General Terms & Conditions




Summary of General Terms & Conditions

Each contract that you enter into with us consists of two elements, namely (a) the Currency exchange and (b) the Money Transfer.

“We”, “Us” or “Our” means TT Express UAB trading as TurboTransfers (hereinafter TurboTransfers).


The Currency exchange is where we purchase a particular currency from you at an agreed rate of exchange (for example pounds sterling in exchange for euro or dollar). We hold the exchanged monies (the “Exchanged Funds”) in a separate client trust account on your behalf until such time as the Money Transfer takes place.


The Money Transfer - The Money Transfer is when the Exchanged Funds are transferred to an account of your choice.


The Currency exchange that we offer is where an exchange rate is agreed between you and us and you provide the full amount of the purchase monies for the Currency exchange up front. The Currency exchange then settles on the same day as the contract has been entered into and you have provided us with cleared funds. This means that your Exchanged Funds can be sent to the appropriate account on the same day as the contract has been entered into.


The exchange rate agreed between you and us is valid for a limited period of time which we state in a Confirmation Note provided to you. If we receive the Money from you after our exchange rate offer expired we may choose effect the Currency exchange by applying our Reference exchange rate which is valid at the time of receipt of your money.


Reference exchange rate is a rate of exchange that is offered on our website www.TurboTransfers.com which constitutes a valid offer for exchange of currencies for a limited period of time and for the specific amount requested, which we also state in a particular Currency exchange Confirmation Note provided to you.


Fees and Charges

Save as set out below we do not levy any charges, fees or commission for the purchase of currency under Contracts which are properly executed and performed in accordance with the terms and conditions of contract. We apply transaction fee for Money Transfers with or without a Currency exchange depending on particular combination of currencies exchanged and destination country/bank of the money transferred. Transaction fees are stated on our website www.TurboTransfers.com for the specific Money Transfers requested, which we also state in a particular Currency exchange and/or Money Transfers Confirmation Note provided to you.

The transmission or receipt of funds may incur charges from the relevant bank. For details of any such charges you should check with the recipient’s bank directly. For payment transactions the payee and payer must pay any charges levied by their bank. This is known as a bank charges SHARE (or SHA) arrangement. The amount transferred to the intended recipient of funds will be net of fees, charges and commissions.


The Conclusion of a Contract

When you submit an order to enter into a contract through our website, email message or by signing paper-based order form, having agreed an exchange rate (or agreeing to our rules of applying an exchange rate to a contract) with us, should we accept your order, a contract will exist between you and us. Once a contract has been concluded, any inflows of money to our accounts from you or for your benefit from any third parties shall constitute final confirmation of the contract and irreversible instruction to execute the Currency exchange and/or The Money Transfer. If you breach the confirmed contract, you will be liable for any losses we incur on closing out or matching the contract, which will at least in part be dependent on movements in the exchange rate and any other factual circumstances related to fulfilling our obligations stipulated by the confirmed contract.

This summary of General Terms & Conditions is an integral part of Full General Terms & Conditions publicised on our site under web link www.TurboTransfers.com/terms-conditions. When you submit an order to enter into a contract through our website, email message or by signing paper-based order form you confirm that you accept Full General Terms & Conditions according to which we provide our services.


How to contact us

You can contact us in writing by email at info@TurboTransfers.com or by post to Laisves al.102-PD261, Kaunas 44004, Lithuania.


Full General Terms & Conditions

We are TT Express Ltd. (trading as TurboTransfers). Our registered office is at Vilniaus g. 31, Vilnius 01402, Republic of Lithuania. TT Express Ltd. is registered in the Republic of Lithuania and its Company Registration number is 302699228. TT Express Ltd. (trading as TurboTransfers) is an authorised money remittance company (Licence no 24) regulated by Bank of Lithuania. We are therefore obliged to comply with all of the terms and regulations applicable to money remittance businesses under framework of The Payment Services Directive (2007/64/EC) and any amendments thereto.


1. Definitions

“Acceptance” means Our acceptance of an Order.

