NOTE: E-money issuing changes related to UK clients will be in force from May 6th
2024.
General Terms and Conditions
General Provisions
deVere E-Money, UAB is authorised and regulated in Lithuania by the Bank of
Lithuania (License number 9), company code 304469514, address of registration J.
Balčikonio str. 9, Vilnius, Lithuania.
These Terms and Conditions are applicable for all deVere E-Money, UAB products
provided to natural persons. Please read them carefully.
-
Key Definitions
In these terms and conditions, the following words and phrases have the
meanings shown next to them:
-
"ATM" means automatic teller machine or cashpoint facility or cash dispenser
or cash machine;
-
"Business day" means a day between and including Monday to Friday, between
9am and 5pm (UK time) except for bank or public holidays in England and
Wales;
-
"Card" means your physical or virtual Vault Prepaid Mastercard® Card.
Virtual card is non-tangible;
-
"Card Issuer" means the Prepaid Mastercard Card is issued by Moorwand
Limited pursuant to license by Mastercard International Inc.
-
"Card PIN" means personal identification number i.e. the security number
provided for use with the card;
- "Card scheme" means Mastercard;
-
“Card transaction” has the meaning set out in Vault Prepaid Card Terms and
Conditions, Section 4.2.
-
Clients and card owners authorized to use our services are denoted by "you",
"your" or "clients";
-
“Companion Account” refers to any additional, subsidiary account and (or)
card you either have or wish to add to your Primary Vault account, which is
issued for use by a spouse, child or close relative of your choosing;
-
“E-Money” means electronically stored value represented by a claim against
deVere E-Money, UAB for non-UK clients or Moorwand Ltd. for UK clients;
-
“E-Money Issuer” means an officially licensed entity that issues electronic
money: for non-UK clients 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 clients e-money are issued by Moorwand Ltd.
- a company incorporated and registered in England & Wales under
registration No. 8491211 with a registered office at Fora, 3 Lloyds Avenue,
London, EC3N 3DS, 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;
- “EMI” stands for Electronic Money Institution;
-
"Fees" means a variety of charges that can be raised for purchase and
ongoing use of the card;
- "Load" means loading your Vault Account by any means available;
-
“Personal information” means any confidential and/or personally identifiable
information or other information, including but not limited to the
following: name, email address, date of birth, tax identification number,
billing/shipping address, phone number and financial information.
-
“Privacy Policy” means our privacy policy which can be found on Vault
website.
-
"Purse value" means the maximum value of funds that can be held with the
card any one time;
-
"Summary Box" means the section that includes notification of charges,
limits and restrictions associated with the card;
-
"Supplier" means a retailer, merchant or other supplier of goods and/ or
services which accepts payment by means of a card, card number, PIN or card
and signature;
-
"Supplier's bank" is the merchant acquirer used by the supplier for the
purposes of receiving payments arising from transactions;
-
References to deVere E-Money, UAB, Moorwand Limited, The Currency Cloud
Limited or other partners acting on our behalf are denoted by "we", "us" or
"our";
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“Vault Account” means your relationship with us as described in these Terms.
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“Vault Mobile Application” or “Vault App” means a mobile application for
Vault account management, installed and used in mobile devices.
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"Vault Prepaid Card" means a card with the features set out in this
document;
-
"Verification of identity" means confirming personal identity and address
(where applicable) of you by conducting electronic verification of your
details or by you providing documentation of identity;
-
"Year" shall mean a 12-month period following the date when the card is
issued to you and each subsequent 12-month period.
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Altering these Terms and Conditions
-
deVere E-Money, UAB may change any of these terms and conditions, including
fees and charges, or introduce new terms. We will give 60 days prior written
notice to you by email if such changes occur;
-
If we change these terms and conditions, the new terms and conditions will
be available at
devere-vault.com/terms
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;
-
If you notify us that you do not accept the change in the time between the
receipt of the notice and the proposed date of change, this agreement will
terminate immediately. In addition, subject to condition 8.1 “Redemption” of
Vault Prepaid Mastercard Terms and Conditions, you can redeem your total
balance at that time without charge.;
-
The information provided herein is applicable for all deVere E-Money, UAB
products and services for natural persons.
