NOTE: E-money issuing changes related to UK clients will be in force from May 6th 2024.
GENERAL TERMS AND CONDITIONS
This UAB "deVere E-Money" General Terms and Conditions for legal persons
(hereinafter referred to as Contract) constitutes the business conditions of the
Company UAB "deVere E-Money", Company code 304469514, with a registered office at
J. Balčikonio g. 9, LT-08247, Vilnius, Lithuania (hereinafter referred to as the
Company), registered in the Register of Legal Entities of the Republic of
Lithuania, drawn up in accordance with Lithuanian law.
The Company is issued with the electronic money institution license by the Bank of
Lithuania, authorization code is LB000403, license number is 9, dated 2017-03-02.
The Company is supervised by the Bank of Lithuania located at Gedimino pr. 6,
LT-01103, Vilnius, Lithuania. More information about the Bank of Lithuania is
detailed by this link
www.lb.lt. Data about the
Company is collected and stored at the Register of Legal Entities of the Republic
of Lithuania.
Definitions
The following definitions when used in this Contract or any document referred to
herein shall have the following meaning:
-
Account
means the electronic money and payment account the Customer has opened or is
about to open with the Company;
-
API means a publicly available technical interface for the
interconnection of account servicing payment service providers, payment
initiation service providers, account information service providers, other
payment service providers, payers and payees, drawn up in accordance with a
delegated act adopted by the European Commission, as referred to in the article
98 part 1 point d of the Directive (EU) No. 2015/2366;
-
Authentication means a procedure which allows the Company to verify the
identity of a payment service user or the validity of the use of a specific
Payment instrument, including the use of the user's personalised security
credentials;
-
Business Day means a day established by the Company on which the Company
participating in the execution of a payment transaction, carries out activities
necessary for such payment transaction. The Company may establish different
Business Days for the provision of different services and/or for the execution
of different payment transactions. Unless the Contract or its annexes
establishes otherwise, a Business Day of the Company means a day, other than
Saturday or Sunday, or other national holiday day, set forth by the legal acts
of the Republic of Lithuania;
-
Confidential Information means any information which is marked as
“Confidential” or “Proprietary” or should be reasonably expected to be
confidential having regard to the context of disclosure or the nature of the
information; including, without prejudice to the generality of the foregoing,
business plans, data, strategies, methods, customer and Customer lists,
technical specifications, transaction data and customer data shall be deemed
confidential;
- Contract means this framework contract and its annexes, if any;
-
Customer means a legal person who uses or has requested to use the
services provided by the Company as the payer and/or the payee;
-
Customer's Account means the Customer's profile in the Company's system;
-
Commission fee means a fee (charge) applied by the Company for the
payment transaction and/or related payment services, services linked to the
Account or which is related to these services;
-
Durable medium means any instrument which enables the Customer to store
information addressed personally to that Customer in a way accessible for future
reference for a period of time adequate to the purposes of the information and
which allows the unchanged reproduction of the information stored;
-
Electronic money (e-money) means electronically, including magnetically,
stored monetary value as represented by a claim on the e-money issuer which is
issued on receipt of funds for the purpose of making payment transactions as
defined in point 5 of Article 4 of Directive 2007/64/EC, and which is accepted
by a natural or legal person other than the Company;
-
E-money Issuer means an officially licensed entity that issues electronic
money: for non-UK customers e-money are issued by deVere E-Money, UAB who is
authorised by the Bank of Lithuania (License Number 9) to conduct electronic
money service activities; for UK customers e-money are issued by Moorwand Ltd. -
a company incorporated and registered in England & Wales under registration No.
8491211 with a registered office at Irongate House, 30 Dukes Place, London, EC3A
7LP, United Kingdom. Moorwand Ltd is authorised by the Financial Conduct
Authority under the Electronic Money Regulations 2011 (Register ref: 900709) for
the issuing of electronic money and payment instruments.
- Foreign country means a country other than a member state;
-
Funds means banknotes and coins, scriptural money or electronic money;
-
Member State means a Member State of the European Union, of the European
Economic Area, as well as Monaco, San Marino and Switzerland;
-
Payment order means any instruction (payment request) by the payer or
payee to his payment service provider requesting the execution of a payment
transaction;
-
Payment service user means a natural or legal person making use of a
payment service in the capacity of Payer, Payee, or both;
-
Payment service provider means (i) a bank or a branch of a foreign bank;
(ii) a payment institution or electronic money institution established under the
legal acts, or a branch of a payment institution or electronic money
institution; (iii) other similar financial institution providing payment
services;
-
Payment transaction means depositing, transfer or withdrawal of funds
initiated by or on behalf of the payer or by the payee irrespective of the
obligations of the payer and the payee on which the transaction is based;
- Party means the Company or the Customer;
-
Payment instrument means any personalized device and/or certain
procedures agreed between the Customer and the Company and used by the Customer
for the initiation of a Payment order;
-
Payer means a natural or legal person who holds a payment account and
allows a Payment order from that payment account, or, where there is no payment
account, a natural or legal person who gives a Payment order;
-
Payee means a natural or legal person who is the intended recipient of
funds which have been the subject of a Payment transaction;
-
Personalized security credentials means personalized features provided by
the payment service provider to a payment service user for the purposes of
authentication;
-
Services means the services provided by the Company under this Contract;
-
Statement means a document prepared and provided by the Company, which
includes information about Payment transactions executed during the specific
period of time;
-
Strong customer authentication measures means an authentication based on
the use of two or more elements categorized as knowledge (something only the
Customer knows), possession (something only the Customer possesses) and
inherence (something the Customer is) that are independent, in that the breach
of one does not compromise the reliability of the others, and is designed in
such a way as to protect the confidentiality of the authentication data;
-
Third party means any natural or legal person, other than the Parties;
-
Unique identifier means a combination of letters, numbers or symbols
specified to the payment service user by the payment service provider and to be
provided by the payment service user to identify unambiguously another payment
service user and/or the payment account of that other payment service user for a
payment transaction. The Unique Identifier may be the individual number by IBAN
number;
-
Website means Company's website at the address
www.devere-emoney.com.
-
Application of the contract
-
In addition to the Contract, relationships pertaining to the provision of
Services shall also be governed by laws and other legal acts of the Republic
of Lithuania, fees list and additional annexes signed by the Parties as well
as the principles of soundness, justice and fairness in the provision of
Payment services.
-
The present Contract determines the main terms and conditions applicable in
the relationships between the Customer and the Company when the Customer
registers in the Company's system, opens an Account and uses other Services
provided by the Company.
The Company and the Customer agree that the Articles 4 (1), (2) and (3),
Article 11 (1), (2) and (5), Article 29 (3), Articles 37, 39, 41, 44 and 51 of
the Law of the Republic of Lithuania on Payments (Law No. XIII-1092) will not
be applied for the Customer.
-
Services provided by the Company
-
The Company provides the following services:
-
Execution of payment transactions, including transfers of funds on a
payment account with the user's payment service provider or with another
payment service provider:
-
execution of payment transactions through a payment card or a
similar device;
- execution of credit transfers, including standing orders.
-
Issuing of payment instruments and/or acquiring of payment transactions.
-
Account opening and customer's identification
-
The Customer must first submit the application of registering and opening
the Customer's Account at the Company, complete the Customer's questionnaire
and upload all requested documents:
-
The Customer shall provide including, but not limited to the following
information and documents to the Company - business license or the extract
from the public registers of the relevant authority about the Customer as
legal entity, which shall indicate at least the basic information about
Customer - registered name, registered location, registration number, tax
registry number, power of attorney which shows that the legal representative
of the legal entity is enable to concluded this Contract with the Company,
the filled Customer's questionnaire, other information or documents, which
the Company may request based on the individual circumstances and which
would allow the Company to verify the Customer's identity.
-
The Customer is informed and agrees that the Company has the right to
require the Customer to provide the original documents and/or the copies
of documents approved by a notary or another person authorized by the
particular state.
-
In specific cases in order to ensure the Customer identification or to
perform other necessary duties, the Company has the right to demand the
Customer to complete specific procedure (e.g. WeChat, Skype and/ or Viber
video call) indicated by the Company.
-
The Customer confirms that all the data provided during the registration
process is correct and up-to-date. During the ongoing business relationship,
if there are any changes in the provided data, the Customer is obligated to
provide updated information as soon as possible, but not later than 5 (five)
Business Days after the changes.
-
Before registering in the Company's system, the Customer has a possibility
to get acquainted with this Contract which is available on the Company's
website
www.devere-vault.com/
in English language. After the Customer reads the current version of this
Contract, the Customer shall mark the relevant “check-box” by pressing
“yes”. In case if Customer chooses to press “no” or does not mark any
“check-box”, it means that contractual relationship is not started between
the Company and the Customer.
-
The Company has the right to refuse to register the new Customer without
indicating the reasons, however, the Company assures that the refusal to
register will always be based on significant reasons which the Company does
not have to or does not have the right to reveal.
-
Once the documents and information provided by the Customer is checked by
the Company and there is no basis which may allow to refuse to provide
Service in accordance with applicable laws, the Customer is entitled to
start to use the Services provided by the Company and the Customer's
Account.
-
The Customer is entitled to open one account unless the Company explicitly
approves the opening of additional accounts.
-
Terms of Electronic Money Issuance and Redemption
-
Money held on Customer`s Account is considered Electronic money which shall
be issued by the E-money Issuer after the Customer`s transfer or deposit
money to the Account. After a deposit performed by the Customer or money
transfer to Customer`s Account and after the Company receives the money, the
Company credits it to the Account, at the same time issuing Electronic money
at the nominal value. The Electronic money is credited to and held on the
Account.
-
The specific method of depositing or transferring funds to Customer`s
Account is selected by the Customer in the Customer's Account by choosing
particular function, which contains instructions for depositing money for
each mean of payment.
-
The E-money Issuer shall issue Electronic money at par value on the receipt
of funds from natural or legal persons.
-
The Customer is informed and acknowledges that the Electronic money held on
the Account is not a deposit and the Company does not, in any circumstances,
pay anytransfer
-
Interest for Electronic money held on Customer`s Account and does not
provide any other benefits associated with the time period the Electronic
money is stored.
-
At Customer`s request, Electronic money held on the Account shall be
redeemed at their nominal value at any time, unless otherwise agreed by the
Company and the Customer.
-
When Electronic money is requested to be redeemed before the expiry of this
Contract, the Customer may request the return of part or all of the monetary
value of the electronic money.
-
The Customer submits a request for redemption of Electronic money by
generating a Payment order to transfer Electronic money from the Account
held in the Company to any other account specified by the Customer.
