Remittance Services Terms
1. General Provisions
1.1 The following Remittance Services Terms (the “Remittance Services Terms”) govern the use of cross-border money transfer services provided by Centi Ltd (company registration CHE-448.669.528, Im Schilf 4, 8044 Zürich, Switzerland).
1.2 Centi Ltd is a financial service provider and member of FINMA mandated Self Regulatory Organisation VQF (Verein zur Qualitätssicherung von Finanzdienstleistungen, Member ID 100809).
1.3 We may use the expressions “you” and “yours” which refer to you as a Centi Ltd Remittance Services user. Before using any remittance services provided by Centi Ltd, you must read and acknowledge that you accept these Remittance Services Terms.
1.4 Centi Ltd reserves the right to modify these Remittance Services Terms at any time. The most current version will always be available at centi.ch/remittance-terms. It is your responsibility to review the Remittance Services Terms before each remittance transaction.
2. Services Description
2.1 Centi Ltd Remittance Services allow individuals to transfer money across borders to specified recipients.
2.2 Each remittance transaction is a separate instance and does not constitute an ongoing business relationship. Each transaction is subject to the most recent Remittance Services Terms.
2.3 You hereby declare that:
- You are entering into this relationship for the purpose of legitimate cross-border fund transfers
- You are acting in your own personal capacity and not on behalf of any business or other person
- You are over 18 years of age
- The source of funds being used for each transaction is legitimate and from your personal income
- All information and documents furnished by you to Centi Ltd are accurate and authentic
3. Services Access and Limitations
3.1 Remittance Services are available through the Centi App, which must be downloaded and installed separately, subject to its own terms and privacy notice.
3.2 Individual transactions are limited to CHF 1000 (or equivalent in other currencies) per transaction and per month. Higher limits may be available upon request and additional verification.
3.3 Centi Ltd reserves the right to:
- Request additional documentation for any transaction
- Reject or suspend any transaction
- Modify transaction limits
- Block or terminate service access
4. Transaction Processing and Delivery
4.1 You are responsible for providing accurate recipient information. Centi Ltd is not responsible for funds sent to incorrect recipients due to incorrect information provided by you.
4.2 Standard delivery time is 1-2 business days, subject to:
Successful verification of transaction details
Compliance requirements
Partner bank processing times
Recipient country regulations
4.3 Exchange rates are determined at the time of transaction processing. The final exchange rate will be displayed in the Centi App before confirmation.
5. Fees and Charges
5.1 Transaction fees will be clearly displayed in the Centi App before confirmation of each transaction.
5.2 You are responsible for all fees associated with the transaction, including:
- Service fees
- Exchange rate margins
- Any applicable third-party fees
6. Cancellation and Refunds
6.1 Once a transaction is confirmed and processed, it cannot be cancelled.
6.2 If Centi Ltd cannot complete the remittance due to:
- Invalid recipient information
- Regulatory restrictions
- Other technical or compliance issues
The funds will be returned to you within 3 business days, less any incurred fees.
7. Prohibited Activities
7.1 You may not use the Remittance Services for:
- Any unlawful or fraudulent activity
- Money laundering or terrorist financing
- Circumventing any laws or regulations
- Commercial purposes or on behalf of third parties
7.2 Violation of these prohibitions may result in:
- Immediate service termination
- Transaction cancellation
- Legal action
- Reporting to relevant authorities
8. Compliance and Information Sharing
8.1 Centi Ltd complies with all applicable laws and regulations regarding:
- Anti-money laundering
Counter-terrorist financing - International sanctions
Financial services regulations
8.2 You authorize Centi Ltd to:
- Verify your identity and information
- Share information with regulatory authorities
- Monitor transactions for suspicious activity
- Retain transaction records as required by law
9. Privacy and Data Protection
9.1 Personal data processing is governed by our Privacy Policy, available at centi.ch/privacy.
9.2 You authorize Centi Ltd to collect, store, and process your personal data as necessary for:
- Transaction processing
- Regulatory compliance
- Service improvement
- Communication regarding your transactions
9.3 You explicitly acknowledge and agree that Centi Ltd will share your personal data and your recipient’s personal data with:
- Partner companies that facilitate local payouts in destination countries
- Payment processing partners
- Identity verification service providers
- Compliance and anti-fraud service providers
- Financial institutions involved in the transfer process
9.4 Data shared with partners may include but is not limited to:
- Your full name, address, and contact information
- Your identification documents and verification data
- Recipient’s full name and contact information
- Recipient’s bank account or payout details
- Transaction amounts and currencies
- Purpose of transfer
- Source of funds information
9.5 Our partners may be located in different jurisdictions, including the recipient’s country. Data shared with these partners will be subject to:
- Applicable data protection laws in those jurisdictions
- Our partners’ own privacy policies and data protection measures
- Contractual obligations between Centi Ltd and its partners to protect your data
9.6 You confirm that you have obtained consent from your recipient to share their personal data with Centi Ltd and its partners for the purpose of completing the remittance transaction.
10. Liability and Indemnification
10.1 Centi Ltd is not liable for:
- Losses due to incorrect recipient information
- Delays beyond our control
- Technical issues with third-party systems
- Force majeure events
10.2 You agree to indemnify Centi Ltd against any claims arising from:
- Your violation of these terms
- Providing incorrect information
- Unauthorized use of the service
- Violation of applicable laws
11. Governing Law and Jurisdiction
11.1 These Remittance Services Terms are governed by Swiss law.
11.2 The exclusive place of jurisdiction shall be Zürich, Switzerland.
12. Contact Information
Centi Ltd
Im Schilf 4
8044 Zürich
Switzerland
inquiries@centi.ch
Last Updated Nov 2024 / Version 1.0