Payment Account Terms and Conditions​

The Terms and Conditions were last updated on September 29, 2023

These terms and conditions (“Terms”) detail your rights and obligations in relation to your use of a Payment Account (as defined below) and any related services provided by us. Please read these Terms carefully before agreeing to be bound by them.

If you use our services (such as foreign exchange) other than in relation to the Payment Account as set out in these Terms, our relationship with you with respect to those services will be governed by separate agreement(s).

The latest copy of these Terms is available on our Website. You can request a copy of these Terms at any time by contacting Customer Services.

1. Key Information

1.1 Glo Currency UK Limited (“GLO CURRENCY”) is incorporated in England (Registration number 08515490) with registered office address at 1296, Ashton Old Road Openshaw Manchester M11 1JG. We operate from the same address.

1.2 We are authorised by the UK Financial Conduct Authority as an Authorised Payment Institution under the Payment Services Regulations 2017 (FRN 810034) for the provision of remittance services. Our business is registered with the Information Commissioner’s Office to process personal information (ICO Number ZA177770). You can contact us by telephone on 016 1883 1996 (IDD +44 16 1883 1996) or by email at [email protected]. Our Website is

2. Interpretation

2.1 The following definitions and interpretation rules apply to these Terms.


“Account Information Service”: an online service which accesses one or more of your payment accounts to provide a consolidated view of such accounts.
“Account Information Service Provider”: a third-party payment service provider which is authorised by its regulator to provide Account Information Services with your explicit consent and under a separate agreement which you have signed with them.
“Agreement”: these Terms together with your Application Form.
“Application Form”: means the GLO CURRENCY online registration forms on our Website you must complete to open a Payment Account.
“Authorised Person”: is a person authorised by the Client to act for and on behalf of the Client in accessing the Payment Account and/or instructing GLO CURRENCY to make Transactions.
“Business Day”: from 0900 hours to 1630 hours on a day other than Saturday, Sunday or public holiday in England.
“Glo Currency”: Glo Currency UK Limited including its assignees and successors in title and which is also referred to as “us” in this Agreement.
“Web Portal”: an online interface provided by us which allows access to view Transaction history and instruct Transactions online.
“Client”: means the business entity entering into this Agreement with us.
“Customer Services”: means the contact centre for dealing with queries about your payment Account. Contact details for Customer Services can be found in Clause 23.
“Data Protection Laws”: means the applicable data protection and privacy legislation, including the General Data Protection Regulation (EU) 2016/679.
“Faster Payments”: a service enabling to make and receive electronic payments in the UK which is typically received by the recipient bank within 2 hours provided that the receiving organisation or bank is part of Faster Payments Scheme.
“FCA”: means the UK Financial Conduct Authority.
“HMRC”: means Her Majesty’s Revenue & Customs in the United Kingdom.
“MLR 2017”: Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017.
“Party/Parties”: means GLO CURRENCY or you as the Client and “Parties” shall mean GLO CURRENCY and you as the Client collectively.
“Payment Account”: an account in Client’s name used for the execution of Transactions provided by us in accordance with these Terms.
“Payment Initiation Service”: an online service which accesses your Payment Account to initiate the Transaction on your behalf.
“Payment Initiation Service Provider”: a third-party payment service provider which is authorised by its regulator to provide Payment Initiation Services with your explicit consent and under a separate agreement which you have signed with them.
“Personal Information”: means personal data and information which can be used to identify an individual person including his or her financial and non-financial information.
“Prohibited Transaction”: means any transaction relating to any activities or items falling within the Prohibited Transactions list made available on our Website, as amended from time to time.
“PSR”: Payment Services Regulations 2017.
“Regulated Client”: a Client authorised to provide financial or payment services and who uses the Services in relation to receiving or making payments for the benefit of its customers.
“Security Credentials”: security information (such as answers to questions known only to you or the Authorised Person, usernames, passcodes, PIN, or codes generated though a multi-factor authentication security device) that may be used (as applicable) to access your Payment Account and/or make Transactions.
“Services”: the services provided by us in accordance with these Terms, including the provision of a Payment Account and execution of Transactions.
“Terms”: these terms and conditions of business, as amended from time to time in accordance with Clause 21.
“TPP”: An Account Information Service Provider and/or Payment Initiation Service Provider.
“Transaction”: any payment transaction from your Payment Account that you instruct us to perform.
“We”, “us” and “our”: means Glo Currency UK Limited.
“You” and “your”: means the Client and any person with authority to act on Client’s behalf including Authorised Persons.

2.2 The headings and sub-headings in these Terms are for ease of reference only and shall not affect the interpretation of these Terms.

2.3 References to Clause numbers are to the Clause numbers in these Terms.

2.4 A reference to a statute, statutory provision or regulation is a reference to it as amended or re-enacted from time to time and shall include any subordinate legislation made under that statute, statutory provision or regulation, as amended or re-enacted.

2.5 References to ‘writing’ or ‘written’ shall include electronic and paper forms.

2.6 Any reference to a person or persons includes a natural person, corporate or unincorporated body.

2.7 Unless the context otherwise requires, words in the singular shall include the plural and vice versa. A reference to one gender shall include the other genders.

3. Agreement

3.1 These Terms together with the Application Form (together, the “Agreement”) constitute an entire agreement between the Parties. By confirming submitting an Application Form for a Payment Account, you accept to be bound by the terms of this Agreement. These Terms constitute a framework contract for the purposes of PSR.

3.2 GLO CURRENCY will only contract with Clients who wish to use our Services who act for themselves as principal in the course of business, or in the case of partnerships, limited liability partnerships, corporations (incorporated or unincorporated) and trusts, in their respective course of business.

4. Application

4.1 To use our Services, you must first confirm you have read, understood and agreed to our Terms. The person signing these terms and conditions must have the requisite legal capacity to contract and be duly authorised as an Authorised Person by the Client. We may at our absolute discretion, for example, require the company director or designated partner of a limited liability partnership or partners of a partnership or appointed executor or administrator of an estate, duly appointed trustee of a trust or sole proprietor of a trading business to sign the terms and conditions in place of their Authorised Person.

