1. Introduction

1.1. Mina Express Limited ("MEL") of The Litehouse, Crocus street, Nottingham NG2 3DR, incorporated in England and Wales (Company number 06293971) provides facilities for the purchase or sale of currencies for both personal use and use in connection with a trade or business or for other commercial purposes. As an integral part of its foreign currency service, MEL provides a money transmission service. MEL is registered to provide this payment service by the Financial Conduct Authority (“FCA”) (Registration number 513269) under the Payment Services Regulations 2009.

1.2. The recipient of these Terms and Conditions (the "Client") wishes to enter into contracts for the purchase, sale and physical delivery of currency with MEL for personal use, business or other commercial purposes and has agreed with MEL that all transactions shall be carried out on these Terms and Conditions (the "Terms").

2. MELs’ Services

2.1. The services MEL may provide to the Client under these Terms are limited to dealing and entering into contracts with its Clients for the sale and purchase of currency ("Contracts"). Such services will typically include (but are not limited to);

• (a) "Forward Contracts", where currency is bought and/or sold for delivery at a fixed time in the future
• (b) "Forward Time Option Contracts", where currency is bought and/or sold for delivery within a period instructed by the Client or at the end of that period (if no instructions are received from the Client in the meantime);
• (c) "Limit and/or Stop Loss Orders", where currency is bought and/or sold for delivery when an agreed exchange rate is available and /or protecting against adverse market movements; and
• (d) "Spot Orders", where currency is bought and/or sold for delivery immediately upon receipt of payment.

2.2. MEL shall, unless otherwise agreed, contract as principal with the Client for delivery of the currency in question and deal with the Client on an execution only basis. In entering into Contracts, the Client shall rely solely on its own judgement and, whilst MEL may provide information to the Client from time to time, it will not provide advice to the Client upon the merits of a proposed currency transaction or provide taxation or other advice to the Client. MEL contracts with clients for the physical delivery of currencies only.

2.3. Where MEL agrees to enter into Contracts with the Client which provide for delivery of currency, the Client undertakes to take physical delivery of and pay for the currency in question on or before the date specified in the relevant Contract documentation (the "Value Date"), or in the event that further funds are called for by MEL, to pay those funds at such time or times as MEL may require to fulfil the Contract.

3. Fund transfer and the Payment Services Regulations.

These Terms explain important rights and obligations, including MEL's liability to you, under the Payment Services Regulations 2009 ("PSR"). After a foreign exchange trade is settled MEL will send your funds to a beneficiary specified by you. Under certain circumstances, this Payment Service is regulated by the FCA. These circumstances include payments to third parties in all EEA member states in Euros, Sterling or other currencies but does not include payments outside the EEA. It includes payments made on your behalf to third parties but it does not include payments where we are paying your funds back to you in a bank account of whatever denomination in your name.

4. Placing Orders

4.1. The Client may give MEL an oral or written instruction relating to a transaction for the purchase or sale and delivery of currency (an "Order"). MEL shall be entitled to act upon the Orders placed by the Client or any person or entity authorised or nominated by the Client (an "Authorised Party"). In the case of an oral Order MEL will confirm the Order by fax and/or electronically (or by post if either of these methods are not possible) to the Client and such confirmation shall be deemed to be acceptance of the Order. Once MEL confirms an Order in this way there is a binding contract between the Client and MEL to execute the Order and it cannot be cancelled, withdrawn, or varied in any way by the Client without the [written] consent of MEL

4.2. MEL is not obliged to accept Orders from a Client and may at its discretion refuse any Order without giving any reason and without liability for any resultant loss or damages incurred by the Client or any other party.

