Customer Agreement for Brazilian Residents

Welcome to Wise!

This Customer Agreement applies to our products and Services to Brazilian Residents. It describes the rights and obligations of you and us and forms a legally binding contract between you and Wise when you register and use our services such as sending money to your friends and family or holding a balance with us.

For "Money Transfer" transactions, this Agreement applies individually to each transaction and is not a Framework Contract. Additionally, when paying for a Money Transfer transaction in a currency other than the Great British pound (GBP), you may be doing business with a different Wise entity, as listed here. In those cases, your money will be held in accordance with the regulations and licenses applicable to such entities, as described here.

1. About this Customer Agreement

1.1. Agreement. This is the contract celebrated between you, the User, and Wise UK ("Wise", "we", "us", or "our" as applicable), which defines the terms and conditions on which we provide our Services to you ("Customer Agreement" or "Agreement").

1.2. You accept this Agreement. By using our Services (including downloading and using our App, or via the API or other authorised third party), you confirm that you accept and agree to this Agreement. If you do not agree with the Terms of this Customer Agreement, please do not use our Services.

1.3. Other additional documents which apply to you. This Agreement refers to the following additional documents ("Policies" and "Additional Documents"), which also apply to your use of our Services:

a) Our Privacy Policy, which sets out the terms on which we process any personal data we collect about you, or that you provide to us. By using our Services, you consent to such processing, and you promise that all data provided by you is accurate.

b) Our Cookie Policy, which sets out information about the "cookies" on our Website.

c) Our Acceptable Use Policy, which sets out the permitted uses of our Services.

d) Our Frequently Asked Questions ("FAQ") which provides answers to common customer questions.

e) Additional documents. To receive some of our Services, you may be asked to agree to additional terms and which we will notify you about at the relevant time.

1.4. For clarity, the Policies and Additional Documents and the parts of this Agreement which incorporate the Policies and Additional Documents are not Framework Contracts.

1.5. Where to get a copy of this Agreement. You can always see the most current version of this Agreement on our Website. If you want a copy of this Agreement, please contact Customer Support.

1.6. Please read this Agreement carefully before you start to use our Services. This Agreement (always together with the Policies and Additional Documents) tells you who we are, how we will provide the Services to you, how this Agreement may be changed or ended, what to do if there is a problem and other important information. If you think that there is a mistake in this Agreement or require any changes, please contact us to discuss.

1.7. When holding money paying for a Money Transfer in a currency in other than Brazilian Reais, you may be doing business with a different Wise entity. In those cases, YOU ACKNOWLEDGE AND AGREE THAT YOUR MONEY WILL BE HELD IN ACCORDANCE WITH THE REGULATIONS, LAWS AND LICENCES APPLICABLE TO SUCH ENTITY.

2. Who are we and how to contact us

2.1. Wise UK is the entity that manages your Wise Account.We are an Electronic Money Institution authorised by the UK Financial Conduct Authority ("FCA") under the Electronic Money Regulations 2011 for the issuing of electronic money and providing payment services. Our FCA reference number is 900507.

2.2. Wise Pagamentos is the company that administers your Conta Wise and, when applicable, the company that issues your Cartão Wise.

2.3. Wise Corretora is the Wise company responsible for making exchange operations for Wise in Brazil. Wise Corretora is a financial institution authorized by the BACEN to act in the Brazilian foreign exchange market.

2.4. How to contact us. You can contact us by email, web chat or telephone. Our contact details are provided on the "Contact" page of our Website.

3. Glossary

3.1. In this Agreement:

API means the application programming interface provided by Wise.

API Partner means a business we have partnered with for Wise to offer our Services through their website, mobile application or similar.

App means the mobile application software where we offer our Services to you, the data supplied with the software and the associated media.

BCB means the Central Bank of Brazil.

Balance means any amounts held in your Wise Account.

Brazilian Resident means an individual considered, for tax purposes, who meets one of the following criteria: (i) has a permanent visa and lives in Brazil; (ii) is physically in Brazil for at least 184 days in a calendar year, whether consecutively or not; (iii) owns property or has business interests in Brazil that indicate an intention to reside.

Business Day means a day other than a Saturday, Sunday or a public holiday in England when financial institutions in London are open for business.

Conta Wise has the meaning given in the "Termos de Uso da Conta Wise no Brasil" available here.

Exchange Rate has the meaning given in section 15.2.

Framework Contract means a contract for payment services which governs the future execution of individual and successive payment transactions, and which may contain the obligation and conditions for setting up a payment account as defined in the UK Payment Services Regulations 2017.

Group Company means any entity that directly or indirectly controls, is controlled by, or is under common control with another entity.

Guaranteed Period has the meaning given in section 15.4.

Intellectual Property means (i) rights in, and in relation to, any trademarks, logos, patents, registered designs, design rights, copyright and related rights, moral rights, databases, domain names, utility models, and including registrations and applications for, and renewals or extensions of, such rights, and similar or equivalent rights or forms of protection in any part of the world; (ii) rights in the nature of unfair competition rights and to sue for passing off and for past infringement; and (iii) trade secrets, confidentiality and other proprietary rights, including rights to know how and other technical information.

Pay-in Methods has the meaning given in section 10.2.

Pay-out Methods has the meaning given in section 13.2.

Pix means an instant payment method supported by BCB that may be used by you as a Pay-In Method in Brazilian Reais (R$).

Received Amount has the meaning given in section 12.2.

Services means all products, services, content, features, technologies or functions offered by us and all related websites, applications (including the App), and services (including the Website and API).

Source Currency means the currency which you hold and/or fund your payment order with.

