Transfer Rapid Terms and Conditions


Transfer Rapid LTD (hereinafter called “Transfer Rapid”), a limited liability company with registered offices at One London Wall, Floor 6, London, EC2Y UK, licensed by the FCA (firm reference number 572326) since 2012 to operate as an API Authorized Payment Institution) throughout all 31 countries of the EEA (European Economic Area);

which receives the Sender’s money and provides for the payment of these funds, at Sender request, either directly into the Recipient’s bank account (“Online to Account”) or in cash through Transfer Rapid’s paying agent in Romania, CEC Bank (“Online to Cash”);

sets out the following Terms and Conditions that, together with any documents referred to, represent a contract between you and Transfer Rapid that, upon your acceptance, allow you the use of the Transfer Rapid Money Transfer Portal www.transferrapid.com for purposes of making an online money transfer payment to a designated Recipient.

Definitions

Money Transfer means the transmission of funds to a designated Recipient, pursuant to payment terms entered by you into the Transfer Rapid Money Transfer Portal

Paying Agent is the entity appointed by us for „Online to Cash” transactions to make  cash payouts to Recipients at Paying Agent locations in the destination country identified in your payment instructions.

Recipient is the individual designated by you as the receiver of the Money Transfer upon identification and validation in accordance to regulatory requirements;

Sender is the person who initiates an online money transfer on the TR Portal www.transferrapid.com;

Source Currency means the currency which you hold on your credit/debit card and/or fund your payment order with;

Target Currency means the currency that you select from the options provided on TR Portal by the destination country where the Recipient will receive the Money Transfer

Transaction Fee is defined as the fee charged by us in connection with the money transfer.

TR Portal means the Transfer Rapid Money Transfer Portal www.transferrapid.com   

In these Terms and Conditions “you”, “your” and “user” refer to the person who has been verified and successfully registered to use the Transfer Rapid Money Transfer service.

Information About Transfer Rapid Money Transfer Service

Transfer Rapid provides to registered users of the service (“user”) with the ability to initiate money transfers to designated Recipients, over the Internet using credit and debit cards that have the IBAN in an EEA currency.

In order to use the service, you will be required to provide us with information on the TR Portal that is required for us to correctly verify your identity, to validate your bank card, and to complete the Money Transfer in compliance with applicable laws and regulations. You must also provide a valid email address.

The TR Portal provides two options to send your funds:

  • Online to Cash Money Transfers whereby you, as the Sender, intiates the money transfer from your debit or credit card and the Recipient collects the money in cash at one of our Paying Agent’s locations during business hours; and
  • Online to Account Money Transfers whereby you, as the Sender, initiates the money transfer from your debit or credit card and the money is deposited in the bank account designated by you in your Money Transfer instructions.

The TR Portal provides clear and simple instructions that you must follow to ensure that your funds reach your desired destination. It is your responsibility to make sure that all the data requested by these instructions are provided accurately by you before submitting your Money Transfer.

  • For Online to Cash Money Transfers you must provide the Recipient’s full name which must be exactly the same to the one that the Recipient can demonstrate with a photo ID when collecting the money sent to him/her. Additionally the Recipient must provide the Unique Transaction Identification (“UTI”) that was generated and communicated to you, the Sender, on the TR Portal upon confirmation of the Money Transfer that you submitted.
  • For Online to Account Money Transfers you must provide the Recipient’s full name, bank name, bank identifier (SWIFT code), and bank account number (IBAN).

For all Money Transfers you must include the amount you wish to send (the “Transaction Amount“).

Before you confirm a transaction, if your Source and Target Currencies differ, the TR Portal will provide clear and transparent information on the foreign exchange rate that will be applied to your transaction (the “Exchange Rate”), as well as the Transaction Fee. We will also provide you with the exact amount the Recipient will receive (the “Payout Amount“) after deduction of the Transaction Fee and Exchange Rate conversion. You will have the option to accept or decline the transaction based on your acceptance or rejection of the Transaction Fee and Exchange Rate provided to you.

Money Transfers for Online to Cash Transactions can be paid out to Recipients in one of two Target Currencies, and you have the option to select among them: either local Romanian currency (RON) or in EUR currency. If your Source Currency is not one oft hese two currencies, RON or EUR; or if your Source Currency is EUR and you wish to convert into RON, then you will need to apply Transfer Rapid’s Exchange Rates if you wish to use Online to Cash Money Transfers on TR Portal.

