1. Agreement & Scope
These Terms and Conditions (“Terms”) constitute a binding legal agreement between you (“you,” “your,” or “User”) and Korrency Exchange Inc. (“Korrency,” “we,” “us,” or “our”), a company incorporated under the laws of Ontario, Canada, with its principal office at 7030 Woodbine Avenue, Suite 500, Markham, Ontario, L3R 6G2. By registering for, accessing, or using any of Korrency’s services, mobile applications, or websites (collectively, the “Platform”), you acknowledge that you have read, understood, and agree to be bound by these Terms.
You agree that these Terms may be entered into electronically and that your use of the Platform constitutes your electronic signature. You consent to receive all communications electronically and acknowledge that such communications have the same force and effect as if provided in writing and signed by hand.
These Terms apply to:
- Creating and maintaining an account on the Platform,
- Funding, converting, and transferring money between currencies and corridors,
- Receiving funds (where applicable),
- Promotional programs (e.g., referral bonuses, welcome rates),
- Any other feature introduced by Korrency from time to time.
These Terms contain Master Terms (applicable globally to all Users) and Regional Addenda that modify or supplement the Master Terms for Users in Canada, the United Kingdom, the European Union, Nigeria, or other jurisdictions. If a conflict exists between the Master Terms and a Regional Addendum, the Addendum governs for Users in that region.
We may amend these Terms as described in Section 20. Continued use of the Platform after notice of changes constitutes acceptance of the revised Terms.
2. Eligibility & Obligations
You must be at least 18 years old (or the age of majority in your jurisdiction, if higher) to use the Platform. By creating an account, you confirm that you meet this requirement.
The Platform is available only in jurisdictions where Korrency is legally permitted to operate. By registering, you confirm that you are a resident of, or physically located in, a permitted jurisdiction (listed in the Addenda). You may not use the Platform from, or to send funds to, sanctioned countries or territories.
You agree to provide complete, accurate, and current information when registering and at all times while using the Platform. This includes:
- Full legal name, date of birth, and contact information,
- Valid government-issued photo identification,
- Proof of address and, if required, proof of source of funds or income,
- For business accounts (when available): registration documents, ownership details, and financial statements.
You must update your information promptly if it changes. Failure to do so may result in suspension or termination of your account.
You may use the Platform only for lawful purposes and in compliance with these Terms, applicable laws, and regulatory requirements (including AML/CFT obligations). Prohibited uses are detailed in Section 11 (Acceptable Use).
You are solely responsible for:
- Ensuring the accuracy of funding and recipient details,
- Securing your login credentials and devices,
- All activity under your account (whether authorized by you or not),
- Paying any applicable fees and taxes.
You may not register or use the Platform if you are:
- A resident or national of a country subject to comprehensive sanctions,
- An individual or entity named on any applicable sanctions or watchlist (e.g., UN, EU, OFAC, UK HMT, Canada),
- A Politically Exposed Person (PEP) or Head of International Organization (HIO) who fails enhanced due diligence checks,
- Attempting to use the Platform on behalf of another person without Korrency’s express written consent.
You agree to cooperate with Korrency in providing additional information or documents at any time to verify your identity, funding source, recipient, or purpose of a transaction. Korrency may delay, block, or reverse a transfer until such cooperation is provided.
3. Nature of Services
Korrency provides a digital platform that allows Users to fund, convert, and transfer money across supported corridors. We are a Money Services Business (MSB) registered with FINTRAC in Canada and operate via regulated payment partners in other regions (e.g., the UK and EU). Korrency is not a bank, credit union, trust company, or deposit-taking institution.
Funds held for the purpose of executing a transfer are safeguarded in segregated accounts with regulated financial institutions or licensed payment partners. Such funds:
- Do not earn interest,
- Are not insured or protected by any deposit guarantee scheme (e.g., Canada Deposit Insurance Corporation (CDIC), Financial Services Compensation Scheme (FSCS), or equivalent),
- Are held solely for the purpose of carrying out your payment instruction.
Korrency provides services on an execution-only basis. We process transfers strictly according to your instructions and do not provide financial advice, investment advice, or fiduciary services. Any reliance you place on displayed rates, trends, or timing is at your own risk.
The Platform is offered “as is” and “as available.” Access may be limited or suspended due to maintenance, technical issues, regulatory requirements, or partner network availability. Korrency does not guarantee continuous, error-free access or uninterrupted settlement across all corridors.
Services are only available to Users in supported regions as listed in the Regional Addenda. Attempting to access or use the Platform from unsupported jurisdictions or restricted corridors (e.g., sanctioned countries) is prohibited.
Nothing in these Terms creates any fiduciary relationship between Korrency and the User. Our role is limited to processing transactions in accordance with your instructions and applicable laws.
4. Account Setup & Security
To access services, you must register for a Korrency account using the app or website. Registration requires providing personal details and completing identity verification (KYC). All information must be accurate, complete, and kept up to date.
As part of registration and ongoing use, you may be required to submit:
- Government-issued photo identification,
- Proof of address (e.g., utility bill, bank statement),
- Proof of income or source of funds (e.g., pay slips, contracts),
- For businesses (when enabled): business registration, ownership details, financial documents.
Korrency may suspend or restrict your account until all requested verification is completed.
- You are responsible for maintaining the confidentiality of your account credentials (username, password, PIN, biometrics, or any other access mechanism).
- You must take reasonable steps to secure your devices (including enabling device-level security, updates, and anti-malware protections).
- You agree not to share your account credentials with anyone else.
Each individual may hold only one personal account, unless Korrency explicitly authorizes multiple accounts (e.g., where you also operate a business account). Duplicate accounts without authorization may be suspended or closed.
Business account functionality may be introduced separately. For now, services are provided to personal Users only, except where business-originated funding is expressly permitted under the Regional Addenda.
You must notify Korrency immediately if you suspect that your account, credentials, or device has been compromised. Korrency is not responsible for losses resulting from your failure to secure your account or notify us promptly.
We use multi-layered security, including encryption, secure APIs, and biometric/PIN authentication, but no system is entirely risk-free. By using the Platform, you acknowledge and accept these inherent risks.
Korrency reserves the right to refuse registration, suspend, or terminate an account at its sole discretion where compliance, fraud, or risk concerns arise, subject to applicable law.
5. Funding Rules
You may only fund your Korrency account or initiate a transfer using the payment rails explicitly displayed in the Korrency app or on our website at the time of funding. Permitted rails include, but are not limited to:
- Canada: Interac e-Transfer (CAD).
- United Kingdom: Faster Payments (GBP).
- European Union: SEPA Credit Transfer (EUR).
- Nigeria and other payout jurisdictions: Bank transfers, subject to local regulations and compliance requirements.
Korrency does not accept cash deposits, money orders, cheques, virtual currency, or any other payment method not expressly approved in writing.
Unless otherwise permitted under the relevant Regional Addendum, all funding must originate from a bank account or payment source registered in the same legal name as the User’s Korrency account. Funding from third parties (e.g., family members, friends, unrelated individuals) is strictly prohibited. Transactions that breach this requirement may be blocked, delayed, or returned to the source account less any non-recoverable charges.
In certain jurisdictions, Korrency may allow Users to receive payments from legitimate business sources, provided that:
- The payer is a registered company or recognized platform, and
- The payment constitutes (i) salary or payroll, (ii) payouts from gig/freelance platforms such as Upwork or Fiverr, or (iii) contractor or vendor payments for services rendered.
Korrency reserves the right to impose additional fees, limits, or verification requirements for such company-originated payments.
You must follow all in-app funding instructions, including use of the unique reference code generated for each transaction. Failure to use the correct reference code may result in delays, misapplied funds, or rejection. Korrency is not responsible for losses caused by your failure to comply with funding instructions.
All incoming funds are subject to compliance screening, including but not limited to AML, CFT, and sanctions checks. Korrency may request documentation establishing the source of funds. If funds are deemed ineligible, suspicious, or in breach of these Terms, they may be frozen, blocked, or returned without notice, subject to applicable law.
Where Korrency must return funds, the amount returned will be reduced by:
- Non-recoverable banking, partner, or network charges;
- Foreign exchange losses incurred in processing the transaction; and
- Administrative costs reasonably incurred by Korrency.
You may not fund your account through:
- Cash deposits,
- Cheques or money orders,
- Virtual currencies or stablecoins,
- Payment methods belonging to unverified third parties, or
- Transactions designed to obscure the identity of the funding source.
6. Transfers & FX
To send money, you must input:
- The sending amount and currency,
- The recipient’s full legal name, account details, or mobile wallet ID, and
- Any additional details required for the corridor (e.g., bank branch codes, BIC, IBAN).
You represent and warrant that all recipient details are correct. Korrency executes transfers on an execution-only basis and is not responsible for losses caused by inaccurate or incomplete recipient information provided by you.
Prior to confirmation, the Korrency app will display a real-time exchange rate and any applicable fees. This quote is indicative only until you confirm by clicking “Final Send.” Exchange rates may fluctuate during setup. Once you confirm, the exchange rate and fees are fixed for that transaction.
By clicking “Final Send,” you authorize Korrency to execute the transfer and debit your funding source. From that point, the transfer is irrevocable and cannot be cancelled or amended, except in limited cases described under Cancellations, Refunds & Recalls.
Korrency endeavors to process most transfers instantly or within minutes. However, actual delivery times depend on:
- Corridor and payout method,
- Banking hours and holidays,
- Completion of compliance screening, and
- The operational performance of our regulated partners and correspondent banks.
No guarantee is given that funds will be delivered within a particular timeframe unless expressly confirmed in writing.
Upon execution, Korrency will issue a confirmation via in-app message and/or email, containing:
- The transaction reference number,
- Amount sent and expected amount received,
- The exchange rate applied,
- Any fees charged, and
- The status of the transfer.
Transfers may be delayed, blocked, or reversed where compliance concerns arise. Korrency may be legally prohibited from informing you of the reason for such actions (commonly referred to as “tipping off”).
Recipient banks, mobile wallet providers, or intermediary institutions may impose their own charges or deductions. These charges are outside Korrency’s control and are not included in the in-app amount displayed to you.
Korrency does not provide investment, financial, or fiduciary advice. All transfers are carried out strictly on an execution-only basis. You bear full responsibility for the purpose, accuracy, and legality of each transaction you initiate.
