Terms and Conditions

This Terms and Conditions agreement (“Agreement” or “Terms” or “Terms and Conditions”) describes the terms and conditions governing the purchase and use of Global Money Shift s.r.o., trading as Kashift (hereinafter the “Company”). By accepting or using any of the Company’s Products or Services, You agree to be bound by the Terms and Conditions contained in this Agreement, and as it may be amended from time to time. Please read this Agreement carefully and keep it for future reference. If there is any part of the Terms of Use you do not understand or wish to clarify, please contact our customer service team at cs@kashift.com

I. Definitions

 

As used in this Agreement, the following terms have the following meanings, with signaler terms may include the plural, as context may require, and shall apply to any Account Holder:

“Account” means the Account that is created at the time You signed up to be a Company Account Holder. Your Account may consist of one or Company Products, as have been requested by You, or provided to you by a third party which has been approved by the Company.

“Account Holder” means any entity or person who holds an Account with the Company.

Bank” means any banking institution used by Us for the purpose of offering our Products and Services to an Account Holder;

“Day” means the twenty-four (24) hour period running from 12:00 a.m. Czech Republic Time on a calendar day to 12:00 a.m. Czech Republic Time on the next calendar day, unless otherwise specified.

“Kashift Exchange Rate” means the exchange rate used by Us on all currency exchange transactions, including digital currencies, as published on our Website and which may be amended by us from time to time in accordance with these Terms of Use;

“Load Method” means all of the methods that the Company offers to enable You to load money from Your funds sources outside of the Company. These may include, but are not limited to, loads of funds by Credit Card / Debit Card purchases, transfers from Your bank Account and wire/telegraphic transfers.

“Products” means all Company tangible or intangible goods that are sold to the Company’s customers.

“Products and Services” means the Products and Services offered to Account Holders by the Company.

“Service” and/or “Services” means all Company functionality provided to You.

“User ID” means any and all of the following pieces of information you use to log in to your Account, your secure identification number, security questions and answers and other Account credentials and information specific to your Account;

“We”“Us”, and “Our” mean the Company, Our successors, affiliates and assigns.

“Website” means www.kashift.com or such other website through which we may offer the Kashift Service from time to time;

“Withdrawal Method” means removing funds from Your Account by selecting one of the withdrawal methods available to you in your country of residence as set out in the “Transfer” page of the Member Site;

“You” and “Your” means the entity or person who is purchasing, accepting or using the Company’s Products and/or Services.

II. Membership

 

Our Products and Services are sold or provided only to individuals who are of legal age and entities who are capable of forming legally binding contracts under applicable law. We may, in Our sole discretion, at any time, refuse to allow You to purchase, fund or use any of the Company’s Products or Services. It is a condition of membership that you agree to these Terms of Use, which form a legally binding contract between you and us once you register to become an Account Holder. In order to become an Account Holder, you must, among other, to fulfil the following condition:

A.             to not be a resident of any country where we do not provide the Kashift Service as set out in the following list which may be amended by us from time to time, without notice: Afghanistan, Bosnia and Herzegovina, China, Cuba, Ethiopia, Eritrea, Iran, Iraq, North Korea, Kyrgyzstan, Libya,  South Sudan, Sri Lanka, Sudan, Syria, Trinidad and Tobago, Tunisia, and Vanuatu.

B.             to satisfactorily pass all of our required identity and security validation and verification checks;

C.             to not permit any other person to use your Account. Unless we otherwise permit from time to time, you may not open more than one Account and we may, without notice, close any or all of the Accounts who has, or whom we reasonably suspect has, unauthorised multiple Accounts;

D.             to promptly update your Account details on the Website if your name, address, email address, phone number, or company details in case of corporate account for information changes

III. Using your account

 

A.             Each time You use Your Account by receiving or sending or withdrawing funds, the amount of the transaction will be immediately credited/deducted from/to Your Account balance. We will also deduct from Your Account balance all applicable Fees as specified in the Fees Page. You are not allowed to exceed the funded balance in Your Account by any individual transaction or series of transactions and such attempt to make a Transaction which may lead to negative balance will be denied.

B.             If, for any reason, you cause your Account to go into a negative balance, we will take any such action necessary to enforce against you and recover the negative balance amount, including fees relating to such debt collection, and all in accordance with these Agreement.

