© 2019 PECUTUS 

FREQUENTLY ASKED QUESTIONS

Why is cash still needed?

Despite the prevalence of digital payment, the use of cash still makes sense for traveling to an unfamiliar and foreign destination. Cash is universally accepted and Europeans still love paying cash as according to the ECB Study 2017. In Asian countries like Japan, Thailand, Singapore, Korea, Taiwan and Philippines, most street vendors still only take cash, and some small stores don’t take cards at all or may give you a discount if you pay in cash. As such, the safest way to travel overseas is perhaps a combination of both cash and digital.

Why are your rates so good?

With Ready - a new way to manage travellers' currency needs, we simply help to swap your currency with other travellers who want yours through bidding. So we can bring you the best rates with thin margin at a "friend's rate". Since we leverage unmanned technology to automate the exchange process, we are able to pass on the cost savings to you. There are no traditional middlemen and no hidden fees, and so you get cheaper rates and more to spend.

What currencies do you accept?

Ready is able to accept up to 80 currencies in different denominations. But in phase one, Ready is configured to accept the following 10 currencies namely JPY, THB, SGD, MYR, IDR, USD, EUR,GBP, CAD and AUD, and dispense 2 currencies including JPY and USD.

Are there any maximum transaction amount?

There are no maximum amount that we accept for swapping. For high value transactions we may request some extra information from you in order to comply with the KYC and AML regulatory requirements.

Do you accept both banknotes and coins?

We primarily swap banknotes in multi-currencies in the first phase of launch but plan to support coins in future.

How long does it take for my bid to complete?

Normally it takes 2 days to complete the bid process but we will keep you posted about the progress through the Ready App notifications.

Where do I recycle or collect the cash for my swap?

Please check out the list of the Ready Kiosk locations. You may recycle or collect the cash in respective currency similar to the ATM-like operation. If you are the premium members, you have a privilege to select home delivery option.

Where are the Ready Kiosks located?

Here is the list of Ready Kiosk locations (to be updated).

How safe is my money transaction for the swap?

If you return home with leftover currency, we provide you with a safe way to your money into our platform. This alleviate your trouble of placing your leftover currency idle at home. If you are on an outbound trip, making the bidding transaction is no different than paying in advance for buying goods in online store.

Why do you require my identification details?

We need to identify and verify all customers to ensure the KYC requirements and that all orders are legitimate. Most importantly, we want to ensure all your transactions are secure.

What are your opening hours?

Ready is open for 24x7 service round the clock. Based on the unmanned platform, users can access the money transaction service at their own pace with privacy. This is the convenience that we strive to bring to our customers.

Do you have a physical presence?

We are an Incu-Tech company of HKSTP in Hong Kong Science Park, located at Unit G08B, G/F, Enterprise Place, No.5 Science Park West Avenue, Hong Kong Science Park, Shatin, N.T., Hong Kong.

Pecutus Terms and Conditions

These Terms and Conditions apply to the services provided by, and the money service operation of, Pecutus Technologies Limited (“Pecutus”, “we” or “us”) only. We are a regulated money service operator under license no. 17-12-02260, granted by The Customs And Excise Department, Hong Kong. We are regulated under the Anti-Money Laundering And Counter-Terrorist Financing (Financial Institutions) Ordinance, Chapter 615, Law of Hong Kong.

The services including: ​www.pecutus.com​, ​www.readytravel.io​ (“the Website”) and the ReadyTravel Suite product line (, “ReadyTravel App” (the App), the “ReadyKiosk” (the Kiosk)), are operated and owned by Pecutus Technologies Limited, located at Unit G08B, Enterprise Place, No. 5 West Science Park Avenue, Sha Tin, Hong Kong, and the MSO license correspondence address is located at Unit 712B, 7th Floor, New East Ocean Centre, 9 Science Museum Road, Tsim Sha Tsui East, Hong Kong.

Please read these Terms and Conditions carefully before you (“the client”) register for a ReadyTravel Membership. These Terms and Conditions form the agreement for your Account and explain how we provide our services to you. These Terms and Conditions are written without complex legal implications but as an agreement and guidelines of the service we provide and your corresponding customer responsibility. This agreement applies to all our services made available to you on the Website, the App and the Kiosk. By accessing the Website, the App, the Kiosk, by registering with us, or by using our services, you acknowledge and agree to have read, understood and agreed to these Terms and Conditions set out below (including the Privacy Policy). ​If you do not agree to any of the Terms, do not use the Services.​ If there is anything you do not understand or agree with, please contact Pecutus Customer Service ​hello@pecutus.com​.

