These terms set out your rights between you and Flash FX Partners Pty Ltd ACN 607 885 941 (we, us, our). The terms set out your and our rights and obligations with respect to the account, foreign exchange and payment services (Services) provided by us and set out in this terms (Services).
The Services can be accessed by creating an account on our website at www.flash-fx.com (Account). By creating the Account, you agree to be bound by these terms.
To be eligible to use the Services, you must, at all times, satisfy all of the following:
- you are a natural person, at least 18 years old and ordinarily reside in Australia;
- you are not included on the DFAT Consolidated List which is published by the Australian Department of Foreign Affairs and Trade and are not subject to any counter-measure under the Anti-Money Laundering and Counter Terrorism Financing Act 2006 (Cth) (AML-CTF Act);
- you are capable of entering into a legally binding agreement; and
- you are not acting on behalf of an undisclosed principal or third-party beneficiary (if acting as an individual and operating an individual account).
If you cease to satisfy all of the criteria above, you must immediately cease to use the Services and contact us.
You must hold an Account to use the Services.
To establish the Account, you will be asked to input an email (which will be your username) and create a password. You must keep your password confidential and not provide it to any other person. You must not allow any other person to access your Account. We recommend that you enable two-factor authentication in addition to using your email and password to increase Account security and confidentiality. You will be responsible for any Transactions conducted on your Account, even if they have not been initiated or authorised by you. You may change the password to your Account at our website.
Once you have created the Account, you will be able to access the dashboard, which is the landing page from which the Services can be accessed (Dashboard). However, the Account will not be activated (and you will not be able to deposit money to the Account) until you have provided us with the information we require to activate the Account. We may contact you to request this information or include it on the Dashboard.
You must provide us with any information or documentation (such as a copy of your passport, drivers licence or other identifying document) we request that is required by us to verify your identify for AML-CTF Act purposes and to otherwise comply with our legal obligations. You consent to us accessing and using various government and private databases for this purpose.
- are unable to verify your identity;
- consider that you do not meet the eligibility requirements to use the Services; or
- otherwise consider that you are not a fit and proper person to use the Services,
we may terminate your Account, without any obligation to explain or review our decision.
You are responsible for ensuring the personal details used on your Account (Personal Details) are accurate and up to date at all times. We will not be liable for any Loss you incur as a result of your Personal Details not being accurate or up to date.
Transactions can only be entered into when you have a cleared credit balance in your Account (Account Balance). There is no ability to overdraw your Account.
You can only deposit money into your Account by bank transfer from any bank account (and by including the reference code set out in the Services), through POLi Payments or by using the Services and transferring money from an overseas location to the Account, in each case in accordance with our directions. You cannot deposit money by way of debit or credit card payment.
The Account Balance, along with the balance of all other users, is held by us on trust in a bank account. We are entitled to all interest that accrues from the balances held in the bank account from time to time.
We can deduct from the Account Balance such amounts that you owe us under these terms or the Flash Terms at any time.
Your use of the Services is at your own risk. To the maximum extent permitted by law, we are not liable for any Loss you incur as a result of using the Services.
There are two aspects to the Services, namely:
- the Account;
- you and us entering into a foreign exchange contract to exchange one currency (pre-converted currency) with another currency (foreign currency) at an agreed effective exchange rate which is the exchange rate less the margin we have quoted (effective exchange rate)
(the last being the Transaction).
We can facilitate the transfer of foreign currency to a recipient overseas that you have specified (Recipient).
Foreign exchange contracts are not entered into on an authorised exchange, such as the ASX. There is no official benchmark exchange rate for currency. The foreign exchange market is referred to as an over-the-counter market, which means that exchange rates between providers will vary.
We trade currencies with third party ‘market makers’ who may use the Ripple Distributed Ledger Protocol (Ripple) or other trading platforms. We source liquidity from these market makers so that we can execute Transactions.
We do not transfer (whether inbound or outbound), but merely facilitate the transfer and for this purpose we will choose the payments infrastructure and networks that we consider the most appropriate through which the transfer will be made (Payment Network).
To enter into a Transaction, you must:
- log on to your Account at www.flash-fx.com;
- comply with any directions we prescribe and comply with the restrictions on the type and amounts (minimum and maximum) of currency that we will convert, which we will prescribe on our website from time to time;
- enter the pre-converted currency amount that you wish to convert and designate the foreign currency to review the estimated exchange rate, which includes the margin that we will charge. You can change the pre-converted currency amount to see how that affects the estimated effective exchange rate and the amount of foreign currency that will be converted from the pre-converted currency amount. The estimated exchange rate is indicative only and the effective exchange rate (which is the exchange rate at which conversion will occur) will be confirmed at the quote stage;
- ensure that the Account Balance contains sufficient funds to conduct the Transaction;
- where the foreign currency amount is being sent to the Recipient, enter the required details of the Recipient;
- review the quote that we have provided to convert the pre-converted currency amount that you have selected to the foreign currency you have selected. The quote will include the effective exchange rate, which is the exchange rate we have quoted less the margin. The exchange will occur at the effective exchange rate. Please note that the effective exchange rate may be different to the estimated effective exchange rate; and
- confirm that you wish to proceed with the Transaction.