The Money Transfer request will be submitted by the Sender via the Sender’s registered account with TR Portal. By completing the information required to make a Money Transfer and confirming this request via the TR Portal, the Sender instructs and consents to Transfer Rapid executing the Money Transfer submitted by him/her.

The TR Portal will thereafter provide you, the Sender, with the receipt containing the complete Money Transfer information, including the unique transaction identification (“UTI”) number of the Money Transfer, the amount of the transfer in the Source Currency, the Payout Amount in the Target Currency, the Transaction Fee, and the date of the transfer. An email with complete receipt information will also be sent to you.

Once the Money Transfer request has been reviewed and submitted by you, Transfer Rapid will forward the money to the designated Recipient.

When and Where Can Recipient Collect the Cash Payout for Online to Cash Transfers

You are responsible for contacting the Recipient to advise them when the money will be ready for collection and provide them with the UTI.

Cash pickup for Online to Cash transactions can be collected by the Recipient, subject to EU regulations, at any one of the 1,200+ locations of Transfer Rapid’s Payout Agent in Romania, CEC Bank, during working hours.

Information on location and business hours for each of the 1,200+ bank branches of CEC Bank can be found on CEC website at www.cec.ro/retea/retea-unitati; you must select the county (“judet”) of interest in the search field to obtain a list of all CEC Bank locations in that county, with phone information, address and hours of operation.

If you submit the Online to Cash Money transfer during CEC Bank business hours, the Money Transfer amount will be available for collection within 15 minutes of when you submitted your online Money Transfer. If you submit the Money Transfer after 16:00 Romania time (GMT+2), the Money Transfer amount will be available for collection the next business day during business hours of the Paying Agent location.

To collect the funds in cash, the Recipient must provide to the CEC Bank teller all of the details about the Money transfer required by Transfer Rapid, including your (Sender) name, country of money transfer origin, their (Recipient) full name with proof of identity using the Recipient’s Romanian ID card that contains their CNP (the unique Romanian national identification number) and photo, the transfer amount, and the UTI given to you at the time of the Money Transfer.

When Will Funds Be Made Available to Recipient in Online to Account Transfers

We will send the Money Transfer amount to the Recipient’s account that you specify in the Money Transfer request.

You may request a Money Transfer only to Recipient’s accounts that are held in the European Economic Area (“EEA”). In this case the account provider (e.g. bank) will receive the Money Transfer amount by the end of the next business day after you have submitted the Money Transfer request.

If the account provider is in the EEA and the Recipient’s account is in an EEA currency, the account provider is required by law to make the funds available to the Recipient’s as soon as it receives it; this means that in most cases the Recipient will receive the funds into their account by the end of the business day following your submission of the Money Transfer request.

If you submit your Online to Account Money Transfer request on a non-business day or after 16:00 Romania time (GMT+2) on a business day we will process your request as having been submitted and received the next business day (and the timescales set out above will apply from that point). 

Expired Transfers

If you ask us to make an Online to Cash Money Transfer and the Money Transfer amount has not been collected within 90 days, the Money Transfer becomes an “Expired Transfer” and we have no obligation to execute an Expired Transfer.

If an Expired Transfer occurs, we will attempt to contact you in accordance to the contact information you provided to us at registration so that we can arrange for a refund of the amount of the Expired Transfer.  You are responsible for ensuring that your contact information (phone and email) are correct and current.  If you become aware that a transferred amount has not been collected please contact us to ask for a refund. Our contact details are set out below and are also available on TR Portal, on our website and in our email communications to you.

Information About Charges, Interest and Exchange Rates

The Transaction Fees for a Money Transfer are shown in the “Send Money Online” field at www.transferrapid.com. Simply select Your destination country, enter the amount to be transferred and click on “Calculate”.  Information explaining how Transfer Rapid charges the Sender for making a Money transfer is also shown to the Sender prior to confirming the Money Transfer request.

The Transaction Fees is a fixed fee that is calculated at every 100 increment. Every modification of the Transaction Fee will be made with 2 month notice period. The Transaction Fee is provided in advance to you, the Money Transfer Sender, before you decide to submit a request for Money Transfer service. No other fees are to be borne by either you, the Sender, or the Recipient.  

The Exchange Rate (if applicable) is provided in advance to you, the Money Transfer Sender, to allow you to have complete information before deciding to use our service.

