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IsraTransfer Ltd. ©2019  All Rights Reserved.​

Licensed by Ministry of Finance Number: 514135235

IsraTransfer Terms & Conditions

The Information We Collect

We collect information from users when visiting or using our Site and/or Services, as applicable. In order to utilize our Services, you will be required to register an account and provide us with certain Personal Information (as defined below). We may also collect Personal Information when you request information from us, sign up for newsletters or our email lists, complete online forms, use our chat or contact us for any other reason.


“Personal Information” means information that can be directly associated with a specific person such as a name, telephone number, e-mail address, or information about activities directly linked to a person, such as a person’s location. Examples of the Personal Information that we collect from you may include your name, address, identification number, phone number, e-mail address, IP address, bank related information you provide us with for provision of the Services and historical trades and any other information included in your dashboard included in the Services, chat conversations and other communication with IsraTransfer. It is your voluntary decision whether to provide us with any such Personal Information, but if you refuse to provide such information we may not be able to register you to the Site and/or provide you with the Services.


When you use the Site or Services, certain information may be automatically gathered about your computer, operating system, browsing history and any data you upload to the Site in order to use the Services. 

How We Use Your Information

Services

Statistical Information

In addition, by analyzing all information we receive, including all information concerning users, we may compile statistical information across a variety of such information and users (“Statistical Information”). Statistical Information helps us understand trends and customer needs so that new products and services can be considered and so existing products and services can be tailored to customer desires. Statistical Information is anonymous and aggregated. We may share such Statistical Information with our partners, without restriction, on commercial terms that we can determine in our sole discretion.

Analytics

Regulatory Obligations

We may use your Personal Information in manners necessary to comply with applicable law, including but not limited to financial regulations, during the processing of currency exchanges and transfer of funds, including sharing certain Personal Information with banks and governmental agencies, as required by applicable law.

We will keep Personal Information as long as it remains necessary to provide our clients with access to and use of the Site and Services, comply with our legal obligations, resolve disputes, and enforce our agreements.

Who We Share Information With

Except as expressly set forth herein, we will not share your Personal Information with third parties without your explicit permission, in response to subpoenas, court orders, or other legal process or in response to a law enforcement agency’s request; to establish or exercise our legal rights; to defend against legal claims; or as we reasonably believe appropriate to comply with applicable laws, regulations, orders, legal processes or government or regulatory requests, including tax authorities in Israel, the United States and elsewhere, as well as in order to comply with anti-money laundering laws and regulations. In such cases we reserve the exclusive right to raise or waive any legal objection or right available to us.

We may share your information, including Personal Information, as follows:

Business Transfer

For EU users only – Transferring your information outside the European Economic Area

As part of the services offered to you, the information which you provide to us may be transferred to countries outside the European Economic Area (“EEA”). By way of example, this may happen if any of our servers are from time to time located in a country outside of the EEA. These countries may not have similar data protection laws to the EEA.


In such circumstances, we will enter into model contractual clauses as adopted by the European Commission, or rely on alternative legal bases such as the Privacy Shield, where applicable, or binding corporate rules where our affiliates, consultants or service providers have adopted such internal policies approved by European data protection authorities.
If you use our services while you are outside the EEA, your information may be transferred outside the EEA in order to provide you with those services.

Legal Basis For The Processing of Personal Information from EEA Residents

If you reside within the European Economic Area (EEA), our processing of your personal information will be legitimized as follows: Whenever we require your consent for the processing of your personal information such processing will be justified pursuant to Article 6(1) lit. (a) of the General Data Protection Regulation (EU) 2016/679 (“GDPR”). If the processing of your personal information is necessary for the performance of a contract between you and us or for taking any pre-contractual steps upon your request, such processing will be based on GDPR Article 6(1) lit. (b). Where the processing is necessary for us to comply with a legal obligation, we will process your information on basis of GDPR Article 6(1) lit. (c), and where the processing is necessary for the purposes of our legitimate interests, such processing will be made in accordance with GDPR Article 6(1) lit. (f).

How We Protect Information

We make efforts to follow generally-accepted industry standards to protect the Personal Information submitted to and collected by us, both during transmission and once we receive it. However, no method of transmission over the Internet, or method of electronic storage is 100% secure. Therefore, while we strive to use commercially acceptable means to protect your Personal Information, we cannot guarantee its absolute security. IsraTransfer’s employees are kept up-to-date on security and privacy practices.

Introduction

1.1 These terms and conditions explain the rights, obligations, and responsibilities of all parties to this agreement and the conditions that we provide services to you. They constitute the legal relationship between you and us. Where we use the word ‘you’ or ‘your’ it means the client: ‘we’,’us’ or ‘our’ refers to IsraTransfer Ltd.

Definitions

2.1 AFXP account. We operate two different bank accounts. One account is run as part of the AACI Foreign Exchange Program – referred to as “AFXP account” (Bank Mizrahi, account number 233949).

