INDIGO FX LTD

TERMS AND CONDITIONS

CONTACT DETAILS

Legal Name: Indigo FX Ltd

Website domain: www.indigofx.com

Email: in**@*********co.uk

Phone: 0207 846 6248

Address: One Canada Square, London, E14 5AA

 

1. AGREEMENT ACCEPTANCE AND CAPACITY

1.1 These Terms and Conditions (the “Agreement”) govern the provision of foreign exchange and payment services by Indigo FX Ltd (“Indigo FX”, “we”, “us”, “our”) to the Customer.

1.2 To use the services provided by Indigo FX, the Customer must agree to the entirety of this Agreement. By registering for services, instructing a transaction (including by telephone, email or via any platform) or continuing to use Indigo FX services, the Customer confirms acceptance of this Agreement in full.

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

1.4 By accepting these Terms and Conditions, the Customer confirms that they are at least 18 years of age and have the legal capacity to enter into this Agreement. Where the Customer is an entity, the person accepting confirms they have the authority and (where applicable) organisational authorisation to bind the Customer.

2. DEFINITIONS AND CLIENT CATEGORISATION

• In this Agreement:

“Customer” means any individual or entity receiving services from Indigo FX.

“Consumer” means: (i) an individual acting outside their trade or profession; (ii) a sole trader; (iii) a micro‑enterprise employing fewer than 10 persons with annual turnover or balance sheet total not exceeding €2 million; or (iv) a registered charity with annual income below £1 million.

“Corporate Client” means any Customer not falling within the Consumer definition.

“Forward Contract” means an agreement to exchange currencies at a future date at a fixed rate.

“Limit Order” means an instruction to execute a foreign exchange transaction at a specified rate (or better) if the market reaches that level.

“Partner PSP” means a regulated bank or payment institution providing payment accounts and/or payment infrastructure used in connection with Indigo FX services.

“APP Fraud” means Authorised Push Payment fraud.

“Business Day” and “Working Day” mean 08:30 to 17:30 Monday to Friday, excluding UK public holidays in England. Any cut-off times notified by Indigo FX or a Partner PSP apply; instructions received after applicable cut-off times are treated as received on the next Business Day.

“Conditions” means these Terms and Conditions, including any amendments or updates notified in accordance with clause 25.

“Contract” means the agreement formed between Indigo FX and the Customer for the supply of the Services, comprising any Order, Trade Confirmation and these Terms.

“Currency” means any currency (including GBP and non‑GBP currencies) supported by Indigo FX and/or its Partner PSPs for the relevant Service.

“Due Amount” means the amount (in the base/sold currency) that the Customer must deliver to Indigo FX (or to the Specified Account) to be exchanged into the Purchased Currency, as set out in the relevant Trade Confirmation or Order.

“Identification” means evidence of the Customer’s identity and, where relevant, ownership/control structure and address, as required by Indigo FX from time to time to meet legal and regulatory obligations.

“Margin” means the advance payment required by Indigo FX for a Forward Contract, as set out in clause 17 and/or the relevant Trade Confirmation.

“Margin Call” means a request by Indigo FX for additional Margin (variation margin) due to market movement or increased exposure on a Forward Contract.

“Order” means the Customer’s oral or written instruction to Indigo FX to execute a foreign exchange transaction and/or to provide a payment service, including any Limit Order.

“Order Date” means the date on which the Customer places an Order.

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

“Rate” means the agreed exchange rate for the relevant transaction as confirmed in the Trade Confirmation.

“Regulations” means the Payment Services Regulations 2017 (as amended).

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

“Service” or “Services” means the foreign exchange and/or payment services provided by Indigo FX under this Agreement, including spot transactions, forward contracts, limit orders and international payment execution via regulated partners.

“Specified Account” means the bank account specified by Indigo FX for the Customer to remit funds into for the purposes of a transaction.

“Spot Transaction” or “Spot Trade” means a foreign exchange transaction where the Value Date is within two Working Days after the Order Date (unless otherwise agreed).

“Trade Confirmation” means a document or electronic confirmation confirming the details of a transaction, which forms conclusive evidence of the agreed transaction unless promptly disputed in accordance with Clause 8.