4.2 Before we are able to establish a business relationship with you, we will carry out identification and verification checks on your identity, residence and status in accordance with applicable law and our policies and procedures. These checks may include checks on your commercial business structure, your beneficial owners, directors, shareholders, non-director or shareholder investors, executors, administrators of estate, source of funds, and the purpose of your requirements for our Services, and your commercial relationship with proposed payers or payees into/from your Payment Account.

4.3 We may, before we open a Payment Account or at any time during our business relationship, request additional or updated information and documentary proof from you in form of an Application Form or for the continuation of our business relationship. You agree to promptly provide us with full and accurate information and supporting documentary proof, duly certified if required, upon our request.

4.4 We shall only be obliged to provide our Services to you once we have confirmed your Payment Account has been opened. We reserve the right to decline a business relationship without providing any reason or enter into further correspondence.

4.5 Once you have been processed and have executed the terms and conditions, we will confirm to you that your Payment Account has been opened and you may start using our Services. We will provide you a sort code and account number for your Payment Account.

5. Authorised Persons

5.1 Access to the Payment Account shall be restricted to persons designated by you as Authorised Persons. You agree that each Authorised Person is authorised by you to act on your behalf and you will be responsible for all their actions and instructions in relation to the Payment Account.

5.2 We will deem any instruction given by an Authorised Person as an instruction given by you.

5.3 You are responsible for timely notification to us of any person(s) who is no longer an Authorised Person. You will be responsible for all Transactions made, fees incurred and use of our Services by all Authorised Persons until such time their access is revoked.

6. Payment Account – General

6.1 Your Payment Account can be used for receiving payments in and making Transactions in accordance with these Terms. No interest is payable on your Payment Account. The funds held on your Payment Account are not covered by the Financial Services Compensation Scheme.

6.2 Payments into and Transactions from your Payment Account can only be made to/from accounts in the UK via electronic bank transfer using Faster Payments or any other payment types as added and notified to you by us from time to time.

6.3 Your Payment Account is denominated in and all Transactions will be made in British Pound Sterling (GBP). We may offer Payment Accounts denominated in other currencies or execute Transactions in other currencies from time to time (see Schedule 2), in which case the currency of your Payment Account and Transactions will be as notified to you. All payments to your Payment Account must be made using Payment Account details we have notified you of.

6.4 Limits may apply to the maximum value of an individual Transaction, the maximum aggregate value and/or number of all Transactions made from your Payment Account in a particular time period e.g. during any one Business Day. The limits that apply to your Payment Account will be communicated to you during the Payment Account set-up process. These limits may also change over time based on your Payment Account usage; any such change will be communicated to you. Any Transaction request which exceeds such limits will be rejected.

6.5 You must not use any of our Services or Payment Account in connection with any Prohibited Transaction (including, without limitation, for receipt or paying out of proceeds connected with any such Prohibited Transaction). We are not obliged to provide our Services with respect to any transaction which we know or reasonably suspect is connected to a Prohibited Transaction.

6.6 It is your and not our responsibility to ensure that you only send payments to or receive payments from persons or entities for the sale or supply of goods and services that you may provide or receive in compliance with any applicable laws and regulations. The mere fact that a person or entity accepts payments through us is not an indication of the legality of the supply or provision of their goods and services. If you are in doubt as to the legality of a supply or purchase, you should not continue with the Transaction.

7. Payments into your Payment Account

7.1 If a payment is made into your Payment Account, we will credit your Payment Account when we receive the funds which could be up to 3 Business Days after the payment was instructed, depending on how the payment was sent.

7.2 All funds received into your Payment Account will be automatically paid out in accordance with your payment instructions (see further Clause 8.1 on how you can give us instructions). Any funds received into your Payment Account without a particular payment instruction attached to them will be automatically paid out to the Client’s nominated account no later than thirty (30) Business Days after the day the funds were received into the Payment Account, unless we receive a payment instruction from you to pay out such funds differently in the meantime.

7.3 We may at any time ask you to provide information to verify payments and the source of funds for any payments into your Payment Account.

7.4 An incoming payment will not be credited to your Payment Account if

  1. the Payment Account has reached the applicable maximum balance limit;
  2. the Payment Account is inactive, locked or terminated;
  3. you have failed to provide information that we have requested in relation to the payment
  4. the sender has provided incorrect /invalid Payment Account details for your Payment Account;  
  5. we know or suspect the payment is fraudulent, unauthorised, or otherwise illegal or is related to Prohibited Transactions

7.5 If we are unable to credit your Payment Account for any of the reasons in Clause 7.4, the funds may be send back to the sender without a prior notification to you.

8. Authorising and Executing Transactions from your Payment Account

8.1 You can instruct us to make a Transaction from your Payment Account (and will be deemed to have authorized it) when you (including, for the avoidance of doubt, any Authorised Person) give instructions:

  1. using Glo Currency Web Portal;
  2. in writing by email using details we have provided to you for this purpose;
  3. by telephone; or
  4. through a Payment Initiation Service Provider

8.2 You may be required to provide appropriate Security Credentials depending on the method used to give us instructions to make a Transaction.

8.3 When you instruct us to make a Transaction, you must provide us with the correct recipient details and a reference for the payment and any other information we asked for. For Transactions to UK Accounts, this means the recipient’s name, account number and sort code and payment reference. For Transactions to accounts outside the UK (where applicable), we may need additional information, such as IBAN. We may also ask you to provide such additional information as we may reasonably require, including but not limited to details of the beneficiary and the reason for payment. If you provide us with incorrect or incomplete information or refuse to provide information, we may refuse to execute the Transaction, the funds could be lost and irrecoverable or there could be a delay in the recipient receiving the payment.

