1) Premises

This agreement (hereinafter the "Contract") governs the relationship between the user (hereinafter the "Customer") and the company ELP SA (hereinafter the "Company") and applies to the use of the online currency exchange service offered via the website www.cambiavalute.ch (hereinafter the "Service"). Before using the Service, the Customer declares to have carefully read, understood and accepted the Contract and all the attachments and documents mentioned in it. Any use of the Service by the Customer will constitute acceptance of the agreements. We invite you to save or print a copy of the Contract and all the attachments and documents mentioned in it. The Contract and all the attachments and documents cited in it constitute the entire agreement and supersede any previous written or verbal discussion, correspondence, agreements or understandings between the Company and the Customer.


2) Suitability

To use the Service it is mandatory that you are at least 18 years old. The service is open to individuals who are resident in Switzerland or with a demonstrable interest in Switzerland. The service is also available to corporations that complete the identification procedure. It is necessary that the customer declares, within the appropriate form, that he or she is not operating on behalf of a third party nor on behalf of a third beneficiary.


3) Usage of the service

To use the service the Customer must fill out the online currency exchange form. It is mandatory to provide all the required data in a truthful and accurate manner. It is also necessary to provide a colour front-and-back copy of a valid ID document. The customer will receive an e-mail containing the details of the exchange transaction and the bank details to make the payment. The Client must pre-pay for the change and it is the responsibility of the customer to send the funds to the Company in a timely manner via bank wire transfer. The payment order is considered complete only when the Company enters into possession of the funds sent by the Customer. The Company shall not be responsible in any way for any loss or damage suffered by the Client as a result of a transaction or a payment made in accordance with the instructions given by the Customer.


4) Customer identification and clarification requests

Before providing the Service, by law provisions, we need to verify the identity of the Customer. All transactions are subject to security checks, customer identification and checks on the origin of money involved. These checks are necessary and required by law. If necessary, the Company reserves the right to request information, clarifications or documents concerning the identity of the customer and the origin of the money at any time, before or after the currency exchange, receipt and/or sending of the money. This could delay the execution of the payment order. A refusal by the Customer to provide such documents or information will result in the company refusing to carry out the transaction. The Company reserves the right to notify the competent Authorities of any wrongdoing or suspicion.


5) Payments

Each exchange order placed on the site will be inactive until the moment the Company receives a valid payment by bank transfer. It is necessary that the Customer pay the exchange in advance and in no case can the Company anticipate money to the Customer. The Company can not in any way influence or anticipate the time necessary for banks or payment service providers to process credit transfers. The Company regularly monitors its bank accounts and sends the client an e-mail confirmation once the payment is received and the change executed. If funds reach the Company after 18:00, the order will be processed during the following business day.


6) Delivery

The Company can not in any way influence or anticipate the time necessary for banks or other payment service providers to process credit transfers. However, the Company monitors its bank accounts at regular intervals and sends a confirmation to the Client via e-mail once his or her payment is received. If funds reach the Company after 18:00, the order will be processed during the following business day.


7) Bank wire transfers

All payments denominated in CHF must be made by the Customer as "national" payments with the "shared" commissions option. All payments denominated in Euro must be made by the Customer as single payments (SEPA - Single Euro Payments Area) with the option "shared" commissions.


8) Sending or receiving costs for bank wire transfers

The Customer is responsible for any fees that his or her bank applies for sending or receiving wire transfers. In no case will the Company be responsible nor will refund any fees charged to the Customer by the Client's bank. We strongly recommend to every Customer that he or she reviews the conditions and commissions offered by his or her bank and inquire in advance about the costs of national and international bank wire transfers.


9) Client rejection and transaction rejection

The company may, at its own discretion, refuse to execute an operation or to begin a commercial relationship with a Customer. In the event that a refused transaction has been already executed by the the Customer bank, such transaction will be returned to the bank account of origin in the same amount and currency. In the event that the Company is unable to return the payment (i.e. if the bank details provided by the customer are incorrect), the Company will immediately contact the Customer using the most up-to-date contacts in its possession. The Company will automatically reject payments coming from non-EU countries. The Company will automatically reject currency exchange operations where the Customer demand a payment toward a non-EU country. Third-parties payments will be automatically rejected. The Company will automatically reject any transaction where the Customer ask for a payment toward a bank account not of his or her property. For all the aforementioned cases, with the exception of the refusal of a Client by the Company, the Company will apply a commission of 5 CHF or equivalent for administrative expenses. This fee will be deducted from the amount received from the Customer.


