Levro Foreign Exchange Services Addendum
This Addendum governs use of the Foreign Exchange Services, as defined below. Capitalized terms not otherwise defined herein have the meaning assigned to them under the Levro Terms of Use found at: www.levro.com/tos.
1. Terms of Use. Use of the Foreign Exchange Services is subject to all terms and conditions of this Foreign Exchange Services Addendum, the Levro Terms of Use, the Levro Privacy Policy found at www.levro.com/privach, any applicable Order Form and the Currencycloud Terms of Use, as defined below. If you choose to conduct various cross-border payment and currency conversion services (the “Foreign Exchange Services”) we will introduce you to The Currency Cloud Limited (“TCCL”) and The Currency Cloud Inc. (“TCCI”) (TCCL and TCCI together “Currencycloud”). We will receive payments from Currencycloud for your use of the Foreign Exchange Services. Currencycloud is an independent third party cross-border payment and currency conversion services and not an affiliate or agent of Levro. Currencycloud is the provider of the Foreign Exchange Services and the Foreign Exchange Services are services of Currencycloud. The relationship between You and Currencycloud, if any, will be governed by the Currencycloud Terms of Use, as defined below and any agreement executed between You and Currencycloud. You hereby acknowledge and agree that the terms and conditions of the Foreign Exchange Services offered by TCCL to You are as set out in the terms of use found at: https://www.currencycloud.com/legal/terms/terms-of-use-uk-cc-ltd (the “TCCL Terms of Use”), and the terms and conditions of the Foreign Exchange Services offered by TCCI to You are as set out in the terms of use found at: https://www.currencycloud.com/legal/terms/terms-of-use-us-cc-inc (the “TCCI Terms of Use”). In the event the Foreign Exchange Services are provided by Community Federal Savings Bank (the “Bank”), to which TCCI is a service provider, then the terms and conditions of the Foreign Exchange Services are as set out at: https://www.currencycloud.com/legal/terms/terms-of-use-cc-inc-cfsb (the “Bank Terms of Use”) (together, the “Currencycloud Terms of Use“). You hereby understand and acknowledge that Levro is unable to revise, amend, or terminate the Currencycloud Terms of Use.
2. Transaction Fees and Fee Schedule
| Fee Description | Fee Amount and Frequency | Additional Details |
|---|---|---|
| Swift ACO Transactions – Tier 1 | $18.00 per transaction | |
| Swift ACO Transactions – Tier 2 | $22.50 per transaction | |
| Swift ACO Transactions – Tier 3 | $32.50 per transaction | |
| Swift ACO Transactions – Tier 4 | $44.00 per transaction | |
| Local Payment Fee (AUD, DKK, EUR, GBP, NOK, PLN, SEK, USD) | $1.00 per transaction | Waived for first 100 transactions per month |
| Local Payment Fee (CAD, HUF, IDR, INR, MXN, MYR, SGD) | $2.00 per transaction | Waived for first 100 transactions per month |
| Local payment fee (RON) | $2.50 per transaction | Waived for first 100 transactions per month |
| Local payment fee (CZK, HKD, HRK) | $3.00 per transaction | Waived for first 100 transactions per month |
| Local payment fee (PHP) | $5.00 per transaction | Waived for first 100 transactions per month |
| Foreign Exchnage Conversion Volume Charge | 0.25% above the foreign exchange rates provided by Levro’s service providers | |
| Swift receipt fee | $7.00 per transaction | Waived for first 100 transactions per month |
| Local receipt fee (EUR) | $1.00 per transaction | Waived for first 100 transactions per month |
| Local payment fee (EUR) | $1.00 per transaction | Waived for first 100 transactions per month |
| Local receipt fee (GBP) | $1.00 per transaction | Waived for first 100 transactions per month |
| Local receipt fee (CAD) | $1.00 per transaction | Waived for first 100 transactions per month |
| Local receipt fee (USD – ACH) | $1.00 per transaction | Waived for first 100 transactions per month |
| Local receipt fee (USD – FedWire) | $10.00 per transaction | Waived for first 100 transactions per month |
SWIFT transactions initiated in Levro are done so using the “all cost ours” model. This means that the intermediary bank charges are covered by the payer and not deducted from the payment amount so the beneficiary receives the amount in full.
SWIFT transactions costs are grouped by tiers based on country of recipient.