Once you have confirmed that you wish to proceed with the Transaction, the Transaction becomes binding on you and us and you will be bound to fulfil your obligations under the Transaction, including paying to us the pre-converted currency amount that you wish to convert. You authorise us to immediately deduct this amount from the balance in your Account. You cannot reverse or cancel a Transaction once you have confirmed that you wish to proceed.
The margin will be payable to us in the pre-converted currency, and will be deducted by us before we exchange the pre-converted currency to the foreign currency. We will be bound to convert the pre-converted currency amount to the foreign currency at the effective exchange rate and where you are sending the foreign currency to the Recipient, we will be bound to facilitate the transfer of that payment to the Recipient through the Payment Network.
You acknowledge and agree that:
- you have entered the correct bank identifier code and account details of the Recipient and you acknowledge that if they are incorrect, it may not be possible to recover those funds once they are credited to an incorrect bank identifier code or account number. We will not be liable for any Loss you incur if you are not able to receive or recover those funds;
- we rely on aggregated third-party information sources and resources (including exchange rates from third-party ‘market markets’ who may use Ripple);
- we are only obliged to make a reasonable effort to access foreign exchange rate liquidity that is aligned to global currency market rates;
- we do not guarantee that the applicable exchange rates at any given time will match a particular benchmark rate;
- we are not liable for any Loss that results from the effective exchange rate being less than the estimated exchange rate or less than you anticipated or less competitive than other rates offered by other institutions or dealers;
- once you confirm that you wish to proceed with a Transaction, the Transaction is irreversible and the pre-converted currency amount will be converted to the foreign currency amount and where that money is being sent to the Recipient, will be sent to the Recipient immediately;
- we may prescribe minimum and maximum transfer amounts, and we may refuse to process the Transaction if the amounts to be transferred do not fall within the prescribed amounts;
- the maximum amount of currency accepted for exchange will dynamically vary based on conditions;
- we facilitate payments only, and payments are processed externally to our Services by the Payment Network;
- where payments are processed by Ripple, we provide merely a tool for initiating actions (and viewing the records) of transactions that occur within Ripple.
- where we have provided you with directions to enable you to transfer money you hold overseas to your Account, we will not be liable for any Loss you incur in connection with the transfer of the money to the overseas bank account we have prescribed or by us facilitating the transfer of that money from the overseas bank account to the Account. We will only be able to undertake a Transaction once the money transferred from overseas has cleared in your Account.
You acknowledge that payments to the Recipient or Account may be processed by Ripple and not us, and that resulting balances shown:
- actually held by third-parties; or
- held through a custody chain documented on Ripple’s public ledger.
Ripple’s public ledger records the transactions processed by Ripple, but it does not record personally identifiable information about you or the Recipient. Once data is recorded on the public ledger, neither we or any third party may selectively censor or blacklist access to, and subsequent use of, such data.
We are not liable for any Loss you incur as a result of the transfer of funds through the Payment Network or any other settlement or receiving bank which may receive or process (or attempt to receive or process) the funds while they are being transferred to the Recipient or Account.
Notwithstanding any other provision of these terms, we have the discretion to refuse to enter into, or cancel a Transaction for any reason, even if you have confirmed that you wish to proceed with the Transaction (Refused Transaction). We will not be liable for any Loss you incur as a result of a Refused Transaction.
You may be liable to us for an administration charge that is incurred in respect of a Refused Transaction and you authorise us to deduct the administration charge from the amount which we credit to your Account.
Without limiting any other obligation that you have under these terms, you must:
- not create another Account after we have terminated your use of the Services;
- not act in a way which breaches these terms or the Flash Terms;
- not engage in any action or practice that reflects poorly on us or otherwise disparages or devalues our reputation or goodwill;
- immediately notify us at firstname.lastname@example.org if you detect an error in a Transaction sent or received;
- immediately notify us at email@example.com if you become aware that you have received an over-payment, in which event, you authorise us to promptly deduct from your Account Balance the amount which represents the over-payment; and
- comply with any procedures or directions that we post on our website at www.flash-fx.com from time to time with respect to the use of our Services.