“Authorised Person” means a living individual who is authorised by You and accepted by Us to provide Us with Order on Your behalf.

“Recipient” means the person or entity that You are sending funds to.

“Business Day” means a day which is not an Saturday, a Sunday or a public holiday in Lithuania.

“Cut-off time” means the time in which the payment needs to be received by us.

“Close Out” means a termination of a Currency exchange prior to the originally agreed date or prior to settlement of the Currency exchange.

“Conditions” means the way of doing business as set out in this document and unless agreed in writing all services carried out by Us for You will be governed by these conditions.

“Confirmation Note” means a document containing Our understanding of Your instructions which We will send You each time You send an Order to Us.

“Contract” means the contract between You and Us for the performance of a Currency exchange and/or a Money Transfer.

“Money Transfer” means the transfer of the Exchanged Funds to the Recipient’s account. This is a payment service where funds are received from You, for the sole purpose of transferring a corresponding amount to a Recipient or where such funds are received by Us on behalf of You and made available to You.

“Order” means a request from You to enter into a Contract with Us.

“Reference exchange rate” means a rate of exchange that is offered on our website www.TurboTransfers.com which constitutes a valid offer for exchange of currencies for a limited period of time and for the specific amount requested, which we also state in a particular Currency exchange Confirmation Note provided to you.

“Services” means performing Currency exchange and/or Money Transfers for You in accordance with Your Order and Our Acceptance.

“Currency exchange” - means any foreign exchange transaction which You authorise Us to make forming part of Our Service.

“Exchanged Funds” means any funds to which You are entitled to under the Contract following settlement of a Trade.

“Writing” includes letter and email transmission.

“We”, “Us” or “Our” means TT Express Ltd. trading as TurboTransfers (hereinafter TurboTransfers).

“You” and “Your” means You the client of Ours. You may request a copy of this agreement at any time.


2. Introduction and Contacting each other

2.1 This is a framework contract which sets out the terms of You and Us entering into a Contract.

2.2 You can contact Us by letter and email. Certain types of communication are not completely secure and You must ensure that You take the necessary precautions to ensure that others are not able to access, read or use any of your information without Your consent. We do not accept any liability for the interception of or interference with email communications by a third party.

2.3 We will contact You by telephone, email, letter or by posting messages on Our website (www.TurboTransfers.com)

2.4 It is Your responsibility to ensure that Your current contact details and the details of any personnel acting on Your behalf are correct and up to date. When We need to send You information We are required by law to send it to the most recent address that We have on record. If You do not keep Us informed of any changes then this may put the security of Your information at risk and You may not receive any updates relevant to this agreement.

2.5 For training purposes and in order that We are meeting Our service standards We may record or monitor telephone calls and monitor electronic communications between Us including emails. By entering into these terms and conditions, You consent to calls between Us being recorded.


3. Submitting an Order

3.1 Each Order is an offer by You to enter into a Contract with Us. We may in Our sole discretion, refuse to proceed with an Order. The Contract will be formed on Acceptance. Each Currency exchange and Money Transfer which We perform for You is subject to a separate Contract, the details of which are set out in a Confirmation Note. Each Contract incorporates the terms and conditions as set out in this framework agreement.

3.2 We will only accept Orders from You or an Authorised Person. You must supply Us with all details We require concerning potential Authorised Persons before they become accepted as an Authorised Person. Following Our acceptance, We will treat the Authorised Person as having the authority from You to submit Orders on Your behalf subject to any limitations You put in place. You must notify Us immediately in writing if You wish to change any information You have provided Us in relation to an Authorised Person or wish to cancel a person’s Authorised Person status.

3.3 Orders can be made through our website, email message or by signing paper-based order form. You must ensure that the correct details of the Recipient are given to Us. We will do everything We reasonably can to rectify any errors, but We cannot be held liable for any loss or damage caused by errors or inaccuracies in Your order.