By entering an agreement with us, you agree that:

a) You are 18 years of age or older.
b) All information supplied to us during and after the registration process is accurate, complete, true and current.
c) You will not commit any activity that is considered fraudulent, criminal or unlawful with our services.
d) You agree with the rest of the Terms and Conditions as outlined here.

These Terms and Conditions are written and available in English and we undertake to communicate with you in English regarding any aspect of the Services to be provided by us. The English version shall prevail if there is any discrepancy between different language versions, the other translations are provided solely for your ease of understanding.

We reserve the right to change or modify any of the Terms and Conditions at any time and at our sole discretion​ and you can find the most current version on the Website, the App.

By the continued use of our services you will be bound by revised or further terms and conditions. We recommend you print a copy of these Terms of Service for future reference and check for updated version every time you use our service.

Our Service

ReadyTravel Suite is powered by Pecutus Technologies Limited. Currency Swapping only takes place on the ReadyApp (“the App”) platform. Users, who are fully registered and verified with personal identification documents, can swap the currency they loaded within the App at the guarantee net rate, determined and provided by Pecutus. There is also the reference rate, using the average respective currency rate from various banks, provided by the JETCO APIX platform, under the Open API standard by the Hong Kong Monetary Authority, for your comparison of rates. ReadyKiosk is the interactive collection kiosk complementary to ReadyApp. They are physical fulfillment channels for cash processing and they are not platform for direct exchange unless located within premises of hotels, or specific premises with corresponding license. ReadyKiosk offers the physical loading and withdrawal of cash; ReadyApp offers the handling of loaded values. Below are the separate Terms and Conditions in correspondence specifically to the ReadyKiosk and the ReadyApp

ReadyKiosk Terms and Conditions

  1. 1)  ReadyKiosk is operated by Pecutus Technologies Limited, with registered HK Money Service Operator license no. 17-12-02260, correspondence address: UNIT 712B, 7/F, NEW EAST OCEAN CENTER, 9 SCIENCE MUSEUM RD, TSIM SHA TSUI, KOWLOON.

  2. 2)  ReadyKiosk is a collection kiosk complementary to ReadyTravel App (the App). Users must register a unique account to the phone number, and are verified with personal identification documents with ReadyTravel App before using ReadyKiosk;

  3. 3)  ReadyKiosk is configured to accept the following 11 currencies at this phase. Namely: HKD, JPY, USD, THB, SGD, MYR, IDR, EUR, GBP, CAD, AUD;

  4. 4)  A maximum of 20 currency notes are accepted and processed at each operation;

  5. 5)  The limit for any one time operation is HKD$8,000 equivalent. Currencies exceeding this

    limit will not be accepted;

  6. 6)  Inserted currencies will be lined up for swapping at the Guaranteed Net Rate, processed

    by ReadyTravel App;

  7. 7)  Inserted currencies and their value will not be instantly available for withdrawal because

    swapping procedure will take two days to process in the ReadyTravel App;

  1. 8)  Daily Guaranteed Net Rate for swapping is provided by Pecutus, and the general reference rate is provided by the JETCO APIX platform, under the Open API standard by the Hong Kong Monetary Authority, for comparison purpose;

  2. 9)  The above mentioned 11 currencies can be swapped within the App, but can only be redeemed or withdrawn in 3 types of currencies cash: HKD, JPY & USD, ONLY at denominations of HKD100, JPY10000, USD100, through ReadyKiosk;

  3. 10)  ReadyKiosk will not accept currencies in bad physical conditions or currencies that are not configured to accept;

  4. 11)  Pecutus is not responsible for forgotten currencies or receipts;

  5. 12)  You must check all money before leaving the ReadyKiosk. Pecutus is not responsible for

    compensating for any shortfall if you fail to notify us of such shortfall immediately after the transaction is completed. You must provide any evidence or information that Pecutus may reasonably require for the purpose of investigating your shortfall claim;

  6. 13)  Where ReadyKiosk makes an error and has resulted in you receiving an excess of currencies value, you must promptly report and return the excess amount to Pecutus office (G08B, Enterprise Place, 5W Science Park Avenue, HKSTP);

  7. 14)  If Pecutus determines that the currencies cash received from you includes counterfeit cash or outmoded cash, you must reimburse Pecutus for the total amount that Pecutus has paid you in respect of counterfeit cash or outmoded cash;

  8. 15)  Any suspicious interaction or behaviour that could be involved in the commission of a public offence, included but not limited to the use of counterfeit money, Money Laundering & Terrorist Financing, will be reported to the relevant regulation body.