8.4 A Transaction cannot be cancelled or changed after the instruction for that Transaction is received by us. Instruction will be deemed to have been received by us at the time you gave us the instruction in accordance with Clause 8.1 above.

8.5 We will execute the Transaction by the end of the Business Day following the day when we received the instruction to make the payment, except where we receive the payment instruction not on a Business Day, or after a cut-off time for receiving instructions, in which case we will process the Transaction the next Business Day. The cut-off time for receiving instructions to make transactions is 3.30pm.

8.6 Transactions will be credited to the recipient’s account with its payment service provider no later than the end of the Business Day after we processed your payment instruction, and usually quicker, except that if the transfer involves a currency other than British Pound Sterling (GBP), including where there has been a currency conversion at some point then a longer period may apply.

8.7 We may at any time suspend or restrict your use of the Payment Account or refuse to process your instructions or authorise any particular Transaction if:

  1. we are concerned about the security of or access to your Payment Account and/or Security Credentials;
  2. we suspect the Payment Account is being used in an unauthorised, illegal or fraudulent manner or in relation t any Prohibited Transaction;
  3. the payment instruction is unclear, illegible, incorrect or incomplete ;
  4. you have failed to use  the authentication method and/or Security Credentials required;
  5. there are insufficient cleared funds to cover the amount of the Transaction and any applicable fees in your Payment Account;
  6. the Transaction would breach any applicable Payment Account or Transaction limit
  7. we have reasonable grounds to believe that you are acting in breach of these Terms or
  8. we are required to do so to comply with the law.

8.8 Where we refuse to execute your instructions for a Transaction, or suspend, restrict or cancel your Payment Account under Clause 8.7, we will notify you as soon as possible provided it would not be unlawful for us to do so. If possible, we provide the reasons for refusal to execute the Transaction and/or suspending your use of Payment Account and where those reason relate to factual matters, the procedure for rectifying any factual errors that led to such refusal or suspension.

9. Our Communications with You

9.1 We can communicate directly with you as our Client or your Authorised Person acting for and on your behalf in relation to your instructions on Transactions

9.2 Unless otherwise agreed by us, all communications in connection with our Services from us to you will be in English and we will only accept communications and instructions from you in English.

9.3 If we need to contact you about your Payment Account or for any other reason, for example, sending you a notice of a change to this Agreement, we may contact you by posting a notice on our Web Portal, phone, email, text message or post using the contact details you have provided us at Application Form or subsequently updated

9.4 It is your responsibility to update your contact details, including your address, phone number and email address, as soon as they change. We need your correct contact details to be able to provide you with the Payment Account and Services under these Terms.

9.5 You can check the balance on your Payment Account and recent Transaction history via GLO CURRENCY Web Portal.

9.6 We will provide monthly statements of payment into your Payment Account and Transactions by email. Each statement will specify: a reference enabling you to identify each Transaction; the amount of each Transaction; the currency in which your Payment Account is debited; the amount of any Transaction charges including their break down, where applicable; the exchange rate used in the Transaction by us and the amount of the Transaction after the currency conversion, where applicable; and the Transaction debit value date. If there are no Transactions on your Payment Account for more than a month then we will not provide you with a statement.

10. Third Party Access

10.1 You may instruct a TPP to access information on your Payment Account or to initiate Payments Transactions from your Payment Account, provided such TPP is authorised by the FCA in the UK or another European regulator to provide the relevant service. Some TPPs may (with your permission) choose to access your Payment Account without identifying themselves to us and to use your Security Credentials. We will treat any instruction from a TPP as if it was from you. You should always consider the implications of sharing your Security Credentials and personal information.

10.2 We may deny TPP access to your Payment Account if we are concerned about unauthorised or fraudulent access by that TPP setting out the reason for such denial. Before doing so, we will tell you that we intend to deny access and give our reasons for doing so, unless it is not reasonably practicable, in which case we will immediately inform you afterwards. In either case, we will tell you in the manner in which we consider most appropriate in the circumstances. We will not tell you if, doing so would compromise our security measures or would otherwise be unlawful.

10.3 If you have provided consent to a TPP to access to your Payment Account to enable them to provide Account Information Services or Payment Initiation Services on your behalf, you consent to us sharing your information with the TPP as is reasonably required for them to provide the relevant services to you. You must let us know if you withdraw this permission and we recommend you let the TPP know. On notification from you, we will not provide such TPP access to your Payment Account.

11. Security

11.1 You (and Authorised Person, where applicable), will be provided with Security Credentials which may be used to access your Payment Account and initiate Transactions. At all times, it is your responsibility to ensure that you keep the Security Credentials, and any device or means to access your Payment Account, safe and secure and do not disclose the Security Credentials to anyone else. You will be liable if you or the Authorised Person fail to keep the Security Credentials safe and secure.

11.2 You or the Authorised Person must not:

  1. allow another person to use Security Credentials;
  2. write down Security Credentials unless this is done in a way that would make it impossible for anyone else to recognise any of that information;
  3. disclose Security Credentials, or otherwise make them available to any other person, whether verbally or by entering them in a way that allows them to be observed by others.

11.3 If you know or suspect that (a) someone else (other than TPP) knows your Security Credentials or (b) otherwise has unauthorised access to your Payment Account, you must notify us without delay by phone and email to Glo Currency UK Limited main business number

11.4 If we suspect your Payment Account has been compromised or we have suffered a security threat, we will contact you only by telephone or email. We will use the latest contact details provided by you to contacting you. You must inform us immediately if your contact details change.

12. Unauthorised or incorrectly executed Transactions

12.1 In the event we make a Transaction from your Payment Account incorrectly or which you had not authorised, you must, on becoming aware of such incorrectly executed or unauthorised Transaction, notify us without delay by contacting Customer Services through Glo Currency UK Limited main number. On receipt of your notification, we will immediately review your instructions, investigate, trace the relevant Transaction and notify you of our findings.

