I. General provisions

  1. General business terms of CashTan Financial Services s.r.o. (hereinafter referred to as „CashTan“), issued in terms of § 1751 et seq. of the Act no. 89/2012 Coll., Civil Code, as amended (hereinafter referred to as “GBT”) regulate basic terms under which CashTan provide its clients with services concerning credit transactions especially with foreign currency and payment transactions.
  2. CashTan provides the client with services based on a general contract and one-time contracts – orders concluded between CashTan and the client – and GBT which are an integral part of the Contract. If not arising otherwise from the Contract, provisions of the Contract take precedence over GBT.
  3. Information about CashTan: name CashTan Financial Services s.r.o., registered office Nové sady 988/2, Staré Brno, 602 00 Brno, registered in the Companies Register managed by the Regional court in Brno, section C, file 96380, email: info@cashtan.eu.
  4. CashTan is a holder of a licence for the activity of a small-scale provider of payment services according to the Payment System Act (PSA). The licence was issued by the Czech National Bank with reference no. 2017/029063/CNB/570. CashTan is entitled to provide payment services according to § 3, section 1 c), e), f) of the PSA.
  5. The client declares that he got acquainted with content of the Contract before providing services by CashTan, with GBT and the Pricelist, data about the entity of CashTan, basic information about services providing, eventually with other important information about terms of services providing (hereinafter referred to as “important information”).
  6. The client agrees that he will be informed about each change of important information or about other changes, mainly via email communication.
  7. The client and CashTan agreed upon email communication as a common way of communication and transmission of information related to the Contract. CashTan will send email communication to an email address provided by the client. E-mail correspondence will be sent by CashTan to the e-mail address provided by the Client.

II. Definition of terms

For purposes of GBT and the Contract, the following is defined:

  1. Client – physical or corporate entity which entered into a Contract with CashTan, based on which services are provided.
  2. Contract or Framework contract– General contract which part create GBT, the Pricelist and individual payment transactions.
  3. Payment service or service – payment service according to § 3, section 1 c), e) f) Payment System Act; CashTan is entitled to provide such a service based on a licence of the Czech National Bank.
  4. Transaction, spot transaction – firmly agreed credit transaction with foreign or domestic currency; pecuniary means are purchased or sold during this transaction in one currency for a certain amount of pecuniary means in another currency, at an exchange rate actual in the financial market at the moment of transaction (spot foreign exchange) whereas the client pays pecuniary means immediately and CashTan settles the transaction immediately after receiving client’s payment, but within the 2nd working day after the transaction was agreed or to the day of the transfer of the amount without currency conversion.
  5. Exchange rate – value for which CashTan offers sale or purchase of foreign currency.
  6. Day of settlement of a transaction – working day when pecuniary means should be paid in agreed currencies between CashTan and the client.
  7. Parameters of a transaction – sale currency, alternatively purchase currency, amount of currency for one transaction, alternatively exchange rate in the financial market, identification of CashTan including a bank account number to which the client shall pay for the transaction, client’s identification including his bank account number to which CashTan shall send a payment, date of settlement of
    a payment transaction, payment instructions, price of a service, charges and possible other parameters of a transaction.
  8. Certificate of settlement of a transaction – confirmation of settlement of a transaction agreed between the client and
    CashTan.
  9. Working day – day when banks in the Czech Republic are open; a system of payments can be made among such banks.
  10. Market disorder – unforeseeable event causing that neither CashTan nor the client shall be able to gain information about a market exchange rate decisive for the given transaction in the appropriate market or if transactions in the appropriate market are stopped or limited or if there is another market disorder of a system of payments.
  11. Politically exposed person – physical person who has in an important public function with national competency, e.g. head of state, prime minister, minister, deputy or secretary minister, member of the parliament, member of the Supreme Court, Constitutional Court or another higher judicial authority against which decision it is generally not possible to use, with exceptions, discretionary remedies; it can be also a member of the Court of Auditors, supervisory authority of the central bank, high-ranking officer in armed forces or corps, a member of administrative, governing or auditing body of a company in state possession, ambassador or chargé d’affaires, physical entity who has similar functions in bodies of the European Union or other international organizations for the period of this function performance and also for the period of one year after termination of this function; a person who has his permanent address outside the Czech Republic or has such an important public function outside the Czech Republic; and related persons.
  12. PSA – Act no. 370/2017 Coll., on Payment System.