Subject to your confirmation, Money Transfers for Online to Cash Transactions can be paid out to Recipients in one of two Target Currencies, and you have the option to select among them: either local Romanian currency (RON) or in EUR currency. If your Source Currency is not one of these two currencies, RON or EUR; or if your Source Currency is EUR and you wish to convert into RON, then you will need to apply Transfer Rapid’s Exchange Rates if you wish to use Online to Cash Money Transfers on TR Portal. All currency is converted at Transfer Rapid’s current rate of exchange, provided to you before you decide to make the Money Transfer.

Transfer Rapid calculates its rate of exchange based on commercially available interbank rates plus a cost. Most exchange rates are adjusted several times daily in line with the relevant closing rates of global financial markets. The exchange rate for a money transfer is indicated to you at www.transferrapid.com . You are not commited in any way to use our service until you are fully informed of the Transaction Fee and exchange rate.

The currency will be converted once you have confirmed your and the Recipient  will receive the currency amount shown to you prior to you confirming the Money Transfer request.

Our payout agent in Romania, CEC Bank, will pay out Online to Cash transfers to Recipients during business hours in the payout currency indicated in the Money Transfer instructions submitted by the Sender to Transfer Rapid. If a Recipient desires payment of the Money transfer in a currency other than the payout currency, the Recipient and payout agent must enter into a direct, separate foreign exchange transaction, subsequent to the Money transfer transaction, to convert the payout currency into the  Recipient’s currency of choice (” exchange transaction”).

Additional information about exchange rates for specific destination countries can be obtained by calling the toll-free telephone number listed below or on TR Portal.

Annulment and Reimbursement

The Sender has the right to request the cancellation of an Online to Cash Money Transfer request fourteen days after the transaction has been submitted to Transfer Rapid unless the Money Transfer amount has been paid to the Recipient. You will not be able to cancel an Online to Account Money Transfer request once the transaction has been submitted via the TR Portal.

The cancellation request must be made by the Sender, via the TR Portal, or by e-mail by presenting the issued receipt to confirm the Money Transfer details. If you are entitled to cancel the Money Transfer, Transfer Rapid will reimburse you the Money Transfer Amount originally deducted from your card, less Transaction Fee

Persons Under 18

The service is intended for the use by users who are eighteen (18) years of age or older. Please note that the service (including, without limitation, the underlying network, system, software, servers, various directories and listings, various message and news boards, tools, information and databases) is not intended for use by persons under eighteen (18) years of age.

Information for the Sender on Money Transfer Transactions

After the transaction is concluded we will provide the Sender with the receipt containing the information on the Money Transfer including the unique transaction identification (UTI) number, electronically and by e-mail.

The receipt will contain the following information: Recipient’s first name, Recipient’s last name, UTI, Sent Amount, Commission, the Amount to be collected by Recipient, Exchange Rate (if applicable)  and the total sum that your credit/debit card was charged with. You will also be informed that only the person named as the Recipient in the Money Transfer request can collect the money.

Information About Safeguards and Corrective Measures

Prior to the first Money Transfer order you will be asked to provide a password and a valid e-mail address as your username. The password and the username must not be used by any person other than yourself. It is your responsibility to keep your password and your username safe.

YOU MUST NEVER SHARE YOUR PASSWORD WITH ANYBODY AND DO NOT WRITE IT DOWN ANYWHERE!

If you know or suspect that your password has been lost or stolen or you suspect that the security of your registered account within the TR Portal has been in any way compromised or of any other breach of security, you must you must immediately telephone at +800.8000.5050 or 0800.800.609 or send an e-mail at contact@transferrapid.com

If we suspect or find fraud or security threats in relation to your use of the Money Transfer service, unless informing you would compromise our reasonable security measures or otherwise be unlawful, we shall contact you to inform you using the most recent contact details you have provided to us. We shall do so in the manner in which we think is the fastest or best way of reaching you, given the circumstances. You must ensure your contact details are up to date.

If you have informed us of the unauthorized use of your password or your username or any other security issue in relation to your registered account, we will immediately take all the necessary steps to mitigate the risk of loss, including assisting you in changing your password and/or username. Prompting these steps does not make us liable for any loss or damage that are the result of your failure to comply with your duty in accordance with this paragraph.

We shall not be liable to you for any Money Transfers made via Transfer Rapid where the card payment made to us was not authorised by you (for example, where your payment card has been lost, stolen or misappropriated).  If you become aware that your payment card has been used without your consent to place a Money Transfer request you must let us know immediately so that we can attempt to cancel the order. You should contact your bank for a refund of any unauthorised payments made using your card.

However, you might be entitled to the reimbursement or credit of a certain amount from your Card Issuer if your bank card or your bank account were used in a fraudulent manner.