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Ending this agreement
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a. We may terminate your agreement with deVere E-Money, UAB regarding both
your Vault account and/or your Vault prepaid card at any time by giving 2
months prior written notice, unless there are exceptional circumstances,
if:
-
You are (or threaten to be) in material breach of any of these Terms or
of any of your obligations under the agreement
- You pass away or become of an unsound mind;
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It becomes (or it appears that it may become) unlawful for us to
maintain or give effect to all or any of the obligations under these
Terms or otherwise to carry on your business or if we or you are
instructed or requested to rescind the agreement (or any part thereof)
by any regulatory or law enforcement authority, whether or not that
request is legally binding. In such event, we may be required to retain
any sum which would otherwise be due to you and/or to pay over the same
to such authority;
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We, at our discretion, consider it necessary to default, suspend or
terminate the contract for our and/or your protection including but not
limited to the following circumstances:
- Protection from fraud;
- Protection from your default;
- Protection from market failures;
-
Our and/or your protection from adverse or volatile market
conditions; and
- Our and/or your protection from suffering a loss;
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Your account is categorised as “dormant” (it was either never loaded
with money or your last transaction happened more than 12 months
ago).
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b. You can also terminate this agreement by contacting us via in-app support
chat or by emailing
[email protected].
Termination may result in a charge to redeem any remaining balance, please
see the fees section for these charges.
-
If you do not redeem your full balance within six (6) years of your card's
expiry date, this agreement will automatically be terminated.
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If you do not provide the requested information or documentation in three
(3) months, or provided information is not sufficient, you are deemed to
have failed to provide the requested information within given time frame,
therefore this agreement will automatically be terminated.
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General
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Clients must provide us with an email, postal address and phone number and
let us know of any changes to these details.
-
Under this agreement, we may transfer our rights or obligations, or arrange
for any other person to carry out its rights or obligations. You may not
transfer any of your rights or obligations under this agreement.
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We can delay enforcing its rights under this agreement without losing them.
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If we cannot enforce any sub clause, condition or part of a sub clause or
condition under this agreement, this has no effect on other subclasses or
conditions in this agreement.
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This agreement is governed by the laws of the Republic of Lithuania and the
European Union. The language used for this agreement is English and all
notices and information given under this agreement will be in English.
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How to contact us
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For any queries or concerns about these terms and conditions, please contact
us via in-app support or by emailing us at
[email protected]. We
will try to resolve any issues you may have within 15 business days of
receiving your concern. If exceptional circumstances arise, resolving your
concern might take up to 35 business days. We will notify you if this is the
case.
-
If you would like to submit a formal complaint, please email
[email protected].
To view our formal procedure for complaint submittal, please click
here. If your case remained unresolved, you have the right to appeal.
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Non-UK clients may appeal to the Bank of Lithuania as deVere E-Money, UAB is
EMI established and licensed in Lithuania. The complaint to the Bank of
Lithuania may be submitted by:
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Using the electronic dispute settlement facility E-Government Gateway;
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Completing a Consumer application form and sending it to the Supervision
Service of the Bank of Lithuania, Žalgirio g. 90, LT-09303, Vilnius,
Republic of Lithuania or by email at
[email protected].
For more information about the process of settling a dispute with a
financial service provider by applying to the Bank of Lithuania, click
here.
-
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;
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Telephone: 0800 023 4 567 (free from most UK landlines but charges may
apply if using a mobile phone or dialing from outside of the UK);
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E-mail:
[email protected];
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Website: How to complain
(financial-ombudsman.org.uk).
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You can also submit your complaint to your local authority if your place of
residence is within an EU country.
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How we use your information
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We may search your record at anti-money laundering reference and fraud
prevention agencies in order to ascertain your identity. This is done
through an automated digital application system.
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If we are unable to verify your identity sufficiently, we may ask you to
provide some documentary evidence to help confirm your identity and address.
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Inaccurate, unverifiable or false information may lead to a fraud inquiry
which will be recorded by fraud prevention agencies. Once the aforementioned
is applicable, law enforcement agencies may also access and use the
information at their behest.
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The fraud prevention agencies will share records with other organisations.
We and other organisations may access and use the information recorded by
fraud prevention agencies overseas.
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Should you wish to pursue your legal right to anti-money laundering,
reference and fraud prevention agencies, please contact us via the Vault
application.
