1. Introduction

  1. Ireland FX Ltd of 14 Lambert Avenue, Slough, Berkshire, SL3 7EB is a Money Service Business facilitating clients with currency exchange.
  2. “The Client” (you) will be subject to the following terms and conditions when transacting with Ireland FX.
  3. Ireland FX will only provide market information and transaction services and does not provide investment advice to the client.
  4. Telephone conversation will be recorded for training purposes and also may be used to resolve any disputes which may arise.

Client – The individual or body that agrees to our terms and conditions and is able to execute an order for currency exchange.

Sale currency - the currency that is to be exchanged, and is used to pay for the “purchased currency”.

Purchase currency – The currency that is to be created from the sale currency and transferred onwards.

Contract - an agreement between Ireland FX and the client to undertake currency exchange and money transmission.

Contract note - the written details of the contract that will be sent to the client following the placing of an order to undertake a transaction.

Spot trade - a currency transaction where the value date is 2 days from the trade date.

2. Instructions

  1. Before placing an order clients must register and provide all necessary documentation to comply with HM Customs and Excise regulations regarding money laundering.
  2. Orders are placed in writing or over the telephone. Clients may be required to confirm any verbally placed orders by signing and returning the contract note to Ireland FX. In certain circumstances acknowledgement may be accepted by e-mail.
  3. Ireland FX may refuse to action any transaction request without providing any reason or being liable for any loss to the client.
  4. The client is required to provide Ireland FX with suitable settlement instruction for onward delivery of their purchase currency and it is the clients responsibility to provide Ireland FX with whole and accurate onward settlement instructions.

3. Payment

  1. Once a transaction has been actioned the client must provide the correct amount of sale currency to an Ireland FX segregated client account as soon as possible but no later than 12pm on the second working day after executing the transaction. 
  2. Ireland FX only accept funds by electronic transfer and in no circumstances will accept cash. 
  3. A clients failure to provide payment may result in the reversal of the original transction and suspension of the clients account. We may charge a £45 administration fee and also the costs surrounding a cancelled or failed transaction. 
  4. Purchase currency will not be released until the full sale currency from the client arrives as cleared funds in a Ireland FX segregated client account. 
  5. Ireland FX reserves the right to charge the client interest for the late arrival of cleared sale currency funds into an Ireland FX designated client account. The rate will be set at the currency Barclays bank base rate + 5%.

4. Onward Payment

  1. Ireland FX accepts no responsibility for any delay in executing onward payment caused by the late arrival of sale currency funds, or the late arrival of onward settlement instructions relative to bank deadlines on electronic transfer times. 
  2. On receipt of the full amount of cleared funds sale currency, Ireland FX will transfer the full amount of purchase currency to the account as specified by the client.
  3. Ireland FX will not be liable for any losses that result from fees being levied as a result of the international transfer of currency. These fees may be beyond our control.

5. Cancellation

  1. a. If you wish to cancel a transaction, Ireland FX may terminate it at it’s complete discretion, and we may insist on a transaction being completed.
  2. Should Ireland FX agree to cancel a transaction, we may need to execute another currency transaction to close out our position with the market. In that event, we will charge you for any loss Ireland FX realised on that transaction.

6. Liability

  1. Ireland FX are an execution only service and do not provide investment advice. Ireland FX do not accept responsibilty for the clients decision to undertake a foreign currency transaction and money transfer.
  2. These terms and conditions shall be governed by and construed in accordance with English Law and any dispute pursuant to these terms and conditions will be determined by the English Courts.
  3. Should Ireland FX be unable to perform a transaction due to any factor beyond our control or an event of force majeure, Ireland FX will endeavour to return any moneys paid by the client for that transaction.