7. Fees & Exchange Rates
Korrency may apply: (a) transfer fees (a fixed or percentage charge per transaction), (b) funding or payout fees tied to a specific rail or method, (c) ancillary fees for optional services (e.g., investigation traces, recalls where available), and (d) network or partner pass-through fees charged by third-party institutions. Where a fee applies, it will be shown in-app before you confirm a transaction.
Before you press Final Send, the app will display, in a clear, itemized form: the send amount, the expected recipient amount (exclusive of third-party deductions outside our control), any Korrency fee, and the exchange rate applied.
Where a currency conversion is involved, the quote you see includes a margin (spread) to the wholesale rate. That spread varies by corridor, liquidity, and market conditions and is how Korrency earns revenue on FX. We do not publish a fixed spread.
FX quotes are live and may change until you press Final Send. A quote may include a validity timer. If the timer lapses (or the market moves materially) before you confirm, the app will re-quote. You are never bound to a quote you did not confirm.
Once you press Final Send, the FX rate and any Korrency fee shown at that moment are locked for that transaction, subject only to fraud/compliance holds or clear, demonstrable system error.
During market closures or extreme volatility, Korrency may (a) widen spreads, (b) temporarily disable pricing, (c) set special trading windows, or (d) cap amounts. If pricing is unavailable or conditions change, you will be prompted to try again later or accept a revised quote.
Amounts may be rounded to the minor unit supported by the destination currency and the receiving network. Rounding differences (up or down) will not exceed the smallest currency unit permitted by the network.
Recipient banks, intermediary banks, mobile wallet providers, or local clearing systems may deduct their own charges. These are not charged by Korrency and may reduce the amount received. Korrency is not responsible for such deductions.
All fees are exclusive of any applicable taxes (e.g., VAT, GST, HST). If a tax applies, it will be shown in-app (where required by law) before you confirm.
Korrency may change fees prospectively. Where a change is material, we will give advance notice in accordance with Section 20 (Updates to Terms). Any change will apply only to transactions you confirm after the effective date.
If you fund less than required to complete a confirmed instruction, Korrency may (a) request the shortfall, (b) partially execute (where supported), or (c) cancel and refund the received amount (see Section 8). If you inadvertently overfund, we will return the excess to the original source, net of any non-recoverable charges.
Any promotional fee waiver or special rate is conditional and time-limited. If you do not meet the qualifying criteria, standard pricing applies.
8. Cancellations, Refunds & Recalls
You may cancel until you press Final Send. After that point, your instruction is submitted for immediate execution and becomes irrevocable (subject to Sections 8.5–8.10).
Once executed, transfers typically settle in minutes. Most rails are push payment systems and do not provide a guaranteed recall right. Korrency cannot unilaterally retrieve funds once they have been delivered to the receiving institution.
If you request a recall after execution, Korrency will make commercially reasonable efforts to contact partners and/or the receiving institution. A recall is not guaranteed and often fails, especially where the recipient has already received or withdrawn funds. We may require your written attestation and supporting evidence (e.g., payment made in error).
If a recall does succeed, we will credit you net of: (a) any FX losses realized on the return leg, (b) non-recoverable third-party or partner charges, and (c) a reasonable investigation/processing fee where applicable (disclosed before we proceed).
If a transfer is blocked or rejected due to compliance rules, invalid details, system error, or funding problems, the principal will be returned to the original funding source less any non-recoverable bank or partner charges. Timing of refunds depends on the funding rail and counterparties.
Where incoming funds breach these Terms (e.g., prohibited third-party funding), Korrency may return the funds to the original source less non-recoverable charges and without executing any onward transfer.
If you submit duplicate or incorrect instructions and both execute, we will assist on a best-efforts basis with recall (Section 8.3). If only one leg executed, we will cancel the other and return funds as per Section 8.5.
You are solely responsible for recipient details. If funds are sent to the wrong recipient due to data you provided, Korrency will make best efforts to reach the receiving institution, but recovery is unlikely. Korrency is not liable for losses arising from incorrect details supplied by you.
If you believe a transaction was unauthorized or processed in error by Korrency, notify us immediately using the contact methods in Section 16 and in any case as soon as you become aware. We may require evidence (e.g., device logs, ID re-verification). Where law requires, and if confirmed, we will refund the unauthorized amount and restore your account to the state it would have been in absent the error. This does not apply where you failed to secure your credentials/devices, acted fraudulently, or unreasonably delayed notification.
Where a funding rail (e.g., bank transfer, Interac e-Transfer) is returned or reversed by your bank or network after we have executed your transfer, you agree to reimburse Korrency for the deficit, including any associated bank/partner fees. We may recover by debiting your Korrency balance or by other lawful means.
Unless required by law or network rule, refunds will be made to the original funding source in the original funding currency. If a conversion is necessary for technical reasons, the rate used will be a fair market rate at the time of refund processing; no additional Korrency fee applies to the refund conversion.
You agree to provide promptly all information needed to investigate cancellations, recalls, or refunds (e.g., proof of payment, screenshots, police reports where fraud is alleged). Failure to cooperate may delay or prevent a resolution.
Execution and refund timelines depend on corridor cut-offs, banking hours, and local clearing systems. Transactions submitted near or after a cut-off may process on the next business day in the relevant jurisdiction.