“Value Date” means the date on which the currency is due to be delivered or the payment executed (as applicable).

“APP Fraud Regulations” means applicable rules, directions and guidance issued by the Payment Services Regulator, Pay.UK and other relevant authorities relating to APP fraud and reimbursement (where applicable).

2.2 Where provisions apply differently to Consumers and Corporate Clients, this is stated expressly.

3. REGULATORY STATUS AND SERVICE MODEL

3.1 Indigo FX Ltd is authorised and regulated by the Financial Conduct Authority under the Payment Services Regulations 2017 (as amended) as an Authorised Payment Institution for money remittance services. Indigo FX Ltd is registered in England and Wales (company number 08153583). Indigo FX’s FCA firm reference number is 594433. Indigo FX is registered with HM Revenue & Customs for anti-money laundering supervision (certificate number 12690590).

3.2 Indigo FX provides execution-only foreign exchange services and arranges/executes international payments via regulated Partner PSPs and intermediary banks. Indigo FX does not generally provide payment accounts in its own name.

3.3 Foreign exchange transactions are not regulated investment activity. Indigo FX does not provide investment, tax or legal advice.

3.4 Where legally permitted (including under Regulation 40 of the Payment Services Regulations), Corporate Clients agree that certain information requirements and rights may be disapplied or modified. This does not affect mandatory rights that cannot be excluded by law.

4. SERVICES

4.1 Indigo FX provides the following services on an execution-only basis:

• Spot foreign exchange transactions;
• Forward foreign exchange contracts;
• Limit orders;
• International payment execution via regulated partners.

 

4.2 Indigo FX may decline to provide any service or may impose transaction limits where required for risk management, regulatory compliance or operational reasons.

5. CUSTOMER DUE DILIGENCE AND ONGOING INFORMATION

5.1 The Customer must provide accurate, complete and up-to-date information to enable Indigo FX to comply with anti‑money laundering, counter-terrorist financing, sanctions and fraud prevention requirements.

5.2 Indigo FX may request additional information at any time, including source of funds/source of wealth evidence, transaction purpose, beneficiary information and supporting documentation.

5.3 Indigo FX may delay, refuse, suspend or terminate services if information is not provided promptly or if Indigo FX has legal, regulatory or financial crime concerns. Indigo FX may be unable to provide reasons in certain circumstances due to legal restrictions.

6. AUTHORISED PERSONS, INSTRUCTIONS AND RELIANCE

6.1 The Customer is responsible for identifying persons authorised to instruct Indigo FX and for ensuring Indigo FX has up-to-date authorisation details.

6.2 Indigo FX may rely on instructions that appear to come from an authorised person, including via telephone, email, messaging, platform access or other agreed channels.

6.3 The Customer is responsible for the accuracy and completeness of all instructions, including beneficiary details (name, account number/IBAN, sort code, bank address and reference).

6.4 Indigo FX is not liable for losses arising from reliance on apparently authorised instructions or incorrect beneficiary details supplied by the Customer, except to the extent caused by Indigo FX’s negligence, gross negligence or wilful misconduct (as applicable).

7. RECORDED COMMUNICATIONS

7.1 Indigo FX may record and monitor telephone calls and retain electronic communications for regulatory compliance, evidential purposes, dispute resolution, quality assurance and fraud prevention.

7.2 Recordings and communications may be relied upon as evidence of instructions and agreements.

8. BOOKING TRANSACTIONS AND CONFIRMATIONS

8.1 transaction becomes legally binding once the rate, currency pair, amount and settlement date/value date are agreed and confirmed (verbally, electronically or in writing).

8.1A When you book a trade, Indigo FX will confirm (as applicable): the agreed Rate; the Value Date; the deadline by which cleared funds must be received; and the payment details for the beneficiary (including account number/IBAN, SWIFT/BIC and any required reference).

8.1B Delivery of Trade Confirmations: Trade Confirmations may be provided by email (or other agreed electronic method). A Trade Confirmation is deemed received when sent to the Customer’s last notified email address (unless Indigo FX receives a delivery failure).

8.2 Error notification windows: the Customer should notify Indigo FX of any errors in a Trade Confirmation as soon as reasonably practicable. For forward transactions, any discrepancy should be notified within two (2) Working Days where feasible.

