Terms & conditions


These Terms and Conditions (“terms”) are the terms on which Equals Money PLC “We, Us” supply products and/or services to You. In these Terms and Conditions “You” means the account holder of the products and/or services supplied by Us, except where specifically stated.

This Website (or this “Website”) meaning www.equalsmoney.com and any associated domain, or mobile and web App (or the “App”) is owned and operated by Equals Money PLC, Vintners’ Place, 68 Upper Thames Street, London, EC4V 3BJ, United Kingdom.                      

Use and access to this Website and App is provided on the basis of the following terms and conditions.

General Terms

1.0 Glossary
1.1 The definitions and rules of interpretation in this clause apply in these terms as follows:
1.2 Account: the bank account notified by you to us into which any sums due from us to you pursuant to any Order will be paid.
1.3 Authorised user: is any person you notify us of, in writing, and who we accept has authority to act on your behalf.
1.4 Business day: a day other than Saturday, Sunday or a public holiday in England.
1.5 Business hours: 09.00 – 17.00 on a business day. 
1.6 Client money: money held by us on your behalf, which will be held in a designated client account, segregated from our money and not used as business expenditure unless specifically set out in these terms.
1.7 Client Nominated Account: the bank account nominated by us from time to time into which the client funds will be paid.
1.8 Contract: individual Orders that have been accepted by us.
1.9 Contract Note: the written document setting out the details of an Order that will be sent to you following Order Confirmation.
1.10 Direct investment: capital investment in an enterprise, either directly or through a holding company, for the purpose of acquiring a long-term interest and significant control over the management of that enterprise.
1.11 Electronic platform: the electronic trading platform used by us to provide the services.
1.12 Goods and services: all goods and services including, but not limited to, intellectual property, such as computer software and patents, and land.
1.13 Good till cancelled: an Order which remains valid until cancelled by you.
1.14 Limit order: has the meaning given in clause 22.2.
1.15 Margin: a deposit or advance payment required in relation to a forward transaction.
1.16 Margin call: a request by us to you to provide additional amounts (not exceeding the full amount of the sale currency) as we may reasonably require on account to cover adverse exchange rate movements between the date of the Contract and the Value Date.
1.17 Margin Nominated Account: the bank account nominated by us from time to time into which the Margin will be paid.
1.18 MiFID Exempt Forward Transaction: a forward transaction that is entered into as a means for facilitating payment for identifiable goods and services or direct investment, where the client is not a financial counterparty (as defined in Article 2(8) of the European Market Infrastructure Regulation) and which is settled physically unless otherwise permissible under the regulations or the Market in Financial Instruments Directive II.
1.19 Order: your oral, electronic or written instruction for us to perform a spot transaction, forward transaction, stop loss order, limit order.
1.20 Order Confirmation: when we confirm the details of the Order to you by telephone, electronically or in writing.
1.21 Sale currency: the sums in a designated currency payable by you to us in respect of an Order including, without limitation, any Margin or Margin call.
1.22 Spot Contract: a Contract conferring the obligation to buy or sell a specified amount of currency where the Value Date is two business days after the Order.
1.23 Stop loss order: has the meaning given in clause 22.1.
1.24 Regulations: all laws and regulations from time to time in force relating directly or indirectly to the buying or selling of currency including, without limitation, the Money Laundering Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, the Proceeds of Crime Act 2002 and the Payment Services Regulations 2017.
1.25 Value Date: the date specified in the Contract Note by which you must have transferred the sale currency to the Client Nominated Account.

2. Are you a business or a consumer?
2.1 In some sections you will have different rights under these terms depending on whether you are a business or consumer.
2.2 If you are a business these terms (together with the Order) constitute the entire agreement between us in relation to your Order.
2.3 You acknowledge that you have not relied on any statement, promise, representation, assurance, or warranty made or given by or on behalf of us which is not set out in these terms and that you shall have no claim for innocent or negligent misrepresentation or negligent misstatement based on any statement in this agreement.

3. Who can use our services?
You must be 18 years or over to use our services and have authority to bind any business or entity on whose behalf you use them for. In doing so, that business or entity accepts these terms and conditions. We reserve the right to seek confirmation you have suitable authority where we deem this appropriate. 
Your use of our services must not violate any applicable laws. You commit to us that your use of our services does not violate any laws applicable to you. You take responsibility for any consequences of your breach of this section.

4. Anti-money laundering policies

4.1 We are registered with the Financial Conduct Authority (“FCA”) as an Authorised Payment Institution (reference number 488396) and Her Majesty’s Revenue and Customs (“HMRC”) as a Money Service Business (registration number 12236741) as required under The Money Laundering Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (“MLR 2017”). Our staff are fully conversant with anti-money laundering and counter terrorist financing guidelines and are aware of their responsibilities in the monitoring and reporting of any actions that raise suspicion or give cause for concern.

