- DEFINITIONS
The following terms have the meanings defined below in these general terms and conditions. Defined terms are capitalised in the text.
Travelex: the limited liability company Travelex N.V. established in Waddinxveen, registered in the Trade Register under number 33143504;
General Terms and Conditions: the present General Terms and Conditions of Business Services;
Compliance Manager: any person employed by Travelex who holds a managerial compliance position, or a similar compliance position;
Customer: the legal or natural person acting in the exercise of a profession or business who enters into an Agreement with Travelex on the basis of these General Terms and Conditions;
Service(s): the service or set of services provided by Travelex to the Customer. These services include:
- Euro and currency delivery
- Deposit euro and foreign currency
- Delivery cash on board (Cash-to-Master)
- Cash deposit for business customers
- Other services
Agreement: the agreement between Travelex and the Customer under which Travelex provides one or more Services;
Money values: currency and securities;
Moneys: currency, scriptural money and/or other Money Values;
Parties: Travelex and the Customer together.
- GENERAL PROVISIONS
2.1. The General Terms and Conditions apply to all Services and form part of all Agreements with Travelex and all offers and quotations made by Travelex. In the event of any conflict between the General Terms and Conditions and the Contract, what the Parties have agreed in the Contract shall prevail.
2.2. Variations from and additions to these General Terms and Conditions must be expressly agreed in writing between the Parties, failing which such variations and additions cannot be invoked. Excluded from this is Travelex's right (in accordance with clause 2.6 of these General Terms and Conditions) to unilaterally amend the General Terms and Conditions.
2.3. The parties expressly exclude the applicability of additional and/or different general terms and conditions of the Customer or third parties.
2.4. By using the Services offered by Travelex, the Customer accepts the applicability of the General Terms and Conditions.
2.5. All offers made by Travelex are non-binding and may be revoked by Travelex at any time.
2.6. Travelex has the right to amend the General Terms and Conditions at any time subject to a minimum of 30 (thirty) days after the Customer has been notified of the amendment(s) or has been given the opportunity to take note of the amendment(s). The Customer may not assign any or all of its rights under the Agreement to any third party without Travelex's written consent.
2.7. Travelex gives no guarantees in relation to delivery and/or settlement times. Statements in this respect are indicative only, unless expressly agreed otherwise.
2.8. Travelex and the Customer are bound to each other to keep confidential all information relating to the Agreement and each other's business. The Customer is further obliged at all times to keep secret any other confidential information provided by Travelex. This obligation does not apply to the extent that the Customer is obliged to disclose under the law, any regulation of a supervisory body to which the Customer is subject or a binding decision of the court or a government body. This obligation also does not apply in case the information is already generally known, other than as a result of an unlawful disclosure.
2.9. The confidentiality as described in Article 2.8 of these General Terms and Conditions, shall also have effect after termination of the legal relationship between Parties. If this duty of confidentiality is breached, Customer forfeits a penalty of EUR
10,000 per violation. Nevertheless, Travelex shall be entitled to recover from the Customer in full any and all direct or indirect damage suffered as a result of such breach. Including in any case lost turnover and costs in connection with damage limitation measures or to secure its legal position, such as consultancy and lawyer's fees.
2.10. Travelex reserves the right to ask for proof of identification from the Customer as well as from the Customer's authorised representative when entering into Contracts and all (related) transactions. Within the framework of its legal obligations, Travelex may ask for a copy or scan of the identification document of the Customer and/or the authorised representative. A (copy of a) document proving that the person concerned is authorised to represent the Client may also be requested. The Customer shall provide all necessary documentation upon initial request.
2.11. Travelex reserves the right to terminate the Agreement or refuse a transaction without any form of (alternative) compensation if a Customer fails to comply with the provisions of these General Terms and Conditions.
2.12. Travelex further reserves the right to refuse or stop any transaction. Travelex will refund (at purchase price) to the Customer the -eventually- already paid Funds, unless this is not permitted under applicable laws and regulations.
2.13. If in the formation of the Agreement, or in the performance of the Services, personal data is processed or edited, the Parties will in principle enter into a Processor Agreement with each other, in accordance with the relevant provisions of the Regulation (EU) 2016/679 (General Data Protection Regulation) and/or related laws and regulations. Both the Customer and Travelex are obliged to comply with the provisions of the General Data Protection Regulation.
2.14. Customer guarantees the accuracy of the data supplied by Customer and bears full responsibility for it. Changes to this data shall be notified by Customer to Travelex as soon as possible.