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Should you wish to know any personal information our servers hold about you,
please contact us via the deVere Vault mobile application or e-mail us at
[email protected]. You have the right to get a copy of the personal
data undergoing processing. For any further copies requested by you or in
case if we suppose that you are misusing your right to get the copy, we may
charge a reasonable fee based on administrative costs.
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Some information held by anti-money laundering reference and fraud
prevention agencies will be disclosed to us and other organisations in order
to prevent fraud and money laundering, by checking employee records and
verifying your identity.
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The information held by these agencies may also be used for other purposes
for which you give your specific permission or, in very limited
circumstances, when required by law or where permitted under the terms of
the applicable legal acts which are regulating personal data protection.
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i. Entering into an agreement with deVere Vault and deVere foreign exchange
and its constituents allows us to utilise the following types of information
about you:
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Information available about your usage or configuration of your mobile
device, including the presence of other applications, unique
device-identifying information, and any identifying cellular network,
IP, Wi-Fi or Bluetooth data;
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Information you give us, or information that we already hold about you,
including any phone number you call us from;
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Information you give us explicit permission to access from your mobile
device, including your address book, photos, geolocation, data from your
cameras or microphones (You may choose not to give permission to share
this data, but it may restrict the usage of certain features of the
mobile application);
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Information from any social network or other online accounts that you
choose to share with us;
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Information we receive when making a decision about your application or
agreement, including information we receive from enquiries and searches
made in your name with anti-money laundering reference and fraud
prevention agencies;
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Information (including details of payments and transactions) we may hold
about any managed account or policy which you hold with or through us,
and;
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Information we receive from anyone who is allowed to provide us with
information about you.
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We will process, use, manage, control, release and record information
about you to:
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Search fraud prevention agencies' records (including information
from overseas) to manage your account;
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Manage your accounts and policies, and manage any application,
agreement or correspondence you may have with us;
- Carry out, monitor, analyse and improve our business;
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Contact you by post, by phone or in another way about other products
and services which we consider may interest you - unless you tell us
that you prefer not to receive direct marketing;
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Fight fraud, money-laundering, terrorism and other crimes, and;
- Keep to any laws or regulations in any country.
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We may share information about you:
- To any person working for us or our co-brand partner;
- To the Card Issuer
- To fraud prevention agencies;
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To any organization which backs any of our products which you hold;
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To any payment system under which we issue your card/process your
transactions;
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If a payment is processed through a worldwide payment system, to certain
authorities in order to detect and prevent terrorism (including
authorities outside the UK);
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Under Common Reporting Standard (CRS) we are obliged to provide third
parties information about natural persons and legal entities that are
potential taxpayers of CRS countries.
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To any person to whom we transfer any of our rights or obligations under
any agreement we may have with you, and;
- To anyone you authorize us to give information about you to.
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Processing your information, as described above, may involve sending it to
other countries outside of the EEA including the United States of America.
In such circumstances, we are responsible for making sure that your
information continues to be protected.
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Client information may be held for up to 10 years to fulfil any legal
obligations undertaken by the company.
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For Swiss citizens and residents, please note that de-Vere E-Money, UAB is
regulated by European Union laws and does not follow or apply any Swiss
legal and data protection requirements.
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For contacting you in an emergency. This would primarily be if your account
is compromised or suspected of fraudulent activity, in which case we may
need to contact you urgently (provided we are not prohibited from doing so
by law). Depending on which method of contact we think is best, we may call,
email or send a text message.
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You can choose to allow a third party payment provider (“TTP”) to access
information on your account or make payments on your behalf from your
account, provided the TPP is authorized by the Bank of Lithuania, FCA or
another European regulator, and you have given your explicit consent. If you
are thinking of using a TPP, you should first check whether it is
authorized.
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We can refuse or stop access to a TPP of we are concerned it isn’t
authorized or if we believe it is fraudulent or acting fraudulently. If that
happens, we'll contact you to explain why unless we believe that would
compromise our security or it would be unlawful. We will try to let you know
beforehand, or where this is not possible, as soon as possible afterwards.
We will restore the TPP’s access to the account once there is no longer a
reason to deny access.
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Please see our
Privacy Policy
to get more information about how we process your personal data. Please note
that we are entitled to amend our Privacy Policy at any time. As such, it is
your responsibility to read our Privacy Policy before using our products and
services.