-
No specific conditions for redemption of Electronic money that would differ
from the standard conditions for transfers and other Payment transactions
performed to the Customer`s Account shall be applied. The amount of redeemed
or transferred Electronic money is chosen by the Customer.
-
No additional fee for Electronic money redemption is applied. In the event
of redemption of Electronic money, the Customer pays the usual Commission
fee for a money transfer or withdrawal which depends on the method of
Electronic money transfer or withdrawal chosen by the Customer. Standard
Commission fees for money transfer or withdrawal are applied.
-
When the Customer applies for redeeming Electronic money at the expiration
of this Contract or no more than 1 (one) year from the expiration of this
Contract, all monetary value of the Electronic money held by the Customer is
redeemed.
-
Provided that the Customer terminates this Contract and submits the request
to close his / her Account and delete Customer`s Account from the Company
system, or the Company terminates the provision of the Company's Services to
Customer and deletes Customer`s Account from the Company system in cases
specified in present Contract, money held on the Account shall be
transferred to Customer`s bank account or to the account in another
electronic payment system indicated by the Customer. The Company has the
right to deduct from the repaid money the amounts that belongs to the
Company prices for Services provided by the Company and expenses which have
not been paid by the Customer, including but not limited to, damages and
default interests incurred by the Company due to a breach of this present
Contract committed by the Customer, which have been imposed by financial
institutions and (or) other competent authority of the state. In the event
of a dispute between The Company and the Customer, the Company has the right
to detain money under dispute until the dispute is resolved.
-
In case the Company fails to repay the money to the Customer due to reasons
beyond the control of the Company (for example, other account indicated by
the Customer were money shall be transferred is closed, technical problems
incurred by the payment service provider, where the Customer has another
account and etc.), the Customer shall be notified thereof immediately. The
Customer shall immediately indicate another account or provide additional
information necessary to repay the money.
-
Provision of the services
-
Authentication data and information to be provided in Payment order
-
Authentication data for accessing the Customer's Account are set by the
Customer. Authentication data shall refer to:
-
Login name and password. Login name is the combination of the number
provided to the Customer after registration process is finished and
the Company issued the confirmation that the Customer is able to use
the Services. Password - a static alphanumeric string exclusively
and personally determined by the Customer. The Company shall not
have access to the password, nor shall request it from the Customer
at any time.
-
Special code which the Customer will receive to his / he mobile
phone after initiating the Payment transaction. The Customer shall
confirm the special code received to his / her mobile by entering
the password. The Payment transaction shall not be executed without
the entering special code.
-
The maximum time without activity by the Customer after being
authenticated for accessing its Account online shall not exceed 5
minutes. After 5 minutes, the session is over and the Customer has to
login again. If the authentication data are incorrectly entered three
times, the Company shall be entitled to block these authentication data.
The Customer shall be alerted before the block is made permanent. In
case of blocking Customer's Account in accordance with incorrectly
entered authentication data, the Customer shall apply to the Company and
make the verification again. Only after the successful verification, the
Customer shall be entitled to receive new authentication data on
request.
-
Unique identifier shall be provided by the Customer in order for a
Payment order to be properly initiated or executed. The Company shall
credit the funds to and debit them from the Account according to the
Unique Identifier specified in the Payment order received by the
Company.
-
The Company is not liable if the Unique identifier is not provided in
the Payment order and / or it is incorrectly entered by the Customer.
However, the Company shall make reasonable efforts to recover the funds
involved in the Payment transaction.
-
The Customer is informed and agrees that the Company has the right to
request additional and / or other mandatory information (for example
amount and currency, Payee's name, surname / name of the legal entity /
code of the payment) which must be submitted to the Company in order
execute properly the Payment order.
-
The form of and procedure for giving consent to initiate a Payment order or
execute a Payment transaction:
-
The Payment transaction is considered to be authorized only when the
Customer expresses its consent for the execution of Payment transaction.
-
The consent shall be provided to the Company in the form and manner
agreed by the Parties. In case if the consent is provided in written, it
shall be signed properly by both Parties. The consent may be authorized
by using the authentication data - for example the security code given
to the Customer by and login details during the time of the creation of
the Account. The consent may be expressed by other form and manner
needed for the concrete Services and / or indicated in the additional
agreement between the Parties.
-
The Consent of the Customer (Payer) shall be submitted prior to the
execution of the Payment transaction.
-
In the case of a direct debit, the Customer's (Payer's) consent must be
given to the Company and in the cases established by the Company such
Consent may be given to the Payee or to the Payee's payment service
provider.
-
The Parties agree that the Customer will not be able to withdraw a
consent to initiate a Payment order after such consent is given and will
not be able to revoke a Payment order once it has been received by the
Company.
-
Moment of receipt of the Payment order, requirements applied to the Payment
order and refusal to execute the Payment order
-
The Customer shall ensure that in Customer's Account is enough funds
necessary for the execution of the Customer's instructions. If the
Customer does not have sufficient funds at the moment when the
Customer's instruction is presented, the Company has the right to refuse
to execute the Customer's instruction, unless otherwise agreed by the
Parties.
-
The Company shall process Payment orders given by the Customer without
undue delay, provided that at the moment of maturity there are enough
funds on the Account, from which the payment is to be debited.
-
In case where the Customer is the Payer, the Payment order is considered
received by the Company on the day of its reception, or, if the moment
of reception of the Payment order is not the Business day of the
Company, the Payment order is considered received on the next business
day of the Company.
-
The Payment order that was received by the Company on the Business day
of the Company, but not on business hours set by the Company, is
considered received on the next business day of the Company.
-
Funds from the Payer's Account shall not be debited before the Payment
order is received by the Company.
-
If the Customer initiating a Payment order and the Company agree that
execution of the Payment order shall start on a specific day or at the
end of a certain period or on the day on which the Payer has put funds
at the Company's disposal, the time of receipt is deemed to be the
agreed day. If the agreed day is not a Business day for the Company, the
Payment order received shall be deemed to have been received on the
following Business day.
-
Payment orders inside the system of the Company are executed immediately
(up to a few minutes, unless the Payment transaction is suspended due to
cases set forth by legal acts and this Contract), regardless of business
hours of the Company.
-
The Company has the right to record and store any Payment orders
submitted by any of the means agreed on with the Company, and to record
and store information about all Payment transactions performed by the
Customer or according to Payment orders of the Customer. Records
mentioned above may be submitted by the Company to the Customer and/or
Third party, who have the right to receive such data under the basis set
forth in the applicable laws, as evidence confirming the submission of
Payment orders and/or executed Payment transactions.
-
The Company has the right to refuse to execute a Payment order in case
of a reasonable doubt that the Payment order has been submitted by the
Customer or an authorized representative of the Customer, Payment order
or the submitted documents are legitimate. In such cases, the Company
has the right to demand from the Customer to additionally confirm the
submitted Payment order and/ or submit documents confirming the rights
of persons to manage the funds held on the Account or other documents
indicated by the Company in a way acceptable to the Company at expense
of the Customer. The Company is not liable for the losses which may
arise due to refusal to execute the submitted Payment order due to the
reason of the refusal to provide additional information or documents by
the Customer.
-
The Customer is informed and agrees that the Company has the right to
involve Third parties to partially or fully execute the Payment order of
the Customer, if the Customer's interests and/ or the essence of the
Payment order requires so. In the event that the essence of the Payment
order of the Customer requires sending and executing the Payment
transaction further by another financial institution, but this
institution suspends the Payment order, the Company is not liable for
such actions of that financial institution, but makes attempts to find
out the reasons for the suspension of the Payment order.
-
The Company has the right to suspend and / or terminate the execution of
the Payment order of the Customer, if required by applicable laws or in
case it is necessary for other reasons beyond control of the Company.
-
In case the Company has refused to execute Payment order submitted by
the Customer, the Company shall immediately, without undue delay, inform
the Customer thereon about the reasons for it and the procedure for
correcting any factual mistakes that led to the refusal, except when
such notification is technically impossible or forbidden by legal acts.
-
The Company shall not accept and execute Payment orders of the Customer
to perform operations on the Account, if funds on the Account are
arrested, the right of the Customer to manage the funds is otherwise
legally limited, or in case operations are suspended by applicable laws.
-
If money transferred by the Payment order is returned due to reasons
beyond the control of the Company (inaccurate data of the Payment order,
the account of the Payee is closed, etc.), the returned amount is
credited to the Account of the Customer. Commission fees paid by the
Payer for the Payment order execution are not returned.
-
Payment orders initiated by the Customer may be standard and urgent. The
manner of the Payment order is selected by the Customer. If the Customer
does not select the Payment order manner, it is considered that the
Customer has initiated a standard Payment order.
-
The terms of the execution of the Services
-
The time limits of the execution of Payment transactions to payment
accounts and the duration of execution of other Services are specified
in present Contract, additional agreements between the Parties or other
documents (e.g., requests, applications, questionnaires).
-
When the Payment operation shall be executed in euro in the Republic of
Lithuania or other Member States and the Customer is the Payer, the
Company ensures that the amount of the Payment operation is credited to
the account of the payment service provider of the Payee until the end
of the nearest business day, except the exceptions foreseen in clause
6.4.3.
-
Where payment transfers in the Republic of Lithuania are made in euro,
the Company shall ensure that after the Payment order is received, the
amount of the Payment transaction is credited to the Payee's payment
service provider's account on the same Business day if the Payment order
is received on that business day by 12 noon. If the Payment order is
received after 12 noon, the Company shall ensure that the amount of the
Payment transaction is credited to the Payee's payment service provider
account no later than the following Business day. Parties can agree,
that the Payment order shall be executed on concrete day or at the end
of certain period or at the day when the Payer provides amount to its
payment service provider. In such case the payment service provider of
the Payer shall ensure that the amount of the Payment transaction is
credited to the Payee's payment service provider's account on the day of
the execution of the Payment order, and on the next Business day when
the Payment order is not executed by the payment service provider.
-
When the Payment operation shall be executed in the currencies of
non-euro area Member States in the Republic of Lithuania and to other
Member States and the Customer is the Payer, the Company ensures that
the amount of the Payment operation is credited to the account of the
payment service provider of the Payee until the end of the nearest
Business day but not later than within 4 (four) Business days after
receipt of the Payment order by the Company.
-
Spending limits for the Payment Transactions
-
The Contract or other documents (e.g., requests, applications,
questionnaires) may establish a maximum spending limits for Payment
Transactions.
-
Blocking the Account and / or suspension of the Services to the Customer
-
The Customer shall co-operate with the Company to investigate any
suspected illegal, fraudulent or improper activity.