4.3. Representations

4.3.1. The Client represents to MEL that, both now and when each Contract is entered into and performed:

• (a) The Client is acting as principal for its own account (and not as agent for or on behalf of any other third party) and has full power and authority and has taken all necessary steps to enable it lawfully to enter into and perform every Contract governed by these Terms;
• (b) All sums paid by the Client to MEL under these Terms belong to the Client and are not subject to any charge or other security;
• (c) all information supplied to MEL is, or at the time it is supplied to it will be, true and accurate in all material respects and the Client will not omit or withhold any information which would render the information so supplied false or inaccurate in any material respect;
• (d) the Client will provide to MEL on request such information regarding its financial and business affairs and identity as MEL may reasonably require (including without prejudice to the foregoing, in relation to any obligations imposed on regulated investment businesses under Money Laundering Regulations );
• (e) The Client is entering into these Terms in connection with its trade or line of business or for other commercial purposes and that the Client will take physical delivery of the currency in question under the contract.

5. Payment Transactions

5.1.1. The Client shall make payment in cleared funds to the value of the currency to be sold by the Client (the "Sale Currency") into a bank account held by MEL (the “Bank Account”).

• 5.1.1.(i) MEL is entitled to apply your monies from the Bank Account in accordance with the terms of the Contracts.

5.1.2. We accept payment by bank transfer, cash, debit card, or credit card subject to credit clearance. Payments made other than by telegraphic transfer will incur delays in clearing of such payments. Payments made in cash inevitably result in increased administration due to money laundering compliance requirements and as a result attract a charge of £100. MEL reserves the right to refuse cash payments. They may also result in transactions being frustrated due to delay.

5.1.3. The Client shall pay the full amount of the Sale Currency into the Bank Account in cleared funds prior to the Value Date. Failure to do so shall relieve MEL of any obligation to settle any Contract or to pay to the Client, or to the Client's order, any amount in respect of the relevant Contract. MEL reserves the right to charge administration fees for funds received after the Value Date. Such funds will be subject to interest charged at 10% per annum above the standard base rate published by the Bank of England from time to time or the maximum amount permitted by applicable law (if less) or £20 a day, whichever is greater and an administration fee of £50 per Order.

5.1.4. All payments due from the Client to MEL under these Terms shall be made in full without any set-off, counter-claim, deduction or withholding of any kind. MEL may deduct from any payment to be made to the Client such amounts as MEL may be required to deduct in respect of taxation liabilities or as may be charged to MEL by or other third parties in respect of transfer charges or other fees or costs.

5.1.5. For a Forward transaction, the Client will immediately pay an initial amount in cleared funds a minimum of 5% of the full amount of the Order ("Margin") and shall pay any outstanding balance of the Order not later than two days before the Value Date of the contract.

• 5.1.5.(i) If the foreign exchange market moves unfavourably MEL may require the Client to provide a greater Margin for forward contracts to maintain the value of the initial percentage of the Order. Such funds shall be paid by the Client on demand.

5.1.6. In order for a payment instruction from you to be properly remitted, you must provide us with the information or unique identifier which is necessary for the proper execution of the payment instruction. If this information is incorrect, it could result in the payment transaction being delayed or the funds transferred being lost. The information could comprise the payee's bank sort code and account number or, where applicable, the payee's SWIFT number, BIC number and IBAN number.

5.1.7. Unless otherwise instructed by you, we will remit your funds once the Order has been settled and you have provided us with the beneficiary details. We will take this as consent that you wish the funds to be transferred to the beneficiary account. Amendments to your instructions may give rise to additional charges (see 5.4).

5.1.8. We must receive payment instructions before the cut-off time specified when your Order is accepted or we will deem the instruction to have been received on the next business day. Instructions received on days which are not business days for us will also be deemed to have been received on the next business day.

5.1.9. Once we receive your payment instruction, you cannot revoke it unless you inform us in writing that you withdraw your consent no later than the business day before the agreed day of transfer.

5.1.10. We have an obligation to disclose certain payer details to intermediaries in accordance with Regulation EC 1781/2006 on information on the payer accompanying transfers of funds and you authorise us to do this.

5.1.11. You agree that we may retain funds received by us for your benefit until our security validation, verification and anti-money laundering procedures have been completed before you may instruct us to transfer them.

