Terms and Conditions

Bank transfers take too much time and are very expensive. TavexWise money transfer is ultra fast and provides you with an amazing customer service in 8 countries across Europe.

  1. Parties to the contract

1.1. The service is provided by TavexWise AS, registry code 12641402, address Aia Str. 5, Tallinn (hereinafter as ‘Service Provider’).

1.2. The recipient of services i.e. Client is any natural or legal person to whom the Service Provider provides the services listed in subsection 3.2 (hereinafter as ‘Client’).

1.3. Hereinafter the Service Provider and the Client shall also be referred to each as a ‘Party’ and jointly as ‘Parties’.

  1. General provisions

2.1. The Service Provider and the Client agree on the principles for the execution of transactions under the terms and conditions for the execution of transactions (hereinafter as ‘Terms and Conditions’).

2.2. The Terms and Conditions are an integral part of the client contract concluded between the Service Provider and the Client are available on the website of the Service Provider https://tavexwise.com/money-transfer-terms/

2.3. The Terms and Conditions are also applied inter alia to other transactions, which are provided by the Service Provider, but the performance of which is not contingent on an existing client contract.

2.4. The list and description of services provided by the Service Provider are available on the website of the Service Provider https://tavexwise.com/

2.5. The client contract is concluded either orally or in writing.

  1. Concepts

3.1.  Payment service means payment services listed in the Payment Institutions and E-money Institutions Act (PIEIA), the provision of which requires an activity licence issued by the Financial Supervision Authority.

3.2. Money remittance is a payment service in the meaning of PIEIA § 3 (1) 6), by which the recipient of a payment order (TavexWise AS or its agent) transfers money on behalf of the issuer of the payment order to the beneficiary according to the instructions provided by the issuer of the payment order.

3.3. Payer is the person, who gives the payment order.

3.4.  Recipient is the person, who is the beneficiary according to the payment order.

3.5. Payment transaction is any cash payment and withdrawal and money transfer, irrespective of the underlying legal relationship between the payer and the recipient.

3.6.  Payment order is an order (instruction) for making any payment transaction, given by the payer to the Service Provider.

3.7. Payment agent is an authorised representative of the payment institution, who may provide payment services in the name of the payment institution.

  1. Content of the provided services

4.1. The Service Provider provides by itself or through its payment agents the services named in subsection 3.2.

  1. Identification of the Client

5.1. Identification

5.1.1. The Client and/or their representative shall be identified pursuant to the requirements established in the legislation of Estonia and to terms and conditions determined by the Service Provider.

5.1.2..The Client and/or their representative shall be identified on the basis of an identity document listed in the Identity Documents Act. The Service Provider shall make a copy of pages, which contain personal data or entries.

5.1.3. A legal person registered in Estonia shall be identified through an electronic extract of the e-Business Register. The identity of a foreign legal person shall be established on the basis of an extract from a relevant register or a transcript of a registration certificate or an equivalent document.

5.2. Representation

5.2.1. The Client is presumed to execute the obligations or rights arising from this contract in person or through a legal representative. The Client or their legal representative may determine the representative(s), whose right of representation does not arise from law, only at the place of the Service Provider.

5.2.2. A document, which certifies the right of representation, but has not been concluded at the place of the Service Provider, shall be notarised.

5.2.3. The Service Provider shall refuse to provide a service or conduct a transaction, should

there arise a doubt in whether the person requesting the service is entitled thereto.

5.2.4. The Client is obligated to inform the Service Provider immediately in a format which can be reproduced in writing about the end of the authorisation(s) of authorised person(s) assigned in the Contract or its appendix.

5.3. Requirements established to documents

5.3.1. The Client is obligated to present to the Service Provider document originals or notarised or equivalent certified copies.

5.3.2. The Service Provider shall have the right to presume that a document submitted by the Client is genuine, valid and correct.

5.3.3. The Service Provider shall have the right to request legalisation or certification by apostil of any documents issued in a foreign country, except in cases provided otherwise in an agreement between the Republic of Estonia and the respective foreign country.

5.3.4. In case of a document in a foreign language, the Service Provider shall have the right to request translation of the document into Estonian or another language accepted by the Service Provider. The translation should be certified by a sworn translator or a notary.