10) Exchange rates and commissions

The Company constantly strives to offer its Customers the best exchange rate possible. To do this the Company relies on sources of aggregate information from third parties and caters liquidity on Foreign Exchange (Forex market), using different counterparties. The Company does not charge any fees for the currency-exchange transaction nor to receive or make payments, but gains from the "spread" or the difference between the price offered to the Customer and the price obtained on the Forex market. The Company specifies the currency-exchange rate offered to the Customer at the time of the Customer's request via the online form. The customer receives an e-mail confirmation immediately after submitting the application form. The currency-exchange rate thus confirmed will be fixed and agreed upon between the Company and the Customer (hereinafter "Locked rate") until the end of the next banking day with respect to the date the currency-exchange request is received. Reference will be made to the date and time of the currency-exchange request forwarded to the Company by the Customer. The Company will convert the funds received from the Customer into the correspondent amount and currency, at the agreed currency-exchange rate, if and only if the funds sent by the Customer will be credited into the Company’s bank account within the end of the following banking day with respect to the date of the currency exchange request. In case the funds that the Customer wishes to exchange will be credited into the Company’s bank account after the previously specified deadline, the Locked Rate will no longer apply and the Company will proceed to the currency-exchange request using the currency-exchange rate available on the the website www.cambiavalute.ch at the moment of the currency-exchange operation execution. Each customer can have a single exchange transaction in progress/pending simultaneously. The Company does not accept any new currency-exchange request from the same Customer before the previous transaction has been completed or cancelled.


11) Exchange rate fluctuations

Within the time between the Client's exchange request and the arrival of the payment to the account of the Company, the Company applies a maximum exchange rate variation limit of 3% (hereafter the "Limit"). If the exchange rate variation exceeds the limit, the locked rate will not be applied, and the customer will be given with the opportunity to cancel the transaction or to proceed with the change at the exchange rate proposed on the Company's web site home page. The limit is applied both in the case of am exchange rate change in favour of the Customer and in the event of an unfavourable exchange rate change for the Customer.


12) Limitations

Limits applied to each exchange transaction: Minimum: 100 CHF or equivalent; Maximum: CHF 5,000 or equivalent; The minimum and maximum limits allowed for each currency exchange operation may vary depending on market conditions or current regulations and laws.


13) Fees for insertion of incorrect and/or incomplete data

In the event the Customer provides the Company with false, incorrect or incomplete data; he or she will refuse to provide information demanded by the Company in relation to the Customer personal identification or on the origin of the money, the Company will cancel the currency exchange order and the subsequent transaction. In case that the Customer has already sent money to the Company's bank account, such amount of money will then be returned to the sending account minus a fee of 10 CHF due to cancellation and administrative expenses.


14) Limitation of liability for incorrect data entry

The Company is not responsible for losses or commissions incurred by the Customer in the case of incorrect data entry in the exchange request form. (Beneficiary, Address, IBAN Codes, BIC, Base Account Currency, etc.).


15) Customer's duties

In the unlikely event of an error in the payment sent or received, the Customer must immediately notify the Company. In the unlikely event that, by mistake, the Customer receives an amount higher than the expected amount, he undertakes to immediately return any surplus. The Customer undertakes not to use the Services for any illegal activity and the Company reserves the right to investigate any suspicious activity also in response to any complaints or violations reported. The Company reserves the right to report suspicious activities to the competent Authorities (see Disclaimer).


16) Right of Termination

Kindly be informed that every currency-exchange request automatically expires at the end of the following banking day with respect to the date the currency-exchange request is received by the Company. By sending the bank transfer, the Customer declares to expressly accept the exchange rate proposed in the transaction and specified in the confirmation emails. Withdrawal is no longer allowed from the time the Company receives the Customer's bank transfer. If the Customer's withdrawal or cancellation request from any change operations is received by the Company after the receipt of the bank transfer, the Company reserves the right to charge the Client a commission of CHF 5 or equivalent. This fee will be deducted from the amount received from the Company. The Company will execute the exchange orders received by the same customer in chronological order. No request for withdrawal will be allowed if this is aimed at cancelling exchange orders in which the proposed rate is worse than the one set in a subsequent order.


17) Professional liability insurance

The Company holds a professional liability insurance policy. The insurance covers in particular the patrimonial risks deriving from the company activity. The Customer declares to be aware of the fact that the company's insurance does not cover any financial losses suffered by the client due to the exchange rate change.


18) Warnings

By using the service, the Customer agrees to be contacted by the company via e-mail, telephone or paper mail for communications relating to the currency exchange transaction, ascertaining the Client's identity, the origin of the funds and for communications regarding the activity of CambiaValute.ch (see Privacy Policy).


19) Complaints

The Company constantly strives to provide the highest standards for the currency exchange service. For suggestions and complaints please contact us at contatto@cambiavalute.ch or by mail to ELP SA, Corso San Gottardo 34 – CH, 6830, Chiasso.


20) Privacy

The privacy protection is very important for the Company. The Company does not disclose Customers' personal data nor Customers' transactions data to third parties, except in cases where the reigning law requires the Company to do so as specified in the Privacy Policy document. Information between the browser and the website www.cambiavalute.ch is transmitted in encrypted form using Secure Socket Layer (SSL). When transmitting sensitive information, always make sure that the browser has to validate the cambiavalute.ch certificate.


21) Law and Jurisdiction

The parties expressly declare that this contract will be subject to Swiss law. For all cases not covered by this agreement, Swiss law will be applied. Place of performance, place of execution for all customers, including those residing abroad and exclusive court for all disputes arising from this contract and the related declarations is Lugano, Switzerland.