5.1.12 We have the right to refuse to accept a payment instruction or payment and to refuse to execute any payment transaction for any of the following reasons:

• i) any condition in these Terms and Conditions has not been satisfied;
• ii) execution would be unlawful;

5.1.13 MEL may decline to act on any communication, even if MEL has told you it will in general accept that type of instruction. MEL may do this in particular if it considers that there is doubt about the validity of the communication and it is in MEL's or your interest to query it with you. Subject to any legal or regulatory requirements which may apply, MEL will act upon any instruction, agreement or arrangement without enquiring about its purpose, or the circumstances in which it is given, or about the disposition of any proceeds.

5.1.14. If any payment instruction is declined you may contact us using the contact details set out in clause 1.1 of these Terms and Conditions or via our Website. If we have declined the payment instruction we will, where reasonably possible (and where we are not prevented from so doing by law or regulation) tell you why the payment instruction was declined at the earliest opportunity and in any event no later than the end of the next business day after we received your instruction. If the reason for our declining the payment instruction was based on incorrect information, we will agree with you what needs to be done to correct that information.

5.2. Electronic Orders

5.2.1. MEL may, at its discretion make available to you an electronic system (the “System”) for Contract Orders under the terms and conditions stated in this Agreement. For these purposes, MEL may from time to time issue one or more users identification codes, passwords, authentication codes or such other information (“Security Information”). You shall maintain the confidentiality, and prevent the unauthorised use of, the Security Information at all times. You accept full responsibility for the use and protection of the Security Information, which includes, but is not limited to, all Orders entered using the Security Information. Should you become aware of any deliberate or inadvertent disclosure, loss, theft or unauthorised use of your Security Information you shall notify MEL immediately.

5.2.2. MEL has the right, unilaterally and with immediate effect, to suspend or withdraw permanently your access to the System, or any part thereof, without notice, where MEL consider it necessary or advisable to do so, for example due to breach of any provisions of these Terms, network problems, for maintenance, or to protect you where there has been a breach of security.

5.3. Contract Records

5.3.1. Each Contract will be evidenced by a document confirming and recording execution of a Contract between MEL and the Client (a "Contract Record"). The Contract Record confirming the details of each Order accepted by it which may be sent to the Client by fax, email, post or on the company's online system. Any such confirmation shall be provided for audit purposes only and shall not affect the terms of any Order agreed by MEL. The Contract Record will detail a unique reference for identification purposes as well as other information, for example, but without limitation, the Value Date, the purchase currency, the sale currency, the amount of each currency, the exchange rate, the date for settlement, any extra charges you may incur and the deposit required if it is a forward contract.

5.3.2 The Client shall notify MEL of any error or omission in any confirmation within 12 hours of receipt of a Contract Record issued by MEL. If MEL agrees there has been an error or omission, it shall issue a revised contract confirmation reflecting the revised terms.

5.4. Charges

5.4.1. These terms and conditions set out how, when and what we charge for the services we provide. Details of charges are also available by writing to us.

5.4.2. In the event that we make any charges, you authorise us to deduct those charges from the money transferred before sending it. If we deduct any charges, we will notify you before we accept an Order from you and additionally give you details in the contract note we issue after an Order is accepted. Details will also be available on your online account

5.4.3. If an Order is cancelled MEL shall be entitled to charge a reasonable cancellation fee to cover its costs and losses.

5.4.4. In the event that any payment made by or on behalf of the Client is dishonoured, returned, not met on first presentation or stopped for whatever reason the Client shall pay MEL’s reasonable administrative costs incurred in respect of each such event. Such costs will be a minimum of £50 in each event and will become payable by the client in addition to any other sums due under these Terms.

5.4.5. Any interest earned on the Bank Account shall belong to MEL.

5.5 Special Offers

5.5.1 A "Special Offer" is any Mina Express online promotion which is available for a specified period of time, these could last from a day to a month (for example, a British Pound / Arab Emirates Dirham (GBP/AED) promotional currency transfer exchange rate which lasts for 1 month) whereby the offer is "counted down" by use of a timer (the "Timer") on the Website.

