Terms and Conditions

These Terms and Conditions set out the Agreement including the Terms of Business between the Customer and Indigo FX Limited. These may be requested at any time by the Customer.

1. About Us

1.1 Indigo FX Limited:
• Is a UK-incorporated company, company number 08153583.
• Is authorised by the Financial Conduct Authority (FCA) under the Payment Services Regulations 2017 for the provision of payment services, reference number 594433.
• Is a registered Money Services Business with HM Revenue and Customs, reference no. 12690590.
• Has a registered address of 30 Crown Place, London EC2A 4EB.
• Can be contacted via:
  - Email: info@indigofx.co.uk
  - Phone: 020 7856 2467
  - Letter: Indigo FX Ltd, 9th Floor, One Canada Square, London E14 5AA
• Indigo FX will contact the Customer using the contact details (phone/email) provided during the onboarding process in the event of security threats or fraud.

1.2 Services Provided:
Indigo FX provides money remittance and foreign exchange services, including:
• Spot Trades
• Forward Trades
• Limit Orders

1.3 To use the services provided by Indigo FX, the Customer must agree to the entire Agreement.

1.4 The entire Agreement consists of Indigo FX’s:
• Terms of Business
• Privacy Policy – https://indigofx.com/privacy-policy/
• Terms of Use – https://indigofx.com/terms-of-use/
• Registration Form – Open An Account: Business & Personal

1.5 Indigo FX cannot provide services without acceptance of this Agreement in full.

1.6 By agreeing to these Terms and Conditions, the Customer confirms they are over the age of 18 and have sufficient capacity and authority to accept them.

2. Terms of Business

2.1 Registration
2.1.a To perform its service, the Customer must register and complete the registration process.
To fulfil legislative and regulatory obligations, Indigo FX requires sufficient information for satisfactory identification.
This may include electronic verification and/or copies of photographic ID and address documentation.

2.1.b Upon registration, a Customer Identification Number will be issued.
This must be referenced in all correspondence with Indigo FX.

2.1.c Authorised Persons must be confirmed during registration, enabling them to agree trades on the Customer’s behalf.
2.1.d The Customer must notify Indigo FX of any changes to Authorised Persons.
2.1.e The Customer must also inform Indigo FX of any material changes, including directors, shareholders, or business operations.

2.2 Booking a Trade

2.2.a A trade may be confirmed by phone, electronically, or in writing. Once confirmed, it is legally binding and governed by these Terms of Business.

2.2.b Upon booking a trade, Indigo FX will:

• Confirm the Value Date

• Provide a unique identifier for the trade

• State the amount, date, and time funds must be received

• Detail required payment information, such as:

  • Payee Bank Account Name

  • Payee Bank Name

  • IBAN or Account Number

  • SWIFT/BIC or Bank Code

  • Any associated references

2.2.c A Trade Confirmation outlining these details will be sent via email, fax, or post, and will constitute conclusive evidence of the agreement.
2.2.d The Trade Confirmation is deemed delivered once it is successfully transmitted or dispatched.
2.2.e For Spot Contracts, any errors must be reported within a reasonable time; otherwise, the confirmation will be considered accurate.
2.2.f For Forward Trades, the Customer must report errors within two Working Days.
2.2.g Indigo FX may provide market context or information but does not provide trading advice. The Customer authorises Indigo FX to take reasonable actions to provide the agreed service.

2.3 Payment

2.3.a Indigo FX requires full payment from the Customer on the specified Value Date. Payment instructions will only be actioned once the full value of the funds has been received.

2.3.b Funds must be sent from a bank account in the Customer’s name. Indigo FX will only accept funds from a third party where it is expressly in accordance with the Customer’s payment instruction and forms part of a regulated payment transaction. Any third-party payments received outside of these parameters will be rejected and/or returned. Indigo FX reserves the right to request full details of the payer and the underlying transaction to ensure compliance with regulatory and AML obligations.

2.3.c Any payment order received after the end of a Business Day is deemed received on the next Business Day.
2.3.d Currency cut-off times apply. If funds are received on the Value Date but after the cut-off, the transfer will be made on the next Business Day.

2.4 Forward Trade

2.4.a On the Order Date, the Customer must pay cleared funds into the Specified Account equal to a 10% Margin (unless otherwise agreed).
2.4.b The outstanding balance must be paid in cleared funds by the Value Date.

2.4 Forward Trade (continued)

2.4.c Indigo FX may request an Additional Margin. This must be paid by the Customer within the timeline specified in the request.

2.4.d The Margin is considered a down payment for a future transaction and is not safeguarded under FCA regulations.

2.4.e The Margin may be retained by Indigo FX if:

• The Customer breaches these Terms;

• The Customer becomes unable to meet financial obligations.

2.4.f The Customer must pay all sums in full without any set-off or counterclaim.