III. Closing the Framework Agreement

  1. The Framework Contract is concluded personally.
  2. In a case that it is technologically possible to conclude a framework contract through the CashTan website, it is concluded when the following conditions are met:
    – the client becomes familiar with the wording of the GBC and the Price List and agrees to this on the CashTan website,
    – the client fills in all the information required in the framework contract,
    – documents verifying the identity of the client will be delivered to CashTan.
  3. Correspondence to the conclusion of a framework agreement is maintained if a signed signature of the .pdf and other required documents is delivered to the info@cashtan.eu e-mail address.
  4. The electronic way is maintained if the framework contract is signed by electronic means according to the valid legal regulations, ie by a secured electronic signature, or the framework contract is delivered by e-mail, from which it is possible to determine unequivocally the identification of the acting person (the e-mail is, for example, Name and surname of the client).
  5. In connection with the conclusion of a framework agreement, client identification and control is performed in accordance with the applicable legal regulations. The client is obliged to provide CashTan with the necessary co-operation and to provide identification and control documents.

IV. Making a deal via Internet banking

  1. Trade shall be concluded electronically via system.
  2. Procedure to make a deal:
    2.1.      The client logs into electronic banking on the company’s website;
    2.2.      The client fills in the necessary information for entering the trade;
    2.3.      The client confirms the entered information.
  1. CashTan isn’t responsible for cases when it isn’t possible to use the way of making a deal, described in this provision, by reasons which are beyond control of CashTan. A payment transaction or deal is considered as concluded and binding for both contracting parties at the moment of electronic confirmation of business terms by a client.
  2. The client is obligated to send pecuniary means for payment of his liability in the Czech or foreign currency to a bank account, defined by CashTan immediately after receiving confirmation of the conditions of the concluded trade. This bank account is also mentioned in the electronic confirmation of a payment transaction accessible in the Internet banking. The client is also obligated to identify this payment with a variable symbol which is a registration number of a transaction. If the client doesn’t meet any obligation according to this section, CashTan isn’t obligated to make an agreed payment transaction and is entitled to ask the client to compensate loss caused by non-meeting of agreed terms.
  3. The contracting parties agreed that CashTan isn’t entitled to handle pecuniary means paid by the client according to this Contract otherwise than in a way leading to realization of payment services under the Contract.
  4. CashTan issues and displays the client immediately a confirmation of settlement of an agreed payment transaction. The client has a statement of payment transactions available in the Internet banking, where all agreed payment transactions are listed.
  5. The contracting parties undertake to cooperate as much as possible and meet all their obligations without undue delay so that each payment transaction is settled properly and in term agreed in the confirmation of a payment transaction.
  6. In case that a payment transaction isn’t made by any reason, CashTan is obligated to inform the client about this fact and settle with the client already incurred liabilities from this unrealized payment transaction.
  7. The Client is obliged to pay his liabilities without delay. If the Client fails to pay the CashTan pecuniary means according to the arrangements specified in the confirmation, CashTan is entitled to require the Client to pay compensation of loss arising from the concluded transaction, in particular the possible negative exchange rate difference arising from the transaction date. This CashTan receivable is payable on the day when the agreed payment transaction should have been made and it is possible to set it off unilaterally from the side of CashTan against any client’s due or undue receivable from CashTan.

