TERMS & CONDITIONS
Dated: 15 July 2016
By registering as a Customer of Local Money, you must read, agree with and accept all of the terms and conditions contained in this Agreement. You agree that submitting a Collection Request shall constitute your acceptance of the Agreement.
1. "LOCAL MONEY LTD": The owner of an online platform for currency exchange, Local Money. A limited company incorporated and registered in Scotland with company number SC536683.
2. "CUSTOMER": A user of www.local-money.com seeking to purchase currency from Local Money to pick up from a Distributor on a Collection Date.
3. "DISTRIBUTER": A third party to this agreement who acts as a cash collection point at their principal place of business, distributing cash to Customers that has been purchased at Local Money upon the terms and conditions set forth herein.
The following definitions and rules of interpretation apply in this agreement.
"Business Day: "a day other than a Saturday, Sunday or public holiday in the country of collection;
"Collection: "a sum of money in GBP Sterling which the Customer has purchased from Local Money and has arranged to pick up from the Distributor;
"Collection Amount: "the figure representing the sum of money in GBP Sterling which the Distributor is to provide for the Customer for any one Collection;
"Collection Date: "the date on which a Customer has indicated to Local Money that they intend to pick up a Collection;
"Collection Hours: "the hours in which a Collection is available to be picked up from the Distributor, as published on the online profile of the Distributer;
"Collection Period: "the seven day period following the Collection Date;
"Collection Request: "a request for the purchase of foreign currency from Local Money to be collected by the Customer from a particular Distributer;
"Online Account: "an online account at www.local-money.com created by users, which shall include, inter alia, a list of their transactions, past and ongoing, along with Security Information;
"Security Information: "a scan or photo of a form of ID uploaded to Local Money along with a unique passcode provided by Local Money to the Customer.
ONLINE PURCHASE OF CURRENCY
2.1. The minimum Collection Amount is One Hundred (200) of the currency being purchased, such as US Dollars, Great British Pounds, or Euros. The maximum Collection Amount is Two Thousand of the currency being purchased, such as US Dollars, Great British Pounds, or Euros.
2.2. Once a user has created a Collection Request at www.local-money.com , the Distributer they have requested to pick up from will respond as soon as reasonably practicable within 24 hours to confirm or decline the request. It is rare for Distributers to decline a request. If the Distributer does not respond within 24 hours, the Collection Request will be refused.
2.3. A Customer will only be debited once the chosen Distributer has accepted the Collection Request.
2.4. Local Money is entitled to refuse a Collection Request, refuse to create an Online Account, or close a Customer’s Online Account without explanation. Any ongoing transactions will be reimbursed within ten (10) days.
2.5. A Customer will receive an email to let them know once the Distributer has confirmed a Collection Request.
3.1. Once the Collection Request has been accepted, the Customer is to pick up the Collection on the selected Collection Date.
3.2. The Customer is required to provide a copy of the ID they uploaded to their Online Account along with their unique passcode, in order to collect their Collection Amount from a Distributor. The Customer will only receive the Collection Amount if their ID matches and they provide the correct passcode.
3.3. The Customer is liable to provide a genuine and up to date form of ID, in order to comply with Money Laundering Regulations 2007.
3.4. If the Customer does not pick up the Collection on the selected Collection Date, the Collection will be kept for the Customer by the Distributer for seven (7) days.
3.5. If the Customer does not pick up the Collection in the seven (7) days after the Collection Date, the Collection Amount will be returned to Local Money and the Customer will be reimbursed within the next ten (10) days.
4.1. The Customer may cancel their Collection Request up until the Collection has been picked up. If the Customer cancels before their Collection Request has been accepted by the Distributer, the Customer will receive a full refund within the next ten (10) days. If the Customer cancels after their Collection Request has been accepted by the Distributer, the Customer will receive a refund minus fifty pence, fifty centimes, or fifty cent (depending on the currency) within the next ten (10) days. The fifty pence, fifty centimes, or fifty cent (depending on the currency) is to pay the Distributor.
5.1. Local Money charges a fee of 1% on each Collection Amount.
MONEY LAUNDERING REGULATIONS 2007
6.1. In order to submit a Collection request, a prospective Customer must upload a scan or photo of a form of ID, through their Online Account. This is to comply with Money Laundering Regulations 2007.
7.1. To be eligible for our Services, you must be at least 18 years old. You further represent and warrant to us that if you are an individual and you open an Account with us that you are not acting on behalf of an undisclosed principal or a third party beneficiary.
8.1. To save the inconvenience of dealing with loose change, Local Money rounds down Collection Amounts to the nearest round number.
9.1. Exchange rates are updated every fifteen (15) minutes from XE. You can find the rates at www.xe.com
9.2. By using our Services, you agree to be bound by any user agreements established by XE, which are available on www.xe.com/privacy.php. This is in addition to the Terms and Conditions set out in this Agreement.
10.1. The Collection is, at all times, the exclusive property of Local Money until the Customer has picked up the Collection. The Collection is held by the Distributor on behalf of Local Money in safe custody at the sole risk of the Distributor until transferred to the Customer or returned to Local Money.
10.2. The Distributer may offer incentives to Customers to encourage Customers to make purchases at the Distributer’s place of business. The Distributor warrants that any incentive provided shall in no way be represented as being an incentive provided by Local Money.
11.1. By accepting this Agreement, you agree that we can communicate with you electronically by email.
12.1. Your personal details, Security Information and passwords are stored on Local Money servers in encrypted form. We will not disclose any information you provide us with unless we are legally required to do so. We are required to keep a log of our Customers to comply with Money Laundering Regulations 2007.
EVENTS OUTSIDE OF OUR CONTROL
13.1. If we are unable to perform our obligations under this Agreement because of factors beyond our control, including a change of law, an event of Force Majeure, we will notify you as soon as is reasonably practicable and will use reasonable endeavours to secure the return of any money paid by you in respect of which we have been unable to discharge our obligations under this Agreement. We will not have any liability to you where we are unable to perform our obligations.
14.1. This agreement and any dispute or claim (including non-contractual disputes or claims) arising out of or in connection with it or its subject matter or formation shall be governed by and construed in accordance with the laws of Scotland.