neither we nor any of our affiliates, holding companies, subsidiaries, employees, officers, directors, agents, service providers or subcontractors, makes any express warranties or representation to you with respect to the Service except as set out in this Agreement, and all implied and statutory warranties and representations, including without limitation any warranty of fitness for a particular purpose, merchantability or non-infringement are hereby expressly disclaimed to the maximum extent permitted by applicable law.

      In no event shall we or any of our affiliates, holding companies, subsidiaries, employees, officers, directors, agents, service providers or subcontractors be liable to you or any third party for any indirect, special, consequential, punitive, exemplary or incidental damages, whether based on negligence, willful misconduct, tort, contract or any other theory of law, or for any damages for loss of data, loss of income, failure to realize expected revenues or savings, loss of profits or any economic or pecuniary loss.

      We further disclaim any and all liability for any goods or services brought or sold by you that are settled through your participation in the Service.

  11. PRIVACY

    1. TranSwap will maintain and disclose your information in accordance with its Privacy Policy which is available on the Website.
  12. COMPLIANCE

    1. You shall comply with all laws and regulations related to the use of the Service and the current Anti-Money Laundering and Counter-Terrorism Financing legislation of your residence country.
  13. RIGHT OF SET-OFF

    1. You agree that we are authorized at any time to set-off the funds deposited with us against your debts or liabilities owed to us. We may exercise this right of set-off without notice to you.
  14. NON-WAIVER OF RIGHTS

    1. Any failure or delay by us in exercising or enforcing any right we have under the terms of these Terms and Conditions does not operate as a waiver of and does not prejudice or affect our right subsequently to act strictly in accordance with our rights.
    2. Moreover, no waiver by TranSwap or any of its rights or powers under this Agreement shall be deemed to have been made unless expressed in writing and signed by its duly authorized representative.
  15. SUSPENSION OR LIMITATION OF SITE OR SERVICE

    1. TranSwap will use commercially reasonable efforts to make the Service available 24 hours a day, seven days a week; provided that TranSwap reserves the right to temporarily suspend or limit all or part of the Website or the Service, or your access thereto, without notice, whether for maintenance or otherwise.
    2. You acknowledge that TranSwap will have no liability to you or any third party for TranSwap's acts or failures to act in connection with such suspension or limitation of the Service.
  16. TERMINATION

    1. We may immediately terminate your registration and this Agreement at any time without prior notice to you if:

      (a) In our reasonable opinion we determine in our sole discretion that you are not eligible to use the Services or that you are using them for an impermissible purpose;

      (b) In our reasonable opinion, your account is not operated in a proper or regular manner;

      (c) Threaten to breach or you have breached, any terms of the Agreement or the terms of our referral or promotional programs;

      (d) In our reasonable opinion you have materially breached the law;

      (e) It is necessary for us to do so in order for us to meet any obligation, either in Singapore or elsewhere in the world, in connection with the prevention of fraud, money laundering, terrorist activity, bribery, corruption or tax evasion, or the enforcement of economic or trade sanctions;

      (f) It is unlawful for us to continue to provide the Service;

      (g) You have given us untrue, inaccurate, incomplete or misleading information;

      (h) You become insolvent or bankrupt or subject to judicial proceedings;

      (i) In our reasonable opinion, you engaged in behavior that we in our sole discretion view as suspicious or otherwise of concern;

      (j) In our reasonable opinion duplicate accounts are opened for the same person;

      (k) In our reasonable opinion it is impossible to get in touch with you by the telephone number and email address you have provided; or

      (l) You or your bank initiated a chargeback or rejection of an attempted transfer.

    2. We may suspend or refuse to execute an Order if any of the reasons stated above in Clause 16.1 applies to the Recipient of the Order.
    3. You may terminate your registration at any time by contacting us via email at support@transwap.net.
    4. For avoidance of doubt, any termination shall not affect prior transactions or obligations under this Agreement existing at the time of the termination. Upon termination, TranSwap will retain records of your Transaction History in accordance with regulatory requirements and our retention policies.
  17. SEVERABILITY

    1. Should any provision of this Agreement be rendered void, invalid or unenforceable in any respect under any law, the validity, legality and enforceability of the remaining terms and conditions shall not be affected or impaired thereby.
  18. ASSIGNMENT

    1. You may not transfer or assign this Agreement to any other person without our prior written consent.
    2. We may assign our obligations to you under this Agreement without your consent and without any prior notice.
  19. GENERAL CONSTRUCTION AND INTERPRETATION

    1. When we determine a matter in our opinion, the determination is made at our absolute discretion.
    2. When we act or refuse to act on any matter including any instruction or transaction, we do not need to provide any reason for our act or refusal unless required by the applicable law.
  20. ENTIRE AGREEMENT

    1. This Agreement and any documents expressly referred to in it constitute the whole agreement between us and supersedes any pervious discussions, correspondence, arrangements or understandings between us.
    2. This Agreement may be provided to you in English or any other language that we support. For the avoidance of doubt, any non-English version of this Agreement is provided for translation purposes only. In the event that any inconsistency arises between the English and non-English versions of the Agreement, the English version of the Agreement shall prevail.
  21. AMENDMENTS

    1. We reserve the right to amend these Terms and Conditions at any time and for whatever reason it may deem proper, and any such amendment shall be binding upon notice to you by publication or other means of communication, electronic or otherwise. This is unless you object to those amendments by manifesting the intention to terminate your membership in writing within five (5) days from notice of the amendments. Your failure to notify us about this intention to terminate your membership as provided, and your continued use of the Service, or both, shall be taken as your conclusive acceptance of the amendments.
  22. APPLICABLE LAW AND ARBITRATION

    1. This Agreement is entered into in Singapore and is governed by the laws of Singapore, without regard to conflicts or choice of laws principles, whether or not you live in Singapore.
    2. TranSwap and you shall attempt to resolve any controversy or claim arising out of or relating to the creation, performance, termination and/or breach of this Agreement in the first instance through good faith negotiation or mediation between the parties.
    3. Any dispute arising out of or in connection with this Agreement, including any question regarding its existence, validity or termination, shall be referred to and finally resolved by arbitration administered by the Singapore International Arbitration Centre ("SIAC") in accordance with the Arbitration Rules of the Singapore International Arbitration Centre ("SIAC Rules") for the time being in force, which rules are deemed to be incorporated by reference in this clause.
    4. The seat of the arbitration shall be Singapore. The Tribunal shall consist of one (1) arbitration. The language of the arbitration shall be English.
  23. NOTICES TO US

    1. Please contact TranSwap support via email at support@transwap.net.
    2. Any notice of legal claim or other process pursuant to this Agreement shall be delivered via post to TranSwap's registered address at:

      17 Upper Circular Road, #03-00, Juta Building, Singapore 058415

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