Terms and Conditions – Currency Exchange

Last updated: January 10, 2022


The following provisions govern your use of any Currency Exchange services provided by Payello. By using the services described in these terms, you are agreeing to be bound by these Terms and Conditions.


These terms and conditions are a legally binding agreement between you and Payello, so it is important that you take the time to read them carefully.
Do not use our Currency Exchange services if you do not accept these Terms and Conditions.
These Terms and Conditions are additional provisions which form the Payello Account Terms and Conditions. These terms along with the Payello Account Terms and Conditions, and all associated additional provisions, agreements and documents form your entire agreement with Payello.
For clarity, explanations of unfamiliar terms, such the names of our services, certain technologies, acronyms, or industry terms can be found in the Glossary at payello.com/legal/glossary
Payello does not support exchanging crypto currency to fiat currency. You can only exchange crypto currency to another crypto currency, known as a swap.

Changes to these terms

We may revise this document and any of the associated documents from time to time. The revised version will be effective at the time we post it, unless otherwise noted. If our changes reduce your rights or increase your responsibilities, we will provide notice to you of at least two months via your usual means of communication with us.
The latest copy of these terms can be viewed at payello.com/legal/terms-exchange

The Services

Currency Exchange services can be used to change money from one currency to another.
We shall not provide you with any advice in connection with the Services (such as, whether to proceed or not to proceed with a Contract and in respect of timing).
We may provide market information, but this shall not constitute investment advice.
You agree that you will use the Services in connection with your lawful future payment needs and not for any speculative or investment purpose. We may decline to deal with you if we have reason to believe that you are using any the Services for investment or speculative purposes, and we may Close Out a Contract without your permission.

Performing an Exchange

To perform a currency exchange there is a 4-step process:
This document explains the process and related terms for each of the above steps.

Step 1 - Open a Contract

Each instruction to exchange currency shall be an individual contract and we may at any time and at our sole discretion refuse to offer terms for any Contract.
We cannot accept responsibly for your decision to enter into a Contract. Any decision to transact is your decision and we will not be liable for any loss or opportunity loss if exchange rates move before or after you transact.
You can open an Exchange Contract in many ways, such as via the Payello App, a technical integration into your system or with Payello Flows.

Step 2 - Receive a Quote

We may provide you or an Authorised Person with an exchange rate quote. This quote is given on an indicative basis only and we are not legally bound to perform a proposed Contract in accordance with this quote.

Step 3 - Place an Order

After receiving a quote, you can give us electronic instructions relating to a transaction for the purchase or sale and delivery of currency. We will at our sole discretion offer the commercial terms of a proposed Contract. These terms will include amongst other things the exchange rate we are offering, which may be different from a quote you have previously been given by us.
By Placing an Order, you accept the terms of the Contract and will become legally bound to perform the Contract in accordance with the terms of the Order.
Following receipt of an Order, we shall subsequently transmit electronically to you a trade confirmation, which will confirm the details of the Order.

Step 4 - Settle the Contract

You must pay all funds specified by us in connection with a Contract (including any applicable transfer charges by electronic transmission) in full. Payment must be received by us on or before the Settlement Date and Time or such earlier date as we may specify and for the full value of the currency to be sold by you under the Contract before the daily cut-off time.
We will automatically fund a Contract using the method you selected at the time of Order. You authorise Payello to perform transactions required to fund the Contract.
If funds do not arrive on or before the Settlement Date and Time, we may at our sole discretion roll the trade to the next settlement day and apply a charge in accordance with our Fees Schedule.

Close Outs and Cancelling a Contract

Once we have agreed an Order, you or an Authorised Person may not amend or cancel the Contract.
If you or an Authorised Person elects to cancel or amend a Contract before an Order is placed, you must pay a fee which will be set out in the Fees Schedule.
You will be liable on demand for all costs, expenses and losses that we may incur as a result of any Close Out of a Contract, and we will have no liability for any losses that may be sustained by you as a result of a Close Out nor shall we be liable to account to you any gains.

Delivery of an Order

On the specified Contract Delivery Date we will deliver bought currency funds into the Payment Instrument you specified when the Order was placed. It is your responsibility to ensure the details provided when placing the Order are accurate. It is not possible to reverse an exchange after the order has been submitted.

Change of Settlement Date

In our sole discretion, you may alter the Settlement Date and Delivery Date of a contract according to our Fees Schedule.


If a dispute arises between you and us relating to the existence or terms of any Contract (a “Disputed Contract”), we may at our sole discretion Close Out the Disputed Contract pending settlement of the dispute. We will notify you (orally or in writing) of such action as soon as practical but if we do not the validity of any action by us shall not be affected.

Default & Refusal to Perform

We may at our sole discretion refuse to perform or Close Out a Contract, including but not limited to upon or at any time after any of the following events:
If any event referred to above takes place, we shall, at our discretion, be entitled to cancel any outstanding Contracts and charge you all of the costs, expenses and losses that we may incur (including any action we may take to cover or reduce our exposure).
Any Margin held by us in respect of Contracts shall be returned to you after deducting all other sums due to us (including any fees or losses resulting from closing out the Contract).
We or the service provider shall not be responsible in any way for any delay in payment by us caused by you or any other third party.

Automated Exchange

Where you instruct Payello to automatically exchange currencies, these terms and conditions shall apply.
You authorise Payello to open contracts and submit orders on your behalf for the purpose of automated currency exchange.
You will be liable to complete the contract and pay all due fees related to automated currency exchange.

Fees Schedule

The market cost/gain means the difference between the quoted price and the current price. For example, if you were quoted 5.00 but the price is now 4.40, the market/cost gain would be -0.60. When modifying a trade you will not receive any gains made if the current price is higher than the quoted price.
Where you instruct us to cancel a trade, change the date of the settlement, or if we roll the trade due to no funds received, a fee of the market cost/gain shall apply.

Service Provider

Fiat Currency exchange services for residents of United Kingdom, Austria, Belgium, Bulgaria, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain and Sweden are provided by The Currency Cloud Group Limited
Crypto Currency exchange services on the currencies Bitcoin (BTC), Ethereum (ETH), Tether (USDT), USD Coin (USDC), Binance USD (BUSD), Gemini Dollar (GUSD), Stably Dollar (USDS), Paxos Standard (PAX), Aave (AAVE), Basic Attention Token (BAT), Compound (COMP), Curve (CRV), Chainlink (LINK), Maker (MKR), Synthetix (SNX), UMA (UMA), Uniswap (UNI), Wrapped Bitcoin (WBTC), yearn.finance (YFI) are provided by Wyre Payments Inc
Crypto Currency exchange services on the currencies Binance Coin (BNB), XRP (XRP), Solana (SOL), Terra (LUNA), Cardano (ADA), Avalanche (AVAX), Polkadot (DOT), Dogecoin (DOGE), Polygon (MATIC), Axie Infinity (AXS), SHIBA INU (SHIB), Klaytn (KLAY), Internet Computer (ICP), The Sandbox (SAND), Crypto.com Coin (CRO), Stellar (XLM), FTX Token (FTT), NEAR Protocol (NEAR), Gala (GALA), Cosmos (ATOM), TerraUSD (UST), Litecoin (LTC), Algorand (ALGO), Fantom (FTM), dYdX (DYDX), Bitcoin Cash (BCH), Immutable X (IMX), VeChain (VET), TRON (TRX), Decentraland (MANA), Quant (QNT), The Graph (GRT), Illuvium (ILV), Hedera Hashgraph (HBAR) are provided by SimpleSwap Ltd