Terms of Use

Last Updated: 4 June 2017

1.  Overview

1.1.

The Terms of Use as stated herein (the “Terms of Use”) constitute a legal agreement (the “Agreement”) between you and SwapIt Tech Sdn Bhd (Company No. 1213847M) (the “Company”, “SwapIt”, “we”, “our” or “us”). These Terms governs your use of our mobile-application (the “App”) and website www.swapitcurrency.com (the “Website”) (collectively, our “Services”). By using our Services, you confirm that you have read, understood and accepted all Terms stated in this Agreement.

2.  Eligibility

You are eligible to use our Service under one of these following circumstances:

2.1.

Individual

2.1.

If you are an individual, you must be 18 years of age or above to use our Services. If you are below the age of 18, you may use our Services through a referral link/code that is given to or requested by you, from an existing registered user of the Company who is 18 years of age or above.

2.1.

Non-Individual

2.1.

If you are not an individual, you must be a legal entity registered with the relevant authority(ies) of the country in which your entity is operating in.

3.  Disclosure of Information

You are eligible to use our Service under one of these following circumstances:

3.1.

In order to comply with requirements in the countries which we operate, we are required to conduct a due diligence on you before providing you with our Services. This is to ensure a safe and secure environment for all users to transact.

3.2.

We are required to establish your identity when you register as our user. As such, we would request your personal information which includes your full name, national identity card number, citizenship, residential address, mailing address or registered business address and contact details (telephone number and email).

3.3.

In order for us to validate the information you provided, we require you to provide us with acceptable proof of identity documents that contains your legal full name, photo of yourself and unique identification number, which may be your national identity card or passport. We also require you to provide us with acceptable proof of address documents that contains your legal full name and address, which may be your driving license, bank/credit card statement or utility bill (dated within most recent three months). In the case for legal entities, business registration documents may be appropriate, as well as identification documents of the directors and/or persons having executive authority.

3.4.

In registering for our Services, you warrant, agree and undertake that:

i. the information provided by you when registering for our Services is true and accurate;
ii. you undertake the responsibility to maintain and update your information in a timely manner to keep it accurate, current, and complete at all times throughout your use of our Services;
iii. you acknowledge that should your information be deemed untrue, inaccurate, not current or incomplete, we reserve the right to reject your registration or suspend your account from carrying out activities at any time with or without notice;
iv. you shall not use our Services for fraudulent or unlawful activities;
v. you are responsible to keep your account password secure and confidential for your own personal use;
vi. you acknowledge and agree that only one account can be registered by you;
vii. you will not attempt to harm our Services and/or any software that is used for providing our Services;
viii. you will only use our Services which it is intended to be used for as stated below (refer to “Services” section);
ix. you will provide us with necessary proof of identity, proof of address and/or other relevant document upon our request in order to offer you our Services;
x. You are aware that standard telecommunication charges for short messaging service (SMS) may apply when using our Services, including (but not limited to) verification of your mobile number during registration, change of mobile number and sharing of our App via SMS;
xi. You agree that our Service is provided on a reasonable effort basis; and
xii. You agree that your use of our Services will be subject to the Company’s Privacy Policy and changes from time to time.

4.  Description of Services

4.1.

Top up Your SwapIt Account

2.1.

You may top-up your SwapIt account by performing an electronic bank transfer of funds from your bank account to SwapIt’s designated bank account, depending on which currency you choose to load your SwapIt account with. You are then required to upload a receipt of the bank transfer you have just performed via the App. Once our administrators have reviewed your bank transfer receipt and confirmed the funds have been wired into SwapIt’s bank account, your SwapIt account balance will be updated with the respective amount and currency.

When performing the bank transfer, you are required to fill in the mandatory “Recipient Reference” field with your mobile number (that you used to register for your SwapIt account). This is to allow our administrators to correctly identify you with the transaction that you have just performed.

There will be no maximum limit on the amount of funds for you to top-up your SwapIt account. For limits on the amount allowed for withdrawals, you may refer to the respective section below on “4.3. Withdraw Funds to Your Bank Account”.

For more information on how to top-up your SwapIt account with funds, please visit our FAQ.

4.2.

Swap Currencies

2.1.

You may swap (exchange) the currencies you have in your SwapIt account to other currencies available anytime at your own discretion. At the moment, the currencies available for you to perform a swap includes the Malaysian Ringgit (MYR) and Singapore Dollar (SGD). Upon performing a swap between the currencies, your SwapIt account balance will be instantly updated with the respective currency and amount.

The exchange rates, fees, and amount you will receive on the swap will be made available to you before you confirm the transaction.

Details of the fees and exchange rates applied to each swap transaction is stated in the section below “4.3. Exchange Rates and Fees”.

4.3.

Exchange Rates and Fees

2.1.

Exchange rates used for swap transactions is are based on ‘mid-market’ rates. ‘Mid-market’ rates are the mid-point between the ‘buy’ rates and ‘sell’ rates of large-value transactions in the global currency markets. We rely on 3rd party providers like XE to obtain these ‘mid-market’ exchange rates.

We charge a transaction fee of 0.65% based on the amount you exchange. At times, we may offer you a discounted fee below the default 0.65% for promotional purposes.

4.4.

Withdraw Funds to Your Bank Accounts

2.1.