4.2 We reserve the right to perform identity checks in accordance with these terms on all individuals who place an Order. By law, we must check your identity and perform relevant checks on your business. We will do so by searching your record at identity authentication companies and fraud prevention agencies. The agencies will keep a record of our search. We may use an automated scoring system as part of our verification process, or we may ask you for documentary evidence. We may also need to visit your business premises. These checks are in accordance with the MLR 2017. If we suspect that you have given us false or inaccurate information, we may record our suspicions at fraud prevention agencies and may pass information about you to law enforcement agencies without further notice to you.

4.3 We are obliged by law to monitor and report any unusual or suspicious transactions of any size taking place where we have reasons to believe the money is derived from unlawful or illegal activity.

4.4 We reserve the right at all times to refuse to process any Order or terminate any Contract which we believe, in our sole discretion, is connected in any manner to any unlawful or illegal purpose.

4.5 There is a statutory obligation on all our employees and their agents to report suspicious transactions to UK law enforcement agencies. Where any such report is made, we accept no liability for any delay in transmission of, or confiscation of the funds.

5. Shortfall
In the event of there being a shortfall on your account, we will seek reimbursement of the shortfall from you immediately. We will seek to transfer the shortfall amount from any other account that you have with us, from another payment method that you may nominate at that time, or from any funds that you subsequently pay into your account. Until the shortfall has been paid, we may suspend your account.

6. Closing your account
Normally, we will give you 60 days’ notice before closing your Account. However, we can close your Account immediately if we suspect fraud or misuse of the Account, if you act in a threatening or abusive manner to our staff and representatives, if you are in breach of these terms and conditions, if we have security concerns, or if required by law. We will tell you of the closure as soon as we can or are permitted to do so.

7. Reliance on information posted
We shall use its reasonable endeavours to ensure that any dated information contained or reproduced on the Website and App is up to date at the stated date of its publication.

8. Intellectual property
All intellectual property and materials comprising or contained in the Website and App are owned or licensed by us unless otherwise expressly stated.
8.2 You are entitled to access the Website and App for the purposes of accessing the facilities offered by us. You may not use in any way, directly or indirectly, the Website and App or any of its components for any other purpose. The materials contained on the Website and App may not be copied or redistributed for commercial purposes or for compensation of any kind without prior written permission from us.You are entitled to access the Website and App for the purposes of accessing the facilities offered by us. You may not use in any way, directly or indirectly, the Website and App or any of its components for any other purpose. The materials contained on the Website and App may not be copied or redistributed for commercial purposes or for compensation of any kind without prior written permission from us.

9. Use of our online services
This clause applies if you use our Electronic Platform or such other platform we may elect for our customers to use from time to time.
Upon our approval of your request to access the electronic platform, we grant you (and your authorised users) a non-exclusive non-transferable licence to use the electronic platform.
You acknowledge that due to the nature of the internet and electronic communication there is a risk that communications may not operate free from error or interruption. We shall not be liable for:any error or interruption in communications; orany losses or delays in the transmission of instructions caused by any ISP or software failure; orfor any breaches of security of the electronic platform beyond our reasonable control.

10. Cybercrime Alert: Emails and Bank Details
There is a significant and increasing risk posed by cyber fraud, specifically with the interception of email accounts and bank account details.
Please be extra vigilant when making payments and ensure you are only making payment to bank details you have been provided with from us.
For confirmation of such details please contact us or verify through your online account.

11. Links to other sites
11.1 The Website and App may contain links to third party Websites. Such links are provided to you for your convenience only.
We have no control over any material which has been published or contained on such third party Websites. We do not warrant the content or accuracy of such third party Websites nor do we accept responsibility or liability in relation to the content or products offered by or through such third party Websites.

12. Limitations on liability
All content shown on the Website and App (and all products and services provided by it) are provided and made available without any warranties, conditions or guarantees given by us. In particular, we do not warrant the accuracy, suitability, reliability, completeness, performance and/or fitness for purpose of the content of any products and services available through this Website and App.
12.2 We use reasonable skill and care in providing our products and services to you. However (to the maximum extent permitted by law) we are not liable to you for any loss, damage, claim or compensation (including loss of profit or loss of use) arising out of:
a) Any inability to perform any of our obligations due to failure of any technical or computer systems, or due to any other abnormal or unforeseeable circumstances beyond our control (such as acts of God, terrorism, war, government action or natural disaster), the consequences of which would have been unavoidable despite all its efforts to the contrary.
b) Any breach by us of any of our obligations, where such breach is due to our duty to comply with any applicable laws of the United Kingdom.
c)Any loss resulting from third party misuse, including but not limited to email interception, stolen identity, and fraud.
d) Any damage to your computer equipment as a result of using this Website or any products or services provided from it.
e) Any change in foreign currency rates which may occur from time to time.
Our maximum aggregate liability to you in respect of all foreign currency transactions undertaken by you shall be limited to the Contract value.
The disclaimers and limitations of liability in these terms shall not apply to any damages arising from death or personal injury caused by the negligence of us or any of our employees or agents or for fraud.
12.5 Nothing in these terms limits or excludes our liability for any breach of our statutory obligations or obligations under the FCA rules. However, we will not be liable for any default where it is a result of our duty to comply with any applicable laws of the United Kingdom. If any provisions of these terms including these disclaimers and limitations shall be unlawful or unenforceable then such provisions shall be deemed to have been amended or their scope reduced to the minimum extent necessary to make them lawful or enforceable.  The unlawfulness or unenforceability of any provision(s) of these terms shall not affect the validity and enforceability of the remaining terms. Your statutory rights remain unaffected.

