International Transfer Terms and Conditions
By using the International Transfer Service, you agree to the following terms and conditions. If you do not agree to the terms and conditions below, you must not use the International Transfer Service. This agreement serves as a supplement to the Wealthsimple Cash User Agreement the terms of which are hereby incorporated by reference, as applicable, except to the extent they are varied herein. In the event of a conflict between this Agreement and the Wealthsimple Cash User Agreement, this Agreement will govern with respect to the Service.
The International Transfer Service is operated by Wise Payments Canada Inc. (“Wise”), a third-party provider that is not affiliated with Wealthsimple.
Definitions
1. In these Terms and Conditions:
“Agreement” means these International Transfer Terms and Conditions, as amended from time to time.
"Rate" means the currency conversion rate in the Quote.
"Quote" means the initiation and creation of the Transfer that includes information such as associated fees, Rate, Recipient details, Recipient currency, total funds to be sent, approximate time to arrive at the Recipient account, etc. This encapsulates the entire process of initiating and confirming the Transfer.
“Recipient” means the person to whom the Sender is sending the money.
“Sender” means the person who is sending the money to the Recipient.
“Service” means the International Transfer Service.
“Transfer” means a money transfer sent or received using the Service.
“Wise” means Wise Payments Canada Inc., the company that operates the International Transfer Service.
“We”, “our”, “us”, and “Wealthsimple” mean Wealthsimple Payments Inc. and its affiliates, and “you” and “your” mean the Wealthsimple customer who uses the Service as a Sender or a Recipient, as the case may be.
2. This Agreement applies to each Transfer you send or receive. It replaces all prior agreements between you and us with regard to the subject matter of this Agreement.
3. To send money from or deposit money to your Wealthsimple account using the Service, you must have a Wealthsimple account(s) with Transfer functionality (the “Account”) and by agreeing to the terms and conditions of this Agreement.
4. To send money from your Account using the Service, you must have sufficient funds in your designated Account to cover the Transfer amount plus any applicable fees.
5. You must comply at all times with the technical and security requirements which may be established with respect to the Service and which are provided to you. These technical and service requirements may be modified or replaced from time to time.
Limits
6. You understand that Wealthsimple, other financial institutions and/or Wise may impose limits, dollar and otherwise, that apply to your use of the Service including, without limitation, on the amount of money that you are allowed to send and receive using the Service. These limits are subject to change without prior notice to you and can be viewed on the Wealthsimple website or through the Wealthsimple app. Neither Wealthsimple nor Wise is responsible for any delays, losses or damages caused to you or any other person by the application of these limits or changes to such limits.
Cancelling the Transfer
7. Once the Transfer is initiated, you, the Sender, cannot reclaim the funds.
Use, Transmission, and Electronic Delivery of Information
8. The information you provide to us in connection with the Service will be treated in accordance with the terms of the Wealthsimple Privacy Policy. We may share your information with our affiliates, other financial institutions, with Wise and with its suppliers and agents for the purposes of operating the Service and comply with regulatory obligations.
9. It is your responsibility to monitor your email account for email notifications, your Wealthsimple App for in-app notifications or your mobile device for instant messages regarding transactions that you are either sending or receiving.
10. When you initiate a Transfer as a Sender, an email will be sent to the Recipient informing them that money is being transferred, and disclosing your (the Sender’s) name, the name of the Recipient, and the amount of the Transfer.
Record of Transactions
11. You agree that the Sender’s financial institution, the Recipient’s financial institution, Wise, and any other financial institution involved in the Transfer may retain a record of the following information relevant to each Transfer: the names of the Sender and Recipient; the transit number, account number, address, and the names of the financial institutions of both the Sender and the Recipient.
Service Limited to Specified Currencies/Jurisdictions
12. You acknowledge that the Service is offered for Transfers limited to certain currencies and their corresponding jurisdictions. A list of currencies and jurisdictions available to send Transfers to can be found here or through the Quote on the Site. The list of available currencies or jurisdictions is subject to change without notice.
Timeframes for Availability of Funds
13. We may display an approximate timeframe to complete the Transfer in the Quote. The actual time to receive funds may vary and Wealthsimple makes no representations regarding the maximum time to complete a Transfer.
Fees and Rate
14. You acknowledge, as the Sender, that you are made aware, through the Quote, of the associated fees, taxes, and/or other charges that may be applied in order to complete the Transfer, and that by confirming your intention to send the Transfer, you accept these associated fees, taxes, and/or other charges. Funds may be deducted from the funds that are being sent, or posted to the Account.
15. If you send money to a Recipient, the Recipient may be charged a fee to receive the funds by their financial institution or by any intermediary financial institutions involved in the Transfer. The fee may be deducted from the funds they are receiving, may be an additional surcharge, or may be part of a service fee.
16. The Rate is determined by Wise or Wealthsimple. Conversion rates change frequently and the Rate is subject to change without notice.
17. Wealthsimple, in its sole discretion, reserves the right to cancel your Transfer and return the funds to your Account.
18. It is your responsibility to review all Transfers to ensure they are processed correctly and as intended. If you believe an error has occurred, such as:
You, as the Sender, have an incorrect amount debited from your Account for a Transfer;
We, or our partners, made a computational error that resulted in a miscalculation or difference in the amount the Recipient received for the Transfer;
You, as the Receiver, have an incorrect amount credited to your Account for a Transfer; or
A Transfer is missing from your Account statement.
If you believe any such error has occurred please contact our Support Team immediately through the Site in order for us to investigate.
No Third Party Use
19. You will not allow the Service to be used by or on behalf of any third party to perform transactions on your deposit accounts with us for sending or receiving funds or for any fraudulent or illegal purpose or to perform money laundering transactions.
Limitation of Liability
20. The limitations of liability set out in the Wealthsimple Cash User Agreement apply to this Agreement and to your use of the Service.
In addition to the foregoing, we, our officers, directors, affiliates, agents and suppliers are not liable to you for any losses, including direct, indirect, incidental, special, punitive or consequential losses or damages, loss of profits, damages for inconvenience, loss of revenue, loss of business opportunities or any other foreseeable or unforeseeable losses, arising from:
Acts or omissions of a Sender or a Recipient; or
Acts or omissions of any third party including, without limitation, a correspondent/recipient financial institution or Wise.
whether or not the act or omission would otherwise give rise to a cause of action in contract, tort, statute or any other doctrine of law, and even if Wealthsimple was advised of the possibility of damages or was negligent.
If you use the Service to make or receive a payment for goods or services, to satisfy a debt or other obligation or to make a gift, you must settle any disputes or claims arising from such transactions directly with the Sender or Recipient, as the case may be.
Termination of Agreement
21. We may terminate this Agreement at any time upon ten days prior notice to you, or immediately and without notice in the case of your breach of this Agreement. We may immediately suspend your use of this Service and terminate this Agreement if we have reason to suspect that you have used the Service for fraudulent, illegal, or money laundering purposes, or if you have, in our sole discretion, misused the Service.
Amending this Agreement
22. You acknowledge that we can add, change or replace the terms of this Agreement from time to time. Your continued use of the Service after we have provided notice to you following notice of such change means that you agree to and accept the new terms and conditions of this Agreement as amended, modified and/or replaced.
Notices
23. Any notice we are required to provide to you under this Agreement may be given to you by sending a push notification, in-app notification on the Wealthsimple app or by sending an email message to you at the last email address we have for you on our records or a text message to your mobile device at the last number we have for you on our records. You may terminate the Service at any time by notifying us.
Language
If you'd like to review a French version of this Agreement, you can view it here.