Vault Prepaid Card Terms and Conditions
These Terms and Conditions govern the use of the Vault MasterCard Prepaid Card.
Please read them carefully.
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Your Vault 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.
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The card is promoted by deVere E-Money, UAB operating as "deVere Vault".
Moorwand Ltd. pursuant to license by Mastercard International Inc. is
authorised by the Financial Conduct Authority under the Electronic Money
Regulations 2011 (Register ref: 900709) for the issuing of electronic money
and registered in England & Wales No. 8491211. Registered office Fora, 3
Lloyds Avenue, London, EC3N 3DS, United Kingdom.
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Using your Card(s)
-
Only debit card loads transacted under your name are allowed on Vault.
-
When funds are loaded onto your card, the payment should be made in the same
currency as that of your bank account. When the currencies between your
loading debit card and Vault account are different, an exchange rate that
shows on your bank statement will appear. These rates may change and the
rate that applies on other sources may not be the same rate that applies
when you convert your funds or load your Vault card.
-
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 card,
Companion card or otherwise, and any liability that may arise rests on you
as a Vault client and card holder. It is also your responsibility to provide
accurate data for any companion card you request.
-
Companion cards can only be loaded via a Vault to Vault transfer from the
primary card holder that requested the companion card.
- You can add up to three companion cards to your Vault Account.
-
There are two types of companion cards available, an adult version and a
youth version. Please be aware that there are some spending limitations for
youth accounts. These restrictions include lower access to cash at ATM’s as
well as a lower spending limit per day. Limits are defined below the table
below.
-
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.
-
When you receive an ordered card, be it Companion or otherwise, you must use
the Vault mobile application to activate the card.
-
You must not make purchases that exceed the balance of funds available on
the card. Each purchase made will reflect on your card balance. If any
purchase takes you over your available funds or above the card limits (as
detailed in the conditions of usage), 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 authorized 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 card.
-
As a Vault 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 unauthorized 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.
-
iv. 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 honor the card.
-
We will not issue a Primary card under these terms and conditions to anyone
under the age of 18 years old. A Companion Card will require the recipient
to be over 13 years of age for the Youth Card, and 18 years of age for the
adult product.
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Card Fees
-
The tables below summarize 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.
Primary Card Fees and Limit Table
Fee Category |
Euro |
GBP |
USD |
CHF |
Virtual Card issue fee |
0 |
Physical card fee |
€5.00 |
Replacement Card fee |
Replacement Cards are charged at €5.00
|
class="first-col"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 |
$2.00 |
SFr2.00 |
Foreign exchange charges for transactions other than your card
currency
|
Up to 1.99% |
Monthly Management fee |
€0 |
Dormant Account fee |
€0.50 (or currency equivalent). Fee is charged monthly if at least 90
days passed without any user-initiated transaction
|
Chargeback fee if chargeback is incorrect |
€30.00 |
£30.00 |
$30.00 |
SFr30.00 |
Chargeback processing fee |
£10 |
|
Service fees |
0 |
Balance enquiries via your APP |
0 |
Cancellation or redemption fee, up to £30. See section 8 below for
details
|
€30.00 |
£30.00 |
$30.00 |
SFr30.00 |
Maximum single card payment |
€4,500.00 |
Equivalent in € |
Equivalent in € |
Equivalent in € |
Daily ATM withdrawal limit |
€1,300.00 |
Equivalent in € |
Equivalent in € |
Equivalent in € |
Monthly ATM withdrawal limit |
€20,000.00 |
Equivalent in € |
Equivalent in € |
Equivalent in € |
Annual ATM withdrawal limit |
€200,000.00 |
Equivalent in € |
Equivalent in € |
Equivalent in € |
Maximum ATM Withdrawal per transaction |
€600 per transaction or the equivalent in each of Vault card
settlement currencies (GBP, USD, CHF)
|
Primary Card Fees and Limit Table
Fee Category |
Euro |
GBP |
USD |
CHF |
Physical Card issue fee |
