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The parties to this Agreement are

Polaris Financial Services Ltd, trading as Polaris (herein referred to as ‘Polaris’, ‘We’ ‘Our’ or ‘Us’) registered address is PO Box 309 Ugland House, Grand Cayman, George Town, Cayman Islands, KY1-1104


YOU’ (in this context referred to as the individual/individuals in clause 3.9.) who is a natural person(s) of 18 years or over, a legal entity or professional organisation or other person who has either completed, signed and delivered by post or electronically to Polaris the Registration Form (thus, the ‘Registered Customer’) and agreed to the terms and conditions of this Agreement electronically or by signing and sending a copy of this Agreement by post to Polaris to enable Polaris to provide a service as set out herein (herein referred to as the ‘Customer’, ‘You’ or ‘Your’) via a Polaris Customer Account.


  1. Polaris’ means the Limited Liability Company Polaris Financial Services LTD an exempted financial company which is Registered under the Laws of the Cayman Islands and maintains its registered office address at PO BOX 309 Ugland House, Grand Cayman-KY1-1104, Cayman Islands, operating jointly with, and through, Mayzus Financial Services Limited, a company with registration number 6721866, in partnership with Voice Commerce Limited, which is a wholly owned subsidiary of Voice Commerce Group Limited, and is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 (register reference 900006) for the issuing of electronic money and the provision of payment services and holds a consumer credit license (number 624404/1) with its registered office at 869 High Road, London N12 8QA, United Kingdom;

  2. framework contract’ and ‘payment account’ bear the meanings given to them in the PS Regulations.

  3. PS Regulations’ means the Payment Services Regulations 2009, as amended.

  4. Transaction’ – money transfer, foreign exchange, order or currency trade or currency deal, or any payment or regular payment from a payment account as appropriately designated when using the Service of Polaris.

  5. Service’ – is defined in clause 1.1 below. Money remittance, foreign exchange trading, the provision of payment accounts and the making of payments from payment accounts are the only services provided by Polaris.

  6. The ‘Polaris website’ – or any of the other Polaris domains.

  7. The “FCA” means the Financial Conduct Authority


In order to avoid potential for misunderstanding, to minimise complexity, and to ensure that we comply with our regulatory obligations at all times, all contracts with customers (our “Contracts” or the “Contract”) must meet the requirements of a “Framework Contract” as specified and identified by the FCA in the document “The FCA’s role under the Payment Services Regulations 2009” dated June 2013 and as amended from time to time. The terms of the Contract will govern future execution of individual and successive payment transactions.


  1. The Service provided by Polaris under this Agreement is limited to operating a remittance service, which can be accessed online, via branches and kiosks operated by Polaris and its agents, and via third-party merchants, that allows You to order foreign currency and to send and receive multiple currency payments including from payment accounts (the ‘Service’).

  2. A full list of Our branches and branches operated by Our agents is available on the Polaris website. Official documents relating to Our agents’ provision of the Service are available from Our agents upon demand.

  3. Other services related to e-currencies and Prepaid Card products are provided under our partnership licence with the e-currency provider’s, card issuing banks and their support systems provided under separate terms and conditions.

  4. You agree that Polaris may accept instructions from all individuals who appear to Polaris to be a Customer authorised to use Your Customer Account, including in accordance with clause 3.8 and 3.9 below.

  5. Funds will be remitted to the respective beneficiaries as identified by You.

  6. Polaris is only responsible for funds which we hold during the process of transfer. Polaris is not responsible for funds prior to instruction and/or after the delivery is completed to the beneficiary.

  7. You acknowledge that Polaris is not a bank and as such the terms ‘accounts’ and ‘Customer Account’ refer to the Customer profile reference and not a physical deposit account and as such are not insured by any government agency;

  8. You acknowledge that Polaris does not act as a trustee, fiduciary or escrow holder in respect of any residual balances held in Your Customer Account.

  9. All deposits by You should include Your Customer Account number and name as reference.

  10. You acknowledge that Polaris does not pay interest on any money held in Your Customer Account.


  1. Polaris will accept any payment made to it directly from a third party but will not accept cheques or cash from a third party for more than €10,000 (or the equivalent currency) unless such additional documents are provided as may be required to satisfy Polaris as to the source of funds and the identity of individuals concerned in the Transaction in accordance with the money laundering legislation applicable to the Transaction. Funds received into the Customer Account by unknown/unregistered persons or organisations will be treated as coming from the Registered Customer whose payment reference has been provided.

  2. When You remit a payment, Polaris will take the funds and any commission by debiting the funds in Your Customer Account, if any. If You have insufficient funds to carry out the payment in full, Polaris will be authorised to demand the outstanding amount from You payable at your request from a debit to be made from Your designated bank account, (debit or credit card if the credit card payment facility is available) or by another method of payment as appropriate.

  3. Polaris reserves the right, at its discretion, to restrict Your choice of funding sources for any individual payment.

  4. Payments made by cheque to Your Customer Account are acceptable only at the discretion of Polaris and where possible should be accompanied with a copy of the sender’s passport or photo driving licence so that the signature on the document can be used to verify the signature on the cheque. Polaris reserve the right to request additional documentation from the cheque drawer. Traveller’s cheques are not accepted. Polaris will scan all cheques by an ultra violet light prior to being paid into the bank to assist with ascertaining whether the cheque is genuine.

