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LegalProduct TermsForex

Forex

Forex

Last updated: 2025-02-10
  1. General

  1. These Product Terms for the Forex Service shall be supplemental to and is read together with the Terms of Service and Additional Documents. The Product Terms, Terms of Service and Additional Documents constitute a legally binding agreement between you and FiveWest.
  2. This version of the Product Terms for the Forex Service shall replace and supersede any previous agreements between us with respect to the Forex Service that may have been accepted, or otherwise made available on the Site or Portal. By utilising the Forex Service, you agree that you have read, understood and accepted the Product Terms and agree to be bound and act in accordance with them.
  3. FiveWest may amend these Terms from time to time without providing any prior notice. Therefore, it is your responsibility to ensure that you regularly check the Site or Portal to determine if the Terms have been updated.
  4. FiveWest will do their best to notify you of any changes to the Terms that will materially affect your rights and obligations, however we cannot provide such guarantee.
  5. The continued use of the Forex Service after any amendment to the Terms constitutes your acceptance of such Terms as modified by such amendment. If you do not accept the Terms or any amendment thereof, you must immediately stop using the Forex Service and notify FiveWest accordingly.

  1. The Service

  1. FiveWest is regulated by the Financial Sector Conduct Authority as a licensed financial service provider and is mandated by the South African Reserve Bank to facilitate international and cross border payments.
  2. FiveWest provides the Forex Service as set out by the rules and regulations of the South African Reserve Bank for the purchase or sale of currencies for both commercial and personal purposes.
  3. FiveWest is authorised to provide the Forex Service in respect of the FX Transaction. FX Transaction means each transaction, pursuant to an instruction in terms of which a Client instructs FiveWest to procure foreign currency on its behalf from an Authorised Dealer, including but not limited to currency conversion or currency conversion and remittance to the Client or a third party.
  4. FiveWest provides the ancillary service of facilitating the opening of account(s) with FiveWest’s preferred Authorised Dealers.
  5. In rendering the Forex Service, FiveWest will act as an intermediary on behalf of the Client in facilitating the FX Transaction and shall act in accordance with the mandate concluded between FiveWest and the Client and the Client and the Authorised Dealer.
  6. FiveWest shall not provide advice to the Client upon the merits of a proposed FX Transaction.  You are solely responsible for determining whether any transaction is suitable for you according to your objectives, financial circumstances and risk tolerance and understanding of the Forex Service.

  1. Terms applying to the Forex Service

  1. Initiating a FX Transaction
  1. A Client must notify FiveWest of its Authorised Individual(s) in writing. Authorised Individual(s) are entitled to give instructions and execute FX Transactions.
  2. FiveWest is entitled to rely on any instructions received by an Authorised Individual until such authorisation is revoked and FiveWest is notified of such in writing.
  3. A Client may provide FiveWest with written (e-mail, WhatsApp or any other approved channel) or oral instructions for the purchase or sale of currency (the “FX Order”).
  4. The following information must be provided to FiveWest when providing an FX Order:
  1. the currencies being exchanged;
  2. the quantity of the currencies being exchanged;
  3. the date on which the currency exchange must be instructed to the Authorised Dealer;
  4. any other condition application to the FX Transactions.
  1. FiveWest can exercise its full discretion to accept or reject a FX Order.
  2. All charges and/or fees either enforced by the Authorised Dealer or FiveWest shall be disclosed to the Client prior to or in submission of the Contract Note.
  1. Acceptance of the FX Order
  1. Upon the acceptance of the FX Order, FiveWest shall convey the FX Order to the Authorised Dealer and execute the FX Transaction on your behalf as soon as possible and within the time periods specified by the Authorised Dealer.
  2. FiveWest has the right to apply limits to control your ability at its absolute discretion. These limits may include, but are not limited to: controls over the number of FX Transactions, controls over the amounts or times the FX Transactions may be executed and any other controls specified by the applicable laws, regulations or notices as prescribed.
  1. When the FX Transaction is legally binding
  1. The FX Transaction will be binding on you upon your Instruction in terms of the FX Order and acceptance of the FX Order.
  2. Any amendment to an FX Order or cancellation thereof shall only be deemed accepted once acknowledged and confirmed by FiveWest in writing and capable of amendment or cancellation if FiveWest has not yet acted upon such Instruction. You may be liable for any costs associated with the cancellation of the FX Order.
  1. Refusal of FX Transaction
  1. FiveWest is entitled to refuse or decline to offer you the Forex Service or decline to accept any FX Order and it is not obliged to provide you with the reasons thereof, however you will be notified of such refusal or decline.
  2. FiveWest may decline to accept an FX Order or carry out an FX Transaction when:
  1. an FX Order is not complete;
  2. the Client has not provided information or documentation requested;
  3. the Client’s account has not been funded;
  4. the FX Transaction is against the applicable laws or may expose FiveWest, the Authorised Dealer to claims by third parties or to legal or regulatory action;
  5. FiveWest reasonably thinks the FX Transaction is connected to fraud, money laundering, terrorist financing, tax evasion or is a breach or contravention of the applicable laws;
  6. any other reasonable and sound reason;
  1. Booking the FX Order with the Authorised Dealer
  1. The Authorised Dealer or FiveWest may cancel a particular FX Transaction that is executed via us, without notice to you:
  1. for the reasons set out in clause 3.4.2 above;
  2. in the event of your death or loss of mental capacity;
  3. if an insolvency event occurs;
  4. if you breach or terminate these Product Terms or any term of the FX Transaction;
  5. any other reason prescribed by the Authorised Dealer.
  1. When an FX Transaction is cancelled, it will be reversed at the prevailing market rates. If the value of the currency you exchanged has strengthened, a loss will be incurred on the FX Transaction and you will be liable for the amount of that loss, together with any other reasonable expenses or other costs the Authorised Dealer or FiveWest may incur as a result.
  1. Operating of the Trading Account
  1. The Client shall pay by electronic transfer into the dedicated bank account established by FiveWest in the Client’s own name.
  2. When a Client enters into a FX Transaction, the Client warrants that its account has been credited with the full amount required to execute the FX Transaction.  