Korrency is not a party to your underlying arrangement with a recipient (e.g., goods/services). Disputes over value, quality, or fulfillment must be resolved directly with the recipient. This does not limit your rights regarding unauthorized or erroneous processing by Korrency under Section 8.9.
If a refund or duplicate credit causes you to receive more than you are entitled to, you must notify Korrency and immediately return any excess. Korrency may debit your account to reverse an over-credit.
9. Limits & Verification
Your use of the Services is subject to transaction and account limits, which may include per-transaction caps, daily, weekly, and monthly aggregate limits. These limits are determined by Korrency in accordance with regulatory obligations, risk controls, and operational capacity. The limits applicable to your account are displayed in the Korrency app at the point of transaction.
Limits may vary depending on:
- Your country of residence and applicable corridor,
- The funding and payout methods used,
- Your transaction history and risk profile, and
- Legal or partner-imposed restrictions.
Korrency reserves the right to change limits at any time, without prior notice, where required by law, regulatory obligations, or risk-based considerations.
You may request an increase to your standard limits. Approval of such requests is at Korrency’s sole discretion and may require submission of additional documents, including but not limited to:
- Proof of income (pay stubs, employment letters, tax returns);
- Proof of address (utility bills, bank statements, or government-issued correspondence);
- Proof of enrollment (for students);
- Business documentation (incorporation certificate, financial statements, proof of beneficial ownership).
Korrency may require documents to be notarized, translated, or otherwise authenticated. Failure to provide requested documents within the time specified may result in denial of the limit upgrade.
Korrency may reduce your limits or impose temporary restrictions at any time if:
- Suspicious or unusual activity is detected,
- There is an increased risk of fraud, money laundering, or terrorist financing,
- Korrency deems your activity inconsistent with the information provided during onboarding, or
- Required by a regulator, law enforcement agency, or payment partner.
All limits are enforced automatically through Korrency’s systems. Attempts to circumvent limits (e.g., splitting transactions or using multiple accounts) are prohibited and may result in suspension, account closure, or reporting to authorities.
This collection is carried out with your knowledge and, where required by law, your express consent.
10. Compliance & Monitoring
Korrency is legally required to comply with applicable Anti-Money Laundering (AML), Counter-Terrorist Financing (CFT), and sanctions regulations in Canada, the UK, the EU, and other jurisdictions in which it operates. By using the Services, you agree to cooperate fully with these obligations.
All transactions and account activity are subject to ongoing monitoring to detect suspicious patterns, structuring (breaking transactions into smaller amounts to avoid reporting thresholds), or unusual behavior. Monitoring may include:
- Real-time transaction screening against global sanctions lists,
- Geographic and corridor-based risk assessment,
- Behavioral analysis of transaction patterns,
- Screening for Politically Exposed Persons (PEPs) and Heads of International Organizations (HIOs).
Korrency may, at its discretion or when required by law, request evidence of the source of funds or wealth. This may include payslips, contracts, invoices, bank statements, or other supporting documentation. Failure to provide satisfactory evidence may result in transaction delays, reversals, or account closure.
Korrency reserves the right to delay, freeze, block, or reverse any transaction or account activity if:
- Required by law, regulation, or a regulator;
- It reasonably suspects the activity is related to money laundering, terrorist financing, fraud, or other unlawful conduct;
- Sanctions screening or other compliance checks identify a potential match.
Funds subject to investigation may be held for an extended period pending the outcome of the review.
In some cases, Korrency is legally prohibited from informing you that your transaction or account is under review (known as “tipping off”). You acknowledge that Korrency has no liability to you for withholding such information where disclosure would violate applicable laws.
Korrency may share your personal and transactional information with regulators, financial intelligence units, and law enforcement agencies where required or permitted by law. Such disclosures may occur without notice to you.
Korrency may suspend or close your account immediately if it determines, in its sole discretion, that:
- You have provided false or misleading information,
- You have failed to provide requested documents,
- Your activity poses an unacceptable compliance risk, or
- Required by a regulatory or law enforcement directive.
11. Acceptable Use
To protect the integrity of the Services, ensure compliance with applicable laws, and safeguard users, Korrency maintains strict rules regarding how the Services may and may not be used. By opening an account and using the Services, you agree to comply fully with these restrictions.
You must not use the Services for any unlawful, fraudulent, or restricted purpose. Specifically, you may not use the Services to:
- Illegal Conduct: Commit or facilitate fraud, scams, identity theft, misrepresentation, or other unlawful conduct.
- Money Laundering or Terrorist Financing: Conceal or disguise the origin of funds, support terrorist organizations, or engage in structuring to avoid reporting obligations.
- Sanctions Breaches: Transact directly or indirectly with any person, entity, or country subject to economic or trade sanctions imposed by Canada, the United States, the United Kingdom, the European Union, or the United Nations.
- Unlicensed Money Transmission: Operate an unregistered money services business, provide payment services to third parties, or act as an intermediary without authorization.
- Restricted Goods and Services: Purchase, sell, or transfer funds in connection with:
- controlled substances, pharmaceuticals, or supplements without authorization;
- adult content, pornography, escort services, or exploitation of minors;
- gambling, betting, lotteries, or gaming (unless expressly authorized in writing by Korrency and permitted under local law);
- firearms, ammunition, weapons, explosives, or related paraphernalia;
- counterfeit goods, pirated media, or stolen property.