-
The Company is entitled to block the funds collected on the Customer's
Account as follows:
-
The Company has a suspicion that the funds collected on the Account
are intended for the commitment of a crime, resulted from the crime
or participation thereon;
-
if there is a suspicion that an unauthorized payment transaction was
carried out through the Customer's Account;
-
the Customer is in delay in discharging its obligations under this
Contract;
-
bankruptcy is declared in respect of the Customer's assets,
restructuring is initiated, the bankruptcy petition is cancelled
owing to the lack of funds for the remuneration of the trustee in
bankruptcy, the Customer enters into liquidation, or the risk of
insolvency on the Customer's side excessively increases within a
short period;
- for the purposes of corrective accounting and settlement;
-
the Customer is using the Company Services and fraudulent acts have
been proved on the Customer's side or criminal proceedings are
initiated against the Customer or its employees in the matter of
fraudulent acts; or if actions of the Customer fail to comply with
the rules of the Company banking partners and such conduct may cause
the Company a damage.
-
The Company reserves the right to suspend, at any time and at its sole
discretion, the Customer Account (or certain functionalities thereof
such as uploading, receiving, sending and/or withdrawing funds), inter
alia, for audit:
-
where the Company believes it is necessary or desirable to protect
the security of the Customer account; or
-
if any transactions are made which the Company in its sole
discretion deems to be:
-
made in breach of this Contract or in breach of the security
requirements of the Customer's Account; or
-
suspicious, unauthorized or fraudulent, including without
limitation in relation to money laundering, terrorism financing,
fraud or other illegal activities; or
-
upon the insolvency, liquidation, winding up, bankruptcy,
administration, receivership or dissolution of the Customer, or
where the Company reasonably considers that there is a threat of the
same in relation to the Customer; or
-
where anything occurs which in the opinion of the Company suggests
that the Customer shall be unable to provide the Customer's
products/services and/or otherwise fulfil the contacts that it has
with its Customers; or
-
if the transactions are for the sale of goods and/or services which
fall outside of the agreed business activities of the Customer, or
where the Customer presents a transaction and fails to deliver the
relevant goods and/or services.
-
The Company will make reasonable efforts to inform the Customer of any
such suspension in advance, or if this is not practicable, immediately
afterwards and give its reasons for such suspension unless informing the
Customer would compromise security measures or is otherwise prohibited
by law or regulatory requirements.
-
In addition, the Company reserves the right (at its sole discretion) to
suspend the Customer Account (or certain functionalities thereof such as
uploading, receiving, sending and/or withdrawing funds) at any time
where it is required to do so under relevant and applicable laws and
regulations. The Company will make reasonable efforts to inform the
Customer of any such suspension unless the Company is prohibited from
doing so by law or under an order from a competent court or authority.
-
-
The Company is obligated to provide the information to the Customer
(before the execution of Payment order) about the possible maximum terms
of the execution of certain Payment order, the payable Commission fees
and how this Commission fees are split up.
-
The Company shall provide the Statement to the Customer about the
provided Payment transactions, which shows as follows:
-
information enabling the Payer to identify each Payment transaction
and information relating to the Payee;
-
the amount of the Payment transaction in the currency indicated in
the Payment order;
-
the Commission fees payable for the Payment transactions and how the
Commission fees are split up;
-
the applicable currency exchange rate and the amount of Payment
transaction after the currency exchange rate, in case if during the
execution of Payment transaction, the currency was exchange;
- the date of write down of funds from the Account;
- the date of incomes to the Account;
-
other information which shall be provided to the Customer in
accordance with the applicable laws of the Republic of Lithuania.
- The Statement is provided through the Customer's Account.
-
The Company is obligated to inform the Customer about the suspected or
executed fraud by other persons or the threats for the security of
Services by sending a message within the personal Customer's Account and
by choosing one additional option from the following - by sending the
e-mail, by telephone or other method which is at that time safe and the
most suitable to the particular situation.
-
Commission fees payable for the services provided by the Company, default
interest and currency exchange
-
The Company shall charge fees related to its standard Services in accordance
with this Contract and the fees list which is attached to this Contract and
shall be considered as an inseparable part of this Contract. The Company
shall charge individual fees to the Customer for non-standards Services not
defined herein and/or in the price list and the Customer shall be informed
thereon before using such services.
-
Price List
Service |
Fee |
General account services |
Know Your Business (KYB) document verification fee
|
€100 |
Account opening fee (risk based) |
Low €100
Medium €500
High €1000
|
Monthly account maintenance fee (risk based)* |
Low €20
Medium €50
High €250
|
Dormant account fee (monthly)** |
€10 |
Account Closure Fee*** |
up to €30 (or currency equivalent) |
Receiving money (both volume based and fixed fees apply)
|
Volume based bank transfer load fee |
0.10% of amount received |
Fixed bank transfer load fee via SEPA or Faster Payments transfer to
corporate IBAN
|
€0 / £0 |
Fixed bank transfer load fee via SEPA or Faster Payments transfer to
corporate IBAN
|
€1 / £1 (Effective from March 1st, 2024) |
Fixed bank transfer load fee via SWIFT transfer to corporate IBAN
|
€20 / £20 |
Sending money (both volume based and fixed fees apply)
|
Volume based bank transfer fee |
0.10% of amount sent |
Fixed bank transfer fee |
For local credit transfers - from £4.00 to £8.00, based on currency
For SWIFT credit transfers - from £10.00 to £40.00, based on method
and country tier
|
Cards |
Physical card fee |
€10 |
Physical card replacement fee |
€10 |
Card maintenance fee (monthly) |
€1 / £1 |
* If the account will not have enough funds at fee payment time (between
5th and 10th day of a month), that account will be suspended until account
will be loaded with required amount for the account maintenance fee.
** Monthly dormant account fee will be applied if no transactions
performed by account holder during previous month.
*** This fee is necessary to cover the bank transfer costs of returning
the balance of your funds, as applied by our underlying banking partners
depending upon the beneficiary country. However, if you transfer the funds
out of the account before you request to close it, you will not be charged
any additional fee.
- Unless otherwise indicated, fees are quoted in Euro.
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For the Payment services and / or related services performed by the Company,
the Customer shall pay the Commission fee to the Company. The Commission fee
is indicated in the fees list and / or the additional agreement with the
Customer. In case if the Customer fails to fulfil its obligation to pay the
Commission fee to the Company, the Customer shall pay to the Company
penalties (the fines or default interest) set forth in the fees list,
additional agreement and / or applicable laws of the Republic of Lithuania.
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Any Commission fees payable by the Customer shall be deducted from the
Account balance. If the Account balance is insufficient, or the Account
balance becomes negative, the Company reserves the right to invoice the
Customer for any shortfall.
-
Where the Company has no possibility to deduct any Commission fee payable by
the Customer for the provided Services from the balance of the Account, the
Company shall issue the separate invoice for the amount owed. Invoices are
payable within 10 (ten) days of the date of the invoice. In case of overdue
payments, the Company reserves the right to charge default interest in the
amount of 0,02 % and/or terminate this Contract with immediate effect by
giving written notice to the Customer.
-
In case if during the performance of the Payment transaction there are not
enough funds for execution of Payment transaction and payment of Commission
fee in the Account of the Customer, the Company shall have the to refuse not
to execute the Payment transaction.
-
The currency exchange rates are provided to the Customer before the Payment
order.
-
Currency exchange is based on the exchange rate of the Company, which is
valid at the moment of conversion and is constantly updated and published on
website of the Company.
-
The Company applies the changed basic exchange rate of currency immediately
without a separate notice. The Company informs the Customer about such
changes in a manner described in this Contract.
-
In case if the currency in which the order to execute the Payment
transaction is different than the currency in which the Account is debited,
the conversion of such currencies shall be performed in accordance with the
procedure established by the Company, which shall be published on the
website of The Company.
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Communication between the customer and the Company
-
The person who becomes the Customer of the Company confirms that the
Customer accepts that all communication, including the personal
communication between the Company and the Customer, shall be executed in
English. All communication, information about any changes to the Services
and the Prices, other important information shall be provided in English,
unless Parties agree otherwise by signing additional amendment to this
Contract.
-
The information shall be provided to the Customer personally or by
announcing it publicly:
-
the information may be provided personally to the Customer through the
Account of the Customer, sent by post to the address of the Customer
registration address, via e-mail indicated during the process of
application of the opening the Account, by call or SMS using telephone
number indicated during the process of application of the opening the
Account and other telecommunication instruments, including electronic
means;
-
the information may be published on the Website of the Company. The
information provided publicly is considered to be duly delivered to the
Customer, except the cases of mandatory requirements of the applicable
of the Republic of Lithuania and / or the cases when the Company is
obligated to inform the Customer personally.
-
The Customer acknowledges that any communication between the Company and the
Customer shall take place personally and primarily through the Customer's
Account and by e-mail indicated during the process of application of the
opening the Account. Disclosure of any information by the Company through
the Account of the Customer and via the e-mail means that the relevant
information is duly delivered to the Customer and is effective.
-
The Customer acknowledges that communication through the Customer's Account
may be done only if the Customer enters into its personal Account by using
its login details and other requested personalized security data provided by
the Company to the Customer due to the purpose of the Customer's
authentication in accordance with the clause 6.1 of this Contract.
-
E-mail communication is possible to addresses that are given on the website
of the Company and the e-mail addresses given by the Customer during the
registration session to the Company system. E-mail message is considered to
be duly delivered on the following Business Day.
-
In case of communication by telephone, the Customer shall be verified on the
basis of the Customer` s data. Phone communication between the Company and
the Customer is possible at times published on the website of the Company.
The message given to the Customer through telephone is considered to be duly
delivered at the moment of the conversation with the Customer.
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In case of communication through the post, letters are delivered to the
other party's address. The letter is considered to be duly delivered on the
third days after the delivery of the notice informing that the letter cannot
be delivered to the other party or that the letter was rejected or was not
collected by the other party within the collection period, even if the
addressee has no knowledge of the letter.
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The information announced on the Website, Customer's Account as well as
published publicly is considered to be duly delivered on the day of the
announcing / publishing such information.
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The Customer agrees that the Company may record, with prior notice, any
ongoing communication between the Company and the Customer using any
available technical means, and will archive all the records, as well as the
copies of any information and documents that the Company will receive from
the Customer and Third parties. The Customer agrees that the Company may at
any time use this information for the purposes stated in this Contract or
for ensuring compliance with this Contract.
-
The Customer is entitled to get the information about this Contract as well
as the Contract as itself in paper version or any other durable medium, in
which the Company is able to provide such information.
