These are the terms and conditions on which we provide our Services to you.
Please read this Agreement carefully before you start to use our Services. This Agreement (always together with the documents referred to in it) tells you who we are, how we will provide the Services to you, how this Agreement may be changed or ended, what to do if there is a problem and other important information. If you think that there is a mistake in this Agreement or require any changes, please contact us at email@example.com.
This Agreement refers to the following additional documents, which also apply to your use of our Services:
You accept this Agreement. By visiting our Website and/or using our Services (including downloading and using our App, or via the API, a social media platform or other authorised third party), you confirm that you accept and agree to this Agreement (including the Customer Updates and the additional documents referred to above). If you do not agree, please do not use our Services.Who are we and how to contact us
OpenAX LIMITED is a company incorporated under the laws of England and Wales with company number 9836141. Our registered office is Bridge House 4, Borough High Street, London Bridge, London, United Kingdom, SE1 9QR.
OpenAX is regulated by the financial Conduct Authoriy (FCA). OpenAX LIMITED reference number with the FCA is – 759853.
OpenAX meet local regulations and FCA Regulation under the PSR2009 (Payment Services Regulations 2009), clients’ funds ARE permanently held in segregated client bank accounts and so cannot be claimed by creditors. Client funds are always protected, as they will be completely independent of OpenAX business accounts and assets. Note that we never use funds to speculate in the market.
OpenAX complies with all employment laws, corporate laws, and consumer products regulations. You can contact us by email via our smart chatbot powered by SnatchBot or telephone.Use our Services
If you are an individual, you must be 18 years or older to use our Services and by opening an OpenAX Account you declare that you are 18 years or older. We may ask you at any time to show proof of your age.
If you are not a consumer, you confirm that you have authority to bind any business or entity on whose behalf you use our Services, and that business or entity accepts these terms.
You commit to us that your opening and/or using of an OpenAX Account does not violate any laws applicable to you. You take responsibility for any consequences of your breach of this section.Opening your account with Interactive FX
Open an OpenAX Account. To start using our Services, you must open a OpenAX Account and provide your details as prompted.
All information you provide to us must be complete, accurate and truthful at all times. You must update this information whenever it changes. We cannot be responsible for any financial loss arising out of your failure to do so. We may ask you at any time to confirm the accuracy of your information and/or provide additional supporting documents.
Transacting on your own account. All activities under an OpenAX Account shall be deemed as activities carried out by the registered user. You shall only use the Services to transact on your own account and not on behalf of any other person or entity.
You may only open one OpenAX Account unless we have agreed in writing the opening of additional accounts. OpenAX may refuse the creation of duplicate accounts for the same user. Where duplicate accounts are detected, OpenAX may close or merge these duplicate accounts at its sole discretion.OpenAX Account
We are required by law to carry out all necessary security and customer due diligence checks on you (including any parties involved in your transaction for example, your recipient) in order to provide any Services to you. You agree to comply with any request from us for further information and provide such information in a format acceptable to us. In addition, you agree that we may make, directly or through any third party, any inquiries we consider necessary to validate the information you provided to us, including checking commercial databases or credit reports. You authorise us to obtain one or more of your credit reports, from time to time, to establish, update, or renew your OpenAX Account with us or in the event of a dispute relating to this Agreement and activity under your OpenAX Account.Your OpenAX Account
Please do not:
If you suspect your OpenAX Account or other security credentials are stolen, lost, used without your authorisation or otherwise compromised, you must contact us immediately, you are also advised to change your password. Any undue delays in notifying us may affect the security of your OpenAX Account and also result in you being responsible for financial losses.