- High-Risk Financial Activity: Engage in securities trading, virtual currency or cryptoasset transactions, precious metals trading, or crowdfunding without regulatory approval.
- Corruption and Bribery: Facilitate bribes, kickbacks, or corrupt payments of any kind.
- Harmful Content or Activity: Promote hate speech, terrorism, violence, discrimination, or other harmful activities.
The Services may not be used by residents of, or for transfers to or from, jurisdictions subject to comprehensive sanctions or where Korrency does not operate. The list of restricted jurisdictions may be updated from time to time in accordance with law and partner obligations.
If Korrency reasonably suspects or determines that you have violated these Acceptable Use rules, it may:
- Delay, block, freeze, or reverse any transaction;
- Request additional information or supporting documents;
- Restrict, suspend, or close your account;
- Report suspicious activity to regulators, law enforcement, or financial intelligence units; and
- Recover from you any losses, costs, or damages incurred as a result of the violation.
12. Promotions & Referrals
From time to time, Korrency may offer promotions, including but not limited to welcome bonuses, referral programs, enhanced exchange rates, seasonal challenges, or incentive campaigns. Each promotion will be governed by its own Promotion Terms, which form part of these Terms and are incorporated by reference.
To participate in promotions, you must:
- Meet the eligibility requirements specified in the Promotion Terms (e.g., new customer, resident of a particular country, or verified account status);
- Complete qualifying transactions or actions within the specified timeframe; and
- Remain in good standing with Korrency (no account suspensions, compliance holds, or violations).
If Korrency operates a referral program:
- Referrers and referees may both be eligible for rewards, as described in the applicable Promotion Terms.
- Self-referrals, duplicate accounts, or referrals made through fraudulent, misleading, or abusive practices are strictly prohibited.
- Rewards will only be granted once the referee completes the qualifying transfer or other required actions.
Where a promotion offers a special exchange rate or a bonus for first-time users:
- The offer applies only to the user’s first qualifying transaction meeting the stated minimum threshold;
- Subsequent transactions will revert to standard rates and fees;
- Any attempt to exploit or abuse the promotion (e.g., multiple sign-ups) will result in disqualification.
Korrency reserves the right to disqualify participants, claw back rewards, or reverse promotional benefits if it determines, at its sole discretion, that:
- The promotion has been misused or abused;
- A participant has created multiple accounts, submitted false information, or otherwise acted in bad faith; or
- The promotion conflicts with applicable law or regulatory requirements.
You are solely responsible for any tax consequences associated with receiving promotional benefits. Korrency does not provide tax advice and will not withhold or remit taxes unless legally required.
Korrency may amend, suspend, or terminate any promotion at any time, with or without notice, where required by law, for regulatory reasons, or to prevent abuse.
13. Service Availability
Korrency collects personal and business information through multiple channels. The method of collection depends on the type of service requested, the regulatory requirements applicable to the transaction, and the technical operation of our platforms. Information is collected only to the extent necessary to fulfil lawful purposes, and in all cases subject to safeguards appropriate to its sensitivity.
The Services are provided strictly on an “as is” and “as available” basis. While Korrency takes commercially reasonable measures to maintain continuous operations, we do not guarantee that the Services will be uninterrupted, timely, secure, or error-free.
Service interruptions may occur for a variety of reasons outside Korrency’s direct control, including:
- Scheduled or emergency maintenance of systems;
- Third-party failures (e.g., payment networks, banks, mobile wallet operators, internet service providers);
- Force majeure events such as natural disasters, strikes, civil unrest, or government actions;
- Cyber incidents including denial-of-service attacks, malware, or system breaches.
Users acknowledge that downtime or delays may occur and accept that Korrency shall not be liable for damages arising from such events, except as otherwise required by law.
Korrency aims to process most transfers within minutes; however, delivery times depend on corridor, banking hours, compliance reviews, and partner networks. We make no representation that transfers will be completed within a specific time unless expressly stated in writing.
Korrency may suspend or restrict Services temporarily, with or without notice, if:
- Maintenance, upgrades, or security enhancements are required;
- Korrency reasonably believes the integrity of the system is at risk; or
- Regulatory or partner requirements necessitate suspension.
Korrency may discontinue support for outdated devices, operating systems, browsers, or app versions. Users are responsible for ensuring that their devices and software are updated and compatible with the Services.
14. Intellectual Property & Third-Party Services
All intellectual property rights in the Services, including but not limited to software, source code, databases, user interfaces, designs, text, graphics, trademarks, trade names, and logos, are the exclusive property of Korrency Exchange Inc. or its licensors. No rights are granted to you except those expressly set out in these Terms.
Korrency grants you a limited, personal, non-exclusive, revocable, non-transferable license to access and use the Services solely for lawful purposes in accordance with these Terms. This license does not grant you any ownership interest in the Services or any intellectual property rights.
You may not, and agree not to allow others to:
- Copy, modify, distribute, sell, or lease any part of the Services;
- Reverse engineer, decompile, disassemble, or attempt to derive the source code of the Services;
- Create derivative works based on the Services;
- Use Korrency’s trademarks, logos, or branding without prior written permission;
- Interfere with or circumvent the security features of the Services.
