This Agreement is a contract between you and Cendit Limited and applies to your use of Cendit services (the "Services").

By registering to use the Services you accept all terms and conditions contained in this agreement. We highly recommend every person reads these terms and conditions before registering to use the Services. This Agreement is provided to you and concluded in English. You agree that any use by you of the Services shall constitute your acceptance of the Agreement and we recommend that you store or print-off a copy of the Agreement (including all policies) for your records.

Please read this Agreement carefully and make sure that you fully understand it before using the Services. Please note that if you do not accept this Agreement, you will not be able to use the Services.

Cendit Services are operated by Cendit Ltd. registered in England and Wales (company number 09412124) with its registered office at 1 Redwing Court, Ashton Road, Romford, RM3 8QQ. Cendit is registered as a money service business by Her Majesty's Revenue and Customs (HMRC) and registered as a Small Electronic Money Institute 900515 with the Financial Conduct Authority (FCA). 

The main business for Cendit is money transfer and provision of services for making foreign currency payments internationally.

You can access your details of executed, pending or refused payment transactions and other information relating to your Account by logging into Cendit application and clicking on the "Transactions" and “Profile” tabs.

Cendit may refuse creation of duplicate accounts for the same user due to security and client identification requirements. Cendit reserves the right to refuse the creation of duplicate accounts for the same user due to security and client identification requirements. In a case where duplicate accounts are detected, Cendit reserves the right to close or merge these duplicate accounts without notification.

To be eligible for our Services, you must be at least 18 years old. You further represent and warrant that if you are an individual and you open an Account with us that you are not acting on behalf of an undisclosed principal or a third party beneficiary.

Before being able to use the Service we have to perform mandatory customer verification. For that we may ask for photographic evidence of your identity such as a copy of your passport. It is possible to provide this evidence through a number of methods including through our application, fax and/or email.

Cendit reserves the right to access various government and private databases so as to verify your information (so called “electronic ID”). If certain databases provide a match to the information you provide then we may not have to ask for photographic evidence of your identity.
Cendit reserves the right to refuse to accept any new user or any transaction at its discretion.

You’re responsible for maintaining the confidentiality of your account including your Pin or Password and for restricting and controlling access to your smartphone. To the extent permitted by applicable law you undertake to accept sole responsibility for all the activities that occur within your account when used with your Pin or Password. You must not share your login credentials with anyone. Should you know or suspect that your login credentials have been compromised or your account has been accessed by a third party, you must contact us immediately.
We may suspend or terminate your account at any time for your protection if we suspect that it has been accessed by an unauthorised third party. We will immediately inform you of any such action.

1. Fixed Target. Payment orders, where you require Cendit to transfer a fixed amount of foreign currency to the payment recipient.
2. Fixed Source. Payment orders, where you order to convert a fixed amount of source currency and transfer the resulting amount to the recipient in foreign currency.

Cendit makes reasonable endeavours to match transactions at exchange rates aligned to the mid-market rate at the global currency markets. Cendit is relying on aggregated third party information sources (including exchange rates under licence from Open Exchange Rates, LLC http://www.openexchangerates.org) and we do not guarantee that the rates match any particular benchmark source at any given time. Cendit is not liable in any way if the target currency after the exchange is less than anticipated as a result of changes in the global currency markets.
Cendit does not take any margin or spread on the exchange rate, hence there are no buy and sell rates. The rate that you get is exactly the same rate as your counterparty.

Your payment order may be exchanged by a number of counterparties. Every such match is conducted at the current market rate. The final effective rate for your payment order is then a weighted average of the rates across all applied matches.

Every new payment submitted on the Cendit application will be inactive, until we have received a valid deposit. You need to pre-pay the deposit to Cendit in the following way:

Transfer the amount you wish to send in source currency to Cendit’s clearing bank account by bank transfer (see "Bank Transfers" section). Once this deposit is approved you may then execute your order and make transactions

If for any reason your payment is cancelled or refused, then your deposit will be returned to your Cendit account.