2.4.g Indigo FX may pass on costs incurred in recovering losses or liabilities from the Customer.

2.4.h Indigo FX does not accept cash or cheque; all funds must be remitted electronically.

2.5 Spot Trade

2.5.a The Customer must pay cleared funds in full into the Specified Account no later than the Value Date.

2.6 Execution of Transfer

2.6.a Indigo FX will execute a payment when:

• Full onward payment instructions are received by the Value Date or as soon as practicable thereafter;

• If instructions are not received on time, the transfer will occur as soon as possible after receipt.

2.6.b Indigo FX cannot proceed without complete payment instructions.

2.6.c Indigo FX is not responsible for delays caused by incomplete instructions from the Customer.

2.6.d Indigo FX will:

• Transfer funds on the agreed Value Date;

• Provide payment details for tracking;

• Notify the Customer of any issues as soon as reasonably possible.

2.6.e The agreed Exchange Rate includes all Indigo FX fees unless expressly agreed otherwise.

2.6.f Funds may take up to five Business Days to clear. Receiving banks may deduct charges.

2.6.g Customers should consult their bank regarding transfer timeframes. Indigo FX does not guarantee payment processing times.

2.7 Duration and Termination of Contract

2.7.a The Customer may request to withdraw a payment order before it is agreed. Once a trade is confirmed, it cannot be altered or cancelled. Termination may result in loss or liability, for which the Customer is responsible.

2.7.b Indigo FX may close out all or part of a trade without notice or liability if:

• The Customer fails to pay any amount due;

• It becomes unlawful to carry out the trade;

• Indigo FX deems it necessary at its discretion.

2.7.c The Customer may request to terminate their relationship, provided there are no outstanding transactions. This must be submitted in writing to the assigned Dealer.

2.7.d Indigo FX will process termination requests within 5 Business Days.

2.7.e Indigo FX may pass on any termination-related charges to the Customer.

2.7.f Indigo FX may immediately terminate this Agreement if:

• The Customer’s activity is illegal or fraudulent

• The Customer breaches these Terms

• Indigo FX is unable to verify the Customer or transactions in line with legislative requirements

• A legal authority, regulator, or service provider requires termination

• Continuing the relationship could result in reputational harm

• A material change in either party impacts Indigo FX’s ability to provide services

2.8 Our Obligations

2.8.a In accordance with the Payment Services Regulations 2017:

• Once a trade is completed, Indigo FX must transfer the proceeds to the Customer’s Nominated Account as soon as practicable after the Value Date

• The Regulations apply to transfers where the payer or payee is located in the EEA and the currency is of an EEA member state

• Funds received for payment services are safeguarded and held in segregated accounts with regulated financial institutions. These accounts are maintained separately from Indigo FX’s operational funds

• Further details on the Regulations are available on the FCA website or by contacting: compliance@indigofx.co.uk

2.9 Customer’s Obligations

2.9.a The Customer is responsible for the accuracy of all information provided, including documentation and nominated account details.
2.9.b Instructions from the Customer or Authorised Persons must be given in English.
2.9.c The Customer must promptly notify Indigo FX in writing of any errors or changes in the details provided.
2.9.d The Customer must also notify Indigo FX immediately if circumstances arise that affect their ability to meet payment obligations.

2.10 Confidentiality and Data Protection

2.10.a Indigo FX respects the privacy of all Customers and treats Customer information as confidential.
2.10.b Indigo FX collects and processes data in accordance with the Data Protection Act 2018 and the UK GDPR, as outlined in its Privacy Policy.
2.10.c The Privacy Policy outlines:

• What information Indigo FX collects

• How it uses this information

• How it stores and protects data

2.10.d Indigo FX may carry out financial checks on the Customer as deemed necessary.
2.10.e Indigo FX may verify the Customer’s identity by checking the provided information against secure databases, including the electoral register and fraud prevention agencies.
2.10.f Records of verification processes may be retained and shared with other firms for identity verification purposes.
2.10.g Customer data may be disclosed where required by law, a court order, or regulatory obligation, or to assist law enforcement in preventing or detecting crime, fraud, or money laundering

2.10.h The Customer guarantees that all data provided is accurate and obtained lawfully.

2.11 Security

2.11.a The Customer is responsible for safeguarding all passwords and access credentials related to Indigo FX services.
2.11.b Any loss, theft, or misuse of credentials must be reported to Indigo FX immediately, either in writing or by phone.
2.11.c The Customer is liable for any losses suffered by Indigo FX due to fraudulent activity committed by the Customer.

2.12 Liability

2.12.a Indigo FX may be liable to the Customer in cases of:

• Unauthorised money transfers

• Incorrectly executed money transfers

2.12.b Indigo FX provides money remittance services only. It does not offer payment accounts. Therefore, it is not subject to reimbursement obligations under APP Fraud Regulations as set by the Payment Services Regulator. Indigo FX shall have no liability in such cases but remains committed to investigating suspected fraud.