Korrency relies on third-party payment service providers (PSPs), banks, technology partners, and infrastructure providers to deliver parts of the Services. You acknowledge that:
- Such third parties may have their own terms and conditions which may apply in addition to these Terms;
- Korrency does not control and is not responsible for the content, functionality, or security of third-party websites or systems; and
- Access to third-party services is at your own risk.
Korrency may disclose, in-app or on its website, the identity of regulated partners who provide payment services in specific regions (e.g., Clear Junction for UK/EU). Such disclosures are for transparency only and may be updated as partnerships evolve.
Any content you upload, submit, or transmit through the Services (e.g., beneficiary information, funding instructions) remains your responsibility. You represent that you have the legal right to provide such content and grant Korrency a license to use it solely for the purpose of providing the Services.
All rights not expressly granted to you under these Terms are reserved by Korrency. Unauthorized use of the Services or intellectual property may result in suspension of your account, legal action, or both.
15. Complaints & Support
If you have a question, concern, or complaint, you may contact Korrency through the following official channels:
- Email: support@korrency.com
- In-app chat: available 24/7 (holiday coverage may be reduced, with advance notice to users).
- Postal mail: Korrency Exchange Inc., 7030 Woodbine Ave., Suite 500, Markham, Ontario L3R 6G2, Canada.
This collection is carried out with your knowledge and, where required by law, your express consent.
Korrency will acknowledge receipt of your complaint within two (2) business days of submission. The acknowledgment will include a reference number and a summary of next steps.
Korrency aims to resolve complaints within thirty (30) calendar days of acknowledgment. If the matter is complex and requires more time (e.g., where third-party partners or regulators must be consulted), you will be informed of the delay, provided with reasons, and given an updated expected resolution timeframe.
If you have a question, concern, or complaint, you may contact Korrency through the following official channels:
- Canada: If unresolved, you may escalate complaints to provincial consumer protection bodies or relevant federal authorities.
- UK: Eligible users may escalate to the Financial Ombudsman Service (FOS).
- EU: Users may escalate to national Alternative Dispute Resolution (ADR) bodies or the EU Online Dispute Resolution (ODR) platform.
- Other Regions (e.g., Nigeria): Complaints may be escalated to the relevant financial services regulator or ombudsman, where available.
Korrency maintains detailed records of all complaints, investigations, and resolutions for the period required by law. These records may be disclosed to regulators on request.
Users agree to engage with Korrency in good faith when submitting complaints and to provide all supporting documentation or information necessary to resolve the matter.
16. Liability & Indemnity
Korrency is responsible only for direct losses you suffer that are caused by our proven breach of these Terms. We are not liable for indirect, incidental, consequential, punitive, or special damages, including loss of profits, revenue, goodwill, or opportunity.
Except as set out in Section 16.3, Korrency’s total aggregate liability to you under these Terms is limited to the greater of:
- CAD $100 (or equivalent in local currency), or
- The total fees you have paid to Korrency in the three (3) months immediately prior to the event giving rise to the claim.
The above limitation does not apply to liability that cannot be excluded by law, including:
- Fraud or gross negligence by Korrency;
- Death or personal injury caused by Korrency’s negligence;
- Mandatory consumer rights under applicable law.
Korrency is not liable for any loss, delay, or cost arising from:
- Errors made by you (e.g., providing incorrect recipient details);
- Delays, fees, or failures by recipient banks, mobile wallet providers, or other third-party networks outside Korrency’s control;
- Events beyond our reasonable control, including natural disasters, cyberattacks, system outages, or regulatory interventions.
You agree to indemnify, defend, and hold harmless Korrency, its affiliates, directors, officers, employees, and agents from any loss, liability, damage, cost, or expense (including reasonable legal fees) arising out of or related to:
- Your breach of these Terms;
- Fraudulent, unlawful, or prohibited use of the Services;
- Misuse of your account by you or any other person with whom you have shared your credentials or access.
This indemnity extends to claims brought by third parties, including regulators, payment partners, and law enforcement authorities, arising from your actions or omissions.
17. Account Closure & Suspension
You may close your Korrency account at any time by submitting a closure request through the app or by contacting support@korrency.com. Before closure, you must withdraw or transfer any remaining balance. Korrency may withhold funds until all outstanding compliance checks are complete.
Upon account closure:
- Your right to access and use the Services ceases immediately.
- Any ongoing transactions will be cancelled if possible; where transactions have already been executed, they will proceed and be settled as normal.
- Any residual funds will be returned to your verified funding source, less applicable non-recoverable bank or partner charges.
Korrency may suspend, restrict, or close your account, with or without prior notice, if:
- Required by law, regulation, or a competent authority;
- You breach these Terms or the Acceptable Use rules;
- Fraudulent, high-risk, or suspicious activity is detected;
- You fail to provide required documents or information within requested timeframes;
- Your account has been inactive for an extended period (as defined by Korrency policy); or
- A payment partner or regulator instructs Korrency to suspend or terminate your account.
Where legally permitted, Korrency will notify you in advance of account suspension or closure and provide reasons. If disclosure is prohibited by law (e.g., anti-money laundering “tipping off” rules), Korrency may act without notice or explanation.