3.4 Orders must be made and accepted and cleared funds received by the relevant “cut- off time” on a Working Day in order for the Currency exchange and Money Transfer to be processed on that same day. We cannot act upon Orders on weekends or public holidays. The “cut-off time” is the time toward the end of the day by which We must receive payment in order for Us to process a Currency exchange or Money Transfer on the same day. The cut-off times vary and are dependent on the currency and the country the Order is for. We will inform You of the cut off times. If You have any doubts as to the relevant “cut-off time” please contact Us.

3.5 We will issue a Confirmation Note in writing to You setting out all the relevant details of each instruction, as We have understood them in relation to each Order that You make.

3.6 The Confirmation Note is an important document and You are required to check the information at the time of receipt and give immediate notice in the form of an email or a telephone call if the information that We have provided is incorrect. If We receive such a notice We will re-check the Confirmation Note against the original instruction by which the Contract was entered into. We will inform You of the results and make available to You the relevant records.

3.7 By making a payment to Us You are acknowledging that We have correctly understood the Order as per Our Confirmation Note. If Your Order is made by letter, We may ask that You or an Authorised Person sign and return to Us the Confirmation Note. If You do not send an approved Confirmation Note or a notification of any omissions or errors We will be entitled to assume that the Confirmation Note is correct in all respects. If Your Order is made online through our website, then the Confirmation Note will be sent to You by way of acknowledgement and no further action need be taken by You.

3.8 We will always assume that the information that You have provided Us is correct, unless We are aware of an obvious error.

3.9 Provided that We have performed the Contract in accordance with the Confirmation Note then You must indemnify Us against any losses and damages incurred by Us in respect of the Contract.

3.10 When you submit an order through our website, email message or by signing paper-based order form, having agreed an exchange rate (or agreeing to our rules of applying an exchange rate to a contract) with us, should we accept your order, a contract will exist between you and us. Once a contract has been concluded, any inflows of money to our accounts from you or for your benefit from any third parties shall constitute final confirmation of the contract and irreversible authorisation to execute the Currency exchange and/or The Money Transfer. If you breach the confirmed contract, you will be liable for any losses we incur on closing out or matching the contract, which will at least in part be dependent on movements in the exchange rate and any other factual circumstances related to fulfilling our obligations stipulated by the confirmed contract.


4. Making Payments to us

4.1 Unless otherwise agreed You must deliver, by wire, cheque, direct debit or other means freely transferable cleared funds to Our designated bank account before We carry out any Currency exchange or Money Transfer. You should use Your order number and/or your name and Surname as a reference so that We can identify Your payment when it reaches Our account.

4.2 If such funds are not received on time or received without proper reference to Your order number and/or your name and Surname then there will be a delay in carrying out the Currency exchange and the Money Transfer. In such an event We will not be liable for any related losses, costs, charges or expenses incurred by You.

4.3 In the event non-receipt of funds causes Us to cancel a Currency exchange or a Money Transfer or You cancel prior to Us carrying out a Currency exchange or a Money Transfer then We may cancel any arrangements which We have made in connection with the Order and You must indemnify Us in full against all losses, costs, damages, expenses, charges and expenses incur as a result of any such default or cancellation.

4.4 The timing of payments becoming cleared funds in Our account depends on how the payment is made and where it has come from and the day of the week it is made. The funds are deemed to be received by Us on the working day on which the funds are received by our bank. When the funds are credited to our bank account after cut-off time or on a day which is not a Working Day, we may treat this as inflows of the next working day.


5. Terms for Currency exchanges and Money Transfers

5.1 Before We carry out a Currency exchange and/or a Money Transfer pursuant to a Contract, We must have received your funds to Our bank account.

5.2 If on any day You ask Us to make more than one Currency exchange and/or Money Transfer but You do not have sufficient funds available, We reserve the right to decide which Currency exchange and/or Money Transfer to make and which to refuse. We cannot guarantee that We will do this and We cannot guarantee to make the Currency exchange and/or Money Transfer that is most important to You.

5.3 In carrying out a Money Transfer, We may have to route it through different banks. The banks will either be chosen by Us or will be a bank in the country where the money is being sent. The transmission or receipt of funds may incur charges from the relevant bank. For details of any such charges You should check with the recipient’s bank directly. For currency transactions the payee and payer must pay any charges levied by their bank. This is known as a bank charges SHARE (or SHA) arrangement. The amount transferred to the Recipient of funds will be net of Our fees, charges and commissions.