You may authorise third parties to access your OpenAX Account to provide their services to you, including authorising them to initiate payments from your OpenAX Account. You acknowledge that if you authorise a third party to access your OpenAX Account, we may disclose certain information about your OpenAX Account to this third party. We are not responsible for any such third party’s use of your OpenAX Account or any information in your OpenAX Account. Granting permission to a third party does not relieve you of your responsibilities under this Agreement, including notifying us if your OpenAX Account has been compromised or if a transaction is incorrect or unauthorised.Funding Your Account with Interactive FX
To upload money, you need to log in to your OpenAX Account and follow the steps as they appear on screen. We are not responsible for the money you have uploaded until we have received them. For clarity, in an upload transaction, we are the recipient of funds and not the payment services provider. For legal and security reasons, we impose limits on how much you can upload into your OpenAX Account.
When we will credit your OpenAX Account. We will credit your OpenAX Account once we have received your money. For some Payin Methods such as credit or debit card, we will credit the money to your OpenAX Account as soon as possible subject to our right of reversal. This means if the actual amount you intended to upload does not reach us within a reasonable time, we may deduct such amount from your OpenAX Account. If you do not have enough money in your OpenAX Account for this purpose, we can demand repayment from you using other methods.Sending money
You must set up your payment order from your OpenAX Account. Your order may either be:
We will let you know the exchange rate:
You can receive money into your OpenAX Account using methods which we support from time to time. Any money you receive into your OpenAX Account will be recorded in the transaction history section of your OpenAX Account. You should check the incoming funds in your OpenAX Account against your own records regularly and let us know if there are any irregularities.
You acknowledge that the money received in your OpenAX Account ('Received Amount') may be subject to reversal and you agree that we may deduct the Received Amount from your OpenAX Account if it was reversed by the person who paid you the Received Amount or any relevant payment services provider.
If you send money to a person using an email address which is not registered with us, the money will not be credited until the intended recipient has claimed the money following the steps we have set out for them. Until then, there is no relationship between us and the intended recipient and the money continues to belong to you. We will refund the money to you if the intended recipient does not claim the money or if they have failed our customer checks within a reasonable time period as determined by us.Maintaining your OpenAX Account
All your transactions (including your current Balance, money you have uploaded, received, sent and/or withdrawn) are recorded in the transaction history section of your OpenAX Account. You may access this information after you log in to your OpenAX Account. We have allocated a reference number to each transaction, you should quote this reference number when communicating with us about a particular transaction.
You must check your OpenAX Account regularly and carefully and contact us immediately if you don’t recognise a transaction or think we have made a payment incorrectly. You must tell us about any unauthorised or incorrectly executed transactions immediately, but no later than 13 months from the transaction; otherwise you may not be entitled to have any errors corrected.
You agree and accept all the risks associated with maintaining balances in multiple currencies including any risks associated with fluctuations in the relevant exchange rates over time. You agree that you will not use our Services for speculative trading.
You promise to always have a zero or positive Balance in your OpenAX Account. If your OpenAX Account goes into a negative balance as a result of a chargeback, reversal of a transaction, deduction of fees or any other action carried by you, you promise to repay the negative balance immediately without any notice from us. We may send you reminders or take such other reasonable actions to recover the negative balance from you, for example, we may use a debt collection service or take further legal actions. We will charge you for any costs we may incur as a result of these additional collection efforts.
You are responsible for any taxes which may be applicable to payments you make or receive, and it is your responsibility to collect, report and pay the correct tax to the appropriate tax authority.Withdrawing from your OpenAX Account
After you log in to your OpenAX Account, you may request all or part of your money held in your OpenAX Account to be withdrawn. Press 'send money' and follow the steps as prompted on screen. We will charge you a fee for each withdrawal request, we will let you know the exact amount when you submit your request.
You may be presented with one or more methods of withdrawal (in this Agreement, we will call these methods 'Payout Methods'). The number of Payout Methods made available to you will depend on a number of factors including where you live and your verification status with us. We cannot guarantee the use of any particular Payout Method and may change or stop offering a Payout Method at any time without notice to you, but we will ensure that you will always have at least one Payout Method available to you.
