Midpoint - P2P (Peer-to-Peer) Currency and Money Exchange

FAQs


Why is Midpoint marketed as the ‘Evolution of Exchange’?

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.

What is peer-peer (P2P)?

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.

Why is the peer-to-peer aspect of Midpoint important?

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.

What is the ‘spread’?

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 savings calculator.

What is the Interbank Mid-Market Exchange Rate?

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 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.

How can I buy or sell currency at the Interbank Mid-Market Exchange Rate?

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!

How do you calculate the Midpoint Rate?

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.

What is the difference between a Financial Quoted Rate and an Execution Rate?

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.

Are there any hidden fees or charges?

Our fee is determined by the value of your transaction and includes the delivery of your funds to your Beneficiary. We do charge a penalty if you do not fund your order within 48 hours of our confirmation that your order has been matched. *This is applicable for orders placed from Monday to Friday. If an order is placed during the weekend, then the 48 hours funding limit will be calculated from 8am GMT on Monday. See Order Process section. Note: You may be charged a small domestic transfer fee by your bank to fund in an order. This is determined by your local bank’s charge out policies.

When will Midpoint be adding additional currencies and countries?

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.

Do I receive interest on the funds held overnight?

Unfortunately not. The banks pay no interest on the segregated trust accounts in return for providing lower transaction fees to our payment supplier. This helps to save you money.

How do you calculate my savings?

Most sites only compare their rates to competitors that have large posted spreads. They quote the rates used for low value transactions in an attempt to make their spreads look more attractive. We calculate the Market/High Street rate based on our research of the average rates charged to small businesses and consumers. This is reviewed by management at regular intervals.

Who can register to be a Midpoint User?

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 Anti-Money-Laundering regulations in your country of domicile. Country and currency restrictions apply. Please see our coverage page for complete details.

Does it cost anything to open an account with Midpoint and is there ever an obligation to use it?

Opening an account with us is free and you have no obligation to place an order with us.

How do I register with Midpoint and what information is required?

All you need to do is click on “Register Now” at the top of our home page or one of the registration links on our site

For individuals we require:

  • Active email address, password, date of birth.
  • Full name and permanent residential address.
  • Contact Details including telephone numbers
  • DOB, Gender and Nationality
  • How did you hear about Midpoint?
  • Customer Default Currency
  • Estimated Annual Order Amount
  • Transaction Frequency
  • Copy of legislated approved identification (see below)
  • Current Proof of Address (see below)

For businesses, charities and associations we collect:

  • Active email address, password, date of birth and supply of two security questions
  • Full name and permanent residential address of account manager
  • Gender, DOB, Home Address
  • Contact Details
  • Registered company name and address
  • Primary Business Activity
  • Company Registration Number or Tax Reference Number
  • Full KYC of all directors and beneficial owners >25% (for private companies)
  • Role/Title with the Business
  • Date of Appointment
  • Date of Incorporation
  • Ownership Details
  • Size by Turnover
  • Primary Reason for Opening Account
  • Default Currency
  • Estimated Annual Order Amount
  • Transaction Frequency
  • How did you hear about Midpoint?
  • Copy of legislated approved identification of Account Manager (see below)
  • Copy of Company Registration Documents or Tax Certificate (see below)

For your Beneficiaries we will collect the following:

  • Beneficiary’s Country & Currency
  • Indicate Beneficiary Personal or Business
  • First Name, Last Name
  • Beneficiary’s Name & Address
  • Beneficiary’s Contact Details
  • Payment Type
  • Bank Account Type
  • Branch Name, Bank City, Bank Region/State/Province, Post Code
  • Beneficiary’s Bank Account Name
  • Account Number, Sort Code, IBAN, Swift/BIC, Routing Number as applicable to the country you are sending funds to

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.

What are the "acceptable" governments IDs for individuals?

A government issued document with a photograph including:

  • Valid passport
  • Valid photo card driving license (full or provisional)
  • National ID card (for non UK nationals)

Please note, for non UK National ID cards, you will need to show the front and back of the document.

May I use a PO Box address when registering?

No, we require you to provide us with your physical home address.

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, 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)

Valid Company Documents

- Company Registration Document
- Tax Certificate Document
- Certificate of Incorporation
- Articles of Organisation
- Articles of Association

I created an account, but never received a confirmation e-mail?

Please check your SPAM folder. If you still cannot find a confirmation e-mail, please click on “Resend Confirmation Email” on your User Dashboard.

How can I edit my profile details?

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 on toll free UK 0800 211 8620 – International +44 20 7448 3088.