-
If the Customer would like to contact the Company about a concern relating
to this Contract, the Customer may contact the Company via in-app support or
email [email protected] The Company will try to resolve any issues
the Customers may have about their Account or the Services. The Company
shall provide the answer within 15 (fifteen) Business Days of receiving
Customer`s concern unless the concern is of a “simple” nature and can be
resolved with 1 (one) Business Day from the receipt day. The Company shall
inform the Customer if exceptional circumstances arise, in which case it may
take up to 35 (thirty-five) Business Days to address Customer`s concern.
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The parties shall inform each other without undue delay of any changes to
their contact information. Upon the request of the Company, the Customer
shall provide the relevant documents proved that the contact information is
changed. The failure to fulfil these obligations means that the notice sent
on the basis of the latest contact information provided to the other Party
is duly delivered and any obligation fulfilled in accordance with such
contact information is executed properly. The Customer acknowledge that the
Company has the right to inform about the change of its contact information
by way of publicly announcement and / or by sending such information via
e-mail via e-mail indicated during the process of application of the opening
the Account.
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In order to protect the Customer`s funds from the possible unlawful acts of
Third parties, the Customer shall immediately notify via e-mail indicated
during the process of application of the opening the Account in writing of
the theft of his / her identity document theft or loss in another way.
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The Parties must promptly inform each other of any circumstances relevant to
the proper performance of this Contract. Upon the request of via e-mail
indicated during the process of application of the opening the Account, the
Customer is obliged to provide the such circumstances (for example, a change
of the sample signature of the Customer or the Customer`s representative,
the initiation and setting-up of the Customer`s bankruptcy, the Customer`s
liquidation, reorganization, conversion, etc.) regardless of whether this
information has been provided to the public registers.
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Amendments and changes of fees, terms of the contract, terms of services
- This Contract is subject to be changed from time to time.
-
The Company has the right to change this Contract, applicable prices and
Commission fees and / or the terms of Services by offering the changed
Contract to the Customer personally in paper or other durable medium
(through the Customer's Account and additionally informing the Customer by
electronically messages (e-mail, short message service (SMS), etc.) sent to
the Customer) at least 60 (sixty) calendar days before such changes will
entry into force.
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The Customer has the right to accept the proposed changes or reject it.
-
If no objection notice is received by the Company within the time frame
stipulated clause 9.2, the Customer is deemed to have accepted the changes
and such changes come into force on the date of entry into force. If the
Customer agrees with the changes to this Contract, applicable Prices and
Commission fees and / or the terms of Services, then the Customer is not
entitled subsequently to submit to the Company Customer's objection and / or
claims regarding the content of such changes.
-
The Customer has the right to terminate the Contract immediately at any time
and without charges after receiving the information about changes and before
any changes stipulated in provided information becomes effective. If the
Customer does not use his right to terminate this Contract until the day
when such changes come into force, the Customer shall be deemed as accepted
the changes to this Contract.
-
The termination of this Contract in accordance to the clause 9.5. shall not
release the Customer from its obligations to the Company arising prior to
the date of termination of this Contract to be properly executed.
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Security and corrective measures
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The Customer is responsible for the safety of devices used to log in to the
Customer’s Account, shall not leave them unattended, in public places or
otherwise easily accessible to third persons.
-
It is recommended to update software, applications, anti-virus programs,
browsers and other programs in time.
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It is recommended to protect devices with passwords, PIN codes or other
safety instruments.
-
It is recommended to evaluate received emails with cautiousness, even if the
Company is indicated as the sender. The Company will never request the
Customer to download attachments or install software. Attachments to fraud
e-mails may contain viruses which can harm devices or pose a risk to the
safety of the Customer account.
-
It is recommended not to click on unknown links, open unknown documents,
install software or application from unknown, unreliable sources or visit
unsafe websites.
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As soon as the Customer is aware of the loss, theft, misappropriation or
fraudulent use of a payment instrument, the Customer must immediately notify
the Company or any other entity designated by it. The notification shall be
submitted to the Company through the Customer’s Account and at the same by
sending e-mail to the Company or by calling by phone to the Company.
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If the Customer notices any suspicious activity on his account and thinks
that third persons may have logged in to system for the using of the
Services, the Customer shall:
-
immediately inform the Company thereof at any time and in a manner
indicated in the Section 8 of this Contract and request to block the
Customer’s Account;
-
in order to continue to use the account, the Customer shall change the
password, use other additional account confirmation instruments or use
safer instruments and delete unsafe additional login confirmation
instruments.
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Blocking of the Account and the Payment instrument, if the later has been
given to the Customer:
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In addition to the clauses of sub-section 6.6, the Company has the right
to block the Account (to stop the execution of the Payment transaction
at all or partly) and / or the Payment instrument if such instrument has
been given to the Customer in such cases as follows:
-
in case of the objectively justified reasons related to the security
of the funds and / or the Payment instrument in the Account, the
alleged unauthorized or fraudulent use of the funds and / or the
Payment instrument in the Account;
-
in case if the Customer does not follow with the terms of the
present Contract;
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1in case if the Company has the reasonable suspicions that funds in
the Account may be used by the other persons for the unlawful
actions, including but not limited to the commission of criminal
activities;
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1in case of other basis set forth by applicable laws of the Republic
of Lithuania and / or the cases indicated in the additional
agreements signed between the Parties.
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The notices provided by the Customer regarding the unauthorized or
improperly executed Payment operations:
-
The Customer is obligated to check the information about the executed
Payment transactions at least 1 (one) time per month, so that the
Customer may notice unauthorized or improperly executed Payment
transactions and notify the Company in a timely manner.
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The Customer is obligated to inform the Company in writing about the
unauthorized or improperly executed Payment transactions, including the
noticed mistakes, inaccuracies in the extract immediately from the
acknowledge of such circumstances and in any case not later than 13
(thirteen) months from the debit date.
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In case if the Customer does not notify the Company about the
circumstances described in the clause 10.9.2 of this Contract within the
terms specified in the same clause 10.9.2 and the additional agreements
between the Parties then it shall be considered that the Customer
unconditionally confirmed the Payment transactions executed in the
Account of the Customer.
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The liability of the Customer for unauthorized Payments operations and the
liability of the Company for the unauthorized Payment operations
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Using of the identity verification measures and login data of the
Account is the right prove, that the Customer authorized the Payment
transaction or was acting fraudulently and due the intentionally or due
to the gross negligence did not fulfil the obligations set forth in the
points 10.1 - 10.5 of this Contract.
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In accordance to the terms indicated in the clause 10.9.2 of this
Contract or having determined that the Payment transaction was not
authorized by the Customer, the Company without undue delay, but no
later than by the end of the next Business Day, return the amount of the
unauthorized Payment transaction to the Customer and, where applicable,
- restores the balance of the Account from which this amount was written
down and which would have existed if the unauthorized Payment
transaction had not been executed, unless the Company has reasonable
suspicious of the fraud and informs about such suspicious the
supervisory authority Bank of Lithuania in accordance with the rules of
such notice prepared by supervisory authority Bank of Lithuania.
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The Payer shall bear all of the losses relating to any unauthorised
payment transactions, if they were incurred by the Payer acting
fraudulently or failing to fulfil one or more of the obligations set out
in this Contract and additional agreements signed between the Parties
with intent or gross negligence. In case of possible fraud made by
Customer, the Company informs about such suspicious the Bank of
Lithuania in accordance with the rules of such notice prepared by the
Bank of Lithuania.
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The Account may be blocked by the Customer's initiative and / or the
Account (including the payment instrument if such is given to the
Customer) may be blocked if the Customer submits a respective request to
the Company. The Company has the right to demand that the request
submitted by the Customer's oral request to block the Account (including
the payment instrument if such is given to the Customer) be subsequently
approved in writing or in another manner acceptable to the Company.
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If the Company has the reasonable doubts that the request indicated in
the clause 10.10.7 of this Contract is not submitted by the Customer,
the Company has the right to refuse to block the Account (including the
Payment instrument if such is given to the Customer). In such cases, the
Company shall not be liable for any losses that may result from the
failure to comply with the said request.
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Other terms of the liability of the Parties for the unauthorized Payment
transactions may be indicated in the additional agreements between the
Parties.
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Liability of the Company for proper execution of Payment transaction:
- The Company is not liable for Third parties' mistakes.
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If the Customer initiating the Payment order executes a Payment order by
identifying a Unique Identifier, such Payment order shall be deemed to
be executed properly if it was executed according to the specified
Unique Identifier. The Company has the right, but it is not obliged to
check whether the Unique Identifier presented in the Payment order
received by the Company corresponds to the account holder's name and
surname (name).
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If the Unique Identifier is presented to the Company with the Account to
be credited or debited from the Account, the Payment order is deemed to
be executed properly if it was executed according to the specified
Unique Identifier. If the Company carries out the said inspection (for
example, due to the prevention of money laundering risk) and find out
clear mismatch between the Unique Identifier submitted to the Company
and the account holder's name, the Company shall have the right not to
execute such a Payment order.
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If the Customer (Payer) initiates properly the Payment order and the
Payment transaction is not executed or executed improperly, the Company,
at the request of such Customer, shall immediately and without charge
take measures to trace the Payment transaction and to inform about
results of search the Customer.
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The Company is liable for the properly initiated Payment order with the
terms set forth by this Contract and / or additional agreements signed
between the Parties.
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The Company is liable for applying the Commission fees or giving back
the already paid Commission fee in case if the Payment order was not
executed or executed improperly due to the fault of the Company.
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The Company is not liable for the indirect losses incurred by the
Customer and related to the not executed Payment order or improperly
executed Payment order. The Company is liable only for the direct losses
of the Customer.
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The Company is not liable for claims raised between the Payee and Payer
and such claims are not reviewed by the Company. The Customer may submit
the claim to the Company only regarding the non-performance or
improperly performance of the obligations of the Company.
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Limitations of liability of the Company are not be applied if such
limitations are prohibited by the applicable laws.
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The Parties agree that the Customer (who is a Payer) will not be entitled to
a refund from the Company of an authorized Payment transaction which was
initiated by or through a Payee and which has already been executed.
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Confidentiality and personal data
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During the term of this Contract and thereafter, each party shall use and
reproduce the other party's Confidential Information only for purposes of
this Agreement and only to the extent necessary for such purpose and will
restrict disclosure of the other party's Confidential Information to its
employees, consultants, advisors or independent contractors and will not
disclose the other party's Confidential Information to any third party
without the prior written approval of the other party.
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Notwithstanding the foregoing, it will not be a breach of this Contract for
either Party to disclose Confidential Information of the other Party if
required to do so under law or in a judicial or governmental investigation
or proceeding.