Account closure does not relieve you of obligations incurred under these Terms, including indemnities, payment of fees, or liability for prior transactions.
18. Updates to Terms
Korrency may amend these Terms from time to time to reflect:
- Changes in law or regulatory requirements;
- Updates to the Services, features, or functionality;
- Adjustments required by third-party partners; or
- Business, operational, or security needs.
If a material change is made (for example, a change to fees, limits, or your rights and obligations), Korrency will notify you at least thirty (30) days in advance by email, in-app notification, or other appropriate channel. The notice will specify the effective date and a summary of the changes.
Where changes are required by law, regulation, or a regulator, or where security or fraud-prevention measures must be implemented immediately, such changes may take effect without advance notice.
Your continued use of the Services after the effective date of any change constitutes acceptance of the revised Terms. If you do not agree, you must stop using the Services and may request account closure under Section 17.
Korrency will maintain access to prior versions of the Terms (e.g., archived on its website or available on request) so that users can review changes over time.
19. Governing Law & Jurisdiction
Unless otherwise specified in the applicable Regional Addenda, these Terms, and any dispute or claim arising out of or in connection with them (including non-contractual disputes or claims), are governed by and construed in accordance with the laws of the Province of Ontario and the federal laws of Canada applicable therein.
Subject to the consumer protections set out in Regional Addenda:
- The courts of Toronto, Ontario shall have non-exclusive jurisdiction over disputes arising under these Terms.
- You agree that proceedings may be brought against you in those courts, and you waive any objection to proceedings in such courts on the basis of venue or inconvenience.
Where required by mandatory law (for example, in the European Union or the United Kingdom), the governing law and jurisdiction provisions in this Section may be overridden by the Regional Addenda. In such cases, the relevant local law and courts will apply to the extent required.
In certain regions (e.g., UK or EU), you may have the right to escalate complaints to an ombudsman service or online dispute resolution platform, as set out in the Regional Addenda. These rights supplement, and do not replace, your ability to bring legal proceedings in court.
20. Language & Notices
These Terms are drafted in English, which shall be the controlling language of interpretation. In the event of any conflict between translated versions and the English version, the English version prevails, except where mandatory local law requires otherwise.
- For Canadian users resident in Quebec, a French translation will be made available in compliance with provincial language laws.
- For users in other jurisdictions, translations may be provided for convenience only. Korrency is not responsible for errors, omissions, or differences in translated versions.
Formal legal notices or claims must be sent in writing to:
Korrency Exchange Inc.
7030 Woodbine Ave., Suite 500
Markham, Ontario L3R 6G2
Canada
Notices are effective upon actual receipt by Korrency.
Korrency may provide notices to you by:
- Email sent to the address associated with your account;
- In-app notifications within the Korrency app;
- SMS or push notifications where applicable; or
- Postal mail to your registered address, if legally required.
Notices delivered electronically will be deemed received on the date sent, regardless of whether you have accessed them, provided they were sent to the most recent contact details you supplied.
You are responsible for ensuring that your email address, phone number, and postal address on file with Korrency are accurate and up to date. Failure to update your information may result in you not receiving important notices, for which Korrency bears no responsibility.
Canada Addendum
1. Applicability
- residents of Canada, or
- funding transfers from a Canadian financial institution (e.g., using a Canadian bank account).
2. Entity & Regulatory Status
- the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA),
- associated regulations and FINTRAC guidance,
- obligations to collect, verify, and maintain customer information, report certain transactions, and implement compliance program measures.
3. Funding Rules in Canada
- Transfers received from accounts not in the User’s name are strictly prohibited.
- Such transfers may be blocked, held for review, or returned to the originating account.
- Korrency may deduct non-recoverable charges imposed by banks or payment partners before returning such funds.
- All incoming transfers are subject to real-time screening for AML/CFT and sanctions compliance.
- Users may be required to provide proof of source of funds (e.g., pay stub, bank statement, invoice).
- Where compliance cannot be verified, Korrency may freeze, reject, or return the funds in accordance with Canadian law.
4. Payout Rules in Canada
- Payout processing times depend on Interac network availability and the recipient bank’s settlement practices.
- While most payouts complete quickly, Korrency does not guarantee same-day availability.
5. Safeguarding & Insurance
5.2 No Deposit Insurance. Funds held with or through Korrency are not covered by CDIC or any other federal or provincial deposit insurance program. Users bear the risk of insolvency of intermediary financial institutions or payment networks to the extent permitted by law.
6. Complaints Handling & Escalation
- Email: support@korrency.com
- In-app chat (24/7, holiday hours may vary)
- Postal mail: Korrency Exchange Inc., 7030 Woodbine Ave., Suite 500, Markham, Ontario L3R 6G2, Canada
- If dissatisfied with Korrency’s response, Users may escalate to the relevant provincial consumer protection authority or, where applicable, to FINTRAC for issues related to compliance with the PCMLTFA.
- Contact information for escalation bodies will be provided upon request.
7. Governing Law & Jurisdiction
United Kingdom Addendum
1. Applicability
- residents of the United Kingdom, or
- funding transfers from a UK bank account.
These provisions supplement the Master Terms and prevail in the event of inconsistency.
2. Entity & Regulatory Status
- Services for UK Users are provided by Korrency Exchange Inc. in cooperation with one or more FCA-authorized payment service providers (“UK PSPs”).
