TERMS & CONDITIONS
1.Agreement
RAK Traders Limited, trading as RAK Money Exchange, is registered in England and Wales under company number 07729114. RAK is authorised by the Financial Conduct Authority in relation to its regulated activities and is supervised by HMRC as applicable to its money service business activities. Our FCA Firm Reference Number is 565191.
RAK provides an online ordering service for foreign currency banknotes (“Currency”) through Click & Collect and Click & Sell (the “Service”).
Home Delivery is currently not available.
Our registered office is 40 High Street North, East Ham, London, E6 2HJ, United Kingdom.
In these Terms and Conditions, “RAK”, “we”, “us” and “our” refer to RAK Traders Limited, and “you” and “your” refer to the person using the Website or the Service.
“Business Day” means the branch opening days and times shown on the Website.
These Terms and Conditions apply to your use of the Service and any order you place through the Website.
2.Service
The Service is available only to persons aged 18 or over who live in and access the Service from the United Kingdom.
Click & Collect and Click & Sell are available only at selected RAK branches. Availability may vary by branch and by currency.
Home Delivery is currently not available through the Website.
The Service may only be used to purchase Currency for genuine holiday, travel or business travel purposes and not for speculative, investment or any other unlawful purpose.
By obtaining Currency from us, you confirm that you have read, understood and agree to these Terms and Conditions and will comply with all applicable laws and regulations.
The Service is available only for the currencies displayed on the Website from time to time and is subject to availability. Currency availability may also be subject to monetary limits, currency exchange restrictions and our legal and regulatory requirements, including applicable anti-money laundering and counter-terrorist financing requirements.
We reserve the right to refuse or cancel an order where permitted by law, including where Currency is unavailable, information provided by you is incomplete or cannot be verified, or where required for regulatory, compliance, fraud-prevention or other legitimate reasons. Where you have already paid, any refund will be handled in accordance with these Terms and Conditions and applicable law.
US $1 Bills
Please note that exchange rates applicable to US $1 bills may differ from those applicable to standard US dollar banknotes.
Reservations for US $1 bills cannot currently be made through the Website. If you wish to purchase US $1 bills, please contact your preferred RAK Money Exchange branch directly to discuss availability, applicable rates and to arrange your booking. Details of our branches and their contact information are available on our Branches page on the Website.
3.Ordering, Payment and Collection
When placing an order, you confirm that you are acting on your own behalf and for a genuine purpose.
You confirm that any Currency you wish to buy or sell is legally and beneficially yours, has not been obtained illegally or in a way that infringes the rights of another person, and is not connected with criminal activity.
You also confirm that the information you provide to us is truthful, accurate and complete and that you will not withhold any material information from us.
We may request additional information or documentation where reasonably required to process your order or to meet our legal, regulatory, fraud-prevention or compliance obligations.
We may take reasonable steps to verify your identity. We reserve the right to refuse or delay a transaction where we are unable to verify the information provided or where required by law, regulation, our compliance procedures or the requirements of our service providers.
Placing an order does not guarantee that the order will be accepted or that the Currency will be available. Your selected branch will contact you as soon as possible to confirm availability, the applicable exchange rate and the details of your booking.
An automated booking or order email does not necessarily mean that your order has been finally accepted.
Exchange rates displayed on the Website may change and are subject to Currency availability. An online rate displayed when you place a booking is not necessarily the final rate applicable to the transaction. The applicable rate and order details will be confirmed by the relevant branch before the transaction is completed.
Payment can be made by cash or eligible debit card, subject to the payment methods available at the relevant branch.
For any debit card payment, the customer must have valid physical identification with them. Acceptable identification is subject to our identification requirements set out in Section 8.
Credit cards are not accepted by RAK Money Exchange. We strongly advise customers not to use a credit card on our payment machines. If a credit card is used, any charges or fees applied will be determined by the relevant card provider and may be payable by the customer.
4.Cancellations and Refunds
You may request cancellation of your order prior to collection by contacting your selected RAK Money Exchange branch or our customer service team.
Branch contact details are available on the Branches page of our Website.
You may also contact us on 020 8503 5222 or email info@rakmoneyexchange.com.
Our telephone opening hours are:
- Monday to Friday: 8:30 am – 6:30 pm
- Saturday: 9:00 am – 6:00 pm
- Sunday: 9:30 am – 5:00 pm
Where a refund is due, it will normally be made using the same payment method used for the original transaction, subject to applicable payment-provider procedures.
The time taken for a refund to appear in your account may depend on your card issuer or payment provider.
For cash payments, no refunds are authorised once a transaction has been completed. Where a refund transaction is agreed, the applicable buyback rate will be used. Please contact your preferred branch or our customer service team for the applicable rate and calculation before purchasing any Currency.
Nothing in these Terms and Conditions affects any rights you may have under applicable law.
5.Currencies Accepted
We will buy any currency displayed on our Website, provided it is in banknote form. We do not accept coins of any type.
RAK’s policy is not to accept Scottish banknotes. However, we reserve the right to accept Scottish banknotes at our sole discretion, subject to a 2% adjustment.
If you wish to sell a currency that is not displayed on our Website, please contact your preferred RAK Money Exchange branch or our customer service team to check whether we can accept it.
Branch contact details are available on the Branches page of our Website.
6.Identification Requirements
We require valid physical identification for all debit card payments made in branch, regardless of the amount. The customer must have the physical identification document with them at the time of payment.
Acceptable identification may include:
- Valid passport
- UK driving licence
- EU national identity card
- EU residence permit
For cash transactions, we may be required to register the customer and verify their identity once the applicable regulatory threshold is reached.
We may scan, record or otherwise verify identification documents where required for legal, regulatory, fraud-prevention or compliance purposes.
We may also request additional information or documentation where required by law, regulation or our internal compliance procedures.
7.Complaints and Feedback
We appreciate your feedback as it helps us improve our services.
We have an internal complaints procedure. If you wish to make a complaint about any part of the Service, you can contact your preferred RAK Money Exchange branch or our customer service team.
Branch details are available on the Branches page of our Website.
You can also contact us at:
By post:
RAK Traders Limited
40 High Street North
East Ham
London E6 2HJ
By telephone:
020 8503 5222
By email:
info@rakmoneyexchange.com
Our telephone opening hours are:
- Monday to Friday: 8:30 am – 6:30 pm
- Saturday: 9:00 am – 6:00 pm
- Sunday: 9:30 am – 5:00 pm
9.Payment Methods
Payment can be made by cash or eligible debit card, subject to the payment methods available at the relevant branch.
A customer making any debit card payment must have valid physical identification with them.
Credit cards may be accepted subject to the applicable card provider’s terms and conditions. Any charges applicable to a credit card payment are determined by the relevant card provider.
Cheques are not accepted.
Certain cards or payment methods may not be accepted. Please contact your preferred branch or our customer service team if you are unsure whether your payment method is accepted.
Branch contact details are available on the Branches page of our Website.
10.Charges
Eligible debit card payments are currently subject to a 0% RAK card payment charge.
Any charges applicable to credit card payments are determined by the relevant card provider and may vary depending on the card and provider. RAK does not determine or control charges imposed by a customer’s card provider.
Please check with your card provider for information about any charges that may apply to your payment.
Our customer service team reserves the right to cancel or refuse any transaction where the information provided does not match or does not satisfy our legal, regulatory or compliance requirements.
11.Contact Us
You can contact RAK Money Exchange through the following channels: