Article 1 (The Company and its Affiliate)
- The Company is a Funds Transfer Services Provider registered with the Prime Minister under the Payment Services Act (Act No. 59 of June 24, 2009; hereinafter referred to as "the Payment Services Act") (registration no: Kanto Local Finance Bureau no. 00040).
- TransferWise Ltd. (hereinafter referred to as "TW", registered in England and Wales (company number 07209813) with its registered office at TEA Building 56 Shoreditch High Street London E16JJ), which provides the Services jointly with the Company, is a payment services provider registered as a money services business by Her Majesty's Revenue and Customs (HMRC) and under the supervision of the United Kingdom Financial Conduct Authority (FCA), and therefore TW is not a bank.
- The main business of TW is money transfer and provision of services for making foreign currency payments internationally. The main trading address of TW is 6th Floor TEA Building 56 Shoreditch High Street London E16JJ, UK.
Article 2 (Handling of Personal Information)
- The Company will handle the personal information of The Users in accordance with its "basic policy on the safety management of personal data" and "user information handling regulations".
- The Company shall take the necessary technical measures to protect the personal information of the Users and endeavor to retain personal information in strict confidence. The Company will store the passwords of the Users in encrypted form, and protect the personal information transferred between the Company website and the Users' browsers using SSL encryption. The Users shall confirm the server certificate of the Company in their browser when sending personal information to the Company.
- The Company shall not provide the information of Users, including, but not limited to, User account information, addresses and e-mail addresses, to any third party except when required to do so by law.
- The Company shall use personal information collected from the Users for the following purposes
- To confirm the identity of the Users during the registration process.
- To provide the Services, including the processing of remittances from the Remitters to the Payees
- To provide it to the said third parties in operational processing set forth in the provison of section 3 of this Article
- To analyze and confirm it for the purpose of preventing transfer of the criminal proceeds, or to submit or report it to public institutions such as regulatory agencies for the aforementioned purpose
- To reply and respond to enquiries from the Users
- To explain the content of the Services to the Users
- To do analysis aimed at improving the Services
- To create backup data
- To do its internal management and audit
- To explain new Services offered by the Company and its affiliate
- do its other business incidental to the preceding items
- The Users may request the Company to disclose their own personal information retained by the Company. The Users wishing to be notified of the purpose of use of personal information, or requesting the disclosure of, correction to, addition to, deletion of, suspension of use of, erasure of, or suspension of provision to third parties of, their personal information are requested to contact the Company's Service Consultation Desk.
Article 3 (Transaction History)
With respect to transactions in which remittance requests were made, the Remitters may access their past transaction history by logging into the Company website and clicking the "Account" tab.
Article 4 (Prohibition of Duplicate Accounts)
The Company may reject the registration of multiple accounts by a single User for reasons relating to operational efficiency and user identification. The Company shall be entitled to close or merge multiple accounts created by a single User without prior notification to said User.
Article 5 (Eligibility)
- Use of the Services by persons under 18 years of age is prohibited. Accounts registered by the Users who have misrepresented their age shall be invalid.
- The Users who have registered to use the Services as an individual may not allow a third party to use the Services from their personal account. In addition, the Users are strictly prohibited to utilize the Services on behalf of a third party.
Article 6 (Identity Verification)
- The Company will perform the identity verification prescribed in the Payment Services Act and other relevant laws and regulations upon the Users' registration for the Services from the perspective of preventing money laundering and the like. The Users shall submit the identity verification documents prescribed by the Company in the manner prescribed by the Company at this time. The Users shall provide true, accurate and up-to-date information to the Company and in case of any change of information provided the users shall provide them to the Company.
- The Company shall be entitled to access information from various public and private databases in order to verify a User's identity in the preceding section.
- The Company shall be entitled to refuse User registration and remittance requests at its discretion taking into consideration the information referred to in the two preceding sections and any other additional information.
Article 7 (Contents of the Services)
- Even in the event the Company has outsourced operations involved in the performance of the Services to third parties under Article 13, the remittance service agreement set forth in the preceding paragraph shall remain effect between the Company and the Remitter and shall not affect the rights and obligations of the Company and the Remitter.