5.4 In carrying out a Currency exchange and/or Money Transfer, We are acting on Your behalf. You must ensure that You and the Recipient comply with any local laws in connection with the payment. If You and/or the Recipient do not do this and as a result, We have to pay any costs or expenses You will be required to reimburse Us. If We enter into a Contract to carry out a Money Transfer before the relevant cut-off time We will process it on the same day unless You have specifically requested that the payment is made on a future date. If We enter into a Contract after the cut-off time or on a non - Working Day, it will processed on the next Working Day.

5.5 If Your Order includes a Currency exchange, We will use Our reference exchange rate unless We have agreed otherwise. Please note that We have different exchange rates for different transactions. You may ask for these exchange rates and any additional charges that may apply for the type of transaction that You require.

5.6 With each Money Transfer, We require information (such as BIC or IBAN) to enable Us to identify the bank and account into which the payment is to be made. If You provide Us with incorrect information and the payment goes missing because of this then We will make reasonable efforts to recover the funds and may levy an additional charge for doing so. Such additional charge will be notified to You and will be payable by You to Us upon demand.

5.7 When carrying out a Money Transfer in Euro to a person with an account at a bank within the EEA, We will ensure that the amount that You have requested to be sent will reach the person’s account no later than two Working Days after We received Your payment order and cleared funds. In all other cases We will ensure that the amount will be delivered to the Recipient’s account within 4 Working Days after We have received the payment order and cleared funds. Please note that where an order is submitted by way of a paper payment order, it will take one extra Working Day to process the payment.

5.8 When submitting an Order You can also agree with us that the execution of the Order shall start on a specific date in the future which is not the same day as the contract is entered into.

5.9 Transaction fees are stated on our website www.TurboTransfers.com for the specific Money Transfers requested, which we also state in a particular Currency exchange and/or Money Transfers Confirmation Note provided to you.


6. Cancellations and Refunds

6.1 We cannot change or cancel any payments where We have given the instruction to process the payment electronically or by telephone.

6.2 Payments that You have instructed Us to make in the future can be cancelled up to the last Working Day before the date on which the payment is due. Cancellations should be made by email or by letter.

6.3 For foreign currency transactions there may be a charge payable for any cancelled payments due to fluctuations in exchange rates.

6.4 If You ask Us to make a payment to an account in a bank in the EEA and that bank confirms that it did not receive payment then We will refund the amount of the payment and return You to the position You would have been in if the payment instruction had not been made.

6.5 A refund will not take place if We can show that the money was received by the recipient’s bank or if there was a mistake in the details provided by You in respect of the instruction. In such an instance We will make reasonable efforts to recover the funds and will charge You an amount for doing so. We will tell You the amount that this will be prior to Us taking any action.

6.6 If You ask Us to make a payment to an account of a bank outside the EEA and the bank does not receive the payment because of an error caused by Us then We will refund the amount of the payment. If We can show that We have carried out the instruction as per Your Order then We will make reasonable efforts to recover the funds and may levy an additional charge for doing so. Such additional charge will be notified to You and will be payable by You to Us upon demand.


7. User Identification and other regulatory procedures

7.1 We are entitled to verify the identity of our service users as per our Anti-Money Laundering Policy. We may defer acting upon any Order, until we are satisfied as to the matters on which we have sought clarification and verification.

7.2 By entering into this agreement, You covenant to observe any request in relation to Anti-Money Laundering and currency exchange control laws and regulations (if there are any applicable to you or your recipients). In particular You covenant to ensure that the information You provide relating to this agreement is correct and accurate. In particular, You warrant that the information given in the Order is accurate and that the transfer of said funds will not constituent a breach of any Anti-Money Laundering and Exchange Control Laws and regulations.

7.3 Sometimes legal or regulatory bodies require additional information either in respect of our clients or their specific transactions. By signing this agreement You agree to supply such information, which any legal or regulatory authorities may require and/or which We may be required to supply in relation to You.