Target Currency means the currency which your recipient will receive.

User means the person that complies with the conditions in Section 4 that uses our Services. The terms "you" and "yours" also refer to User.

Website means any webpage, including but not limited to www.wise.com, where we provide the Services to you.

Wise means Wise UK and any of its Group Companies.

Wise Account means the account you have opened with us in accordance with the terms of this Agreement.

Wise Corretora means Wise Brasil Corretora de Câmbio Ltda., a limited liability company registered in CNPJ/MF with number 36.588.217/0001-01, with registered office in the City of São Paulo, State of São Paulo, at Alameda Rio Claro, n. 241, 5th floor, Bela Vista, Zip Code 01.332-907, and is responsible for the exchange rate transactions to and from Brazilian Real (BRL), as it is authorised by the BCB as a Foreign Exchange Broker.

Wise Materials include any software (including without limitation the App, the API, developer tools, sample source code, and code libraries), data, materials, content and printed and electronic documentation (including any specifications and integration guides) developed and provided by us or our affiliates to you, or available for download from our Website.

Wise Pagamentos means Wise Brasil Instituição de Pagamento Ltda., a limited liability company registered in CNPJ/MF with number 40.571.694/0001-31, with registered office in the City of São Paulo, State of São Paulo, at Alameda Rio Claro, n. 241, 5th floor, Bela Vista, Zip Code 01.332-907, and is responsible for the BRL balance, in which you can hold and send money in BRL; and the prepaid Wise Card.

Wise UK means Wise Payments Limited, a company incorporated under the laws of England and Wales with company number 07209813, whose registered office is at 6th Floor, TEA Building, 56 Shoreditch High Street, London, E1 6JJ, United Kingdom, and is responsible for the accounts and/or balances in foreign currencies (other than BRL), in which you can hold, send or receive money.

4. Information about your Wise Account

4.1. About your Wise Account:

a) Wise Account is a multi-currency account that allows you to hold balance in foreign currency other than Brazilian Reais (R$), spend, send, and receive money as well as convert currency. Wise Corretora and Wise Instituição de Pagamento (Brazilian entities) have no authority nor control over your financial transactions with your Wise Account.

b) The electronic money held on your Wise Account's Balances does not expire other than when your account is closed, see section 8 for more details.

c) The electronic money held on your Wise Account's Balances will not earn any interest.

d) You may hold your electronic money in any currencies which we support from time to time.

e) You may withdraw money from your Wise Account's Balances at any time subject to certain conditions, please see section 12 for more details.

f) Certain limits may be placed on your Wise Account depending on your country of residence, verification checks or other legal considerations. Please contact us if you have any questions about these limits.

g) The electronic money held on your Wise Account's Balances belongs to the person which is registered as the Wise Account holder.

4.2. Your electronic money in the Wise Account is issued in accordance with the UK Electronic Money Regulations 2011.

4.3. Wise is not a bank, and your Wise Account is not a bank account. The funds held with Wise, including balances in your Wise Account, are not insured by any deposit protection scheme, including the Financial Services Compensation Scheme ("FSCS"). Wise holds your funds in permissible investments in accordance with applicable laws. Wise owns the interest or other earnings on these investments, if any.

5. Opening your Wise Account

5.1. To start using our Services, you must open a Wise Account and provide your details as prompted. Wise UK may request and use the information and documents you have previously submitted to another Wise Group Company for the purposes of opening your Wise Account. You authorise Wise UK to request, access and treat the information, documents and personal data provided by you to other Wise Company Group, including to Wise Corretora and Wise Pagamentos.

5.2. By opening a Wise Account, you guarantee the following:

5.2.i. That you are 18 years or over. If you are an individual, you must be 18 years or older to use our Services and by opening a Wise Account you declare that you are 18 years or older. We may ask you at any time to show proof of your age.

5.2.ii. That your use of the Wise Account does not violate any applicable laws. You commit to us that your opening and/or using of a Wise Account does not violate any laws applicable to you. You take responsibility for any consequences of your breach of this section.

5.3. Information must be accurate. All information you provide to us must be complete, accurate and truthful at all times. You must update this information whenever it changes. We cannot be responsible for any financial loss arising out of your failure to do so. We may ask you at any time to confirm the accuracy of your information and/or provide additional supporting documents.

5.4. We are required by law to carry out all necessary security and customer due diligence checks on you (including any parties involved in your transaction for example, your recipient) in order to provide any Services to you. You agree to comply with any request from us for further information and provide such information in a format acceptable to us. In addition, you agree that we may make, directly or through any third party, any inquiries we consider necessary to validate the information you provided to us, including checking commercial databases or credit reports. You authorise us to obtain one or more of your credit reports, from time to time, to establish, update, or renew your Wise Account with us or in the event of a dispute relating to this Agreement and activity under your Wise Account.

5.5. Transacting on your own account. All activities under a Wise Account shall be deemed as activities carried out by the registered user. You shall only use the Services to transact on your own account and not on behalf of any other person or entity.

5.6. One account per person. You may only open one Wise Account unless we have agreed in writing the opening of additional accounts. Wise may refuse the creation of duplicate accounts for the same user. Where duplicate accounts are detected, Wise may close or merge these duplicate accounts at its sole discretion.

6. Maintaining your Wise Account

6.1. Transaction history is displayed on your Wise Account. All your transactions (including your current Balance, money you have uploaded, received, sent and/or withdrawn) are recorded in the transaction history section of your Wise Account. You may access this information after you log in to your Wise Account. We have allocated a reference number to each transaction. You should quote this reference number when communicating with us about a particular transaction.