  5. Polaris is required by statute to make a disclosure to the National Crime Agency where Polaris knows or suspects that a Transaction may involve money laundering or terrorist financing. If Polaris makes a disclosure in relation to a Transaction the processing of any associated payments may be delayed for a period of time without explanation.

  6. Polaris will not send funds to countries, jurisdictions, individuals and/or organisations against which economic sanctions are in force or to countries and/or beneficiaries to which Polaris has deemed it inappropriate to send funds.

  7. Subject to clause 2.5 and 2.6 above, where Polaris refuses to execute a payment order, Polaris will notify You of its refusal and, if possible, the reasons for its refusal, together with the procedure for rectifying any errors that may have led to such refusal.


  1. Where Polaris is either unable to confirm Your identity, suspects the identity provided is false or is not satisfied that criteria for registration have been passed, the Service may be refused, suspended or terminated without notice.

  2. You acknowledge that it is Your responsibility to provide Polaris with Your current address details, phone number and email address and at all times maintain Your information to be current and valid and that You will immediately notify Polaris if any information that You supplied changes. Polaris reserves the right to ask for more information relating to Your Customer Account or source of funds (to comply with money laundering controls) at any time if the information is not provided when requested, prior to funds being transferred or You being given access to them.

  3. Polaris reserves the right to limit the usage of the Service and to either suspend or terminate the account and return the funds to You less any costs or liabilities due (see clauses 14 and 15).

  4. You must complete all information requested by Polaris and pass all identity and security validation and verification checks.|

  5. You will supply to Polaris, on request, a specimen of Your signature. A signature substantially resembling the specimen will be sufficient for Polaris to authenticate an instruction as being from You.

  6. Polaris will, upon request, provide to You a personal card linked to Your Customer Account and containing security details which, if issued to You, should be used as identification when instructing Polaris to make a Transaction in a Polaris branch, an agent’s branch, or via a payment terminal.

  7. If You are using a payment terminal, You will be required to confirm your login details using the PIN code send to your mobile telephone. You must read and agree to Polaris’s terms and conditions before engaging in each Transaction using a payment terminal.

  8. Anyone who identifies themselves by entering the correct login email and password is thus reasonably assumed by Polaris to be the Registered Customer of a particular Customer Account and all Transactions so initiated will be accepted as valid and authorised by You in respect of the Customer Account.

  9. Polaris takes no responsibility for You sharing Your login email and password with any third party. You are obliged to take all reasonable steps to maintain the security of Your Customer Account, including keeping safe Your login emails and passwords, and any other security information relating to the Customer Account.

  10. If Polaris deems it necessary, Polaris reserves the right to require the email address and/or phone number of a beneficiary to whom You have instructed Polaris to transfer funds.

  11. If more than one person, firm or organisation completes the Registration Form for the Service then each individual constitutes the Customer and will be jointly and severally liable (with all the individuals stated on the same Registration Form) under the terms and conditions of this Agreement and You agree that Polaris may accept instructions from such individuals jointly or separately and such instructions will be sufficient authority to bind all of the individuals as Customer pursuant to this Agreement.


  1. You are responsible for the confidentiality of the password and e-mail login which enables You to use the Service. When registering, you will be required to choose a password and use a valid e-mail address as part of the login procedure. You are responsible for protecting Your login details and the confidentiality of Your password and for any activities that occur within Your account under your Login User profile and password and You acknowledge full responsibility and indemnify us from Your negligence in its protection. Furthermore, You agree to immediately notify Polaris by telephoning +44 (0) 208 956 2251 of any unauthorised use of Your login user profile and password or any other breach of security.

  2. After informing Polaris that there has been an unauthorised use of Your login user profile and password, Polaris will take immediate steps to try to prevent these from being used. Polaris is not liable for any loss or damage arising from Your failure to comply with Your obligations under clause 4.1.

  3. You may have a right against Your card issuer to have sums refunded or credited to You if fraudulent use is made of Your bank card.

  4. You consent to Polaris recording and storing all telephone conversations with or without further informing You that it is doing so and for Polaris to use the recording or transcript of the recorded conversation(s) to check any instructions given to Polaris by You to resolve disputes arising between Polaris and You or to use for the purposes of quality control and or staff training. You also consent to Polaris destroying such recordings or transcripts if any and when Polaris deems it appropriate to do so.


  1. In the case of cash transfers effected through branches and kiosks operated by Polaris and its agents, on accepting the first order from a new Customer, Polaris will set up a payment account for that Customer (note that kiosks can be used only for remitting funds). For all other transfers and Transactions, the Customer will be required to register with Polaris in order to create a Customer Account.

  2. Polaris will determine whether the nature of the relationship with the Customer requires it to set up further separate payment accounts for separate contracts for better provision of the Services.

  3. For avoidance of doubt, each and every payment account maintained by Polaris shall be held at a regulated credit institution selected by Polaris and shall have the status of a Customer Account, whereby all sums from time to time credited to the payment account are treated as wholly separate from Polaris’s own money.

  4. Payments received by Polaris for You will be credited to your Customer Account until such time as Polaris receive your instructions to transact the funds to a beneficiary.

  5. Polaris will only accept third party transfer payments made to it from a bank account and Polaris reserves the right to ask for more information relating to the source of funds (to comply with money laundering controls).

