WHAT IS VAULT
The Vault mobile app is a unique multicurrency electronic money account, containing 27 currency wallets. Certain categories of account holders can also apply for a prepaid Mastercard® issued by Moorwand Ltd, so that users can make online payments, withdraw cash and store money in their Vault prepaid card in in the 4 Settlement Currencies (GBP, EUR, USD and CHF), in any outlet that supports Mastercard®. Transactions out of the 4 Settlement currencies are authorised through the default currency of the card (EUR), so we advise you to always maintain a balance of EUR in this wallet.
How can I get the Vault E-Money App?
Is there an age limit for Vault?
Yes, primary users must be at least 18 years of age to be eligible for a Vault account. Companion card users must be at least 13 years of age.
Who can apply for a Vault account?
deVere E-Money is incorporated in the European Union (EU) and issues electronic money and prepaid Mastercard cards under an EU licensing regime governed both by the Bank of Lithuania, and Mastercard.
Therefore, you can apply for Vault account if:
• You are a national of the EEA country or Switzerland.
• You are an existing deVere Group client or employee.
The EEA includes:
Austria, Belgium, Bulgaria, Croatia, Republic of Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, and the United Kingdom.
Can I have a Vault account without a prepaid MasterCard?
You can use much of the rich functionality of the Vault app, including cheap foreign exchange, attractive bank transfer rates, and free Vault-to-Vault payments, without the need to apply for a prepaid MasterCard. If you want to have Vault prepaid MasterCard, please navigate within the app to Support → FAQ→ Registering for Vault; or read our FAQs on the website.
Is UAB deVere E-Money regulated?
Yes, UAB deVere E-Money is authorised and licensed by the Bank of Lithuania with the license number 9 which allows deVere E-money to offer electronic money services under the Electronic Money Regulations 2011 (Ref: 900051).
From which country will your physical Vault card be issued?
Your physical Vault card will be issued by Moorwand Ltd who is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 (Register ref: 900709) for the issuing of electronic money. Registered office Birchin Court 20 Birchin Lane London EC3V 9DU. Registered in England & Wales No. 8491211.
How does Vault safeguard my funds?
As our name suggests, we take security very seriously. All the funds that are loaded into your Vault wallets are held in bank accounts known as Client Accounts. Our regulator, the Bank of Lithuania, imposes strict rules upon licensed electronic money service providers concerning the safeguarding of client funds. The funds held in these bank accounts are segregated from deVere E-Money’s operational bank accounts, and these funds cannot be used by deVere E-Money for normal operational business expenses.
Will I receive interest for my funds held in Vault?
No, unfortunately under an electronic money services licence, deVere E-Money is not permitted to pay interest to clients for funds held in the client accounts, nor is deVere E-Money permitted to receive interest from the banks providing the client account services for Vault.
What would you use Vault account and card for?
There are 4 main uses for your Vault account & card; converting foreign exchange cheaply and easily on a mobile app in real-time; simple bill paying via bank transfer in any of the 27 currencies supported by the app; point of sale spending, online purchases and cash withdrawals in the 4 Settlement currencies using your Vault card; and free instantaneous Vault-to-Vault transfers between Vault account holders
Which currencies are supported by Vault?
Vault supports 4 major Settlement Currencies, 5 Loading Currencies and an additional 23 Transfer Currencies.
- EUR (Euro)
- GBP (Sterling)
- USD (US Dollar)
- CHF (Swiss Franc)
- EUR (Euro)
- GBP (Sterling)
- USD (US Dollar)
- CHF (Swiss Franc)
- PLN (Polish Zloty)
- AED (United Arab Emirates Dirham)
- AUD (Australian Dollar)
- BGN (Bulgarian Lev)
- CAD (Canadian Dollar)
- CNY (Chinese Yuan Renminbi)
- DKK (Danish Krone)
- CZK (Czech Koruna)
- HKD (Hong Kong Dollar)
- HUF (Hungarian Forint)
- ILS (Isreali New Sheqel)
- JPY (Japanese Yen)
- MXN (Mexican Peso)
- NOK (Norwegian Krona)
- NZD (New Zealand Dollar)
- QAR (Qatari Riyal)
- PLN (Polish Zloty)
- RON (Romanian Leu)
- SAR (Saudi Arabian Riyal)
- SEK (Swedish Krona)
- SGD (Singapore Dollar)
- THB (Thai Baht)
- TRY (Turkish Lira)
- ZAR (South African Rand)
How can I use the 4 Settlement Currencies on Vault?
Users can load any of the 4 Settlement Currencies and PLN via debit card or make bank transfer into their Vault account in EUR, GBP or PLN; they can store the balance in their wallets; they can exchange their balance into any of the other 23 currencies supported by Vault; and they can spend directly (i.e. without incurring third-party charges) using the 4 Settlement Currencies (EUR, GBP, USD and CHF).
For example, you can directly load GBP into your Vault account via debit card or bank transfer; when you then use your Vault card in the UK, your merchant’s bill will be settled directly from your GBP balance without any third-party charges.
How can I use the 23 Transfer Currencies in Vault?
The 23 Transfer Currencies are currently only available for converting, storing and transferring via bank transfer. This means that you cannot directly load any of these 23 currencies into your Vault account and you cannot directly spend in any of these 23 currencies. You can only spend directly (i.e. without incurring third-party charges) in one of the 4 Settlement Currencies (EUR, GBP, USD and CHF).
For example, if you wanted to hold Australian dollars, you would not be able to directly load Australian dollars into your Vault account; you would need to convert one of the 4 Settlement Currencies into Australian dollars within the app using the foreign exchange conversion facility. You would then be free to transfer those Australian dollars from within the app using the bank transfer facility to a recipient who wanted to receive Australian dollars.
You would not be able to directly spend in Australian dollars on your Vault card if you were in Australia. However, if the merchant where you were spending in Australia accepts Mastercard® then the merchant’s invoice will be settled directly from your EUR balance (the default currency of your account). This will involve the merchants bank converting your Australian dollar invoice into EUR at an exchange rate outside of Vault’s control.
Cross-currency spending on your Vault card outside of the 4 Settlement Currencies results in other FX fees being applied by the merchant’s bank.
How can I learn to operate my Vault app?
There are 3 good sources of information on how to use your Vault app. Firstly you can navigate within the app to Support → FAQ; or read the FAQs on our website.
You can navigate to Settings → Terms and Conditions or read these on our website.
Finally, we have a series of easy to watch video tutorials available. From within your app please navigate to Settings → Terms and Conditions → ≡ → Get Started, or watch them on our website.
How does deVere E-Money & Vault safeguard and preserve my privacy and personal data?
REGISTERING FOR VAULT
- Who can apply for Vault account?
deVere E-Money is incorporated in the European Union (EU) and issues electronic money and prepaid MasterCard cards under an EU licensing regime governed both by the Bank of Lithuania, and MasterCard.
Therefore, you can apply for Vault account if:
- You are a national of the EEA country or Switzerland.
- You are an existing deVere client or employee.
Who can apply for a Vault prepaid MasterCard?
If you are eligible for Vault account and want to have Vault prepaid MasterCard, then you need to provide us Proof of Address (POA) issued in the EEA country or Switzerland. If you are an existing deVere Group client, you also need to provide us a valid Proof of Address (POA) issued in the EEA country or Switzerland.
A complete list of acceptable EEA POA documents can be found here
What is the application process?
You will be asked to upload a selfie, a photo of proof of identity issued and a proof of address both issued by the EEA country or Switzerland. As soon as your application and documents have been checked, you will get a notification.
Can I open a Vault account and apply for a Vault card if I am a deVere employee?
deVere staff can set up a Vault account and apply for a Vault card irrespective of their nationality or where they are resident, without the need to provide further proof of identity and proof of address.
How will Vault know that I am an existing client of deVere?