- CONCLUSION AND TERMINATION OF THE AGREEMENT
3.1. The Agreement comes into effect as soon as it is signed by Travelex and the Customer or as soon as Travelex commences the performance of the Service(s) at the request of the Customer. Instructions sent to Travelex by fax, telephone or e-mail do not constitute valid and/or binding instructions until Travelex has confirmed them in writing or commences implementation. These instructions may, at Travelex's discretion, count as additional work, as a result of which Travelex will invoice additional costs to the Customer. Payment for these shall be made in accordance with the applicable payment terms as indicated on the invoice and included in these General Terms and Conditions.
3.2. Unless otherwise agreed in the Agreement, the Agreement is entered into for a contract period of at least twelve (12) months. After expiry of the initial contract period, the Agreement is tacitly renewed for an indefinite period, unless one of the parties has cancelled the Agreement by registered letter no later than three (3) months before the end of the initial contract period. The notice period after the expiry of the initial contract period is also three (3) months.
3.3. Travelex is entitled without being liable for damages to suspend the performance of the Agreement or to terminate the
Agreement immediately if:
- the Customer has applied for suspension of payments or provisional suspension of payments;
- the Customer has filed for bankruptcy or the Customer has been declared bankrupt or has been dissolved;
- the Customer ceases its operations;
- Travelex is at any time of the opinion that the Customer is no longer fulfilling the obligations under article 6 of these General Terms and Conditions or at any time if Travelex is at any time of the opinion that it is no longer able and/or permitted to provide Services for the Customer by virtue of obligations for Travelex under the Anti-Money Laundering and Anti-Terrorist Financing Act, Sanctions Act 1977 and/or related laws and regulations.
3.4 If it is agreed that the Service(s) will be provided at/by a particular branch of Travelex and the activities at this branch cease,
Travelex has the right to designate another branch to provide the Service(s) to the Customer. If it is unreasonably onerous for
the Customer to purchase the agreed Service(s) at the newly designated branch, the Customer has the right to terminate the
Agreement with effect from the date of closure of the branch as set out in the Agreement.
- THE SERVICE(S)
4.1. In using the Service(s), the Customer shall follow the procedures and instructions of Travelex, whether or not set out in the Agreement.
4.2. When using the Service(s) involving the cash deposit by the Customer of euro and foreign currency, the Customer:
- itself is responsible for transporting the currency in question;
- must adhere to the deposit procedure;
- may only deposit through the use of one or more appropriate sealbag(s); and
- for each intended deposit, provide a copy of the relevant deposit form by e-mail to Travelex and only by sending it by e-mail to: sealbag@travelex.com Failing which Travelex shall never be liable for any damage in connection with the relevant deposit. The deposit form can be requested by e-mail from dealing@travelex.com and will be provided to the Customer by Travelex. Travelex has the right to unilaterally change these procedures, conditions and instructions. Travelex will inform and/or give the Customer the opportunity to take note of these in good time.
4.3. If the Customer discovers that the Service(s) is (partly) being used by unauthorised persons, the Customer shall immediately inform Travelex in writing or by telephone.
4.4. Any change to the Agreement, other than unilateral changes to procedures and instructions by Travelex, must be agreed in writing
4.5. Travelex is entitled to temporarily suspend/change or discontinue access to or operation of its Services. Travelex will only exercise this right if it considers this necessary, for example to comply with applicable laws and regulations, instructions from competent regulators and/or for the protection of the Customer.
4.6. Unless otherwise agreed, the transport of Money Values to and from Travelex will be carried out on the instructions and at the expense and risk of the Customer. The Customer remains at all times responsible and thereby liable to Travelex for the transport and the actions therein of the carrier. The Customer indemnifies and holds Travelex harmless for any damage arising during the transport.
4.7. Title 7B of Book 7 of the Dutch Civil Code as well as other laws and regulations implementing Directive (EU) 2015/2366 or the successor EC directive do not apply insofar as it is permitted by law to deviate therefrom in business contracts relating to the Services.
- CODES/COMMANDS
5.1. If necessary, Travelex will provide the Customer with codes (including security codes, passwords and user IDs) required to use the Service(s).
5.2. The Customer is authorised to give the codes in use under his own responsibility to persons authorised to use the Service(s) for the benefit of and on behalf of the Customer.