  6. Polaris will not accept any Transaction which does not contain the Customer’s User ID as a payment reference. Any such payment will be returned to the sender, provided Polaris has adequate details to return the payment, and an administration fee of £50 will be taken from the original deposit amount.

  7. Instructions to Polaris in relation to a Transaction can be issued either in writing by post, fax or electronically online or by e-mail. Polaris will be entitled to require written confirmation of any instructions by post before accepting the instructions. Polaris will confirm instructions by electronic message, sending an e-mail or fax to You. Other than charges that Polaris is authorised to levy in accordance with these Terms of Business or as ordered by a Court of appropriate jurisdiction, a Transaction can only be executed in accordance with the instructions of the Registered Customer (including persons whom we reasonably deem to be the Registered Customer in accordance with clause 3.8).

  8. You can instruct Polaris to withdraw or transfer funds to a third party online via the Polaris website.

  9. In relation to each instruction received from You, You shall facilitate payment of cleared funds into the payment account (or if there is more than one such established under clause 5.1 above, into the payment account directed by Polaris). It shall be Your responsibility to ensure that prior to the intended date and time of the relevant Transaction or Transactions, the relevant payment account is in funds to the value of the currency to be transferred or sold by Polaris on Your behalf (the ‘sale currency’) in order to secure payment.

  10. Polaris shall not be required to settle any contract or to pay to You, or to Your order, any amount in respect of such contract without first having received, from the credit institution where the relevant payment account is held or from any broker or dealer with or through whom Polaris executes currency Transactions, notice to the effect that the amount of sale currency due and payable by You to Polaris in respect of the Transaction, has in fact been received.

  11. All payments due from You to Polaris for any purpose in connection with this Agreement will be paid in full. You will have no right of set-off, counterclaim, deduction or withholding of any kind of any sum against payments at all. Payment will become due and payable on verification of the Currency trade as advised by Polaris.

  12. Polaris will apply exchange rates to a Transaction based on the live Interbank rate, which You understand and acknowledge may change from time to time throughout the course of a day. Polaris reserves the right to amend the exchange rate during the course of the day in accordance with the market rates. You will be informed of the exchange rate that applies to a particular Transaction before you instruct Polaris to execute the Transaction. You understand and acknowledge that, due to changes in exchange rates that occur for reasons outside the control of Polaris, there may at times be some difference between the exchange rate notified to you at the time of giving instructions to execute a Transaction and the exchange rate applied at the time of processing the Transaction.

  13. Without limiting its rights set out in clause 6 below, where Polaris has not received payment of any amount of sale currency due from You, Polaris may delay the execution of an instructed contract on Your behalf until Polaris has received the sale currency. If so, You are warned that Polaris may sell such sale currency at the rate of exchange then prevailing (without regard to its having provided to You details of a different rate at the time of the instruction).

  14. The remittance of funds as part of a Transaction is executed at the earliest available time slot during the banking day or on the next banking day as appropriate. You acknowledge that funds received before 16:30 Central European Time (CET) on a business day will be processed on the same day. Funds received after 16:30 CET will be processed on the following business day. Funds that are being sent abroad will be processed according to the exchange rate applied as per clause 5.12 above.

  15. Banks have specified times of cut-off for the receipt and dispatch of electronic payments. Polaris accepts no responsibility for any delay in onward payment attributable to the late arrival of funds or instruction of payment relative to the cut-off times of the bank at which the Customer’s payment account is maintained.

  16. Funds will be credited by Polaris to the account of the recipient’s payment service provider by the end of the third business day following receipt of the payment order from You.

  17. Until the payment is accepted by the beneficiary or their bank, You remain the owner of those funds and Polaris holds those funds as agent.

  18. Polaris will not be able to withdraw those funds or send the funds to any other recipient without your instruction to cancel the original Transaction and reissue as a new Transaction (in respect of which, see clause 7 below).

  19. Polaris reserves the right to withhold access to cleared funds that are incoming to a Customer Account for a period not less than eight (8) working days from receipt of the cheque to allow for bank clearing, only after funds have been cleared through our bank systems will funds be available for use by You and transmitted.

  20. Polaris will make any payments to You under this Agreement in full but reserves the right to deduct such sums required by law in respect of taxation liabilities if any.


  1. Polaris will operate the Customer Account (or, where You have more than one, all Customer Accounts) on a net basis. On any given day while this Agreement remains in force, Polaris will be entitled to treat all Your obligations to pay money from the Customer Account in settlement of contracts where You are the payer as netted against all Your entitlements to receive money into the Customer Account in settlement of contracts where You are the payee. Polaris will have the right to settle any debt from the balance on the Customer Account without any obligation to inform you in advance of its intention to do so.

  2. Further to clause 6.1 it is clarified that

    1. The netting and set-off therein described shall take into consideration sums of money due and receivable even if not yet received, and due and payable even if not yet paid;

    2. Where Services relating to foreign exchange are involved, the calculation of Your net obligations and the net position of the Customer Account or Accounts shall be reconciled in Sterling, unless another currency is agreed between Polaris and You, Polaris first having performed the necessary calculations of conversion from the foreign currency or currencies involved to Sterling or such other currency as may have been agreed; and

    3. All fees due to Polaris and remaining unpaid, together with all brokerage and other charges which You are obliged to bear but which have not yet been debited, shall be treated as due and payable as part of the netting process. Polaris shall, however, be responsible for payment of fees imposed by its bank.