12.2 Subject to your liability under Clause 12.4 and provided you have notified us of an unauthorised or incorrectly executed Transaction without undue delay of becoming aware of it and in any event within 13 months the Transaction was made:

  1. If we are responsible for crediting payment into your Payment Account later than it should have been, we will credit your Payment Account immediately together with any charges, fees and interest to put you in a position had you received the relevant payment in time.
  2. If we are responsible for making a Transaction incorrectly, we will refund you the amount of incorrectly sent Transaction without undue delay, together with any charges, fees and interest to put you into a position had the relevant Transaction not been made or, except where:
    1. a) the instruction you gave us for the Transaction was not correct. If so, we will make reasonable efforts to trace the payment and recover the amount if you ask us and notify you of our findings;
    2. b) we can show that the Transaction was actually received at the recipient’s account (in which case the recipients payment service provider is liable).
  3. We shall refund the amount of the unauthorised Transaction together with charges, fees and interest, as soon as possible and in any event no later than the end of the Business Day after you notified us of unauthorised Transaction, unless we have reasonable grounds to suspect you (or Authorised Person) acted fraudulently and we notified the police or other person permitted by law.

12.3 If after we have given you a refund our investigations of a disputed Transaction subsequently discover that it was in fact genuine and authorised by you (or by Authorised Person) directly or indirectly, or that you or Authorised Person have acted fraudulently or with gross negligence, we will deduct the amount of the disputed Transaction from your Payment Account balance and we reserve the right to recover the value of any Transaction that was refunded to you by any other legal means.

12.4 You will be liable for all losses incurred in respect of an unauthorised or incorrectly executed Transaction and will not be entitled to a refund if:

  1. the Transaction was made by Authorised Person;
  2. you (or Authorised Person) have acted fraudulently or have intentionally or with gross negligence:
    1. a) failed to keep your Security Credentials safe and secure or otherwise failed to comply with these Terms in relation to the safety of your Payment Account; or
    2. b) failed to notify us in accordance with Clause 12.2.

12.5 If a payment is paid into your Payment Account in error, we will, where possible, immediately send the funds back to the payer’s account or payment service provider. In such circumstance you agree to return the funds to us and provide such assistance that we require in recovering the amount from you. If we cannot recover the funds, we are required to provide sufficient details about you and the incorrect payment to the payment service provider that sent the payment to enable them to recover the funds.

13. Charges

13.1 Any fees and charges payable by you with respect to your Payment Account and Transactions are as set out in Schedule 1 (Fees).

13.2 We are not responsible for any bank charges, transfer fees and taxes that may be imposed by your payee recipient’s payment service provider for each of your Transactions.

14. Representations, Warranties and Indemnities

14.1 You represent and warrant that:

  1. you and each of your Authorised Persons are not under any legal disability with respect to, and is not subject to, any law, restriction or regulation or court order which prevents you from agreeing and complying with the Agreement and using our Services;
  2. you and each Authorised Person has full legal capacity, power and authority to instruct GLO CURRENCY on each Transaction and transfer funds the subject of your Transactions and to perform your obligations under this Agreement;
  3. our execution of each and every Transaction you and each Authorised Person instructs us to undertake and perform will not violate or conflict with any law or internal constitution or governance applicable to you;
  4. your use of our Services, the Payment Account and every Transaction you and each Authorised Person instructs us to undertake does not relate to any Prohibited Transaction;
  5. all governmental and regulatory and other consents that are required in relation to and in connection with your Transactions have been obtained and are valid and in full force and effect and all conditions of any such consents have been met by you; and
  6. the information disclosed by you on the Application Form and/or subsequently provided to us is true, accurate and complete in all material aspects and that you will notify us immediately of any change in the information you have provided to us including, but not limited to, change of business name, registered address, trading address, email address and telephone number, change of control over or ownership of your business, change in persons with significant control, change of domicile or the restructuring, merger or amalgamation of your business.

14.2 You undertake that you will indemnify GLO CURRENCY and its directors, officers, employees, consultants and agents (collectively referred to as “GLO CURRENCY Staff”) and keep GLO CURRENCY and GLO CURRENCY Staff fully indemnified against all actions, claims, penalties, proceedings, costs and damages (including any damages or compensation paid by GLO CURRENCY and GLO CURRENCY Staff on the advice of their legal advisers to compromise or settle any claim) and all legal costs or other expenses arising out of or in connection with:

  1. any breach of the warranties in Clause 14.1 or out of any claim by a third party based on any facts which if substantiated would constitute such a breach, unless such actions, claims, proceedings, costs and damages resulted from the negligence, wilful default or fraud on the part of GLO CURRENCY or GLO CURRENCY Staff;
  2. any fraudulent, wilfully negligent or illegal activity relating to any payments made from or to your Payment Account, that is caused or facilitated by you (or your officers, employees, agents or other representatives) or, if you are a Regulated Client, your customers.

14.3 Upon termination of this Agreement for any reason, the provisions of Clauses 14.1 and 14.2 shall continue in force without limit of time.

15. Default

15.1 We may refuse to make any Transaction, or close your Payment Account, without incurring any liability to you or any third party for any loss or damage you may suffer, after the occurrence of any of the following events at any time, without being required to give you prior notice or wait for instructions from you, where:

  1. there has been a material breach by you or an Authorised Person of this Agreement or any other agreement you may have with us in relation to the services GLO CURRENCY provides;
  2. you become insolvent (whether voluntarily or otherwise) or insolvency proceedings are commenced against you or you enter into any insolvency arrangements with your creditors or a receiver, administrator or liquidator is appointed over your business, assets and property;
  3. as a sole trader or owner of an unincorporated business, you die, become mentally incapacitated or critically ill, petition your own bankruptcy or become bankrupt or is made subject to insolvency proceedings;
  4. as a partnership, corporation or organisation (whether incorporated or unincorporated) business, you or your creditors take any step, make a decision or pass a resolution to place or subject the whole or any part of your business into voluntary arrangement, composition or reconstruction of your debts or liquidation (voluntarily or otherwise or by order of the court), administration or receivership; or
  5. you fail to pay any amount due under this Agreement on the due date and remain in default not less than 15 Business Days after being notified in writing to make such payment.