V. Settlement period, information obligation

  1. Transaction will be settled without undue delay after receiving pecuniary means defined for a payment transaction from the client to a separate bank account of CashTan or to client’s bank account. If the client doesn’t meet this liability, CashTan is entitled to withdraw from the transaction and eventually invoice the client the incurred loss. After the client pays his liability from a payment transaction towards CashTan, CashTan is obligated to enter a payment order to make the required transaction without undue delay so that it is made within periods set by PSA whereas the maximum is D+1, alternatively on the third following working day (D + 3) if the transaction is in euro and this involves an exchange of currencies between the euro and a currency other than CZK or the transaction is in a currency of a Member State other than the euro. This period can be prolonged because of the client if he doesn’t have sufficient coverage at his bank account to make the entered order or if the client didn’t announce CashTan all necessary parameters of his payment order.
  2. CashTan meets an information obligation arising from provisions of PSA towards clients via internet banking. Information is sent within the end of next working day after settlement of a transaction at the latest.
  3. The client is obligated to notify CashTan of information about the alienation of access authorizations (profile) enabling payment transactions via CashTan or about possible unauthorized transactions immediately after such finding. It is possible to announce information on phone number; in case it is announced during working hours, it is possible to use also the email address (info@cashtan.eu). After CashTan receives the information, the profile will be blocked. Since CashTan has been reported as a loss, theft or unauthorized use of access rights CashTan is liable for the misuse.
  4. The payer is liable for the loss arising from non-authorized payment transaction: 1) up to the amount of 50 EUR if such loss was caused by a) use of a lost or stolen payment instrument b) if thepayer has failed to keep the personalised security features safe, from the misappropriation of a payment instrument; 2) in a full extent, if such loss was caused by a payer´s fraudulent conduct or whether intentionally or through gross negligence on his/her part, omits any of duties set in § 165 PSA. The previous sentence – point 1) shall not apply in cases where the payer has neither acted fraudulently and a loss, theft or misuse of a payment instrument is caused by the CashTan. The previous sentence shall not apply in cases where the payer has neither acted fraudulently and a loss occurs after payer notifies the CashTan the loss, theft or misuse of a payment instrument, or the provider fails to provide the payer with sufficient means to notify anytime the loss, theft or misuse or unauthorised use of a payment instrument.
  5. The Client shall also be obliged to promptly notify CashTan through e-mail (info@cashtan.eu), of incorrectly executed payment transactions.
  6. In the event of incorrect execution of the Client’s payment order from the CashTan fault, CashTan is obliged to state the status of the client’s payment account to the state before the error occurred.
  7. Protection of pecuniary means entrusted to CashTan. Pecuniary means, which are entrusted to CashTan for a payment transaction, are kept separately from own pecuniary means of CashTan and from pecuniary means of other persons, except for pecuniary means of clients. Pecuniary means of clients are kept on separate bank accounts of the Czech banks. Pecuniary means of clients aren’t parts of assets of a bankrupt small-scale provider of payment services. If a decision on bankruptcy of a small-scale provider of payment services was given, a special insolvency administrator is obligated to provide clients with pecuniary means which were entrusted to a small-scale provider of payment services for purpose of a payment transaction.
  8. Protection of client’s property in case of bankruptcy of a bank managing a separate bank account of a small-scale provider of payment services. Pecuniary means of clients registered on a separate bank account of CashTan are a receivable from deposit with a special regime, according to § 41f, Act no. 21/1992 Coll., on Banks. CashTan met its legal duty according to § 41f, section 2, Act on Banks, and notified banks, where its separate bank accounts are conducted, in writing of the fact that separate bank accounts contain pecuniary means representing a receivable of more persons. In case of bank bankruptcy, compensation of receivable from deposit with a special regime is provided to clients of CashTan in the same amount in which it would be provided if each client had pecuniary means on his own bank account. In case of bankruptcy of a bank, where a separate bank account of a small-scale provider of payment services is conducted, each client of CashTan receives financial settlement from the Deposit Insurance Fund in the amount of financial means registered on a separate bank account, the maximum is however the amount of EUR 100.000.
  9. Correcting settlement: CashTan restores the debited payment account to the state in which it would have been had the defective payment transaction not taken place. The complaint may be filed within three months of the occurrence of the error.
  10. CashTan shall inform the Client in case of suspicion of unauthorized or fraudulent use of the payment instrument through e-mail communication or publication of information on the internet.
  11. If CashTan does not account for the payment transaction in Czech currency or has not use the Bank in accordance with the Client’s order and has caused an incorrect execution of the payment transaction, the Bank conducting the account of the unauthorized beneficiary shall be liable to CashTan, write off an incorrectly charged amount from this account and issue it to CashTan to correct an incorrectly executed payment transaction in accordance with the law governing the payment system, and the bank is entitled to enter the account of the unauthorized beneficiary in the state in which it would be if the wrong payment transaction did not occur (“corrective clearance”). The complaint may be filed with the bank within 3 months from the date of the error that led to the incorrect execution of the payment transaction.