Account. This is defined as a trading facility, we do not open separate client bank accounts.

Client portal. IsraTransfer’s online currency management platform allowing clients’ to manage their account online.

Draw Down. Refers to bringing forward the maturity date of a forward contract.

IT account. Our regular bank account – referred to as “IT account” (Bank Mizrahi, account number 154313).

KYC. Know Your Client documentation.

Roll over. Refers to the extension of the maturity date of a forward contract.

Maturity date. Refers to the date on which we have received your payment and subsequently transfer the funds you have purchased from us.

Trade confirmation. This confirmation outlines the details of the transaction you have asked us to perform; this includes the date of the trade, currency and amount sold, currency and amount received as well as the client exchange rate.

Acceptance of agreement

3.1 By visiting our website and/or using our services (including downloading and using our mobile app, or via our client web portal), you confirm that you accept and agree to this Agreement. You also confirm that you fully understand and accept these terms and conditions. If you do not agree, please do not use our website or services.

Our services

4.1 IsraTransfer is a licenced currency exchange company in the State of Israel, Company Number 514135235. 

 

IsraTransfer’s registered office is located at Shamai Street 12c, Jerusalem, 9458124 Israel. 

You will find all our up-to-date contact details on the following web page - isratransfer.com/contact

Description of services

5.1 IsraTransfer buys and sells currency on behalf of the client for personal and commercial purposes only. For example, this may include the purchase of a property, living expenses, emigration or business purposes. We cannot trade for you if you are speculating on currency movements.

5.2 IsraTransfer may, at times, provide you with information about currency markets and related matters. We may also provide you with our opinion, but this should not be considered as advice  when to trade, this decision is yours solely.

5.3 The types of trades we will enter into with you are:

(a) spot contracts, under which currency is bought and sold for delivery immediately against receipt of payment;

(b) fixed forward contracts, under which currency is bought and sold for delivery at a fixed future time;

(c) open forward contracts, under which currency is bought and sold for delivery at a time subsequently instructed by the Client within an agreed period or, failing such instructions, at the end of the agreed period;

(d) limit orders, under which currency is bought and sold for delivery if and when an agreed exchange rate is available.

Who can use our services

6.1 Individuals:  Must be 18 years or older to use our services.

6.2 Companies: If you are not a private individual, you confirm that you have authority to bind any company or entity on whose behalf you use our services, and that company or entity accepts these terms and conditions.

6.3 You must not be suffering from any disability or impairment that would affect your ability to enter into this Agreement.

Acceptance of terms

7.1 By accepting these terms and conditions, you declare that you are exchanging currency for legitimate and non-speculative purposes.

7.2 Therefore, you agree to these terms and conditions and by entering into any contract you warrant that you are acting on your own behalf, for a genuine reason (as explained in clause 5.1 above) and the currency that you wish to sell is legally and beneficially yours, and has not been obtained by illegal means. 

7.3 You acknowledge that no money laundering or other unlawful act is committed in connection with using IsraTransfer services. 

7.4 You acknowledge that proceeds of any money laundering or terror financing activities are not transferred to any bank account via IsraTransfer. 

7.5 You warrant that the information that you provide to us is accurate and up to date, that you will not withhold any material information from us, and you will provide us with any information that we may reasonably require.

7.6 You warrant that by making contracts under these terms and conditions you will not be in breach of any law in any relevant jurisdiction.

Your IsraTransfer account

8.1 Account Opening. Once IsraTransfer receives KYC, registration details and documents, its compliance department will review and at its sole discretion, open the client Account. This usually takes up to two business days. IsraTransfer reserves the right not to open an Account for a client without disclosing the reason for doing so.

8.2 Unless you have our consent and signed IsraTransfer’s Power of Attorney document, you must not allow anyone to operate your IsraTransfer Account on your behalf.

Client identification

9.1 When a client contacts IsraTransfer regarding his/her Account, in order to receive information or give instructions, identifying questions will be asked. Failure to correctly answer these questions will result in IsraTransfer being unable to release information and/or carry out instructions.

Receiving client funds

10.1 Payments must always be made by a bank wire transfer. We cannot accept cash payments, personal/business checks or bank checks.

Occasions we will be unable to receive funds or make transfers

11.1 Banks we may not receive transfers from.  We are unable to receive money from the following banks, whether they are the sending or correspondent bank:  Deutsche Bank, UniCredit Bank AG, Commerzbank AG.

11.2 If funds are transferred from any of the above bank accounts, the funds will be returned automatically to your bank account. IsraTransfer is not liable for any costs and/or fees associated with returning your funds, or any fees charged by any correspondent bank used.

12.1 IsraTransfer holds bank accounts at Barclays Bank plc and  Community Federal Savings Bank, only Israel resident citizens may wire funds to these banks. Funds must be wired from the client’s bank account only, and not from a third party.