C.             Subject to the restrictions described in this Agreement, You may add funds to Your Account by using any funding method that may be made available to You by Us. You may add funds by one of these methods to Your Account at any time, subject to any limitations We may place on Your Account.

D.             We reserve the right to decline any Transaction at our sole discretion. We shall not be liable in the event that we do not authorize a Transaction, or we cancel or suspend use of your Account in accordance with these Terms of Use.

E.             You are responsible for paying any applicable taxes on funds added to Your Account, which will be in addition to the Fees We may charge You, as specified on Our website. Funds added to Your Account will become available for use immediately upon actual transfer subject to the terms of this Agreement, except that funds added to Your Account by certain banking methods will not become available for Your use until the transfer clears Your bank.

F.              We reserve the right, in Our sole discretion, to set and change a minimum value and to set and change a maximum value that may be added to Your Account at any given time and without notification to You.

G.             You agree that by entering the Transaction details and required Information (or any equivalent process whereby you submit the required Transaction information) you are confirming that you are providing consent for a specific Transaction to be processed and for the relevant Fees to be charged and deducted from your Account.

H.             All Transactions made using your PIN or your Account Information are deemed to be authorized by you. You also agree that once consent has been provided by you, the authorized Transaction can no longer be revoked. To this extent, the time of receipt of the Transaction request (and therefore the time of consent) is the time when the final action has been preformed after which the system can process the Transaction without any further input from You.

I.               You must only use your Account for purposes as permitted by Us and in accordance with Your statement and information provided to Us during Account opening phase unless, in certain circumstances as determined by us, we give our prior written consent for you to do so.

J.               Irrespective of the above, You must not engage in any of the following:

1.              an actual or attempted act by you which is deemed by us to be collusion, abuse or other immoral behavior in respect of the Kashift Service;

2.              the opening of, or attempting to open, multiple Accounts in your name (unless with our prior written approval) or using an alias;

3.              the carrying out of false and/or artificial activity or Transactions (commonly known as “churning”).

IV. Chargebacks, negative balances and refunds

 

A.             If you deposit funds into your Account and then authorise a Transaction or Withdrawal of those funds, you agree that you will not charge back the deposit of such funds, cancel, reverse or de-authorise the payment method used to make that deposit.

B.             Without limiting our rights or remedies, if you will breach Clause IV.A above, you are responsible for refunding the amount to Us. We may, at our discretion, recover the amount by reducing your Account balance, re-charging your credit card or bank account for the amount or otherwise collecting such amount from You.

C.             If a negative balance is created in your Account (e.g. due to a chargeback, reversal of a Deposit, or a Transaction is processed for a larger amount than the amount of available funds in your Account) or if you cause your Account to go into a negative balance for any other reason, you will be required to repay such negative balance by loading sufficient funds into your Account to bring it back to at least a zero balance. Your failure to do so is a breach of this Agreement. You agree to pay us the outstanding amount immediately on demand. We reserve the right to automatically debit such outstanding amount from any deposits you subsequently make to your Account. We shall be entitled to charge You for any reasonable expenses we incur as a result of any negative balance on Your Account.

D.             We reserve the right, at any time, to send you reminders or to take other debt collection measures, including but not limited to mandating a debt collection agency and/or solicitors and/or to pursue the claim in court. We reserve the right to charge you the expenses we reasonably incur in connection with any such debt collection or enforcement efforts. This provision shall survive termination of the relationship between You and Us.

E.             We accept no responsibility for the goods or services you purchase using our Products and Services. All such disputes must be addressed directly with the Merchant providing the relevant goods or services. You must notify us of any dispute within 30 days of the purchase and the chargeback will only be applied to your account if successfully secured from the merchant through the Card Scheme; We will be entitled to charge you the Fees stipulated in the Website in pursuing the chargeback claim and we will be entitled to debit Your Account with the amount of any such fees.

V. Closing your account

 

A.             Should You wish to close Your Account, You may do so on written notice to Us, and on such notice, all transactions on Your Account must be cleared, which could take up to thirty (30) days.

B.             We will process the Withdrawal request provided all identity and security validation and verification checks are successfully completed.