Will Midpoint ask me security questions if I have any inquiries regarding my account?

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.

How can I change my password?

Click on Client Login, enter your email address and click on “Forgotten your password” Press “Send” to have a password reset link sent to your email.

Who can I send money to?

You can send money to anyone who has a bank account. Country and currency restrictions do apply. See our coverage page for complete details.

Do I have to register my Beneficiaries ahead of time?

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 Beneficiaries before funds can be delivered. The good news is that you only need to register each Beneficiary once.

What is an IBAN and a Swift/BIC Code?

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.

Which Countries do not require an IBAN or a SWIFT/BIC Code?

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.

Can I edit a registered Beneficiary?

Yes you can but this will need to be authorised by Midpoint Admin. You will be send a notification email confirming this amendment.

What is the difference between buying and selling a currency when I am placing an order?

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.

What is Beneficiary Reference?

This is the statement narrative that will appear on the Beneficiary’s bank statement.

When will my order be matched?

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.

Can I place orders any time 24/7?

Yes. You can place orders at any time but they will not be matched during weekends and UK bank holidays.

What does Matching mean?

This is the process by which we Match businesses and individuals with opposite currency requirements.

How long do I have to send my funds for an order?

Once your order is matched, and you are sent the email notification of the match, you have 48 hours to have the funds transferred and deposited into the instructed Earthport domestic trust account.
*This is applicable for orders placed from Monday to Friday. If an order is placed on a Saturday or Sunday, then the 48 hour funding limit will be calculated from 8am GMT on Monday.

Can Midpoint receive funds from a third-party?

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 ccompany.

What happens if I do not fund my order on time?
Your funds must be deposited into the designated bank account as instructed within 48 hours of your matched order. If you do not fund your order on time - you may be charged (per our User Terms & Conditions) the greater of:
1. £100 GBP (or Midpoint equivalent in local currency)
2. 1% of the transaction value or
3. The realized loss by Midpoint having to secure the shortfall in liquidity.

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.

What happens if the order I am matched with is not funded in time?

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.

Can Midpoint receive funds locally in the USA?

No, all USD and CAD collections must be sent to a Barclays, London USD or CAD account. Please check with your bank before placing an order.

Who are Earthport Plc?

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.

What is a Virtual Account Number (VAN)?

A Payment Reference Number is a unique 13 digit Virtual Account Number provided by Earthport to identify and track the source of your funds. It MUST be included in the Beneficiary reference field every time you issue your bank instructions to send funds to one of the Earthport trust accounts. Once issued, your Beneficiary Reference Number will not change, and, can usually be stored on your online banking site with the Earthport details.

Where can I find the payment instructions?

Once your order is Matched, you will be able to see you payment instructions on your, _“User Dashboard” _ under your_ “Orders Tab”_ by clicking the order number on the left hand side.

What if I don’t use Online Banking?

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.

My Midpoint profile name is different from the name on my bank account I’m sending the funds from

We can only receive funds from the Midpoint Account Holder. 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.

Can I fund my account before placing the order?

Yes. You will have currency wallets in the account. You can convert funds held in your wallets.

Can I send cash or a cheque?

Sorry, we do not support cash, cheque, or any credit card payments at this time.

Can I cancel my order once I have placed it?

Yes but only if the status of your order on your dashboard shows as "Unmatched".

Are there any other restrictions?

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.

What do I need to do when I receive email notification that my funds have been received?

You need to log into your user dashboard and check the funds received are shown in your account.

When will my Beneficiary receive the funds?

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.

Who is Midpoint?

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.

Will there be a compliance check when I register with Midpoint?
Yes, we do a 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 photo card driving license (full or provisional)
- National ID card (for non UK nationals)

Please note, for non UK National ID cards, you will need to show the front and back of the document.


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
Will there be a compliance check on my Beneficiaries?

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.

What if the Beneficiary is myself?

We will only do additional compliance checks for larger orders.

Will there be additional compliance check for large orders?

Yes. We will need to do additional AML (Anti-Money-Laundering) checks. 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.

Are my funds safe?

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.

Are you a registered company?

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).

Are you registered with Data Protection?

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.

What steps do you take to keep my money secure?

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.

How secure is my personal and banking information?

We take privacy seriously and do not sell or distribute your personal or banking information in any way. Please read our complete Privacy Policy.

What steps do you take to prevent money laundering and terrorist financing?

Midpoint has a stringent Anti-Money-Laundering & Terrorist Financing Policy and is fully compliant with all UK Anti-Money-Laundering regulations.

