FAQs

Frequently Asked Questions

Explanation of the Basics

There has been no change in the way foreign exchange has been conducted since the invention of money. A percentage spread has always been charged by middlemen to convert one currency to another. Midpoint is one of the first companies to harness the peer-to-peer capabilities of the Internet to eliminate the need for intermediaries who ultimately increase your costs in buying or selling foreign exchange.
Peer-to-peer (P2P) computing or networking is a distributed application architecture that partitions tasks, workloads or transactions between peers. Peers are equally privileged, equipotent participants in using the application software which connects the users.
It is what makes Midpoint unique and allows us to essentially take intermediaries (primarily banks & brokers) out of the process of establishing the effective exchange rate that will be applied to customer transactions. Our patented technology anonymously matches customer orders on a reciprocal basis. In simple terms, this means that if John in the UK wishes to purchase US$ for GBP and Alice in the USA wishes to purchase GBP for US$, our system will match these orders. In the event that we cannot exactly match orders within 24 hours, we provide the required liquidity to execute your order.
The spread is the difference between the rate at which a bank or broker will buy a currency and what they will sell it for. This is the primary cost of a foreign exchange transaction. We eliminate the spread whilst ensuring that your costs are fair & transparent. See how much you will save by trying our Rates and Fees Calculator.
The interbank rate is the one you will most likely see in the media, on the news and on various currency converters you might come across. This is the market rate at which banks buy and sell currency to each other. Peer-to-peer Foreign Currency Specialists normally known as FX Brokers will usually offer highly competitive prices close to the ‘interbank’ rate exchange rates initially, but will “widen” these spreads opportunistically. Banks generate significant profits on FX by charging receiving and payment fees whilst adding a significant margin onto the interbank rate when fixing their daily rates. The difference between the interbank rate and the customer execution rate (the margin) is how foreign exchange providers make their money.
Once we have established a reciprocal trade, we send the confirmation of your order at the Midpoint Rate at the time of the match. It is impossible to have a better rate without favouring one side of the transaction. It’s like getting foreign currency at cost!
We take a “live” feed of the Interbank Rates from Yahoo to determine the midpoint rate. The Interbank Rates are the real-time ‘Buy’ and ‘Sell’ rates used by international banks to trade large volumes amongst themselves. We do not manipulate the exchange rate no matter how small or how infrequently you place orders with us.
A number of financial institutions will quote the Interbank Mid-Market Rate on their websites and telephone enquiries. However please be aware that there may frequently be a more expensive Execution Rate which may only be confirmed during the final stages of confirmation or on execution of your trade.
Our fee is determined by the value of your transaction and includes the delivery of your funds to your Beneficiary. Payment must be received by us on or before the Settlement Date or such earlier date as we may specify and, for the full value of the currency to be sold by you per Midpoint’s Matched Order Detail. You may however select the *settlement date when you place your order provided it is within 7 days of the current order date. *This is applicable for orders placed from Monday to Friday excluding UK bank holidays. Note: You may be charged a domestic transfer/wire fee by your bank to fund in an order. This is determined by your local bank’s charge out policies. If you do not know what this bank charge is, we advise that you check this with your bank before you place an order with Midpoint.
We plan to extend the markets and currencies available to our clients. We will keep you notified of any changes and additions to our services. Please check our coverage page for additional information.
Unfortunately not. The banks pay no interest on the segregated trust accounts in return for providing lower transaction fees to our payments platform.. This helps to save you money.
You have access to our advance rates and fees calculator on our Home page by clicking the calculator button next to the login button top right. You can check our fee and the Mid-Market rate by selecting your currency pair and amount.

Registration & Adding Beneficiary

Anyone over 18 years of age with a bank account can register; including businesses, private individuals, registered charities and associations. You will be authorised according to the appropriate UK Anti-Money-Laundering regulations. Country and currency restrictions apply. Please see our coverage page for complete details.
Opening an account with us is free and you have no obligation to place an order with us.
All you need to do is click on “Sign Up” at the top of our home page or one of the registration links on our site

For individuals we require:

  • Full name and active email address and password.
  • Legal First and Last names, Country your phone is registered and number.
  • Copy of your passport and MRZ number
  • Current Proof of Address (see below)

For businesses, charities and associations we collect:

  • Active email address & password,
  • Legal First and Last names, Country your phone is registered and number.
  • Copy of your passport and MRZ number
  • Full name and permanent residential/home address of named account operator
  • Proof of Account Operator address within the past 3 months
  • Gender, DOB, Home Address
  • Company Registered Name, registration number, date of incorporation, Country your phone is registered and number
  • Upload Company Registration Certificate
  • Primary Business Activity
  • Company address
  • Additional Information about the Company Directors and Beneficial Ownership
  • Full KYC (Know your Customer) of active directors and beneficial owners >25% (for private companies)
  • Role/Title with the Business
  • Date of Appointment