C.             Once the request to close the account is cleared, You may withdraw any remaining funds in Your Account by either: (a) using the funds in Your Account for payment to any merchant that accepts such payment. (b) transfer the funds to an account held solely by You via wire, subject to Clause ___ below; (c) transfer the funds to any other financial services provider able to accept such payment, while demonstrating the funds will reach an account on your behalf.  Depending on the method of Withdrawal you choose, a Fee may be applicable which will be deducted from the balance in your Account prior to Withdrawal.

D.             If, after You close Your Account, there are unused funds in Your Account, We reserve the right to charge Your closed Account with a Monthly Account Fee as described on Fees Page.

E.             We reserve the right at Our sole discretion to block access to or to close Your Account if: (i) You load funds onto Your Account from any source that You do not have the legal right from which to transfer funds; (ii) You violate the Terms of this Agreement; (iii) if we have reasonable grounds to believe that your Account has been used without your authorization, or in connection with an unauthorized or unusual Transaction or unauthorized or unusual credit card or bank account use (including without limitation, notice of the same by your bank or credit card issuer); (iv) if at any time we determine that you have provided us with any false, inaccurate, incomplete or misleading information or any name, bank account or credit card information that you are not legally authorized to use; (v) abuse by you of the reversal or charge back process provided by your bank or credit card company or any similar behavior where a Deposit is de-authorized, reversed or cancelled after having authorized a Payment or Withdrawal of those funds; (vi) receipt into your Account of suspected fraudulent funds; (vii) if we believe your Account has been used or allegedly used, or may be used, in, or to facilitate, any fraud, financial-crime related activity or any other illegal activity; or (ix) We are so directed by the order of a court of competent jurisdiction. Should We close or block access to Your Account for the reason identified in sub-sections (iv) to (ix) herein, You shall immediately forfeit the remaining funds in Your Account which shall be released to you only upon the order of the Financial Intelligence Unit’s or competent authority’s decision and ruling.

VI. Fees

 

A.             Payments and currency exchanges are subject to Fees depending on the method used and the account type, as stipulated in our Fees Page, which We will deduct directly from Your Account. You hereby authorize Us to deduct the Fees from Your Account balance without prior notice.

B.             We retain the right in Our sole discretion to add new Fees, remove Fees and/or change the Fees at any time. Should We change the Fees, We will publish the change on the Website and any such changes, modifications or increases will be effective upon posting such changes, modifications or increases in a revision to this Agreement on the Website. Your first use of Your Account after we provide notice of a Fee change is Your agreement to accept the Fee change. Should You desire not to accept the Fee change published do not use Your Account. You may then cancel Your Account according to the Terms of this Agreement.

C.             We may also charge you certain administration fees, including, but not limited to, debt collection and reprocessing charges in case of insufficient funds. All such fees will be charged in the currency of Your Account and You agree that we may debit by way of set-off from Your Account any additional fees, charges or other amounts owed to us and payable by You in connection with the Product or Service.

D.             Unless otherwise expressly provided herein, no Fees or additional fees described hereof are refundable at any time or for any reason.

E.              If you have funds in your Account and have not made any Transactions from or to your Account for a period of 30 days (the “Inactive Account”) for which the aggregated Fees charged by us has not crossed the indicated threshold, we will charge an Minimum Monthly Fee (“Administration Fee”) as stipulated in the Fees Page. The Administration Fee will be charged monthly and will be deducted from the available funds in your Account. We will not, however, cause you to go into a negative balance.

F.              Should your account be Inactive Account for more than 24 months, we will close your Account. You will not be able to log in to your Account following this, but you can reclaim your funds by contacting the customer service through cs@kashift.com or using the telephone number mentioned in the Website.

G.             12 months following the date We close Your Account, any funds which remain unclaimed will expire and be forfeited.

H.             An Inactive Account shall be charged with the Administration Fee until one of the following events have occurred:

1.              you make sufficient usage of your Account;

2.              the Account balance reaches zero; or

3.              the Account is an Inactive Account for a total of 24 months or more, following which period we shall close the Account in accordance with this Agreement.

VII. Currency Exchange

 

A.             When you register your Account, you have the option of choosing from a list of currencies, which will be the currency in which your Account will be denominated.