Without limiting our rights, we may, from time to time and without seeking your consent or providing you with notice:
- establish general practices and limits concerning the use of the Services which you will be bound to comply with;
- change, suspend, discontinue any aspect of our Services (or any Service features);
- restrict access to all or part of any Services;
- investigate any suspicious activity or Transaction or any suspected breach by you of these terms or the Flash terms;
- report suspected unlawful activity to any appropriate person or government body or authority; or
- provide any appropriate person or government body or authority with such assistance and information (including your personal information) which we consider appropriate or which we are requested to provide.
You can withdraw some or all of your Account Balance at any time. We will transfer those funds to the bank account nominated in your Personal Details, however prior to transferring those funds, we have the right to deduct some or all of the Account Balance towards the repayment of money you owe to us.
If we are unable to transfer the funds to the bank account nominated in your Personal Details (i.e. due to them being incorrect), we will promptly contact you (using the contact details set out in your Personal Details).
We may charge you a fee for each Transaction, which will be disclosed to you before you proceed to confirm the Transaction (Transaction Fee). The Transaction Fee is different to the margin which we charge to provide you with the Services. The Transaction Fee may vary between Transactions. By entering into any Transaction that has a Transaction Fee, you agree to pay us the Transaction Fee. The Transaction Fee will be payable to us in the pre-converted currency, and will be deducted by us before we exchange the pre-converted currency to the foreign currency.
In addition, you agree that:
- administrative charges may be incurred if the relevant settlement bank or receiving bank refuse any transfer of funds (i.e. due to incorrect payment details, any applicable regulatory requirements or any other valid reason); and
- the settlement bank or receiving banks which facilitates the sending or payment of funds may impose their own additional fees or charges,
which in either case will be automatically deducted from the funds which are returned to you or transferred to the Recipient.
No investment advice
Any information provided by us is provided for informational purposes only (including comparative or other hypothetical information such as hypothetical saving amounts), and is not a recommendation or endorsement by us to buy or sell a particular currency. This information has been prepared without taking into account your personal circumstances, needs or objectives. Nothing is intended to constitute investment, legal, tax, accounting or other professional advice and you should not rely on this information when using the Services. You should receive professional advice if you are in doubt.
Intellectual property rights
We retain sole and exclusive right, title, and interest to our Intellectual Property and all aspects of the Services.
There are no implied licences under these terms, and any rights not expressly granted are reserved by us.Except for the licenses expressly set out in these terms, these terms do not transfer any Intellectual Property rights between the parties. The licences granted pursuant to these terms will end at the expiry of the Term.
During the Term:
- we grant you a revocable, non-exclusive, non-transferable licence to use the Services; and
- to enable the synchronization of the Services across multiple devices, you grant us with an irrevocable licence to distribute copy, store, cache and transmit your information and data.
Representations and warranties
You represent and warrant to us that:
- you are acting as principal;
- your use of the Services is for a legal and legitimate purpose;
- you have read, understood and agree to these terms and the Flash Terms;
- you satisfy the eligibility criteria which are set out in these terms;
- all information supplied by you to us is true, complete and accurate in all respects and you will notify us promptly update your Personal Details if there is any change; and
- you rely on your own knowledge and judgment in using the Services and will seek such advice as required and assume full responsibility for any Transaction.
Each representation and warranty above is repeated each time you access the Services.
Although we intend to take reasonable steps to protect the integrity and reliability of the Services, the Services are provided on an ‘as-is’ and ‘as-available’ basis. To the maximum extent permitted by law, we do not provide any warranties or guarantees (whether express or implied by law) with respect to the Services, including:
- that the Services will be uninterrupted, timely, reliable, secure, error-free or free of any virus, worm, trojan horse or other harmful component; and
- that the Services are merchantable, fit for a particular purpose or of acceptable quality.
We do not guarantee the absence of breakdowns, operational failures, unavoidable delays or other similar causes. These may be caused may various factors, many of which are outside our control, including:
- down time and scheduled maintenance;
- outages to any public internet backbones, networks, services or other infrastructure;
- disruptions or issues affecting the settlement or receiving bank or the Payment Network;
- equipment failure, including the failure of third-party systems such as international or local access systems; or
- Force Majeure event.
Limitation of liability
Under no circumstances will we be liable to you for any indirect, incidental or, special and/or consequential damage or loss of profits, goodwill or reputation including, without limitation, damages arising out of an action under contract, negligence or any other theory or for any Loss or consequential loss including any business profits, business information, business reputation, business opportunity, goodwill or any business interruption or other pecuniary loss or any incidental damages, punitive damages or exemplary damages whatsoever that arise in relation to, or in connection with, your use of the Services.