For your Beneficiary we will collect the following:

  • Entity Type. (Business or Individual)
  • Beneficiary’s Country & Currency
  • Indicate Beneficiary Personal or Business
  • Salutation, First Name, Last Name of Beneficiary
  • Beneficiary’s Name & Address
  • Beneficiary’s Address and Email
  • Beneficiary’s Bank Account Type (Savings, Current or Business)
  • Bank Name
  • Account Holders Name
  • Account Number, Sort Code, IBAN, Swift/BIC, Routing Number as applicable to the country you are sending funds to

Bank Account Details (This varies from country to country)

Once registration is complete and we have received the appropriate documents; user approval will take 1 – 2 working days although our aim will be to authorise all applications received on the same day during the working week.

A government issued document with a photograph including:
  • Valid passport
No, we require you to provide us with your physical home street address.
  • Recent Utility Bill (last 3 months)
  • Gas, Electricity, Water, Telephone (Not mobile phones)
  • Council Tax Bill
  • Current Full UK Driving License
  • Photocard Driving License with Address (please note we do not accept a driving licence for both Proof of ID and Proof of Address)
  • Tenancy Agreement
  • Bank, Building Society or Credit Card Statements from main provider (last 3 months)
  • Most Recent Mortgage Statement from a recognised lender
  • Recent Evidence of entitlement to state or local authority-funded benefit such as housing benefit, pension, tax credit
  • Signed University Acceptance Letter (for foreign students)
  • Company Registration Document
  • Tax Certificate Document
  • Certificate of Incorporation
  • Articles of Organisation
  • Articles of Association
Please check your SPAM folder. If you still cannot find a confirmation e-mail, please click on “Resend Confirmation Email” on your User Dashboard.
You are able to edit certain details under “My Details” on your User Dashboard. If you need to edit other details, please contact the support team at info@midpoint.com, via live chat on our system or call us toll free UK 0800 211 8620 – International +44 20 7448 3088.
For security purposes and to ensure that your account is safe, the Midpoint team will ask you two security questions. The process is fast and will take a few seconds.
Click on Client Login, click on “Forgotten your password” and enter your email address Press “Send” to have a password reset link sent to your email.
You can send money to anyone who has a bank account. Country and currency restrictions do apply. See our coverage page for complete details.
Click on the drop-down list and select the appropriate response. If the reason for payment does not appear.
Click "Other" and enter the reason in the box provided below.
We require a clear understanding for your reason for payment.
No, you can add a Beneficiary after you place your order. According to Money Laundering Regulations we are required to run a compliance check on all Beneficiary before funds can be delivered. The good news is that you only need to register each Beneficiary once.
An IBAN is your International Bank Account Number. It is made up of a code that identifies the country code for the account holder’s bank, the sort code and the account number itself. The IBAN makes it easier and faster to process cross-border payments. SWIFTBIC - Society for Worldwide Interbank Financial Telecommunication Bank Identifier Code. This code identifies the bank with whom the beneficiary holds their account for use when sending funds cross-border.
Banks in the USA, New Zealand, Australia, Hong Kong, Singapore and the UK do not require an IBAN or a SWIFT/BIC Code. The USA requires an ABA routing number, New Zealand and Australia require a BSB number, Hong Kong and Singapore a Bank code, and the UK a sort code.
Yes you can but this will need to be authorised by Midpoint Admin. You will be sent a notification email confirming this amendment.

Orders, Funding & Payment Process

This is determined by the amount of currency you wish to exchange. For example; If you want to change £10,000 for Euro, then you would “Sell” GBP10,000 for Euro. On the other hand, if you need to pay someone €10,000 then you would “Buy” €10,000 for GBP. You will be given the option to buy or sell by clicking the radio button on the order page
This is the statement narrative that will appear on the Beneficiary’s bank statement.
We will match all orders within 24 hours of receipt of your order but we try to match within one hour during the working week. You get the Mid-Market rate at the time your order is matched. Once matched you will receive an email confirmation with the details of your order. It will show you the rate, the transaction amount, the fee, the total funding required, the payment instructions and the amount that your Beneficiary will receive.
Yes. You can place orders at any time but they will normally not be matched during weekends and UK bank holidays.
This is the process by which we Match businesses and individuals with opposite currency requirements.
No. We are unable to accept funding payments from 3rd parties in settlement of our customer orders. For example commission due to a sales person is paid directly to Midpoint by their company. As a regulated business, we are responsible for on boarding and conducting KYC (know your customer) & Anti-Money-Laundering checks when authorising our customer’s accounts. If a third party wishes to send us money, then they will have to register directly with us as an individual or company.
Funds will be due and payable on or before the settlement date. Failure to comply will result in a charge to the User of the greater of:-
1. 100 GBP or Equivalent Currency;
2. 1% of the transaction value; or
3. the realised loss suffered by Midpoint & Transfer by going to a third party to fulfil the matching User's Orders.