B.             If you use your Account to make a Transaction in a currency other than the issue currency of your Account, then such a Transaction will be converted to the currency of your Account on the day we receive final settlement for the Transaction (typically 72 hours after you make the Transaction). You will receive an estimate of the converted amount at the time you make the Transaction, but this may be less, or more, than the final amount deducted from your Account due to exchange rate fluctuations. A foreign exchange fee will also apply (see the Fees section on our Website for further details).

VIII. Online account statement

 

A.             A statement of the balance and activity on and the status of Your Account is available to You in electronic format for viewing online anytime at www.kashift.com. You may review all transactions online at any time. If You no longer consent to receive Your online Account statement electronically, We reserve the right to terminate and/or close Your Account as provided above in Part X. You may also call Our Customer Service at the contact details on Our Website to obtain information on Your Account.

IX. Failure to complete transactions

 

A.             We may refuse to execute any Transaction in the following circumstances:

1.              we reasonably believe that you did not give us the instruction;

2.              we reasonably suspect fraudulent activity;

3.              your instructions are unclear, incomplete or not in the required form;

4.              we suspect that this Agreement have been violated;

5.              we need to do so in order to comply with any court ruling, or Bank instruction; or

6.              where we are otherwise required to do so by law or requirement of any applicable regulatory body.

B.             We may notify you of such refusal, our reasons for doing so and, where applicable, how to rectify the error that led to the refusal, unless such notification – or any part of it – is prohibited by any law or regulation.

C.             We accept no liability for failing to complete any transaction for which You have not loaded sufficient funds onto Your Account or have not complied with the terms of this Agreement.

X. Complaint & error handling

 

A.             You are responsible for the accuracy of your instructions; we shall not be liable for any error you make when entering a recipient’s email details or the Payment amount.

B.             We do not provide any warranties, representations, conditions or guarantees with respect to such goods and services.

C.             If You need more information about a transaction shown on Your online Account statement, or if You think there is an error on Your online Account statement, You may contact Us via email at cs@kashift.com or call Our Customer Services at the contact details on the Website.

D.             When You contact Us for more information about a particular transaction shown on Your online Account statement, You must provide Us the following information as instructed by the customer service personnel. NEVER GIVE YOUR ACCOUNT PASSWORD TO ANYONE WHOM YOU DO NOT INTEND TO AUTHORIZE TO USE YOUR ACCOUNT.

E.             We will promptly investigate Your complaint or question and will correct any error made by Us.

F.              You are fully responsible for the instructions you give to us and as a result we may not be able to detect errors in your Transaction instructions. It is important that you ensure all the details entered in respect of any Transaction are accurate. Any Transaction will be deemed to have been correctly executed where it has been executed in accordance with your instructions. However, we may in some circumstances, be able to assist you in recovering the funds involved and will apply the relevant Fee for doing so, per the Fee Table.

G.             Transactions are final and are not reversible save in the following circumstances and at our sole discretion:

1.              where we confirm there has been an Account Holder error; or

2.              where there is illegal activity involving your Account;

H.             You will not be liable for any losses which arise after you have notified us that you believe any of your Account ID Information has been stolen or might be used in an unauthorized way.

I.               You shall be liable for all losses incurred in respect of an unauthorised Transaction where:

1.              you have acted fraudulently;

2.              you have compromised the security of your Account with intent or with gross negligence (for example by failing to comply with section 14); or

3.              you have provided any of your Account ID Information to another person who then uses those details to make a Transaction.

In these circumstances, we reserve the right to charge you for any reasonable costs that we incur in taking action to stop your Card or Account being used and to recover any monies owed as a result.

XI. Dispute resolution

 

All disputes with monetary value of up to 10,000 EUR arising from the present contract and/or in connection with it shall be finally decided with the Arbitration Court attached to the Czech Chamber of Commerce and the Agricultural Chamber of the Czech Republic by one arbitrator appointed by the President of the Arbitration Court and the laws on consumer protection, in case they apply. All disputes with monetary value exceeding 10,000 EUR arising from the present contract and/or in connection with it shall be finally decided with the Arbitration Court attached to the Czech Chamber of Commerce and the Agricultural Chamber of the Czech Republic according to its Rules by three arbitrators in accordance with the Rules of that Arbitration Court and the laws on consumer protection, in case they apply. All proceedings shall be conducted in the city of Prague, and in the English language.

