9.1 Where to find the price for your Order.
We will let you know the applicable exchange rate at the time when you set up your Order. As long as we receive sufficient money from you by the time specified in clause 9.4 below we will convert your money using that exchange rate. We use our best efforts to ensure that the exchange rate advised to you is correct. However please see clause 9.2 for what happens if we discover an error in the exchange rate of your Order.
9.2 What happens if we got the price wrong.
It is always possible that, despite our best efforts, there may be an error in the exchange rate in your Order. We will normally check exchange rates before accepting your Order so that where there is an error in the exchange rate communicated to you we will contact you for your instructions before we accept your Order.
9.3 We reserve the right to reissue the Contract Note to correct any inadvertent mistake, error or omission and we agree to do so promptly as soon as it comes to our attention.
9.4 When you must pay and how you must pay.
We accept payment with various methods as confirmed to you in your Contract Note. When you must pay depends on what type of Order you are making:
(a) for GoGo Transactions, we must receive payment of the Sale Currency in full from you into the Client Nominated Account within 24 hours after placing your Order;
(b) for Spot Transactions, we must receive payment of the Sale Currency in full from you into the Client Nominated Account no later than 5pm on the Value Date; and
(c) for Forward Transactions:
(i) you will immediately (in the normal course of events within 24 hours after the Order is placed unless otherwise agreed) pay into the Margin Nominated Account in cleared funds a Margin as determined in accordance with clause 9.5(b) below or such other percentage as we may specify at our sole discretion;
(ii) we must receive payment of the Sale Currency in full from you into the Client Nominated Account no later than 5pm on the Value Date of the particular Forward Transaction.
The provisions of this clause 9.5 apply to Forward Transactions.
(a) We may in our absolute discretion, at any time before or after we agree to enter into a Contract, require you to provide us with a Margin. You acknowledge that this money will not generally be covered by the Client Money rules and agree that the principles set out in this clause 9.5 will apply.
(b) In assessing the sum to be requested as Margin we will, acting reasonably, use our discretion in making a determination of the risk of the trade and request an appropriate sum, given the risk determination, as Margin for that Forward Transaction.
(c) We will hold the Margin on trust for you in a designated client account. This means that you are still the beneficial owner of this money until such point in time as we incur any costs, losses or liabilities in connection with or arising out of your Order(s) including, without limit, liabilities we incur with third party currency dealers, exchanges, brokers, banks or similar entities. Then we will become the beneficial owner of that proportion of the money, held as Margin, equal to our costs, losses, or liabilities, without notice or demand by us.
(d) We reserve the right to make a Margin Call to re-establish the Margin to the original percentage level agreed for the particular Order if the Margin subsequently falls below an acceptable threshold for that Order.
(e) All Margin Calls must be paid within 24 hours of our first communicating the Margin Call to you.
(f) The Margin will vest automatically in us in any of the following circumstances:
(i) on the Value Date;
(ii) if you breach any material term of these terms;
(iii) in the circumstances set out in clause 16.1(e), below.
(g) We may also offset any Margin(s) or other monies we are holding in respect of any one of your Orders, against any costs, losses and/or liabilities that we incur in connection with or arising out of any other Order you have with us.
9.6 Customer errors.
We accept no responsibility in the event that you send currency to any account other than the Client Nominated Account.
9.7 Business Hours.
Banks have specified cut off times for the receipt and dispatch of electronic payments. We accept no responsibility for any consequence attributable to the arrival of late funds or instruction of payment after the relevant cut off times. If we receive funds outside of our Business Hours they will be deemed received the following Business Day.
9.8 Appropriation of funds.
All funds provided by you under an Order (whether as security or otherwise) may be appropriated by us if we incur any liability in respect of any transaction or in the event that you are unable to pay sums due to us or breach of these terms.
9.9 Payments to third parties.
We may, at our discretion, make payments to third party introducers.
We will not be obliged to pay you interest on any Margin or Client Money held by us on your behalf.
9.11 Our right of set-off if you are a business customer.
If you are a business customer you must pay all amounts due to us under these terms in full without any set-off, counterclaim, deduction or withholding (other than any deduction or withholding of tax as required by law).
9.12 We are not a currency trading platform.
Accordingly, you should not use our services for this purpose (including sending us multiple Orders without the intention of completing all the Orders). If we detect that you are using our services for this purpose, we may, at our option, set a limit on the number of Orders you may send to us or refuse to accept any further Orders from you.