  1. Polaris will issue confirmation after each transfer of funds by either sending a text message to Your registered mobile telephone or by a secret message on Your registered fixed line telephone or Polaris’s online system. You are at liberty to choose how You wish to receive your confirmation. Delivery of the advice of transfer cannot be delayed or stopped.

  2. Requests for order cancellation or amendment of the beneficiary details prior to execution of the payment order will incur an administration fee of £35 due immediately at time of acceptance in addition to reimburse any other costs that maybe incurred as an result of Your request.

  3. Polaris will not charge You for enquiries into the progress of a funds transfer once the funds transfer has been executed by Polaris.

  4. Once a payment order has been executed in accordance with Your instructions those funds will be treated as no longer being in the possession of Polaris and as such the Transaction will be non-reversible whether or not You believe the payment was an error.

  5. Without prejudice to the above clause 7.4, in cases where you have agreed with Polaris that the execution of a payment order is to take place on a specific day, You may, however, revoke the payment order up to the end of the business day preceding the day on which You have agreed that execution of the payment order will take place.

  6. If You request the cancellation of a transfer of funds after completion for a reason as listed in clause 13.5 Polaris cannot guarantee if or when the funds will be returned or if the cancellation will be possible for reasons outside the control of Polaris such as, but not limited to, third parties’ restrictions, government decree, bank refusal or the refusal of permission by a legal authority.

  7. If You use the Polaris website to request a transfer of funds, You will have until 16:30 on the following day to load the necessary funds to the Customer Account. If the necessary funds have not been placed on the Customer Account by 16:30 on the day following the online request, the Transaction will be cancelled. If the cancellation of the transfer causes any loss to Us, We will be entitled to cover that loss through a withdrawal from the balance on the Customer Account, or by increasing Our fee for the next transfer, or alternatively by refusing to execute any further Transactions.

  8. A reversal can be initiated by a beneficiary (which has been agreed to between them and You). In such a case, Polaris will be authorised to charge the Customer Account the fee of £35 for the return of the funds and may include costs incurred by Polaris as a consequence of the reversal.

  9. Payments received by You via the Service are not protected against a subsequent reversal of the Transaction. Reversals can include but not limited to credit card ‘chargeback’ by the card issuer, bank reversal due to fraud or identity theft, bounced cheque or forgery of cash notes paid into an office or agent of Polaris.

  10. Polaris will not be obligated to accept any instruction and may use its discretion at any time following receipt of any instructions to refuse acceptance.

  11. Polaris will have a right to terminate a Transaction without incurring any liability to You or any third party connected to You any Transaction where the price Polaris quotes to You is an error.


  1. If a funds transfer is intended for the purchase of restricted and/or controlled items and/or substances and/or any prohibited or unlawful purpose, Polaris can ask for evidence that You are authorised and/or have been given the authority to handle such items and/or substances and/or services.

  2. Polaris retains the right to refuse to provide the service to You if to do so may breach

    1. any applicable law;

    2. order of a court;

    3. requirement of any regulatory or governmental authority, body or agency having jurisdiction over Polaris;

    4. or if Polaris otherwise considers such action necessary to protect its interests

  3. Polaris will wherever practicable notify You that we have done so and, unless we are prevented from doing so for some legal reason, we will explain why Polaris has done so.

  4. Polaris will not send or receive funds if Polaris has suspicion that the funds are for the payment of activities including, but not limited to, unlicensed lotteries, gambling services, gambling chips or gambling credits, tobacco products, prescription drugs, drugs and drug paraphernalia, firearms and ammunition, weapons and knives, satellite and cable TV descramblers, pornography and hardcore content or services, illegal government IDs and licences, pyramid selling services, get rich quick schemes, High-Yield Investment Programs, services infringing intellectual property rights of a third-party, unregulated e-money and foreign exchange beneficiaries, payments intended for a beneficiary from a website offering gambling services where it is strictly forbidden for citizens or residents of that country to receive such payments from such websites.

  5. Polaris will proactively de-activate any access to its systems to prevent organisations that support hatred, violence, or racial intolerance and block the same from future access to receive or send payments.


  1. You acknowledge that when you initiate a Transaction through the service You must select the currency in which the payment to the beneficiary is to be made. The beneficiary might be able to instruct their agent or bank to convert the funds to a currency which the beneficiary requires rather than the currency selected by You. You acknowledge that Polaris might make additional revenue when the funds are converted into the currency selected by the beneficiary and that You have no claim upon such income.

  2. At times, additional terms apply to fund transfers to foreign countries in relation to the beneficiary’s account number and codes and minimum payments and deductions by receiving banks for fund transfers to different accounts. The beneficiary’s bank may also deduct their own charges. You are responsible for checking that Your beneficiary’s bank in a foreign country will accept payment.

  3. To effect overseas funds transfers it may be necessary for Polaris to pass Your personal information to individuals, banks or organisations in countries located outside of the European Economic Area (‘EEA’) that do not have laws that protect a customer’s personal information.

  4. Polaris retains the right to ensure efficient delivery using any correspondent bank or intermediary bank that we have access to.