XII. Privacy policy

 

The circumstances under which We will disclose information about You and/or Your Account are fully described in Our Privacy Policy, which You may view anytime. We may modify Our Privacy Policy at any time in the future. Subject to any applicable financial privacy laws or other laws or regulations, We may provide information about You and/or Your Account: (1) when required by law; (2) in compliance with any agreement between Us and a professional, regulatory or disciplinary body; (3) to enforce Our agreement(s) with You; and (4) in connection with potential sales of business.

XIII. Release from liability

 

A.             Except as specifically provided in this Agreement, neither We nor the Bank will be liable for the failure of Us or the Bank to perform any obligations under this Agreement due to events beyond Our control and/or the control of the Bank, and the time provided for performing such obligations shall be extended by a period of time equal to the duration of such events. Events beyond Our control and/or the control of the Bank include, but are not limited to, acts of God, war, civil commotion, labor disputes, equipment failures, bank failures, strikes, fire, flood, earthquake or other casualty, shortages of labor or material, government regulation or restriction, weather conditions, breaches or failures to perform by third parties, technical problems, including hardware and software crashes and other malfunctions, disruptions on Account of or caused by vandalism, theft, phone service outages, Internet disruptions, viruses, and mechanical, power or communications failures. If, after the date of this Agreement, any law, regulation, rule, regulation or decision of or of any other funding method association, or ordinance, whether federal, state, or local, becomes effective which substantially alters Our ability to perform services hereunder, We shall have the right to cancel this Agreement, with notice, if reasonably possible, effective upon the earlier of (i) the date upon which We are unable to provide Our customary Products and Services, or (ii) 30 days following notice. Furthermore, neither We nor the Bank will be responsible or liable for any indirect, special or consequential, economic or other damages arising in any way out of or related to the use of Your Account.

B.             The total cumulative liability of Us and the Bank to You for any direct damages arising in any way out of or related to Your use of Your Account shall be limited to the total amount of funds in Your Account at the time of the loss sustained by You.

C.             we shall make reasonable efforts to ensure that debits and credits to your Account are processed in a timely manner. However, a number of factors, several of which are outside of our control, will contribute to when the processing will be completed. For example, as your Card is linked to your Account, your Card may not work if there are problems with the Card Scheme service, and your ability to use your Card may be interrupted when maintenance works to the such service are carried out. We make no representations or warranties as to continuous, uninterrupted or secure access to Our Products and Services, which may be affected by factors outside Our control, or may be subject to periodic testing, repair, upgrade, outages or maintenance.

D.             We assume that prior to opening Your Account You have determined that opening and maintaining Your Account does not violate any law or regulations in your country of residence and jurisdiction and as such, You hereby warrant that you are not violating any laws or regulations by your use of the Products and Services and you agree to indemnify us, our affiliates, holding companies, subsidiaries, agents and subcontractors, and any other third party affect from any violation of use or disclosure made You from and against any and all liability that might arise from your use of the Products and Services in violation of any law or regulation. This provision shall survive termination of the relationship between you and us.

E.             WE MAKE NO EXPRESS WARRANTIES, GUARANTIES OR CONDITIONS TO YOU WITH RESPECT TO THE PRODCUTS AND SERVICES EXCEPT AS SET OUT IN THESE TERMS OF USE, AND ALL IMPLIED AND STATUTORY WARRANTIES AND CONDITIONS, INCLUDING WITHOUT LIMITATION ANY WARRANTY OR CONDITION OF FITNESS FOR A PARTICULAR PURPOSE ARE HEREBY EXPRESSLY DISCLAIMED EXCEPT WHERE IMPLIED OR STATUTORY WARRANTIES CANNOT BE DISCLAIMED BY APPLICABLE LAW.

