Product Information

2.1 Our Service
We provide a 24 hour international online money transmission service. You can enter into an agreement with us to send your money overseas either immediately (i.e. within the next 2 days) or at any time within the next 12 months.

2.2 Accessing and Using the Service
You can access our service directly online. You can contact us by telephone or email; however all our business must be done online. The best way to access our service is to go online and register on our website at www.remitm.com.

Registration is quick and free. Once registered, you are under no obligation to do business with us. However, before we can process a transaction for you, you will have to comply with our identification procedures, which will be done automatically upon registration. In some instances, we may need to contact you by phone and ask for additional information.

The identification procedures are a legal requirement (applicable to all money transmitters) and must be complied with.

After registration, you will be provided with a unique login name and password (this must not be shared with any one); you can then start completing your remittance, after checking the current exchange rate and fee. If you are happy with the rate, your next stage will be to complete the details of the recipient/beneficiary, pay your money and complete the transaction.

2.3 Deliverable Only Service
We are a money transmission business only. We do not facilitate any kind of margin or speculative foreign exchange trading activities. In all cases, you must deliver to us the full amount of the funds you are exchanging. We do not allow you to enter into any kind of set-off arrangement which would allow you to pay or receive on settlement only the amount of any profit or loss occasioned by fluctuations in exchange rates. If you want to speculate on exchange rate movements, you should not use our service.

2.4 No Cancellation
Once you have booked a transaction, you cannot cancel it. As soon as a transaction is booked, we enter into a matching transaction with our own foreign exchange provider which we have to settle whether or not you settle your transaction. If you fail to deliver to us the full amount of the money you are transmitting on the due date, or you fail to deliver any advance payment we have requested, we will close out the transaction. Closing out a transaction involves reversing the transaction we have entered into with our own provider. Sometimes, we will realise a loss on the reversed transaction as a result of exchange rate fluctuations. If there is a loss, we will ask you to pay any loss immediately. In no circumstances will we pay you any profit realised by us if we close out a transaction that you have failed to settle.

3. Margin
We make our profit primarily from our Margin. The Margin refers to the difference between the rate we obtain from our own providers on the wholesale foreign exchange market (e.g. the Interbank Spot Rate) and the rate we quote you. The Margin will vary from currency to currency and from time to time. While we do not disclose our Margin on every transaction, you are always free to compare the exchange rate we quote you with other providers to ensure that we are offering you a good rate.

3.1 Transaction Fees
Variable transaction fees will be charged based on the amount being remitted.

This is a separate fee and unrelated to the exchange rate. You must factor this fee into the cost of the transaction as well. If you are comparing rates, you should bear in mind that an attractive exchange rate may be offset by a high transaction fee (or vice versa).

3.2 Transactional Risk
When you enter into a transaction with us, you are assuming a risk in relation to our solvency. While we maintain surplus liquid funds at all times, our liabilities are not guaranteed in any way by any other business. Our business model is generally a low risk one as all funds remitted by you are transferred to the recipient and not held in our accounts.

(i) Transaction Fees
We charge a transaction fee which is presently GBP 4.00 (or foreign currency equivalent) for transfers up to GBP 300. We do not charge transaction fees for transactions over GBP 300 (or foreign currency equivalent).

(ii) Third Party Transaction Fees
In some cases, the intermediary banks we use to process payments may deduct transaction fees that we have not anticipated and, in some jurisdictions, the receiving bank could charge a receiving bank fee, however we will try to send money through a low value network to avoid such fee deductions. We will try and notify you of these additional fees but, as they are outside our control, we cannot always do so in advance. In some cases, you may find that the total amount you expect to receive in your Beneficiary Account is slightly less because such fees have been deducted. You should bear this in mind if you are paying the precise amount of an invoice, for example. If you have any questions regarding likelihood of third party transaction fees being levied by intermediary banks for your transaction, you should ask customer service when you are completing your transaction. We will be more than happy to indicate from our experience the type of third party transaction fees that may be charged in the jurisdiction where your nominated Beneficiary Account is held and with regard to the currency being exchanged.

