Exchange Rate Information and Disclaimers

TOPIC

When supplying currency-related data it is important to try to provide accurate information on how the system works and to set clear limits on scope and liability.

DISCUSSION

Like all information and software on your website, exchange rate data has the potential to affect, to different degrees, your visitors, customers and users. Just as you tried to get the best hardware, software and internet connection, we recommend to complete your effort by making sure your public understands what you are providing, what can be done with it, and to what degree you and your suppliers can (or cannot) be held responsible. The requirement for appropriate factual and legal information also applies in relation to any currency-related data and results which may be publish on your website (or intranet, database, etc.)

If you are running an e-commerce site, or another type of online business where credit card charges are involved, please consider that whenever your customers are charged in a currency which is different from the currency of their card account, the card company and/or the bank may add a few percentage points of exchange commission. This should always be a consideration, even if your site only works with US dollars (or any other single currency). Of course your clients are supposed to already know this, because it's written in the contract and conditions they received from their card issuing organization, but you still may want to mention it if you have a place on your site dealing with these aspects. In any case, you should make sure that it is clear in what currency the card will be charged. For example, you may want to use wording such as "Approximate price in", "Approximate equivalent", "Your card will be charged in Currency XYZ" on the page where approval for the charge is requested.

Consider euro rounding and triangulation regulations, if applicable: when converting to and from the euro and its national currencies (sub-units, e.g. mark, franc, etc.), unless you know exactly what you are doing, do not use the rates provided by the software for a simple multiplication or division, but also let the software (e.g. Cloanto Currency Server) do the conversion, to ensure that the triangulation and rounding procedures specified by the European Union Council Regulation 1103/97 are followed. During the euro transition phase also consider local consumer protection regulations before increasing the granularity of rounding (e.g. to the next full euro rather than to the next cent).

On the legal side, make sure that the legal notices (disclaimers, no warranties, limitation of liability, indemnification, etc.) which apply to your system implicitly or explicitly cover the currency-related information which you will be providing. As a minimum, you should consider the currency-related terms and limitations set by the provider of the data which you will be using, which you should be able to find on the respective website.

You may want to consider a combination of short notices in the context in which currency information is provided, and more extended information on a dedicated section. For example:

• "Click here for important additional information"
• "Currency exchange rates are based on various public sources, are provided for information purposes only, and are not verified as accurate. Actual rates from your local bank, credit card company or other institution may vary. Important additional information."
• "Data and information is provided for informational purposes only, and is not intended for trading purposes. Neither Fantasy ABC Limited nor any of its data or content providers shall be liable for any errors or delays in the content, or for any actions taken in reliance thereon. By accessing the Fantasy ABC site you agree not to redistribute the information found therein."
• "This site makes use of currency exchange rate information provided by publicly accessible sources. Fantasy XYZ Corporation makes no warranties, express or implied, regarding this information or the performance of this site. Fantasy XYZ Corporation shall not be liable for any losses or damages incurred in connection with this site."

Examples of more extended information:

• No warranties: THE ITEMS ON THIS WEBSITE ARE PROVIDED "AS IS", WITHOUT WARRANTY OF ANY KIND, EITHER EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, AND NON-INFRINGEMENT. Some states or jurisdictions do not allow the exclusion of implied warranties, so the above limitations may not apply to you.
• Limitation of liability: TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, IN NO EVENT SHALL CLOANTO OR ITS SUPPLIERS OR ANY OTHER PARTY INVOLVED IN THE CREATION, PRODUCTION OR DELIVERY OF THE ITEMS PROVIDED ON THIS WEBSITE BE LIABLE FOR ANY DIRECT, INDIRECT, SPECIAL, CONSEQUENTIAL OR INCIDENTAL DAMAGES, INCLUDING WITHOUT LIMITATION DAMAGES FOR LOSS OF PROFITS, LOSS OF USE, LOSS OF ANTICIPATED COSTS, EXPENSES OR DAMAGES, AND ANY DATA OR INFORMATION WHICH MAY BE LOST OR RENDERED INACCURATE, ARISING OUT OF THE USE OF THIS WEBSITE OR ANY OTHER LINKED WEBSITE, EVEN IF CLOANTO HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. Some states or jurisdictions do not allow the exclusion or limitation of liability for consequential or incidental damages, so the above limitations may not apply to you.
• Indemnification: You are bound by the terms of use agreement to accept all liability and indemnify us completely regarding any use you decide to make of any information from any of our services.
• Service charges: To obtain actual retail exchange rates, contact your local financial institution, bank, currency exchange, or cambio. Be advised that their rates will differ from ours - sometimes significantly - and that the value of the currency transaction will, explicitly or implicitly, include their service charges.
• Fantasy XYZ Corporation makes no claims concerning the validity or exactness of the information provided through its online service, and will not be held liable for any use, interpretation, or other implementation of said information. Fantasy XYZ Corporation makes no warranties, express or implied, as to results to be obtained from use of such information, and make no express or implied warranties of condition, quality, performance, merchantability or fitness for a particular purpose or use. Neither Fantasy XYZ Corporation nor any of its providers of information shall have any liability to the User or anyone else for the accuracy of the information contained in the online service, or for omissions therein. None of the foregoing parties shall be liable for any third party claims or losses of any nature, including, but not limited to, lost profits, punitive, consequential, special, incidental, indirect or similar damages even if advised of the possibility of such damages.
• Currency rates are based on various publicly available sources and should be used as guidelines only. Rates are not verified as accurate, and actual rates may vary. Currency quotes are not updated every day. Check the date on the Currency Conversion Page for the day that currency was last updated. The information supplied by this application is believed to be accurate, but Fantasy ABC Limited and/or its suppliers do not warrant or guarantee such accuracy. When using this information for any financial purpose, Fantasy ABC Limited advises the customer to consult a qualified professional to verify the accuracy of the currency rates. Fantasy ABC Limited and/or its suppliers do not authorize the use of this information for any purpose other than personal use and prohibit to the maximum extent allowable the resale, redistribution, and use of this information for commercial purposes.

Related Links

• Foreign Exchange Markets and Terminology
• From Exchange Rates to Actual Charges
• Considerations on Exchange Rate Data Providers
• The Euro

Note: Nothing in this document or anywhere else on this website should be regarded as legal counsel. If you require legal or other expert assistance, you should consult a professional advisor. For additional information please click the Notes link at the end of each page.