Applicable Jurisdiction |
the jurisdiction whose law and courts apply to these Terms under clause 1.1 above |
Applicable Regulations |
all acts, laws and regulations applicable to Covercy in the Applicable Jurisdiction in the provision of the Services, the regulation of Covercy as their provider, and the prevention of money laundering and similar financial crime |
Business Day |
a day on which banks in both the Source Currency’s issuing country and the Target Currency’s issuing country are customarily open for non-automated business However, “Business Day in Israel” is specifically defined as referring to a day on which banks in Israel are customarily open for non-automated business. |
Covercy |
either or both of Covercy Israel or Covercy Europe, depending on the context and to which provision in clause 1.1 applies to you |
Covercy Client Account |
Covercy’s bank account, the details of which are provided to you for the purpose of depositing your Source Currency funds |
Covercy Europe |
Covercy Europe Ltd, a company registered in England and Wales under company number 09447723 whose registered office is 5 Elstree Gate, Elstree Way, Borehamwood, Hertfordshire, WD6 1JD, United Kingdom |
Covercy Group |
Covercy Israel and Covercy Europe together |
Covercy Israel |
Covercy Technological Trading Ltd, a company registered in Israel under company number 515200657 whose registered office is 94A Yigal Alon St., Tel Aviv |
Credit Card |
any credit card, debit card or other applicable and broadly equivalent payment methods as may be indicated on the Website |
Day |
a calendar day |
Deposit |
the transfer of the necessary amount in Source Currency to the designated Covercy Client Account in order to enable us to execute the Transfer Order and to cover the applicable Fees (and “Deposited” shall be understood accordingly) |
The EU27 |
Those countries that along with the United Kingdom were member states of the European Union on or before 31 January 2020, together with any that may be subsequently admitted as further member states |
FCA |
the United Kingdom Financial Conduct Authority |
Fees |
the amounts stated in the Fees List (or the fees presented to you on the Website in the course of submitting a Transfer Order, which shall apply in place of the Fees List) |
Fees List |
the list of Fees located at www.covercy.com/pricing |
Fixed Source Transaction |
A Transfer Order where the Source Currency amount to be Deposited to Covercy’s Client Account is fixed in the Transfer Order and the resulting funds required to be sent to the beneficiary is a function of the Guaranteed Exchange Rate. |
Fixed Target Transaction |
A Transfer Order where the amount to be received by the beneficiary is fixed in the Transfer Order and the Source Currency amount required to be deposited to Covercy’s designated Client Account is a function of the Guaranteed Exchange Rate. |
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Force Majeure |
in accordance with Regulation 96 of the PSRs, abnormal and unforeseeable circumstances beyond the control of the person who claims to be affected by them, the consequences of which would have been unavoidable despite all reasonable efforts to the contrary |
GDPR |
refers to the General Data Protection Regulation of the European Union 2016/679/EU |
PSRs |
the United Kingdom Payment Services Regulations 2017, which apply directly to these Terms where the Applicable Jurisdiction is the United Kingdom |
Recipient |
the person to whom a Transaction is sent |
Registered User |
a User who has completed the registration process and has an active account with us |
Restricted Territories |
any country, territory or jurisdiction which has been sanctioned by a competent authority or is deemed by us, in our sole discretion, to present unacceptable risk |
SaaS |
Software as a Service, a cloud-based distribution deployment of software and data |
Security Information |
means one or more user identification codes, passwords, authentication codes or such other information as may be provided to you, to enable your access to the Services. |
Services |
money exchange/transfer and SaaS services and related products or services available from time to time through the Website. |
Source Currency |
the denomination of source currency Deposited into the Covercy Account for the purposes of exchange into a Target Currency |
Suspicion of Improper Activity |
refers to our suspicion that a Registered User’s account is being used for any of the following purposes:
(a) the laundering of proceeds of crime;
(b) any criminal or fraudulent purpose;
(c) the financing of terrorism;
(d) the circumvention of any applicable sanctions;
(e) the provision of moneys to persons in Restricted Territories;
(f) the evasion of the Registered User’s or any other person’s responsibility to account for taxation in any relevant jurisdiction |
Target Currency |
the denomination of currency into which the Source Currency is exchanged and transferred to the Recipient |
these Terms |
these Terms including all amendments and restatements |
Transaction |
the process of execution of a Transfer Order |
Transaction Limit |
the upper and lower amount limit for each Transaction depending on the Source Currency and/or Target Currency involved, as advised on the Website |
Transfer Flow |
the Transfer Order details presented on the Website at the time you submit a Transfer Order |
Transfer Order |
an instruction validly provided by you to Covercy requesting the execution of an exchange of money from a Source Currency into a Target Currency and its transfer to a Recipient |
the Website |
refers primarily to www.covercy.com
but also to each and every other Website from which we provide the Services (or any of them) from time to time |
we, us, our, ours |
refers to Covercy |
you, your, yours, the User |
refers to you, as a customer or account holder, registered to use the Services subject to these Terms |