The significant benefits of entering into a transaction with us are:

(i) access to real time rates;
(ii) certainty in relation to the exchange rate we offer you; and
(iii) speed and ease of transacting.

The significant specific risks involved in entering into any transaction are:

(i) as exchange rates fluctuate quite rapidly, you may find that the rate improves soon after you’ve completed your transaction or that another provider is offering a slightly better rate at any particular point in time;

(ii) delays, which are rare but do happen; can be caused by technical or administrative problems experienced by RemitM or by intermediaries for reasons entirely outside RemitM’s control.

7.1 General Benefits

Our trading platform offers:
(i) Real-time pricing (just log in and request a live and deal-able, rate);
(ii) Immediate access to a trading platform 24 hours a day, 7 days a week.
(iii) Reduced transaction costs;
(iv) Competitive exchange rates;
(v) Accurate transaction records with your personal deal history accessible at anytime by using your personal login on our website; and
(vi) We offer visibility to wholesale pricing and a completely transparent service where you can compare our rates against wholesale rates and against your bank’s rates.

8.1 Privacy
Please see the Privacy Policy on our website at www.remitm.com

8.2 Money Laundering Regulations
By entering into the Client Agreement, you undertake that you will not knowingly do anything to put RemitM in breach of the Proceeds of Crime Act 2002, the Terrorism Act 2000, Regulation EC 1781/2006 and the Money Laundering Regulations 2017 (collectively “the Regulations”).

You undertake to notify RemitM if you are aware of anything that would put RemitM in breach of the Regulations. RemitM is required to comply with these laws, including the need to establish your identity (and, if relevant, the identity of other persons associated with your account). Instructions for completion of the identification process are included in the Client Agreement that you will need to complete. Additionally, from time to time, we may require further information to assist with this process.

8.3 Refusal to Transact
As a result of our obligations under international money laundering regulations, we reserve the right to refuse at any time and entirely at our discretion, to accept you as a client and to refuse to provide you with our service without explaining our reasons for doing so and without incurring any liability to you as a result of such a decision. This would usually happen before we transact with you if you fail to satisfy our internal identification requirements, but there may also be circumstances in which we are obliged to refuse to continue to provide our service to you after we have accepted you as a client and even though we may have transacted with you in the past. This could happen if, for example, it came to our attention that information you provided to us when you registered subsequently appeared to be misleading or incorrect. In some (rare) circumstances, we may be obliged to freeze your account completely and retain any funds we are holding for you pending further investigation.

9.1 Internal Complaints Procedure
We have an internal dispute resolution process in place to resolve any complaints you may have quickly and fairly. Please see the Complaints Handling Procedure on our website.

9.2 Arbitration
If the dispute cannot be resolved under our internal disputes policy, you can refer your case to an independent arbitrator. Under the Client Agreement you agree to be bound by a decision of an arbitrator.

Advance Payment: means a part payment of the amount being exchanged in such amount as RemitM shall deem necessary to cover its Settlement Risk.

Recipients/Beneficiary Account: means the bank account nominated by you to which we send your funds. It could be an account in your name or it could be an account of a third party (e.g. a party who you are paying for goods or services).

Client Agreement: means the umbrella agreement that we will ask you to enter into before we begin transacting with you.

Currency Pair: means the two currencies that are the subject of the transaction.

Delivery: means payment to us of the full amount of the currency you are exchanging.

Fees: means all fees, costs and charges associated with your transaction.

GBP: means pounds sterling.

Instructions: means a request made by you to enter into a transaction.

Interbank Spot Rate: means the wholesale Spot Rate that we receive from the foreign exchange interbank market. This is usually a preferential dealing rate given to organisations conducting large and frequent transactions.

Margin: means the difference between the exchange rate we pay our provider, which we access through the wholesale foreign exchange market, and the rate that we quote to you.

Privacy Policy: means the privacy policy on our website.

Settlement Date: means the date on which the funds that are being exchanged must be received by us.

Transaction Fee: means a fixed fee charged on smaller transactions to cover administrative costs.

We or Us: means RemitM Limited.