User access may also be revoked at the discretion of Midpoint if they are deemed to continuously not comply with our T&C’s.
Midpoint is a peer-to-peer system and if one side of a match is not funded it will impact negatively on other Users. Therefore this policy will be strictly enforced.

This will not affect your order. If this does occur, Midpoint will take up the opposite side of the transaction, and pursue the offending User for damages. This is the reason for the penalty mentioned above. Advising us immediately if any delays occur may mitigate the penalties incurred.
No, all USD and CAD collections must be sent to the Barclays, London USD or CAD account. Please check with your bank before placing an order.
They are our payments platform. Earthport Plc (EP) has been making national and international payments and collections since 1998. EP is a public company and is listed on the Alternative Investment Market (AIM) of the London Stock Exchange. They own, provide, and host an international money transactional platform called the Universal Payments Network. Using this platform, EP provides secure, low cost international bank payments and collections worldwide.
Earthport is an Authorised Payment Institution under Financial Conduct Authority (FCA) Regulations in the UK. All client money is kept in segregated trust accounts. They are also a member of SWIFT - the international bank clearing system used by major banks.
It is your responsibility to include your unique 13 digit Payment Reference Number in the Payee Reference Field when you send funds to us. This number is unique to your account and will not change.
Solely this 13 digit number with no additional text must be inserted into the "payee reference field" when sending funds to us.
Once your order is Matched, you will be able to see you payment instructions on your “User Dashboard” under your “My Recent Orders Tab” by clicking the order Reference on the left hand side.
You can still use Midpoint. You will need to instruct your bank in person, by phone, or by fax (depending on your bank) to send funds to the appropriate Earthport trust account.
We can only receive funds from the Midpoint Account Holder's bank account. Please contact us if your Midpoint account profile name is different from the bank account you’re depositing from. Please also note that we are unable to receive funds from third parties.
Yes. You will have currency wallets in the account. You can convert funds held in your wallets to other currencies as required.
Sorry, we do not support cash, cheque, or any credit card payments at this time.
You may cancel an order if the order status shows that your order is "unmatched"
You or an Authorised Person may not amend or cancel the matched order unless we expressly agree (and any such amendment or cancellation shall be on the conditions specified by us).
No, although there are limitations on currencies and countries. Please see our coverage page. Our current system is not built for, and does not cater for speculative hedging or forward Forex (FX) currency trading. This is due to the fact that all orders placed must be settled with real time funds.
This may be a good time to allocate the payment(s) to your beneficiaries.
The completion of your transaction normally takes 3 working days but may be quicker than this. Please contact us if you have a funding deadline to meet.
If the payment (and deposit) is given to us in the beginning of the business week, the transactions should be complete within a few days. Banks do not process payments during the weekend, so if you have started a transaction on a Friday the payment process will continue the following Monday. On our new platform, we are sending the beneficiary payment email notification once the funds have been remitted to the beneficiary bank. If the funds do not appear, the bank should be contacted to check when they will credit the account. You can also check on your Midpoint dashboard by selecting "Beneficiary Payments" from the side menu. When the status indicates "Remitted" the funds have already been sent to the beneficiary's bank.
You may obtain a quote by visiting the Midpoint Calculator on our website. This quote is given on an indicative basis only and we are not legally bound to perform a proposed Contract in accordance with this quote.
Once you or an Authorised Person places an order and it is matched you will become legally bound to perform the Contract in accordance with the terms of the Matched Order.
Following receipt of an Order, we shall subsequently transmit electronically to you a matched order confirmation, which will confirm the details of the Order.
You must pay all funds specified by us in connection with a Matched Order (including any applicable fees or charges by electronic transmission) in full and in cleared funds into a client account specified by us.
Once your order is matched, you will be sent an email confirming all details relating to your matched order. Payment must be received by us on or before the Settlement Date or such earlier date as we may specify and for the full value of the currency to be sold by you per Midpoint’s Matched Order Detail. You may specify an expected “settlement date” when placing your order with us. It will not be possible for you to select a date which falls over a weekend or a UK Bank Holiday. If you are aware that your funds may arrive later than specified on your order, it is your responsibility to notify us of this fact and the reasons for not meeting our deadlines.
You or an Authorised Person can give us electronic or verbal instructions relating to a transaction for the purchase or sale and delivery of currency. We will at our sole discretion offer the commercial terms of a proposed Contract.
These terms will include amongst other things the exchange rate we are offering which may be different from a quote you have previously been given by us.