YOU MUST NOT GIVE ANY OF THE COLLECTION DETAILS (WHETHER OR NOT REDACTED) TO ANYONE OTHER THAN THE RELEVANT RECIPIENT.

You must do all you reasonably can to ensure that no one, other than the Recipient specified in the relevant Money Transfer request, can obtain the collection details or any part of them.

You must contact us immediately by+800.8000.5050 or 0800.800.609 or send an e-mail at contact@transferrapid.com if you become aware of any Money Transfer that has been paid out to a person that is not the Recipient or appears not to have been delivered at all. We may investigate your claim and, where you are so entitled, will refund the amount of the incorrectly executed Money Transfer provided that you notify us without undue delay and in any event no later than 13 months of the date your bank account was debited.

For Online to Cash Money Transfers: If you, directly or indirectly, disclose any collection details to anyone other than your chosen Recipient then we will not be liable if we pay the money to someone (other than the Recipient) who gives the agent the collection details and provides what the agent reasonably believes to be valid evidence of identification.

For Online to Account Money Transfers: If you give us the wrong Recipient bank details when submitting your Online to Account Money Transfer request, we will not be liable for making the Money Transfer in accordance with your request and you are not entitled to a refund. However, we may try to recover the payment for you if you so request and we may charge our reasonable costs for doing so. You will not be entitled to a refund from us if we can prove that the funds were received by the Recipient’s bank. 

Where the Money Transfer to the Recipient was not successfully executed due to causes attributable to Transfer Rapid, the Sender will be refunded with the amount paid to Transfer Rapid, with the exception of where you act fraudulently or with gross negligence, in which case Transfer Rapid will not be liable for a refund.

Transfer Rapid will not be liable for any loss (whether direct or indirect) arising from:

  1. any Money Transfer where you have acted fraudulently or where, with intent or gross negligence, you have failed to maintain the security of the Recipient collection details including but not limited to the UTI number or your Transfer Rapid password or username;
  2. any Money Transfer which we have carried out in accordance with your instructions;
  3. any Money Transfer which we delivered in accordance with information provided to us by you where it transpires that the information you provided was incorrect;
  4. any abnormal or unforeseeable circumstances outside of our control, where we could not have avoided those consequences even though we made all efforts to do so;
  5. any failure of your mobile device, computer or any other equipment, software or services which are required for successful technical execution of a Money Transfer and over which we have no control; or
  6. our necessary compliance with applicable legal or regulatory requirements.

We will also not be liable for:

  1. business interruption;
  2. any loss of profits, revenue, bargain,  reputation, time, goodwill, opportunity or anticipated savings; or
  3. any loss or damage whatsoever which does not stem directly from our breach of these Terms and Conditions.

We will use reasonable efforts to make Transfer Rapid Portal and Money Transfer services available to you, but we will not be liable to you for any loss or damage arising if it is unavailable at any time, or if access is interrupted.

Nothing in these Terms and Conditions shall limit or exclude our liability for death or personal injury resulting from our negligence, fraud or fraudulent misrepresentation, or any other liability that cannot be excluded or limited by law.

Customer Service, Complaints and Communication

If you detect errors or encounter problems on the TR Portal or with the Transfer Rapid Money Transfer service, please contact us by e-mail or by telephone

+800.8000.5050

Toll Free Telephone Numbers in United Kingdom, France, Spain, Italy and Germany

0800.800.609

Toll Free Telephone Number in Romania

+4021.320.9020

Telephone Number for Other Countries

E-mail address: contact@transferrapid.com

If you have a complaint about Transfer Rapid or our Money Transfer service, please tell us using one of the contact methods above so we can investigate the circumstances for you. We will aim to deal quickly and fairly with any complaints you have in accordance with our obligations under applicable law.

If we do not resolve your complaint, you may be able to refer it to the UK Financial Ombudsman Service. You can contact the UK Financial Ombudsman by telephone on: from inside the UK: 0300 123 9123 or 0800 023 4567; from other countries: +44 20 7964 0500 on Monday to Friday, 8am to 8pm and on Saturday 9am to 1pm; by post at The Financial Ombudsman Service, Exchange Tower, London E14 9SR; or by email: complaint.info@financial-ombudsman.org.uk. The UK Financial Ombudsman Service is also available in a number of different languages and if you need it you will be put in touch with a translator when you contact the UK Financial Ombudsman Service.

