Saak Pay UK LTD Foreign Exchange Expert

Untitled Document

Definitions:

For the purposes of this Privacy Policy:

Company:
(Referred to as either “the Company,” “We,” “Us,” or “Our” in this Agreement) refers to Saak Pay UK Ltd, 167 - 169 Great Portland Street, 5th Floor, London, England, W1W 5PF
Cookies:
Small files that are placed on your computer, mobile device, or any other device by a website, containing the details of your browsing history on that website among its many uses.
Country:
Refers to the United Kingdom.
Device:
Any device that can access the Service, such as a computer, cellphone, or digital tablet.
Personal Data:
Any information that relates to an identified or identifiable individual.
Service:
Refers to the Website.
Service Provider:
Any natural or legal person who processes the data on behalf of the Company. It refers to third-party companies or individuals employed by the Company to facilitate the Service, to provide the Service on behalf of the Company, to perform services related to the Service, or to assist the Company in analyzing how the Service is used.
Third-party Social Media Service:
Any website or social network website through which a User can log in or create an account to use the Service.
Usage Data:
Data collected automatically, either generated by the use of the Service or from the Service infrastructure itself (for example, the duration of a page visit).
Website:
Refers to Saak Pay UK Ltd, accessible saakpay.co.uk
You:
The individual accessing or using the Service, or the company, or other legal entity on behalf of which such individual is accessing or using the Service, as applicable.

This Agreement: Personal and Business Customers:

These terms and conditions apply from 30 of March 2024.
This Agreement:
These terms and conditions apply to personal and business customers who use our foreign exchange (“FX”) or payment services available through our telephone service, our website, or mobile app. In this Agreement, “we,” “us,” or “our” refers to Saak Pay UK Ltd.
Each FX transaction is a separate agreement that incorporates these terms and conditions. The specific details of each FX transaction, as well as other terms, also apply, including our Privacy Policy, Website Terms of Use, and Cookie Policy.
You can get a copy of this agreement at any time from our website at saakpay.co.uk

Definitions Related to Our Service
Business Day:
Means 09.00 to 17.00 Monday to Friday (excluding weekends and all UK bank holidays).
Customer:
Refers to a company, individual, or partnership that places an Order having signed and returned these Conditions to us.
Conditions:
Refers to these terms and conditions.
Contract:
Means any Contract formed between us and the Customer for the supply of the Service, which shall comprise the Order, the Trade Confirmation, and these Conditions.
Currency:
Refers to any foreign currency worldwide.
Due Amount:
Refers to the denomination that the Customer will remit to us to be exchanged into purchased currency, the amount of which will be agreed and specified in the Trade Confirmation.
Forward Trade:
Refers to an Order to buy or sell Currency where the Value Date is more than two Working Days after the Order Date.
Identification:
Refers to such evidence of the identity of the Customer as Saak Pay UK Ltd may require, in such form as Saak Pay UK Ltd may specify from time to time.
Margin:
Refers to the deposit required by Saak Pay UK Ltd in advance of each Forward Trade.
Margin Call:
Refers to the request made by Saak Pay UK Ltd to the Customer to provide such additional amounts as it may reasonably require on account of an adverse exchange rate movement between the Order Date and the Value Date. This amount shall not exceed the full value of the Base Currency.
Order:
Refers to the Customer’s oral or written request for Saak Pay UK Ltd to perform the Service on the Customer’s behalf.
Order Date:
The date on which a Customer places an Order.
Purchased Currency:
Refers to the currency that the Customer will receive in exchange for the Due Amount at the Agreed Rate.
Rate:
The exchange rate to be applied to the Base Currency, which is specified in the Trade Confirmation.
Regulations:
Refers to the Payment Services Regulations 2017.
Our Service:
The exchange service comprising entering into Contracts for the sale and purchase of Currency on behalf of its customers.
Specified Account:
The bank account and number specified by Saak Pay UK Ltd in the Trade Confirmation.
Spot Contract:
An Order to buy or sell Currency where the Value Date is two Working Days or less after the Order Date. It may be longer to settle exotic currencies. A “Business Day” is a day, other than Saturday, Sunday, or public holiday, on which banks are open for business in London or, where relevant, in the country of the currency you’re exchanging.
Forward Contract:
An order where we agree to exchange money at an agreed rate at an agreed time, usually more than two Business Days in the future. This could be a one-off or a recurring transaction. The forward Contract must be to facilitate payment for identifiable goods, services, or direct investment. We may ask you for evidence to support this.
Terms and Conditions:
The Company’s terms, as set out in this document.
Trade:
The agreement for us to purchase a specified currency at a specified rate on a specified date.
Trade Confirmation:
The written document setting out the details of the Order, which will be sent to the Customer in respect of its Order.
Value Date:
The date agreed and specified in the Trade Confirmation on which the Customer shall pay or take delivery of the Purchased Currency.