Jurisdictions we can not receive and/or send funds

13.1 We are unable to send and/or receive client funds from the following countries due to their high risk and offshore nature: Afghanistan, Andora, Anguilla, Antigua and Barbuda, Aruba, Bahamas, Belize, Barbados, Bermuda, Bosnia and Herzegovina, Botswana, British Virgin Islands, Brunei, Cayman Islands, Comoro Island, Cook Island, Costa Rica, Curacao, Cyprus, Dominica, Egypt, EUAU, Ghiana, Gibraltar, Grenada, Guatemala, Guernsey (Channel Islands), Iran, Iraq, Isle Of Man, Jersey (Channel Islands), Jordan, Lebanon, Liberia, Libya, Liechtenstein, Macau, Malaysia, Maldives, Marshall Islands, Mauritius, Monaco, Montserrat, Morocco, Nauru, Netherlands Antilles, Niue, North Korea, Pakistan, Palau, Palestinian Authority, Panama, Laos, Luxembourg, Somalia, Syria, Samoa, San Marino, Saudi Arabia, Seychelles, St Kitts & Nevis, St.Lucia, St.Vincent and The Grenadines, Sudan, Trinidad and Tobago, Tunisia, Turks and Caicos, Vanuatu, Yemen, South Yemen (People’s Democratic Republic of Yemen). 

 

13.2 If funds are received from the above jurisdictions, funds will be sent back to the sender. IsraTransfer is not liable for any costs and/or fees associated with returning your funds, or any fees charged by any correspondent bank used.

Making a contract to convert your currency

14.1 Exchange rates. When your funds are received, we may request supporting documentation regarding the source of funds and use of funds. Once the funds have cleared with the bank, we will contact you to receive your agreement to convert funds, unless this has already been agreed upon. Instructions may be given via our client portal, telephone or email only. If instructions are sent via email, you must verify that we have received them.

14.2 Clients’ using the client portal may opt to receive an SMS or email notification. IsraTransfer takes no responsibility for non-delivery of such notices.

How we set our exchange rates

15.1 We will deduct or add the agreed percentage from the mid-market rate depending on the currency traded. This will constitute “your exchange rate”. By multiplying “your exchange rate” by the amount of money you transferred, this is the amount of money we will transfer to your bank account. 

15.2 Exchange rates are calculated to 4 (four) decimal places.

15.3 You may convert the funds held in one currency in your IsraTransfer Account into other currencies we support. You can only perform a trade in respect of funds that you already hold in your IsraTransfer Account. IsraTransfer cannot perform trades on currencies that it has not received and/or been cleared by its bank. You must always give IsraTransfer instructions to trade, IsraTransfer will not trade client funds without their explicit instructions.

15.4 Any decision to transact is always your decision and we cannot be liable for any loss, including loss of exchange rate fluctuation before or after you transact. We may provide market information at your request, but this is not provided as advice and you should not infer anything from the information. Foreign exchange conditions are very complex and volatile and as a result we cannot accept responsibility for your decision to enter a transaction under this Agreement.

How we enter into a currency exchange agreement

16.1 Telephone - Orders relating to a transaction for the purchase or sale and delivery of currency shall be communicated to IsraTransfer by telephone, to one of IsraTransfer’s dealers directly. Messages may not be left and trading instructions may not be placed using IsraTransfer’s answer phone or voicemail facilities. 

16.1.2 We reserve the right to request that you confirm in writing any oral communications that you may give us.

16.2 Client portal - Registered users may use our client portal to trade funds. 

16.3 Email - Trading instructions by email will only be considered complete when the client receives written confirmation that the order has been accepted by IsraTransfer. Non response to emails does not constitute acceptance of the order by IsraTransfer. Please note exchange rates can fluctuate quickly. The exchange rate will be set when IsraTransfer receives and confirms the email, not at the time the email was sent by the client. Emails sent and received outside of trading hours will be executed the next business day.

16.4 Online chat - We will not accept trading instructions via this method.

16.5 WhatsApp - Trading Instructions will only be accepted from the registered phone number you gave on registration, and only after answering security questions correctly.

16.6 Fax/letter - Trading instructions may not be placed by fax and/or letter.

16.7 We deem your oral, written or client portal trade instruction as you entering into a contract with us. Once a trade has been agreed, it cannot be cancelled unless with written agreement of IsraTransfer.

16.8 IsraTransfer has no obligation to accept any particular instructions from you, neither are we obligated to give any reason for refusal.

16.9 Trade confirmation. Once you have instructed us to purchase currency on your behalf, we will email or if specifically requested, fax a trade confirmation. Clients’ using the client portal will find the trade confirmation in the “trade history” section.

16.10 Failure by IsraTransfer to issue a trade confirmation will not prejudice the rights and obligations of the Client or IsraTransfer in relation to any transaction.

16.11 We will only transfer money to an account that shares the same name as the account the funds originated from. At our discretion only, with prior written confirmation from IsraTransfer, we will make payments to a third party. In such cases, additional documentation may be required as to the relationship between the parties.