Tier 1: Canada, Jersey, Switzerland, Gibraltar, Kuwait, United Kingdom, Greece, Sweden, United States, Isle of Man
Tier 2: Australia, Hungary, Mexico, Brazil, Iceland, New Zealand, Bulgaria, India, Philippines, Denmark, Liechtenstein, Qatar, Estonia, Lithuania, Russian Federation, Guernsey, Mauritius
Tier 3: Any country not listed in Tiers 1, 2, and 4
Tier 4: Argentina, Israel, Netherlands, Austria, Italy, Paraguay, Belgium, Japan, Poland, Chile, Jordan, Portugal, Congo, Kenya, Spain, Cyprus, Korea Republic, Suriname, Djibouti, Kyrgyzstan, Swaziland, Ecuador, Latvia, Taiwan, Ethiopia, Lesotho, Turkey, Finland, Luxembourg, Uganda, France, Malawi, Ukraine, Germany, Malta, Uruguay, Guinea, Monaco, Venezuela, Indonesia, Morocco, Yemen, Ireland, Nepal, Zimbabwe
3. Consent for Information Disclosure. You understand and agree that in order to be able to use the Foreign Exchange Services, Levro will be required to disclose your confidential information to Currencycloud and/or the Bank and you hereby agree to any such disclosure.
4. Suitability. Currencycloud has the sole discretion to determine Your suitability for use of the Foreign Exchange Services, and Currencycloud is under no obligation to take You on as a customer or continue to provide the Foreign Exchange Services to You. Currencycloud retains full discretion to refuse to provide any Foreign Exchange Services at any time. Reasons for refusal may include, but are not limited to, an inability to match Your registration information with Your bank account details, incorrect recipient details, an insufficient deposit amount, where on-boarding You as a customer or performing the Foreign Exchange Services may cause either Currencycloud or any of Currencycloud’s affiliates to breach applicable law, Currencycloud has reason to believe that You are engaged in fraud, money laundering, terrorist financing, and/or where Currencycloud has reason to believe that You may cause Currencycloud to breach Currencycloud’s internal risk policy.
5. Release of Liability. In consideration for being introduced to Currencycloud, You release from liability and waive your right to sue Levro, its affiliates, employees, officers, and agents (collectively “Levro”) from any and all claims, including but not limited claims of negligence, errors, unauthorized or incorrectly executed Foreign Exchange Services resulting in any economic loss You may suffer or which may result from Your use of the Foreign Exchange Services or any events incidental to Your use of the Foreign Exchange Services.
6. Express Assumption of Risk. You understand that there are risks associated with Your use of the Foreign Exchange Services such as economic loss. This loss may arise from Your or other’s actions, inactions, errors or negligence. You assume all risks of Your use of the Foreign Exchange Services, whether known or unknown to You or any events incidental to Your use of the Foreign Exchange Services.
7. Indemnity. You agree to indemnify and hold Levro harmless from any and all claims, loss or damage including attorney’s fees, as a result of Your use of the Foreign Exchange Services, or any events incidental to Your use of the Foreign Exchange Services.
8. Permissible Uses. You may not use and agree not to use the Foreign Exchange Services in connection with:
a. the creation, facilitation, sale or distribution of any prohibited or illegal good or service or an activity that requires a governmental license where You lack such a license;
b. the creation, facilitation, sale or distribution of marijuana or marijuana paraphernalia, regardless of whether or not such sale is lawful in the Your jurisdiction;
c. the creation, facilitation, sale or distribution of any material that promotes violence or hatred;
d. the creation, facilitation, sale or distribution of adult content including, but not limited to, online dating or marriage services, pornographic services and goods, and adult entertainment related activities;
e. the creation, facilitation, sale or distribution of goods or services that violate the intellectual property rights of a third party;
f. the sale, distribution or exchange of crypto currencies;
g. any Ponzi-scheme or pyramid selling;
h. any gambling services You or Your customers may provide;
i. the facilitation, sale or distribution of firearms or other weapons, military or semi-military goods,
j. military software or technologies, chemicals, prescription medications, seeds or plants, dietary supplements, alcoholic beverages, tobacco goods, jewels, precious metals or stones;
k. any consumer (personal, family or household) use (only B2B use is permitted);
l. bearer share corporations;
m. non-US embassies, consulates and governments;
n. non-US shell banks;
o. telemarketing activities; or
p. pouch activities, numbered or designated name accounts, parallel banking relationships or payable through accounts.
Levro reserves the right to update this Section 8 from time to time and shall provide You with written notice of any changes to this Section 8.
9. Independent Contractor. Levro is an independent contractor of Currencycloud and all of its activities are being performed on its own account. You hereby acknowledge and agree that neither Levro nor Currencycloud shall have any liability or responsibility for the actions of the other.