€5.00 fee payable by the Primary Cardholder requesting the card
|
Replacement Card fee |
Replacement Cards are charged at €5.00
|
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 |
$2.00 |
SFr2.00 |
Foreign exchange charges for transactions other than your card
currencies
|
Up to 1.99% |
Monthly Management fee |
0 |
Dormant Account fee |
€0.50 (or currency equivalent). Fee is charged monthly if at least 90
days passed without any user-initiated transaction
|
Chargeback fee if chargeback is incorrect |
€30.00 |
£30.00 |
$30.00 |
SFr30.00 |
Service fees |
0 |
Balance enquiries via your APP |
0 |
Cancellation or redemption fee, up to £30. See section 8 below for
details
|
€30.00 |
£30.00 |
$30.00 |
SFr30.00 |
Maximum single card payment |
€4,500.00 |
Equivalent in € |
Equivalent in € |
Equivalent in € |
Daily ATM withdrawal limit |
€1,300.00 |
Equivalent in € |
Equivalent in € |
Equivalent in € |
Monthly ATM withdrawal limit |
€20,000.00 |
Equivalent in € |
Equivalent in € |
Equivalent in € |
Annual ATM withdrawal limit |
€200,000.00 |
Equivalent in € |
Equivalent in € |
Equivalent in € |
Maximum ATM Withdrawal per transaction |
€600 per transaction or the equivalent in each of Vault card
settlement currencies (GBP, USD, CHF)
|
Youth Companion Card fees and Limits
Fee Category |
Euro |
GBP |
USD |
CHF |
Physical Card issue fee |
€5.00 fee payable by the Primary Cardholder requesting the card
|
Replacement Card fee |
Replacement Cards are charged at €5.00
|
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 |
$2.00 |
SFr2.00 |
Foreign exchange charges for transactions other than your card
currencies
|
Up to 1.99% |
Monthly Management fee |
0 |
Dormant Account fee |
€0.50 (or currency equivalent). Fee is charged monthly if at least 90
days passed without any user-initiated transaction
|
Chargeback fee if chargeback is incorrect |
€30.00 |
£30.00 |
$30.00 |
SFr30.00 |
Service fees |
0 |
Balance enquiries via your APP |
0 |
Cancellation or redemption fee, up to £30. See section 8 below for
details
|
€30.00 |
£30.00 |
$30.00 |
SFr30.00 |
Maximum single card payment |
€750.00 |
Equivalent in € |
Equivalent in € |
Equivalent in € |
Daily ATM withdrawal limit |
€200.00 |
Equivalent in € |
Equivalent in € |
Equivalent in € |
Monthly ATM withdrawal limit |
€6,000.00 |
Equivalent in € |
Equivalent in € |
Equivalent in € |
Annual ATM withdrawal limit |
€72,000.00 |
Equivalent in € |
Equivalent in € |
Equivalent in € |
Maximum ATM Withdrawal per transaction |
€200 per transaction or the equivalent in each of Vault card
settlement currencies (GBP, USD, CHF)
|
-
Card Transactions
-
You agree that any use of your card, card number or PIN constitutes your
authorization and consent to a transaction.
- The following are Card Transactions:
-
"ATM Withdrawal" - this means you using your Physical Vault Prepaid Card
and Card PIN to obtain cash from an ATM with or without a monetary
exchange taking place; and
-
"Card Purchase” means you using your Vault Prepaid Card to purchase goods
and/or services from a merchant by entering the details of your Vault
Prepaid Card and/or your Card PIN.
-
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-authorized client consent,
then the payment flow is deemed irrevocable.
-
We may refuse a transaction or suspend or terminate the right to load 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 will not block any amount of funds on your account 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-authorization, then Vault will require that said business provides an
exact amount to our system. If a pre-authorization value is blocked on your
account, Vault 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 that are not among the
list of currencies supported by Vault.
-
Transactions made in currencies that are not supported by Vault will
automatically be converted into the default card currency (which is Euro) at
the current scheme rate or at any rate that a government body may have in
place at the time of the transaction.
-
Exchange rates may change, and the exchange rate that applies on the date
that you make your transaction may not be the same as the exchange rate we
use on the date that we convert the transaction and deduct it from your
balance.
Your deVere Vault mobile application will show the exchange
rate.
-
Checking your balance and reviewing transactions
-
To check the available balance on your card, navigate to the 'Transactions'
tab on Vault. Primary cardholders are also able to view balances and
transactions for any of their subsidiary Companion Cards.
-
Using the login credentials, provided by you during registration, you can
access your transaction data via the Vault mobile application or via
download in multiple formats.