  1. No deals will be entered into on Your behalf for speculative purposes and You irrevocably warrant to Us that all Transactions being the purchase of currency are for non-speculative purposes and that You have a genuine reason for wanting to exchange currency and the purpose of the currency trade is genuine and not for the purpose of speculation on currency movements. You further irrevocably warrant that You have full capacity to instruct Polaris to perform the service or place an order and that You are acting as principal only and not as an agent for any third party whose identity has not been disclosed to Polaris at the time of the provision of the Service.

  2. You will depend exclusively on Your own expertise and opinion in determining that the currency trade is suitable for Your purposes. You will not place any dependence whatsoever on remarks, advice of any kind upon the advantages or disadvantages of a proposed currency Transaction or on information obtained from Polaris in connection with or relating to this Agreement, or the opinion of Polaris of the virtues or otherwise of any currency trade, taxation matters or other matters of any nature.

  3. Each currency trade entered into by Polaris will be recorded upon and confirmed within its secure online Account Management System.

  4. No agreement for the Service in respect of currency exchange Transactions will come into force until confirmation from Polaris (by telephone, e-mail or in writing) thereupon a legal and binding contract is formed between You and Polaris to trade the relevant currencies at the Polaris quoted exchange rate but only on, and subject to, the terms and conditions of this Agreement. Each currency trade, if accepted by Polaris will constitute a separate severable agreement.

  5. In the event of any significant exchange rate fluctuations occurring between the date on which a particular contract is executed and (if different) the value date for the Transaction to which such contract relates, Polaris may require You to provide additional funds to be credited to the payment account to maintain the value and level thereof at the stipulated percentage rate on the original contract note. Such funds shall be paid by You immediately and in full. Alternatively, Polaris may reduce the sum to be transferred under the Transaction, without prior notification to You and without any requirement to seek Your prior approval.

  6. Polaris may accept instructions at the weekend or other times at its discretion. Prices quoted will be based on Polaris’s last published exchange rate prior to the currency markets closing and in the unusual event that the exchange rate has moved significantly so that Polaris cannot make a profit on the price quoted to You when the market opens, Polaris will be entitled to terminate the contract and treat it as void without incurring any liability to You or any third part connected to You.

  7. You irrevocably undertake to take physical delivery on the Value Date (being the date that Polaris forwards the currency funds to Your account) of the purchased currency after payment to Polaris of the full amount of the sold currency for each trade as stipulated by Polaris and to pay such further sums required to be paid by Polaris pursuant to the terms of the currency Transaction at the discretion of Polaris.

  8. All funds provided by You as security for Foreign Exchange Deals may be used to settle any costs, losses or liability arising including, reversal of a deal note due to non-payment, trading fees from banks currency clearing. Also, Polaris may at its sole discretion offset any monies held against any costs, losses or liabilities that Polaris incurs in connection with or arising out of any Currency trade that You may have with Us, however You may not insist on Polaris doing so.

12. FEES

  1. Fees charged by Polaris may change from time to time. Polaris reserves the right to personally agree a fee with each Customer.

  2. You will be informed of the fees applicable to a particular Transaction before you instruct Polaris to execute the Transaction. Fees for online Transactions can be checked on the Polaris website.

  3. You accept responsibility for and ultimately agree to pay the fee for each Transaction, any and all fees are due immediately. If You are unclear as to any fee, then You should contact Polaris Customer Support on telephone number: +1-345-749-8394.

  4. You must pay for the amount to be transferred and the relevant fees by using either wire transfer, CHAPS, BACS, or a cheque (in respect of which, see clause 2.4) from the Customer’s Bank Account (or by card payment, if credit card or debit card facilities are available then payment can be taken by either, note card payment facilities are not always available).

  5. Every time You utilise the Service and pay by credit or debit card You authorise Polaris to charge Your card for the amount of money to be transferred and all associated fees in connection with the related Transaction before Polaris executes the Transaction. The amount to be charged to the card will be notified to You prior to the final authorisation of the Transaction.

  6. Polaris reserves the right to decline to receive funds from credit or debit cards which are not Visa, MasterCard, JCB or Maestro cards at its discretion.


  1. You accept that the Financial Services Compensation Scheme (FSCS) does not apply to funds stored on your Customer Account and that there is no other voluntary or compulsory scheme of which Polaris is a member that compensates Polaris account holders.

  2. Polaris might be required to report to a jurisdictional tax office in the case of the remittance funds exceeding certain amounts.

  3. Polaris reserves the right to require written confirmation of any instruction from You and a signed copy of this Agreement.

  4. The Consumer Protection (Distance Selling) Regulations 2000 (as amended in 2005) apply to online contracts. This means You have the right to cancel this Agreement within fourteen days beginning on the day after You accept the terms and conditions of this Agreement. You can cancel by contacting Polaris by e-mail at: or by fax to: + +44-20 3318 1470 or by telephoning Polaris on: +1-345-749-8394.

  5. If You have a complaint or concern, please refer to our Complaints Policy.


  1. This clause and its sub-clauses set out Polaris’s entire liability to You for any claim for losses, costs (including legal costs), damages, expenses, taxes, charges or any other liability howsoever caused (the ‘Claim’).

  2. Any Claim made by You or a beneficiary must be supported by all relevant documentation in connection with the claim.

  3. Polaris will not be liable to You for any claim resulting from Your non-compliance in connection with any obligation You have under this Agreement.