Key Facts about Our Service

Below is a summary of the key facts of the service we provide to the customer:

1. Registration

Before we can perform any of Our Services for the customer, they must register with us and properly complete Our Documentation. In accordance with our obligations under UK anti-money laundering legislation, the customer must provide us with sufficient information to enable us to satisfy ourselves as to their identity. Such information may include but is not limited to electronic identification and/or the provision of copies of photographic identification and copies of documentation verifying the customer’s address.
Once the customer has registered with us, they will be provided with a customer account number that the customer must use in all correspondence with us.

2. Booking a Trade

The customer will book a trade with us, which can be confirmed either over the phone, electronically, or in writing. Once the trade is booked, it is legally binding. We will provide services in line with our terms and conditions. When booking a trade, we will:

Tell the customer what the Value Date will be.
Provide the customer with a unique identifier code for the trade.
Tell the customer what amount we require from them, together with the date and time by which we must be in receipt of that amount in full in cleared funds.
Advise the customer of the information we require from them to make the payment. This is likely to include as a minimum:

Payee Bank Account Name
Payee Bank Name
Payee Account Number/IBAN
Payee SWIFT Code/Bank Code
Any Associated References

Use the contact information provided to us, including to verify any transaction, to check the customer’s identity, or to notify them of any requirement for an Additional Margin.

3. Payment

We will require full payment from the customer on the specified value date.
3.1 Forward Trade
On the Order Date, the Customer will immediately pay cleared funds into the Specified Account a Margin of 10% (unless otherwise agreed) of the full amount of the due amount. The Customer shall pay cleared funds equal to the outstanding balance of the due amount into the Specified Account no later than the Value Date.
3.2 Spot Trade
The Customer shall pay cleared funds into the Specified Account for the full amount of the Due Amount no later than the Value Date.

4. Execution of Transfer

The Payment will be executed when:

We are in receipt of your onward payment instructions by the Value Date and time we specify, as soon as practicable after the Value Date (or, if the Value Date is not a Business Day, as soon as practicable after the first Business Day following the Value Date); or
If we are not in receipt of your onward payment instructions by the Value Date and time we specify, as soon as practicable after we have received your onward payment instructions.

When executing the payment, we will:

Transfer funds to the customer’s specified account on the agreed value date.
Provide the customer with details of the payment to allow the customer to trace it.
Advise the customer of any issues with the transfer as we become aware of them.

The agreed exchange rate incorporates all of our charges. This means that, except where expressly agreed otherwise, we will not charge the Customer any fees for the Service.
Please be aware that funds can take up to five working days to clear, and the receiving bank may deduct charges. The customer should refer to their bank for further information.

5. Duration and Termination of Contract

Once agreed, the customer does not have the right to close out of the trade. All currency is purchased on behalf of the Customer at the time of order, and any such termination may lead to loss or liability.
Without liability or notice to the Customer, we may close out all or part of a trade in the following events:

The customer fails to pay any amounts due as described in these Terms and Conditions.
It becomes unlawful to carry out this trade.
We believe it has become necessary to do so.

6. Our Obligations

In accordance with our obligations under the Payment Services Regulations (the Regulations), we must inform the customer of certain important rights:

Once a Trade is completed, we cannot retain the proceeds unduly, and we will send them to the customer’s Nominated Account as soon as practicable after the Value Date.
Money transfers are governed by the Regulations where the destination of the funds and the recipient of those funds is located within the EEA and where the funds are in a currency of an EEA state.

Further information on the Regulations can be found on the website of the Financial Conduct Authority (FCA) or by contacting our Compliance Officer.

7. Confidentiality and Data Protection

7.1 Our Obligations
We respect the privacy of the affairs of all our customers and always aim to treat customer information as confidential and to use customer information in confidence.
We will obtain and keep all relevant data from the customer in line with the Data Protection Act 2018.
We may disclose customer information if we are required to do so by law, by a court, by court order, to meet any statutory, legal, or regulatory requirement on us, or by the police or any other law enforcement agency in connection with the prevention or detection of crime or to help combat fraud or money laundering.
7.2 The Customer’s Obligations
The customer will provide all relevant information as requested. The customer guarantees that all information requested has been obtained in line with the Data Protection Act.