The Vault on-boarding team will check the email address that is registered on our central database that you will have previously provided to deVere when registering as a client, and cross-check this with your name, surname and date of birth on file.
How will Vault know that I am an existing deVere employee?
The Vault on-boarding team will check your deVere email address and cross check this with your name, surname and date of birth on file with Group HR.
What are the requirements for Proof of Identity (POI) for Vault?
- Your passport or national ID card are valid proofs of identity. Please note that your Driving Licence is unfortunately not accepted.
- The proof of identity must not be expired.
- If your proof of identity is a passport, and it includes personal data on more than one page, both pages should be uploaded. In the same manner, if your proof of identity is an ID card, both sides of it should be uploaded.
- A photo of a photograph or a photo of a scan of your passport will not be accepted.
- The MRZ (Machine Readable Zone is a chip located on the main identity page of an ID card or a passport) and must be visible along with the applicant’s signature.
What are the requirements for the proof of address (POA) for a Vault prepaid card?
If you are resident in the Single European Payments Area (SEPA) you will have already provided us with a POA for a country located in the SEPA. If, however you are resident outside of the SEPA and wish to now upgrade your Vault e-money account to include a Vault prepaid MasterCard, you will need to provide a POA for a country located in the SEPA, that will satisfy our card issuer, Moorwand Ltd.
What are the requirements for the selfie for Vault?
- Your selfie must be a real-time photo, made by yourself and your shoulders must be visible in the photo.
- A photo of a photograph will not be accepted as a selfie.
- A photograph made by other people will not be accepted as a selfie.
What should I do if I am not an existing deVere client and I am not resident in the European Economic Area (EEA)?
If you can provide us with proof of identity issued by a SEPA country, then you will be quickly approved for a Vault e-money account. We will not however be able to issue you with a virtual or physical Vault prepaid MasterCard unless you can subsequently provide us with a proof of address for a country located in the SEPA that is acceptable to our card issuer, Moorwand Ltd, in line with their Licensed Area of Use.
I already have a Vault account; how do I now request a Vault card?
As a registered Vault account user, you can request a virtual card from within the app. If you are either a deVere employee or resident in the European Economic Area (EEA) or Switzerland, you will then be able to activate your virtual Vault prepaid MasterCard from within your app.
If you are an existing deVere client, but not resident in the EEA or Switzerland you need to upload a proof of address for Switzerland or a country located in the EEA before we can enable your virtual Vault prepaid MasterCard in your app.
If you are not an existing deVere client and are not resident in the EEA, you cannot, unfortunately, enable your virtual Vault prepaid MasterCard.
I already have a virtual Vault prepaid MasterCard; how do I request a physical Vault card?
You can request a physical card from within your Vault app, but you should ensure that you have at least €5 in your EUR wallet. You will be prompted to enter your card display name and surname, and to confirm your preferred physical card delivery address. This delivery address should be the same as any proof of address already provided but because of the postal systems in some countries, you are advised to check that the delivery address is complete. please contact the Vault Support Team via Live Chat or email at [email protected] to ensure that your card is sent to your correct address.
How can I apply for a Vault account if I am neither a deVere client, nor a resident of the European Economic Area (EEA) country, nor do I hold a proof of identity issued by EEA country of Switzerland?
Unfortunately, currently, due to licensing restrictions, Vault is only available for EEA residents, deVere employees, active deVere clients or prospective clients holding proof of identity issued by a EEA country or Switzerland. If you do not fall into one of these categories, we will unfortunately not be able to open a Vault e-money account for you.
How can I check the status of my application?
If your documents have not yet been approved, an update message will be sent to the email address you provided when you first registered with Vault. Please check your inbox before contacting support.
For any additional questions, please contact the Vault Support Team via Live Chat or email at [email protected]
How long will it take to approve my application?
Applications are usually reviewed within 1 business day and can be approved swiftly if you have provided the correct documentation. However, the process might take longer out of Lithuanian office hours (08:00-18:00 EET) or during bank holidays & on weekends.
What if I forgot to add a referral code while registering for Vault?
Once an application is submitted for review, it will not be possible for you to add a referral code.
How can I re-submit a document?
You can re-submit your documents by signing into Vault and viewing your account application status. You can then resubmit any missing or pending documents in the app.
REQUESTING A VAULT CARD
- What is the Vault card?
The Vault mobile app is a unique multicurrency electronic money account, containing 27 currency wallets. Certain categories of account holders can also apply for a prepaid Mastercard® issued by Moorwand Ltd, so that users can make online payments, withdraw cash and store money in their Vault prepaid card in in the 4 Settlement Currencies (GBP, EUR, USD and CHF), in any outlet that supports Mastercard®. Transactions out of the 4 Settlement Currencies are authorised through the default currency of the card (EUR), so we advise you to always maintain a balance of EUR in this wallet.
What is the difference between a virtual Vault card and a physical Vault card?
If you have already opened a Vault account, you may request a virtual Vault prepaid Mastercard® free of charge in the ‘Vault card’ section, from within your Vault app. After the approval process, your app will be updated with a 16-digit Mastercard® number which will be enabled, so that you can use it for online purchases. You can then subsequently request a physical Vault card be sent to you for point of sale purchases and ATM cash withdrawal, at a cost of €5.
How can I order a physical Vault card?
You must first have requested and been accepted for a virtual Vault prepaid MasterCard which will have been ‘enabled’, and you already have a 16-digit MasterCard number on the Vault Card screen within your app. To access your virtual card details, navigate to: Vault Card → 👁 → enter your 5-digit passcode → revealing your 16-digit MasterCard number and your 9-digit Vault account number.
You can now request your physical Vault card by navigating to: Vault Card → Request Physical Card.
You will need to have at least €5 in your EUR wallet to pay for your card & delivery, and you will be asked to check (and edit if required) your card display name & surname, as well as confirm your exact card delivery address.
Where will my physical card be sent?
If you are resident in the European Economic Area (EEA) or Switzerland you will be prompted at the point of ordering your physical card within the app, to confirm your postal address (also known as your “Distributing Address”), and your card will be posted by unregistered mail to this address.
If you are a deVere client resident outside the EEA or Switzerland and you have been able to provide a proof of address for the EEA or Switzerland, we will register that address as your Distributing Address. However, we will not send your card to this Distributing Address within the EEA but will have your card delivered to your closest deVere office from where they will arrange local delivery, including where possible arranging for your respective financial adviser to hand your card to you personally.
Why isn’t my physical Vault card being sent by registered mail to my Distributing Address?
Although we take the security of the Vault cards we are issuing very seriously, many clients have complained that they have to be physically present at their distributing address when a registered letter is delivered and therefore we have complied with client requests and arranged for cards to be delivered by unregistered mail so that you do not have to be at home when the card is delivered.
Why isn’t my physical Vault card being sent direct to my residential address outside of the European Economic Area (EEA)?
For cardholders resident outside of the EEA, it is not always possible to send cards by registered mail as many countries do not have postal systems that will support door-to-door delivery and use PO boxes. Therefore, in these countries, it is safer and more efficient for us to arrange for your card to be sent to your local deVere office, from where they will arrange delivery. There are still certain countries outside the EEA where we can post your card direct to your residential address.
How will I know if my Vault card is on its way to me?
Upon requesting the physical card, you will see a prompt that reads “Activate Physical Card” in the “Vault Card” section of your app. This means that the card has been requested. You are advised not to activate or freeze the card before it has been received under any circumstance.
When can I expect my physical Vault card to arrive after ordering it?
If you are resident within the Single European Payments Area (SEPA) you could expect the delivery of your physical card within 14 days of your initial request but if you are resident outside of the SEPA, you should allow up to 30 calendar days.
What should I do if my physical Vault card does not arrive in 30 days?
If the Vault card does not arrive within the expected time, please contact the Vault Support Team via Live Chat or email at [email protected]. You will then be notified of the card delivery status.
Can I use my physical Vault card immediately after I receive it?