Article 8 (How to Use the Services)
- The Remitter shall specify the remittance amount or the amount receivable and submit a remittance request to the Company by one of the following methods
- Designation of amount receivable: The Remitter will specify the amount receivable in the local currency of the Payee, and the remittance amount in the local currency of the Remitter will be calculated based on such amount receivable.
- Designation of remittance amount: The Remitter will specify the remittance amount in the local currency of the Remitter, and the amount receivable in the local currency of the Payee will be calculated based on such remittance amount.
- The Company will use its own set exchange rate when calculating the remittance amount or the amount receivable. The Company will take reasonable measures when setting its exchange rate to be synchronized with the mid-market rate on the global currency markets. However, the exchange rate set by the Company is based on various sources of information and the Company does not guarantee it will be synchronized with the mid-market rate at a specific point of time. The Company assumes no liability for any reduction to the amount receivable as a result of fluctuations in the currency exchange market.
- The Company does not take any margin or spread on the exchange rate from the perspective of clarifying the transaction fees, hence there are no buy and sell rates. The exchange rates offered to the Remitter and Payee are identical. The Remitter shall be entitled to set the minimum exchange rate to be used in the currency conversion; this allows the Remitter to manage against the risk of unexpected exchange rate fluctuations. A remittance request submitted by a Remitter will be converted based on the exchange rate(s) offered by the single trading partner or multiple trading partners selected by the Company at that time. In such case, the effective exchange rate ultimately applied to the remittance will be calculated from the weighted average of the exchange rates offered by all these trading partners of the Company. For the latest conditions for guaranteed rate please refer to this page.
- After submitting a remittance request, the Remitter shall transfer the remittance amount and transaction fees to the bank account designated by the Company. In the case of the method referred to in item (1) in section 1, the remittance amount shall be calculated from the minimum exchange rate set by the Remitter. The Company shall subsequently refund any difference between this remittance amount calculated from the minimum exchange rate set by the Remitter and the actual amount remitted to the payment option selected by the Remitter.
- The upper transaction limit for payments utilizing the Services is 1,000,000 yen (not including transaction fees) or the foreign currency equivalent thereof. The maximum amount to be received by the Payee in local currency varies in accordance with the exchange rate applied at the time of remittance processing by the Company.
- Remittances shall be processed by the Company after verification of the Remitter's identity under the preceding Article and the transfer of the necessary remittance amount and transaction fees by the Remitter under section 4. The amount transferred by the Remitter to the Company will be refunded to the payment option selected by the Remitter in the event the remittance request has been cancelled by the Remitter or refused by the Company. The Company may refuse a remittance request if the Remitter's registered name or address, etc. does not match the Remitter's payment details (e.g. bank account details). In this case, the Remitter shall pay a predetermined additional administration charge, and the Company may deduct such charge from the amount deposited by the Remitter.
Article 9 (Use of the Services by Registered Users)
- The Remitters using the Services for the first time will be required to register for the Services if remitting an amount in excess of 100,000 yen. Said user registration procedures will be completed upon verification of the Remitter's identity through the Remitter's submission of the identity verification documents detailed in paragraph 1 of Article 6 to the Company and the sending of transfer unnecessary registered mail to the address or location of the Remitter, etc. Registered users will not be required to submit identity verification documents each time they subsequently make a remittance.
- The Users registering for the Services will specify a user ID and password. The Users shall strictly manage their user ID and password on their own responsibility to ensure their user ID and password are not known to any third party. The Company assumes no liability for any damage suffered by Users as a result of a third party coming to know the User's user ID and password.
- The term of the agreement for the Users registering for the Services shall be three (3) years. The agreement shall automatically be renewed for a further three (3) years provided the Users have not requested cancellation of the agreement during its term, and the same shall apply thereafter.
- The Users will not be charged any cancellation fee, etc. in the event they have requested cancellation of the agreement during its term.
- Registered Users can check remittance details, etc. on their user transaction confirmation page.