5.3.5. The Service Provider shall have the right to make a copy of a document presented by the Client, or to keep the document original, if possible.

5.3.6. If the Client has submitted a document, which does not meet the requirements of the Service Provider or correctness of which is doubted by the Service Provider, the Service Provider shall have the right not to execute the order of the Client, and to request additional documents.

  1. Prevention of money laundering and terrorist financing

6.1. The Service Provider shall apply the measures established by the state of Estonia and at international level for the prevention of money laundering and terrorist financing, as well as due diligence measures arising from the Guideline for Prevention of Money Laundering and Terrorist Financing established by TavexWise AS.

6.2. Proceeding from the above, the rights of the Service Provider include:

6.2.1.verify on a regular basis the data underlying the identification of the Client, and request from the Client additional documents and data;

6.2.2. re-identify the Client or representative of the Client, should the Service Provider doubt the correctness of information received in the course of the initial identification;

6.2.3.establish temporary or permanent restrictions to the use of the Payment Service;

6.2.4.request documents and data about the activities of the Client, including data about Client’s contractual partners, turnover, the share of foreign payments, cash transactions and non-cash transaction as well as data about the objective, nature of a transaction and the legality of the origin of the Client’s assets or funds used in a transaction;

6.2.5. request from the Client the documents, which form the basis of transactions (e.g.

sales lease, delivery, contracts, documents related to goods etc.) as well as data or

documents about the counterparty the transaction, the actual beneficiary or another

person connected to the transaction.

  1. Orders of the Client

7.1. The Client shall submit orders and other notices pursuant to the procedure provided in subsection 12 of the Terms and Conditions. An order may have the objective of conducting a single or multiple transactions.

7.2. An order is presumed to correspond to the will of the Client until an order revoking the initial order has been given by the Client. The Service Provider shall accept only the orders, which have been given pursuant to the contract between the Client and the Service Provider and are not in conflict with the legislation of Estonia.

7.3. When all the funds required for the provision of the service have been transferred by the Client to the Service Provider, the latter shall have the right to presume that the Client has become familiar and agreed with all the conditions (incl. service fees and due dates) applied by the Service Provider to the respective service.

7.4. If an order given by the Client is faulty or incomplete, the Service Provider shall have the right to execute the order pursuant to the earlier practice established between the Parties, good practice or proceeding from the best practice, or not to execute the order. If an order is not executed, the Service Provider shall inform the Client thereof.

7.5. A Client can not withdraw a payment order if the payment order has been received and authorised by the Service Provider and the payment order has begun to be or has been executed in accordance with the payment order.

7.5.1. Consent given for the execution of several payment transactions may be withdrawn with the consent of the parties, including such that each payment which follows the receipt of the withdrawal request by the Service Provider shall be considered as an unauthorised payment.

7.5.2. If the Service Provider and a Client have agreed on the day of the execution of a payment order, the Client may withdraw the payment order before the end of the settlement day preceding the agreed day.

7.6. A duly issued payment order shall be executed by the Service Provider for money remittance services, that is, the bank account of the beneficiary may begin to be credited or cash may be disbursed within 1 hour from the receipt of a correct payment order at the latest. A duly provided payment order shall be executed by the Service Provider for any ohter payment service, that is, the bank account of the beneficiary may begin to be credited or cash may be disbursed within one business day at the latest or at any other time as agreed once a correct payment order has been received.

7.7. The Service Provider shall have the right to delay with the execution of an order of the Client or to request from the Client documented confirmation about the legal origin of funds or assets to be used in conducting a transaction. The Service Provider shall have the right to refuse to provide a service, should the Client not provide proof in the scope stipulated in legislation or requested by the Service Provider about the legal origin of funds to be used in a transaction.

  1. Settlement

8.1. The Client shall pay to the Service Provider for provided services according to the price list established by the Service Provider, which is available at the website of the Service Provider at https://tavexwise.com/transfer-money-pricelist/, and terms and conditions, proceeding from the provisions of the Client Contract and the payment conditions noted in the invoice presented to the Client.

8.2. According to the agreement between the Parties, the services for all transactions shall be paid for prior to the provision of the Payment Service either in cash, by a bank card or transfer.

  1. Confidentiality and processing of personal data

9.1. The information which has become known to a Party during the performance of the Contract is confidential and the Party may not be disclose it to third parties or make it public without a written prior consent of the other Party, except in cases, where the obligation of disclosure of information arises from law.