  9. 16)  Pecutus reserves the right to commence legal proceedings against you if you fail to comply with clauses 13),14) &15) above.

  10. 17)  PECUTUS TECHNOLOGIES LIMITED reserves the rights of final decision the interpretation of these Terms and Conditions.

APP Terms & Conditions

  1. 18)  ReadyTravel App is operated by Pecutus Technologies Limited, with registered HK

    Money Service Operator license no. 17-12-02260, correspondence address: UNIT 712B, 7/F, NEW EAST OCEAN CENTER, 9 SCIENCE MUSEUM RD, TSIM SHA TSUI, KOWLOON.

  2. 19)  Pecutus accepts no responsibility for your failure to comply with any country’s or territory’s currency controls;

  3. 20)  HKD, JPY, USD, THB, SGD, MYR, IDR, EUR, GBP, CAD, AUD; the aforementioned 11 currencies can be swapped within the App, but can only be redeemed or withdrawn in 3 types of currencies cash: HKD, JPY & USD, ONLY at denominations of HKD100, JPY10000, USD100, through ReadyKiosk;

  4. 21)  Where ReadyApp makes an error and has resulted in you receiving an excess of currencies value, you must promptly report the excess amount to Pecutus office (G08B, Enterprise Place, 5W Science Park Avenue, HKSTP), and shall not redeem the error-resulted value via any means;

  1. 22)  Any suspicious interaction or behaviour that could be involved in the commission of a public offence will be reported to the relevant regulation body.

  2. 23)  Pecutus reserves the right to commence legal proceedings against you if you fail to comply with clauses 21) and 22) above.

  3. 24)  PECUTUS TECHNOLOGIES LIMITED reserves the rights of final decision the interpretation of these Terms and Conditions.

User Registration

You must register with us as a member in order to use our service. Our registration procedure consists of a Customer Due Diligence (CDD) protocol, to identify you as a natural person, we ask for your copy of photo ID (full name, date of birth, nationality and unique identification number) upfront, and also the address proof (utility bills or bank statement) in order to proceed to full functionality across our platform after being verified.

Upon successful registration, you will be logged-in. You agree to keep your log-in details confidential and there will be no person purporting to act (PPTA) on your behalf as Pecutus does not permit such behaviour. Any violation will lead to termination of account usage.

Anti-Money Laundering & Counter-Terrorist

Financing

Pecutus and ReadyTravel are operated and regulated under section 7 of the Anti-Money Laundering and Counter-Terrorist Financing Ordinance, Cap. 615 (AMLO). We are complied with the statutory requirements under the AMLO and taking all possible actions to mitigate AML and CTF risks.
The term “money laundering” (ML) is defined in section 1 of Part 1 of Schedule 1 to the AMLO and means an act intended to have the effect of making any property:
(a) that is the proceeds obtained from the commission of an indictable offence under the laws of Hong Kong, or of any conduct which if it had occurred in Hong Kong would constitute an indictable offence under the laws of Hong Kong; or
(b) that in whole or in part, directly or indirectly, represents such proceeds, not to appear to be or so represent such proceeds.

There are three common stages in the laundering of money, and they frequently involve numerous transactions. An MSO should be alert to any such sign for potential criminal activities. These stages are:
(a) Placement - the physical disposal of cash proceeds derived from illegal activities;

(b) Layering - separating illicit proceeds from their source by creating complex layers of financial transactions designed to disguise the source of the money, subvert the audit trail and provide anonymity; and
(c) Integration - creating the impression of apparent legitimacy to criminally derived wealth. In situations where the layering process succeeds, integration schemes effectively return the laundered proceeds back into the general financial system and the proceeds appear to be the result of, or connected to, legitimate business activities.