VI. Claims and complaints

  1. In case that the client is convinced that CashTan didn’t meet properly its liabilities arising from the Contract, he is entitled to lodge a claim/complaint at CashTan. The client is obligated to lodge a claim/complaint before he takes any other measures in terms of services which are subjects of a claim/complaint. A claim/complaint has to be in writing and include client’s signature and identification data, at least his name, surname, permanent address and contact address as regards physical entities, and name, ID-No., registered office, contact address and name and surname of persons authorized to act on behalf of the company as regards corporate entities. To settle a claim properly and on time, is has to be clear what its subject is (e.g. type and number of a transaction, act of a particular employee, etc.). The client delivers a claim/complaint to CashTan without undue delay in writing to the address of CashTan or to the email address (info@cashtan.eu). At the request, CashTan issues a confirmation of takeover of a claim/complaint for the client.
  2. Claims/complaints are settled by managers of departments of CashTan, who are affected by the claim/complaint. The client is obligated to provide CashTan with necessary cooperation when settling the claim. CashTan is obligated to settle client’s claim/complaint within 15 working daysafter its delivery. If an obstacle independent of will of CashTan obstructs dealing with claim / complaint within 15 working days, CashTan is obliged to inform the Client about the obstacle and settles a claim / complaint within 35 working days. CashTan is obliged to send the client a written statement of the way of settlement during this period. CashTan keeps a list of claims/complaints.
  3. The client has a possibility to appeal with his complaint of the way of services providing to a supervizory authority of CashTan, the Czech National Bank, registered office in Na Příkopě 28, Praha 1, www.cnb.cz.
  4. The client has a possibility to appeal with his complaint of the way of providing payment services to a financial arbiter, registered office in Legerova 1581/69, 110 00 Praha 1, www.finarbitr.cz.The financial arbiter is entitled to extrajudicial settlement of arguments of the contracting parties, related to payment services.

VII. Information in contracts for the financial services concluded remotely

  1. The provisions of this Article shall apply only if the customer is a consumer under the Act No. 89/2012 Coll., The Civil Code (hereinafter referred to as “CC”).
  2. If CashTan enters into a contract for financial services using distance communication means that allow the conclusion of a contract without the simultaneous physical presence of the CashTan representative and the client, CashTan is obliged to comply with the obligations under Section 1841 et seq. CC.
  3. Remote communication means for individual negotiation will be used only if the client has not rejected their use. Remote means of communication are, in particular, the internet (web sites), e-mail messages, data mailboxes and letter postal services.
  4. From a distance contract for financial services, the client has the right to withdraw without giving any reason and without any sanction within 14 days from the date of the conclusion of the contract or from the date when the information was submitted to him under the trade mark if the day after the conclusion of the contract. If CashTan provides the client with a misleading statement, the client has the right to withdraw from the distance service financial contract within 3 months from the day he or she learns or learns of it.
  5. The Client does not have the right to withdraw from the financial services provided, the price of which depends on the price movements in the financial markets that CashTan cannot influence, such as services related to investment instruments and foreign exchange values. The right of withdrawal does not extend to contracts that have been fully met by both parties at client’s request (instruction) prior to the client’s right of withdrawal.
  6. The Client shall exercise his / her right of withdrawal by communicating in a provable form to the address of CashTan or to the address communicated to him / her in communication with CashTan; the period for the exercise of the right of withdrawal shall be maintained if the notice has been sent in writing before the expiry of that period. If a client withdraws from a distance-based financial service contract, CashTan may demand payment of the price only for the service actually provided (proportional). However, CashTan will not demand payment for the provided service if it commenced performing the distance contract before the expiration of the withdrawal period without the client’s consent or if the client did not inform the price under the previous sentence.
  7. The use of distance communication means does not affect the level of the final price of services. No deposit is required before the financial services contract is concluded.
  8. A contract with CashTan may be terminated by agreement or termination by any of the parties pursuant to Article IX, unless otherwise agreed individually with the Client.
  9. The Client has the right at any time during the duration of the Contractual Relationship to receive any requested part of the contractual documentation or other documents in electronic or paper form. The Client has the right to change the way of distance communication, unless this is inconsistent with the nature of the services provided and the concluded contract.
  10. Financial Services Contracts and any disputes arising therefrom are governed by Czech law. In order to resolve any disputes, the Czech District or Regional Courts are competent to locate the place of residence of the defendant.