-
Expiry of your 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. 5EUR card replacement fee will be applied.
-
Cardholders can renew their card at any given time via the app. If you
request a replacement card, it will be delivered to you within 1 month,
depending on your residential country. Card delivery within EEA countries
usually take less time, therefore, the card might reach you within 2 weeks.
-
Clients will receive an email reminder regarding the expiry of their card in
the period of one-two months before card's expiry date.
-
If you believe that card replacement fee should not be applied or if you
wish to change the delivery address, please contact us via in-app support or
email at
[email protected] .
-
Redemption
-
You can redeem your account balance by contacting us via in-application
support, or through email until 6 years after the expiry date shown on your
card.
-
You will be charged a redemption fee of up to £30 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.
-
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 never write 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, and
-
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 Vault card within the deVere Vault application.
-
Without undue delay, pause the card within your deVere Vault mobile
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 via the
app 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
Vault mobile 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 or mobile
application 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, PIN or mobile
application credentials, or through gross negligence or carelessness,
failed to comply with condition 9.1, 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 honor (or delays in accepting or
honoring) 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
using the deVere Vault mobile application.
-
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 60 days prior
written notice to you by email.
-
If we change these terms and conditions, the new terms and conditions will
be available at www.deVere-vault.com/terms 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 and subject to condition 9.1 you can redeem your total balance
at that time without charge.
-
Cancellation rights
-
If you change your mind about having the card, you can cancel it within the
first 14 calendar days following your request. We will refund any balance
remaining on the card to you except for the physical card fee.
-
We will reimburse you in the same currency as that of your pre-paid card.
-
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 Euro (€), US Dollar
($), Swiss Franc (CHF) 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 13.3, we may require you to
provide us with the information to ascertain whether the conditions in
condition 13.3 have been met. Within ten (10) business days of receiving a
request from you under condition 13.3 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, UAB supports the return of funds that have been accidentally
transferred to your Vault account. However, if you think a transfer to your
account 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, UAB 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 SecureCode Terms of Service
-
Using Mastercard SecureCode
-
When you use the Mastercard SecureCode 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
SecureCode (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 SecureCode?
-
Mastercard SecureCode 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 SecureCode applies to all Vault cards, which have been
enrolled with Mastercard for SecureCode 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
SecureCode screen will appear. Then Mastercard SecureCode 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 SecureCode 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 SecureCode?
-
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 SecureCode
screen appears?
-
The Mastercard SecureCode 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 SecureCode 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 SecureCode
service in order to identify you and your Transactions.
-
Your one-time passcode or personal information will not be shared with
online Merchants.
-
MasterCard SecureCode 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
https://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 SecureCode, and all
activities that occur using your one-time passcode, or other
verification information supplied to or established by you with
MasterCard SecureCode. You agree not to transfer or sell your use of, or
access to, MasterCard SecureCode 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 this 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
-
iWe may temporarily or permanently deactivate your ability to use the
service, and/or end your use of the service. We will normallygive 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 Account Terms and Conditions
-
Personal Vault Account
-
Your Vault account is an e-money account which allows you to make and
receive electronic payments for your personal needs.
- Your Vault account is not a bank account.
-
The Vault 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 stored in a bank in a client trust 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 you may lose their
money.
-
You must be 18 years or older and pass the verification of identity to open
a Vault account and use our services. You can open only one Vault account.
-
You may close your Vault Account by contacting us via in-app support or
email at
[email protected].
-
Verification of Identity
-
As a Vault user, you agree to cooperate with deVere Vault so as to ascertain
your identity and confirm your address. 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
app.
-
Also, deVere E-Money, UAB 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 (Salary deposit, Bill payments, Policy payments, Online
purchases, Daily expenses, Savings transfer, Travel expenses,
Investments, Family support)
-
Expected vault usage (Cash withdrawals, Card purchases, Bank transfers,
Using other deVere products & services)
-
Source of Funds (Savings, Salary, Investment proceeds, Pension, Loan,
Property sale, Inheritance, Dividends, Funds from Family, Other)
-
Annual loading volume (Less than €3,000; €3,000 - €15,000; Over €15,000)
- Main payment countries
-
Employment status (Retired; Employed; Self Employed; Student;
Unemployed)
- Employer name (only in case the Client is employed)
-
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 account,
if any of the terms and conditions are not met by the client. deVere Vault
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 Vault is not liable for any losses arising out of failure to verify
your identity or funding source.