7.4 You irrevocably agree that We may retain any monies or funds transmitted to Us and/or not fulfill any Order if We are required to do so by the law or a legal or regulatory authority. We shall not be liable for any interest on such monies.

7.5 In additional to requesting documentation from You, We will complete additional checks to verify Your identity, these additional checks include but are not limited to, credit reference checks, sanctions check, news checks and checks of other available registers. By applying to use Our services you consent to us using any additional checks we deem appropriate.

7.6 To ensure that We manage Our risk and in order that We comply with Our regulatory obligations We also apply internal controls, including limits to certain types of payments. These measures are changed regularly but for security reasons are not disclosed. Online transactions are subject to a minimum and maximum transaction value determined by Us and We reserve the right to request further information before accepting any Order.


8. Liabilities

8.1 We will not be liable for any losses You suffer or costs that You incur when:

(a) We do not act upon an instruction for a reason specified in this agreement;

(b) the details contained in the instruction were incorrect; or

(c) We cannot carry out the instruction for any reason that is reasonably beyond Our control. This includes failure of any computer machine, electronic device, hardware or software or payment system and any act, omission or failure of any agent or third party.

8.2 We will not be liable for any payments that have been made if You have behaved fraudulently.

8.3 We will not in any circumstance be liable for any loss of business, goodwill, opportunity or profit or any loss that We could not have reasonably anticipated at the time gave Us Your instruction.

8.4 Where You believe that We have performed a Money Transfer incorrectly or without authorisation then You must inform Us of same as soon as possible, or in any event, within 12 months of the date the Money Transfer was made if We are not notified within 12 months, We are not liable to You.


9. Notification of changes

9.1 We may amend these terms and conditions from time to time, for example, in order to comply with changes in the law or regulatory requirements or due to changes in market conditions.

9.2 If We make any change to Our terms, We will do so in writing and notify You by email and/or post and/or by placing a notice on Our Website. We will also inform You of the date from which any change is to take effect (the “Effective Date”). The Effective Date will be at least 2 months after the date We notify You of the change. Changes that We make to these terms and conditions will normally apply to contracts entered into after the Effective Date but will also apply to Contracts entered into before the Effective Date where We are able to make them do so by law or regulatory requirements. You will be deemed to have accepted the changes to these terms unless You notify Us of contrary prior to the Effective Date. This does not affect Your right to terminate this contract immediately without charge prior to the Effective Date.


10. Ending this agreement

10.1 These terms and conditions shall apply to all Contracts until such time as either party terminates this agreement. Each Contract will expire automatically following full settlement of the Currency exchange and, where You instruct Us to perform a Money Transfer, Our performance of the Money Transfer.

10.2 You may terminate this framework agreement at any time by providing Us with notice in writing. Contracts that have already been entered into will however remain in place.

10.3 We may terminate this framework agreement at any time with notice in writing. Please note that this does not interfere with Our right to refuse to accept an Order in relation to each individual Contract.


11. Authorisations, representations and warranties

11.1 The representative(s) who makes Orders and signs Confirmation Notes must have supplied their signature to Us either on Our application form or on separately agreed documents. The Authorised Persons can be amended as and when additions and/or deletions are required.

11.2 Orders made by Authorised Persons will be binding upon You and enforceable against You.


12. Additional Provisions

12.1 By entering into this agreement, You authorise Us to use third parties’ services to help Us provide Our service(s). If We are unable to provide a service as a result of the third parity’s technical failure We will still make reasonable efforts to utilise contingency arrangements that We consider suitable.

12.2 If We chose not to immediately exercise rights against You then this does not prevent Us from doing so later.

12.3 These Terms and Conditions and any disputes arising out of or related to our services are governed by and interpreted by the laws of the Republic of Lithuania, and each party hereto irrevocably submits to the exclusive jurisdiction of the courts of the Republic of Lithuania. This is the case regardless of whether You reside or transact business with Us elsewhere in the world.