From time to time, Mina Express may offer you Special Offers on the Website, subject to the following terms and conditions:

• (i) A Special Offer only applies to online orders on the Website for the duration specified on the Timer. Please note that due to the amount of time it takes for a transaction to be input onto the Website, the Special Offer may be available on the Website up to 10 minutes after the Timer has run out, where a transaction is being quoted just prior to the closing time. This is to ensure that the Special Offer is available for the full duration of the promotion.
• (ii) A Special Offer may apply to more than one currency exchange rate at any one time, subject to the time limits imposed by the Timer.
• (iii) In order to qualify for the Special Offer rate all you need to do is enter the transfer details including the amount of the particular currency which is subject to the Special Offer in the “Transfer Money” screen – the promotional rate will automatically apply to the quote and your order, should you complete your order by clicking "Proceed and Confirm" within the time limits indicated by the Timer.
• (iv) If you have not clicked on "Proceed and Confirm" before the Timer runs out, you will receive the following message: "We are sorry but this Special Offer has now expired.". Should you wish to proceed with your order you will be charged the new rate and not the promotional rate under the Special Offer.

6. Default

6.1 MEL reserves the right to close out or terminate all or part of any Orders if:-

• i) the Client fails to make a payment for an Order when due and in accordance with the terms; or
• ii) the Client goes into liquidation or commits any act of insolvency as defined by the Companies Act 1985 as amended; or
• iii) any other breach by the Client under these Terms; or
• iv) MEL is requested to do so by any regulatory body or considers it desirable or necessary to do so for its own protection or as required by law.

6.2 If the Client becomes aware of any event referred to in this clause, the Client shall give MEL notice of this immediately.

6.3 If the Client fails to comply with any of its obligations under these Terms, and without limitation to any other rights or remedies of MEL under these Terms, in the case or "forward contracts", the Margin shall, at MEL's discretion, be forfeit to MEL.

6.4 Without limitation to any other rights and remedies MEL may have, if the Client wishes to alter or terminate the terms of an Order and MEL is willing to agree to this, MEL may at their discretion charge a minimum administration fee of £25 on each occasion and the Client shall be liable for any losses due to a change in the value of the contract through currency movement. Such charges are to be paid within 48 hours of MEL's consent to the alteration or termination.

7. Limitation of Liability

7.1. MEL agrees to perform its obligations with reasonable care and skill but providing it does so, MEL shall not be liable to the Client or any third party for any damages, costs, expenses, taxes, liabilities or losses resulting from the failure of MEL to execute any Order in accordance with the instructions of the Client.

7.2. Time shall not be of the essence for the processing of any Order, except that time shall be of the essence in relation to any obligation of the Client to make payments hereunder. In particular, MEL accepts no responsibility for any delay in onward payment attributable to the late arrival of funds or instruction for payment relative to the cut off times of the designated bank.

7.3. The Client shall indemnify and keep MEL indemnified against all damages, costs, expenses, taxes, liabilities or losses of any nature suffered by MEL through the failure of the Client to observe any Terms in respect of any Order agreed with MEL. The Client shall indemnify and keep MEL indemnified against all liabilities incurred by MEL in the proper performance of its services or any Order, including any liabilities incurred by MEL as a result of MEL performing actions to perform Client instructions (or acting on Orders which reasonably appear to MEL to be from the Client or its authorised representative).

7.4. The Client shall keep all passwords and authorisations issued to it by MEL confidential and secure and MEL shall be entitled to rely on all instructions or Orders received by it using those passwords and authorisations as if they were received from the Client, without conducting any further checks as to the identity of the person making the instruction or Order.

7.5. MEL shall not be liable for any fees or commissions charged by any intermediary bank or other entity when funds are transferred either to or from MEL's or Client's account.

7.6. The limitations of liability in these Terms are agreed by the parties on the basis that the Client is aware of the volatility of the foreign currency markets.