15.2 If you become aware of any of the Default Events listed in Clause 15.1 (1) to (4), you must notify us in writing immediately.

16. Termination

16.1 This Agreement will remain in force until terminated in accordance with these Terms.

16.2 You may terminate this Agreement and close the Payment Account for any reason by providing 2 months’ written notice to us.

16.3 We can terminate this Agreement at any time and for any reason by giving you 2 months’ written notice.

16.4 We may terminate this Agreement and close your Payment Account immediately:

  1. following the occurrence of any one of the events in Clause 15.1;
  2. if information supplied by you in your Application Form or under these Terms is found to be inaccurate or misleading or falsified;
  3. if we have requested and you or your Authorised Person fails to provide documents and information which we require for our due diligence checks;
  4. where we become aware or suspect you are committing or have committed a crime or are involved in any way with fraudulent or otherwise illegal activity or any Prohibited Transaction;
  5. we are required to do so to comply with any applicable law or payment system rule or at the request of any regulatory authority;
  6. it becomes or may become unlawful for GLO CURRENCY to maintain or perform all or any of its Services under this Agreement or otherwise carry on its business;
  7. we are requested to do so or not to perform or are prohibited or prevented from performing your Transaction or part of any of your Transactions by a governmental, regulatory or enforcement authority or agency or by court order or applicable law;
  8. our the third party service provider on whom we rely on to provide our Services requires us to do so or terminates our relationship with us to the effect that we would be unable to provide our Services or a substantial part of them;
  9. if we reasonably believe that maintaining your Payment Account and/or continuing to provide Services to you might expose us to action or censure from any government, regulatory or law enforcement authority or agency or might expose us to claims from third parties.

16.5 If a Payment Account is closed or terminated for any reason;

  1. you will not be able to use your Payment Account; and
  2. we will refund the remaining balance on the Payment Account to an account in your name once all Transactions and all relevant fees and charges have been processed.
17. Limitation and Exclusion of Liability

17.1 In all other circumstances of our default, our liability will be limited to transferring any available balance on your Payment Account to your nominated bank account.

17.2 We shall not be liable to you (whether in contract, tort (including negligence), breach of statutory duty or otherwise) for:

  1. any loss or damage arising because you (or your Authorised Person) have acted fraudulently or have been grossly negligent in failing to comply with your obligations under this Agreement;
  2. any loss or damage arising out of or in connection with you providing us with incorrect or insufficient information;
  3. any loss or damage arising out of or in connection with our default resulting directly or indirectly from there being insufficient funds in your Payment Account;
  4. any default which was due to abnormal or unforeseeable circumstances beyond our control despite our efforts to the contrary, including but not limited to circumstances relating to hardware breakdown, strike or a failure of a payment system;
  5. pure economic loss;
  6. loss of profits, revenue, sales, turnover or business;
  7. loss of contract and/or production;
  8. loss arising from or in connection with your liability to a third party;
  9. loss of opportunity or chance;
  10. loss of anticipated savings, discount or rebate (whether actual or anticipated);
  11. harm to reputation or loss/damage to goodwill.

17.3 Where a payment is incorrectly debited from your Payment Account due to our fault, our liability shall be limited to payment to you of an equivalent amount to that which was incorrectly debited. In all other circumstances of our default, our liability will be limited to transferring the balance on your Payment Account to your nominated bank account.

17.4 To the extent permitted by law, all conditions or warranties implied by law, statute or otherwise are expressly excluded.

17.5 Nothing in this Agreement shall exclude or limit liability for fraud or fraudulent misrepresentation on our part or liability which cannot be excluded or limited under English law (including death and personal injury).

17.6 Upon termination of this Agreement for any reason, the provisions of this Clause 17 shall continue in force without limit of time.

18. Regulated Clients

18.1 This Clause 18 applies if you are a Regulated Client.

18.2 You acknowledge and agree that you are solely responsible for:

  1. conducting know-your-customer (“KYC”), anti-money laundering (“AML”), politically exposed persons (“PEPs”), sanctions and other due diligence checks (collectively, “CDD Checks”) required under any applicable laws and regulations in relation to all your customers for whose benefit you make or receive payments using the Services;
  2. conducting CDD Checks required by applicable laws and regulations in relation to all inbound payments received into your Payment Accounts;
  3. vetting your customer’s payment instructions in relation to any payment made using your Payment Account against current PEPs and sanctions lists.

18.3 If we believe there are circumstances relating to any of your customers or payment recipients, which may require us to investigate, decline or report a Transaction pursuant to applicable laws, you shall, on our request, provide us all evidence of your customer due diligence process records and documentation relating to such customer or payment.

18.4 You shall, on our request, before we open a Payment Account or at any time during our business relationship, supply to us reasonable details of the processes and procedures that you follow to complete CDD Checks together with any updates and amendments to those procedures which you make during the term of this Agreement.

19. Confidentiality, Data Protection and Records

19.1 By opening a Payment Account with us, you agree you or your Authorised Person on your behalf will be providing us Personal Information or personal data for processing within the meaning of Data Protection Laws.

19.2 We adhere to the principles of data protection and will act as data controller (and in certain circumstances, data processor) within the meaning in the Data Protection Laws.

19.3 You explicitly consent to us accessing, processing and retaining any information you provide to us for the purposes of providing payment services to you, which includes sharing your Personal Information with third parties such as credit reference service providers to carry out anti-money laundering checks but only for the purpose of providing that service), fraud prevention agencies, any person to whom we transfer or assign our rights under this Agreement and other persons as necessary to carry out your instructions and perform your Transactions. This does not affect any rights and obligations you have under Data Protection Laws.