You may choose to withdraw funds from your SwapIt account into your own bank account. Please also note that:

(a) You can only withdraw funds to a bank account that is held under your name. You must ensure the name used to register your SwapIt account, is the same as your “Account Holder Name” for the bank which your funds will be withdrawn to.

(b) We will process your withdrawal request within 24 hours. Generally, you may be able to receive the funds instantly at your bank account once we have processed your withdrawal request.

(c) Your default withdrawal limit is set at MYR3,000 or SGD3,000 per month.

You may submit a request to change your withdrawal limit through the App. This is subject to approval of our administrators and further documentation and/or information may be requested by our administrators to approve such requests.

For more information on how to withdraw funds to your bank account, please visit our FAQ.

4.5.

Send Funds to SwapIt Users

2.1.

You may choose to send funds that are available in your SwapIt account to other SwapIt users by entering in their mobile number. To do so, the other party that will be receiving your funds has to be a registered SwapIt user.

For more information on how to send funds to other SwapIt users, please visit our FAQ.

4.6.

Transaction History and Receipts

2.1.

You will be able to view your transaction history and status of the transactions through the App. You will also be able to view the receipts for transactions that are successful.

For each successful transaction, you will receive an ‘Email’ and ‘SMS’ confirmation to notify you on the transaction performed.

4.7.

Errors

2.1.

If your transaction has been processed according to the information you have provided to us, we will not be responsible for any mistake you make in providing such information.

5.  Cancellation of Transactions

5.1.

Transactions that have been processed cannot be cancelled/reversed in any way. In situations where transactions have a ‘processing’ status, we will try to accommodate your request to cancel such transactions if requested by you, but we make no guarantee that such requests will be fulfilled. You also agree that any additional costs will be fully borne by you in order to undertake such requests. You may contact us at the details provided under the “Contact Details” section if you have such requests.

6.  Refusal of Transactions

6.1.

We reserve the right to refuse any of your transactions and/or requests under situations deemed unlawful or fraudulent. In other cases, we may notify you reasons for such refusal of your transactions and/or requests.

7.  Communication and Records

7.1.

Communication Channels

2.1.

We will contact you at the email address provided to us when you registered for a SwapIt account. Alternatively, we may also contact you at your mobile number if necessary.

7.2.

Records of Communication

2.1.

We may opt to keep records of our communications with you which may include emails and phone conversations (including any feedbacks, enquiries or complaints) for future reference.

8.  Limitation of Liabilities

8.1.

Our Services are provided to you on an “as is” basis. The Company and neither of its directors, employees, suppliers or related entities make specific promises about our Services.

8.2.

You acknowledge that we (the Company and its directors, employees, suppliers, and related entities) make no warranties of any kind and will not be liable for any failure, error or delay for your use our Services. Under no circumstances shall we (the Company and its directors, employees, suppliers, and related entities) be liable for any loss or damage whatsoever arising from or in connection with your use of our Services.

9.  Indemnity

9.4.

You hereby agree to be fully liable and indemnify us (the Company and its directors, employees, suppliers, and related entities) from all claims, losses, liabilities, cost and expenses that may arise due to:

(a) Your breach of these Terms of Use;

(b) Your use of Services for fraudulent and/or unlawful purposes;

(c) Your disclosure of account password to any other person and failure in taking reasonable steps to keep passwords secured and private to yourself;

(d) Your failure to provide us true, accurate, current, and complete information; or

(e) Your failure to ensure transactions made by you are free from any mistakes.

10. Termination / Suspension

10.1.

We reserve the right to terminate or suspend your account from any of our Services at any time, with or without giving you prior notice for doing so. This may arise as a result of any of the following circumstances, but not limited to, if:

(a) there has been a breach of these Terms of Use by you;

(b) we believe that you are involved in any activity that relates to money laundering, terrorism financing, or any other unlawful or fraudulent activity;

(c) we are required or requested by any relevant regulatory authorities to do so; or

(d) we believe that your account has been misused or the security of your account has been compromised.

10.2.

You may also choose to terminate or deactivate your account at your own discretion. You can do so by contacting us at the details provided under the “Contact Details” section.

11. Complaints

11.1.

If you have any complaints arising from your use of our Services, you may do so by contacting us at the details provided under the “Contact Details” section.

11.2.

Once we have received a complaint from you, we will send you an email to confirm that your issue has been raised to our administrators and we shall investigate further into your case. We may require you to provide us with further evidence or information if necessary to assist us during the course of our investigation. We will then provide you with a conclusion on our decision and next course of action.

12. Applicable Laws

12.1.

This Agreement shall be governed by the Malaysian law, without regard to the choice or conflicts of law provisions of any jurisdiction, and any disputes, actions, claims or causes of action arising out of or in connection with the Terms of Use or Services shall be referred to the courts of Malaysia.

13. Changes and Updates

13.1.

We reserve the right to make changes and amendments to this Agreement at any time by revising the details provided on this page. The revised version of the Agreement will be effective once updated on this page or at any time/date that is stated.

13.2.

You are advised to check for any updates on this page. If you do not agree with this Agreement, you should discontinue your use of our Services.

14. Contact Details

14.1.

For any other matters, please email or call us at:

Email: help@swapitcurrency.com

Phone: +(60)11-2741-1070

Available hours: Monday – Friday (9:00am – 5:00pm)

14.2.

The Company is incorporated in Malaysia and having its registered address at: 14-33 Avenue Crest, Jalan Jubli Perak, Seksyen 22/1, 41500, Shah Alam, Selangor.

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