8.2A Trade confirmations (including electronic confirmations) constitute conclusive evidence of the agreed transaction unless the Customer notifies Indigo FX of an error promptly and in any event within a reasonable period.

8.3 The Customer must ensure settlement funds are delivered in cleared funds by the required deadline. Late settlement may result in additional costs, re-pricing, close-out or cancellation.

8.4 Pre-trade information: where applicable, Indigo FX will provide pre-trade information prior to entering into a transaction, including key pricing, settlement and payment details. The Customer acknowledges that pre-trade information may be provided verbally, electronically or via platform and may be updated due to market movement or operational requirements.

8.4A Website information. Information about pricing and service features published on our website is general information only and may change from time to time. Transaction-specific pricing and fees will always be disclosed to you before you confirm, and confirmed in your Trade Confirmation.

8.5 Trade confirmation checks: the Customer must check any Trade Confirmation promptly. The Customer must notify Indigo FX as soon as reasonably practicable and, where feasible, within one (1) hour of becoming aware of any error in a Trade Confirmation or any material discrepancy between pre-trade information and the Trade Confirmation. Failure to notify does not automatically render a transaction void and Indigo FX may treat the Trade Confirmation as accepted.

8.6 Missing confirmations: the Customer must notify Indigo FX as soon as possible if a Trade Confirmation has not been received within one (1) hour of an Order being placed and accepted.

9. PAYMENTS, EXECUTION AND CHARGES

9.1 Payments are executed via Partner PSPs and intermediary banks. Execution timelines may vary based on currency, destination, cut‑off times, compliance checks and third-party processing.

9.2 The Customer must normally fund transactions from an account in the Customer’s name unless Indigo FX agrees otherwise for regulated payment purposes.

9.3 Funding source: Indigo FX may require that funds originate from an account in the Customer’s name. Where third-party payments are permitted, Indigo FX may request additional information (including payer details and supporting evidence) and may reject or return funds that do not meet regulatory requirements.

9.4 Cut-off: payment instructions and/or funds received after applicable cut-off times may be treated as received on the next Business Day. Currency cut-off times may apply and can impact execution timelines.

9.5 Receiving and intermediary banks may deduct charges.

10. PRICING, FEES AND DISCLOSURES

10.1 How pricing is set. Indigo FX quotes a firm exchange rate which reflects live market conditions and includes our margin. We do not charge a separate “commission” unless expressly agreed and disclosed to you before you confirm a transaction.

10.2 Payment fees. Depending on the payment route, currency, destination, and speed selected, a fixed payment fee and/or other charges may apply. Where no payment fee applies, we will state this to you.

10.2A What we show you before you confirm. Before you commit to a transaction, we will provide (by email, telephone, platform or other agreed channel) the key information needed to make an informed decision, which will include: (i) the amount you are sending; (ii) the exchange rate to be applied; (iii) any Indigo FX fees/charges; and (iv) the amount the recipient is expected to receive (to the extent we are able to determine this).

10.3 Confirmation. The Trade Confirmation will repeat the key pricing and payment details and will form part of the Contract. If there is any conflict between general pricing information (including on our website) and the Trade Confirmation for a specific transaction, the Trade Confirmation will prevail for that transaction.

10.4 Third-party fees. Intermediary, receiving or correspondent banks may deduct their own charges. Where possible, we will flag when such fees may apply, but these charges are outside our control and may affect the amount received.

10.5 Indigo FX is not liable for delays or failures caused by third parties (including intermediary banks), sanctions screening, regulatory action, network outages or incomplete/incorrect instructions.

11. PAYMENT

11.1 Execution condition: Indigo FX will only execute a Payment once the Due Amount has been received in full in cleared funds and Indigo FX has received complete payment instructions.

11.2 Incomplete instructions: if payment instructions are incomplete or unclear, Indigo FX may delay execution until sufficient information is provided.

11.3 Estimated duration: depending on route, currency and destination, payments may take up to five (5) Business Days (or longer in some cases) to clear and reach the beneficiary. Indigo FX cannot guarantee beneficiary bank processing times.