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The confidentiality obligations shall not apply to information that:
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is or becomes public knowledge through no action or fault of the other
Party;
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is known to either Party without restriction, prior to receipt from the
other Party under this Contract, from its own independent sources as
evidenced by such party's written records, and which was not acquired,
directly or indirectly, from the other Party;
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either Party receives from any Third party reasonably known by such
receiving party to have a legal right to transmit such information, and
not under any obligation to keep such information confidential; or
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information independently developed by either Party's employees or
agents provided that either Party can show that those same employees or
agents had no access to the Confidential Information received hereunder.
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The Customer agrees for the Company to manage his/ her personal data
with an aim to provide Services to the Customer and execute other
responsibilities under the present Contract. The Company guarantees
security of personal data received while executing the present
Agreement. Personal data is used to the extent necessary to execute the
present Contract. The above-mentioned personal data cannot be disclosed
to Third parties without a consent from the subject of this data, except
for cases stated by the applicable law or the present Contract.
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The main principles of processing of personal data, storage period and other
issues are specified in the Company's privacy policy, which is available on
the website of the Company. The Customer acknowledges that he/ she has got
acquainted with the privacy policy of the Company and it will comply with
all of the terms and conditions provided in this policy.
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Term and termination
-
Unless otherwise agreed in writing, this Contract has been made for
indefinite period.
-
The Customer may at any time terminate this Contract by notifying the
Company at least 30 (thirty) days prior to the date of termination.
-
The Company may terminate this Contract by notifying the Customer 60 (sixty)
days prior to the date of termination.
-
The Company may also terminate this Contract by notifying the Customer 60
(sixty) days prior to the date of termination, if the Customer has not made
any Payment transactions for more than 12 (twelve) consecutive months.
Before the termination based on such legal basis as defined in this Clause
12.4, the Company contacts with the Customer due to the clear up of the
necessity of opened Account for the Customer. In case if Customer has not
made any Payment transaction for more than 12 (twelve) month, the Company
follows the Decision of the Director of Supervisory Department of the Bank
of Lithuania dated 18 of December 2017 No. 241-229.
- This Contract may be terminated by mutual agreement between parties.
-
The Company may terminate this Contract immediately if the Company
reasonably suspects or determines that the Customer:
-
is in violation of applicable laws or regulations including those
connected with anti-money laundering or counter-terrorist financing;
-
has provided false or misleading information or documentation to the
Company, failed to provide the documents and information connected with
its Account and using the Services or failed to keep such documents and
information up-to-date;
-
is using the Services to make or receive payments for activities related
to those provided in the restricted activities, or;
-
is otherwise using the Services for malicious, illegal or immoral
purposes.
-
If it is allowed to do so under the applicable laws and regulations, the
Company will notify the Customer about the underlying reasons of termination
of this Contract as soon as possible.
-
Upon termination of this Contract, the Customer will receive - on a paper
version or on other durable medium - the breakdown of all Payment
transactions completed throughout the entire term of this Contract, up to 36
months before the date of termination.
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The termination of this Contract shall not release the Parties from their
obligations to each other arising prior to the date of termination of this
Contract to be properly executed.
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Dispute resolution
-
The disputes between the Company and Customer shall be solved through
negotiations;
-
In case if the dispute cannot be solved through negotiations, the Customer
can submit a complaint by post or e-mail, specifying Customer's name,
contact details, relevant information, which would indicate why the Customer
reasonably believes that the Company violated the legal rights and interests
of the Customer while providing the Services. The Customer can add other
available evidence that justifies the need for such a complaint. If the
Customer would like to submit a formal complaint, the Customer shall send
the email to
[email protected];
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Upon receipt of a complaint from the Customer, the Company confirms receipt
of the complaint and indicates the time limit within which the reply will be
submitted. In each case, the deadline for submitting a reply may vary as it
directly depends on the extent and complexity of the complaint filed, but
the Company will make the maximum effort to provide the response to the
Customer within the shortest possible time, but not later than 15 (fifteen)
Business Days. In case if the Company is not able to provide the final
answer within 15 (fifteen) Business Days, the Company shall inform the
Customer about that and indicate the time when the answer will be provided,
however the term shall not be longer than 35 (thirty-five) Business Days.
The complaints submitted by the Customer are solved free of charge;
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Dealing with complaints. When the Customer considers that the Company has
violated the legislation regulating the financial market, the Customer has
the right to file a complaint with the Bank of Lithuania regarding possible
violations of financial market legislation;
-
The non-UK Customer's complaint to the Bank of Lithuania may be submitted in
writing or electronically:
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at the address: Totorių g. 4, LT-01121, Vilnius, Republic of Lithuania
or Žalgirio g. 90, LT-09303, Vilnius, Republic of Lithuania;
-
sending a complaint by e-mail:
[email protected];
- sending by fax (8 5) 268 0038;
-
filling in an electronic link in the designated section of the Bank of
Lithuania website;
- by other means specified by the Bank of Lithuania.
-
UK clients should contact [email protected]. Should they remain
dissatisfied in relation to their complaint they may contact the United
Kingdom Financial Ombudsman Service as Moorwand Ltd is an EMI established
and licensed in United Kingdom. The complaint to the UK Financial Ombudsman
may be submitted using the following details:
- Address: Exchange Tower, London, E14 9SR;
-
Telephone: 0800 023 4 567 (free from most UK landlines but charges may
apply if using a mobile phone or dialling from outside of the UK);
-
E-mail:
[email protected];
-
Website: How to complain
(financial-ombudsman.org.uk).
-
In case if the dispute cannot be settled through negotiations, disputes may
be solved in the courts of the Republic of Lithuania in accordance with the
procedure set forth by the laws of the Republic of Lithuania.
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Final provisions
-
The law of the Republic of Lithuania is applicable to this Contract, its
annexes, and relations of the Parties that are not regulated by this
Contract, including cases when a dispute between the Customer and the
Company falls within jurisdiction of a court of another state;
-
Customer may not transfer or assign any rights or obligations he may have
under this Contract without the Company's prior written consent. The Company
reserves the right to transfer or assign this Contract and all rights or
obligations under this Contract with prior notice to the Customer
accordingly to the rules and procedures set forth in this Contract at least
60 (sixty) calendar days before such changes will entry into force. The
Customer has the right to accept that changes or reject it. If the Customer
does not agree with the such changes, the Customer has the right to
immediately and without no commission fee to terminate this Contract until
the day the amendments begin to apply expressing a disagreement with the
changes. The disagreement shall be provided via Customer's Account and
additionally through the e-mail. If the Customer does not use his right to
terminate this Contract until the day when such changes come into force, the
Customer shall be deemed as accepted the changes. The foregoing does not
apply if either Party changes its corporate name or merges with another
corporation;
-
Force Majeure:
-
The Company and the Customer shall not be held liable for the default
on, or inadequate discharge of, or for any failure to comply with this
Contract, the obligations if such default or inadequate discharge was
caused by force majeure (e.g. to acts of God, war, warlike conditions
blockade, embargoes, riots, governmental restriction, labor
disturbances, wrecks, epidemics, quarantine, fire, flood, earthquake,
explosion, any unforeseen change in circumstances, or any other causes
beyond its reasonable control);
-
The Customer shall notify the Company about the force majeure on the
Company's system, via email or in writing within 10 (ten) calendar days
after the day of occurrence of such circumstances.
-
The Company shall notify the Customer about force majeure circumstances
on the Company's system and via email.
-
Mistakes:
-
The Customer who notices that the funds that do not belong to him have
been transferred to Account must immediately notify the Company to the
effect. In such cases the Customer, as unauthorized beneficiary of
transferred funds of the Payment transaction, shall be deprived of the
right to dispose of the transferred funds and must forthwith remit such
funds to Account designated by the Company.
-
The Company shall have the right to debit the amounts incorrectly
credited to the Account through its own fault without a separate consent
of the Customer, as unauthorized beneficiary of transferred funds of the
Payment transaction and remit such funds to their due beneficiary.
-
If funds available in the Account are already insufficient for the debit
of incorrectly credited funds the Customer must repay the respective
amount of funds to the account designated by the Company within 3
(three) Business Days of the Company's request.
-
If any part of this Contract is found by a court of competent
jurisdiction to be invalid, unlawful or unenforceable then such part
shall be severed from the remainder of the Contract, which shall
continue to be valid and enforceable to the fullest extent permitted by
law.
Vault Business Prepaid Mastercard Terms and Conditions
These Terms and Conditions govern the use of the Vault Business MasterCard Prepaid
Card. Please read them carefully.
-
Your Vault Business Prepaid Card
-
By making use of your card, you are demonstrating your agreement to these
terms and conditions. You can use the Card at any location that displays the
MasterCard acceptance mark.
-
The card is promoted by UAB deVere E-Money, operating as "deVere Vault" and
“deVere Vault Business”.
-
The deVere Vault Business card is issued in the EEA by Via Payments UAB,
partnering with Moorwand Ltd, pursuant to a licence by Mastercard
International held by Moorwand Ltd. Mastercard is a registered trademark,
and the circles design is a trademark of Mastercard International
Incorporated. Via Payments UAB is authorised by Bank of Lithuania license
number 16 for the issuing of electronic money and payment instruments. All
communications should be sent to Moorwand Ltd, Irongate House, 28-30 Dukes
Place, London, EC3A 7LP, United Kingdom.
-
The deVere Vault Business card is issued in the UK by Moorwand Limited
pursuant to a licence by Mastercard International. Mastercard is a
registered trademark, and the circles design is a trademark of Mastercard
International Incorporated. Moorwand Limited is authorised by the Financial
Conduct Authority under the Electronic Money Regulations 2011 (FRN: 900709)
for the issuing of electronic money and payment instruments. All
communications should be sent to Moorwand Ltd, Irongate House, 28-30 Dukes
Place, London, EC3A 7LP, United Kingdom.
-
Using your Card(s), and card fees
-
The card is a prepaid card product which can be used to pay for goods and
services at retailers that display the Mastercard acceptance mark.
-
It is your responsibility to take care of any standard-issued Vault Business
card or otherwise, and any liability that may arise rests on you as a Vault
Business client and card holder.
-
To complete card ordering on Vault Business platform, certain cardholder’s
data are required: name, surname, address, mobile phone number and email
address. Card is available only for citizens and residents of Cyprus,
France, Germany, Greece, Italy, Lithuania, Malta, Portugal, Spain and United
Kingdom.
-
When you receive an ordered card, you must activate the card by navigating
to specific web link received via email.
-
The card is funded from main card-linked account, therefore you must not
make purchases that exceed the balance of funds available on the main
card-linked account. Each purchase made will reflect on your main
card-linked account balance. If any purchase takes you over available funds
or above the card limits, the transaction will be declined.