16.12 If your bank makes a transfer to us in the wrong currency, and there is no conversion made by IsraTransfer, IsraTransfer may forward the currency to your bank account, minus any fees incurred, at a cost of between 0.50% to 0.75% of the amount, at a minimum charge of NIS 200. The funds may also be returned to the originating bank account at the discretion of IsraTransfer. IsraTransfer will not be liable for any fees associated with returning funds to your bank account.

16.13 Rate request. We make our best efforts to trade your funds requested through our rate alert service. In order to be able to book the rate, the exchange rate needs to remain at the instructed rate for at least half an hour, during Israel trading hours which are typically from 09:00 - 17:30 IST Monday to Thursday (with the exception of holidays (including foreign banking holidays).  We do not have control over the exchange rates and thereby, will remain harmless and you waive any claims for losses, damages against IsraTransfer if for whatever reason we are unable to book the requested exchange rate.

Payment and conditions for forward contracts

17.1 You will be required to notify us not less than 2 (two) business days before the maturity of any Forward Contract, draw down or roll over with the details of the beneficiary, the payment means and delivery instructions. Failure to do so may result in your purchased currency being delayed. 

17.2 When performing a forward contract we will send you a trade confirmation. This trade agreement must be signed and returned to us by email or fax within two hours of transmission of the trade agreement. If we do not receive the signed trade agreement within this time, we are at liberty to cancel the contract at any time up to and including the maturity date of the proposed trade. Notification of cancellation will be made by email or fax. 

17.3 The trade agreement of any forward contract will detail the deposit you need to pay to us and the date that this is due. This deposit acts as a security payment from you to us in order to secure the exchange rate for a future date. We will be entitled to request from you additional security payments in the event of exchange rate fluctuations prior to the maturity date. These additional security payments will be (at our discretion) between 5% and 10% of the contract value. Failure to pay the request for additional security payments can result in the loss and/or partial loss of your initial security payments.

17.4 With our agreement, you may draw down (bring forward the maturity date) or roll over (extend the maturity date) your forward contract at any time up until its maturity date. There may be a cost associated with either a draw down or roll over, and this cost will be passed on to you.

17.5 The balance of funds (total cost of sale currency less deposit paid) must be paid and cleared into our bank account detailed on the trade confirmation by one business day before the maturity date (or the amended maturity date in the case of a draw down or roll over) before we will transfer the purchased currency.

17.6 Failure to transfer to us the balance of funds by one business day before the maturity date may result in the cancellation of the trade. This can result in the loss and/or partial loss of your initial security payments.

Termination of a contract

18.1 We may terminate any contract in any of the following circumstances: 

i) you fail to make payment when due;

ii) you are otherwise in breach of the terms of these terms and conditions and you do not remedy a remediable breach within a reasonable time when notified;

iii) we reasonably feel you will be unable to fulfil your obligations under any contract; 

iv) for us to continue any contract would expose us to a liability against which we are not protected;

v) we are required to do so on the instruction of any law enforcement agency or other body with appropriate authority. We may therefore retain all or any of your money if we are required to do so by law and then deal with it as ordered. 

18.2 In all cases you will be liable for any losses that we incur.

18.3 If you become aware of the occurrence of any event referred to in clause 18.1 (i) to (v), you shall notify us immediately.

18.4 If any event referred to in Clause 18.1 (i) to (v) takes place we shall at our discretion be entitled to:

(a) forfeit the whole or any part of any sums previously paid to us (to a maximum amount equal to all sums due or to become due to us from the Client);

(b) charge the Client with all of the costs, expenses and losses (and interest at the rate referred to in Clause 36.3) on any sums that we may expend or borrow in connection with contracts and action we may take to cover or reduce our exposure under them) incurred by us as a result of entering into contracts with you.

18.5 If for any reason a contract is closed out or does not proceed to completion, we will send any sum due to you or a notice setting out the sum due from you.

18.6 If we receive your payment later than the date specified on the trade agreement for whatever reason, you will be liable for all costs associated with the delay which can be a cost to swap the trade with our bankers plus any administrative charges they may levy. 

18.7 You can either pay the extra amount due or we will deduct these charges from your purchased currency.

Manifest error

19.1 A “Manifest Error” means a misquote by IsraTransfer having regard to the current market conditions at the time a Transaction is opened or closed. IsraTransfer may, for this purpose, take into account all information including, without limitation, information concerning all relevant market conditions, any error in, or lack of clarity of, any information, source, announcement or obvious misquote from IsraTransfer’s usual method of calculating exchange rates. IsraTransfer reserves the right to close, void or amend any transaction that is affected by a Manifest Error.