11.4 Bank charges: intermediary and receiving banks may deduct charges from the transferred amount. Where such charges apply, the beneficiary may receive less than the amount instructed.

11.5 Our obligations: Indigo FX will use reasonable care and skill in providing the Services and will execute payments in accordance with the Customer’s instructions once the requirements in clause 11.1 are met.

11.6 Where applicable, Indigo FX will safeguard relevant customer funds in accordance with the Regulations and will hold safeguarded funds separately from Indigo FX’s own funds.

11.7 Customer obligations: the Customer must provide accurate information and instructions (including beneficiary details), keep details up to date, and notify Indigo FX promptly of any errors, changes or concerns relating to transactions.

11.8 The Customer must notify Indigo FX immediately if circumstances arise that may affect the Customer’s ability to meet payment deadlines or margin requirements.

12. UNAUTHORISED PAYMENT

12.1 Notice of incorrect or unauthorised Payments: the Customer must inform Indigo FX without undue delay if it becomes aware of an incorrect or unauthorised Payment and in any event: (a) where the Customer is a Consumer, no later than thirteen (13) months after the Payment Date; and (b) in all other cases, within seven (7) days of the Payment Date.

12.2 Waiver: failure to comply with the time limits in clause 15.1 constitutes a waiver of the Customer’s right to make a claim against Indigo FX in respect of the relevant Payment, to the fullest extent permitted by law.

12.3 Remedies: where Indigo FX is liable under the Regulations for an incorrect Payment, Indigo FX will use reasonable endeavours to correct the error and/or refund amounts debited incorrectly (including applicable transaction fees) provided the requisite notice has been received in accordance with clause 15.1. For an unauthorised Payment, Indigo FX will refund the amount debited without authorisation as soon as possible, unless Indigo FX has reasonable grounds to suspect fraud and notifies the relevant authorities.

12.4 Prohibited purposes: the Customer must not place an Order or request a Payment for any unlawful purpose, or relating to prohibited activities notified by Indigo FX from time to time (which may include online gambling, pornography, firearms or other restricted sectors).

13. FOREIGN EXCHANGE RISK AND EXECUTION-ONLY

13.1 Foreign exchange rates fluctuate. The Customer acknowledges that exchange rate movements may result in losses.

13.2 Indigo FX provides execution-only services and does not provide investment advice. Any decision to trade is made by the Customer.

13.3 Forwards and Limit Orders may not execute as expected due to market volatility, liquidity conditions or market disruption.

14. FORWARD CONTRACTS, LIMIT ORDERS AND MARGIN

14.1 Forward Contracts: unless otherwise agreed in writing, the Customer must pay a margin deposit equal to 10% of the Forward Contract value before the Forward Contract is booked. A lower margin may be agreed expressly in writing.

14.2 Margin is a deposit against market exposure and is not safeguarded. The Customer may be required to pay additional margin (variation margin) if market movements increase exposure.

14.3 If the Customer fails to meet a margin call within the timeframe specified by Indigo FX, Indigo FX may close out the Forward Contract (in whole or in part) and the Customer will be liable for any losses and costs.

14.4 Forward Contracts must relate to identifiable commercial, charitable or personal currency exposure and must not be entered into for speculative purposes.

14.5 Limit Orders: Indigo FX will use reasonable endeavours to execute a Limit Order if the relevant market rate is reached; however, execution is not guaranteed. Limit Orders may be cancelled or expire as agreed.

15. MANIFEST ERROR

15.1 Indigo FX may void, amend or reverse any transaction affected by a manifest error, including obvious pricing errors, incorrect price feeds, platform faults, system failures or clerical mistakes.

15.2 Indigo FX will notify the Customer as soon as reasonably practicable and may re-book the transaction at the correct market rate where appropriate.

16. SAFEGUARDING OF FUNDS

16.1 Where Indigo FX receives funds from a Customer for the purpose of executing a payment transaction (or otherwise as regulated under the Payment Services Regulations), Indigo FX safeguards relevant customer funds in accordance with applicable safeguarding requirements.

16.2 Safeguarded funds are held separately from Indigo FX’s own funds in designated safeguarding accounts with regulated institutions and are intended to be protected in the event of Indigo FX insolvency.