-
You can use the card to make purchases in-store, via the internet or over
the phone. The card can be used to obtain cash through ATMs. There is no
cash back facility. Your Vault card is not a debit card linking to a bank
account, but a prepaid card authorised and supported by Mastercard. It is
also not a cheque guarantee card, charge card or credit card. You will not
earn any interest on any funds loaded on to the main card-linked account.
-
As a Vault Business client, you agree to refrain from using the card for:
-
Transactions for cash (other than ATM withdrawal) including cash back,
cash from a bank, money orders.
- Any illegal purposes.
-
We may stop, suspend or restrict your card or PIN on reasonable grounds
relating to:
- The security of your card, card number or PIN, and;
-
The suspected unauthorised or fraudulent use of your card or PIN. We
will, if possible, inform you before stopping, suspending or restricting
your card or PIN that we intend to do so and the reasons for doing this.
If we are unable to do so then we will inform you immediately
afterwards. The requirement to inform you does not apply where it would
compromise reasonable security measures or it would be unlawful to do
so.
-
We are not responsible for the quality, safety, legality, or any other
aspect of any goods or services purchased with the card. We are not
liable for the failure of any merchant to honour the card.
-
We will not issue a Vault Business card under these terms and conditions to
anyone under the age of 18 years old.
This table summarizes key product features and information and is not intended
to replace the terms and conditions of the product. The fees, limits and
restrictions that apply to each card are set out below.
Card Fees and Limits
Fee Category |
Euro |
GBP |
Virtual Card issue fee |
€0 |
£0 |
Physical Card issue fee |
€10.00 |
£10.00 |
Replacement Physical Card issue fee |
€10.00 |
£10.00 |
Card Spending Transaction fees |
0 |
ATM withdrawals will incur a 1% charge of the amount withdrawn in that
currency. The following minimum fees will apply
|
€2.00 |
£2.00 |
Foreign exchange charges for transactions other than card currency
|
Up to 1.99% |
Card Maintenance fee (monthly) |
€1.00 |
£1.00 |
Limit Category - MINIMUM |
Euro |
GBP |
Maximum single card payment |
€1,500.00 |
£1,500.00 |
Annual POS payments limit |
€30,000.00 |
£30,000.00 |
Daily ATM withdrawal limit |
€450.00 |
£450.00 |
Monthly ATM withdrawal limit |
€1,500.00 |
£1,500.00 |
Annual ATM withdrawal limit |
€3,000.00 |
£3,000.00 |
Maximum ATM Withdrawal per transaction |
€150 |
£150 |
Limit Category - MEDIUM |
Euro |
GBP |
Maximum single card payment |
€3,000.00 |
£3,000.00 |
Annual POS payments limit |
€60,000.00 |
£60,000.00 |
Daily ATM withdrawal limit |
€900.00 |
£900.00 |
Monthly ATM withdrawal limit |
€3,000.00 |
£3,000.00 |
Annual ATM withdrawal limit |
€5,000.00 |
£5,000.00 |
Maximum ATM Withdrawal per transaction |
€300 |
£300 |
Limit Category - MAXIMUM |
Euro |
GBP |
Maximum single card payment |
€4,500.00 |
£4,500.00 |
Annual POS payments limit |
€125,000.00 |
£125,000.00 |
Daily ATM withdrawal limit |
€1,300.00 |
£1,300.00 |
Monthly ATM withdrawal limit |
€5,000.00 |
£5,000.00 |
Annual ATM withdrawal limit |
€10,000.00 |
£10,000.00 |
Maximum ATM Withdrawal per transaction |
€600 |
£600 |
-
Transactions
-
You agree that any use of your card, card number or PIN constitutes your
authorisation and consent to a transaction.
-
A transaction is registered the moment it is received by our team, and
orders received after 6pm on a business day will be processed on the next
business day. Receipts issued outside the specified timeframe will also be
processed on the nearest business day.
-
Transactions are one-way and non-refundable. Once a transaction is complete
via the necessary channels, which includes pre-authorised client consent,
then the payment flow is deemed irrevocable.
-
We may refuse a transaction or suspend or terminate the right to use your
card. We may do this if the relevant phone or computer link is busy. We may
also do this if:
-
a transaction might take you over your available funds on the card; or
- a transaction might take you over any of your card limits; or
-
we reasonably believe that we need to do so to keep to the rules of the
payment system under which your card is issued, or
-
we reasonably believe that there are needs to do so to comply with any
law or as a matter of good practice.
-
Vault Business will not block any amount of funds on your card unless we
receive a request with the desired amount to be blocked.
If a given amount of funds are blocked by a business such as a hotel or
otherwise that processes pre-authorisation, then Vault Business will require
that said business provides an exact amount to our system.
If a pre-authorisation value is blocked on your account, Vault Business will
release the blocked funds without undue delay and immediately after the
receipt of the relevant payment is on our systems.
-
Foreign Currency Transactions
-
The card can be used for transactions in currencies other than default Vault
Business card currency - Euro (€) or Pounds Sterling (£).
-
Transactions made in currencies that are not supported by Vault will
automatically be converted into the default card currency at the current
scheme rate or at any rate that a government body may have in place at the
time of the transaction.
-
The currency conversion rate that the Scheme uses for a particular
Transaction is the rate for the applicable currency on the date that the
Transaction occurred. However, in limited situations, particularly where
Transaction submissions to the Scheme for processing are delayed, the
currency conversion rate that the Scheme uses may be the rate for the
applicable currency on the date that the Transaction is processed.
-
Expiry of Vault Business Card
-
The card expiry date may be found on your card. Cardholders will not be able
to spend on their card once the expiry date is exceeded and should seek to
renew their card beforehand.
-
If you have used your card in the period of one month before its expiry
date, we will send you an email to inform you about expiration of your card.
The new card will be issued and sent to you at the address you have given us
within two weeks of the expiry date. Tell us if you do not want your card to
be renewed. To do this, contact us via support email.
-
Liability
-
You must always make sure that you:
- Sign your card as soon as you receive it and keep it safe;
-
Do not reveal your PIN and avoid writing down your password(s) or any
security information you have given us;
-
Only release the card, card number or PIN to make (or try to make) a
transaction.
-
If your card or PIN is lost or stolen or if you are reasonably sure your
card, card number or PIN may be misused, you must, without undue delay,
"Freeze" your card.
-
Without undue delay, pause the card within deVere Vault Business web
application.
-
Stop using the card, card number or PIN immediately. If you find the
card after you have temporarily paused it, you can re-enable it and
continue using it. If you find the card after you have reported it
permanently lost, stolen or misused, please cut it up and dispose of it.
-
If your card is lost or stolen, you can order a replacement via the deVere
Business web application. We will charge a fee for replacement cards,
although we may choose to waive the fee for the first replacement.
-
You may not be liable for any use of the card, card number, PIN by another
person who does not have your permission to use it or if it is lost, stolen
or destroyed, unless:
-
You agreed to that person having your card, card number and PIN, or
through gross negligence or carelessness, failed to comply with
condition 6.1, in which case you may be liable for any use that occurs
before you tell us in accordance with these terms and conditions, or
-
You acted fraudulently then, to the extent permitted by law, you may be
liable for misuse of the card, card number, PIN or mobile application.
-
You may only be liable to a maximum of £35 (or its equivalent in other
currencies) resulting from transactions arising from the use of a lost
or stolen card or from the misappropriation of the payment instrument
where the cardholder has failed to keep security features of the card
safe. The £35 (or its equivalent in other currencies) liability limit is
applicable to each instance of loss, theft or misappropriation and not
each transaction.
-
If your card is used without your permission, or is lost, stolen or if you
think the card may be misused, we may disclose to law enforcement agencies,
any information which we reasonably believe may be relevant.
-
We will not be liable for:
-
Any abnormal or unforeseeable circumstances that prevent us from
providing our usual service outside our reasonable control (for example,
computer systems malfunction that may occur, causing downtime which,
however unlikely, cannot be accounted for).
-
Any person refusing to accept or honour (or delays in accepting or
honouring) your card, card number or PIN, or
-
Any cash dispenser failing to issue cash. We will not be liable for the
way in which you are told about any refusal or delay.
-
In case of errors or disputes about transactions, please contact us via
support channel.
-
If fraudulent or irregular activity is found to have originated from your
account, you will be liable for a maximum of €40 (or its equivalent in other
currencies) for each irregular transaction that occurred until Vault was
informed of the stolen or lost card. You will not be liable for irregular
transactions that occur after you alert the Vault staff. Any pending refunds
resulting from unauthorized transactions will be sent to your account by no
later than then end of the next business day.
Altering these Terms and Conditions
-
We may change any of these terms and conditions, including fees and charges,
or introduce new terms. If we make any changes, we will give 2 month's prior
written notice to you by email.
-
If we change these terms and conditions, the new terms and conditions will be
available online from the date the change takes place.
-
You will be deemed to have accepted any change to these terms and conditions
unless you notify us of any objection before the proposed date of the change.
-
Between receipt of the notice and the proposed date of change, if you notify
us that you do not accept the change, this agreement will terminate
immediately.
-
General
-
The terms under which this card is issued is governed by the laws of
England, and Wales. The language used for these terms is English and all
notices and information given under this section of the agreement will be in
English.
-
Payment services information
-
This condition only applies if the Supplier's bank is located within the
European Economic Area (EEA) and the payment services being carried out are
transacted in Euro, or another currency of an EEA member state.
-
We will ensure that a transaction you make is credited to the Supplier's
bank, or that returned funds following redemption or cancellation are
credited to your bank within these timescales:
Type of Transaction |
Timescale |
Transaction carried out in a currency other than default card's
currency (Euro (€) or Pounds Sterling (£))
Or
Transaction involving more than one currency
|
By the end of the fourth (4th) business day following the day on which
the transaction or order is received
|
Any other Transaction |
By the end of the business day following the day on which the
transaction order is received
|
-
If you use your card or provide your card details to a supplier to make a
transaction before you know the amount which is going to be charged to your
card, then you may be entitled to request a refund if the amount is
unexpectedly large, provided that you inform Vault within eight weeks from
the date the transaction is deducted from your balance. You will NOT be
entitled to a refund if you have been told by us, or the supplier, of the
amount of that transaction at least four weeks before the transaction is due
to be deducted from your balance, and you consented to the transaction.
-
On receipt of such a request under condition 9.3, we may require you to
provide us with the information to ascertain whether the conditions in
condition 9.3 have been met. Within ten (10) business days of receiving a
request from you under condition 9.3 or of receiving any additional
information required under this paragraph, we will provide a refund or
justify why we are refusing the request.
-
We are liable for the correct execution of the transaction unless we can
prove that the transaction was received by the supplier's bank, in which
case the supplier's bank is liable to the supplier. You may request that we
make immediate efforts to trace an incorrectly executed transaction and
notifies you of the outcome.