6.2. Check your Wise Account regularly. You must check your Wise Account regularly and carefully and contact us immediately if you don't recognise a transaction or think we have made a payment incorrectly. You must tell us about any unauthorised or incorrectly executed transactions immediately, but no later than 13 months from the transaction; otherwise you may not be entitled to have any errors corrected.

6.3. You accept the risks of holding balances in multiple currencies. You agree and accept all the risks associated with maintaining balances in multiple currencies including any risks associated with fluctuations in the relevant exchange rates over time. You agree that you will not use our Services for speculative trading.

6.4. No negative balance in your Wise Account. You promise to always have a zero or positive Balance in your Wise Account. If your Wise Account goes into a negative balance as a result of a chargeback, reversal of a transaction, deduction of fees or any other action carried by you, you promise to repay the negative balance immediately without any notice from us. We may send you reminders or take such other reasonable actions to recover the negative balance from you, for example, we may use a debt collection service or take further legal actions. We will charge you for any costs we may incur as a result of these additional collection efforts.

6.5. Taxes. You are responsible for any taxes which may be applicable to payments you make or receive, and it is your responsibility to collect, report and pay the correct tax to the appropriate tax authority.

7. Jars

7.1. What is a Jar? In addition to holding balances in different currencies with your Wise Account, you can segregate your money by opening a Jars. A “Jar” is a sub account within the Wise Account that can be used to segregate a portion of your funds. You may use Jars to keep funds for a designated purpose in the future, such as paying invoices or to assist with your budgeting. You can only put funds into your Jar by moving money from a balance in your Wise account. You can use the funds directly from a Jar to send or transfer funds out of the Jar to external accounts or move the money back into your Wise Account balance. The funds within a Jar can be enabled for spending through Card transactions but they may not be accessed via direct debits. You should keep enough unrestricted money in your Wise Account to cover all anticipated fees. Wise is not responsible for fees resulting from unfunded transactions due to funds being in a Jar.

7.2. Jars are not savings accounts, are not payment accounts and do not have account numbers and do not have any income, bonuses and/or monetary correction. The money held in your Jars does not earn interest and is not insured by any deposit guarantee fund, including the FSCS.

8. Keep your Wise Account safe

8.1. You must:

a) Change your password regularly and ensure that it isn't reused across other online accounts.

b) Contact Customer Support if anyone asks for your Wise password.

c) Always follow recommended password management practice, for example: https://support.google.com/accounts/answer/32040?hl=en.

d) Set up 2-step authentication where prompted (for further instructions please refer to our FAQ).

e) Keep your e-mail account secure. You may reset your Wise Account password using your email address. Let Customer Support know immediately if your email address becomes compromised.

8.2. You must NOT:

a) Disclose your Wise Account password or your customer reference number (which starts with the letter P followed by a series of numbers). Keep them safe.

b) Let anyone access your Wise Account or watch you accessing it.

c) Use any functionality that allows your login details or passwords to be stored by the computer or browser you are using or to be cached or otherwise recorded.

d) Do anything which may in any way avoid or compromise the 2-step authentication process.

8.3. Contact us if you suspect your Wise Account has been compromised. If you suspect your Wise Account or other security credentials are stolen, lost, used without your authorisation or otherwise compromised, you must contact Customer Support immediately, you are also advised to change your password. Any undue delays in notifying us may affect the security of your Wise Account and also result in you being responsible for financial losses.

8.4. Authorising third parties. You may authorise third parties to access your Wise Account to provide their services to you, including authorising them to initiate payments from your Wise Account. You acknowledge that if you authorise a third party to access your Wise Account, we may disclose certain information about your Wise Account to this third party. We are not responsible for any such third party's use of your Wise Account or any information in your Wise Account. Granting permission to a third party does not relieve you of your responsibilities under this Agreement, including notifying us if your Wise Account has been compromised or if a transaction is incorrect or unauthorised.

9. Closing your Wise Account

9.1. You may close your Wise Account at any time. You may end this Agreement and close your Wise Account at any time following the steps in our FAQ.

9.2. You should withdraw your money within a reasonable time. At the time of closure, if you still have money in your Wise Account, you must withdraw your money within a reasonable period of time by following the steps described in section 12. After a reasonable period of time, you will no longer have access to your Wise Account, but you can still withdraw your money by contacting Customer Support. You have the right to do this for a period of 6 years from the date your Wise Account is closed.

9.3. You must not close your Wise Account to avoid an investigation. You must not close your Wise Account to avoid an investigation. If you attempt to close your Wise Account during an investigation, we may hold your money until the investigation is fully completed in order to protect our or a third party's interest.

9.4. You are responsible for your Wise Account after closure. You agree that you will continue to be responsible for all obligations related to your Wise Account even after it is closed.

10. Adding money into your Wise Account

10.1. How to add money into your Wise Account. To upload money, you need to log in to your Wise Account and follow the steps as they appear on screen. We are not responsible for the money you have uploaded until we have received them. For clarity, in an upload transaction, we are the recipient of funds and not the payment services provider.

10.2. Pay-in Methods. You may be presented with one or more methods of upload for example, bank transfer, credit cards or debit cards (in this Agreement, we will call these methods " Pay-in Methods"). The number of Pay-in Methods made available to you will depend on a number of factors including where you live and your verification status with us. Pay-in Methods are not part of our Services, they are services provided by third parties for example, the card provider which issued you with your credit/debit card. We cannot guarantee the use of any particular Pay-in Method and may change or stop offering a Pay-in Method at any time without notice to you.

10.3. Payment instrument must be in your name. Any payment instrument (for example, the credit card or debit card) you use with your chosen Pay-in Method must be in your name.

