These terms of service provide you with an overview which terms apply to the online remittance service provided by TavexWise. These terms are an integral part of the service agreement and TavexWise advises all service users to read the terms. By using TavexWise services you agree to all the terms applicable to the services. TavexWise general terms apply as well.
TavexWise AS contact information:
Business Registry nr: 12641402
Aia 5 Tallinn 10111
Banking day – day of the week on which financial institutions in sending and receiving countries are processing payments.
Base amount – amount which is being converted to receive amount by applying the conversion rate.
Online remittance – a remittance initiated via any electronic channel administered by TavexWise.
Payment agent – a representative of TavexWise, which is authorised to receive or execute payment orders in the name of TavexWise.
Payment order – money remittance instruction including complete and required information for the remittance to be processed by TavexWise, herein sender’s and receiver’s personal information, total amount and currency paid by the sender (pay in amount), service fees & charges, amount and currency paid out to the receiver (pay out amount). The payment order which has been generated via TavexWise’s online channel(s) will be forwarded to the service user via email after a successful settlement for the remittance.
Receive currency – the currency in which the receiver is being paid out in.
Receiver – is the beneficiary according to the payment order.
Receive transaction – transaction initiated and executed by TavexWise or any of its agents, where payment order and funds in accordance with the payment order are being paid out to the receiver.
Remittance calculator – a tool to generate pay in or pay out values, which displays: all applicable service charges, the total amount to be paid by the sender and amount paid out to the receiver.
Sender – is the person, who initiates the payment order.
Send transaction – transaction initiated and executed by TavexWise or any of its agents, where payment order and funds in accordance with the payment order are being collected from the service user.
Source currency – the currency in which the service user uses to settle for the remittance.
Source of funds – documentation which reliably verifies the origin of funds used in a transaction processed by TavexWise or it’s agent.
1.1. The current terms are considered as special conditions for online remittance services offered by TavexWise, which apply to every remittance separately and are not separately considered as a framework agreement.
1.2. TavexWise has the right to change these or its general terms of service unilaterally at any time by notifying the service users on its website. Should the users disagree with the updated terms, they have a right to terminate the agreement without a term of advanced notice.
1.3. TavexWise shall not deposit any other customer funds other than those received to provide payment services and execute a specific payment order. Should the execution of a payment order prove to be impossible, the funds received by TavexWise shall be returned to the sender as soon as possible, but not later than 2 banking days after the remittance has been deemed unexecutable.
2.1. TavexWise will grant functional access to its online remittance channel(s) only to customers 18 years of age or older.
2.2. Some of TavexWise’s online remittance services shall be limited only to natural persons.
2.3. All TavexWise online remit services are subject to certain amount restrictions, which shall be displayed to the users via the remittance calculator.
2.4 TavexWise will grant functional access to its online remittance channel(s) only to customers, who have been previously identified face-to-face by TavexWise, any of its agents or other business partners authorised to identify TavexWise’s customers.
2.5. All necessary logon information to TavexWise online service channels for users is strictly personal and cannot be shared with third persons. TavexWise has the right to block access to its online remittance channel(s) for a user in case of doubt that the access is being used by unauthorised user.
2.6. Access to TavexWise online remittance channels is available 24/7, except during the maintenance time.
3.1 The online remittance service, i.e the online payment order, can be utilised only via authorised TavexWise online channel(s).
3.2 The currency conversion rates used in the remittance calculator shall be subject to frequent updates. For example the currency exchange rates displayed to the service user in the remittance calculator’s fields are updated every time the user activates (clicks) the “Total amount to be sent” or “Paid out to receiver” field.
3.3 The total payable amount with all applicable service fees shall be displayed to the sender on the remittance calculator site.
3.4 The sender must fill in truthful and complete information of the receiver by selecting one of the previous receivers or adding a new receiver.
3.5 On the “Confirm your remittance” site the sender confirms that the information provided to TavexWise, e-g about the receiver, type of payout and the amount remitted is correct and after confirming this, the sender is allowed to proceed to the payment site.
3.6 A transaction number is being generated after the remittance has been confirmed, but the remittance shall not be available for pickup before the sender has received an email confirming the payout status of the remittance.
3.7 The payment site allows the customer to settle for the remittance by selecting the preferred payment method. The settlement is done in the pay in currency the customer has chosen. In case of successful payment, the payment order shall be forwarded to TavexWise remittance processing team for review. If the payment is declined, the payment order is automatically discarded and the customer can return to the remittance calculator site to initiate new payment order.
4.1 TavexWise shall process all payment orders as quickly as possible. The remitted amount shall be ready to be picked up by the receiver immediately after the remittance has been processed by TavexWise.
4.2 During banking days and working hours of TavexWise or it’s agent where the payment was initiated, the payment orders with successful payments will be processed within 1h, presuming that all the necessary information to process the remittance has been provided by the customer. Should the remittance be subject to requirement of additional information or documents from the customer, the remittance is subject to a longer processing time.
4.3 During weekends and public holidays the processing time for payment orders with successful payments can take up to 24h if TavexWise has all the necessary information to process the payment order. Should the remittance be subject to requirement of additional information or documents from the customer, the remittance is subject to a longer processing time.
5.1 The remittance will be ready for pickup only after the payment order has been processed and confirmed by TavexWise. An email confirming the payout status of the remittance shall be sent to the customer via email.
5.2 The receiver must present the remittance number issued by TavexWise, security code (if applicable) and a valid ID at the pickup location. Some payout agents may require more than 1 ID from the receiver.
6.1 The remittance can be cancelled or name of the receiver changed by contacting TavexWise without a fee only by the sender after the successful payment if TavexWise has not confirmed the remittance. This cancellation is normally instant. The funds will be refunded to the customer (as a general rule) via the same payment method the service user used to settle for the remittance.
6.2 The remittance can be cancelled by the sender after the successful payment and confirmation by TavexWise only for a fee equal to the amount of the remittance service charge. The name of the receiver can be changed by the sender after the successful payment and confirmation by TavexWise for free of charge. The cancellation and name change processes in this stage are time consuming and can take up to 48h. In the event of cancellation the funds (deducted the service charge) will be refunded to the customer (as a general rule) via the same payment method the service user used to settle for the remittance.
8.1 TavexWise should be contacted regarding a specific remittance via the agent in the country the remittance was initiated in. For example you send money from Denmark to the Philippines, then you should contact Tavex A/S in Copenhagen.
8.2 Please find TavexWise’s contact information by countries HERE.