19.4 We will disclose your Personal Information when required by law, to comply with a court order, when requested by law enforcement agencies, HMRC, the FCA or other regulatory or governmental authorities or agencies and also our professional advisers.

19.5 We collect and hold personal data or information obtained from your Application Form, Payment Account, instructions, bank details and Transactions or from other persons or sources including credit reference agencies, fraud prevention agencies, public registers, electoral roll, utilities providers, governmental or regulatory or enforcement authorities and independent third party anti-money laundering identity verification service providers to discharge our legal and regulatory obligations.

19.6 If you provide us with personal data or information relating to any other individual person, you must first obtain that individual’s consent before releasing his or her personal data or information to us

19.7 You have the right to know and access the data and information that we hold on you and to require any inaccurate personal data held by us to be corrected under Data Protection Laws by writing to us at our postal address or emailing our Data Controller [email protected].

19.8 We are required by anti-money laundering legislation and our internal procedures to keep and maintain records of your Personal Information, identification and verification checks, communications and Transactions. You consent to our disclosure of these records to regulatory and governmental authorities or otherwise under a court order and our professional advisers without notice or the need to seek your prior agreement or further consent.

19.9 You agree that we may monitor email and fax communications and record telephone communications we have with you and use these and any transcripts to ensure we fulfill and comply with our obligations under this Agreement and for the prevention or detection of money laundering, fraud or other criminal activity or for training purposes or for use in disputes. Our records therefore include telephone, email, fax and telecommunications that evidence your dealings with us in connection with our Services under this Agreement. You agree that such records belong to us and that you will not object to the admission or our records as evidence in any legal proceedings or complaint handling procedures and references to the Financial Ombudsman because such records are not originals, are not in writing or documents produced or generated by a computer.

19.10 You agree to keep full and proper records of all your Transactions, communications and other dealings with us and that you will not rely on us to keep records on your behalf or for your benefit.

20. General

20.1 Safeguarding

  1. As a responsible payment service provider, we will ensure that once we have received funds for the purpose of making Transactions from your Payment Account they are deposited in a safeguarded account in accordance with the PSR. In the unlikely event that we become insolvent, any funds which have been received and been deposited by us are protected against claims made by creditors.
  2. You acknowledge and agree that Payment Accounts cannot be used for the purposes of safeguarding or holding assets as client money for Client’s customers. The Client is solely responsible for fulfilling its safeguarding or protection of client money requirements, if applicable, in accordance with applicable law.

20.2 Assignment

  1. The Agreement between GLO CURRENCY and you as Client is personal to you. You shall not assign, transfer, charge, sub-contract, dispose, declare a trust over or deal in any other manner with any of your rights and obligations under this Agreement.
  2. GLO CURRENCY may at any time assign, transfer, charge or dispose declare a trust over or deal in any other manner with any or all of GLO CURRENCY’s rights and obligations under this Agreement and our assignees and successors shall have the same rights and obligations as GLO CURRENCY under this Agreement.

20.3 No Agency etc.

Nothing in these Terms and any documents referred to in it, is intended to or shall operate as authorising either Party to act as agent for the other and neither Party shall have authority to act in the name or on behalf of or otherwise bind the other in any way (including, but not limited to, the making of any representation or warranty or the assumption of any obligation or liability and the exercise of any right or power) or shall operate to create a partnership or fiduciary relationship between the Parties.

20.4 Third Party Rights

Except as expressly provided in this Agreement, a person who is not a party to this Agreement shall not have any rights under the Contracts (Rights of Third Parties) Act 1999 to enforce any term of this Agreement.

20.5 No Waiver

The failure of either Party to exercise or enforce any right or remedy provided under this Agreement or by law shall not constitute or be construed as a waiver of such right or remedy or other right or remedy or the right to exercise or enforce such right or remedy at a later time.

20.6 Complaints Handling Procedure

(1)We strive to provide our Clients a good service. If something has gone wrong or you have a problem with the performance of our Services, it is important that you inform us straight away so we have more time to put things right for you. We have internal procedures for handling Client complaints and disputes promptly and fairly


(2) GLO CURRENCY shall respond to complaints as quickly as possible and use its best efforts to find a prompt, fair and satisfactory solution to your complaint. If you have a complaint regarding any aspect of our Services, please raise this verbally in the first instance.

In Writing

3) If a resolution is not achieved within a further 2 Business Days of your complaint being raised, you should set out your complaint in full in writing by email or fax, the nature and scope of your complaint with details relating to your Transaction and the remedial action you wish taken.

4) On receipt of your complaint, GLO CURRENCY shall acknowledge receipt of your complaint in writing. Thereafter, our Complaints Manager shall investigate the nature of your complaint with the aim of resolution and revert to you with a full and/or final response in writing. During this period, you may be required to provide additional information to assist GLO CURRENCY in its investigations of your complaint.

Further time

5) In most cases we will provide a full response to your complaint within 15 Business Days after the date we receive your complaint. In exceptional circumstances where we are unable to respond in full to your complaint, we will inform you of this giving our reasons for the delay and the timeframe within which you will receive a full reply, which in any event shall be within 35 Business Days of the date we received your complaint.

6) You would be asked to confirm if you are satisfied with our response to your complaint. Where we accept your complaint, and intend to offer redress or remedial action, details of the redress to be offered or remedial action and any compensation offered shall be provided with a clear method of calculation shown. Should your complaint be rejected, you would be informed in writing and provided, where applicable, the reasons for rejection.

Financial Ombudsman Service

7) Should you remain dissatisfied following GLO CURRENCY’s written acceptance and redress offered or final response, provided you are an eligible complainant to complain to Financial Ombudsman Service (“FOS”), you have the right to refer your complaint to the FOS at Exchange Tower, Harbour Exchange Square, London E14 9SR; Telephone: 0800 023 4567; website:, free of charge, but you must do so as soon as possible and no later than within 6 months of the date of the final response on acceptance or rejection of your complaint.