- The UK PSPs are responsible for the safeguarding of funds, execution of payments, and settlement.
- Korrency provides the technology platform, onboarding, customer interface, and support services.
- Korrency is not a bank or FCA-authorized payment institution. Funds are safeguarded but not protected by the Financial Services Compensation Scheme (FSCS).
3. Funding Rules
- Permitted Methods: Users may fund via bank transfer using the Faster Payments Service (FPS) or other rails supported in-app.
- Same-Name Accounts: Transfers must originate from a bank account in the User’s legal name, matching the Korrency profile.
- Company-Originated Credits: Users may also receive funds from companies for lawful purposes, such as payroll, freelance/gig platform payouts, or contractor/vendor settlements for services performed.
- Prohibited Third-Party Individuals: Transfers from personal third-party individuals (e.g., unrelated persons) are not permitted.
- Business-Originated Fees: Certain company-originated payments may attract fees, which will be disclosed in-app before acceptance.
- Non-Eligible Payments: Non-compliant or ineligible transfers may be blocked or returned, less any non-recoverable charges.
4. Payout Rules
- Payouts are supported only to UK bank accounts in the User’s name.
- Transfers generally settle quickly via Faster Payments, but completion times depend on network availability and the recipient bank.
- Transfers submitted outside of UK banking hours or on public holidays may settle the next working day.
5. Safeguarding & Insurance
- User funds are safeguarded by regulated UK PSPs in accordance with FCA safeguarding rules.
- Safeguarding means funds are segregated from the PSP’s operational accounts, but this is not the same as deposit insurance.
- Funds are not protected under FSCS or any equivalent scheme.
6. Complaints Handling & Escalation
- Users may submit complaints to Korrency via support@korrency.com, in-app chat, or by post.
- Complaints are acknowledged within two (2) business days and investigated with the aim of resolution within thirty (30) days.
- If dissatisfied after exhausting Korrency’s internal process, Users may escalate to the Financial Ombudsman Service (FOS) in the UK, which provides free, independent dispute resolution for eligible complainants.
- Complaint records are retained and handled in compliance with FCA DISP rules.
7. Governing Law & Jurisdiction
This UK Addendum is governed by the laws of England and Wales, and disputes may be brought before the courts of England and Wales, without prejudice to mandatory consumer rights.
European Union Addendum
1. Applicability
- residents of a Member State of the European Union, or
- funding transfers from a bank account located in the EU/EEA.
These provisions supplement the Master Terms and prevail where inconsistent.
2. Entity & Regulatory Status
- Services for EU Users are provided by Korrency Exchange Inc. in cooperation with one or more EU-authorized payment service providers (“EU PSPs”).
- EU PSPs are responsible for safeguarding of funds, payment execution, and settlement in accordance with applicable EU directives and regulations.
- Korrency provides the technology platform, onboarding, compliance framework, and customer support.
- Korrency is not a bank and not itself an EU-licensed payment institution. Funds are safeguarded but are not protected by national deposit guarantee schemes in EU Member States.
3. Funding Rules
- Permitted Methods: Users may fund via SEPA Credit Transfer or other supported rails shown in-app.
- Same-Name Accounts: All transfers must originate from a bank account in the User’s own name, matching the Korrency profile.
- Company-Originated Credits: Users may receive credits from companies for legitimate purposes, including payroll, freelance/gig platform payouts, and contractor/vendor settlements for services performed.
- Prohibited Third-Party Individuals: Transfers from unrelated private individuals are prohibited.
- Fees for Eligible Company Credits: Some business-originated payments may attract a fee, disclosed in-app before acceptance.
- Non-Eligible Transfers: Non-compliant transfers may be blocked or returned, less any non-recoverable partner or banking charges.
4. Payout Rules
- Payouts are supported to EU/EEA bank accounts in the User’s own name.
- Processing occurs primarily through the SEPA network, with expected settlement within one (1) business day.
- Transfers initiated on weekends or EU banking holidays may settle on the next working day.
5. Safeguarding & Insurance
- Funds are safeguarded by regulated EU PSPs in line with the EU Payment Services Directive (PSD2).
- Safeguarding means segregation of client funds from PSP operational funds but does not constitute deposit protection.
- Funds are not insured by national deposit guarantee schemes (e.g., Fonds de Garantie des Dépôts in France, Entschädigungseinrichtung deutscher Banken in Germany, etc.).
6. Complaints Handling & Escalation
- Users may submit complaints to Korrency via support@korrency.com, in-app chat, or by post.
- Complaints are acknowledged within two (2) business days and investigated with the aim of resolution within thirty (30) calendar days.
- If dissatisfied after exhausting Korrency’s process, Users may escalate disputes through their local Alternative Dispute Resolution (ADR) body or via the European Online Dispute Resolution (ODR) platform operated by the European Commission (https://ec.europa.eu/consumers/odr).
- Records of complaints are maintained in compliance with PSD2 and relevant Member State regulations.
7. Governing Law & Jurisdiction
This EU Addendum is governed by the laws of the Member State where the EU PSP providing services is established, unless mandatory consumer protection rights apply in the User’s country of residence. Users may bring claims in their local courts where EU consumer law provides that right.
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