-
When a supplier initiates a transaction it is the supplier's bank which is
liable for the correct transmission of the relevant details to us. If the
supplier's bank can prove that it is not responsible for a transaction which
has failed or has been incorrectly executed, we will be responsible to you.
-
If it is found that incorrect transactions were issued from our end, the
error will be rectified at the closest available time. Transactions deducted
from your balance without authorization will be reimbursed and then
considered null and void. You must inform us of an unauthorized or incorrect
transaction as soon as possible and in any event no later than 13 months
after the debit date. If you do not do so, we may not be liable.
-
deVere E-Money supports the return of funds that have been accidentally
transferred to your Vault account. However, if you think a transfer to your
card from an EEA payment service provider was not made in error, we may
share your contact details with the service provider so that you can be
contacted directly. Vault is expected to cooperate with other payment
service providers and share all relevant information in order to assist in
tracing money which has been sent to the wrong account.
-
deVere E-Money is not liable if clients incorrectly identify the supplier
under a transaction. In such cases, deVere Vault will make reasonable
efforts to recover the funds involved.
-
Mastercard Identity Check Terms of Service
-
Using Mastercard Identity Check:
-
When you use the Mastercard Identity Check service, these terms of
service will apply.
-
You will not acquire any ownership rights, title or interest in or to
the software made available to you in order to use the service.
-
deVere E-Money UAB reserves the right at any time and from time to time
to modify or discontinue, temporarily or permanently, MasterCard
Identity Check (or any part thereof) with or without notice.
-
If you do not understand these terms of service, please contact our
customer support before using the service.
-
What is Mastercard Identity Check?
-
Mastercard Identity Check provides you with a free way of increasing
security for online Transactions by providing cardholders with
additional security and peace of mind when shopping online.
-
Mastercard Identity Check applies to all Vault cards, which have been
enrolled with Mastercard for Identity Check prior to using these cards
online
-
How does it work?
-
When you use your Vault card to make an online purchase with a Merchant
who uses the service, and authentication is required, a Mastercard
Identity Check screen will appear. Then Mastercard Identity Check screen
will appear, asking you to enter the one-time passcode we sent you by
SMS Message, which will be used to verify your identity, in order for
your purchase to be processed. When you enter your one-time passcode,
you are accepting our Mastercard Identity Check Terms of Service.
-
The passcode will only be valid for the Transaction you have received it
for.
-
If you cannot provide the one-time passcode, or the authentication
through the service fails, the Merchant may not allow you to proceed
with the Transaction.
-
If you choose not to follow the guidance on screen when prompted, you
will not be able to proceed with the Transaction.
-
What do I need to do to use Mastercard Identity Check?
-
It is important to ensure that your personal information held by us is
up-to-date (particularly your mobile phone number) so we can verify your
identity.
- You must not let anyone know or use your one-time passcode.
-
You must ensure that your mobile phone is able to receive an SMS
Message, and you are responsible for any fee imposed by the mobile phone
service provider.
-
In order to use the service, you must have the ability to access the
internet, and you must pay for any fees associated with such access.
-
What if I don't have a mobile phone?
-
If you don't have a mobile phone or you have not provided us with your
mobile phone number, the service will not be able to send you a passcode
through SMS Message.
-
What do I do if I'm buying something online and no Mastercard Identity Check
screen appears?
-
The Mastercard Identity Check screen will not always appear. This may be
because, for example, you are making a purchase from an online Merchant
who doesn't use the service, or we have decided that your Transaction is
high risk, in which case your Transaction request may be automatically
denied.
-
If the Mastercard Identity Check screen does not appear, just proceed
with the normal check out process.
-
Privacy Policy
-
We will collect certain personal information from you for verification
and security purposes, which will be used by the Mastercard Identity
Check service in order to identify you and your Transactions.
-
Your one-time passcode or personal information will not be shared with
online Merchants.
-
MasterCard Identity Check also may be used for record-keeping and
reporting purposes, as well as to help resolve any transaction disputes.
-
For further information as to how we use your data, please see our
current Privacy Policy available at
www.devere-vault.com/privacy-policy
-
Liability
-
We will not be liable to you for any loss resulting from your use of the
service.
-
We are not liable to you or any third party for any modification,
suspension or discontinuance of the service.
-
Due to the nature of the service, we are not responsible for any loss or
damage to your software, computer, telecommunications or other equipment
caused by using this service.
-
Cardholder Security
-
You are solely responsible for maintaining the confidentiality of your
one-time passcode, mobile phone number and other verification
information established by you with MasterCard Identity Check, and all
activities that occur using your one-time passcode, or other
verification information supplied to or established by you with
MasterCard Identity Check. You agree not to transfer or sell your use
of, or access to, MasterCard Identity Check to any third party. You
agree to immediately notify us by contacting deVere E-Money UAB Customer
Service as we require in our cardholder agreement with you for a lost or
stolen card of any unauthorized use of your one-time passcode or other
verification information, or any other breach of security. You
acknowledge and agree that, except as otherwise provided by Applicable
Law or in our cardholder agreement with you, deVere E-Money UAB shall
not be liable for any loss or damage arising from your failure to comply
with these terms of service.
-
Your dealings with Merchants
-
Your correspondence or dealings with online Merchants on or through the
service, are solely between you and the Merchant, and we will not be
responsible for any loss or damage incurred as a result of such
dealings. The Merchant's participation in the service does not indicate
that we recommend or endorse any Merchant. For example, the service does
not verify the identity of the Merchant or the quality of their goods or
services.
-
Ending the service
-
We may temporarily or permanently deactivate your ability to use the
service, and/or end your use of the service. We will normally give you 2
months' notice, unless permitted by law to give shorter notice. In
exceptional circumstances, we will not give you notice (for example, if
we reasonably suspect fraudulent or unauthorized use of your Account).
For your protection, we may automatically deactivate your ability to use the
service if it is not used at least once during any 12-month period.
Vault Business Account Terms and Conditions
-
Vault Business Account
-
Your Vault Business account is an e-money account which allows you to make
and receive electronic payments for your business needs;
- Your Vault Business account is NOT a bank account;
-
The Vault Business account is an e-money product, and as such it is not
covered by the Financial Services Compensation Scheme. All e-money loaded
into your account is safeguarded in a client funds safeguarding bank account
that E-money Issuer cannot use for anything other than its intended purpose.
In the unlikely event that the underlying bank becomes insolvent, funds
loaded into client accounts may become valueless and unusable, and thus
businesses may lose their money;
-
You must be 18 years or older and pass the verification of identity to open
a Vault Business account and use our services. Your business can open only
one Vault Business account;
-
You may close your Vault Business Account by contacting us via in-app
support or email at
[email protected].
-
Verification of Business Identity
-
As a Vault Business user, you agree to cooperate with deVere E-Money to
ascertain your identity and confirm your details. Under EU law we are
obliged to collect identification and basic KYC data on our clients;
-
Clients must provide their identification information - Proof of Identity,
Proof of Address (if applicable) and selfie via live transmission on Vault
Business Web app;
-
Also, deVere E-Money must understand the purpose of business relationship
with the Client, therefore, during the registration, Client must indicate
the following information, which counts towards their overall risk rate:
-
Account purpose (Payments to service providers, Receiving funds from
your clients, For Company operations and administrative expenses, etc.);
- Monthly Incoming Funds (transaction count and volume);
- Monthly Outgoing Funds (transaction count and volume);
-
Details of main business partners (for incoming and outgoing
transactions).
-
We may also ask for additional data to validate your transactions, planned
spending activities and your source of funds. The additional data may
include the original documents or their copies as well as copies approved by
notary depending on the requirements by applicable law;
-
Clients must be aware that we may reject requests to open a Vault Business
account, if any of the terms and conditions are not met by the client.
deVere E-Money may also suspend or limit client accounts if cooperation is
deemed insufficient to the extent that the client's spending information,
source of funds or identity cannot be verified;
-
deVere E-Money is not liable for any losses arising out of failure to verify
your identity or funding source;
-
Clients must keep their Company information accurate and up to date to avoid
suspension or termination.
-
Loading Vault Business Account
- You may load your Vault Business Account by bank transfer;
-
The time that it takes for VB account balance to be updated after loading
your card depends on the transfer method used and the associated time
required for funds to be sent to the e-money issuer;
-
If loading by a bank transfer, transfer times may be checked from that
financial service provider;
-
Issuance and Redemption of E-Money
-
E-money is issued after you load your Vault Business account by any method
described in point 3;
-
The value of e-money is nominal - it is the same as the value of loaded
funds and currency, if there are no fees associated to Vault account loading
method;
-
E-money can be redeemed at their nominal value at any time except when
limitations are set on Your Vault account. More information on limitations
is available in point 2, “Verification of Business Identity”;
-
Redemption of e-money is initiated by transferring e-money out of your Vault
account to any other account specified by you or withdrawing e-money from
Vault account by other means supported by us, e.g. card spend. Please note
that UAB “deVere E-Money” cannot transfer money out to countries specified
in points 11.16 and specific beneficiaries listed in point 11.17;
-
No specific conditions or additional fees apply to the redemption of
e-money, however, you will be charged a redemption fee of up to £26 or
currency equivalent if you request that we close your account. This fee is
necessary to cover the bank transfer costs of returning the balance of your
funds, as applied by our underlying banking partners depending upon the
beneficiary country;
-
Your Vault Business Account Statements
As a Vault Business account holder, your account statements are available to
view and download within Vault Business Web App.
-
Negative Card Balances
-
You acknowledge that card balances and available funds reported on Vault
Business cards are estimated real-time balances rather than settled balances
in your Vault Account. A real time balance may not take into account pending
debit and credit transactions. Vault Business will provide information on
pending debits and credits as soon as the info is available;
-
If for any reason (including, but not limited to, any technical errors on
our behalf or on our third-party providers) you have a negative balance in
your Vault Business Card, you agree to immediately load the required amount
to correct that negative balance. Upon failure to do so, we may:
-
Exercise our right to set-off the amount you owe us by using funds you
hold in that currency or in a different currency wallet; or by deducting
amounts you owe us from money you receive into your Vault Business
Account; or money you attempt to withdraw or send from your Vault
Business Account; or in a different Vault Account under your control,
and by deducting funds from any attempted withdrawals;
-
Initiate a chargeback procedure for any specific transaction which led
to your Vault Business Card having a negative balance;
-
Take debt collection measures, including but not limited to, mandating a
debt collection agency or solicitors or to pursue the claim in court. We
reserve the right to charge expenses we reasonably incur in connection
with any debt collection or enforcement efforts;
-
Request that you complete a fund load in order to correct a negative
balance within 7 Business Days.