13. Warranties, representations, and undertakings
You warrant and represent to us on a continuing basis that all information that you supply to us is complete, true, accurate and not misleading in any material respect, and that:
a) you are acting as a principal and not as another party’s agent or representative;
b) you are not prevented by any legal disability or subject to any law or regulation that would prevent you from performing your obligations under these terms and any related transactions contemplated by them;
c) you have all necessary consents and have the authority to enter into an agreement under these terms and subsequent Orders or other transactions contemplated by them (and if you are a body corporate, you are properly empowered and have obtained all necessary corporate or other authority pursuant to its constitutional and organisational documents);
d) you comply with all relevant laws, regulations, exchange control requirements and registration requirements.
13.2 You undertake to inform us with immediate effect, if you are a corporation, where beneficial ownership of your corporation changes by more than 10%.

14. Privacy and data protection
14.1 We process information about you in accordance with our privacy policy available here. By using the Website and App you confirm that all data you provide is accurate.

15. Our contact details
You can contact us via the contact page facility on the Website or App.

16. Complaints
If you are unhappy in any way with your Account, please tell us so we can try to resolve the situation. You can complain via email, post or by calling us. Please visit the contact page on the Website or App.
16.2 We will aim to resolve any complaints within 15 business days of receiving your complaint and in exceptional circumstances within 35 business days. None payment related complaints may take up to 8 weeks to resolve.
You can request our complaints procedure via email, phone or by visiting our Website or App.
If we are not able to resolve the complaint to your satisfaction and you are eligible, you may be able to refer it to the Financial Ombudsman Service.
The Financial Ombudsman Service is a free, independent service which might be able to settle a complaint between you and us. Their contact details are: The Financial Ombudsman Service, Exchange Tower, London, E14 9SR; phone 0800 023 4567, Website www.financial-ombudsman.org.uk.

17. Regulatory and Safeguarding
We are an Authorised Payment Institution (“API”), authorised by the FCA to carry out activities relating to money remittance, operating a payment account, and issuing and/or acquiring of payment instruments under authorisation number 488396.
17.2 In order to make use of the products and services provided by us, you may be instructed by us to send funds to us by way of Equals Money UK Limited (“EMUK”). EMUK is an API, authorised by the FCA under authorisation number 504547 and a member of the same corporate group as us.
As an FCA regulated API, we and EMUK are required to safeguard your funds. This means that when we or EMUK receive money from a customer for the execution of a payment transaction (“Relevant Funds”), we and EMUK will take certain steps, including:
a) segregate Relevant Funds from any other funds; and
b) if any Relevant Funds are still held at the end of the business day following the day on which they were received, place them in a separate account that we hold with an authorised credit institution or the Bank of England.
As an API, we and EMUK are not protected by the Financial Services Compensation Scheme (“FSCS”) and instead are required to safeguard funds which includes taking the steps described in clause 17.3 . You can read more about how we are required to protect customer funds here on the FCA Website.

18. Assignment
We may assign the benefit and burden of these terms or any Contract or Order to another company at any time. If we do this, your rights will not be affected.

Governing law and changes to these terms and conditions
All use of the Website and App and these terms and conditions is governed by the laws of England and Wales.
19.2 All disputes arising out of the use of the services or products provided by us or any dispute relating to these terms and conditions shall be resolved by the Courts of England and Wales.
19.3 Changes to these terms will be communicated to you using the email or postal address that you have provided to us. Changes to your disadvantage will be communicated to you at least 60 days before the change is effective. At any time up to 60 days from the date of this notification, you may close your account without incurring any extra charges. Any other changes can be made immediately and communicated within 30 days. Please keep your contact details current. When we send correspondence to this email or postal address, we will assume receipt by you.
19.4 You must let us know as soon as possible if you change your name, address, phone number or email address. If we contact you in relation to any product or service, we will use the most recent contact details you have provided to us. Any email to you will be treated as being received as soon as it has been sent by us. We will not be liable to you if your contact details have changed and you have not notified us.

19.5 We may make immediate changes to the exchange rate used to convert foreign transactions into Sterling. For all transactions made in a foreign currency you can find out what the applicable exchange rate was at the time of the transaction by contacting our Customer Services Team.

Last updated 28 Sept 2022