  1. Payment Terms

  1. The Client must be the owner of the currency with which it is intended to execute the FX Transaction. If payment is made from someone else’s account, the Client may be required to provide additional documents or information that the Client is entitled to the funds.
  2. The account must be funded with the full amount of the currency exchanged or sold, including any fees or charges the day preceding the Value Date.
  3. If the account is not funded by 8:00am on the Value Date, the Authorised Dealer, alternatively FiveWest may cancel the FX Transaction.
  4. FiveWest may request at any time before the Value Date, that you pre-fund the account before processing an FX Order.

  1. Paying out the Funds (Payment Instructions)

  1. Once the Forex Service has been concluded and performed and provided that no amounts are owed, the currency purchased which is held in the Client’s account, will also be available for onward payment based on your Payment Instructions.
  2. The time it takes for the funds to be received in a recipient’s bank account depends on the currency of the payment and location of the account. In addition, FiveWest or the Authorised Dealer may request additional documentation or information of the recipient party in order to execute the Client’s payment instructions.
  3. It is your responsibility to ensure that accurate and complete payment instructions for the recipient of the payment are provided to FiveWest and FiveWest reserves the right to cancel the FX Transaction if you fail to provide us with the full payment details in a timely manner.
  4. In the event that FiveWest acts upon an instruction that contains errors or incorrect or inaccurate information provided to you, you indemnify FiveWest and acknowledge that FiveWest cannot be held liable in this regard.
  5. A payment instruction cannot generally be withdrawn or changed if you have given it to FiveWest. In exceptional circumstances, FiveWest may agree to change a payment instruction after it has been received.

  1. Risk Warning and Indemnity 

  1. The Client acknowledges and agrees to utilise the Forex Service entirely at its own risk, which such risks the Client is aware of, and accordingly the Client assumes full responsibility and risk of loss from or relating to such use of the Forex Service.
  2. By utilising the Forex Service, you indemnify Fivewest, its operating entities or any other affiliates (including their respective directors, members, employees or agents), to the maximum extent permitted by law against any loss, liability action, cost, claim, damages, proceedings or expense that you may suffer, directly or indirectly in connection with the Forex Service.
  3. By utilising the Forex Service, you understand and acknowledge that foreign currency exchange rates are subject to fluctuations outside the control of Fivewest.

  1. Safeguard and Security

  1. The Client must take all reasonable precautions to prevent fraudulent use of the Forex Services. In particular, the Client must:
  1. takes all reasonable steps to keep safe its personalised security features;
  2. use the Forex Service provided by FiveWest in accordance with the Product Terms; and
  3. notify FiveWest without undue delay on becoming aware of the loss, theft, misappropriation or unauthorised use of the Forex Service.

  1. Limitation of Liability

  1. You acknowledge and agree that the use of the Forex Service is entirely at your own risk and accordingly, you assume full responsibility and risk of loss resulting from or relating to the use of Forex Service.
  2. FiveWest shall not be liable to the Client:
  1. for any delay or failure to perform its obligations under these Terms relating to Forex or any FX Contract by reason of any cause beyond the reasonable control of FiveWest, but FiveWest shall try to perform those obligations as soon as it reasonably can in any event.
  1. The maximum liability of Fivewest under a particular FX Contract, shall in no circumstances exceed an amount equal to the currency sold by Fivewest under that FX Contract.
  2. The Client shall, on demand by Fivewest, compensate Fivewest from and against all liabilities, damages, losses and costs (including reasonable legal costs), duties, taxes, charges, commissions or other expenses incurred by Fivewest in the proper performance of the Forex Service or the enforcement of its rights under these Terms relating to the Forex Service and, in particular, but without limitation, against all amounts which Fivewest may certify to be necessary to compensate it for all liabilities, damages, losses and costs (including reasonable legal costs), duties, taxes, charges, commissions or other expenses incurred by Fivewest (including loss of profit and losses and expenses from any action Fivewest takes to seek to cover or reduce its exposure under any FX Contracts) as a result of:
  1. the Client breaching any terms of these Product Terms relating to the Forex Service or any FX Contract;
  2. FiveWest acting on a written, oral, telephone, or electronic FX Order which reasonably appeared to FiveWest to be from the Client or an Authorised Person; or
  3. FiveWest or the Client exercising its rights under these Terms to close out all or any part of any FX Contract.
  4. FiveWest shall not be liable to the Client for any delay or failure to perform its obligations under these Terms or any Forex Service provided (including any delay in payment) by reason of any cause beyond the reasonable control of FiveWest including but not limited to any action or inaction of the Client or any third party, bank delay, postal delay, failure or delay of any fax or electronic transmission, any accident, emergency, act of God or any abnormal or unforeseeable circumstances.
  1. FiveWest shall not be held liable for acting upon instructions by Authorised Individuals whose authorisation has been revoked but FiveWest has not been notified of.

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