Pecutus uses the risk-based approach and undertake AML/CFT systems. As a MSO we also implement the followings:
(a) compliance management arrangements(appointment of Compliance Officer (CO) and Money Laundering Reporting Officer (MLRO);
(b) an independent audit function;
(c) employee screening procedures; and
(d) an ongoing employee training programme.

In our AI algorithms, it is also programmed to record the following transaction characteristics: (a) the nature and type of transactions (e.g. abnormal size or frequency);
(b) the nature of a series of transactions (e.g. structuring a single transaction in to a number of cash recycling);

(c) the customer’s normal account activity or turnover.
Which will flag up the management and triggers documentation and possibly reporting at suspicious events.

We keep encrypted records and relevant information of our customers from CDD for risk assessments, and for as long as the user exists. These data are only accessible by our appointed data officer and will only be demonstrated to CCE and other government bodies when they are requested for audit and investigation.

Governing Law and Jurisdiction

These Terms and Conditions are governed by and construed in accordance with the laws of the Hong Kong Special Administrative Region and the parties submit to the jurisdiction of the courts of the Hong Kong Special Administrative Region.

Contact Us

Please contact us at hello@pecutus.com for any questions or comments regarding these Terms of Services and also our services in general.

Pecutus Privacy Policy

Overall terms

We will use and protect your Personal Data in compliance with the Personal Data (Privacy) Ordinance, Cap. 486 ("the Ordinance"), guidelines issued by PCPD (the Privacy Commissioner for Personal Data), following the Six Data Protection Principles.

Personal Data

  • ❏  In this Notice, “Personal Data” means any data which the Company has, or may have access to, upon which can be used to identify a person, whether or not the relevant data is correct. The data are kept secure and only made accessible by Pecutus.

  • ❏  When you visit, register or use services from the Website, App or kiosks, we may collect and process the following personal information:

  • ❏  Information that you provide by filling in forms the App at the time of registering to use the App and kiosk, subscribing to our service, posting material from any social network or online account or requesting further services. This includes name, telephone number, email address, residential address, date of birth, nationality, identification details (e.g. passport numbers, ID numbers, photocopies of personal identification documents) and details of proposed currency swaps, and fulfillment requests. We may also ask you for information when you enter offline activities sponsored or hosted by us, and when you report a problem with us.

  • ❏  We may keep a record of that correspondence when you contact us for an enquiry or complain.

  • ❏  We may also ask you to complete surveys that we use for research purposes, although you do

    not have to respond to them.

  • ❏  Details of your account and activities with us, through our App, kiosks or other fulfilment

    methods.

  • ❏  Details of your visits to our App and kiosk –information about your computer, mobile device or

    other item of hardware through which you access and use the Website (including without limitation your IP address, geographical location, browser/platform type and version, internet service provider, operating system, referral source/exit pages, length of visit/usage, page views and any search terms you use).

Collecting Personal Data

❏ In order to process, administer and/ or manage your relationship and/ or account with us, it may be necessary for us to collect, use, disclose and/ or process your Personal Data or other personal information. These may include those listed in our products or services application form(s), which may have been submitted via e-mail, website, mobile application or any other method.

Purposes for the Collection, Use, and Disclosure of Your Personal Data
We will use your personal data for the following purposes: -

  • ❏  Identification and verification: verification of your identity; handling requests of access, correction, enquiries, erasure of personal data and complaints in relation to the Website;

  • ❏  Provision of Services: operating, maintaining and providing our Website services; confirming instruction from you; communication between you and the Company in respect of the App and kiosk services by Pecutus to you;

  • ❏  User Account and Activity Handling: registration as an User; selecting and presenting services, information, privileges and offers that matches your needs or to create personalised contents etc;

  • ❏  Notification: notifying you of changes that Pecutus has made or plans to make to the Website, the App or the kiosks;

  • ❏  Compliance: assisting our obligations on anti-money laundering and counter-terrorist financing;

  • ❏  Improvement of the services: requesting your feedback or comments regarding the Website, the

    App or the kiosks;

  • ❏  Protecting the Company: protecting and defending our Company’s rights, properties,

    employees, directors, shareholders, consultants and customers;

  • ❏  Direct Promotion and Marketing: Only after obtaining your consent, can the Company use your

    personal data for marketing or contact you from time to time to share promotional or marketing

    information in respect of the service of the Company;

  • ❏  Statistics: carry out statistics and data analysis, measure the effectiveness of advertisements

    and web searches and consumer’s preference, such analysis will contain only anonymous data

    for our reference as well as improving our service quality and the quality service; and

  • ❏  Security: for fraud and hacking prevention so as to impose related restrictions and account bans

    to violators, who might be involved in fraudulent and unlawful activities.