Payout Methods are not part of our Services, they are services provided by third parties for example the bank where you hold your bank account. For the purposes of a withdrawal transaction, we are a payer and not a payment service provider.
When setting up your withdrawal request, you must ensure that the information you provide is correct and complete. We will not be responsible for money sent to the wrong recipient as a result of incorrect information provided by you. If you have provided wrong information to us, you may ask us to assist you in recovering the money, but we cannot guarantee that such efforts will be successful.
You agree that your OpenAX Account is subject to withdrawal limits. If your withdrawal request exceeds the current limit, we may decline your request and require you to provide additional documents to us so that we can carry out additional checks before allowing the money to be withdrawn.Fees
You must pay the fees in connection with the use of our Services. We will not process your transaction until we have received the fees from you.
We will let you know the exact amount payable by you when you set up your order. You can see our fee structure on the Pricing page For clarity, the fees applicable to you as set out on the Pricing page forms part of this Agreement which may be subject to change.
You agree that we are authorised to deduct our fees, any applicable reversal amounts, and/or any amounts you owe us from your OpenAX Account. If you don’t have enough money in your OpenAX Account to cover these amounts, we may refuse to execute the relevant transaction or provide any Services to you.
You may convert the money held in one currency in your OpenAX Account into other currencies we support from time to time. You can only perform a conversion in respect of funds that you already hold in your OpenAX Account. A conversion fee will apply when we perform a currency conversion.Closing your OpenAX Account
You may end this Agreement and close your TransferWise Account at any time by contacting us at firstname.lastname@example.org.
At the time of closure, if you still have money in your OpenAX Account, you must withdraw your money within a reasonable period of time by following the steps described above. After a reasonable period of time, you will no longer have access to your OpenAX Account, but you can still withdraw your money by contacting us at email@example.com You have the right to do this for a period of 6 years from the date your OpenAX Account is closed.
You must not close your OpenAX Account to avoid an investigation. If you attempt to close your OpenAX Account during an investigation, we may hold your money until the investigation is fully completed in order to protect our or a third party’s interest. You agree that you will continue to be responsible for all obligations related to your OpenAX Account even after it is closed.Intellectual property rights
While you are using our Services, you may use the OpenAX Materials only for your personal use and solely as necessary in relation to those Services.
OpenAX Materials include any software (including without limitation the App, the API, data, materials, content and printed and electronic documentation (including any specifications and integration guides) developed and provided by us or our affiliates to you, or available for download from our Website. You may not, and may not attempt to, directly or indirectly:
If we do not reasonably meet our commitments to you, we are responsible for loss or damage you suffer that is a foreseeable result of our breaking this contract or our failing to use reasonable care and skill. We are not responsible for any loss or damage that is not foreseeable. Loss or damage is foreseeable if either it is obvious that it will happen or if, at the time the contract was made, both we and you knew it might happen, for example, if you discussed it with us during your account sign up process.
This includes liability for death or personal injury caused by our negligence or the negligence of our employees, agents or subcontractors; for fraud or fraudulent misrepresentation.
If you use our Services for any commercial or business purpose we will have no liability to you for any loss of profit, loss of business, business interruption, or loss of business opportunity.
We will not be liable for any loss or damage caused by a virus, or other technological attacks or harmful material that may infect your computer equipment, computer programmes, data or other proprietary material related to your use of our Services. We assume no responsibility for their content or any loss or damage that may arise from your use of them.
In case of an unauthorised payment or mistake due to our error, we shall at your request immediately refund the payment amount including all fees deducted by us. This shall not apply:
We rely on you to regularly check the transactions history of your OpenAX Account and to contact our Customer Support immediately in case you have any questions or concerns.
We (and our affiliates) cannot be liable for our inability to deliver or delay as a result of things which are outside our control.
In the unlikely event of loss or claims or costs and expenses arising out of your breach of this Agreement, any applicable law or regulation and/or your use of our Services, you agree to compensate us and our affiliates and hold us harmless. This provision will continue after our relationship ends.