10.4. Chargebacks on your payment instrument. If you selected a Pay-in Method which gives you chargeback rights (for example in relation to your credit card, you may ask your card provider to reverse a transaction on your card), you promise that you will only exercise this chargeback right if:

a) we have breached this Agreement; or

b) there was an unauthorised use of your payment instrument.

10.5. You promise that you will not exercise your chargeback right for reasons which we are not responsible, including a dispute with your recipient or if there are insufficient funds in your payment instrument. If we need to investigate or take any actions in connection with a chargeback raised by you, we may charge you for our costs in doing so and may deduct such amount from your Wise Account.

10.6. Upload limits on your Wise Account. For legal and security reasons, we impose limits on how much you can upload into your Wise Account.

10.7. When we will credit your Wise Account. We will credit your Wise Account once we have received your money. For some Pay-in Methods such as credit or debit card, we will credit the money to your Wise Account as soon as possible subject to our right of reversal. This means if the actual amount you intended to upload does not reach us within a reasonable time, we may deduct such amount from your Wise Account. If you do not have enough money in your Wise Account for this purpose, we can demand repayment from you using other methods. Find out more here.

10.8. Adding money with Pix. We may offer Pix as a Pay-in Method to add balance to your Wise Account, when available, which allows funds to be available immediately after the transfer order is placed. The conversion and remittance of funds is carried out by Wise Corretora or another authorised partner to provide foreign exchange transactions in Brazil and is subject to the Terms of Use of Wise Corretora. 10.8.1. The Pix transaction in Brazilian Reais (R$) can be made by creating a transfer to the amount defined by you. The Pix transaction may be initiated by generating a QR Code and/or Pix Copy and Past (Pix Copia e Cola), at your discretion, which will be paid in the app or website from your bank or payment account where the funds originate. You will need to pay any fees, including taxes, incurred from adding money by using Pix related to the foreign exchange carried out by Wise Corretora.

10.8.1. The Pix QR Code and/or Pix Copy and Past must be paid in your bank or payment account. Only you can pay for this transfer order, in an account owned by you. Wise may reject a Pix transaction in case of (i) suspected fraud; (ii) impossibility of identifying the User and/or funds from his bank account (mainly when the payment received is not linked to his CPF, which usually occurs when you make the transfer through a payment account at an institution that uses third-party institutions authorized by the BCB); and/or (iii) other instances where money laundering, terrorist financing or other illegal activity is suspected.

10.8.2 Reversal of the Pix. The Special Return Mechanism (“MED”) was created by the BCB to facilitate returns in the event of fraud related to the Pix and when there is an operational failure in the information technology system of any institution that is involved in the PIX transaction. MED is not a chargeback mechanism. Wise, through its partners, will not make the return when (i) there are controversies and commercial disagreements related to aspects of the legal transaction that originated the Pix transaction; and (ii) the funds are allocated to the transactional account of a bona fide third party.

YOU AUTHORISE WISE, ITS AFFILIATES AND/OR ITS PARTNERS TO RETURN AMOUNTS RELATED TO A PIX TRANSACTION, WITHIN THE SPECIAL RETURN MECHANISM, AS WELL AS FREEZE MONEY/BALANCES KEPT IN THE WISE ACCOUNT UNTIL REACHING THE TOTAL AMOUNT OF THE PIX TRANSACTION RECEIVED FOR SUBSEQUENT RETURN OF FUNDS UNDER THE SPECIAL RETURN MECHANISM.

11. Currency Conversion

11.1. You may convert the money held in one currency in your Wise Account into other currencies we support from time to time. You can only perform a conversion in respect of funds that you already hold in your Wise Account. A conversion fee will apply when we perform a currency conversion, for more information, see here.

11.2. The conversion of Brazilian Reais (R$) into other currencies or from other currencies into Brazilian Reais (R$) shall be performed by Wise Corretora or another partner of Wise authorized to act in the Brazilian foreign exchange market.

11.3. When you do not have sufficient balance in your Wise Account. If you have used your Card to make a purchase abroad, but do not have sufficient balance to pay it in your Wise Account, it may be necessary to carry out a foreign exchange transaction through Wise Corretora or its authorised partners to remit the necessary funds. In this case, you authorise Wise Corretora or its partner to carry out a foreign exchange transaction. In this case, additional fees might be applicable, which shall be informed to you.

11.4. Auto Conversion. For certain currencies, you may be able to set one or more conversion orders to be automatically executed once the exchange rate you pick is offered by our Services (an “auto conversion order”). There may be limits to the number of auto conversion orders you are able to set up, as well as the amounts of money you can schedule to convert. Wise does not guarantee that it will be able to execute your auto conversion order in all circumstances.

11.5. You cannot set a preferred currency for converting funds. The auto conversion rules provided for in item above will not apply to conversions from Brazilian Reais (R$) to another currency or from another currency to Brazilian Reais (R$), in your Wise Account, since in these operations you will have to request the conversion manually through the App.

12. Receiving money

12.1. You can receive money into your Wise Account. You can receive money into your Wise Account using methods which we support from time to time.

12.2. The money received is shown in your Wise Account. Any money you receive into your Wise Account (" Received Amount") will be recorded in the transaction history section of your Wise Account. You should check the incoming funds in your Wise Account against your own records regularly and let us know if there are any irregularities.

12.3. The money received may be subject to reversal. You acknowledge that the Received Amount may be subject to reversal and you agree that we may deduct the Received Amount from your Wise Account if it was reversed by the person who paid you the Received Amount or any relevant payment services provider.