Before using the Vault card, you must first activate it by navigating to: Vault Card → Activate Physical Card. After activation of your physical card, please access your virtual card details and compare them with your physical Vault card’s details to make sure that the details match. You can access your virtual card details by navigating: Vault Card → 👁 → enter your 5-digit passcode → revealing your 16-digit MasterCard number and your 9-digit Vault account number.
MY VAULT CARD
- Can I have several Vault cards or accounts?
You may only have one personal Vault account and only one physical/virtual Vault prepaid MasterCard, however, you may order up to 3 Companion cards.
Can I load and transfer funds without a Vault card?
Yes, once you have successfully registered your Vault account, you will have access to a range of features within your app, including loading funds, exchanging currencies and making transfers. You only need a Vault prepaid MasterCard for point of sale purchases and ATM cash withdrawal.
What is my 9-digit token or account number and where can I find it?
Your 9-digit token or account number is a unique code which identifies your Vault account. Your 9-digit code can be found on your physical Vault card under your name. Your virtual card details can be found by navigating to the Vault Card section → 👁 → enter your 5-digit passcode → revealing your 16-digit MasterCard number and your 9-digit Vault account number.
How are my passcode and PIN code different?
Your passcode is a 5-digit security code which is used to access your Vault app and any sensitive material within it.
Your PIN code is a standard 4-digit code that is required for payments, ATM withdrawals, etc for security & fraud protection and is embedded within the chip on your Vault card.
I forgot my 5-digit passcode. How can I reset it?
To reset the passcode, navigate to: Vault application login screen → Forgot? → enter email address → submit. You will then receive a passcode reset link to the email address you provided on your Vault account.
If a client enters their passcode incorrectly 3 times during login, the account becomes temporarily suspended. The client receives email with a verification code which must be submitted via the app for the account to be unlocked.
Where can I find my PIN code?
Your personal PIN code can be found in the ‘Vault Card’ section under the ‘show PIN’ tab.
Will my PIN code arrive together with my card?
deVere E-money does not send out a physical version of client PIN codes. Instead, you must navigate to: Vault Card → Show PIN.
Can I change my PIN code?
You can change your PIN code through any Bank ATM that supports ‘PIN Services’. The ATM will update your card’s chip to the new PIN instantly.
What should I do if I block my PIN?
To unblock your PIN code, please contact the Vault Support Team via Live Chat or email at [email protected]
Why was I charged for a replacement card?
Once a replacement card is ordered, a €5 fee will automatically be debited from your Vault account. If the fee should not have been debited, please contact the Vault Support Team via Live Chat or email at [email protected] and we will reimburse your EUR wallet.
Can I turn contactless payments off on my card?
Contactless payments can be toggled on or off by navigating to: Vault Card → Card Security → Disable the Contactless Payments.
Can I freeze my card for security reasons?
You are always encouraged to keep your card secure. For this reason, you may choose to temporarily freeze your card by navigating to: Vault Card → Freeze Card on the application. All transactions will be declined when this option is enabled. Unfreeze the card to continue using normally.
How can I find all my currency wallets in my Vault app?
You can find your currency wallets in the “Wallets” section. You can then choose the wallet which you intend to use and exchange or send money.
To manage your wallets, please press the wallet icon at the top right corner or navigate to: Settings → Currency Manager.
What should I do if I lose my Vault Card?
If a card has been lost or stolen, navigate to: Vault Card → Freeze Card, to instantly halt any unauthorised use of the Vault card. If a lost card is found by the authorities, you can unlock your card through the same process.
If you wish to request a new card, simply navigate to: Vault Card → Request a new card → Report & Order New Card. Please note that your old card will not be usable once you reorder a new one. You will be charged €5 for the new card. Please activate your new card once you receive it before using!
Please also note that your card details will be changed after you request a replacement card.
What should I do if my Vault Card has expired?
If your Vault card has expired or it will soon expire, simply navigate to Vault Card → Request a new card → Report & Order New Card. Please note that your old card will not be usable once you reorder a new one. You will be charged €5 for the new card. Please activate your new card once you receive it before using! Please also note that your card details will be changed after you request a replacement card.
Why can’t I change my address in the Vault app?
Due to our anti-money laundering regulations, it is not possible for you to change your residential address within the app. To change your address, please provide our support team with a proof of address (POA) which is not older than three months via email or live chat. A complete list of our acceptable European Economic Area (EEA) POA documents can be found here and our Customer Support team will be as flexible as possible to manage some of the difficulties that clients have providing POA for countries outside of the SEPA. If you have any concerns, please contact the Vault Support Team via Live Chat or email at [email protected]
- What is a Vault Companion Card?
A Vault Companion card is an additional card that is issued by a primary cardholder to create up to 3 subsidiary accounts, typically for family members. Primary users can choose between “youth” and “adult” Companion cards, either of which has its own spending restrictions. Primary account holders have total control over funding their subsidiary Companion cards and can only fund it via Vault-to-Vault transfers from the Primary account.
What are the spending restrictions for “Youth” and “Adult” Vault Companion cards?
Please navigate to Settings → Terms and Conditions → Vault Prepaid Mastercard Terms and Conditions → 2. Using your Card(s), and card fees → subsection 14 Adult Companion Card Limits and Fees and Youth Companion Card Fees and Limits.
Are there any quick go-to tips for Companion cards?
- A Companion card can only be requested by a Primary Vault user.
- Upon requesting the card, there is a flat fee of €5 per card (funds must be available in the Companion cardholder’s EUR wallet).
- You can add up to 3 Companion cards to your Vault Account.
- The Companion profile and passcode is set up in-app by the Companion cardholder.
- An ordered physical card will be sent to a Primary cardholder’s address with the Companion cardholder’s name as the recipient.
- The Load option is not available for Companion Cardholder, who can only receive loads from the Primary cardholder (via Vault-to-Vault transfers).
- The Primary cardholder can view Companion Card details and transactions.
- If you lose your card, or for any other reason, as a Companion cardholder, you can freeze your card. However, only the Primary cardholder can unfreeze it.
- A Companion Card requires the recipient to be over 13 years old for the youth product and 18 years old for the adult product.
- Youth companion cards also have restrictions on some merchant types. These include: online gaming, liquor shops and bars, airlines and some other age-related restricted merchants.
What are the differences between ‘youth’ and ‘adult’ Companion Cards?
- An adult Companion card can only be issued to 18+ year old individuals.
- A youth Companion cardholder cannot transfer funds to a bank account, while an adult Companion cardholder can.
- A youth Companion cardholder cannot send funds to other Primary cardholders.
- When a youth Companion Cardholder turns 18 years old, the system will automatically update the account to the adult version.
How can I order a Companion Card?
A Vault Companion card can be requested by a Primary card holder by navigating to: Vault Card → Add Companion Card.
The primary user will need to indicate the Companion user’s first name, surname, email address, date of birth and mobile number.
Once this is completed, the Companion user will receive an email with an invitation code with which the Companion account registration can be finalized.
My Companion card just arrived. How do I activate it?
To activate the Companion card, simply download the Vault app to your Companion card user’s mobile device, login using your Primary account details, navigate to: Vault Card → bottom left-hand corner → Activate physical card.
You as the Primary cardholder can then load and manage your Companion cardholder’s account through the Vault Card section. To load funds onto a subsidiary account, just initiate a Vault-to-Vault transfer from your desired currency wallet and enter the Companion cardholder’s email address on 9 digit token.
How can a Primary cardholder check their Companion Card transactions?
A Primary cardholder can navigate to: Vault card → swipe the top half of the screen showing the card, left or right → select a subsidiary card or otherwise. The transactions menu will display the transaction history for any selected card, with full functionality available across all Vault cards.
LOADING MY VAULT ACCOUNT
- How can I load my Vault account?
You can load in EUR, GBP, USD, CHF and PLN via a debit card load or you can load your account by making a bank transfer load in EUR, GBP or PLN currency.