2.13 Incorrect Money Transfer

2.13.a Indigo FX may be liable to the Customer if a money transfer is performed incorrectly.
2.13.b The Customer must notify Indigo FX as soon as possible upon becoming aware of an error.
2.13.c Indigo FX will investigate any reported issue and inform the Customer of the outcome.
2.13.d Where appropriate, Indigo FX will rectify any incorrect transfer without undue delay, limited to instances where the payment made exceeded the agreed amount without the Customer’s authorisation.
2.13.e The Customer is not entitled to a remedy if:

• They fail to notify Indigo FX in writing without undue delay (no later than 13 months after the issue occurred)

• Indigo FX can demonstrate that the authorised amount was received by the intended recipient

• The error was caused by the Customer or Authorised Person providing incorrect or incomplete information

2.14 Use of IndigoPay Platform

2.14.a All registered Customers may request access to the IndigoPay platform to execute trades and make payments online.
2.14.b The Customer may permit third parties to access IndigoPay.
2.14.c The Customer is responsible for all activity conducted by authorised third parties.
2.14.d Indigo FX will provide necessary information to access the IndigoPay platform.
2.14.e The Customer is responsible for keeping access credentials secure.
2.14.f Indigo FX must be notified immediately if platform access credentials are compromised or lost.
2.14.g Indigo FX is not liable for losses resulting from use of the platform.
2.14.h Indigo FX may suspend, limit, or revoke IndigoPay access at its discretion.
2.14.i All intellectual property in the IndigoPay platform remains the property of Indigo FX and may not be copied or distributed without express consent.

2.15 Complaints

2.15.a Customers may submit complaints regarding services in accordance with Indigo FX’s Complaints Procedure.
2.15.b If a complaint is not resolved within 8 weeks or the Customer is dissatisfied with the outcome, they may refer it to the Financial Ombudsman Service (FOS).
Visit: www.financial-ombudsman.org.uk

2.16 Service Providers

2.16.a For some UK and global clients, services are provided by The Currency Cloud Limited, authorised by the FCA (FRN: 900199).
2.16.b For clients in the EEA, services are provided by CurrencyCloud B.V., authorised by DNB (Relation Number: R142701).
2.16.c For US clients, services are provided by The Currency Cloud Inc., operating with Community Federal Savings Bank (FDIC Cert #57129) and registered with FinCEN.

2.17 Changes to Terms and Conditions

2.17.a Indigo FX may periodically update these Terms. At least two months’ written notice will be provided unless the changes benefit the Customer.
2.17.b Customers who object to changes may terminate the agreement following the completion of any pending trades.
2.17.c Continued use of the services after the notice period will constitute acceptance of the updated Terms.

3. Definitions

APP Fraud
Means authorised push payment fraud, where a person is deceived or manipulated into making a payment to an account controlled by a fraudster.

APP Fraud Regulations
Refers to applicable rules and guidance issued by the Payment Services Regulator and other authorities addressing APP fraud.

Business Day
Means 09:00 to 17:30 Monday to Friday, excluding UK public holidays.

Customer
Refers to the individual, company, or partnership that places an Order having accepted these Terms and Conditions.

Conditions
Means these Terms and Conditions, including any amendments.

Contract
Means the agreement formed between Indigo FX and the Customer for the supply of the service, comprising the Order, Trade Confirmation, and these Terms.

Currency
Means any non-GBP (pound sterling) currency.

Due Amount
The amount (in the base currency) that the Customer remits to Indigo FX to be exchanged into the Purchased Currency, as set out in the Trade Confirmation.

Forward Trade
An Order to buy or sell currency where the Value Date is more than two Working Days after the Order Date.

Identification
Means evidence of the Customer’s identity as required by Indigo FX, in a form prescribed by Indigo FX from time to time.

Margin
The advance payment required by Indigo FX for each Forward Trade.

Margin Call
A request by Indigo FX for additional Margin based on market movement, not exceeding the full value of the base currency.

Money Laundering Regulations
The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, as amended.

Order
The Customer’s oral or written instruction to Indigo FX to execute a trade or provide a payment service.

Order Date
The date the Customer places an Order.

Purchased Currency
The currency the Customer will receive after conversion of the Due Amount at the agreed Rate.

Rate
The agreed exchange rate as stated in the Trade Confirmation.

Regulations
The Payment Services Regulations 2017, as amended.

Service
The currency exchange and payment service provided by Indigo FX under this Agreement.

Specified Account
The bank account specified by Indigo FX for the Customer to remit funds into.

Trade Confirmation
A document confirming the details of a trade, sent to the Customer, which forms conclusive evidence of the transaction agreed.

Value Date
The date on which the currency is due to be delivered or the payment executed.