13. Withdrawing from your Wise Account Balance's

13.1. You can request to withdraw your money. After you log in to your Wise Account, you may request all or part of your money held in your Wise Account Balances to be withdrawn. Press "send money" and follow the steps as prompted on screen. We will charge you a fee for each withdrawal request, we will let you know the exact amount when you submit your request. You can also find out more information about the fees we charge on the Pricing page.

13.2. Pay-out Methods available to you. You may be presented with one or more methods of withdrawal (in this Agreement, we will call these methods " Pay-out Methods"). The number of Pay-out Methods made available to you will depend on a number of factors including where you live and your verification status with us. We cannot guarantee the use of any particular Pay-out Method and may change or stop offering a Pay-out Method at any time without notice to you, but we will ensure that you will always have at least one Pay-out Method available to you.

13.3. Pay-out Methods are not part of our Services. Pay-out Methods are not part of our Services, they are services provided by third parties for example the bank where you hold your bank account. For the purposes of a withdrawal transaction, we are a payer and not a payment service provider.

13.4. You must provide correct information to us. When setting up your withdrawal request, you must ensure that the information you provide is correct and complete. We will not be responsible for money sent to the wrong recipient as a result of incorrect information provided by you. If you have provided wrong information to us, you may ask us to assist you in recovering the money, but we cannot guarantee that such efforts will be successful.

13.5. Your withdrawal request is subject to limits. You agree that your Wise Account is subject to withdrawal limits. If your withdrawal request exceeds the current limit, we may decline your request and require you to provide additional documents to us so that we can carry out additional checks before allowing the money to be withdrawn.

13.6. Withdrawing money In a currency that you do not hold in your Wise Account. If you withdraw cash or make a purchase in a currency for which you do not hold in your Wise Account, or if you withdraw cash or make a purchase in a currency in an amount that exceeds the available funds that you hold in that currency, Wise UK and/or Wise Corretora may convert funds from another currency that you hold in your Wise Account to cover that transaction, and Wise UK and/or Wise Corretora currency conversion fees will apply. You cannot set a default or preferred currency to convert from.

13.7. Withdrawing money In a currency that is not supported by Wise. If you withdraw cash or make a purchase in a foreign currency that is not supported by Wise, the rate charged by the VISA/MASTERCARD® ​network shall apply.

13.7.1. Please note that if you are offered the option at a point of sale (POS) terminal to pay in local currency or to pay in Brazilian Reais (R$) or another currency, ​you must pick the local currency if you want the Wise rate to apply to your transaction. We will not be responsible for any Chargebacks and/or any refunds made only to the Wise Account that holds the local currency, and Wise may charge any exchange conversion fees, if applicable. The VISA/MASTERCARD® ​network shall apply, as well as the rules for eventual refunds and available currencies.

14. Sending money

14.1. Setting up your payment order. You must set up your payment order from your Wise Account. You may set up the payment order from your Wise Account's Balances or using the Send Money feature.

14.2. Your order may either be:

a) a "Fixed Source Order" which is a payment order where you indicate that you wish to send and convert a fixed amount of Source Currency to your recipient who will receive the converted amount in the Target Currency; or

b) a "Fixed Target Order" which is a transfer where you indicate that you wish to send and convert a fixed amount of Target Currency to your recipient from the Source Currency you pay into Wise.

You can only set up a Fixed Target Order for certain Source Currencies, you can find a list of these Source Currencies on our FAQ.

14.3. Information you need to provide to set up a payment order. To set up a payment order via your Wise Account, you need to provide certain information to us including (a) the full name of your recipient, (b) your recipient's bank account details or their Wise Account details and (c) amount to be transferred.

14.4. Payment order limits. We may place limits on the amount you may send per transfer. For more information on the applicable limits, please visit our FAQ.

14.5. When do we receive your payment order. If your payment order is received by us after 5pm on a Business Day or not on a Business Day, your payment order will be deemed received on the following Business Day.

14.6. What happens after you have submitted your payment order. Once we have received your payment order, we will display it under the Activity section of your Wise account. Each payment order is given a unique transaction number which you can find there. You should quote this number when communicating with us about a particular payment order.

14.7. You need to provide us with sufficient funds before we can process your payment order. We will only process your payment order if we hold or have received sufficient cleared funds in your Wise Account. It is your responsibility to fund your payment order in a timely manner. We cannot be responsible for the time it takes for the money to be sent to us by your bank or payment service provider.

14.8. Verification checks may increase the time for processing your payment order. We carry out verification checks, and these checks may increase the time it takes to process your payment order. We cannot be responsible for any delays as a result of carrying out those checks.

14.9. Completion time of your payment order. The estimated completion time of your payment order is notified to you when you complete the setup of your payment order. You may also find further information about the completion time in the FAQ section of our Website, please refer to the applicable currencies in your payment order.

14.10. We will use reasonable efforts to ensure funds arrive at your recipient's account within the notified timeframe. We will use reasonable efforts to ensure that the funds arrive in the recipient's bank account or payment account within the timelines notified to you or otherwise specified in our FAQ section. We do not have any control over the time it may take for the recipient's bank or payment provider to credit and make available funds to the recipient. We are not responsible for any delays arising out of know your client or compliance procedures adopted by us or by the beneficiary's financial institution in order to complete the transfer and deliver of the funds to the beneficiary.

14.11. Sending money using an email address. If you send money to a person using an email address which is not registered with us, the money will not be credited until the intended recipient has claimed the money following the steps we have set out for them. Until then, there is no relationship between us and the intended recipient and the money continues to belong to you. We will refund the money to you if the intended recipient does not claim the money or if they have failed our customer checks within a reasonable time period as determined by us.