-
Clients must keep an accurate description of their personal information to
avoid suspension or termination.
-
It is the responsibility of Vault users to ascertain that their first load
is conducted by a debit card or bank account issued under their personal
name.
-
Loading Vault Account
- You may load your Vault Account by debit card or a bank transfer.
-
The time that it takes for your balance to be updated after loading your
card depends on the method used and the associated time required for funds
to be sent to the e-money issuer.
-
If loading by debit card and the e-money issuer receives the funds on a
business day, your account will be updated with funds on the same business
day.
-
If loading by debit card and the e-money issuer receives the funds on a day
outside business hours, your balance will be updated on the closest business
day.
-
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 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 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 deVere E-Money, UAB 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 £30 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.
-
Fee Information Document
-
Fee information document informs you about the fees for using the main
services linked to the Vault account. It will help you to compare our fees
with those of other payment services providers.
Service |
Fee |
General account services |
Account Opening Fee |
€0 |
Monthly Account Management Fee |
€0 |
Dormant Account fee |
€0.50 (or currency equivalent). Fee is charged monthly if at least 90
days passed without any user-initiated transaction
|
Account Closure Fee¹ |
up to €30 (or currency equivalent) |
Sending Money² |
Local Credit transfer fee |
0.1% of the amount sent or the minimum equal to bank transfer fee
(from £3.00 to £7.00, based on currency)
|
SWIFT Credit transfer fee |
0.1% of the amount sent or the minimum equal to bank transfer fee
(from £8 to £35.00, based on country tier and method)
|
Receiving Money |
Bank transfer load fee via SEPA or Faster Payments
|
€0/£0 |
Bank transfer load fee via SEPA or Faster Payments
|
€1/£1 (Effective from March 1st, 2024) |
Bank transfer load fee via SWIFT |
€20/£20 |
Cards and Cash³ |
Virtual card fee |
€0 |
Physical card fee |
€5 |
ATM withdrawal fee |
1% of the amount withdrawn or the minimum of €2.00 (or currency
equivalent).
|
1 - 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.
2 - Full information is available in Vault Account Terms and
Conditions, Section 11.
3 - Full information is available in Vault Prepaid Mastercard Terms
and Conditions, Section 2 Point 3
|
Information on additional services
Information on fees for services exceeding the quantity of services
covered by the package of services (excluding fees listed above)
|
Service |
Fee |
SWIFT payment trace and recall |
£10 |
Chargeback Processing Fee |
£10 |
Loading Account Using Card |
Card issued by a bank in the EEA region |
€0 |
Card issued by a bank in the EEA region |
0.5% of the value loaded (Effective from March 1st, 2024)
|
Card issued by a bank in the non-EEA region |
3% of the amount loaded |
-
Wallet Limits
-
Wallet Limits associated with your Vault account
Wallet/Purse limits |
EUR |
GBP |
USD |
CHF |
Maximum wallet balance at any time |
200,000 |
170,000 |
210,000 |
210,000 |
Maximum daily wallet load |
99,999 |
85,000 |
100,000 |
100,000 |
Maximum monthly wallet load |
200,000 |
170,000 |
210,000 |
210,000 |
Maximum annual wallet load |
999,999 |
850,000 |
1,000,000 |
1,000,000 |
-
The table below sets out the methods by which you can Load your Vault
account when you first open it and how you can load it up subsequently:
When you pay |
Method |
Maximum Single Load Limits |
Reloading |
Bank transfer or debit card |
Via Debit card - €10,000
Via Bank Transfer - €99,999
Up to permitted wallet purse value
|
-
Your Vault Account Statements
-
As a Vault account holder, your account statements are available to view and
download within your Vault App. Users can view, download and send Vault
statements through any messaging service or Email of their choosing.
-
Negative Balances
-
You acknowledge that wallet balances and available funds reported on Vault
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 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 Account, 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 Account; or
money you attempt to withdraw or send from your Vault 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 Account 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. If you fail to do so within 7 Business Days, you authorise us
to initiate a payment transaction for the amount of the negative balance
(or the equivalent in another currency) from one of your stored cards.