How can I load my Vault account via my personal debit card?
Navigate to: Wallets and then select the relevant currency wallet → Load Funds → Add Debit Card (you can add up to 3 debit cards). You can then load funds from your bank account to that currency wallet using your debit card, subject to any limits imposed by your bank, and the funds will show up in your wallet and be instantly available for spending.
Are there any tips that I need to know about before I load my Vault account with my debit card?
- Vault only accepts debit card loads using a card issued under the same name and surname as the Vault account holder. Please note that loads with debit cards which belong to 3rd party cardholders are not permitted.
- Please ensure the 3D Secure protocol is fully configured on your card by checking with your debit-card issuing bank, as otherwise you may not be able to load.
- It is not recommended to delete the debit card information and re-add the same card again before every load, as this may restrict your ability to load funds.
- To ensure the security of your account, the load function may be disabled if you carry out several unsuccessful load attempts.
- The maximum number of debit cards that can be saved in one Vault account is 3 debit cards.
In case of any questions or if you exceed any limits, please contact the Vault Support Team via Live Chat or email at [email protected]
Is there a charge to load my Vault account with my personal debit card?
If your debit card is issued by a bank based within the Single European Payments Area (SEPA), Vault will absorb the fee applied by your bank, and therefore your load will be free.
However, if your debit card has been issued by a bank based outside of the Single European Payment Area (SEPA), your bank will charge Vault a significantly higher fee for debit card loading. Due to recent increases in these bank charges, we must now pass on a fee of 2.8% of the value loaded for this type of loading. In this instance, we would recommend instead that you consider using bank transfer loading, particularly for larger amounts. This will not affect loading Vault with cards that are issued by banks within the SEPA which will continue to remain free.
How can I load my Vault account via a bank transfer load?
You can transfer money from your bank account to our EUR, GBP or PLN currency collection bank accounts, quoting your 9-digit Vault account number. The amount received will be allocated to your Vault account but please note that you will need to decide whether the transmission fees are paid by your bank, our receiving bank or shared.
You can receive deposits from family, friends and other third-party bank accounts but the first bank transfer load must be done by the Vault account owner.
Can I load funds into my Vault account in any of the 27 currencies?
No, you cannot at this stage load funds straight into the additional 22 Transfer currency wallets in Vault. You can only load funds in 5 currencies (EUR, GBP, USD, CHF and PLN) using debit card loading method, or via bank transfer in EUR, GBP or PLN. Once you have loaded funds in one of the 5 currencies, you can then exchange into one of the other additional 22 Transfer currencies.
How can I exchange currencies?
You can exchange currencies by navigating to: Wallets and then select the relevant currency wallet → Exchange. You will be prompted with a quote before committing to the exchange, after which the action is irreversible.
Can I load via debit card or bank transfer if my personal bank account is denominated in a currency other than one of the 5 loading currencies?
Yes, you can still make a load into one of the 5 loading currency wallets via debit card or bank transfer in EUR, GBP or PLN, however your bank will determine the exchange rate at which your local currency is converted into your selected currency.
Which currency should I use to load my Vault account?
We recommend that you load your Vault account in the same currency as your debit card to benefit from Vault’s attractive rates when exchanging currencies. For example, if you are using a GBP debit card, you should load money GBP into your GBP wallet, and then exchange it to any other currency required later. If for instance you try to load EUR using a GBP debit card then you may incur unfavourable exchange rates applied by your bank issuing the debit card, which are outside of Vaults control.
How can I use the additional 22 Transfer currencies on Vault?
The additional 22 Transfer currencies are currently only available for converting, storing and transferring via bank transfer. Direct loading and spending are unavailable for the additional 22 Transfer currencies in Vault’s current build.
Can third parties load my Vault Account with their debit card?
Loads made using debit cards issued in a name other than the Vault account owner will not be accepted for anti-money laundering reasons. Please also note that violation of this rule may result in account suspension.
How many debit card loads can I perform in one day?
You can perform a maximum of 3 debit card loads per day.
My debit card does not have a CVV. How can I load funds into the Vault account?
deVere Vault requires certain information for users to successfully load funds into their account (name, 16-digit card number, CVV/CVC code, expiry date). Cards without a CVV/CVC code are incompatible with the current Vault build.
Can third parties load my Vault account by bank transfer?
Vault accounts can receive bank transfers and Vault-to-Vault transfers from other third parties. However, please note that the first load to any Vault account must be made either using a debit card issued in the Vault account owners name; or via a bank transfer from a bank account in the Vault account owners name. No third-party transfers will be permitted until a first load in the Vault account owner’s name has been verified.
Will I receive in my Vault account the full amount that the third party has sent by bank transfer?
This will depend upon whether the third party selects to pay the bank transfer fees at their end or charge these to deVere E-Money. Vault cannot be held responsible for any bank transfer fees charged by third-party organisations during the process of a bank transfer load from a bank account to deVere E-Money.
How can I make a bank transfer?
You simply need to log-on to the online banking portal for your personal bank account and set up a bank transfer in one of the 3 currencies available (EUR,GBP and PLN) using the bank details listed in the FAQ. It is vital that you enter your 9-digit Vault account number as a reference/purpose for the load for the funds to be recognised and transferred to a personal Vault account. This 9-digit account number can be found on your physical Vault card under your name or by navigating to the Vault Card section → 👁 → enter your 5-digit passcode → revealing your 16-digit MasterCard number and your 9-digit Vault account number.
How should I make my bank transfer, by local or SWIFT transfer?
At the time of setting up your transfer, you may be asked to select on the online banking portal for your personal bank account, by which method you wish to transfer the funds.
deVere E-Money can receive LOCAL EUR SEPA Credit Transfers from a bank within the Single European Payments Area (SEPA), and LOCAL GBP payments from a bank within the UK banking system using the UK Faster Payments network or BACS. USD, PLN payments must currently be made via SWIFT.
What are LOCAL and SWIFT transfers?
These are transfers made in a country’s domestic currency and payment system. For instance, GBP transferred between two UK domiciled banks or EUR transferred between two banks domiciled in the Single European Payments Area (SEPA). This is normally the fastest and cheapest method of moving money.
SEPA Credit Transfers
The Single Euro Payments Area (SEPA) represents a new format for international bank transfers in Europe. Currently, SEPA comprises 34 countries, including 28 EU member states alongside Iceland, Monaco, Switzerland, Liechtenstein, Norway and San Marino. Its purpose is to simplify cross-border money transfers in Euros, which is the only currency SEPA supports. In many ways, a SEPA transfer is like a local domestic transfer. Banks that support SEPA transfers either have direct relationships established or a network of intermediary banks, thus allowing transfers to run across country borders.
The Society of Worldwide Interbank Financial Telecommunication (SWIFT) is a financial messaging system that runs on a network of tens of thousands of financial institutions from around the world.
If you are transferring money across borders, for instance, GBP to Luxembourg or USD to Switzerland, you will typically need to use the SWIFT transfer method. SWIFT does not actually send money, it simply sends messages between the banks. Because of this, other systems that require more human intervention must be used to transfer the actual funds, making SWIFT transfers slow. However, there is a trade-off, as the transfer method is easily traceable and can be recalled if necessary. On the downside, the complex nature of these transfers normally incurs a fee, which often gets passed on to consumers.
What’s the difference between BACS, CHAPS (same-day UK payments) and Faster Payments?
Faster payments are a method of transferring funds between UK banks who are members of the Faster payments network and the payment will arrive almost immediately. CHAPS payments are guaranteed to arrive on the day you make them. BACS is another method of transferring funds between UK banks, but it can take up to 3 working days. BACS are generally free, but banks will typically charge for both faster payments and CHAPS.
Who will pay the charges for my bank transfer load?