14.12. Refusal of your payment order. If we are unable to complete your payment order, we will let you know and, if possible, the reasons for the refusal and an explanation of how to correct any factual errors. However, we are not required to notify you if such notification would be unlawful.

14.13. You may cancel your payment order before your funds are converted. You may cancel your payment order by following the instructions set out in our FAQ. You cannot cancel your payment order once your funds have been converted into the Target Currency you requested.

14.14. You must ensure the information you provide to us is correct. You must make sure that the information you provide when setting up a payment order is accurate. If we have processed your order in accordance with the information you have provided to us it will be considered correctly completed even if you have made a mistake.

14.15. What happens if you provide us with incorrect information. If you provide incorrect information with your payment order, we will use reasonable efforts to recover the funds for you and may need to charge you a fee for that.

14.16. When will I be notified of my next scheduled transfer. If you have scheduled a transfer in advance then we will notify you 24 hours before your upcoming transfer, setting out the total fees and the estimated 'live' exchange rate for that transfer. By scheduling a transfer, you agree to Wise sending the funds using the live exchange rate at any time on the scheduled date. If you have opted in to receiving emails, we will send you a transfer receipt after successfully sending your scheduled transfer. For more information on scheduled transfers see our Help Centre.

15. Exchange Rates

15.1. The applicable exchange rates. We will let you know the exchange rate:

a) when you place your payment order, if it is a guaranteed rate payment order as defined in section 15.4; or

b) when we have received your payment, if it is a non-guaranteed rate payment order.

15.2. When we refer to an exchange rate in this Agreement, it means the exchange rate at the relevant time for the relevant currency pair (for example, GBP to EUR, USD to AUD) that is offered by Wise, which is typically provided by a reference rate provider. We may change our reference rate provider from time to time without notice to you.

15.3. For some currencies, we do not use the mid-market exchange rate, including where we are required to use a different reference rate for the exchange rate for your currency pair. For example, for currency conversions to Nigeria (NGN), we are required to use the rate set by the Central Bank of Nigeria. For these currencies we will notify you of the exchange rate offered by Wise when you place your payment order.

15.4. Guaranteed rates. We offer automatic guaranteed rates for a minimum of 2 hours from the creation of your transfer order. For certain currencies, we offer a longer guaranteed period. We will notify you of the guaranteed rate and the guaranteed time period (the " Guaranteed Period") when you create your transfer. Your guaranteed rates are subject to the following conditions:

a) The guaranteed period may be extended if your transfer is created over the weekend or public holiday. We will notify you of the Guaranteed Period when you create your transfer.

b) We must receive sufficient funds from you during the Guaranteed Period in order to convert your money at the guaranteed rate. For certain payment methods, we will consider your funds received once we know you have authorised the payment. You will see when we have received your money by logging into your Wise Account.

c) If we receive your funds after the Guaranteed Period, we will not be able to convert your money using the guaranteed rate and your transfer will become a non-guaranteed rate transfer. We will convert your money at the exchange rate at the time we receive your money or we will email you and ask you if you want to proceed with your transfer.

d) If the relevant exchange rate (as provided by our reference exchange rate provider) changes by 5% or more during the Guaranteed Period, we can, at our option, suspend your transfer for a reasonable period of time or cancel your transfer and refund the money to you.

e) Please note that we are not a currency trading platform, accordingly, you should not use our Services for this purpose (including creating multiple transfers without the intention of completing all the transfers). If we detect that you are using our Services for this purpose, we may, at our option, set a limit on the number of guaranteed rate transfers you may create or suspend or terminate your Wise Account.

f) If you are sending from JPY, the guaranteed rate will only be offered after your address is verified.

g) We may change or suspend these guaranteed rate conditions at any time.

16. How much will you pay?

16.1. You must pay our fees. You must pay the fees in connection with the use of our Services. We will not process your transaction until we have received the fees from you.

16.2. You can see our fee structure on the Pricing page. We will let you know the exact amount payable by you when you set up your order. You can see our fee structure on the "Pricing" page. For clarity, the fees applicable to you as set out on the "Pricing" page forms part of this Agreement which may be subject to change as set out in section 24.

16.3. We can make deductions from your Wise Account. You agree that we are authorised to deduct our fees, any applicable reversal amounts, and/or any amounts you owe us from your Wise Account. If you don't have enough money in your Wise Account to cover these amounts, we may refuse to execute the relevant transaction or provide any Services to you.

16.4 We may charge you a variable fee during periods of potential heightened volatility or unpredictability in the foreign exchange market, as determined by Wise. We will let you know if this fee is applicable when you set up your order, for more information see here.

16.5 API Partner fees. An API Partner may charge a fee for the convenience of using our Services via the API Partner. This fee is set solely by the API Partner and is separate to any fees charged by Wise for your transaction(s). Wise may collect this fee on behalf of an API Partner.

17. Intellectual Property rights

17.1. While you are using our Services, you may use the Wise Materials only for your personal use and solely as necessary in relation to those Services.

17.2. You may not, and may not attempt to, directly or indirectly:

a) transfer, sublicense, loan, sell, assign, lease, rent, distribute or grant rights in the Service, Wise's Intellectual Property or the Wise Materials to any person or entity;

b) remove, obscure, or alter any notice of any of our trademarks, or other Intellectual Property appearing on or contained within the Services or on any Wise Materials;

c) modify, copy, tamper with or otherwise create derivative works of any software included in the Wise Materials; or

d) reverse engineer, disassemble, or decompile the Wise Materials or the Services or apply any other process or procedure to derive the source code of any software included in the Wise Materials or as part of the Services.