Regulations & Compliance

Midpoint is an International peer-to-peer currency matching platform offering mid-market foreign exchange rates via our patented matching technology. We are a Registered Money Service Business based in the United Kingdom under the Money Laundering Regulations 2007, commercial foreign exchange companies are treated as "Money Service Businesses" which are covered by regulations administered by HM Revenue & Customs. Our registration number is: 12358512.
Midpoint & Transfer Ltd is authorised & regulated by the UK Financial Conduct Authority (FCA) as a payments institution. Authorisation No. 610889.
Yes, we perform KYC/AML (Know Your Customer/Anti-Money-Laundering) checks on all our customers. Midpoint understands that money laundering and terrorist financing is a serious offence. We therefore enforce a stringent Anti-Money-Laundering and Anti-Terrorist Financing Policy in our company.
You will need to provide us with both a proof of ID &, proof of address which will be verified from two independent sources and, if you are registering as a company we will also need you to provide company registration documents.

Valid Proof of ID:
A government issued document with a photograph including -
  • Valid passport
Valid Proof of Address:
  • Recent Utility Bill (last 3 months)
  • Gas, Electricity, Water, Telephone (Not mobile phones)
  • Council Tax Bill
  • Current Full UK Driving License (paper document)
  • Photocard Driving License with Address (please note we do not accept a driving licence for both Proof of ID and Proof of Address)
  • Tenancy Agreement
  • Bank or Credit Card Statements from main provider (last 3 months)

Valid Company Documents:
  • Company Registration Document
  • Tax Certificate Document
  • Certificate of Incorporation
  • Articles of Organisation
  • Articles of Association
Yes. We will need to do a compliance check on your Beneficiary depending on the reason of transaction, source of funds, currency and amount of the transaction.
We will only do additional compliance checks for larger orders.
Yes. We will need to do additional AML (Anti-Money-Laundering) checks which are referred to as EDD (Enhanced Due Diligence). We will need to know source of funds and purpose of transaction. In some cases you will need to provide documentation to support this information. For example; if the source of funds is savings you may need to supply a copy of your bank statement. If the purpose of transaction is the purchase of a property you may need to supply the contract of purchase.
All funds are held in the trust accounts of our payment provider Earthport Plc. These accounts are segregated in line with FCA regulations and have been developed to protect client funds in the unexpected event of fraud or bankruptcy. When you remit your funds to cover your order, they will be sent to the trust accounts referred to above. We then instruct Earthport to send the appropriate funds from these accounts to your Beneficiary. This means that your money is always secure.

Safe and Secure

Yes, Midpoint & Transfer Ltd is a UK registered company (06302237) and is registered as a Money Services Business with HM Revenue and Customs in the United Kingdom. (Registered MSB number 12358512) We are also authorised and regulated by the FCA (previously FSA) in the UK as a payment institution. (Authorisation No. 610889).
Midpoint & Transfer Ltd is registered with the Information Commissioner’s Office under registration reference: ZA036826. We will verify customer’s identities by asking them to provide full name, address/post code and Date of birth before divulging any information.
Midpoint was designed with the safety and security of our User's funds being our number one priority. As such, your funds are always held in secure segregated trust accounts at major international banks maintained by Earthport Plc. This means that your funds never become assets of either Midpoint & Transfer Ltd or Earthport Plc and are ultimately under your control at the bank where they are held in a trust account.
We take privacy seriously and do not sell or distribute your personal or banking information in any way. Please read our complete Privacy Policy. We take privacy seriously, information collected is used to provide the service you request from the Company. Occasionally we may make your information available to organizations whose products and services we think may be of interest to you. Please read our complete Privacy Policy.
Midpoint has a stringent Anti-Money-Laundering & Terrorist Financing Policy and is fully compliant with all UK Anti-Money-Laundering and HMT regulations.
The Midpoint website is highly secure. We use industry-leading technology to keep your information safe.
Midpoint automatically encrypts your confidential information in transit from your computer to ours using the Secure Sockets Layer protocol (SSL) with an encryption key length of 128-bits (the highest level commercially available).
Once your information reaches the Midpoint site, it resides on a server that is heavily guarded both physically and electronically. Midpoint servers sit behind an electronic firewall and are not directly connected to the internet, so your private information is available only to authorised computers.
This system is designed to work with most current browsers with no special requirements. If you have any issues please contact us.

Privacy Policy

Consent

Use of the Midpoint platform and services, implies that you (the Client[s]) consent to the Company collecting and using personal information that is provided to Midpoint (the Company).

The Company may amend this policy from time to time and continued use of the website by you will be taken as acceptance of any changes. Any changes to Midpoint’s policies will be communicated to you. We recommend that our Clients regularly review this policy.