Article 9-2 (Use of the Services by Unregistered Users)
- The Remitters who are not registered Users may remit amounts of 100,000 yen or less without the need to complete user registration procedures. However, it should be noted that verification of the Remitter's identity through the identity verification documents detailed in paragraph 1 of Article 6 is still required in this case.
- Unregistered Users wishing to check remittance details, etc. may do so online using the query ID issued by the Company.
Article 10 (User Obligations)
- The Remitters are responsible for ensuring that the information provided at the time of submitting a remittance request is accurate. Transactions cannot be cancelled once a remittance request has been executed by the Company. The Company assumes no liability in any way for any loss suffered by the Users as a result of transactions executed in accordance with the instructions of the Remitter.
- The Users noticing any abnormality when sending or receiving a remittance utilizing the Services shall be obliged to inform the Company immediately via the following e-mail address firstname.lastname@example.org. The Users who have received a payment over and above what they were expecting must immediately notify the Company so that arrangements can be made to immediately return any overpayment.
- The Users shall not use the Services for unlawful activity. The Company reserves the right to investigate any suspicious activity or unlawful activity of the Users in response to any complaints or reported violations. If, as a result of its investigation, the Company determines that there have been unlawful activity or suspected unlawful activity, the Company shall be entitled to provide information related to remittances, including personal information, to regulatory agencies and other individuals or organizations as necessary.
Article 11 (Transaction Fees, etc.)
- The Company will charge a transaction fee ranging from one (1) yen to ten percent (10%) of the remittance amount on each remittance transaction made utilizing the Services. The actual transaction fee will be displayed on the screen when a remittance request is made.
- The Remitters shall be obliged to pay additional administration charges required for refund in any of the following circumstances. The Company may deduct these additional administration charges from the amount deposited by the Remitter:
- When the banks or clearing providers used to provide the Services have refused the remittance transaction due to incorrect information provided by the Users, their regulatory requirements or any other valid reason;
- When the Payee's account is invalid and remittance is not possible; or
- In the case set forth in section 6 of Article 8.
- In the event the contents of the remittance have been changed following the establishment of a remittance service agreement pursuant to the provisions of paragraph 1 of Article 7, the Remitter shall be obligated to pay the additional fees required for such change up to 1,200 yen. The Company may deduct the additional fees from the amount of money to be transferred by the Remitter.
Article 12 (Standard Performance Period)
The standard performance period up until receipt of the money in the Payee's account may vary depending on the country in which the Payee's bank account is located. The detailed performance period will be displayed on the screen when a remittance request is made.
Article 13 (Outsourcing)
The Company may outsource operations involved in the performance of the Services to third parties as it deems necessary.
Article 14 (Communication between the Users and the Company)
Article 15 (Disclaimer)
- The Company assumes no liability for any loss suffered by the Users as a result of its inability to execute remittance transactions or delayed remittances as a consequence of disruption and delays of Internet communications, force majeure such as disasters, trouble and war, etc., legal restrictions, measures implemented by the government and public institutions such as courts and any other circumstances not attributable to the Company.
- The Company shall be entitled to suspend or interrupt provision of the Services without prior notice if it deems so necessary in order to carry out system maintenance or as a result of faults in communications lines, means of communication and computers, etc. The Company assumes no liability for any loss suffered by the Users as a result of its suspension or interruption of the provision of the Services.
- The Company assumes no liability for any loss suffered by the Users based on its refusal to provide the Services pursuant to the provisions set forth in Article 21.
Article 16 (Issuance of Receipts)
- In the event that the Remitters submit a remittance request and a remittance service agreement is established under the provisions of Article 7, the Company will issue a receipt to the Remitter detailing the contents of the remittance request and the remittance amount, etc.
- The receipt referred to in the preceding section shall be provided to the Remitter by electromagnetic means (email, Company website).
Article 17 (Prevention of Confusion with Foreign Exchange Transactions Performed by Banks, etc.)