At the time of setting up your transfer, you may need to select on the online banking portal for your personal bank account, how you wish to pay the bank transfer charges. If you are making a Local/SEPA transfer, you are likely to be charged a flat fee of up to €2. However, if you are making an international or SWIFT transfer, you are likely to be offered the choice of BEN, SHA, or OUR.
What are BEN, SHA, OUR payment instructions?
When making an international or SWIFT transfer, you the sender will be prompted by your bank to choose which party will pay the bank transfer charges.
OUR, SHA & BEN are the common codes that you are likely to see when you set up a bank transfer payment from your own personal online banking portal.
The OUR instruction means you the sender will pay all bank transfer charges upfront. This transfer method guarantees that Vault will get the exact amount you wish to load. If you use OUR, we will receive all your payment and credit the full amount to your Vault wallet. This is the method that we suggest you use while making bank transfer loads to Vault and we encourage making a smaller number of larger values loads to minimise your bank transfer costs.
SHA (shared) transfers incur charges applied by both your bank and our correspondent (intermediary) bank, over which we have no control. As such, we cannot guarantee that we will receive the exact amount you have transferred. Whilst this may appear to be an equitable method of sharing bank transfer charges, it can often lead to a higher overall bank transfer cost for you.
BEN (beneficiary) transfers incur no charges on you, the sender. We receive your payment minus all transfer charges which are deducted both by the correspondent bank and/or the receiving bank. Vault has no control over these charges.
Which bank transfer charging method should I use?
We usually recommend that when making a bank transfer load to Vault, you select the option to pay all the bank transfer charges up front as OUR’s. The difference between OUR, SHA & BEN charges will vary depending upon the currency you are sending, where your bank is based and which transfer method you have selected (Local or SWIFT). We recommend that you test out several different methods of transfer from your usual bank to find the most cost-effective method of loading your Vault account.
What are the bank transfer details for Vault?
Presently, deVere E-Money has EUR accounts which can receive both SWIFT payments, and LOCAL SEPA Credit Transfers; and GBP accounts which can receive SWIFT payments, LOCAL UK Faster Payments and BACS payments. It is vital that clients enter the 9-digit number as a reference/purpose for the load for the funds to be recognised and transferred to a personal Vault account. This 9-digit token number can be found on your Vault card under the cardholder’s name.
GBP details for LOCAL transfers via either UK Faster Payments or BACS transfers:
Beneficiary account name: UAB deVere E-Money
Bank name: PayrNet Ltd.
Bank address: Wework Waterhouse Square Holborn, EC1N 2SW London, United Kingdom
Sort Code: 040053
Account No: 04842099
Beneficiary address: Mesiniu g. 5 LT-01133 Vilnius, Lithuania
Reference: your 9-digit number. (vital information)
Important: You can only transfer funds to the bank account above in GBP from another bank within the UK. We do not charge a fee to receive a GBP payment made from a bank within UK, but please be aware that your bank might charge a fee for a UK Faster Payments transfer. If you wish to send GBP from a bank that is not within UK, you must make a SWIFT transfer to the bank account detailed below.
GBP/EUR/PLN details for SWIFT transfers and LOCAL EUR SEPA Credit Transfers:
Bank Name: AS LHV Pank
Bank Address: Tartu mnt 2, 10145 Tallinn, Estonia
Bank BIC/SWIFT code: LHVBEE22
Beneficiary Account Name: PayrNet Limited
Beneficiary IBAN: EE967700771002997385
Beneficiary address: WEWORK WATERHOUSE SQUARE HOLBORN, EC1N 2SW LONDON, UNITED KINGDOM
Reference: (deVere Vault , your 9-digit number) (vital information) (Reference should be indicated exactly as it is shown here)
Important: We do not charge a fee to receive a SWIFT payment but please be aware that your bank will charge you a fee for a SWIFT transfer. If you wish to send EUR from a bank that is within SEPA, you should avoid making a SWIFT payment and should instead make a SEPA Credit Transfer. We do not charge a fee to receive a EUR payment made as a SEPA Credit Transfer, but please be aware that your bank might charge a small fee of approximately €2.
Note 1: PayrNet Ltd is a London based Fintech banking platform regulated by the UK FCA. They provide a range of client collection and storage bank accounts to deVere E-Money Vault clients using a selection of specialist European-based banking partners including Starling Bank, Crédit Mutuel Arkéa, LHV Bank, BFC Bank and Barclays Bank plc.
Note 2: For us to check the status of a bank transfer load, the Vault support team will require a proof of payment with all the details included in the transfer. This can be done by contacting us via Live Chat (Vault app → Support → Live Chat) or email at [email protected].
What if I forgot to include my 9-digit Vault account number as a reference for the bank transfer load?
As we do not currently distribute personal IBANs to our clients, we identify and verify banks transfers through the 9-digit account number which can be found by navigating to the Vault Card section → 👁 → enter your 5-digit passcode → revealing your 16-digit Mastercard® number and your 9-digit Vault account number.
If you forgot to include this number while making a bank transfer, you are advised to provide the Vault support team with a proof of payment with clearly visible names of the transfer remitter’s account name, any reference that was used and the amount of the transaction. This can be done by contacting the Vault Support Team via Live Chat or email at [email protected].
How quickly will loads appear in my Vault Account?
Funds loaded via registered debit cards appear instantly in the client’s Vault account. If the funds haven’t appeared on your Vault account instantly, please contact our support team. Loading via bank transfer will appear in the account on the next business day, after we confirm receipt of the funds, and if you have correctly quoted your 9-digit Vault account number.
What if I want to check the status of a bank transfer load?
For us to check the status of a bank transfer load, the Vault support team will require a proof of payment with all the details included in the transfer. Please contact our Support team via Live Chat or email at [email protected] by attaching the necessary document and our team will gladly check the status of your bank transfer load.
Is there a Minimum Load?
The minimum load requirement is a standard rate of 2.00 in any of the 5 loading currencies. Loads below this value may be declined, charged and might not automatically appear in the beneficiary’s account.
How much can I load onto my Vault Account?
Clients can load up to €10,000 or equivalent in any of our other 5 loading currencies per day via a debit card and up to €99,999 per day via bank transfer.
Can I load Vault via Paypal?
Vault’s current build does not yet support fund transfer from Paypal. You can only transfer funds from your personal bank account.
Can I load another Vault user’s account?
You can instantly transfer funds to other Vault users for free using Vault-to-Vault transfers. To do this, you must add your beneficiaries through Vault. Adding beneficiaries requires you to enter the registered email address or the 9-digit account number of your prospective beneficiary. The funds can be transferred via Vault-to-Vault transfer by navigating to Wallets → Transfer → Send money to Vault Users. Alternatively, to load another Vault user’s account, you can always use bank transfer loading method.
What should I do if I want to load my Vault account with a card that is issued in the US?
If you would like to load funds with a debit card, issued by a bank in the US, or if you have already tried to do so, but your card was declined, please contact the Vault Support Team via Live Chat or email at [email protected], as debit cards issued by banks in the US may otherwise be blocked, due to the significantly higher risk of fraud
SPENDING ON MY VAULT CARD
- Can I spend money using all 27 available currencies on Vault?
No, you can only use your virtual and physical Vault cards for spending directly in the 4 Settlement currencies (EUR, GBP, USD and CHF). You can still spend indirectly in 120 currencies around the world where MasterCard is accepted. To spend in currencies other than 4 Settlement currencies, you should hold funds in your EUR wallet, as this is our default currency. Indirect spending in currencies other than the 4 Settlement currencies is a more expensive option due to third-party FX fees applied by the merchant’s bank, which are outside of Vaults control.
However, please note that you can still make bank transfers out of your Vault account in any of the 27 currencies available in Vault.
How much can I spend on my Vault Card?