F.              IN NO EVENT SHALL WE, OUR AFFILIATES, HOLDING COMPANIES, SUBSIDIARIES, AGENTS OR SUBCONTRACTORS BE LIABLE TO YOU OR ANY THIRD PARTY FOR ANY INDIRECT, SPECIAL, CONSEQUENTIAL, PUNITIVE, EXEMPLARY OR INCIDENTAL DAMAGES, WHETHER BASED ON NEGLIGENCE, WILFUL MISCONDUCT, TORT, CONTRACT (INCLUDING WITHOUT LIMITATION FUNDAMENTAL BREACH OR BREACH OF A FUNDAMENTAL TERM) OR ANY OTHER THEORY OF LAW, OR FOR ANY DAMAGES FOR LOSS OF DATA, LOSS OF INCOME, FAILURE TO REALISE EXPECTED REVENUES OR SAVINGS, LOSS OF PROFITS OR ANY ECONOMIC OR PECUNIARY LOSS.

G.             Neither we nor any of our affiliates, holding companies, subsidiaries, agents or subcontractors shall be responsible for any claim, loss or damage suffered or incurred by you or any third party unless it has been caused as a direct result of Our or the respective third party negligence or willful misconduct.

H.             You agree to indemnify us, our affiliates, holding companies, subsidiaries, agents and subcontractors from and against any and all claims brought by third parties against us, our affiliates, holding companies, subsidiaries, agents or subcontractors relating to your use of the NETELLER Service in respect of all claims, losses, damages, expenses and liabilities whatsoever suffered or incurred by us, our affiliates, holding companies, subsidiaries, agents or subcontractors as a result of your breach of these Terms of Use. This provision shall survive termination of the relationship between you and us.

XIV. Notices

 

A.             Except as otherwise provided by law, We may at any time change the Terms of this Agreement or any policies or terms of service governing use of Your Account, including without limitation, changing or increasing fees by providing 60 days prior notice. we will notify you of any changes by sending an e-mail to the primary e-mail address registered with your Account and by posting notice of the changes on our Website with a link to the amended Terms of Use. Any changes will be effective upon posting the changes or revisions on Our web site at www.kashift.com

B.              If You do not agree to the posted changes or revisions, You may terminate and/or close Your Account as provided above in Section V above. A notice from you that you do not agree to the changes will constitute notice that you wish to terminate your agreement with us and your Account will be immediately closed upon receipt of your notice to terminate. Your Card will be cancelled and any funds in your Account will be returned to you using such method as notified by you (subject to the normal applicable Fees). Your first use of Our Products and Services following the posting of any changes or revisions to the terms of this Agreement will constitute Your acceptance of changes or revisions.

C.             By entering into this Agreement and using Our Products and Services, You agree to receive notice of changes or revisions to this Agreement electronically rather than on paper.

D.             Changes to the Kashift Exchange Rates shall come into effect immediately without notice (all transactions involving currency conversion are calculated based on the average daily interbank market rate published by a third-party foreign currency data provider to which we add a Fee as set out in the Fees Table)

XV. General provisions

 

A.             This Agreement is entered into in the country of the Czech Republic. This Agreement and any dispute between You and Us arising out of or related hereto, shall be exclusively governed by and subject to the laws of the Czech Republic, without regard to any principles of conflicts of laws thereof. Venue for any suit or claim arising out of or related hereto shall exclusively be in the courts of the city of Prague, Czech Republic, and by entering into this Agreement You irrevocably consent to the personal jurisdiction of the courts of the city of Prague, Czech Republic. Any claim that You seek to initiate arising out of or related to this Agreement must be brought within one year of the event giving rise to the claim.

B.             You may not assign Your obligations under this Agreement. We may assign or delegate all or certain of Our rights and responsibilities under this Agreement to independent contractors or other third parties.

C.             Nothing expressed in, mentioned in or implied from this Agreement is intended or shall be construed to give any person other than the parties hereto any legal or equitable right, remedy or claim under or in respect to this Agreement. This Agreement and all representations, warranties, covenants, conditions and provisions hereof are intended to be and are for the exclusive benefit of You and Us.

D.             We do not give up Our rights by delaying or failing or omitting to exercise them at any time.

E.             If any term of this Agreement is found by a court of competent jurisdiction to be illegal or not enforceable, all other Terms shall remain in effect.

F.              If We take legal action against You because of default in the terms of this Agreement, You must pay reasonable attorneys’ fees and other costs of the proceedings. Your responsibility for fees and costs shall in no event exceed the maximum allowed by the applicable law.

V2.0 – April 2019