The Users shall use the Services with an understanding of the following contents:
- The Services differ from foreign exchange transactions performed by banks, etc.;
- The Services do not constitute the acceptance of deposits, savings or fixed time deposits by the Company;
- The Services are not subject to the payment of insurance prescribed in Article 53 of the Deposit Insurance Act or Article 55 of the Agricultural and Fishery Cooperation Savings Insurance Act;
- The Company is taking measures to protect the full amount of funds remitted by the Users based on the Payment Services Act through a trust agreement with JSF Trust and Banking Co., Ltd.
- A system of security deposits for providing funds transfer services is established under the Payment Services Act to protect the Users, and the Users can receive refunds under this system should the applicable circumstances arise
- In principal, the Users entitled to receive a refund pursuant to the provisions of the preceding item shall be the Remitters. However, the right to receive said refund will be transferred from the Remitters to the Payees at the point when the Payees access the Company's system and accept the remittance from the Remitter.
Article 18 (Contact Address Responding to Complaints and Requests for Consultation from the Users)
Address: 1-6-1 Otemachi, Chiyoda-ku, Tokyo, 100-0004 Japan
Customer Support: Email: email@example.com TEL: 03-4589-4624
Complaints & other inquiries: TEL: 03-4405-9606
Business hours: 9:00 - 17:00 (Monday to Friday. Closed on weekends and public holidays)
Article 19 (Elimination of Anti-Social Forces)
- The Remitters represent that neither they themselves nor the Payees designated by the Users correspond to any of the items set forth below at present as well as affirm that neither they themselves nor the Payees designated by User will correspond to any of the items set forth below in the future:
- An organized crime group;
- A member of an organized crime group;
- A quasi member of an organized crime group;
- A company related to an organized crime group;
- Corporate racketeer (Sokaiya in Japanese), etc., groups or individuals who disguise themselves as/claim to be social movements or political activities, and special intellectual violence groups; or
- Another party equivalent to the preceding items.
- The Users covenant that they will not engage in the following acts either themselves or by employing a third party:
- Making violent demands;
- Making unreasonable demands beyond the scope of legal responsibility
- Employing threatening words and actions or resorting to violence in connection with transactions;
- Damaging the credit of the Company by circulating rumors or utilizing fraudulent means or power, or interfering with the business of the Company; or
- Any other acts equivalent to the above.
Article 20 (Handling of Complaints and Dispute Resolution)
Following external organizations may be used for complaints and disputes concerning the money transfer business. For general inquiries, please contact Wise customer support at Article 18.
Complaint Processing Procedures
Japan Payment Service Association “Customer Hotline”
The process used by the Association to handle inquiries and complaints can be found at the URL below.
Dispute Resolution Procedures
Tokyo Bar Association Dispute Resolution Center Tel: 03-3581-0031
Daiichi Tokyo Bar Association Arbitration Center Tel: 03-3595-8588
Daini Tokyo Bar Association Arbitration Center Tel: 03-3581-2249
Phone: +081 3 3556 6261, 9:30am to 5:30pm (JST) weekdays.
Article 21 (Refusal of Services Provision)
The Company may, without prior notice, refuse to provide the Services to the Users if it determines that the Users correspond to any of the following items:
- The Users who correspond to any of the items enumerated in section 1 of Article 19, who have engaged in any of the acts enumerated in section 2 of the same Article, or who are discovered to have made false representations and affirmations based on the provisions of section 1 of the same Article;
- The Users in relation to whom the Company has exercised its rights set forth in the provisions of section 3 of Article 6;
- The Users whose registered name or address, etc. do not match the Remitter's details taken from the Remitter;
- The Users whose remittance request violate the provisions of laws and regulations;
- The Users who are using or may use the Services for acts in violation of the law or contrary to public order and morality;
- The Users whose whereabouts are unknown;
- The Users whose inheritance has commenced;
- Any other Users for which the Company deems there to be reasonable grounds for refusal of the Services.
Article 23 (Prohibition of Assignment or Pledge, etc.)
Article 24 (Finality)
Article 25 (Governing Language)
This agreement has been prepared in Japanese language, and the Japanese language version thereof shall prevail and be binding even though an English language translation has also been prepared for reference purposes only.
Article 26 (Governing Law and Court of Competent Jurisdiction)