In the event you are liable for any amounts owed to us, we may immediately remove such amounts from your Balance (if available). If there are insufficient funds in your Balance to cover your liability, we reserve the right to collect your debt to us by using any payments received in your OpenAX Account and otherwise you agree to reimburse us through other means. We may also recover amounts you owe us through legal means, including, without limitation, through the use of a debt collection agency.Accessing our services
We will try to make sure our Services are available to you when you need them. However, we do not guarantee that our Services will always be available or be uninterrupted. We may suspend, withdraw, discontinue or change all or any part of our Service without notice. We will not be liable to you if for any reason our Services are unavailable at any time or for any period. You are responsible for making all arrangements necessary for you to have access to our Services. If you have granted permission to a third party to access your account, we may refuse access to that third party if we are concerned about unauthorised or fraudulent access by that third party. We will give you notice if we do this, either before or immediately after we refuse access, unless notifying you would be unlawful or compromise our reasonable security measures.Information security
You must not misuse our Services by introducing viruses, trojans, worms, logic bombs or other materials which are malicious or technologically harmful. You must not attempt to gain unauthorised access to our Website, our servers, computers or databases. You must not attack our Website with any type of denial of service attack. By breaching this provision, you would commit a criminal offence under the Computer Misuse Act 1990. We will report any such breach to the relevant law enforcement authorities and we will co-operate with those authorities by disclosing your identity to them. In the event of such a breach, your right to use our Website and/or our Services will cease immediately.
You are responsible for configuring your information technology, computer programmes and platform in order to access our Services. You should use your own virus protection software. We cannot guarantee that our Services will be free from bugs or viruses.Linking to our site
You may link to our Website, provided:
We reserve the right to withdraw linking permission without notice.Ending this Agreement or suspend our Services
We may end this Agreement and close your OpenAX Account or any service associated with it by giving you two months’ prior notice. We may at any time suspend or close your OpenAX Account and/or end this Agreement without notice if:
We may suspend your OpenAX Account or restrict its functionality if we have reasonable concerns about:
We will give you notice of any suspension or restriction and the reasons for such suspension or restriction as soon as we can, either before the suspension or restriction is put in place, or immediately after, unless notifying you would be unlawful or compromise our reasonable security measures. We will lift the suspension and/or the restriction as soon as practicable after the reasons for the suspension and/or restriction have ceased to exist.
On termination for any reason all rights granted to you in connection with the App shall cease, you must immediately delete or remove the App from your devices.
We may change this Agreement by giving you at least two (2) months’ prior written notice. If we do this, you can terminate this Agreement immediately by providing written notice to us during the notice period. If we do not hear from you during the notice period, you will be considered as having accepted the proposed changes and they will apply to you from the effective date specified on the notice.Getting in touch with you
We usually contact you via email. For this purpose, you must at all times maintain at least one valid email address in your OpenAX Account profile. You should check for incoming messages regularly and frequently, these emails may contain links to further communication on our Website. If you don’t maintain or check your email and other methods of communications, you will miss emails about your transactions and our Services. We cannot be liable for any consequence or loss if you don’t do this. If we have reasonable concerns either about the security of your OpenAX Account, or any suspected or actual fraudulent use of your OpenAX Account, we will contact you via telephone, email, or both (unless contacting you would be unlawful or compromise our reasonable security measures).
Other ways we may contact you. In addition to communicating via email, we may contact you via letter or telephone where appropriate. If you use any mobile services, we may also communicate with you via SMS. Any communications or notices sent by:
Where legislation requires us to provide information to you on a durable medium, we will either send you an email (with or without attachment) or send you a notification pointing you to information on our Website in a way that enables you to retain the information in print format or other format that can be retained by you permanently for future reference. Do keep copies of all communications we send or make available to you
This Agreement is governed by English law. Any dispute between you and us in connection with your OpenAX Account and/or this Agreement may be brought in the courts of England and Wales.