Disclosure

The Company will not disclose your information except in accordance with this policy unless we believe such action is necessary to conform to legal requirements, enforcement of our Terms & Conditions User Agreement or the protection of our rights.

Collection

Clients may visit the website without providing any personal data. The Company automatically collects certain information about website traffic to measure the usage of the website and improve the site.

The Company also collects personal data from you during registration for its services.

Collection

Clients may visit the website without providing any personal data. The Company automatically collects certain information about website traffic to measure the usage of the website and improve the site. The Company also collects personal data from you during registration for its services.

Cookies

The Company uses cookies for collecting user information from the website.
A cookie is a small piece of information stored by your browser on your computer's hard drive. Cookies are used to customize the website experience for you and to allow web pages to be personalized. Most browsers will automatically accept cookies. If you disable cookies from your browser you will not be able to use all features of this website.

Use

Personal information collected is used to provide the service you request from the Company.
Occasionally we may make your information available to organizations whose products and services we think may be of interest to you.

Links

This privacy policy applies to this website only and customers should not refer to the privacy policy on any linked sites. The Company is not responsible for the privacy practices of linked websites.

Security

The Company has strict security and confidentiality procedures covering the storage and disclosure of information to maintain its confidentiality.

Accessing Information

You are entitled to request the information that the Company holds about you and have it corrected if it is inaccurate. Access will require a signed written request and payment of a fee. If you wish to access the information the company holds about you please contact us on info@midpoint.com.

Contact

If you have any questions about this Policy or the Company's information practices please email info@midpoint.com.

Phone Recording

To improve our service provision our telephone lines may be digitally recorded and the Company may monitor those calls for training or issue resolution.

Changes to Policy

Any changes to the policy will be posted here to inform you of what information we collect and how it is used. Continued use of the website is acknowledgment that you have read and accepted any changes to this policy.

Website Terms & Conditions

1. Copyright Notice

  • 1.1 Midpoint & Transfer will provide the following services to the User:-
    • 1.1.1 Midpoint & Transfer will match foreign exchange orders ("Orders") with others with reciprocal currency needs (a "Match Order") and forward payment instructions to Earthport Plc ("Payment Processor") on the User's behalf ("the Service").
    • 1.1.2 The User may obtain, via the Midpoint & Transfer Ltd website www.midpoint.com ("the Site"), quotes of the Real time Midpoint of the Interbank foreign exchange "bid" and "offer" rates for transactions in British Pound, Euro, US Dollar and such other currencies as Midpoint & Transfer may add from time to time.
    • 1.1.3 From time to time, Midpoint & Transfer will identify on its website the currencies for which the Service is available. Available currencies are subject to change at Midpoint & Transfer's sole discretion.
    • 1.1.4 Midpoint & Transfer will use all commercially reasonable efforts to communicate accurately the User's payment instructions and currency needs to Payment Processors.

2. Registration

  • 2.1 The User will complete correctly and accurately the User Profile as set out on the Site and provide all other information reasonably requested by Midpoint & Transfer. The User authorises Midpoint & Transfer to collect information about the User from third parties consistent with the Privacy Policy as set out on the Site, and to verify with others any or all information relating to the User, whether provided by the User or obtained from third parties.
  • 2.2 The User will designate an individual who will be responsible for modifying the User Profile and authorizing and terminating User IDs and passwords ("Administrator").
  • 2.3 The User will restrict access to and use of the Service and password-protected areas of the Site to individuals identified on the User Profile.
  • 2.3 The User will restrict access to and use of the Service and password-protected areas of the Site to individuals identified on the User Profile.

3. Transactions

  • 3.1 It is a conditional precedent of this Agreement that the User registers in accordance with clause 2 of this Agreement and Midpoint & Transfer notifies the User that this Agreement and Payment Agreement have both been accepted, where after the User may submit Orders via the Site. Each Order must include all correct and accurate information as requested by Midpoint & Transfer.
    • 3.1.1 The User may obtain a quote by visiting the Midpoint Calculator on Midpoint's website. This quote is given on an indicative basis only and the company is not legally bound to perform a proposed Contract in accordance with this quote.
    • 3.1.2 The registered user or an Authorised Person can give Midpoint electronic or verbal instructions relating to a transaction for the purchase or sale and delivery of currency. Midpoint will at it's sole discretion offer the commercial terms of a proposed Contract. These terms will include amongst other things the exchange rate it is offering which may be different from a quote the user has previously been given by Midpoint.
    • 3.1.3 Once the user or an Authorised Person places an order and it is matched, the commercial terms of the Contract (by electronic or verbal or by any other means), the user will become legally bound to perform the Contract in accordance with the terms of the Matched Order.
    • 3.1.4 Following receipt of an Order, MIdpoint shall subsequently transmit electronically to the client a matched order confirmation, which will confirm the details of the Order.
    • 3.1.5 The registered client or an Authorised Person may not amend or cancel the matched order unless Midpoint expressly agree (and any such amendment or cancellation shall be on the conditions specified by us)
  • 3.2 The User hereby authorises Midpoint & Transfer to forward to the Payment Processor, on the User's behalf, all information necessary to complete each Order.
  • 3.3 Midpoint & Transfer will notify the User that an Order has been completed together with details of payment instructions. Midpoint & Transfer may also notify the Beneficiary.
  • 3.4 The User hereby acknowledges that the provision of services by Payment Processor is subject to the terms and conditions of the Payment Agreement attached hereto as Schedule 1.