  4. Polaris will not be liable for fraudulent instructions given by anyone posing as You.

  5. Polaris will not be liable for loss or damage to You or any third party caused or resulting from

    1. any error regarding a beneficiary or amount or any other such error or incomplete instruction received from a Customer or incorrect details on the Registration Form;

    2. a payment to an incorrect beneficiary deemed to have been the correct beneficiary by offices of the institutions concerned; or

    3. Any omission or error made by You, on a Foreign Exchange contract note, must be informed to Polaris in writing within 1 day (24 hours) from when the contract note was issued.

  6. Polaris will not be liable for loss or damage to You or any third party caused or resulting from

    1. the goods or services which You pay for by using the Polaris’s Service;

    2. consequences arising out of computer viruses caused by third parties;

    3. any unauthorised use or interception of e-mails and such on line media;

    4. unauthorised use of or access to data relating to a Transaction held by Us unless use is due to the failure of Polaris to comply with laws relating to the protection of Your data; suspension of Polaris’s online service;

    5. computer hackers gaining access to Polaris’s secure website;

    6. any damages resulting from a recipient’s decision not to accept a payment made through Polaris;

    7. any errors or omissions on the Polaris website.

  7. Polaris will not be liable for any charges or deductions made by a third party in the processing of Your payment.

  8. Polaris accepts no responsibility for and will bear no liability in respect of any delay in onward payment, late arrival of funds or instruction of payment relating to the cut off times of any bank or such delay attributable to the bank or any other third party.

  9. Polaris will not be liable for any loss of Your funds due to a crash of any bank.

  10. Polaris will not be liable to You or any third party for any delay or non-performance of its obligations under this Agreement arising from any cause or causes beyond its reasonable control (force majeure circumstances) including, without limitation, any of the following: fire, flood, storm, Act of God, war, governmental act, explosion, civil commotion, riot, failure of computer equipment or communications systems, malfunction losses or delays in transmission in communications which might affect the accuracy or timeliness of a message You send to Polaris, industrial dispute of a third party, strikes, lock-out and other industrial action, or any cause due to overseas correspondent banks, other banks or intermediaries handling the funds in accordance with the customs and practices of the locality where they transact business.

  11. Polaris will have the right to refuse to perform the Service without giving a reason. Polaris will not be liable to You for any losses or damages suffered by You or those of any other party resulting directly or indirectly from such refusal.

  12. Polaris will not be liable to You arising out of any Transaction pursuant to this Agreement by reason of any cause including contract, negligence, tort, breach of statutory duty or otherwise save for direct loss caused by the negligence of Polaris in performance of a Transaction.

  13. Notwithstanding anything in this Agreement, in no circumstances will Polaris be liable for special damages, loss of profits, goodwill, contract, business, anticipated savings, loss caused by the act, omission, failure or delay of any third party in the transmission, provision or delivery of any Service or any special, indirect, incidental or consequential loss regardless of the form of action (including loss or damage suffered by You as a result of an action brought by a third party) even if such loss was reasonably foreseeable or was or was not in the contemplation of the parties at the date of this Agreement or Polaris was advised as to the possibility thereof.

  14. Without prejudice to clause 13.13 above and any other clause in this Agreement and subject to the provisions of this clause Polaris’s total aggregate liability to You for any liability incurred in connection with this Agreement will not exceed the lesser of (a) the amount of any service charge or (b) £400.

  15. The limitation and exclusion of liability for currency trade is set on the basis that You know that the foreign exchange market is volatile and if You did not this statement has drawn this fact to Your attention.


  1. You hereby warrant that you are not violating any law or regulation by your use of Polaris’s service and undertake not to use the service for or in connection with our restrictions (clause 8) or for any illegal or criminal activity.

  2. You hereby indemnify Polaris against any and all liability to third parties that might arise from Your use of the Service.

  3. You hereby undertake to take all reasonable steps, including through financial compensation to Polaris, to rectify and damage to the name, brand, goodwill and business of Polaris that might arise from Your use of the Service.

  4. You hereby undertake to be exclusively responsible for the instructions that you give to Polaris and any loss suffered for any error in your instructions.

  5. You can elect for any payment charges made by third party intermediary banks and beneficiary banks to either be paid by the Beneficiary ‘BEN’ or that all charges are to be paid by the Sender ‘OUR’ or that Shared ‘SHA’ the sender and the beneficiary will share the charges; and You hereby undertake that regardless of whichever selection is made it will indemnify Polaris against any such charge.

  6. If you are natural person, You warrant that You are 18 years of age or over.

  7. You undertake not to provide false, inaccurate, incomplete or misleading information to Polaris.

  8. You undertake to only provide details of a name, bank account, credit card or debit card details that you are legally permitted to use.

  9. You hereby indemnify and irrevocably undertake that You will keep Polaris indemnified and will immediately indemnify Polaris against any and all costs, losses whether consequential losses or otherwise and against claims, liabilities incurred or suffered by Polaris arising or in connection with the proper performance of the Service and in the enforcement by Polaris of its rights hereunder including legal costs incurred in connection with enforcement of this Agreement and in connection with any dispute or difference arising under this Agreement that is resolved in favour of Polaris.

  10. You undertake irrevocably to indemnify Polaris from any cause or causes and in particular, without prejudice to the generality of the foregoing, in respect of all amounts necessary to compensate Polaris for any and all liabilities sustained or incurred by Polaris (including, but not limited to, Polaris’s loss of profits) as a result of or in connection with third party banks or similar entities, clearing house, regulatory body or bodies and any third party claim resulting from Polaris doing and carrying out all and any measure and steps to carry out your instructions in connection with a funds transfer whether the instructions are given online or written, sent by fax, post, e-mail or otherwise from or purporting to be from You.