Withdrawal of Consent

  • ❏  You may communicate your objection to our use and/or disclosure of your Personal Information for any of the Purposes as stated in this Notice at any time by contacting our Data Protection Officer through ​hello@pecutus.com​, email subject: Personal Data Consent Withdrawal.

  • ❏  However, please take note that depending on the nature and specifics of your objection, we may not be able to continue to provide our products or services to you or perform on any contract we have with you.

    Disclosure of Personal Data

    We will take reasonable steps to protect your Personal Data against unauthorised disclosure. To the extent permitted by law, we may transfer or disclose your Personal Data for the Purposes stated in this Notice, to the following entities or parties:

  • ❏  Pecutus Technologies Limited’s related companies;

  • ❏  Agents, contractors or third party service providers who provide operational services to You

    Technologies, such as courier services, telecommunications, information technology, payment, payroll, processing, training, market research, storage, archival, customer support investigation services or other services to You Technologies;

  • ❏  Vendors or other third party service providers, including but not limited to advertisers and event management companies, in connection with promotions and services offered by You Technologies;

  • ❏  Professional advisors and external auditors, including legal advisors, financial advisors and consultants;

  • ❏  Co-branded and other business partners; and/or

  • ❏  Any other party to whom you authorise us to disclose your Personal Data to.

    Retention of Personal Data

  • ❏  We will retain all your personal data for so long as is necessary for the fulfilment of the purpose(s) for which they were collected and of the legal requirements, for at least 5 years.

  • ❏  If you desire to erase your personal data from our electronic databases after ceasing to use our services, please contact ​hello@pecutus.com​, email subject: Personal Data Removal.

  • ❏  Our information and data are stored and maintained in our electronic database, facilities, servers and back-up servers which may be located outside your country, where the legal protection and standard of security requirements may not be equivalent to the same provided by and legally required by the applicable laws and regulations of your country.

Accuracy and Access of your Personal Data

  • ❏  In order to ensure the correctness of your personal data, you are responsible to provide accurate and relevant data in order for our services and compliance to be executed. You may receive our request of confirmation or verification. Please feel free to contact us for correction or change of personal data or opt-out from receiving future direct promotional and marketing information.

  • ❏  You have a right to request access to, and to request correction of, your personal data in relation to your application. If you wish to exercise these rights, please contact hello@pecutus.com​, email subject: Personal Data Enquiry. In the event that you wish to access or amend your Personal Data, the Company may request you to provide personal details in order to verify and confirm your identity. Your HKID card number or passport number cannot be amended unless such data is proved to be inaccurate.

    Acknowledgement and Consent

    By providing your personal information to us, or using our website, or signing up for or accessing products or services we offer during any of our interactions, either directly with us or through our agents and/ or partners, you are consenting to the following:

  • ❏  The Company may collect, use, disclose and/or process your Personal Data for the Purposes as described above;

  • ❏  The Company may collect Personal Data about you from sources other than yourself and use, disclose and/ or process the same for one or more of the Purposes as described above; and

  • ❏  The Company may disclose your Personal Data to our third party service providers or agents

    (including its lawyers / law firms) for the Purposes as described above.

    Research

    ❏ For research or statistical purposes, we may use or disclose to others anonymised or aggregated data.

    Use of Cookies

    Cookies are small files that are automatically stored on your web browser in your computer that can be retrieved by the Website. Cookies may be used to remember you and your preferences when you visit the Website and enable us to tailor the Website to your needs. The information collected by Cookies is anonymous visitor’s personalized settings information and contains no name or address information or any information that will enable anyone to contact you via telephone, email or any other means. We will not collect any personal data from you when the cookies are being used. We or third-party vendors engaged by us may use cookies to inform and optimize the Website and to provide marketing materials to you based on your past activities. We generally use such automatically collected information and data to estimate the audience size of the Website, to gauge the popularity of various parts of the Website, to track the entries into promotional activities and special events, to measure traffic patterns and to otherwise perform administrative functions. You can disable cookies by changing the settings of your web browser. Cookies cannot be used to run programs or deliver viruses to your computer and/or device.