18. Linking to our Website

18.1. You may link to our Website provided:

a) you do so in a way that is fair and legal and does not damage our reputation or take advantage of it;

b) you do not suggest any form of association, approval or endorsement on our part where none exists;

c) you do not frame our Website on any other site; and

d) the website complies with our Acceptable Use Policy.

We reserve the right to withdraw linking permission without notice.

19. Wise App and API

19.1. App subject to this Agreement and the App Store Rules. We license the use of the App to you on the basis of this Agreement and subject to any rules and policies applied by any appstore provider or operator whose sites are located at App Store and Google Play. We do not sell the App to you. We remain the owners of the App at all times.

19.2. App updates. From time-to-time updates to the App may be issued through App Store or Google Play. Depending on the update, you may not be able to use our Services via the App until you have downloaded the latest version of the App and accepted any new terms.

19.3. Your right to use the App and the API. In consideration of you agreeing to abide by the terms of this Agreement, we grant you a non-transferable, non-exclusive licence to use the App on your device and the API subject to this Agreement. We reserve all other rights.

20. Our responsibility for loss or damage

20.1. We are responsible to you for foreseeable loss and damage caused by us. If we do not reasonably meet our commitments to you, we are responsible for loss or damage you suffer that is a foreseeable result of our breaking this contract or our failing to use reasonable care and skill. We are not responsible for any loss or damage that is not foreseeable. Loss or damage is foreseeable if either it is obvious that it will happen or if, at the time the contract was made, both we and you knew it might happen, for example, if you discussed it with us during your account sign up process.

20.2. We do not exclude or limit in any way our liability to you where it would be unlawful to do so. This includes liability for death or personal injury caused by our negligence or the negligence of our employees, agents or subcontractors; for fraud or fraudulent misrepresentation.

20.3. We are not liable for business losses. If you use our Services for any commercial or business purpose we will have no liability to you for any loss of profit, loss of business, business interruption, or loss of business opportunity.

20.4. We are not liable for technological attacks. We will not be liable for any loss or damage caused by a virus, or other technological attacks or harmful material that may infect your computer equipment, computer programmes, data or other proprietary material related to your use of our Services.

20.5. We have no control over websites linked to and from our Website. We assume no responsibility for their content or any loss or damage that may arise from your use of them.

21.6. Our liability to you for unauthorised payments or our mistake. In case of an unauthorised payment or mistake due to our error, we shall at your request immediately refund the payment amount including all fees deducted by us. This shall not apply:

a) where your Wise Account, or its personalised security features, are lost, stolen or misappropriated. You will be liable for the first GBP 35 of any unauthorised payments if we believe you should have been aware of the loss, theft or unauthorised use. We will not hold you liable for the first GBP 35 if the unauthorised payment was caused either by our acts or omissions, or those of a third party expressly carrying out activities on our behalf. Your liability for the first GBP 35 also does not apply to any unauthorised transactions made after you have notified us that your Wise Account may have been compromised (using the details we've given you);

b) if you have acted fraudulently, in which case we will not refund you in any circumstances;

c) if you do not quickly notify us of security issues on your Wise Account (e.g. loss of your password), you remain liable for losses incurred up to your notification to us;

d) if the payment transaction was unauthorised but you have with intent or gross negligence compromised the security of your Wise Account or failed to comply with your obligations to use your Wise Account in the manner set out in this Agreement. In such a case you shall be solely liable for all losses; or

e) if you don't let us know about the unauthorised or incorrectly completed transaction within 13 months from the date of the payment transaction.

20.7. You are responsible for checking your Wise Account regularly. We rely on you to regularly check the transactions history of your Wise Account and to contact Customer Support immediately in case you have any questions or concerns.

20.8. We are not liable for things which are outside of our control. We (and our affiliates) cannot be liable for our inability to deliver or delay as a result of things which are outside our control.

20.10. You are liable for breaking this Agreement or applicable laws. In the unlikely event of loss or claims or costs and expenses arising out of your breach of this Agreement, any applicable law or regulation and/or your use of our Services, you agree to compensate us and our affiliates and hold us harmless. This provision will continue after our relationship ends.

20.11. What happens if you owe us money? In the event you are liable for any amounts owed to us, we may immediately remove such amounts from your Balance (if available). If there are insufficient funds in your Balance to cover your liability, we reserve the right to collect your debt to us by using any payments received in your Wise Account and otherwise you agree to reimburse us through other means. We may also recover amounts you owe us through legal means, including, without limitation, through the use of a debt collection agency.

21. Accessing our Services

21.1. We will try to make sure our Services are available to you when you need them. However, we do not guarantee that our Services will always be available or be uninterrupted. We may suspend, withdraw, discontinue or change all or any part of our Service without notice. WE WILL NOT BE LIABLE TO YOU IF FOR ANY REASON OUR SERVICES ARE UNAVAILABLE AT ANY TIME OR FOR ANY PERIOD. You are responsible for making all arrangements necessary for you to have access to our Services. If you have granted permission to a third party to access your account, we may refuse access to that third party if we are concerned about unauthorised or fraudulent access by that third party. We will give you notice if we do this, either before or immediately after we refuse access, unless notifying you would be unlawful or compromise our reasonable security measures.

22. Information security

22.1. You are responsible for configuring your information technology, computer programmes and platform in order to access our Services. You should use your own virus protection software. We cannot guarantee that our Services will be free from bugs or viruses.