The upper transaction limit for payments is £10,000 or equivalent. The maximum amount of currency accepted for exchange varies dynamically based on market conditions. There is no lower limit.

All GBP payments must originate from a UK bank or building society. Cendit makes GBP payments through the "UK Faster Payments" scheme where possible or alternatively through BACS.

You may be liable for an additional administration charge if the account numbers or the recipient name you have provided are incorrect.
In case your bank charges you for receiving of payments you shall be liable for paying these.

Cendit may refuse the payment order, if we cannot match the user's details as provided to Cendit by yourself. In this case you may be liable for an administration charge, which will be deducted from any deposits.

You are responsible for ensuring the payment details you provide are accurate. Once payment instructions have been executed by Cendit, transactions cannot be reversed and Cendit will not be liable in any way for any loss you suffer as a result of a transaction being carried out in accordance with your instructions.

In the unlikely event that you notice an error in either the payment sent or received as a result of using the Services, then you should immediately notify us at support@cend.it. If you become aware that you have received a payment over and above what you were expecting, you must immediately notify us of this so that arrangements can be made for you to immediately return any overpayment.

You agree not to use the Services for any unlawful activity and Cendit reserves the right to investigate any suspicious activity or in response to any complaints or reported violations. When investigating any such activity, Cendit reserves the right to report suspected unlawful activity to any appropriate person or body and to provide them with any relevant information, including personal data.

Electronic Money
All Cendit user accounts are electronic money payment accounts. The e-money in your account is issued in compliance with the Electronic Money Regulations 2011 (SI 99/2011).

An electronic money transaction is defined as a transaction conducted between account holders in which a financial consideration is exchanged between the parties. The cleared electronic money in the account belongs to you as the legal operator of the account. Any positive balance in your account represents a claim against us as the issuer of electronic money.

1. The funds in your account will be denominated in the currency of the country in which you live.
2. Your electronic money account is provided to you on the basis of the information you provided at the time of your application and you undertake to inform us of;
1. Any material change to this information
2. You must inform us of any change of your name or address
3. Details of sources of any funds paid into your account that we deem out of the ordinary or exceptional transactions

Certain parts of the services will make use of location data sent from your Mobile Device. If you use these services, you consent to our transmission, collection, maintenance, processing and use of your location data and queries to better improve our services and help with potential harm and potential unlawful access to your account. This service is a requirement for you to send and/or receive money.

Access to Apple Maps, Google Maps, Google Earth API, Bing Maps, Nokia Here Maps or other mapping APIs are subject to the separate terms and conditions available from each provider.

Cendit charges a fee on every payment, this ranges from zero in some parts of the world up to 3%, averaging 1%. Fees relating to the transaction are visible to the user before submitting the payment.

Administration charges may only occur when our settlement banks or the receiving bank refuse your transaction due to incorrect payment details, their regulatory requirements or any other valid reason. Any administrative charges from the settlement banks or the receiving banks will be deducted from your payment amount. In addition, Cendit admin charges may specifically apply in the following scenarios:

from EUR from GBP
Invalid recipient account details 10.00 GBP
Refused payment (see Section 3.6) 10.00 GBP

You acknowledge and agree that Cendit may engage third party partners and providers in order to deliver you the Services.
By registering for and using the Services that are delivered by Cendit partner or provider, you must read, agree with and accept all of the partner’s terms and conditions in addition to Cendit’s terms.

By accepting and agreeing to the partner’s terms and conditions you expressly acknowledge that Cendit acts as agent of the partner and that Cendit shall have no liability for the actions or omissions of the third party partner.

We are required to provide certain information to you in writing. By accepting this Agreement, you agree that we can communicate with you electronically either by email, by posting notices on the Cendit website and/or through the Cendit Application.

We will not be liable or responsible for any failure or delay in providing the Services that is caused by events outside of our control, including but not limited to failures or delays caused by a lack of, or slow access to the Internet.

This Agreement and any document expressly referred to in it constitute the whole agreement between us and supersede any previous discussions, correspondence, arrangements or understandings between us.