12.4 If any part of the agreement is unenforceable, unlawful or void in any relevant jurisdiction then that part will be separated from the main agreement, which shall remain valid and enforceable.

12.5 We may provide information to You from time to time but We will not and do not provide advice to You either upon the merits of a proposed Contract or upon any other matter. Before entering into any Contract You must therefore make Your own independent assessment as to whether it is appropriate for You based upon Your own judgment and upon such advice from such advisers as You consider necessary. It is an express term of every Contract which You enter into with Us that You are not relying upon any communication (written or oral) made by Us as constituting advice about or a recommendation to enter into such Contract.

12.6 You and all Authorised Persons must take all reasonable steps to keep all passwords in relation to contacting Us by telephone or gaining access to the website safe.

12.7 Subject to paragraph 12.8 and 12.9, You are liable for up to a maximum of EUR150.00 for any losses incurred in respect of unauthorised Money Transfers arising

(a) from the use of a lost or stolen password; or

(b) where the payer has failed to keep the passwords safe from misappropriation.

12.8 You are liable for all losses incurred in respect of an unauthorised Currency exchange or Money Transfer where You have acted fraudulently or You have acted with intent or gross negligence in failing to comply with paragraph 12.6 above.

12.9 You will not be liable for losses relating to unauthorised use of a password after You have informed Us of the loss of that password except where You have acted fraudulently. Upon you becoming aware of any unauthorized or incorrectly executed payment transaction, you must notify Us without delay.

12.10 If there is any inconsistency between these terms and the provisions of any other agreement, the provisions of this agreement shall prevail.

12.11 The details set out in Your Order and Our Acceptance (each as confirmed in Our Confirmation Note) and these terms and conditions form the entire agreement between Us. No other discussions, telephone conversations, email communications, documents or materials form part of the Contract. No form of other order, order confirmation or terms and conditions issued by You shall govern the Contract. Only those warranties expressly stated to be given by Us to You in these terms and conditions shall apply to the Contract. In entering into the Contract, You acknowledge that You have not relied on and shall have no right or remedy in respect of any statement, representation, assurance or warranty (however and whenever made) other than as expressly made in these terms and conditions. You may request a copy of this agreement at any time.

12.12 Nothing in these terms and conditions is intended to, or shall be deemed to establish any partnership or joint venture between either of the parties, constitute one party the agent of the other party, nor authorise one party to make or enter into any commitments for and on behalf of the other party.

12.13 Only You and We have the rights, obligations or privileges under the Contract and no third party can enforce any of its terms or take any action under the contract.

12.14 We shall only be liable to You for any direct loss or damage caused to You or Your property by Us. In no event are We liable to You or any third party for any type of loss or damage which under governing law is considered to be indirect or consequential.

12.15 Foreign currency exchange rates are subject to fluctuations outside Our control or the control of any broker. Past movements or trends in the movement of foreign currency exchange rates should not be taken as an indicator of future movements in such exchange rates.

12.16 While We endeavor to ensure that our website is normally available 24 hours a day and We are accessible via Telephone during our usual working hours or such hours as displayed on our website, We will not be liable if for any reason the website is unavailable at any given time or the telephone lines are interrupted.

12.17 The current and all past versions of Full General Terms & Conditions shall be publicised on our website under link www.TurboTransfers.com/terms-and-conditions. We may provide translated versions of the Terms and Conditions to other languages. If the Terms and Conditions translated into any language other than English, the English language text shall prevail in the event of a conflict between the English version and the translated version. When you submit an order to enter into a contract through our website, email message or by signing paper-based order form you confirm that you accept Full General Terms & Conditions according to which we provide our services.


13. Complaints about Our service

13.1 Your feedback is very important to Us. We have established internal procedures for investigating any complaint that may be made. For a copy of out complaints procedure or any other requests You can contact us in writing by email at info@TurboTransfers.com or by post to Laisves al.102-PD261, Kaunas 44004, Lithuania.

13.2 We shall provide You with a response (or a letter stating why We have not been able to provide You with a final response) to any complaint made within 10 days of having received Your complaint.

These General Terms & Conditions effective as from 21 Jan 2014.