22.2. You must not misuse our Services. You must not misuse our Services by introducing viruses, trojans, worms, logic bombs or other materials which are malicious or technologically harmful. You must not attempt to gain unauthorised access to our Website, our servers, computers or databases. You must not attack our Website with any type of denial of service attack. By breaching this provision, you would commit a criminal offence under the Computer Misuse Act 1990. We will report any such breach to the relevant law enforcement authorities and we will co-operate with those authorities by disclosing your identity to them. In the event of such a breach, your right to use our Website and/or our Services will cease immediately.

23. When we can end this Agreement or suspend our Services

23.1. We may end this Agreement by giving you two month's notice. We may end this Agreement and close your Wise Account, or any service associated with it by giving you two months' prior notice.

23.2. We may suspend or close your Wise Account without notice in certain circumstances. We may at any time suspend or close your Wise Account and/or end this Agreement without notice if:

a) you breach any provision of this Agreement or documents referred to in this Agreement;

b) we are requested or directed to do so by any competent court of law, government authority, public agency, or law enforcement agency;

c) we have reason to believe you are in breach of any applicable law or regulation; or

d) we have reason to believe you are involved in any fraudulent activity, money laundering, terrorism financing or other criminal or illegal activity.

23.3. We may suspend your Wise Account for security reasons. We may suspend your Wise Account or restrict its functionality if we have reasonable concerns about:

a) the security of your Wise Account; or

b) suspected unauthorised or fraudulent use of your Wise Account.

23.4. We will give you notice of suspension where possible. We will give you notice of any suspension or restriction and the reasons for such suspension or restriction as soon as we can, either before the suspension or restriction is put in place, or immediately after, unless notifying you would be unlawful or compromise our reasonable security measures. We will lift the suspension and/or the restriction as soon as practicable after the reasons for the suspension and/or restriction have ceased to exist.

23.5. You cannot use the App if this Agreement ends. On termination for any reason all rights granted to you in connection with the App shall cease, you must immediately delete or remove the App from your devices.

24. Our right to make changes

24.1. We may change this Agreement by giving you at least two (2) months' prior written notice. If we do this, you can terminate this Agreement immediately by providing written notice to us during the notice period. If we do not hear from you during the notice period, you will be considered as having accepted the proposed changes and they will apply to you from the effective date specified on the notice.

24.2. In some instances, we may change this Agreement immediately. Despite section 24.1, changes to this Agreement which are (1) more favourable to you; (2) required by law; or (3) related to the addition of a new service, extra functionality to the existing Service; or (4) changes which neither reduce your rights nor increase your responsibilities, will come into effect immediately if they are stated in the change notice. Changes to exchange rates shall come into effect immediately without notice and you shall not have the right to object to such a change.

25. How we may contact you

25.1. We usually contact you via email. For this purpose, you must at all times maintain at least one valid email address in your Wise Account profile. You should check for incoming messages regularly and frequently, these emails may contain links to further communication on our Website. If you don't maintain or check your email and other methods of communications, you will miss emails about your transactions and our Services. We cannot be liable for any consequence or loss if you don't do this. If we have reasonable concerns either about the security of your Wise Account, or any suspected or actual fraudulent use of your Wise Account, we will contact you via telephone, email, or both (unless contacting you would be unlawful or compromise our reasonable security measures).

25.2. Other ways we may contact you. In addition to communicating via email, we may contact you via letter or telephone where appropriate. If you use any mobile services, we may also communicate with you via SMS. Any communications or notices sent by:

a) Email will be deemed received by you on the same day if it is received in your email inbox before 5pm on a Business Day. If it is received in your email inbox after 5pm on a Business Day or at any other time, it will be deemed received on the next Business Day.

b) Post will be deemed received three days from the date of posting for UK post or within five days of posting for international post.

c) SMS will be deemed received the same day.

25.3. Where legislation requires us to provide information to you on a durable medium, we will either send you an email (with or without attachment) or send you a notification pointing you to information on our Website in a way that enables you to retain the information in print format or other format that can be retained by you permanently for future reference. Do keep copies of all communications we send or make available to you.

25.5. This Agreement is made in the English language. Documents or communications in any other languages are for your convenience and only the English language version of them are official.

26. Complaints

26.1. If you have any complaints about us or our Services, you may contact us following our customer complaint procedure.

27. Other important terms

27.1. Nobody else has any rights under this Agreement. This Agreement is between you and us. No other person shall have any rights to enforce any of its terms. Neither of us will need to get the agreement of any other person in order to end or make any changes to this Agreement. You may not transfer, assign, mortgage, charge, subcontract, declare a trust over or deal in any other manner with any or all of your rights and obligations under this Agreement (including the Wise Account) without our prior written consent.

27.2. We may transfer this Agreement to someone else. We reserve the right to transfer, assign or novate this Agreement (including the Wise Account) or any right or obligation under this Agreement at any time without your consent. This does not affect your rights to close your Wise Account under section 8.

27.3. If a court finds part of this Agreement illegal, the rest will continue in force. Each of the paragraphs of this Agreement operates separately. If any court or relevant authority decides that any of them are unlawful, the remaining paragraphs will remain in full force and effect.

27.4. Even if we delay in enforcing this Agreement, we can still enforce it later. If we delay in asking you to do certain things or in taking action, it will not prevent us taking steps against you at a later date.

27.5. This Agreement supersedes any other previous agreements. This Agreement supersedes and extinguishes all previous agreements between you and Wise, whether written or oral, relating to its subject matter.

27.6. Which laws apply to this Agreement and where you may bring legal proceedings. This Agreement is governed by English law. Any dispute between you and us in connection with your Wise Account and/or this Agreement may be brought in the courts of England and Wales