7.7. MEL reserves the right to defer the date of settlement of an Order (but not outward payments - please see Clause 8) without liability to the Client if it is prevented from or delayed in the carrying on of its business due to the circumstances beyond its reasonable control including, without limitation, acts of God, governmental actions, war or national emergency, acts of terrorism, protests, riot, civil commotion, fire, explosion, flood, epidemic, lock-outs, strikes or other labour disputes, technical problems or restraints or delays affecting carriers or inability or delay in obtaining supplies of adequate or suitable currency, provided that, if the event in question continues for a continuous period in excess of 30 days, the Client shall be entitled to give notice in writing to MEL to terminate the Order.

7.8. Neither party shall be liable to the other party in contract, tort, negligence, breach of statutory duty or otherwise for any loss, damage, costs or expenses of any nature whatsoever incurred or suffered by that other party of an indirect or consequential nature, including without limitation any loss of profits, business or goodwill, anticipated savings, loss caused by any third party, even if such loss was reasonably foreseeable.

7.9. Subject to clause 7.10, MEL's liability under or in connection with any and all Orders, whether arising in contract, tort, negligence, breach of statutory duty or otherwise, shall not exceed £50,000 (fifty thousand pounds sterling) in aggregate.

7.10. MEL does not purport to limit its liability for death or personal injury or fraudulent misrepresentation.

7.11. The limitations of liability in this clause 7 shall be construed and applied in accordance with clause 8 and the failure or unenforceability of any provision shall not affect the enforceability of the remaining provisions of this clause 7.

8. Liability and refunds

8.1. The extent of your liability for any losses you incur in respect of an unauthorised payment transaction:

• i) arising from the use of lost or stolen personalised security features or procedures agreed between us and you for your use in order to give us payment instructions, including (without limitation) an unauthorised payment transaction through any electronic communication, is a maximum of £50, or
• ii) where you have acted fraudulently or have with acted with gross negligence is the full amount of those losses.

8.2. You may be entitled to redress for an unauthorised or incorrectly executed payment transaction only if you notify us without undue delay on becoming aware of any unauthorised or incorrectly executed payment transaction, and in any event no later than 13 months after the debit date.

8.3. Where you initiate a payment instruction, we are responsible to you for the correct execution of the payment transaction unless the payee's payment service provider received the amount of the payment transaction in accordance with the payment instruction execution times set out in the Contract. You may request that we make immediate efforts to trace the payment transaction and notify you of the outcome.

8.4. Where we are liable to you as payer under clause 8.3 for a non-executed or defective payment transaction, we may without undue delay refund to you the amount of the non-executed or defective payment transaction. This includes any charges and any interest incurred by the Client as a consequence of the non-execution or defective execution of the payment transaction.

8.5. Notwithstanding anything to the contrary in these Terms and Conditions, we shall not be liable to you if we are prevented, hindered or delayed from or in performing any of our obligations under these Terms and Conditions due to abnormal and unforeseeable circumstances beyond our control.

8.6. The provisions in this clause 8 shall survive termination of any Contract or other agreement under these Terms.

9. Notices and Service

9.1 Documents may be sent by fax, email or post. Documents shall be sent to the last known address, email address or fax number given by each party from time to time.

10. Modifications to Terms and Conditions

10.1. We will notify you in writing at least 2 months before we make any change to these Terms and Conditions. You will be deemed to have accepted any such change if you do not notify us to the contrary before the date on which any such change comes into effect. However, if you choose not to accept any such change, our notice of the change shall be deemed to be notice of termination and our relationship pursuant to these Terms will terminate the day before any change comes into effect.

11. General

11.1. These Terms constitute the whole agreement and understanding of the parties with respect to their subject matter and supersede all previous oral communications and prior writings with respect there to although nothing in these terms shall limit or exclude either Party's liability for fraudulent statements or representations.

11.2. Words shall have the meanings given to them in these Terms or if not defined, their usual meaning in the UK currency markets. Any dispute as to the meaning of any word shall be determined by an independent expert agreed by the parties, whose decision shall be final and binding on the parties.