-
Converting Currencies within your Vault Business Wallets
-
You can move currencies already loaded into your wallets by visiting Vault
Business Web app;
-
The conversion rates are based on live market rates from the UK Foreign
Exchange Market when the market is open;
-
Conversions made when the market is closed, for example weekends or UK Bank
Holidays may result in an additional percentage being added to the last
"live rate" received before the market closed. For the best possible rates,
it is advisable to try and convert during live trading hours.
-
Vault to Vault Transfers
-
Clients can instantly transfer e-money to other Vault Business or Vault
retail users. To do this, business users must add their beneficiaries
through the Vault Business web application. Adding beneficiaries requires
Vault Business users to enter the registered email address of the
prospective Vault beneficiary that owns a unique 9-digit code on their Vault
card;
-
Added beneficiaries remain on the client's contact list indefinitely unless
the client manually deletes them. To affect the transfer, clients must
select the beneficiary and enter the currency-specific value to be
transferred, and press submit. Upon process completing, the money is
transferred to the chosen beneficiary;
-
Recipients will receive a message in the email advising them that they have
received a transfer which will include the value you have sent;
-
Sending funds using Vault to Vault does not incur a fee for any party in the
transaction. However, clients may incur a conversion fee if the currency
needs to be converted before making the transfer;
-
Please also note that transactions cannot be recalled or cancelled once
sent. Clients are urged to ensure that both the recipient and prospective
funds are correct before committing to the transfer.
-
Transfer Out Functionality
-
deVere Vault Business Clients can send funds directly from their Vault
Business account to bank accounts around the world. The required details for
effective transfer may differ depending on the country of the recipient's
bank account;
-
When adding a beneficiary in the Vault Business web application, clients
will receive a prompt requesting specific beneficiary details which differ
according to country said beneficiary lives in;
-
deVere E-Money has partnered with UK global payments firm The Currency Cloud
to perform these transfers on behalf of all client-side transfers, detailing
sender information to beneficiaries upon arrival;
-
Vault Business users should note that some countries have two options for
the transfers, one being a local payment - where Vault accesses the local
banking network in the specified country to facilitate the transfer, and the
other being a "Priority Payment", which utilizes the SWIFT Network;
-
Transfer charges differ depending on the destination of the transfer and the
transaction type. Clients are urged to check that all their details are in
order before committing to the transaction;
-
Please note that some "Local Payment" methods may be quicker than a Swift
payment, especially for the UK, SEPA and USA payments. That said, user
discretion is advised when choosing which platform to use when transferring
money.
-
Time Frames:
Local Payment |
Priority Payment (SWIFT)
|
1-3 working days |
2-5 working days |
-
Clients should note that different policies and time frames may apply to
banking systems that do not operate in conjunction with deVere Vault
Business;
-
Clients may utilize a limited 10-minute leeway period to cancel any
payments, after which transfers are deemed verified and therefore
irreversible. Again, clients are urged to establish the correct details
before committing to a transfer;
-
Should a transfer fail for any reason, clients will have their transaction
value remunerated into their associated Vault Business wallet upon recovery
of said funds by deVere E-Money;
-
Vault Business users should be aware that transaction instructions can be
made on weekends and public holidays. However, most transfers will not be
affected until the next working day;
-
Clients that are transferring money using a different currency than that of
the recipient will have their funds converted into said recipient's currency
before the transfer is affected. This will include any associated charge, so
user discretion is advised when loading funds onto Vault Business
application;
-
We are not permitted to allow you to pay the receiving parties fees when
sending a transfer within the EEA, by using the “Local Payment” method you
are only paying the fees associated to you. The recipient may receive a
charge from their bank but this is unlikely using this method;
-
If, as a Vault Business user, you enter incorrect details for a payment or
inform us about an incorrect payment after more than 13 months from the
moment of the transaction, we will not give you a refund but we will attempt
to trace the transaction for you. We may charge you a reasonable fee to
cover our service costs in doing this.
-
Fee Details:
Local payments
Currency |
Code |
Fee |
Australian Dollar |
AUD |
£5.00 |
Canadian Dollar |
CAD |
£5.00 |
Czech Koruna |
CZK |
£5.00 |
Danish Krone |
DKK |
£4.00 |
Euro |
EUR |
£4.00 |
British Pound |
GBP |
£4.00 |
Hong Kong Dollar |
HKD |
£8.00 |
Hungarian Forint |
HUF |
£5.00 |
Norwegian Krone |
NOK |
£4.00 |
Polish Zloty |
PLN |
£4.00 |
Swedish Krona |
SEK |
£4.00 |
Singapore Dollar |
SGD |
£5.00 |
United States Dollar |
USD |
£4.00 |
International SWIFT payments
Our underlying banking partner applies a new payment method for SWIFT
payments to follow Payments Services Directive 2 (PSD2), that aims to
create transparency, greater competition and better security in
correspondent banking across Europe.
Payment Method Table |
Beneficiary bank account in country
|
Pricing |
SHA method |
OUR method |
Sepa |
10 GBP* |
Not available |
Non-Sepa |
10 GBP* |
Beneficiary country tier-based pricing:
Tier 1 - 15 GBP
Tier 2 -20 GBP
Tier 3 - 30 GBP
Tier 4 - 40 GBP
|
*Or equivalent in any other currency
You can look up the tier of your payment destination country
here
and list of SEPA countries
here.
All SWIFT payments created in any currency to the beneficiary based in
SEPA country will be sent using charge type Shared (SHA). When initiating
SHA payments, Vault users will be charged 7 GBP. Please note that this
type of payment may incur additional correspondent banking fees on the
beneficiary side.
Please note that while every measure is taken to ensure transparency for
any client-charges, deVere Vault cannot guarantee that the recipient bank
will not issue any additional charge(s) on its end. Clients should be
aware that this is particularly relevant when sending a national currency
such as USD to countries other than the USA. In such cases, funds are
routed through the US which can incur client-side charges that are out of
deVere E-Money reasonable control. While we take every measure to mitigate
such charges, and where we can, absorb them, additional bank charges may
still be incurred for these types of transactions. Funds sent in
currencies different from the domestic currency of the recipient (e.g. GBP
to a Dubai AED account) is not directly controlled by deVere E-Money, but
by the local bank receiving the funds.
-
Volume based bank transfer fee
Outgoing transactions |
Volume based fee on outgoing bank transfers
|
0.10% of transaction amount |
-
In accordance with anti-money laundering and sanction screening
requirements, we are currently unable to support transfers to the following
countries*:
- Afghanistan
- Belarus
- Bosnia and Herzegovina
- Burundi
- Central African Republic
- Crimea
- Cuba
- Democratic People’s Republic of Korea
- Donetsk region of Ukraine
- Ghana
- Guam
- Guatemala
- Iran
- Iraq
- Kherson region of Ukraine
- Laos
- Libya
- Luhansk region of Ukraine
- Myanmar
- North Korea
- Russia
- Somalia
- South Sudan
- Sudan
- Syria
- Venezuela
- Yemen
- Zaporizhzhia region of Ukraine
*Please note the above countries are subject to change.
-
Prohibited industries:
Currently, deVere Vault Business is unable to support bank transfers to
some specific beneficiaries. This is due to deVere E-Money agreements with
intermediary banking transaction parties as well as compliance rules
enforced by authorities on such transactions. These beneficiaries are
primarily those linked or associated with the following activities:
-
Activities aimed at circumventing security controls (software, hardware)
-
Adult services connected to human trafficking or child abuse;
intermediation of prostitution; production, visual broadcasting of
pornography or striptease clubs (the approach does not include
literature, toys, DVD's, educational or scientific material or dating
sites)
-
Arms / dual use goods/ human
organs/ammunition/explosives/defence/military
- Auction organization and execution
- Binary options
- Carbon Credits
- Companies formed of Bearer Shares
-
Counterfeit goods and violation of intellectual property, items that
violates someone's privacy
- Dealers in Precious Metals and Stones, Art
-
Debt restructuring, credit repair, debt settlement, providing credit,
debt collections
-
Electronic money institution / Electronic money related
activities/MSB’s/Payment institution / provision of payment services
- Fourth party payment & multi-layered MSB arrangements
- Get rich quick scheme
- Hawala or informal value transfer system
- High Value Dealers
- Multi-level Marketing (MLM)
- Offshore bank transactions/ Shell banks
- Pawnbrokers
- Piracy or illegal streaming
- Political/religious organisations engaged in hate speech
- Prostitution
- Pyramid or Ponzi scheme or multi-level marketing programs
-
Remittances funded in cash; Cash and Check Handling: Check Cashing,
Deposit Taking, Cash Transfer
- Sanctioned entities
- Shell Banks/Companies
- Transactions for goods subject to export prohibition/restrictions
-
Transactions with living animals (exceptions possible like for payments
for horse riding, or dog classes)
- Unlicensed charities
- Un-licensed FX broker
- Unregulated Crypto-currency exchanges
- Unregulated financial services (where licensing required)
- Unregulated Gambling platforms
-
Unregulated pharmaceuticals / food supplements (e.g. “nutraceuticals”)
- Virtual Currency Trading
As a regulated financial services Company, deVere E-Money prides itself on
being at the forefront of financial excellence and innovation for the
advancement of its clients. Any updates concerning our services and value
chain will be communicated to all deVere Business clients to the extent
that is possible.
Currencies
-
Vault Business account can be opened in one of the two base currencies - EUR
or GBP.
-
By default, the corporate IBAN is opened, and corporate Vault Business cards
are issued in the base currency of Vault Business account.
-
On demand, business client can open additional corporate IBAN in another base
currency.
-
The following 27 currencies are supported for currency exchange and bank
transfer out functionality:
Currency |
Code |
Australian Dollar |
AUD |
British Pound |
GBP |
Bulgarian Lev |
BGN |
Canadian Dollar |
CAD |
Chinese Yuan Renminbi |
CNY |
Czech Koruna |
CZK |
Danish Krone |
DKK |
Emirati Dirham |
AED |
Euro |
EUR |
Hong Kong Dollar |
HKD |
Hungarian Forint |
HUF |
Israeli Shekel |
ILS |
Japanese Yen |
JPY |
Mexican Peso |
MXN |
New Zealand Dollar |
NZD |
Norwegian Krone |
NOK |
Qatari Rial |
QAR |
Polish Zloty |
PLN |
Romanian New Leu |
RON |
Saudi Riyal |
SAR |
Singapore Dollar |
SGD |
South African Rand |
ZAR |
Swedish Krona |
SEK |
Swiss Franc |
CHF |
Thai Baht |
THB |
Turkish Lira |
TRY |
United States Dollar |
USD |