What about your System’s Security?

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.

What are the minimum system requirements?

This system is designed to work with most current browsers with no special requirements. If you have any issues please contact us.

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 acknowledgement that you have read and accepted any changes to this policy.

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 condition 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, including but not limited to:-
    • 3.1.1 Order type;
    • 3.1.2 Type and amount of currency requested;
    • 3.1.3 Type and amount of currency offered;
    • 3.1.4 Beneficiary;
    • 3.1.5 Other instructions (e.g., Beneficiary notification)
  • 3.2 The User is solely responsible for the accuracy and validity of information submitted.
  • 3.3 The exchange rate for Match Orders will be the midpoint of the Interbank "bid" and "offer" rates determined by Morningstar (or another rate-quoting system selected by Midpoint & Transfer) at the time the Order (or portion thereof) is matched ("Rate").
  • 3.4 Orders may not be modified or cancelled after they have been submitted to Midpoint & Transfer. However the User may request that Midpoint & Transfer change the Beneficiary from a third party to the User at any time prior to payment provided that the User has a bank account in the proper currency in a jurisdiction in which Midpoint & Transfer operates
  • 3.5 The User hereby authorises Midpoint & Transfer to forward to the Payment Processor, on the User's behalf, all information necessary to complete each Order.
  • 3.6 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.
  • 3.7 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.
  • 3.8 We may refuse, withdraw or cancel your transfer order at any time for any reason, including:
    • (i) If we reasonably suspect that your order has been placed for speculative FX trading.
    • (ii) If there have been significant fluctuations in the exchange rate market following the placing of your order.
  • 3.9 If we do cancel your order in accordance with clause 3.8 above then we will notify you of this as soon as possible and provide you with a refund for any funds that you paid for but did not receive.

4. Payment

  • 4.1 The User will pay to the Payment Processor by way of internet transfer, telephone transfer or in person bank transfer in cleared funds, in accordance with the terms of this Agreement:-
    • 4.1.1 the full amount of each Order; and
    • 4.1.2 the fees relating to such Orders, as set forth in the Price Schedule posted on the Site as amended from time to time which order must include the User's 13 digit Virtual Account Number ("VAN"). Funds will be due and payable within 48 hours from the time of the match. Failure to comply will result in a charge to the User of the greater of:-
      • (a) 100 GBP or Equivalent Currency;
      • (b) 1% of the transaction value; or
      • (c) the realised loss suffered by Midpoint & Transfer by going to a third party to fulfil the matching User's Orders.
    • 4.1.3 Customers may not instruct any 3rd party individual or company to make funding payments on their behalf.
    • 4.1.4 Two defaulted Orders may result in termination as a User by Midpoint & Transfer.
  • 4.2 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.
  • 4.3 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.

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.
  • 10.8 These information services and other content of the website are not intended to amount to advice on which reliance should be placed. We accept no responsibility or liability arising from any reliance placed on such services by any visitor to the website or by anyone who may be informed of any of its contents. In addition, we give no assurances that you will receive the service for which you register.

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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Recent Testimonials

Ed van Wezel
Ceo Hi-Tec Sports International Holdings B.V.

"Midpoint offers their customers a platform for making online forex payments. They offer great value and are very efficient. I would highly recommend trying them out"

David Strongman
President Reflex International Inc.

I have used Midpoint's currency service to transfer corporate funds from the US to Europe and found it to be efficient, easy to use and most importantly it saved my company 30%+ on wire transfer / bank charges.

Claudio Migliore
Italy

Trustworthy and innovative service. As an expat, I use Midpoint to fund my overseas and home accounts easily and at a minimal cost.

Meena Bhandari
Finance Manager, Radiumone

Midpoint is an excellent platform to exchange large amounts of money, in which they offer the most competitive exchange rates, which are very close to the spot rate. They invaluably assist businesses to save money.

Adam Hayes
Managing Director, SNH Tax

Having used various other currency brokers and banks and been involved with referring clients to currency brokers, I have found Midpoint’s to be the best. Once you have registered with Midpoint, the process is simple, transparent and quick. You feel more in control than with other brokers and whenever you might have a question, I have found Midpoint's staff friendly, clear and prompt. I would have no hesitation in recommending Midpoint.

Jo Hiley
Expat

I used Midpoint to transfer money abroad following the sale of my flat. I looked at various providers and found Midpoint to be the most competitive. Their staff have been fantastic throughout the whole process and I would highly recommend Midpoint to anyone. They saved me lots of money compared to using my bank. Try them out!