You can spend up to €4,500 in retail transactions every day and withdraw up to €600 at a time from any ATM that supports Mastercard services. You can conduct 4 ATM transactions per day, with a total maximum withdrawal limit of €1,300 per day. For Companion Card spending limits, please navigate to Settings → Terms and Conditions → Vault Prepaid Mastercard Terms and Conditions → 2. Using your Card(s), and card fees → subsection 14 Adult Companion Card Fees and Limit Table.
What if I am offered a choice to pay/withdraw in a currency other than the local currency?
If the local currency is one of the 4 Settlement Currencies, it is always best to pay in that currency to avoid unnecessary conversion costs, also known as Dynamic Currency Conversion or DCC. Opting to use Vault for your conversions will result in a better rate than those offered by merchants or online retailers who will generally offer unfavourable exchange rates. Always remember to check the payment terminal and if the amount is not shown in the local currency, then kindly ask for it to be changed. For example, you are in France and wish to pay at a local restaurant; the merchant’s terminal offers you the opportunity to pay in GBP or EUR and therefore you would select EUR to settle the bill from your EUR wallet. If you were to select GBP, the merchants bank would determine the exchange rate from GBP to EUR, which would almost certainly be more unfavourable than the exchange rates within Vault.
What happens if I am not offered a choice to withdraw cash in a local currency when I am in a country that supports the 4 Settlement currencies?
Although the default currency of your Vault account is EUR, the card is manufactured & issued in the UK. Some bank ATMs do not recognise that the Vault card is a multicurrency card, and the ATM reads the card chip and interprets the card as being a UK issued GBP card. In this instance you should either cancel the transaction and try a different bank ATM, or you will have to accept that the bank you are withdrawing cash from will offer you an exchange rate for converting from your GBP wallet.
Mastercard regulations demand that ATM machines show users a converted rate before a transaction. If this is not the case, kindly advise the Vault team with the name of the ATM provider so that we may escalate the issue to Mastercard. This will not result in a refund as it is outside of our reasonable control.
Can I withdraw cash from any of the 23 Transfer currency wallets?
No, any balance that you hold in one of the 23 Transfer currency wallets can only be used to pay bills via bank transfer. If you are in a country that does not support one of the 4 Settlement currencies, the bank that you are withdrawing cash from will offer you an exchange rate for converting from your default EUR wallet into the local currency you are trying to withdraw.
What if my bill amount exceeds my wallet balance in Vault?
Transactions that cannot be fulfilled due to lack of funds will be declined. However, you can manually convert funds from one of your other wallet balances or load more funds via debit card to solve the problem instantly, as funds are accessible immediately.
What if my wallet’s balance becomes negative?
In some cases, offline transactions or Vault fees for services you are using can lead to a negative balance in your account. As stated in our Terms & Conditions, if this happens, you agree to top up your account to rectify your outstanding balance.
We will notify you if this happens, and we’ll allow up to 7 business days to top up. If the balance is still negative after the deadline, Vault will automatically correct the balance by initiating an exchange between accounts or by attempting to top up with your registered card.
Can I use my Vault card for security deposits, such as hotels and car hire?
We recommend that you do not use your Vault card for security deposits when checking into a hotel or hiring a car. We suggest using a credit or debit card in such cases, and only using the Vault card to settle the final bill.
The funds issued from a Vault card for security deposits are given a temporary 30-day block, as the Vault cards are not credit cards and hold a prepaid balance. You are asked to kindly use any other card for the security deposit, and your Vault card for normal transactions. The funds will still be pre-authorised on the other cards.
Can I use my Vault e-money account & prepaid MasterCard to pay via Paypal?
You should be able to link your Vault prepaid MasterCard to Paypal. Paypal has its own verification standards which you will need to adhere to when linking your Vault card. Paypal will charge you a small fee to confirm your card, so we recommend that you load funds to the relevant currency Vault wallet prior to linking your Vault account with Paypal. The fee will be credited back once the card is confirmed and authorised.
Unfortunately, you cannot link your Vault e-money account to PayPal without a Vault prepaid MasterCard as PayPal does not accept prepaid e-money accounts.
What should I do if I find an incorrect transaction on my account?
If you suspect an incorrect transaction please contact the Vault Support Team via Live Chat or email at [email protected] as soon as possible. Our Vault support team will resolve the issue for you, after verifying that the transaction was conducted improperly.
TRANSFERRING MONEY FROM MY VAULT ACCOUNT
- How do I initiate a bank transfer out of my Vault account to a bank account?
You can send funds directly from your Vault account to bank accounts around the world, from within your app. To make a bank transfer out of Vault, please navigate to: Wallets → Transfer → To bank account. Kindly follow the further instructions by entering all the transfer details required. If you are having any difficulties setting up your first bank transfer, please contact the Vault Support Team via Live Chat or email at [email protected].
How are funds transferred out of my Vault account to a bank account?
Vault has partnered with the UK global payments and foreign exchange firm, “The Currency Cloud”, to perform these transfers on behalf of Vault clients, using Barclays bank UK plc.
What is the difference between a Local transfer and a SWIFT transfer?
When setting up a bank transfer within the Vault app you will be asked whether you want to make a local transfer or a SWIFT transfer.
These are transfers made in a country’s domestic currency and payment system. For instance, GBP transferred between two UK domiciled banks or EUR transferred between two SEPA domiciled banks. This is normally the fastest and cheapest method of moving money.
The Single Euro Payments Area (SEPA) represents a new format for international bank transfers in Europe. Currently, SEPA comprises 34 countries, including 28 EU member states alongside Iceland, Monaco, Switzerland, Liechtenstein, Norway and San Marino. Its purpose is to simplify cross-border money transfers in Euros, which is the only currency SEPA supports.
In many ways, a SEPA transfer is like a local domestic transfer. Banks that support SEPA transfers either have direct relationships established or a network of intermediary banks, thus allowing transfers to run across country borders.
The Society of Worldwide Interbank Financial Telecommunication (SWIFT) is a financial messaging system that runs on a network of tens of thousands of financial institutions from around the world.
If you are transferring money across borders, for instance, GBP to Luxembourg or USD to Switzerland, you will typically need to use the SWIFT transfer method.
SWIFT does not actually send money, it simply sends messages between the banks. Because of this, other systems that require more human intervention must be used to transfer the actual funds, making SWIFT transfers slow. However, there is a trade-off, as the transfer method is easily traceable and can be recalled if necessary. Please note that as indicated in our Terms & Conditions, Vault charges 10 GBP fee for this. On the downside, the complex nature of these transfers normally incurs a fee, which often gets passed on to consumers.
How quickly will my bank transfer payment from Vault be received?
Outgoing transfers using the Local functionality take between 1 and 3 working days depending upon the destination; Priority/SWIFT payments typically take between 2 and 5 working days to reach the recipient’s account. Some Local payments will be quicker than a Priority/SWIFT payment, especially for the UK, SEPA and USA payments network.
What can I do if I made a bank transfer out of Vault to the wrong account?
You can utilize a limited 10-minute leeway period during our payment service provider’s clearing hours (9:45 to 16:00 London time) to cancel any transfers out of Vault, after which transfers are deemed verified and therefore irreversible. Transfers made during offline hours will be conducted in the following working day. You are urged to establish the correct details before committing to a transfer. For Vault-to-Vault transfers, these occur instantly so you are encouraged to make sure the correct details are inputted before committing to a transfer.
If money is transferred to the wrong account, please contact the Vault Support Team via Live Chat or email at [email protected]. Once the details are verified, the transaction will be reversed.
How can I edit/delete a beneficiary while making a bank transfer out of Vault?
To edit/delete a beneficiary, please press and hold the beneficiary entry button and swipe left.
What is a Vault-to-Vault transfer?
Clients can instantly transfer money free of charge from any of the 27 currency wallets to other Vault users by indicating their 9 Digit Token or an email address, which they used for registering to Vault.
How do I do a Vault-to-Vault transfer?
You should navigate to: Transfer Funds → send money to Vault User. You will need to identify the other Vault beneficiary using either their Vault registered email address or their unique 9-digit Vault account number.