VIII. General and final provisions

  1. CashTan is entitled to reject providing of a particular service, mainly making a deal, if the contracting parties don’t agree upon all terms of its providing or if the client doesn’t provide CashTan properly and on time with all information and documents necessary for proper providing of a service or if it is stipulated by legislation.
  2. The client by signing the framework contract hereby declares and agrees that CashTan handed the wording of the framework agreement and the GBT well in advance of the signing of the framework contract to satisfy the obligation to provide the client with information pursuant to § 132 et seq. PSA and other pre-contractual information provided by law.
  3. CashTan isn’t obligated to accept a document if CashTan doubts about its originality, completeness or accuracy and considers it as necessary for proper providing of a required service and in such a case CashTan is entitled to ask the client to provide further information and documents which CashTan considers as necessary to prove originality, completeness or accuracy of the information or document in question.
  4. CashTan is entitled to require verification of client’s signature on all contractual documents or documents for transactions.
  5. CashTan shall make only such transactions and realize such client’s requests which are complete, correct, definite, understandable and made in compliance with terms set by the Contract, GBT and PSA.
  6. The client isn’t entitled to assign, stop or encumber receivables from CashTan in another way.
  7. Non-usage of any right arising from this contract or transaction or default in utilization of such a right by any contracting party won’t be interpreted as a waiver of such a right.
  8. CashTan is entitled to ask providing of an appropriate security or additional security of its receivables from the client, also during the period of providing a service. If such a security or additional security isn’t provided, it is considered as a fundamental infringement of the contract by the client and in this case CashTan has a right to terminate providing of any service, mainly to withdraw from a transaction or from the Contract.
  9. All communication between CashTan and the client is in the English language or if agreed with CashTan, it is in other language. In the selected language, the Contract, GBT and other important information will be provided to the Client.
  10. CashTan is entitled to withhold taxes from payments made based on the contract, according to valid legislation. If the client is affected by contracts for the abolition of double taxation, the client is obligated to advise CashTan of this fact when agreeing upon a transaction.
  11. Persons who were authorized by the client in the Contract are entitled to make transactions, use other services set by the contract within the scope and in the way mentioned in the Contract. These persons are entitled to act individually if not agreed otherwise. These persons aren’t entitled to change, complete or cancel the contract if they aren’t entitled to it based on the special power of attorney granted by the client.
  12. If the client doesn’t claim any data mentioned in documents of CashTan without undue delay after their receipt, it is considered that the client agrees with all data mentioned in documents. Cancellation of a transaction or payment order at client’s instance has to be handed over to CashTan personally or sent in writing per email to the address (info@cashtan.eu).
  13. Payer’s request to refund eventually the sum of an authorized payment transaction at recipient’s instance follows §176, PSA.
  14. If not mentioned expressly otherwise in the contract or if not agreed between the contracting parties, it is possible to agree upon providing of a service or to provide a service, mainly to make a transaction, exclusively on working days during the time from 10:00 to 19:00, the time valid in the territory of the Czech Republic.
  15. The client is entitled to gain from CashTan the content of a Contract and other information mentioned in PSA, based on his written (email) request. After receiving the request, CashTan sends a copy of the Contract, GBT and the Pricelist, eventually other information required by the client, to client’s email address without undue delay.
  16. In case there is a market disorder or another event considered as force majeure and having an influence on fulfilment under the contract or on an already made transaction and it isn’t possible to meet conditions of a transaction, the contracting parties are obligated to agree in good will either upon termination of a transaction and refund of eventual fulfilment affected by a market disorder or by an event considered as force majeure, or upon continuation of this transaction under terms possible after removal of obstructions of force majeure or a market disorder.
  17. CashTan is entitled to unilaterally change the GBT, especially in connection with changes in legal regulations, introduction of new services, change in the way of providing services, etc. In such a case, CashTan will notify the Client of the change in the GBT by an email message sent to the Client’s email address stated in the header of the Agreement containing the text of the new GBT and at the same time on the CashTan website at least 2 months before it becomes effective. Error correction is not considered a change. The Client undertakes to acquaint himself with the new GBT. If the Client fails to notify CashTan in writing of his disagreement with the proposed changes of the GBT no later than the day before the proposed change takes effect, then such notified changes shall be binding for the Client from the date of publication on the website. If the Client rejects the CashTan proposal to amend the Contract, he / she has the right to terminate the Contract free of charge and with immediate effect before the date on which the GBT become effective.
  18. GBT were approved by the board of directors of CashTan. These GBT are valid and effective for existing clients from March 27, 2020 until further notice and replace all previous GBT, for new clients are effective from the date of handover.