4. Contract Settlement & Penalties

  • 4.1 Contract Settlement
    • 4.1.1 The user must pay all funds specified by MIdpoint in connection with a Matched Order (including any applicable fees or charges by electronic transmission) in full and in cleared funds into a client account specified by us.
    • 4.1.2 Payment must be received by us on or before the Settlement Date or such earlier date as we may specify and for the full value of the currency to be sold by you under the Matched Order Detail.
    • 4.1.3 It is your responsibility to include your unique 13 digit Payment Reference Number in the Payee Reference Field when you send funds to us.
    • 4.1.4 Customers may not instruct any 3rd party individual or company to make funding payments on their behalf.
    • 4.1.5 Two defaulted Orders may result in termination as a User by Midpoint & Transfer.
    • 4.1.6 The User will pay all applicable taxes incurred as a result of its use of the Service and will indemnify Midpoint & Transfer for all such taxes (other than taxes on Midpoint & Transfer's net income). Midpoint & Transfer will not be responsible for collecting or remitting any such taxes.
    • 4.1.7 Midpoint & Transfer may, without prior notice to the User, set off, or instruct and authorise Payment Processor to set off, amounts that Midpoint & Transfer or Payment Processor, as applicable, owes to the User against any overdue amounts owing by the User to Midpoint & Transfer or Payment Processor, as the case may be. In addition, at any time any amount owed by the User hereunder is overdue its due date for payment, Midpoint & Transfer may, without notice, cancel any of the User's uncompleted Orders.
  • 4.2 Penalties
    If funds do not arrive on or before the Settlement Date, we may at our sole discretion levy the following penalties in respect of non-funding of your contract with Midpoint. We will give notice to you before taking this action.
    The penalty will be the greater of ; -
    • GBP £100 or equivalent Currency
    • 1% of the full transaction value including our fee; or
    • The realised loss suffered by Midpoint & Transfer Ltd who will contract with a third party to fulfil the client funding shortfall.

5. User Conduct

  • 5.1 The User acknowledges that it is solely responsible for:-
    • 5.1.1 access and use of the Service and Site, including all activities of Administrators;
    • 5.1.2 its actions or failures to act including maintaining confidentiality of user IDs and passwords;
    • 5.1.3 the security and use of all user IDs and passwords assigned to the User, whether or not authorised by the User;
    • 5.1.4 complying with all laws and regulations relating to its use of the Service and Site. The User will notify Midpoint & Transfer immediately on becoming aware of any unauthorised use of the Service or Site or any other breach of security, including the loss of any user ID or password. The User will deactivate any user ID or password that is lost or that may compromise the security of the Service or Site as promptly as practicable after the User learns of same. The User will remain liable for all Orders placed before any such user ID and password is deactivated.
  • 5.2 The User will promptly update and correct information in the User Profile from time to time and ensure that such information is complete and accurate.
  • 5.3 The User will not:-
    • 5.3.1 disrupt or interfere with Site security, services, system resources, accounts, servers or networks connected to or accessible through the Site;
    • 5.3.2 intentionally upload, post or otherwise transmit through or on the Site any viruses or other harmful, disruptive or destructive files or disabling devices;
    • 5.3.3 take any action that imposes an unreasonable or disproportionately large load on the Site;
    • 5.3.4 create or use a false identity on the Site;
    • 5.3.5 attempt to use or disclose the account, user IDs or pass-words of other Midpoint & Transfer Users;
    • 5.3.6 attempt to obtain unauthorised access to the restricted portions of the Site;
    • 5.3.7 attempt to use or use the Service for money laundering or other illegal activities.

6. Suspension or Limitation of Site or Service

Midpoint & Transfer will use commercially reasonable efforts to make the Services available 24 hours a day, seven days a week; provided that Midpoint & Transfer reserves the right to temporarily suspend or limit all or part of the Site or Service, or The User's access thereto, without notice, whether for main-tenancy or otherwise. The User acknowledges that Midpoint & Transfer will have no liability to the User or any third party for Midpoint & Transfer's acts or failures to act in connection with such suspension or limitation of the Service.