  11. You may give Polaris written, verbal or online instructions entirely at Your own risk and You will fully indemnify Polaris and keep Polaris fully indemnified against any losses that Polaris may incur as a result of accepting instructions from You or instructions that Polaris believes have come from You

  12. Polaris will be under no obligation to make enquiries as to whether the instructions are genuinely from You if Polaris reasonably believes that they are and You agree that Polaris may accept such instructions as being genuine and You also agree to be bound by the terms and conditions of this Agreement in connection with such instructions.

  13. For the avoidance of doubt if any transfer of funds in connection with this Agreement is terminated in accordance with the provisions of this Agreement Your liability to indemnify will not terminate.

  14. You acknowledge Polaris does not ensure the quality, safety or legality of the Transaction You are undertaking. Polaris does not have any responsibility for any goods or services for which You pay using the Polaris Service and You warrant being liable for any charges, taxes or other duties in relation to such goods or services.

  15. You undertake when using the services of Polaris to transfer funds to a beneficiary who is not registered as a Customer of Polaris to accept the provisions of clauses 13 and 14 and the sub-clauses thereof in this Agreement on behalf of the beneficiary.

  16. You warrant that You have read and understood Polaris’s Privacy Policy.

  17. The warranties in this clause 14 are deemed to be repeated at every point at which You provide an instruction to Polaris to undertake a Transaction.

  18. If Polaris has made attempts to contact You using the contact details You have supplied but cannot make contact with You, Polaris will be entitled to terminate the Transaction immediately and without notice to You notwithstanding and without prejudice to any other remedy and power available to Polaris and without liability of any kind being incurred by Polaris for so doing. In such a situation You will remain liable for any losses incurred as a result of such termination.

  19. In respect of late payment of any sum due to Polaris pursuant to this Agreement Polaris will charge You the minimum of £10 a day for each day that the payment remains unpaid or interest on an APR equal to ten percent above the Bank of England base rate calculated daily.

  20. Polaris will be entitled to charge compound interest on balances due for any default in or late payment by You of any sum under this Agreement when due and any breach by You of the terms and conditions of this Agreement.


  1. This Agreement shall operate for as long as Your Customer Account is open, unless terminated in accordance with the remainder of this clause 15.

  2. You may close your Polaris account by giving by giving 5 days’ notice to Polaris, using any of the means set out in clause 12.4 above.

  3. If You terminate the Agreement You will not be able to use the Service. If You have sent funds to Us, we will refund the amount less our costs and the cancellation charge, however if Polaris has already paid the funds to the beneficiary then we will not reimburse You.

  4. If Your Customer Account has been dormant for 12 months then it will be closed and the Agreement will be deemed terminated by You.

  5. In all other cases, and subject to clause 15.8 below, Polaris will give you two months’ notice of termination of the Agreement.

  6. Notice will be given by You or by Polaris using any means set out in clause 3.2 above (except for the case of distance selling, for which see clause 12.4).

  7. If the Agreement has been operating for 12 months or more at the time of termination, then no charge will be made for termination of the Agreement. In all other cases, Polaris are entitled to levy charges upon You for the termination of the Agreement that reasonably reflect the actual costs incurred in by Polaris in terminating the Agreement.

  8. Polaris can terminate this Agreement and or suspend the Service immediately without notice to You and without incurring any liability to You or any third party connected to for any loss caused to You if:

    1. You materially breach any of your obligations under this Agreement;

    2. You are materially in breach of any applicable statute, regulation or rule;

    3. it becomes or may become unlawful for Polaris to maintain or give effect to all or any of its obligations under the Agreement or otherwise to carry on the Service, or if Polaris is requested to stop a Transaction (or any part thereof) by any regulatory body or other authority that has jurisdiction over Polaris’s activities whether or not the request is legally binding or if Polaris in its absolute discretion considers it desirable or necessary to do so for its own protection;

    4. Polaris has any cause or obligation imposed by law contained within but not limited to Money Laundering Regulations, Transfer of Funds Regulations, PS Regulations, or Proceeds of Crime Regulations;

    5. You are unable to pay Your due debts, or are adjudicated bankrupt, or commit any act of bankruptcy, or propose or enter into a form of composition or arrangement with Your creditors generally, or permit an execution of distress to be levied on any of Your goods, or become insolvent, or if a receiver is appointed, or You go into administration or liquidation whether compulsory or voluntary;

    6. executing any Transaction would expose Polaris to liability against which Polaris is not protected;

    7. Polaris reasonably believes that You have become incapacitated by mental or physical ill health;

    8. anything set out above or anything similar occurs or anything contrary to the laws of any applicable jurisdiction;

    9. there are reasons to believe that Your Customer Account has been used in connection with unauthorised or unusual credit/debit card or bank account use, including without limitation, notice of this by Your bank or credit/debit card bank or credit/debit card company;

  9. If You become conscious of any such event referred to in clause 15.8 or any of its sub-clauses, You irrevocably undertake that you will advise Polaris of the event immediately.

  10. If Polaris has to terminate any transaction it may (as well as for any other reasons set out in this Agreement which would allow Polaris to do so) retain all or any of Your funds if required to do so by law and deal with Your funds as ordered by a Court or other body of competent jurisdiction.