Force Majeure

20.1 IsraTransfer may in its reasonable discretion determine that an exceptional or unusual market condition exists (a “Force Majeure Event”), including but not limited to: (a) any act, event or occurrence (including without limitation any strike, bank strike, riot or civil commotion, acts of terrorism, war, interruption of power supply or electronic communication, or information system) which in IsraTransfer’s reasonable opinion prevents IsraTransfer from maintaining its transactions; (b) the suspension or closure of any market; or (c) the occurrence of an excessive movement in the level of, or the excessive loss of liquidity in any market or IsraTransfer’s reasonable anticipation of the occurrence of the same. If IsraTransfer determines that a Force Majeure Event exists, IsraTransfer may in its reasonable discretion (without prejudice to any other rights it may otherwise have) and for so long as such Force Majeure Event continues: (a) increase the Margin in relation to any Forward Contract; (b) close any or all transactions; and (c) take or omit to take all such other actions as IsraTransfer, acting reasonably and in good faith, deems appropriate in the circumstances to protect itself and its clients’.

20.2 IsraTransfer shall not be responsible in any way for any delay in payment due to a Force Majeure situation.

20.3 IsraTransfer will shall not be responsible in any way for inability to trade or transfer client funds due to a Force Majeure situation.

Currency risk

21.1 You accept the risks of holding balances in multiple currencies. You agree and accept all the risks associated with maintaining funds in multiple currencies including any risks associated with fluctuations in the relevant exchange rates over time.

Trading times

22.1 We are only able to trade client funds between Monday to Thursday, between the hours of 09:00 and 17:30 IST.

22.2 Friday trading. Only clients’ who have registered to use the client portal may trade between the hours of 09:00 and 11:00 IST. 

22.3 We cannot trade currency on Saturday, Sunday and public holidays in Israel, days when currency is not traded in Israel and when the currency requesting to be sold cannot be traded outside Israel (usually when there is a public holiday)

.

22.4 IsraTransfer cannot trade currency outside of regular banking hours in Israel. For example, if the exchange rate were to reach a certain level at 20:00 IST, IsraTransfer would not be able to trade.

AFXP trading

23.1 When transferring money via AFXP all of your money must be converted and transferred to your bank account within seven (7) business days of receipt. Failure to do so for any reason may result in funds being returned to sender. If the funds are received on a non-business day they may only be converted and transferred to your account on the next available business day. We are unable to hold client funds in this account.

23.2 In the case of funds transferred through “AFXP account”, we will send you a trade confirmation once funds have been received, converted and transferred to your account.

Methods used to transfer clients’ funds

24.1 We will not give clients’ cash or personal checks.

Transfer of client funds to a bank account in Israel

25.1 Shekel Payments. IsraTransfer will make shekel payments to you via next business day bank transfer. If you require a same day bank transfer, an additional charge will be made - see section 29.3. For same day transfers, the Zahav number (IBAN) is required to make the transfer.

25.2 Foreign currency payments.  IsraTransfer will make a foreign currency payment to you via next business day bank transfer. Same day transfers are unavailable. Our bank may require extra documentation in order to make the payment. We will not be held liable for any loss or fees if the transfer is not made for this reason.

Transfer of client funds to a bank account outside Israel

26.1 Funds must originate from a bank account in your name in Israel and be wired to a bank account in your name outside Israel. If you wish to wire funds to a third party outside of Israel, a Nicoi Mas certificate will be required. 

26.2 At our discretion and only in order for us to transfer money out of Israel on your behalf, we will require supporting documentation as to the source of funds. Additional tax documents may be required. IsraTransfer Ltd. will not be held liable if the bank refuses to transfer the funds abroad due to legal and/or tax restrictions/implications.

26.3 When wiring funds internationally, we will not be liable for any correspondent bank and/ or receiving bank fees you may incur.

Bank check

27.1 Where a client has requested a bank check to be issued, only clear written instructions regarding the “payee” name and amount will be accepted from the client only.  

27.2 Supporting documents may be requested from the client for the bank check to be issued. IsraTransfer reserves the right to refuse issuing a bank check, in such instances, IsraTransfer will make a wire transfer to the client’s bank account.

27.3 If, after the issuance of a bank check, an amount and/or name change is requested and we therefore need to re-issue another bank check, a charge of NIS 150 will be levied. 

27.4 A bank check can only be re-issued after IsraTransfer has received the original bank check issued to client.

27.5 Care should be taken once you have received the issued bank check, it should be treated as “cash”. If the bank check is lost, IsraTransfer’s bankers reserve the right not to reissue the check. IsraTransfer will not be liable for a lost check.

27.6 We will endeavour to have the bank check issued as quickly as possible, however please allow at least 5 (five) hours during regular banking hours - Sunday to Thursday for the bank check to be issued. 

27.7 IsraTransfer is not responsible for delivery of a bank check. All bank checks must be picked up from its Jerusalem office. IsraTransfer reserves the right to give the bank check to the registered client only and not to a third party. Bank checks will not be released to couriers or taxi drivers.

Building vouchers

28.1 If we are requested to make a payment for a builder’s voucher (shovar), it is up to the client to deliver the voucher to IsraTransfer’s Jerusalem office. We must be in possession of the voucher for at least 5 (five) hours during regular banking hours - Sunday to Thursday in order to make payment.