The provision of the Service and any dispute or claim arising out of the provision of the Service is governed by English law.
Any dispute or claim arising out of or in connection with the Service will be subject to the non-exclusive jurisdiction of the courts of England and Wales.

All trademarks, copyright, database rights and other intellectual property rights of any nature on Cendit are owned by us. Accordingly, no part of Cendit may be used, transferred, copied or reproduced in whole or in part without our express permission.
We hereby grant you a non-exclusive, non-transferrable, revocable right and licence to use Cendit for the purposes of accessing the services.
You will continue to own any intellectual property rights in any material you add or upload to Cendit. You hereby grant us a non-exclusive, irrevocable, royalty-free, worldwide right and licence to use, copy and distribute to third parties any material you may add or upload to Cendit for any purpose.

You can use Cendit, but the 'intellectual property' (like copyright, design rights, etc) remains with us. 

We are committed to providing the highest standard of service at all times. If we fall short of these standards we want to hear from you.

The most effective way to issue a complaint is by completing our online form. You can also reach us by post at:
Cendit Ltd
FAO Complaints
1 Redwing Court, Ashton Road, Romford, RM3 8QQ

We will endeavour to confirm receipt of a complaint within 24 hours and endeavour to respond to a complaint within three to five working days. In our response we will advise you:

1. Who is dealing with your complaint
2. How your complaint has been addressed, or why it has not been addressed yet
3. Details of what will occur next for you. 
N.B. Complex situations may take longer to resolve.

In certain cases, a resolution may take up to six to eight weeks from the date we received the complaint. If this is the case, we will provide you with a status update within three to four weeks.

Our aim is to resolve complaints as fast and efficiently as possible. If for any reason you are not satisfied by our response, the case may be escalated. You may simply ask your representative handling the case to escalate the complaint. The escalation of the complaint will be acknowledged within five working days.

Our services are subject to review by the Financial Ombudsman Service (FOS), which operates an independent dispute resolution scheme for financial services. You can request a review of your complaint by the FOS if:

1. You still aren’t satisfied with our final response
2. You issued your complaint to us, but you haven't received a response within eight weeks. 

For more information, please contact them at:

The Financial Ombudsman Service
South Quay Plaza
183 Marsh Wall
United Kingdom
E14 9SR

UK, dial +44(0)-207-964-1000). For complete information about the FOS, please visit www.financial-ombudsman.org.uk

"Deposit" has the meaning given in section 3.3.
"Agreement" means this agreement including all subsequent amendments.
"Business Days" means a day (other than a Saturday or Sunday) on which banks in England are open for business (other than for the sole purpose of 24-hour electronic banking).
"Fixed Target Payment" has the meaning given in section 3.1a.
"Fixed Source Payment" has the meaning given in section 3.1b.
"Days" means calendar days.
"European Economic Area" or "EEA" means region made up of the following countries: Austria, Belgium, Bulgaria, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovak Republic, Slovenia, Spain, Sweden and the UK.
"Fees" means those amounts stated in section 4 of this Agreement.
"Payment Order" means an instruction validly made by you to us requesting the execution of a payment transaction.
"Cendit", “Exchange Solutions”, "we", "us" or "our" means Cendit Ltd. with registered head office at 186-188 City Road, London, United Kingdom and includes its successors and any person to whom it has assigned it rights under this Agreement.
"Cendit website(s)" means any URL, such as Cendit, owned and operated by Cendit that we use to provide the Services to you.
"Policy" or "Policies" means any Policy or other agreement between you and Cendit that you entered into on the Cendit website(s), or in connection with your use of the Services.
"Services" means all payment services and related products available through the Cendit website(s).
"User," "you" or "your" means you and any other person or entity entering into this Agreement with us or using the Service.
"Verified" means that you have completed our verification process in order to help establish your identity with Cendit.
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Cendit is not yet a bank, but we will be soon. In the mean time we've registered with the Financial Conduct Authority (FCA) 900515 to issue Electronic Money. We're also registered in England & Wales 9412124 and with the Information Commissioner's Office (ICO) ZA097344.
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