11.3. No oral representation by MEL, its employees or agents shall be binding on MEL or shall form part of these Terms, and except as set out above all conditions, warranties or other terms implied by statute or common law are hereby excluded to the fullest extent permitted by law.

11.4. Should all or part of any of these Terms be deemed unenforceable or illegal, the remaining terms or parts thereof will nevertheless continue in force and effect to the fullest extent permitted by applicable law.

11.5. If either MEL or the Client fails to exercise or delays exercising any right or remedy under these Terms by doing so it does not forfeit or waive that right. The rights provided in these Terms do not exclude other rights or remedies provided by law.

11.6. No party who is not a part to these Terms shall have any rights under the Contracts (Rights of Third Parties) Act 1999 to enforce any provisions of these Terms.

11.7. The Client agrees that nothing in these Terms shall be deemed to create a partnership, joint venture, or agency relationship between the parties.

11.8. The parties agree and consent to:

• (a) The electronic recording by either party of telephone conversations between the parties with or without an automatic tone warning device; and
• (b) The use of such recordings as evidence by either party in any dispute or anticipated dispute between the parties or relating to dealings between the parties.

11.8.1. Any such recordings or transcripts made by MEL may be destroyed by MEL in accordance with MEL's normal practice.

11.9. Please note that foreign currency exchange rates are subject to fluctuations outside the control of MEL. Any historical trend of movement in foreign currency exchange rates should not be taken as an indicator of future movement in such exchange rates.

11.10. MEL is registered as a Money Services Business (12270877) and regulated by HM Revenue and Customs. We comply strictly with the UK Money Laundering Regulations and we are registered by the Financial Conduct Authority (513269) in accordance with the Payment Services Regulations 2009.

12. Data Protection

12.1. The Client agrees that MEL may hold and process, by computer or otherwise, any information gained from the Client as a result of entering into a Contract or any other agreement with MEL ("Personal Data"). The Client agrees that MEL and/or any other members of its group of companies may use this Personal Data for the purposes of providing services to the Client under these Terms or any Contract (including but not limited to carrying out credit references and confirming identity) and/or improving its services.

12.2. The Client also agrees that MEL may use the Personal Data to provide the Client with details of other MEL products or services which may be of interest to the Client or to pass the Personal Data on to any organisation who assumes MEL's obligations and rights under a Contract.

12.3. Where the Client has given its specific consent to MEL either in written or electronic form, MEL may also pass on the Personal Data to third parties for other specified purposes. If the Client no longer wishes to receive any information relating to other products or services from MEL or third parties they should contact MEL at the address detailed above.

12.4. The above uses of Personal Data may mean that it is passed to organisations based outside the European Economic Area ("EEA"). These countries may not have laws in place that afford the Client the same level of protection in relation to his or her Personal data as the laws in the countries within the EEA do. By dealing with MEL on these terms and conditions the Client consents to the passing of data to such countries.

13. Complaints

13.1 We are committed to providing you with the best service at all times. In the unlikely event that you are dissatisfied with our service, please contact us as soon as possible. For full details of our complaints procedure, or to submit a complaint please write to Customer Relations at Mina Express Ltd, The Litehouse, Crocus Street, Nottingham NG2 3DR. We will deal with your complaint promptly and fairly. We will try our best to resolve your complaint at the first opportunity. In case we feel we need more time to resolve your complaint we will send you an acknowledgement within five working days and send you a final response letter within 8 weeks of receipt of your complaint. If you do not receive our final response after 8 weeks or you are unhappy with our final response, you can write to The Financial Ombudsman Service, South Quay Plaza, 183 March Wall, London E14 9SR. Phone: 0800 023 4567; Website: www.financial-ombudsman.org.uk; Email: complaint.info@financial-ombudsman.org.uk. You should do so within 6 months from the date of the final response.

14. Applicable Law

14.1. These Terms and any relationship between MEL and the Client shall be governed by English law.

14.2. All communications between the Client and MEL shall take place in English.