Through the TR Portal, you are able to (amongst other things) view your Money Transfer history, download copies of statements and view your personal details and registration details. If we need to provide you with any information relating to our payment services or contact you for any reason in relation to these terms and conditions we will [do this using the contact information you provide to us at registration or via the Transfer Rapid Portal. You can update your contact details at any time via the Transfer Rapid Portal. It is your responsibility to ensure that your contact details are up to date and that you check your email inbox and Transfer Rapid Portal regularly for any notifications or communications we may send you.]

Intellectual Property Rights

The website and its entire contents, features and functionality (including but not limited to all information, software, text, displays, images, video and audio, and the design, selection and arrangement thereof), are owned by Transfer Rapid,

Transfer Rapid name, and all related names, logos, product and service names, designs and slogans are property of Transfer Rapid or its affiliates or licensors. You may not use such marks without the prior written consent of Transfer Rapid

Governing Law and Jurisdiction

These terms of use and any dispute or claim arising out of, or related to, them, their subject matter or their formation (in each case, including non-contractual disputes or claims) shall be governed by and construed in accordance with English Law and any arising dispute pursuant to these Terms and Conditions will be determined by the courts in England and Wales.  

Applicable Language

All communications between us and you shall be made in both Romanian and in English. Where any translation of our Terms and Conditions is undertaken in Romanian the English version of our Terms and Conditions shall prevail over any translation.

Personal Data

Personal data processed include the following categories: identification data – name, home address, email address, phone number / mobile, personal number, date of birth, residence. For more information about how we handle personal data, please see our Privacy Policy on TR Portal at www.transferrapid.com .

The purpose of collecting data is to provide Money transfer services and keep you informed about changes in our services and any services we or our partners offer, marketing, advertising, media, research market statistics.

In the context of our regulatory obligations to the FCA for preventing and combating money laundering and the funding of terrorism, we are required to obtain, verify, and record identifying information on all our customers.

According to our obligations under The Money Laundering Regulations 2017, we may therefore require you to supply us with sufficient personal information to enable us to verify personal details which we will use to confirm your identity. For that we may ask for photographic evidence of your identity such as a copy of your ID or other form of identification.

Data are recorded for use by the operator and may transmit informations to affiliated companies, agents or third party contractors.

Your personal data collected by Rapid Transfer will never be disclosed to a third company who intends to use it for direct marketing purposes if you have not given your express permission to do this.

If payments are made by card, the service is performed through authorized third party providing online payment service that guarantees security of information systems. Identification of card data (card number, expiration date) will not be stored or transferred by Rapid Transfer.

According to GDPR (General Data Protection Regulation) you have the following rights for individuals:

  • The right to be informed
  • The right of access
  • The right to rectification
  • The right to erasure
  • The right to restrict processing
  • The right to data portability
  • The right to object
  • Rights in relation to automated decision making and profiling.

You may contact us by telephone +800.8000.5050 or 0800.800.609 or send an e-mail at contact@transferrapid.com regarding any Data Protection inquiries as well as accessing your rights mentioned above.

You may contact us by telephone +800.8000.5050 or 0800.800.609 or send an e-mail at contact@transferrapid.com regarding any Data Protection inquiries as well as accessing your rights mentioned above.

Knowing the legal provisions on the protection of individuals with regard to the processing of personal data and the free movement of such data, you accept that Transfer Rapid will process directly or through representatives and/or third party contractors, personal data and can process, store and transmits whichever members of the group and other entities, third party agents or contractors in order to carry out the services requested.

Changes to and Termination of the Framework Contract

We may revise and update these Terms And Conditions from time to time in our sole discretion by posting a revised version on our website and notifying you by email. The revised version will be effective 2 months after we notify you of the updates. You are expected to check this website from time to time to take notice of any notification of changes.

If you do not agree with the proposed amendments you have the right to cancel these Terms and Conditions and stop using the Money Transfer services before the updates become effective.  

You are under no obligation to execute any Money Transfers simply by virtue of this being a Framework Contract.

Your continued use of the Money Transfer services following the date on which the updated Terms become effective means that you accept and agree to the changes.

Changes in exchange rates are excluded from the 2 month notice period and will be immediately effective. You can view the Transfer Rapid exchange rate applicable at any given time by checking the TR Portal.

These Terms and Conditions (as amended) are available on our website https://www.transferrapid.com/termeni-conditii.html for you to view at any time.

These Terms and Conditions, jointly with all other contractual items referred to in these Terms and Conditions, constitute the entire agreement between you and us and supersede any prior agreements which may exist between you and us.