The bank may ask for supporting contract payment documentation in order to make the voucher payment.

Incidental costs

29.1.1 Minimum Transfer cost - Wiring funds to Israel. The minimum transfer amount is USD $5,000 or equivalent currency. If funds are transferred to us are below this amount, you will be charged an additional USD $15.00 over and above our normal fee. 

29.1.2 Minimum Transfer cost - Wiring funds from Israel to abroad. The minimum transfer is NIS 40,000.   If funds transferred to us are below this amount, you will be charged an additional USD$ 70.00 over and above our normal fee. 

29.2 Next business day transfer. Our standard transfer method of funds to your Israel bank account via next business day delivery is free. If you need shekels to be transferred to more than one bank account, there is an additional charge of NIS 20 per transfer.  If we need to transfer in a currency other than shekel, please enquire with us for the fee structure.

29.3 Same day transfers. The cost to transfer shekel funds to arrive the same business day via Zahav (IBAN) is NIS 70.

29.4 Non Israel transfers. When transferring funds overseas, we will only make one transfer for you, which is free of charge. 

29.5 If we are requested to make any payment at the post office a NIS 150 charge will be levied.

29.6 We may deduct the fees described in this section from the purchased currency or any monies we may be holding for you.

29.7 We are not liable for any costs and/or fees your bank may charge to wire funds to us, or any fees charged by any correspondent bank used to transfer your funds to us.

29.8 We are not liable for any costs and/or fees your bank may charge you to receive funds from us, or any fees charged by any correspondent bank used to transfer funds to your bank account.

Payment delays

30.1 We shall not be responsible in any way for any delay in payment we make under these terms and conditions caused by you or any other third party, including but not limited to bank delay, postal delay, failure or delay of any fax or electronic transmission, telecommunication failures or disruptions or delay caused by accident, emergency, act of G-d, maintenance downtime, declared or imminent war, revolt, civil unrest, catastrophes of nature, lockouts, boycotts or blockades. For the avoidance of doubt, you accept that you are solely responsible for ensuring that all payments required from you under any transaction between you and us are made promptly and within the time limits specified by the particular contract.

Non delivery of funds due to incorrect bank details

31.1 IsraTransfer will not be held responsible for any delays, charges or losses incurred due to errors in the payment information supplied by you, and you agree to be liable for any such losses or charges incurred by IsraTransfer.

Suspending trading account

32.1 We may suspend, withdraw, discontinue or change all or any part of our service without notice. This may include, but is not limited to:

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

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

(c) if we have reason to believe you are involved in any fraudulent activity, money laundering, terrorism financing or other criminal or illegal activity;

(d) if we reasonably believe that you are in breach of this Agreement;

 

32.2 We may suspend your IsraTransfer Account and its activity or restrict its functionality if we have reasonable concerns about:

(a) the security of your IsraTransfer Account; or

(b) suspected unauthorised or fraudulent use of your IsraTransfer Account.

 

32.3 We will not be liable to you if for any reason our services are unavailable at any time or for any period. 

 

32.4 You are responsible for making all arrangements necessary for you to have access to our services. 

 

32.5 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.

 

32.6 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 restriction as soon as practicable after the reasons for the suspension and/or restriction have ceased to exist.

 

32.7 Market volatility. We reserve the right to suspend trading currency pairs at any time.

 

32.8 We may suspend an Account if we lack up-to-date client information, client documents or identification documents, or if we need to carry out a face-to-face meeting with the client as required by law.

Suspending trading account

32.1 We may suspend, withdraw, discontinue or change all or any part of our service without notice. This may include, but is not limited to:

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

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

(c) if we have reason to believe you are involved in any fraudulent activity, money laundering, terrorism financing or other criminal or illegal activity;

(d) if we reasonably believe that you are in breach of this Agreement;

 

32.2 We may suspend your IsraTransfer Account and its activity or restrict its functionality if we have reasonable concerns about:

(a) the security of your IsraTransfer Account; or

(b) suspected unauthorised or fraudulent use of your IsraTransfer Account.

 

32.3 We will not be liable to you if for any reason our services are unavailable at any time or for any period. 

 

32.4 You are responsible for making all arrangements necessary for you to have access to our services. 

 

32.5 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.

 

32.6 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 restriction as soon as practicable after the reasons for the suspension and/or restriction have ceased to exist.

 

32.7 Market volatility. We reserve the right to suspend trading currency pairs at any time.

 

32.8 We may suspend an Account if we lack up-to-date client information, client documents or identification documents, or if we need to carry out a face-to-face meeting with the client as required by law.

Account closing

33.1 We reserve the right to close your Account and/or terminate this agreement immediately without giving a reason. Circumstances in which we may need to terminate your Account or this agreement include but are not limited to:

(a) if you commit a serious breach of this agreement or if you breach it on a number of occasions; 

(b) if you give,or have given us material information which is incomplete, false or inaccurate;

(c) if we are required to close your Account as a result of a decision by a court or a direction from a government or regulatory body; 

(d) if you fail to provide us with any information that we request from you to comply with tax reporting obligations and standards applicable to us.