20.7 Notices

  1. Unless otherwise agreed in writing by the Parties or specified in these Terms, any notice given by one Party to the other under or in connection with the Agreement shall be in English and in writing.
  2. Notices to a Client shall be sent by first class post or by courier to the address given on the Application Form or the registered office address or trading or operating or administration address of the Client or such other alternate address as that Client may have specified in writing to GLO CURRENCY or the Client’s last known address, or if sent by email or fax, to the email address or fax number provided by the Client in the Business Client Application Form or to the email address or fax number to which the Client has been receiving our Contract Notes.
  3. Notices to GLO CURRENCY by email must be sent to [email protected] or by courier or first class post to 1296 Aston Old Road, Manchester M11 1JG England or any other alternate email address or phone number or postal address that we notify you in writing in advance.
  4. A notice by one Party to the other shall be deemed to have been received if delivered personally or by courier, when left at the Party’s address as provided in Clause 20.7 (2) or if send by first class post, at 9:00 am two Business Days after the date of posting or if sent by email or fax between 9:00am and 4:00 pm during a Business Day, at the time the email of fax was transmitted (evidenced by the date time stamp on the email or successful fax transmission printout) that same Business Day and if sent or transmitted outside the hours between 9:00 am and 4:00 pm, on the following Business Day.
  5. Any change of address or contact details of a Party must be notified to the other in accordance with Clause 20.7 (3).
  6. Clause 20.7 shall not apply to the service of any legal proceedings or other documents in connection with any legal action

20.8 Variation

Except as provided in Clause 21, no variation of this Agreement shall be effective unless it is in writing and signed by the Parties or their Authorised Persons

20.9 Severance

  1. If any provision or part-provision in this Agreement is or becomes invalid, illegal or unenforceable, it shall be deemed modified to the minimum extent necessary to make it valid, legal and enforceable. If such modification is not possible, the relevant provision or part-provision shall be deemed deleted. Any modification or deletion of a provision or part-provision shall not affect the validity and enforceability of the rest of this Agreement.
  2. If one Party gives notice to the other of the possibility that any provision or part-provision of this Agreement is invalid, illegal or unenforceable, the Parties shall negotiate in good faith to amend such provision so that as amended, it is legal, valid and enforceable and, to the greatest extent possible, achieves the intended commercial result of the original provision.

20.10 Entire Agreement

This Agreement constitutes the entire agreement between the Parties and supersedes and extinguishes all previous all previous agreements, promises, assurances, warranties, representations, understandings and arrangements between them, whether written or oral, relating to its subject matter. Each Party agrees that in entering into this Agreement, it does not rely on, and shall have no remedies in respect of, any statement, representation, assurance or warranty (whether made innocently or negligently) that is not set out in this Agreement and it shall have no claim for innocent or negligent misrepresentation or negligent misstatement based on any statement in this Agreement. Nothing in this Clause 20.10 shall limit or exclude any liability for fraud.

21. Changes to our Terms

21.1 You agree that GLO CURRENCY may amend, add to or update this Agreement, including changing the fees or introducing new fees from time to time to reflect changes in:

  1. law and regulatory requirements;
  2. market conditions;
  3. operating costs that affect our business;
  4. payment methods;
  5. technology or our systems; or
  6. to make them clearer or more favourable to you.

21.2 We will give you at least 2 months’ prior notice before any changes to this Agreement take effect. We will provide notice of changes by email.

21.3 Should you not accept any of the changes made to our Agreement, you can terminate this Agreement at any time without charge before the change takes effect by notifying us in writing. If you do not let us know that you wish to terminate this Agreement before the change takes effect, you will be deemed to have accepted the changes to this Agreement.

21.4 We may make immediate changes to the exchange rate used to convert foreign Transactions. For all transactions made in a foreign currency you can find out the applicable exchange rate by contacting us.

22. Governing Law & Jurisdiction

The validity, construction and performance of this Agreement shall be governed by English law. Any dispute or claim (contractual and non-contractual) arising under or in connection with this Agreement shall be subject to the exclusive jurisdiction of the English courts to which the Parties hereby submit.

23. Customer Services

If you need to clarify any provisions in our Agreement, our contact details are:
Telephone: 016 1883 1996 or International: +44 161 883 1996
Email: [email protected]

Schedule 1
Fees and Authorization

On boarding fee (payable at time of account opening): £2,500 (non-refundable)
Monthly Compliance Fees: £500 
PER transaction funds in by international transfer and Chaps: £35
PER transaction funds out by Chaps: £35
PER transaction funds in by Faster Payment: £0.75
PER transaction funds out by Faster Payment: £0.70
Minimum operating balance: £1000 (no maximum)

The above pricing is for money service businesses or financial institutions. Please contact [email protected] if you are not a financial institution or money service business for pricing that suites your business.
Verification results might take up to 7 days to confirm and verify your Glo Currency account.

MCCY Commercial Terms

International funds – inbound: 0.1% (GBP being the base currency)

Swift fee: 20GBP

Multicurrency and FX Services

1.1. This Schedule (MCCY and FX Services):

1.1.1. describes both your and our rights and obligations in relation to our MCCY and FX Services provided under this Agreement; and

1.1.2. is subject to and governed by the terms and conditions set out in the other parts of this Agreement and the Policies.

1.2. You acknowledge and agree that:

1.2.1. the GBP is your base currency, and all other currency is treated as international.