5.3. In all cases, the Customer remains personally responsible to Travelex for and bound by the use of the codes.
5.4. The Customer is obliged to take such measures to ensure that unauthorised use of the codes is not possible and is liable for any damages resulting from unauthorised use. Without being obliged to make any investigations of its own, Travelex may assume that the codes are being used in an authorised manner until notification in accordance with clause 5.7 has taken place.
5.5. The Customer warrants to Travelex that all orders and instructions to Travelex in relation to the Service(s) shall be given only by a person authorised to do so.
5.6. The Customer warrants to Travelex that the persons using the Service(s) - whether by means of codes or otherwise - comply with the Agreement, instructions and procedures given by Travelex in relation to the Service(s) and these General Terms and Conditions.
5.7. If the Customer, or any person authorised to use codes on behalf of the Customer, knows or suspects that the codes are known or in use by an unauthorised person, the Customer is obliged to report this immediately by telephone and in writing to Travelex to the Compliance Manager.
5.8. At the Customer's request, Travelex will replace the relevant code at the Customer's expense.
- ORIGIN OF FUNDS AND CUSTOMER DUE DILIGENCE
6.1. The Customer warrants to Travelex that the Funds offered or paid by or on behalf of the Customer to Travelex in connection with the purchased Service(s) are derived from regular and lawful business activities. The Customer warrants that these Funds do not originate from or relate to any crime, including but not limited to fencing and money laundering, or any offence.
6.2. The Customer shall strictly comply with all obligations applicable to the (activities of the) Customer under the Anti-Money Laundering and Anti-Terrorist Financing Act, Sanctions Act 1977 and/or related laws and regulations.
6.3. The Customer shall not purchase any Service(s) from Travelex and shall not deliver or disburse any Funds to Travelex without first conducting a customer due diligence and screening of the customer in accordance with applicable laws and regulations.
6.4. The Customer shall, during the purchase of the Service(s) from Travelex, subject to the provisions of the Money Laundering and Terrorist Financing (Prevention) Act, Sanctions Act 1977 and/or related laws and regulations, exercise continuous control over the business relationship between it and its customers, from whom Funds originate or to or for the benefit of whom Funds are provided or (re)delivered by it, as well as on the transaction(s) with its clients carried out during the term of this relationship, in order to ensure that it corresponds to the Client's knowledge of its clients and their risk profiles, including, if necessary, an investigation into the origin of the funds used in the Client or the transaction(s).
6.5. The Customer shall comply with all obligations under applicable laws and regulations regarding the reporting of any unusual transaction(s) performed or intended to be performed by its customers, from whom Funds originate or to whom Funds are provided or (re)delivered.
6.6. Travelex reserves the right to request the Customer's policy in relation to the implementation of the obligations set out in the preceding paragraphs. The Customer shall, if requested by Travelex, provide Travelex with access to its customer records to enable Travelex to verify whether the Customer is carrying out or has c a r r i e d out the legal obligations set out above.
6.7. Travelex will independently, without consultation with or notification to the Customer, be able to report (any) transaction(s) in the execution of the Service(s) if this is required under the Anti-Money Laundering and Anti-Terrorist Financing Act, Sanctions Act 1977 and/or related laws and regulations. The Customer shall provide all necessary cooperation in the implementation of the aforementioned laws and regulations.
6.8. The risk of counterfeit and/or forged currency notes and of possible after-tax levies from the tax authorities in connection with the Service(s) shall be borne entirely by the Customer. The Customer shall indemnify and hold Travelex harmless from any subsequent levies by the tax authorities.
- RATES
7.1. Travelex will charge the Customer a fee in accordance with the rates set out in the Agreement.
7.2. Travelex has the right to change its rates after the initial contract period and thereafter per 1 January of each calendar year.
Travelex will inform the Customer in writing of the rate change four (4) weeks before the start of the new contract period or
the new calendar year. If the Customer does not accept the rate change, the Customer may terminate the Agreement within
two (2) weeks from the date of the rate change in writing, subject to four (4) weeks' notice.
7.3. If it is agreed in the Agreement that the rates are set with the Customer on the basis of agreed volumes, Travelex is entitled at any time to adjust the rates to its regular rates if these volumes are not realised by the Customer. Travelex will notify the Customer of this in writing.
- PAYMENT
8.1. Travelex is authorised to stipulate that the Customer pays the agreed fee before Travelex commences the performance of the Service(s).