16.3 Safeguarding is not the same as a bank deposit and safeguarded funds are not covered by the Financial Services Compensation Scheme (FSCS).

16.4 Funds that are not safeguarded: margin deposits and any funds held for other purposes that fall outside safeguarding requirements (including as permitted by law) are not safeguarded.

16.5 Interest: unless required by law or expressly agreed in writing, Indigo FX does not pay interest on safeguarded or non-safeguarded funds.

16.6 Indigo FX may use Partner PSPs to hold or process safeguarded funds, provided safeguarding arrangements remain compliant with applicable requirements.

16.7 Insolvency note: in the unlikely event that Indigo FX enters insolvency, safeguarded funds are intended to be protected from claims by Indigo FX creditors and efforts will be made to reimburse relevant funds to Customers. However, refunds may take longer and an administrator or liquidator may deduct certain costs from funds during the insolvency process, meaning the Customer may not receive the full amount back.

16.8 Non-safeguarded deductions and set-off: to the extent Indigo FX is entitled to deduct amounts owed by the Customer under a transaction (including margin, variation margin, fees, charges and losses) or to exercise any contractual set-off rights, such amounts may be treated as not safeguarded to that extent.

17. AUTHORISED PUSH PAYMENT (APP) FRAUD

17.1 Service structure: Indigo FX provides money remittance services and does not generally operate payment accounts in its own name. Payment accounts/local account details used in connection with Indigo FX services are provided by Partner PSPs.

17.2 Operational management: where Indigo FX customers initiate payments from Partner PSP-provided accounts (including sub-accounts), Indigo FX will manage customer engagement, coordinate investigations, and support recovery attempts in line with internal fraud controls.

17.3 Regulatory allocation: operational management by Indigo FX does not change the underlying regulatory position, account ownership, or (where applicable) the allocation of reimbursement obligations under payment scheme rules, which may sit with the Partner PSP acting as a relevant PSP.

17.4 Contractual arrangements: Partner PSPs may require Indigo FX to enter contractual indemnity or similar arrangements in respect of amounts paid under scheme rules. Such arrangements are between firms and do not affect customer statutory rights.

17.5 Customer obligations: the Customer must take reasonable steps to verify payment instructions and must notify Indigo FX immediately if APP Fraud is suspected or confirmed.

18. PLATFORM SECURITY

18.1 The Customer must keep credentials secure, restrict access to authorised users and implement appropriate internal controls.

18.2 Transactions carried out using valid credentials are treated as authorised unless the Customer notifies Indigo FX promptly of unauthorised access.

18.3 Indigo FX is not liable for losses arising from compromised credentials or customer system compromise unless caused by Indigo FX’s negligence.

18.4 Access: Indigo FX may provide Customers with access to an online portal (“IndigoPay”) to view and manage transactions. Indigo FX may permit the Customer to authorise additional users; the Customer remains responsible for all actions taken by authorised users.

18.5 Security: the Customer must keep usernames, passwords and access devices secure and must notify Indigo FX immediately if it suspects credentials have been compromised or misused.

18.6 Suspension: Indigo FX may suspend, restrict or revoke IndigoPay access where required for security, regulatory, operational or risk reasons.

18.7 Intellectual property: Indigo FX (and/or its licensors) retains all intellectual property rights in IndigoPay and related materials. The Customer must not copy, modify, reverse engineer or misuse the platform.

19. COMPLAINTS AND THE FINANCIAL OMBUDSMAN SERVICE

19.1 If the Customer is dissatisfied with any aspect of our services, the Customer should contact Indigo FX using the contact details above. We will investigate and respond in accordance with our complaints procedure.

19.2 Eligible Consumers may refer unresolved complaints to the Financial Ombudsman Service (“FOS”) after receiving a final response or after eight weeks, whichever is sooner.

19.3 FOS details: Financial Ombudsman Service (www.financial-ombudsman.org.uk). Additional contact details are available on the FOS website.