To the maximum extent permitted by law, our liability to you in relation to, or in connection with, these terms and the Services is excluded. However, the Competition and Consumer Act 2010 (Cth), may impose consumer guarantees or imply warranties or conditions or impose obligations which cannot be excluded, restricted or modified, or cannot be excluded, restricted or modified except to a limited extent.These terms must be read subject to these statutory provisions. If these statutory provisions apply, to the extent to which we are entitled to do so, we limit our liability in respect of any claim under those provisions to, at our option the re-supply of the relevant services or payment of the cost of having the relevant services supplied again.
This provision will survive termination of your use of the Services.
To the maximum extent permitted by law, you agree to indemnify us and keep us indemnified, and must pay to us on demand all Loss incurred by us or arising in connection with:
- your use of the Services or inability to use the Services; or
- your breach of these terms.
You irrevocably and unconditionally release us from any claims, action, suit or proceedings that you may have against us arising as a result of, or in connection with, these terms or the Services.
These terms may be pleaded as a bar by us to any action, claims, suit or proceedings by you arising out of, or in connection with, these terms or the Services.
This provision will survive termination of your use of the Services.
Please refer to our Financial Services Guide for details on how you can make a complaint if you are unhappy with our Services.
- the purposes for which we collect your personal information;
- the consequences if you don’t provide your personal information to us;
- the third parties to which we disclose your personal information;
- how to access and seek correction of your personal information;
- how to complain about a breach of our obligations in respect of your personal information and how we will deal with such a complaint; and
- whether your personal information is likely to be disclosed by us to overseas entities and in which countries these entities reside.
Suspension and termination
We can suspend your use of the Services if we suspect that you have breached these terms or the Flash Terms. While you are suspended, you will be able to access your Account but will not be able to withdraw your Account Balance or initiate Transactions.
We may, at any time and without providing notice to you, terminate your access to the Services:
- without cause at our absolute discretion;
- if a Force Majeure Event occurs;
- if you have breached a provision of these terms or the Flash Terms and have not remedied the breach to our reasonable satisfaction within 10 days after we notify you of the breach;
- if your Account has a nil or immaterial balance and has not been accessed for at least 2 years; or
- upon receiving a written request from you to close your Account but only if there are no pending Transactions and no amounts owing or payable by you to us under these terms.
Upon termination, you will be deemed to have elected to withdraw your Account Balance and the withdrawal provision in these terms will apply.
We may use electronic means such as email and notices posted on the Dashboard to communicate with you in relation to the Services and these terms.
You will be deemed to receive the communication once it is sent to your nominated email address (which is included in your Personal Details) or posted on the Dashboard.
You are entitled to request an electronic communication to be resent or to order a paper copy, but we reserve the right to charge a reasonable fee for such additional service.
These terms are governed by the laws in force in New South Wales and the parties submit to the non-exclusive jurisdiction of the courts in that jurisdiction.
We can unilaterally vary these terms at any time, by providing notice on the Dashboard that the terms have been varied. By accessing or continuing to access the Services after we have provided that notice, you are deemed to have accepted the varied terms.
Your use of the Services is personal, and cannot be assigned to any other person without our prior written consent. We can assign the Services to any other person by providing notice to you.
If any term is declared unlawful, void or unenforceable, that term will be deemed severable and will not affect the validity and enforceability of the remaining provisions of these terms.
You and we are independent contractors and these terms do not create or imply any partnership, agency, or joint venture.
Any failure by us to enforce any provision of these terms will not be deemed a waiver of our ability to enforce the same provision of these terms at a future date.
Definitions and interpretation
In these terms, unless otherwise indicated:
- the singular includes the plural;
- where a party comprises more than one person, these terms apply to all of them together and each of them separately;
- wherever include or any form of that word is used, it is construed as if it was followed by without being limited to;
- a reference to a party or person includes an incorporated body, natural person or other associations of persons;
- Force Majeure means an event including an act of God, storm, tempest, war, terrorism or threat of terrorism, revolution, civil strife, plague or epidemic, industrial action, strike, fire, flood, public disaster, failure or delays of scheduled transportation, interruption of essential services or public utilities, governmental intervention or exercise of authority or other similar event which is outside our control;
- Intellectual Property means all patents, copyright, designs, trade marks (whether or not registered), business and company names, domain names, and all other rights or forms of protection having an equivalent or similar nature or effect whether within or outside Australia, whether registered or not and including all rights of action, powers and benefits of the foregoing;
- Loss means any claim, action, proceeding, demand, cost, damage, loss, expense (including reasonable legal costs on a full indemnity basis), liability incurred or suffered by, or brought or made or recovered against any person and however arising (whether or not presently ascertained, immediate, future or contingent); and
- Term means the period beginning from when you open an Account and ending on the date the Services are terminated in accordance with these terms.
Last revised: 14th February 2018