7. Proprietary Rights

The User acknowledges that, as between the parties, Midpoint & Transfer retains all intellectual property rights related to or embodied in the Service, including copyright, trademark, trade secret, patent and other intellectual property rights. The User may print content from the Site in connection with the User's use of the Service only (and not for resale or sublicensing), provided that proprietary notices are not altered or removed.

8. Privacy

Midpoint & Transfer will maintain and disclose the User information in accordance with its Privacy Policy which is available on the Site.

9. The User's Representations, Warranties, and Covenants

As of the date hereof and the date of any Order submitted by the User, the User represents, warrants, and covenants that:-

  • 9.1 it has full power and authority to enter into this Agreement and its execution of this Agreement and submission of Orders have been and will remain duly authorised;
  • 9.2 execution and delivery by the User of this Agreement and the completion of any Orders does not and will not conflict with or violate:-
    • 9.2.1 its articles or by-laws;
    • 9.2.2 any contract or agreement to which the User is bound or to which any of the User's assets are subject; or
    • 9.2.3 any statute, rule, regulation, ordinance, charter or policy to which the User may be subject;
  • 9.3 each User has the capacity and authority to place Orders;
  • 9.4 it has not granted and will not grant a lien on or security interest in any account designated by the User for payment of fees or the settlement of Orders. The User will promptly notify Midpoint & Transfer, and refund to Midpoint & Transfer, any excess or mistaken currency the User may receive.

10. Disclaimers

  • 10.1 The Service is provided on an "as is" and "as available" basis.
  • 10.2 Midpoint & Transfer disclaims all implied warranties of any kind, including without limitation, warranties of merchantability, informational content, system integration, non-infringement and fitness for a particular purpose.
  • 10.3 Midpoint & Transfer has not given and will not be liable in connection with any warranties, express or implied that the service will:-
    • 10.3.1 meet User's requirements;
    • 10.3.2 be uninterrupted, timely, secure, or error free; or
    • 10.3.3 be corrected if defective.
  • 10.4 Midpoint & Transfer (including its officers, directors, employees, and agents, and payment processors) will not be liable for any damages suffered by the user (including, without limitation, loss of data) from delay, non-delivery or miss-delivery of content, errors, system down-time, network or system outages, file corruption or any other service interruptions regardless of cause or customer's errors or omissions.
  • 10.5 The User acknowledges that the information provided by or through the Service (including, without limitation, third-party sources) may contain inaccuracies and typographical and other errors. Midpoint & Transfer does not warrant the accuracy or completeness of such information or the reliability of any information, statement or other data accessed on or through the service. The user acknowledges that customer's use of and reliance on any such information, statement or other data is at its own risk.
  • 10.6 The User acknowledges that foreign exchange transfers with Midpoint & Transfer are conducted as regulated money service business in accordance with the regulations of HM Revenue & Customs.
  • 10.7 As Orders are processed based on matching reciprocal currency needs of other Midpoint & Transfer Users, Midpoint & Transfer can provide no assurance that User's Orders will be matched or completed within a certain time.

11. Limitation of Liability

Midpoint & Transfer (including its officers, directors, employees, and agents and Payment Processors) will not be liable for any claim for indirect, incidental, special, consequential or punitive damages arising out of or in connection with the Service, or the use of or the inability to use the Service, or resulting from a third party's unauthorised access to or alteration of the User's transmissions or data, or other information that is sent or received or not sent or received including, without limitation, damages for loss of profits, revenues, use (including, without limitation, cover damages), data or other intangibles, even if Midpoint & Transfer has been advised of the possibility of such damages. Midpoint & Transfer's total liability under this Agreement, as to any Order, will not exceed the fees the User pays to Midpoint & Transfer for such Order.

12. Indemnification

The User will defend, indemnify and hold harmless Midpoint & Transfer (including its officers, directors, employees, and agents and Payment Processors) from and against any losses, damages, claims, actions or demands (including, without limitation, reasonable legal and accounting fees and expenses) arising out of or in connection with:-

  • 12.1 the User's use of the Service;
  • 12.2 the User's breach of this Agreement; or
  • 12.3 any infringement by the User of any right of any third party.

13. Termination

  • 13.1 This Agreement will continue until terminated by the User or Midpoint & Transfer. Termination of this Agreement will not affect either party's obligations relating to any Order submitted prior to termination.
  • 13.2 The User may terminate this Agreement on notice to Midpoint & Transfer provided the User has:-
    • 13.2.1 paid all fees owed to Midpoint & Transfer; and
    • 13.2.2 completed (or effectively cancelled pursuant to Section 3.4.1) all Orders. Such termination will be effective immediately upon Midpoint & Transfer's receipt of such notice.
  • 13.3 Midpoint & Transfer may, in its sole discretion, terminate this Agreement at any time. Such termination will be effective immediately upon the date that the notice is sent.
  • 13.4 Upon termination of this Agreement, Midpoint & Transfer will cancel all user IDs and passwords and the User will have no further right to place Orders. In addition, if Midpoint & Transfer terminates this Agreement, Midpoint & Transfer will cancel all unfilled Orders or parts thereof and the User will pay any amounts due and owing to Midpoint & Transfer.