9.2. For the execution of a service according to requirements, the Service Provider shall have the right to forward the data of the Client and their representatives or authorised person to payment agents in which the Service Provider has a majority holding.

9.3. The restriction of disclosure of confidential information provided in subsection 9.1 shall not extend to the auditor, credit institution or legal advisers of a Party.

9.4. The Service Provider undertakes to process the personal data of the Client and their representatives pursuant to valid legislation.

  1. Validity, modification and cancelling of the contract

10.1. The client contract has been concluded for an unspecified term.

10.2. The Parties shall have the right to terminate the contract at any time by agreement. The Parties shall have the right for unilateral termination of the contract by notifying the other Party thereof at least 30 days in advance. In case of good reason, a Party shall have the right to cancel the Contract extraordinarily with a written application without the term of notice. A good reason is when considering all the aspects and weighing the interests of both Parties it would be unreasonable to expect the Party to continue to perform the Contract.

10.3. The Contract may be modified only by the agreement of the Parties and in a written form. The Service Provider shall have the right to modify unilaterally the general terms and conditions of the Contract, including the price list.

10.4. The Client shall be notified about the changes and in case of disagreement with the conditions, the Client shall have the right to cancel the Contract extraordinarily by notifying the Service Provider thereof in writing within 1 month from being informed about the changes.

10.5. The provisions in subsection 10.4 shall not extend to changes in the price list.

10.6. If the Client has not cancelled the Contract by the due term, they are presumed to have agreed with the changes.

10.7. The termination or cancelling of the Contract shall have no effect whatsoever on the right of the Service Provider to collect claims.

  1. Liability

11.1. The Client shall be liable for damages resulting from transfer errors in orders to the Service Provider, from ambiguities, misuse and other errors. The Client shall also be liable for occurred damages due to failure to submit to the Service Provider the supplementary documents or data requested by the Service Provider according to subsection 7.5 for the execution of the order.

11.2. The Service Provider shall be liable for damages occurred to due violation of obligations under the Client Contract only in case of gross negligence or intent.

11.3. The Service Provider shall not be liable for the quality of services provided by them through third parties or for damages to the Client as a result of the activities (incl. delay) of the third parties in the execution of orders of the Client.

11.4. The Service Provider shall not be liable for damages arising from the non-execution of a transaction or for execution not on the due term, occurring due to the fulfilment of an obligation to the Financial Intelligence Unit under the law or resulting from failure to follow the instructions or a precept issued by the Financial Intelligence Unit.

11.5. The Service Provider shall not be liable for damages or decrease in the value of assets, which may occur to the Client as a result of changes in exchange rates or a drop in the price of securities or other risks entailed in investment activities.

11.6. The Client shall be responsible for fulfilling the notification obligation and for the correctness of information submitted to the Service Provider and shall be obliged to compensate the Service Provider for damages incurred with the provision of false data, late notification of changes in Client data or failure to submit changes in the requested form.

11.7. The Parties shall not be liable for the violation of obligations, if this has been caused by force majeure.

  1. Delivery of notices

12.1. Notices concerning the Contract shall be delivered by telephone, e-mail, except in cases where a specific form is prescribed in the Contract for the delivery of notices. The non-observance of the obligatory form for the delivery of a notice or an order shall not oblige the other Party to follow the declaration of intent contained in the notice. Written notices shall be sent by registered mail or handed over to the other Party against signature at the address or place of business stated in the Client Contract.

12.2. A claim arising from the violation of the Contract shall be presented to the other Party in a written form.

  1. Final provisions

13.1. The Client Contract shall enter into force from the moment of signing by the Parties as well as through other means of exchange of the mutual declarations of intent, when it has become clear that the contracting parties have reached an agreement. The contract has been drawn up in the Estonian language in two identical copies, one remaining to each Party.

13.2. Disputes arising from the Contract shall be settled through negotiations and in case of failure to reach the agreement, in Harju County Court.

13.3. The legal provisions of Estonia shall be applied to the settlement of disputes and the Contract.

13.4. A conflict between a provision of the Contract and valid legislation resulting from amendments in legislation shall not affect the validity of the rest of the provisions of the Contract.