Our obligation to know our client

34.1 We are required by law to know our client and the nature of their business. We may therefore be required to meet the client face-to-face, to fill out registration documents and to take original copies of identification documents. 

 

34.2 For sums of NIS 50,000 and above (or equivalent currency), IsraTransfer needs to carry out a face-to-face KYC meeting with the client. If funds are transferred to IsraTransfer prior to IsraTransfer completing the KYC meeting, IsraTransfer will not convert or release the funds for payment to client, until the KYC has been completed. IsraTransfer may also return the funds to client if KYC meeting is not held. IsraTransfer will not be held liable for any fees or losses incurred.

 

34.3 We require in writing a detailed explanation for the reason of the transfer. Additional documentation will be required. IsraTransfer will not be liable for any delay caused by your failure to submit additional documentation or by any bank reviewing such documentation in preparation to clear client funds.

 

34.4 Source of funds. We may request additional documents to show source of funds, regardless of the sum transferred.

 

34.5 If additional source of funds and/or usage of funds documentation is not provided, funds may be returned to the sender by IsraTransfer. Any losses, fees, legal fees as a result will be borne by the client and can be set off by IsraTransfer.

 

34.6 Agreement to these terms and conditions shall be construed as express consent for IsraTransfer to make the said set off.

34.7 IsraTransfer will not be held liable for any delay and/or losses in clearing client funds by its bank.

Our liability to you

35.1 If we are in breach of our obligations under these terms and conditions, we will only be liable to you for the Direct Loss that you incur. ‘Direct Loss’ is here defined as the loss of the currency we transfer, where it does not reach the destination you specify as a result of our gross negligence.

 

35.2 Except as set out in clause 36.1, (your liability to us section) we will not otherwise be liable to you. This limitation applies to i) indirect or consequential losses (whether foreseeable or not); ii) loss or anticipated loss of profits, savings, contracts, reputation, any action for damages made against you by a beneficiary or third party or business, iii) special damages; and iv) additional costs or losses incurred by you. This limitation also applies a) whether any of these i) - iv) arise under contract or from a negligent or other act or omission by us or otherwise; b) to the fullest extent permitted by law; and c) whether or not the costs, losses or damages were within the contemplation of either you or us on or at any time after you sign this Trading Agreement. Your statutory rights otherwise remain unaffected. Our liability for fraud, death and personal injury remains unlimited.

 

35.3 We will not be liable for the act or omission of any third party, whether involved in the payment process or otherwise.

 

35.4 Once we receive your funds we are obligated to convert and wire the agreed amount to your bank account, providing you have submitted all necessary documentation and have met all terms of this agreement.

 

35.5 Liability 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.

 

35.6 Liability 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.

 

35.7 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.

 

35.8 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.

Your liability to us

36.1 You will indemnify us against all losses that we incur as a result of accepting your orders to buy/sell currency or us carrying out your instructions in accordance with clause 5.

 

36.2 You will indemnify us for all losses incurred as a result of terminating a contract in accordance with clauses 18 & 32 above.

 

36.3 In respect of amounts due and payable to us under this clause, we may charge interest at 4% per annum above the Bank of Israel base rate.

 

36.4 In respect of any money due to us for any contract, we may retain any money we are holding for you on any other contract to offset against our losses.

General terms

Entire agreement

37.1 These terms and conditions set out the entire agreement and understanding of the parties on their subject matter and supersedes all previous oral and written communications on the same subject matter.

Amendment

38.1 We may amend these terms and conditions by notice in writing to you at any time and such amendments shall take effect from the date specified by us but may not affect any rights or obligations that have already arisen. Otherwise, these terms and conditions may only be varied by written agreement by you or us.

Assignment

39.1 Neither this Agreement nor any duties or obligations under this Agreement may be assigned by the client without the prior written consent of IsraTransfer Ltd.

Client portal

40.1 IsraTransfer has an online portal which allows clients’ to book trades, view trading history, add beneficiaries, amongst other features. IsraTransfer reserves the right to suspend or discontinue this service at any time. Clients’ that use the online portal acknowledge that they agree to the client portal terms and conditions, which can be found by clicking the following link isratransfer.com/online-access-terms-conditions

Communication

41.1 Delivery of a communication by us to the last known address we have for you shall be considered sufficient communication to you of any matter under these terms and conditions. You also agree to advise us of any change of your contact details, including your home address. If you fail to do so, you agree that we may serve documents, including service of process, at the last address you provided to us and that such service shall be effective.

Livechat & WhatsApp

42.1 If you communicate with us through our livechat and/or WhatsApp options on our website, portal or WhatsApp app, you agree to the terms and conditions of these services. We will accept any instruction given and we may give you information via this communication method. If you fail to provide the correct security questions we will terminate the chat without taking instructions or giving information.