Once you have added a beneficiary, they will remain on your contact list indefinitely unless you manually delete them. To affect the transfer, you must select the beneficiary and enter the currency-specific value to be transferred, and press submit. Upon process completing, the money is transferred to your chosen beneficiary.
The beneficiary will receive a notification message in their Vault application and an email advising them that they have received a transfer which will include the value you have sent.
Can I set up a regular payment?
Yes, you can navigate to: Transfer Funds → Auto payment and set up the relevant beneficiary’s bank or Vault account details including selecting the amount and frequency of the autopayment. The beneficiary will receive a message in their Vault application and an email advising them that they have received a transfer which will include the value you have sent.
Are there any local transfers restrictions for specific currencies?
If you want to send local DKK, EUR, GBP, NOK or SEK payments where the destination country or the ultimate payer is in one of the following: Andorra, Cayman Islands, Cyprus, Gibraltar, Guernsey, Isle of Man, Jersey, Liechtenstein, Malta, Monaco – these payments will need to be sent via SWIFT where there are greater controls in place among beneficiary banks. This helps to make sure that banks across Europe are taking the necessary steps to minimize AML and tax evasion risks.
CAD local payments
Starting from 21st November 2019, some certain jurisdiction restrictions may apply when initiating CAD local payments. Please note that these restrictions are not affecting SWIFT transfers, as they can be initiated as usual. Following the guidelines imposed by our banking partner, kindly note that local CAD payments will not be permitted if the beneficiary or the sender is from any of the following jurisdictions:
- United Arab Emirates
- Democratic Republic of the Congo
- Central African Republic
- North Korea
- Saudi Arabia
- South Sudan
USAGE RATES & FEES
- How much does it cost to apply for a Vault card?
Virtual cards are free but if you apply for a physical card, there is a fee of €5 including delivery (the funds must be available in the primary cardholder’s EUR wallet).
How much does it cost to replace a Vault card?
If you need to replace your Vault card, there is a fee of €5 including delivery (the funds must be available in the primary cardholder’s EUR wallet).
How much does it cost to withdraw cash from a bank ATM using my Vault card?
All cash withdrawal transactions will incur a 1% fee of the amount withdrawn in that currency. The following Minimum fees will apply:
- GBP 1.70
- EUR 2.00
- USD 2.00
- CHF 2.00
- PLN 8.00
Please be aware that the maximum withdrawal on the standard Vault Card is up to €600 at a time, up to 4 times per day, with a total maximum withdrawal of €1,300 per day.
Will I be charged for ATM withdrawals outside of the European Economic Area?
Vault charges a small fee for ATM withdrawals, but you should note that certain ATM machines might also charge fees for their services which are outside of Vault’s control.
For instance, please note that many ATMs in Thailand will apply a charge for cash withdrawals, usually 150 Thai Baht (about £3), regardless of the amount withdrawn. Most US banks also apply charges, but they normally inform customers about this prior to the withdrawal. Vault cannot account for third party ATM charges, as we do not have any control over such costs. For more details, please navigate to Settings → Terms and Conditions → Vault Prepaid Mastercard Terms and Conditions → 2. Using your Card(s), and card fees → subsection 14 Primary Card Fees and Limit Table.
How much does it cost to load my Vault account with a debit card?
If your debit card is issued by a bank based within the Single European Payments Area (SEPA), Vault will absorb the fee applied by your bank, and therefore your load will be free.
However, if your debit card has been issued by a bank based outside of the SEPA, your bank will charge Vault a significantly higher fee for debit card loading. Due to recent increases in these bank charges, with effect from the 15th of October 2018 we must now pass on a fee of 2.8% of the value loaded for this type of loading. In this instance, we would recommend instead that you consider using bank transfer loading, particularly for larger amounts. This will not affect loading Vault with cards that are issued by banks within the SEPA which will continue to remain free.
For more details, please navigate to Settings → Terms and Conditions → Vault Prepaid Mastercard Terms and Conditions → 2. Using your Card(s), and card fees → subsection 14 Primary Card Fees and Limit Table.
How much does it cost to load my Vault account with a bank transfer?
You can receive a bank transfer made in Euros via the Single European Payments Area (SEPA), free of charge with no additional or hidden fees. However, if you are sending your bank transfer via SWIFT, then there may be additional charges applied by correspondent banks depending upon where your bank is based, the currency which you are transferring and the transfer charging option you have selected.
For more details, please navigate to Settings → Terms and Conditions → Vault Prepaid Mastercard Terms and Conditions → 2. Using your Card(s), and card fees → subsection 14 Primary Card Fees and Limit Table.
What currency exchange rate will be applied when converting from one currency to another within my Vault app?
All our currency exchange rates are live during UK trading hours, meaning the exact rate of exchange will be displayed within the app and applied to any funds that you subsequently convert. You will always be prompted with a quote before committing to the exchange, after which the action is irreversible.
Converting currency out of UK foreign exchange trading hours will incur a premium since markets are closed. This small fee will be included in the quote.
What are the Dynamic FX Rate Alerts, found in the Settings section?
Now you can set up or manage your own exchange rate alerts. Please navigate to Settings –> Dynamic FX Rate Alerts. You can manually select values from Rate Selector and enter your own rate. For example, within Dynamic FX Rate Alerts, select the currency you wish to sell e.g. GBP and select the currency you wish to buy e.g. EUR. Then enter the exchange rate at which you want to buy EUR, e.g. 1 GBP = 1.11 EUR and set the alert. Afterwards, when GBP rises to 1.11 or higher against the EUR, we will send you a notification and you can decide whether to purchase your chosen currency.
What are the fees for transfers out of the Vault app?
You may find information related to the cost of transfers out of Vault by navigating to: Settings → Terms and Conditions → E-Money Terms and Conditions → Section 9. Transfer Out Functionality → Subsection 15 Fee Details. https://www.devere-vault.com/terms
In section 15 you can identify the Local fee transfer costs based upon the currency you are transferring. Starting from October 15th, 2018 our underlying banking partner will apply a new pricing method for SWIFT payments. This pricing method is based not just on the currency being remitted as previously, but also now on the beneficiary country tier as well:
- Tier 1 – £12
- Tier 2 – £15
- Tier 3 – £26
You can look up the tier of your payment destination country here. The pricing for local transfers will not change.
Please note that your funds will be automatically converted into the same currency as that of the recipient when you affect a payment. 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, as this is out of our reasonable control. For example, if you are transferring to a UAE bank account, you should transfer AED from your AED wallet; if you transfer USD then the recipients bank will convert to AED upon receipt and may charge you a fee.
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, all US fund transfers are routed through a US-based bank which can incur client-side charges.
Please also note that for tracing or recalling transfers out of Vault, additional charges may apply.
Are there any amount limits for the transfers out of Vault?
There are amount limits for Local transfers out of Vault, however, SWIFT transfers out of Vault are not limited. You may find information related to local limits for transfers out of Vault by navigating to: Settings → Terms and Conditions → E-Money Terms and Conditions → Section 8. Transfer Out Functionality → Subsection 15 Fee Details.
Are there any countries that I can’t make transfers out of Vault to?
Yes, in accordance with anti-money laundering and sanctions screening requirements, we are currently unable to support transfers to the following countries, please navigate to: Settings → Terms and Conditions → E-Money Terms and Conditions → Section 8. Transfer Out Functionality → Subsection 16.
Are there any prohibited industries that I can’t make payments out of Vault to?
Yes, currently, deVere Vault is unable to support bank transfers to some specific beneficiaries. This is due to deVere Vault 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, please navigate to: Settings → Terms and Conditions → E-Money Terms and Conditions → Section 8. Transfer Out Functionality → Subsection 17.
MOST FREQUENT CONCERNS
- Why was I charged twice after a dinner in a restaurant?