Terms of Business Agreement

1. Registration

The Customer shall provide all such identification, information, and documentation relating to their financial and business affairs, as is necessary to enable us to comply with the relevant English legislation pertinent to the Service, including without limitation the United Kingdom Money Laundering Regulations 2007 (as may be amended from time to time).
We will provide the Customer with an account number which they will use in all correspondence with us.

2. Trade Booking

The Customer will book a trade with us which can be confirmed either over the phone or in writing. Once the trade is booked it is legally binding.
A Trade Confirmation confirming the details of each Order will be sent either by facsimile, post, or electronically and is conclusive evidence of the agreement between us and the Customer for the buying and selling of Currency.
The Trade Confirmation shall be deemed to have been delivered at the time when, in the course of ordinary transmission, it should have been delivered at the address or number to which it was sent.
For Spot Contracts, the Customer must inform us of any errors or omissions in the Trade Confirmation within a reasonable time of its delivery. Failure to do so shall be evidence of its accuracy.
For Forward Trades, the Customer must inform us of any errors or omissions in the Trade Confirmation within two Working Days of delivery of the Trade Confirmation. Failure to do so shall be evidence of its accuracy.
The exchange rate incorporates all of our charges. Except where expressly agreed otherwise, we will not charge other fees for this service.

3. Payment

All funds received from customers are held in segregated customer accounts. Client funds will be used solely in the provision of foreign exchange services for and on behalf of customers.
For Spot Contracts, the Customer shall pay cleared funds into the Specified Account for the full amount of the due amount no later than the Value Date.
For a Forward Trade, on the Order Date the Customer will immediately pay cleared funds into the Specified Account a Margin of 10% (unless otherwise agreed) of the full due amount or such other amount as we may specify. The Customer shall pay cleared funds equal to the outstanding balance of the due amount into the Specified Account no later than the Value Date.
We shall not remit funds to the Customer in respect of any trade until we have received cleared funds into the Specified Account.
The Customer acknowledges that the margin payment will be kept by us in the following circumstances:

If the Customer is in breach of any of the Conditions
The Customer becomes unable to pay its debts for any reason

Any monies or payments due from the Customer shall be paid in full and the Customer shall have no right to set off any sum in respect of any counterclaim, set off, or other deduction of any nature.
We reserve the right to pass on to the Customer any costs incurred for instructing third parties to assist with collecting losses and liabilities from the Customer.
The Company will not accept cash or counter cheque; funds must be remitted electronically.

4. Execution of Transfer

Subject to receipt of cleared funds into the Specified Account, we shall pay to the Customer or credit the Purchased Currency Account, as the case may be, with the Currency Purchased.
We will pay into your Specified Account any funds on the agreed value date. Note that it can take more than five days for funds to clear depending on local banking arrangements.
If the Customer nominates a Purchased Currency Account, it acknowledges and agrees that we shall have no responsibility for verifying the accuracy of the account details provided by the Customer.
Please be aware that the remittance of funds from us to the Customer’s specified bank account may result in charges being applied by your bank. For details of any charges, the Customer should refer to their bank for further information.

5. Duration and Termination of Contract

We reserve the right to close out part or all of the trade, without liability or notice, in the event of the following:

The Customer fails to pay any amounts due as described in these Terms and Conditions;
It becomes unlawful for us to maintain our obligations under current UK law;
We have reason to believe it is necessary to do so.

For the third point, full written justification will be provided to the Customer.
Once entered into, the Customer does not have the right to terminate the contract. All currency is purchased on behalf of the Customer at the time of order and any such termination may lead to loss or liability.
In the event of the termination of the contract, we will close out any trades not completed and inform the Customer of any loss or liability we have incurred. The Customer is responsible for such losses and liabilities, and payment must be made to the Company on demand.
We reserve the right to use any such sum as may have been provided by the Customer in respect of a margin to settle all or part of the loss or liability. In this case, we will inform you of our intentions. After settlement of the loss or liability incurred, we will return to the Customer any such sum as may be remaining.

6. Our Obligations

In accordance with our obligations under the Payment Services Regulations (the Regulations), we must inform you of certain important rights:

As soon as we receive funds from the Customer, we will remit the purchased currency on the agreed value date without delay.
Currencies are subject to strict cut-off times. Should we receive funds from you on the agreed value date but after the specified cut-off, the purchased currency will be transferred the next business day.
Money transfers are governed by the Regulations where the destination of the funds and the recipient of those funds is located within the EEA and where the funds are in a currency of an EEA state.

Further information on the Regulations can be found on the website of the Financial Conduct Authority (FCA).

