Daysrate Terms & Condition
PLEASE READ THESE TERMS AND CONDITIONS CAREFULLY BEFORE USING THE PLATFORM.
BY ACCESSING OR USING DAYSRATE.COM, YOU AGREE TO BE BOUND BY THESE TERMS.
1. User Eligibility and Onboarding:
You must be at least 18 years of age and have full legal capacity to enter
into binding contracts to use Daysrate.com. By registering, you represent and warrant that:
- You are not a resident in a jurisdiction where access to the platform is prohibited by law
- You are acting on your own behalf and not as an agent for a third party
1.2. Onboarding Process:
To use the platform, users and BDC (Bureau De Change) merchants must:
- Provide accurate personal or business identification documents.
- Complete identity verification (KYC).
- Consent to background checks as required by applicable Anti-Money Laundering (AML) regulations.
Daysrate.com reserves the right to accept or reject any user application at its sole discretion.
2. Currency Exchange Transaction Process:
2.1. Role of Daysrate.com
Daysrate.com facilitates currency exchange between verified users and licensed BDC merchants.
It acts solely as a digital intermediary and not a party to the underlying currency transaction.
2.2. Initiating Transactions
Users may:
- Search for available exchange offers based on currency, rate, and location
- Accept a listed exchange rate or submit a custom request.
- Transfer the funds into the designated e-wallet pending transaction confirmation.
2.3. Execution and Confirmation
For exchange:
- The BDC merchant is notified and required to confirm within the platform.
- Upon confirmation, the platform releases the exchanged currency to the recipient’s wallet.
Failure to complete the transaction within a defined period will lead to both the user and
merchant automatic cancellation.
3. Wallet Usage and Fund Handling:
3.1. E-Wallet Functionality
Each user is assigned a multi-currency digital wallet hosted on the platform.
These wallets are not bank accounts and do not accrue interest.
3.2. Permitted Use
Wallets are for the sole purpose of currency exchange and related platform services.
External usage, unauthorized transfers, or illegal activities are strictly prohibited.
3.3. Deposit and Withdrawal
Deposits and withdrawals are processed through integrated payment gateways, subject to verification and platform policies.
3.4. Fund Security
Daysrate.com uses industry-standard encryption and third-party licensed custodians to secure wallet funds.
However, it does not guarantee protection against all cyber risks and advises users to practice safe account management.
4. Fee Structure and Exchange Rate Policies:
4.1. Fees
● A service fee is applied to each transaction and disclosed before confirmation.
● Additional third-party gateway or processing fees may apply.
4.2. Exchange Rates
● Rates are set independently by BDC merchants.
● Users acknowledge that rates fluctuate and may change before transaction confirmation.
● Daysrate.com does not guarantee the best market rate.
4.3. Transparency
All fees and exchange values are displayed to users before completing any transaction.
5. Compliance with KYC and AML Regulations
5.1. Know Your Customer (KYC)
All users must complete identity verification by submitting:
● Government-issued photo identification
● Proof of address
● In some jurisdictions, additional biometric verification
5.2. Anti-Money Laundering (AML) Policy
Daysrate.com complies with the AML frameworks of:
● Nigeria: CBN and EFCC guidelines
● UK: FCA AML rules
● US: FinCEN and BSA compliance
● Canada: FINTRAC reporting obligations
● South Africa: FIC Act
● Ghana, Kenya, Liberia: local regulatory authorities
The platform monitors and reports suspicious transactions in accordance with these obligations.
6. Platform Liability and Limitations
6.1. Limitation of Liability
Daysrate.com shall not be liable for:
● Losses arising from exchange rate fluctuation
● Disputes between users and merchants not involving fraud or negligence on the platform’s part
● Any indirect, incidental, or consequential damages
6.2. No Fiduciary Responsibility
The platform does not act as an agent, financial advisor, or custodian beyond facilitating currency exchange operations.
6.3. Service Interruptions
Access to the platform may be interrupted due to maintenance, technical issues, or force majeure events.
Daysrate.com does not warrant uninterrupted availability.
7. Dispute Resolution
7.1. Internal Resolution Mechanism
Users must first contact support@daysrate.com to resolve disputes through internal mediation within 14 days of the issue.
7.2. Binding Arbitration
If unresolved, disputes may be submitted to binding arbitration under the rules of a recognized arbitral body
in the user’s country of residence or as otherwise mutually agreed.
7.3. Fraud and Misuse
In cases of fraud, account misuse, or regulatory violations, Daysrate.com
reserves the right to suspend accounts, reverse transactions, or cooperate with legal authorities.
8. Jurisdiction and Governing Law
8.1. Multi-Jurisdictional Scope
Given the cross-border nature of the platform, Daysrate.com operates under a multi-jurisdictional framework.
The governing law for users will be based on the user’s country of registration:
● Nigeria: Governed by the laws of the Federal Republic of Nigeria
● United Kingdom: Governed by English Law and regulated by the Financial Conduct Authority
● United States: Governed by Federal and State law; subject to FinCEN oversight
● Canada: Governed by Canadian federal and provincial laws; subject to FINTRAC
● South Africa: Subject to the laws of the Republic of South Africa and FIC regulations
● Ghana, Kenya, Liberia: Governed by respective national laws and regulations
8.2. Conflicting Provisions
If any provision of these Terms is found unenforceable under applicable law,
the remainder shall continue in full force and effect.
9. Amendments and Updates
Daysrate.com reserves the right to amend these Terms at any time. Users will be notified via email or platform notification.
Continued use of the platform after changes constitutes acceptance of the revised Terms.
10. Contact Information
For questions or legal inquiries:
Daysrate.com Legal & Compliance Department
Email: legal@daysrate.com
Phone: +1 [332] 249 7355
Mailing Address: One World Trade Center 85th Floor, Lower Manhattan, New York - NY 10007, USA.