  11. In addition to the rights of Polaris above, Polaris shall have the right to close any contract by entering into an equal but opposite contract or, at its absolute discretion, by any other actions deemed necessary, or to terminate this Agreement in its entirety, in each case without any further liability for any loss or otherwise in the event of any of the following:

    1. any default of payment by the Customer of any sum due to Polaris (or failure to promptly credit the payment account with such sums and in such currencies as Polaris may notify to the Customer);

    2. any other breach by the Customer of this Agreement;

    3. if You are declared bankrupt or in liquidation or any form of insolvency or administration procedure or You enter into an arrangement with Your creditors or You are unable to pay Your debts as they fall due (as defined in section 123 of the Insolvency Act 1986);

    4. Polaris considers it desirable to do so for its own protection or for the protection of its other Customers.

  12. Where in accordance with clause 15.8 Polaris terminates this Agreement, Polaris will produce a summary statement of Your net position, calculated in accordance with clause 15.11 and Polaris will be entitled to a full indemnity from You in relation to all costs incurred by Polaris in reversing or otherwise terminating all contracts still subject to execution.


  1. The provisions of clauses 13 and 14 will survive termination of any instruction, completion of any Transaction or termination of this Agreement.

  2. This Agreement comprises the entire understanding between Polaris and You. No other statement, written or oral communications between Polaris or You made prior to this Agreement whether relating to it or otherwise, including statements in any brochure or promotional literature of Polaris will be incorporated into this Agreement or have any legal effect provided that neither Polaris nor You will benefit from excluding liability for fraudulent misrepresentation or acts of fraud.

  3. Polaris may at any time in the future change the terms and conditions of this Agreement by publishing the proposed new terms and conditions and the date on which the proposed change will take effect (the ‘proposed date of change’) on the Polaris website.

  4. You acknowledge and agree that You will regularly review the Polaris website for any amendments or variations to these terms and conditions.

  5. Where such terms are not expressly accepted by You, You have the right to terminate the Agreement immediately and without charge before the proposed date of change. Your continued use of the Service after the proposed date of change will be deemed an acceptance by You to be bound by any such modification to this Agreement.

  6. Any notice in writing to You sent by email and signed (including electronically signed) by a director of Polaris with amendment of the terms and conditions of this Agreement will also be binding upon You (but in these circumstances only with Your consent) from the date on which notification of the any change is sent to You. If you continue to use the Service after such notification, you will be deemed to have consented to changes notified to you in accordance with this sub-clause.

  7. No addition to or variation of these terms and conditions will be binding on You unless notified to you in writing signed by a director of Polaris or published on the Polaris website. Other than as provided for in this sub-clause, no employee or agent of Polaris has any authority to vary these terms and/or conditions orally or to make any representation on behalf of Polaris as to their effect.

  8. Any amendment to the terms and conditions of this Agreement however published will not be retrospective or affect any rights or obligations that may already exist in respect of any ongoing instructions.

  9. Any provision or part thereof of this Agreement which is or may be illegal, void or unenforceable will be treated as severable from the remainder of this Agreement and the remainder of the provision in question and will not affect any other provisions, terms or conditions of this Agreement all of which will continue in full force and effect as if the affected provision or part thereof had been removed.

  10. Polaris retains the right to transfer, assign or delegate its rights and/or responsibilities in whole or in part under this Agreement to an affiliated company, or any third party, at any time without Your consent unless such transfer would reduce Your rights and/or remedies or increase Your responsibilities and/or liabilities under this Agreement. You may not transfer Your rights and/or responsibilities under Your agreement with Us without Our prior written consent.

  11. The Contracts (Rights of Third Parties) Act 1999 will not apply to this Agreement and accordingly nothing in it will be directly or indirectly enforceable by any third party, nor is it intended to confer a benefit on any third party. However, clauses 7, 9, 13, 14, 16.10 and 17 will operate for the benefit of, and accordingly be enforceable by virtue of the Contracts (Rights of Third Parties) Act 1999 by Our affiliates and agents. This Agreement with You may be changed or terminated without the consent of any such affiliate or agent.

  12. Failure by Polaris to exercise any right or of any delay, forbearance or indulgence in exercising any right, power or remedy under this Agreement by Polaris will not operate as a waiver of that right, power or remedy or preclude its exercise at a subsequent time.

  13. Where there is a conflict between any of the provisions of this Agreement with any other documentation produced pursuant to this Agreement then the provision of this Agreement will prevail unless Polaris specifically agrees in writing signed by a director of Polaris that such other documentation and information will have priority in whole or in part or where the provisions of this Agreement have been modified pursuant to clauses 16.3 to 16.8 inclusive above.

  14. Implied terms are excluded from this Agreement to the extent permitted by law.


  1. The formation and construction of this Agreement will be governed and construed in all respects in accordance with the laws of England and Wales, regardless of which country this Agreement was signed or agreed in.

  2. Polaris and the Customer hereby agree that any dispute or legal issue including those in connection with formation, construction or performance arising in connection from this Agreement will for all purposes be determined by the law of England and Wales and considered exclusively by the English and Welsh Courts who will have sole jurisdiction over this Agreement, its terms and conditions and trades made under it and the decision(s) of such court(s) will be binding on both parties.

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