Database searches

43.1 You acknowledge and agree that we are permitted to carry out an electronic database search and search credit reference agencies in order to verify your identity and credit standing and for other compliance purposes. If such searches are carried out, we may keep records of the contents and results of such searches in accordance with all current and applicable laws.

Interest

44.1 We are unable to pay interest on any money held, in any currency.

Power of attorney

45.1 IsraTransfer will only allow someone who you have given power of attorney to act on your behalf. Power of attorney must be given using IsraTransfer’s form. No other power of attorneys will be acceptable.

 

45.2 You will be responsible for all acts or omissions of the person in possession of power of attorney, whether or not you have authorised such acts or omissions, as if they were your own and we shall have no liability to you, the power of attorney or any other third party for any loss, damage or expense incurred due to any act or omission of the power of attorney.

 

45.3 You should make the power of attorney aware of your obligations under these terms and conditions.

Recording telephone conversations

46.1 We may record telephone conversations with or without the use of a warning tone and we may use these recordings as evidence of contracts entered into or in relation to disputes as well as for our ongoing quality control and training program.

46.2 If we make any recordings or transcripts we may also destroy them in accordance with our normal procedures.

Rights

47.1 Client may not transfer any rights or obligations of the client under this Agreement without IsraTransfer’s prior written consent. IsraTransfer reserves the right to transfer this Agreement and any and all rights under it without client’s consent.

 

47.2 Third party rights. No third party has any rights under these terms and conditions.

 

47.3 Transfer of rights. We may transfer any and all our rights in relation to your Account to another entity. We may also transfer any and all of our obligations to you, but we will only transfer them to an entity which we reasonably think is capable of fulfilling those obligations. If we transfer our rights or obligations in this way, references to ‘we’ or ‘us’ shall be read as references to that other entity.

Severability

48.1 If any of the terms and conditions will be deemed unenforceable or illegal, the remainder of the terms and conditions shall remain in full force and effect as if the unenforceable or illegal part had been removed.

Taxes

49.1 You are responsible for any taxes which may be applicable to payments, transfers and trades you make or receive, and it is your responsibility to collect, report and pay the correct tax to the appropriate tax authority. You declare all lawful taxes from country of origin of wiring funds have been paid in full or will be declared to the relevant tax authorities.

Waiver

50.1 If a party fails to exercise or delays in exercising any right under these terms and conditions, by doing so it does not waive such right. The rights provided in these terms do not exclude other rights provided by law. No variation or waiver of any of the terms and conditions hereof shall be valid unless in writing signed by or on behalf of those parties. 

 

51.1 In the event of death of client, monies will be frozen and released upon presentation of a valid probate court order or in the absence of a will, an intestate order as recognized by the Courts of the State of Israel. Monies will also be released upon the receipt of instruction of a temporary executor in possession of a valid court order as recognized by the State of Israel.

Personal data

52.1 The information that you provide to us is confidential and will not be used for any purpose other than in connection with the provision of services unless we inform you otherwise. 

 

52.2 Information may be shared between IsraTransfer and any of its associated companies including but not limited to subsidiaries or holding companies. 

 

52.3 Confidential information and personal data will be treated as such, provided that this information is not already in the public domain. Information of a confidential nature will only be disclosed outside the aforesaid companies of which IsraTransfer forms a part in the following circumstances:

 

52.3.1 where required by law or if requested by any regulatory authority or exchange having control or jurisdiction over us or respective associate;

 

52.3.2 to investigate or prevent fraud or other illegal activity;

 

52.3.3 to any third party in connection with the provision of services to you by us;

 

52.3.4 for purposes ancillary to the provision of the services or the administration of your account, including without limitation for the purposes of verification enquiries, credit enquiries, assessment or compliance checks;

 

52.3.5 if it is in the public interest to disclose such information;

52.3.6 at your request or with your consent.

 

52.4 When a client calls IsraTransfer they will be asked two identifying questions. These must be answered correctly before any personal and/or trading information and instructions are discussed and accepted.

 

52.5 When transferring money via the “AFXP account” it is necessary for designated accounting staff at the AACI to have access to information regarding your transaction. 

 

52.6 This is necessary for us to carry out your transfers through this secure account. All details are kept in the strictest confidence.

52.7 IsraTransfer’s privacy policy can be viewed at https://isratransfer.com/privacy-policy

Applicable Law, Governing Law and Jurisdiction

53.1 These terms and conditions are governed by and construed in accordance with and under the sole jurisdiction of the courts of the State of Israel and shall be interpreted in accordance with Israeli law. Ultimate jurisdiction for resolving claims, disputes or other matters (including non-contractual claims or disputes) which may arise out of or in connection with these terms & conditions shall be with the relevant courts in Jerusalem.

 

53.2 This clause does not prevent us from commencing proceedings against you in any other jurisdiction should it be necessary to do so.

Updated: September 2019