14. Miscellaneous

  • 14.1 The laws and courts of England will govern the interpretation and performance of this Agreement.
  • 14.2 Except as otherwise set forth in this Agreement, all notices hereunder will be in writing and will be made to the User by certified mail or overnight delivery at the address provided by the User in the User Profile, and to Midpoint & Transfer at the address specified below its signature or such other address as Midpoint & Transfer may specify in accordance with the terms hereof.
  • 14.3 "Agreement" means this User Agreement and the User Profile, Price Schedule, Privacy Policy as amended from time to time, that are posted on the Site. This Agreement constitutes the entire agreement between the parties governing the Service and supersedes all prior understandings and agreements, written or oral, as to its subject matter.
  • 14.4 Midpoint & Transfer may amend this Agreement by posting a notice of amendment on the Site's home page and notice to the User. The User's use of the Service after such posting constitutes its agreement to the amendment. If the User objects to the amendment, it may cease use of the Service or terminate this Agreement pursuant to clause 13. This Agreement may otherwise be amended only in writing and such amendment signed by the parties.
  • 14.5 If part of this Agreement is held invalid, unenforceable, or void for any reason, the remainder of this Agreement will remain in effect.
  • 14.6 Midpoint & Transfer's failure or delay in exercising or enforcing any right, power or remedy under this Agreement will not operate as a waiver or relinquishment of any right, power or remedy.
  • 14.7 The User acknowledges that the parties are not engaged in a partnership, joint venture or agency relationship of any kind.
  • 14.8 Any person who is not a party to this Agreement shall have no right under the Contracts (Rights of Third Parties) Act 1999 to enforce any term of this Agreement. This clause does not affect any right or remedy of any person which exists or is available otherwise than pursuant to that Act.
  • 14.9 Midpoint & Transfer may, in its sole and absolute discretion, delegate, and contract for or otherwise transfer or assign to a third party any or all of its obligations hereunder. The User may not delegate or otherwise assign any of its obligations or rights under this Agreement without the prior written consent of Midpoint & Transfer.

Schedule 1

  • 1. The End User (User) and/or the Customer (Midpoint & Transfer Ltd) is responsible for all instructions given in relation to the Funds via the UPN (Universal Payment Network).
  • 2. The Company (Earthport Plc) shall be entitled to withhold Funds or pay money to a third party at any time if the Company has reasonable suspicion of fraudulent or criminal activity or if the Company reasonably considers it is required to do so by law or at the direction of any regulatory or other authority.
  • 3. The Company has responsibility to the End users and shall in no way be responsible or liable to End Users for any loss or liability however arising including any loss or liability arising from: -
    • 3.1 any loss, withholding or appropriation of the Funds; or
    • 3.2 any delay in the transmission of the Funds.
  • 4. In the event of overpayment of the Funds to an End User, the End User agrees on demand to promptly repay or instruct the repayment of such overpayment to the Company or as the Company may direct.
  • 5. The End User shall not do or omit to do anything that might bring the Company into disrepute.
  • 6. The End User shall provide to the Customer all the information required by any money laundering/know your client or equivalent obligations applicable in the Territory or any relevant part thereof. The End User acknowledges that the Customer may provide such information to the Company.
  • 7. The End User acknowledges and agrees that the Company reserves the right: -
    • 7.1 to access and disclose personal data relating to the End User to comply with all applicable laws and lawful requests from government and/or other regulatory authorities, to operate the UPN properly and/or to protect the Company, its customers and other End Users; and
    • 7.2 to disclose personal data relating to third parties if the End User's use of the UPN is or is alleged to be, or the Company has reasonable cause to believe the End User's use of the UPN is, in violation of the end users terms or if the Company is otherwise obliged or needs to disclose such information to any relevant authority.
  • 8. The End User consents to the Company processing his personal data outside the EEA (European Economic Area) including in countries which may provide less protection for the processing of personal data than countries within the EEA, and to the transfer of his personal data to a new entity (and processing of his personal data by that new entity) in the event of a sale of, or transfer of the business of, the Company.
  • 9. The End User acknowledges and agrees that the agreement between the Customer and the End User is entered into for the benefit of the Company as well as the Customer and the Company can directly enforce the End User's obligations under such agreement and/or the Customer may enforce the terms against the End User for the benefit of the Company.
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