1.2.1. you will only use the MCCY and FX Service for your own business/treasury purposes and on behalf of your own clients and end customers;

1.2.2. we may advise you in writing of limitations applicable to your use of the MCCY and FX Service and you will comply with such limitations;

1.2.3. we shall not provide you with any advice in connection with the MCCY and FX Services (such as, whether to proceed or not to proceed with an FX transaction and in respect of timing). We cannot accept responsibility for your decision to enter into an FX transaction. Any decision to transact is your decision and we will not be liable for any loss or opportunity loss if exchange rates move before or after you transact; and

1.2.4. you will use the MCCY and/or FX Services in connection with your lawful future payment needs and not for any speculative or investment purpose. We may decline to deal with you, suspend or terminate the MCCY and/or FX Services if we have reason to believe that you are using the FX Services for investment or speculative purposes.

1.3. We will only provide you with MCCY and FX Services if you have applied and we have accepted you to receive the MCCY and FX Service, which may include completing an application form or questionnaire prior to or during your use of the MCCY and FX Services.

1.4. Should you have any queries about the MCCY and FX Service, please contact us by telephone (using the contact number(s) provided to you by us) or by email.

Description and Your Use of the MCCY and FX Service

2.1. The MCCY and FX Service provides you with the ability to:

2.1.1. open, hold and operate MCCY Accounts; and

2.1.2. conduct FX transactions between your Accounts.

2.2. We will settle your payments and transactions made via the MCCY and FX Service using an Indirect Third-Party Service Provider, in accordance with this Agreement and subject to any applicable Cut-Off Times.

2.3. We will treat you as principal, including where you act as agent for another principal. We act as an arm’s length party to transactions with you. We assume no obligations to your end customers.

2.4. We will treat any properly authenticated and formatted instructions from you or your registered profile with us as a valid payment or FX transaction instruction.

2.5. If you send an instruction to make a payment or an FX transaction which is erroneous, you must notify us as soon as possible. In such circumstances, we cannot guarantee recovery of the payment or sale amount of the FX transaction. It is your responsibility to ensure that any instruction you send to us is valid, clear and error-free.

2.6. In addition to the authority granted by you to us is accordance to 2.4 above, you authorise us to debit your Account and process FX transactions on your behalf.

2.7. You agree to comply with the our Policy when using the MCCY and FX Services, including complying with the prohibitions on dealing in certain transactions and with certain entities; and promptly notify us if there are material changes to the commercial activities related to your use of the MCCY and FX Services.

2.8. You acknowledge and agree that you will not initiate any MCCY payment and FX transactions which are less than the Minimum Transaction Amount.

2.9. For the purposes of any MCCY payment, the following Cut-Off Times, which may be amended by us from time to time, will apply:


Currency Code

Multicurrency Payment Cut-Off Time

Swiss Franc


07:00 – 11:00 on Business Days

Czech Koruna


07:00 – 08:30 on Business Days

Danish Krone


07:00 – 11:00 on Business Days



07:00 – 14:30 on Business Days

British Pounds



Hungarian Forint


07:00 – 09:30 on Business Days

Norwegian Krone


07:00 – 11:00 on Business Days

Polish Zloty


07:00 – 09:30 on Business Days

Romanian Leu


07:00 – 08:30 on Business Days

Swedish Krona


07:00 – 11:00 on Business Days

United States Dollar


07:00 – 17:00 on Business Days

Canadian Dollar


07:00 – 17:00 on Business Days

Multicurrency Service

3.1. You will only be able send and receive payments in the Supported Currencies into and from the MCCY Account. Such instructions to us from you will constitute “payment instructions” for the purposes of the Agreement and the transactions will constitute “payment transactions” for the purposes of the Agreement.

3.2. Subject to the MCCY Cut-Off Times, we will endeavour to process payments by the end of the same Business Day in which you initiate such payment, and otherwise no later than the end of the following Business Day (subject to any required additional security checks and validation of the payment instruction which may impact when the payment instruction is processed by us).

3.3. For payment instructions received outside of the MCCY Cut-Off Times, we will store the instruction and will endeavour to process payments as soon as reasonably possible after the beginning of the next available MCCY Cut-Off Time for the applicable currency and otherwise no later than the end of the Business Day following receipt of the instruction.

3.4. Subject to paragraph 3.5, you cannot cancel or amend a payment once it has been initiated. You can however request that the payment be recalled or repaired at any time after it has settled. We will endeavour to trace, recover or repair the payment on your behalf; however, we do not guarantee recovery of the payment. We may charge you for any such trace or recovery request or as otherwise notified by us to you, as well as any third-party charges in undertaking the trace or recovery request.

3.5. For any payment instruction received outside of the MCCY Cut-Off Times, you may cancel such payment provided the cancellation request is received by us at least one hour before the payment is processed by

3.6. We will automatically reject any incoming payment sent to an Account, which does not match the receiving currency of that Account.

3.7. You are responsible for any tax, reporting and originating and beneficiary jurisdiction compliance obligations applicable to you in relation to your use of the MCCY and FX Services

General Provisions

4.1. Payment Instructions made in Error

4.1.1. If it comes to our attention that a payment or FX transaction has been credited to your Account by mistake or in error, or if a payment is recalled by a financial institution that made the payment in error, you will be required to pay back to us the amount of that mistaken or erroneous payment in accordance with our reasonable instruction.

4.2. Termination of the MCCY and FX Service

4.2.1. Without prejudice to our other rights under this Agreement or at law, and in addition to our other termination rights, we may immediately terminate your access to the MCCY and FX Service by providing written notice to you should we consider it necessary or appropriate to do so, including where instructed to do so by an Indirect Third-Party Service Provider.

4.3. Limitations on your use of the MCCY and FX Service

4.3.1. Your use of the MCCY and FX Service may be subject to certain limitations, notwithstanding any other provision of this Agreement, may be changed from time to time if we notify you in writing of such changes. The limitations will remain in place until we advise you in writing that they will no longer apply.

Schedule 3
High Risk and Prohibited Jurisdictions

High Risk Jurisdictions





Burkina Faso





United Arab Emirates

Cayman Islands












Jurisdictions requiring additional due diligence/prohibited


Bosnia and Herzegovina



Central African Republic










North Korea




South Sudan

Democratic Republic of the Congo





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