19.4 The Financial Ombudsman Service is a free and independent service for eligible complainants.

19.5 Corporate Clients may not be eligible to refer complaints to the FOS depending on applicable eligibility criteria.

20. DATA PROTECTION AND CONFIDENTIALITY

20.1 Indigo FX processes personal data in accordance with UK GDPR and applicable data protection laws and maintains confidentiality of non-public information.

20.2 Indigo FX may disclose information to regulators, law enforcement, Partner PSPs, service providers and fraud prevention agencies where required by law, regulation or for fraud prevention and service delivery.

20.3 Privacy Notice: further information about how Indigo FX collects and processes personal data, and the rights of data subjects, is set out in Indigo FX’s privacy notice available on our website.

20.4 The Customer must keep confidential any non-public information received from Indigo FX, except where disclosure is required by law.

21. SUSPENSION AND TERMINATION

21.1 Indigo FX may suspend or terminate services where required by law, regulation, sanctions, AML concerns, fraud concerns, non-payment, or unacceptable risk.

21.2 The Customer remains liable for all outstanding obligations, including any losses and costs arising from close-out of open transactions.

21.3 Withdrawal of payment orders: where permitted under the Regulations, the Customer may withdraw a payment order only before it is received and accepted for execution. Once a trade is agreed and/or a payment instruction has been accepted or executed, it cannot be cancelled or amended except as required by law or agreed by Indigo FX.

21.4 Customer termination: the Customer may request termination of the relationship by written notice provided there are no outstanding transactions, margin obligations, fees, or unresolved compliance queries. Indigo FX will process termination as soon as reasonably practicable.

21.5 Close-out on termination: where transactions remain open, Indigo FX may close out positions and the Customer remains liable for any resulting losses, costs and charges.

21.6 Right of set-off: Indigo FX may, at any time, set off any amount owed by Indigo FX to the Customer against any amount owed by the Customer to Indigo FX, whether present or future, liquidated or unliquidated, and whether or not arising under this Agreement. If amounts are in different currencies, Indigo FX may convert at a rate it reasonably determines for the purpose of set-off.

22. LIABILITY

22.1 To the fullest extent permitted by law, Indigo FX is not liable for: market losses, third-party banking delays, intermediary deductions, indirect or consequential losses, loss of profit, loss of business opportunity, or losses arising from inaccurate customer instructions.

22.2 Nothing in these Terms limits or excludes liability to the extent such limitation or exclusion is prohibited by law.

22.3 APP fraud reimbursement: Indigo FX is authorised for money remittance and does not generally provide payment accounts or “relevant accounts” in its own name. Where customers access local account details or sub-accounts through Partner PSPs, the underlying account provision and scheme participation sit with the Partner PSP. Accordingly, Indigo FX is not typically the scheme participant responsible for APP reimbursement obligations, although Indigo FX will support investigations and liaise with relevant PSPs in accordance with clause 17.

23. FORCE MAJEURE

23.1 Indigo FX is not liable for failure or delay caused by events beyond reasonable control, including natural disasters, war or terrorism, cyber incidents, telecoms failures, payment scheme outages, liquidity disruption, or regulatory intervention.

24. THIRD-PARTY PROVIDERS

24.1 Indigo FX may use regulated banks, payment institutions, liquidity providers and technology partners to provide services. The Customer acknowledges such reliance.

24.2 UK and global services: Indigo FX may use The Currency Cloud Limited (FCA reference number 900199) for certain payment and foreign exchange infrastructure and related services, where applicable.

24.3 EEA services: for certain EEA services, Indigo FX may use CurrencyCloud B.V. (regulated by De Nederlandsche Bank) where applicable.

24.4 US services: for certain US-related services, Indigo FX may use The Currency Cloud Inc. and/or relevant banking partners (including correspondent arrangements) where applicable.

25. CHANGES TO TERMS

25.1 Indigo FX may amend these Terms to reflect regulatory, operational or service changes. Continued use of services constitutes acceptance of the updated Terms.

25.2 Notice of changes: where required by the Regulations, Indigo FX will provide appropriate notice of material changes (which may be up to two (2) months’ notice in certain cases). Continued use of the Services after the effective date of changes constitutes acceptance.

26. GOVERNING LAW

26.1 These Terms are governed by the laws of England and Wales and the courts of England and Wales shall have exclusive jurisdiction.