8.2. Invoices are subject to a payment term of fourteen (14) days. If the Funds payable under the Agreement are to be paid by direct debit and the debit is refused or reversed, the Customer shall still ensure payment within seven (7) days. Upon expiry of the agreed payment period, Travelex shall be entitled, without further notice, to charge the Customer collection costs and the relevant statutory commercial interest per month on the outstanding balance. The (statutory commercial) interest is calculated from the day the Customer should have paid the agreed amount according to the provisions of the Agreement.
8.3. The Customer shall not be entitled to set off any amount against any amounts owed by it to Travelex.
- BANK GUARANTEE
9.1. At Travelex's request, the Customer shall provide a bank guarantee or otherwise provide sound security to Travelex if Travelex has made or will make any advance payment(s), at Travelex's sole discretion.
9.2. Travelex is further entitled to demand that the Customer provides a bank guarantee or other security if it has a well-founded fear that the Customer will not (be unable to) fulfil its obligations to Travelex. Travelex is entitled to suspend its obligations for as long as the requested security has not been provided to Travelex's satisfaction.
- LIABILITY
10.1. Any liability for indirect and/or consequential damage of the Customer, including delay damage, trading loss, loss of profit and loss of turnover, is excluded, unless otherwise agreed in writing.
10.2. Travelex is not liable for damage suffered by the Customer as a result of exchange rate fluctuations. The exchange rate is determined at the time of payment, or after approval of the transaction, at the current exchange value to be determined by Travelex (plus a variable fee to be increased by any payment service charges).
10.3. Travelex is further not liable for damage suffered by the Customer as a result of (in)correct advice from Travelex. All advice provided by Travelex (by telephone, e-mail or information on the Website) is without obligation, informative in nature and without liability. The information provided should not be regarded as professional, financial or legal advice.
10.4. The Customer's liability for direct damage is limited to a maximum of the costs charged by Travelex to the Customer for the Service(s) over the twelve month period prior to the direct damage or - if the aforementioned amount is higher - limited to the amount paid out by Travelex's insurer.
10.5. Travelex is not liable for the content of messages or data received or sent. Travelex is not liable for damage as a result of incorrect, incomplete and/or untimely information provided by the Customer or as a result of the fact that telephone, fax, electronic and/or digital messages did not reach Travelex or the Customer or did not reach Travelex in a recognisable manner. Nor is Travelex liable for interruptions to its services as a result of measures taken by third parties and/or as a result of faults in the telecommunications and/or software facilities necessary for the implementation of the Service(s).
10.6. The liability of Travelex for whatever reason shall at all times be limited to the amount paid by its insurer in the relevant case in respect of the damage.
10.7. The provisions of this article are also stipulated on behalf of employees of Travelex or persons equivalent to them, as well as on behalf of third parties engaged by Travelex in the implementation of the Agreement.
10.8. The limitations of liability set out in this article do not apply if the damage is the result of deliberate intent, gross negligence or wilful recklessness on the part of Travelex.
- OVERVIEW
11.1. Force majeure means, in addition to what is understood in law and current jurisprudence in this respect, every external cause, foreseen or unforeseen, which Travelex cannot influence, but which prevents Travelex from fulfilling its obligations. Force majeure includes, inter alia:
- business disruption or business interruption of any kind, and irrespective of how it arose;
- delayed or late delivery by Travelex's suppliers;
- Transport difficulties or transport hindrances of any nature, which hinder or impede transport to Travelex's premises or from Travelex's premises to the Customer.
11.2. During force majeure, the obligations of Travelex shall be suspended. If the period in which fulfilment of the obligations by Travelex is not possible due to force majeure lasts longer than two (2) months, Travelex and the Customer are authorised to dissolve the Agreement out of court, without there being any obligation to pay compensation in that case. If Travelex has already partially fulfilled its obligations when the force majeure occurs, only partial termination of the Agreement, for the part not yet fulfilled, will be possible.
11.3. Travelex also has the right to invoke force majeure if the circumstance preventing (further) performance occurs after Travelex should have fulfilled its commitment.
11.4 In case of differences in interpretation between the Dutch and English versions of these terms and conditions, the Dutch version shall prevail.
- APPLICABLE LAW AND DISPUTES
12.1. All matters governed by these General Terms and Conditions shall be governed exclusively by Dutch law.
12.2. All disputes in matters to which these General Terms and Conditions apply shall be settled exclusively by the competent court in The Hague, except insofar as mandatory law in respect of the Customer or the Agreement declares another court competent.
28 April 2025
Travelex N.V.
Coenecoop 530
2741 PS Waddinxveen