Some restaurants, particularly in the USA, will allow the option of adding a tip to the bill after they have processed the payment. If a tip is agreed upon, then the restaurant will probably process a second transaction for the total bill with the tip included. Most likely, you will only be prompted once about an additional fee. deVere Vault recommends paying the tip in cash, as outstanding authorisations can take up to 30 days to be released.
An “offline authorisation” is shown in the app. Was I charged twice?
In some cases, an offline authorisation is performed by the merchant which does not disappear once the authorisation is settled. The initial authorization of the usual transaction which you can see in your statement most of the time is shown as “Auth” which turns to “Fin” once the transaction is cleared (settled), usually in a few days’ time.
However, the initial authorisation of an offline transaction stays on the Vault statement together with the settlement and that is why it might seem as a double charge. Rest assured that you are not charged twice, and it is the same transaction.
How are “Auth.” and “Fin.” transactions different?
In your “Wallets” and “Transactions” sections, the characters preceding each transaction titled “Auth” or “Fin”, mean that the transaction is still pending, and that the funds have been settled, respectively.
Please note that the initial authorisation “Auth” turns to “Fin” once the transaction is settled, usually in a few days’ time.
Can I use my Vault Card during a flight?
Vault cards may not always work during flights as some airlines do not have a live connection to authorise transactions, in which case Vault transactions may not work temporarily.
Why did my card not work at an automated petrol pump?
Unfortunately, most automated petrol pumps do not authorise the exact value of a transaction, so such services are not supported by Vault. We recommend using physical cash when at a service station.
I am from Zimbabwe. What should I know about using Vault?
Please be informed that bank transfers out of Vault initiated by a Vault client resident in Zimbabwe are subject to an enhanced compliance checking process applied by our intermediary banking payment transfer partner. This means that these types of bank transfers may take up to 30 days to arrive to a beneficiary account and if there are any issues with the transfer details, or there are follow-up compliance questions from our intermediary banking payment transfer partner, the transfer may exceed this time frame.
Why is Vault not accepted by certain websites?
Certain websites only accept Credit or Debit cards. This is common with booking websites, which would usually only accept credit cards. Please be informed that Vault is a PREPAID card, so clients should always check the payment options available on the website.
Also, if you have registered your virtual card details to any merchant while your physical card was not activated, please provide the new expiry date after you activate the physical card.
What happens if I need to return an item that I have purchased using my Vault Card?
Each retail store has its own returns policy and will handle the returns in the same manner as any other Mastercard transaction. Processed refunds will appear on user Vault accounts in the same currency as they were made in.
What happens if a transaction is reversed to my Vault account?
If a transaction has been reversed or a refund has been made, you will not see a reversal as a separate transaction, however, there will be more funds added to your Vault account. Should you need more information on the specific reversal, please contact the Vault Support Team via Live Chat or email at [email protected].
What should I remember while traveling by TFL (Transport for London)?
If clients use their Vault card to travel using Transport for London, the total cost of all the journeys made in a day will be calculated at the end of the day, with a single charge being made that same day or the following. It is recommended that clients keep at least 20 GBP in their GBP Wallet.
What happens if I lose my phone?
In such instances, clients are advised to contact the local authorities immediately. Clients should also contact the Vault Support Team via Live Chat or email at [email protected] so that our team can take the necessary steps needed to protect client Vault accounts.
Is there anything I shouldn’t use my card for?
Clients are advised to refrain from using their Vault card for hotel or car reservations, tips at restaurants or automated petrol pumps.
Can I invite friends to open a Vault account?
Yes, an invite “Connect a Friend” function is now available on Vault. So, you can now share your seamless Vault experience with your friends!
How do I save money using Vault?
The best part about using Vault is low exchange rates. The conversion rates are based on live market rates from the UK Foreign Exchange Market during trading hours. There is a minor spread applied to the live feed, which is still much cheaper than most banks or agency exchange rates. To add to that, we do not place any administration fees on our users, which makes us one of a kind in the financial sector!
ATM did not dispense my cash.
If an ATM did not dispense cash, please contact the ATM owners first as the problem might have occurred due to an issue outside our control. You are also advised to make sure that you have enough funds in your Vault wallets prior to attempting to withdraw money.
Can I get cashback with the Vault card?
Prepaid cards and credit cards do not support the Cashback feature, so you will not be able to receive a cashback from a merchant.
Can I download a statement?
Transaction statements can be downloaded by navigating to: Transactions → save (located in the top right corner). You can specify a date range and export the document as a PDF file to view your statement.
What if I want to change my personal information in the Settings?
For anti-money laundering and security reasons, it is not possible for you to change vital information like your email address, residential address, surname, etc within the app. To change this kind of information please contact the Vault Support Team via Live Chat or email at [email protected] you may be asked to provide documentation to prove the changes required.
What if my app crashes at some stage?
While this should not happen, we advise the following measures before contacting the Vault support team:
If the issue still persists, please contact the Vault Support Team via Live Chat or email at [email protected] and provide your mobile device properties (Operating System, Model, Operating System Version).
Can I use my Vault account to purchase cryptocurrencies?
You can use your Vault account to purchase cryptocurrencies but only by making a Vault card payment to your chosen crypto currency exchange, as deVere Vault’s intermediary banking partners will not permit bank transfers to crypto currency exchanges. If you try to make a bank payment to a crypto currency exchange from Vault, or if you mention the word “Crypto” anywhere within your payment instructions, your payment will be rejected by our banking partners and returned to your Vault account.
If you wish to purchase cryptocurrencies, we recommend that you download the “deVere Crypto” app, and use our free Vault-to-Vault transfer function to fund your deVere Crypto account. Currently, buying and selling cryptocurrencies is an entirely unregulated activity and as such, Vault does not provide the service for account holders to buy and store cryptocurrencies. Please find more information on the “deVere Crypto” app.
Why did I get an Enhanced Due Diligence (EDD) request?
As a regulated e-money issuer, we are obliged under EU law to collect additional information about you and your Source of Funds (SoF). The additional information includes supporting documentation – original documents or their copies as well as copies approved by notary depending on the requirements. You are likely to have been asked for this information because you may have exceeded certain loading and spending limits.
What if I want to make a transfer out of my Vault account to a HSBC Jersey bank account?
HSBC Jersey can only accept bank transfers from Vault in EUR and GBP via SWIFT. Please make sure that the Transfer Mode selected is a SWIFT payment. The HSBC Jersey branch is in fact a branch of HSBC’s Canary Wharf office in London and does not support bank transfers in EUR via the Single European Payments Area credit system.
- Delete your Vault application – note you will not lose your personal account data.
- Switch off and then restart your phone. This is an important step that you must not skip.
- Update your phone’s operating system to the newest version if any updates are available.
- Re-install the app from the relevant app store, and log back into your Vault account.
SOURCE OF FUNDS DOCUMENTATION REQUIREMENTS
As a regulated e-money issuer, we are obliged under EU law to collect additional information about you and your Source of Funds (SoF). The additional information includes supporting documentation – original documents or their copies as well as copies approved by notary depending on the requirements:
- If your SoF is salary, we expect you to provide us copies of your payslips from the previous 3 months.
- If your SoF is savings, we need to understand what your source of savings is. You need to send us a bank statement showing the current balance of your savings account and relevant documents showing the source of your savings (payslips, loan agreement, etc).
- If your SoF comes from sale of property, please provide us a copy of the sale agreement for the property. We also need a bank statement showing the proceeds of the sale being credited to your bank account, and a statement showing the funds being transferred to your Vault account (unless the funds are due to be deposited directly into your Vault account).
- If your SoF is a loan, please provide a loan agreement document and a bank statement showing the received funds along with your current balance.
- If you have inherited wealth – please upload the inheritance will and a bank statement showing the received funds along with your current balance.
- If your SoF is different than listed above, please contact us via in-app support or by emailing us at [email protected] so that we could assist you.