7. The Customer’s Obligations

The Customer is responsible for the completeness and accuracy of all information they provide or that any Authorized Person provides to us at any time, including Our Documentation, in their Request, and their Nominated Account Details. They must always provide us with instructions and procure that all Authorized Persons provide us with instructions in the English Language.
The Customer will notify us in writing as soon as they become, or any Authorized Person becomes, aware of any error in any details that have been provided to us or any error in connection with the Trade. The Customer will also notify us in writing immediately if any circumstances occur that affect their ability to pay us for our Services.

8. Security

The Customer is responsible for ensuring that all passwords and other relevant information that may be used to access any part of our service are kept safe and secure. Details should not be disclosed to unauthorized third parties and should be transmitted using secure methods.
If the Customer becomes aware of any loss, theft, or misappropriation relating to the payment service provided, they should notify us immediately either in writing or over the phone.
You will be liable to us for all losses which we suffer or incur relating to any fraud or fraudulent activity by you at any time.

9. Liability

We may be liable to you in the following circumstances:

Unauthorized Money Transfer
Incorrect Money Transfer

9.2 Incorrect Money Transfer
We may be liable to you if we incorrectly perform any Money Transfer that you authorized us to perform.
Where you believe we may have failed to perform or incorrectly performed such a Money Transfer, you should let us know as soon as possible and, if you request, we will make immediate efforts to investigate the matter and let you know the outcome of our investigation.
Where we have failed to perform or incorrectly performed such a Money Transfer, we will without undue delay make good and correct the error and deliver the amount of the unperformed or incorrectly performed Money Transfer to Your Nominated Account as originally instructed.
You will not be entitled to the remedy mentioned:

If you do not inform us by notice in writing without undue delay (and in any event not later than 13 months after the date on which the incorrect Money Transfer was performed) on your becoming aware that failure by us to perform a Money Transfer authorized by you or incorrect performance by us of a Money Transfer authorized by you may have occurred; or
Where we are able to show that the authorized amount was received at the appropriate time by the person to whom you instructed us to send the Traded Funds; or
If the failure to perform or incorrect performance was due to you or any Authorized Person providing us with incomplete or incorrect information or was otherwise due to your fault or the fault of any Authorized Person.

10. Confidentiality and Data Protection

We respect the privacy of the affairs of all our customers and always aim to treat customer information as confidential and to use customer information in confidence.
We will obtain and keep all relevant data from the Customer in line with the Data Protection Act 2018 and General Data Protection Regulation.
We may disclose Customer information if we are required to do so by law, by a court, by court order, to meet any statutory, legal, or regulatory requirement on us, or by the police or any other law enforcement agency in connection with the prevention or detection of crime or to help combat fraud or money laundering.
The Customer agrees that the Company may carry out any check as to the Customer’s financial status as the Company shall deem fit. The Customer accepts that the Company will attempt to verify the Customer’s identity by checking the details supplied against those held on a number of specific databases that the Company has access to, for example, information from the Electoral Register and fraud prevention agencies. A record of this process will be kept that may be used to help other companies to verify the Customer’s identity. The Company may also pass information to organizations involved in fraud prevention to protect the Company and other parties from fraud and to help manage and administer customer accounts.

11. Governing Law

This agreement is governed by English Law. Any disputes arising under this Agreement will be subject to the jurisdiction of the English Courts

Privacy Policy:
1. Introduction
Welcome to Saak Pay UK's Privacy Policy. We are committed to safeguarding your privacy. This policy outlines how we collect, use, and protect your information.

2. Information We Collect

Personal Information: Name, contact details, financial information.
Usage Data: How you interact with our website and services.
Technical Data: IP address, browser type, and operating system.

3. How We Use Your Information:
We use your information for the following purposes:

To provide and manage our services.
To process transactions and manage accounts.
To communicate with you about updates, offers, and services.
To ensure compliance with legal and regulatory requirements.

4. Data Sharing and Disclosure:
We do not sell your information to third parties. We may share your information with:

Service Providers: Who assist in operating our services.
Legal Authorities: When required to comply with legal obligations.
Business Transfers: If Saak Pay UK is involved in a merger or acquisition.

5. Security:
We implement reasonable security measures to protect your information from unauthorized access, alteration, disclosure, or destruction.

6. Your Rights:
You have the right to:

Access your personal information.
Correct or update your information.
Request the deletion of your information.
Object to the processing of your information in certain circumstances.

To exercise these rights, please contact us using the information provided below.

7. Changes to This Policy:
We may update this Privacy Policy from time to time. We will notify you of any significant changes by posting the new policy on our website.

8. Contact Us:
For any questions or concerns about this Privacy Policy or our data practices, please contact us at:
Saak Pay UK
[Your Address]
[Your Contact Email]
[Your Contact Phone Number]
[Website: www.saakpay.co.uk]