-
Converting Currencies within your Vault Wallets
-
You are able to move currencies already loaded into your wallets by visiting
Vault 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 users. To do this,
users must add their beneficiaries through the Vault application. Adding
beneficiaries requires Vault 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 Vault application and an email
advising them that they have received a transfer which will include the
value you have sent.
-
Please note that the above feature is only available for Vault account
holders that have already directly funded their account at least once.
Before sending money, clients are urged to check that their prospective
beneficiaries have loaded their account themselves in the past so as to
avoid any delays or compliance issues on the receiver's end.
-
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 Clients are able to send funds directly from their Vault
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 application, clients will receive a
prompt requesting specific beneficiary details which differ according to
country said beneficiary lives in.
-
Vault 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 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.
-
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 wallet upon recovery of said
funds by deVere Vault.
-
Vault users should be aware that transaction instructions can be made on
weekends and public holidays. However, 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 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 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 |
£4.00 |
Canadian Dollar |
CAD |
£4.00 |
Czech Koruna |
CZK |
£4.00 |
Danish Krone |
DKK |
£3.00 |
Euro |
EUR |
£3.00 |
British Pound |
GBP |
£3.00 |
Hong Kong Dollar |
HKD |
£7.00 |
Hungarian Forint |
HUF |
£4.00 |
Norwegian Krone |
NOK |
£3.00 |
Polish Zloty |
PLN |
£3.00 |
Swedish Krona |
SEK |
£3.00 |
Singapore Dollar |
SGD |
£4.00 |
United States Dollar |
USD |
£3.00 |
International SWIFT payments
Our underlying banking partner applies a new payment method for SWIFT
payments in order 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 |
8 GBP* |
Not available |
Non-Sepa |
8 GBP* |
Beneficiary country tier-based pricing:
Tier 1 - 14 GBP
Tier 2 -17 GBP
Tier 3 - 28 GBP
Tier 4 - 35 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 Vault's 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 Vault, but by the
local bank receiving the funds.
Volume based bank transfer fee
Outgoing transactions |
Volume based fee on outgoing bank transfers
|
Usual bank transfer fee or 0.1% of transaction amount (whichever is
higher)
|
-
In accordance with anti-money laundering and sanction screening
requirements, we are currently unable to support transfers to the following
countries*:
- Belarus
- Crimea
- Cuba
- Afghanistan
- Democratic People's Republic of Korea
- Donetsk People's Republic (contested region of Ukraine)
- Iran
- Iraq
- Libya
- Luhansk People's Republic (contested region of Ukraine)
- North Korea
- Russia
- Somalia
- South Sudan
- Sudan
- Syria
- Venezuela
*Please note the above countries are subject to change.
-
Prohibited industries:
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:
-
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
-
Currencies
-
Vault account supports the following 3 currencies for currency exchange,
bank transfer loads and transfers out:
Currency |
Code |
British Pound |
GBP |
Euro |
EUR |
Polish Zloty |
PLN |
-
Vault account supports the following 4 currencies for Vault card
transactions, currency exchange, bank transfer loads and transfers out, and
debit card loads:
Currency |
Code |
British Pound |
GBP |
Euro |
EUR |
Swiss Franc |
CHF |
United States Dollar |
USD |
-
The following 23 additional currencies are supported for currency exchange
and bank transfer out functionality:
Currency |
Code |
Australian Dollar |
AUD |
Bulgarian Lev |
BGN |
Canadian Dollar |
CAD |
Chinese Yuan Renminbi |
CNY |
Czech Koruna |
CZK |
Danish Krone |
DKK |
Emirati Dirham |
AED |
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 |
Thai Baht |
THB |
Turkish Lira |
TRY |
Foreign Exchange Terms and Conditions
These Terms and Conditions specifically govern the use of foreign exchange
products as provided by deVere foreign exchange staff. Please read them carefully.
-
Preliminary
-
deVere foreign exchange is a trading name of deVere E-Money, UAB the company
of which operates under the laws of the Republic of Lithuania, company code
304469514, address J. Balčikonio str. 9, Vilnius, Lithuania - the provider
of payment services. deVere E-Money, UAB is authorised and regulated in
Lithuania by the Bank of Lithuania (Licence number 9). You acknowledge,
understand as well as agree that you are entering into a contractual
agreement with deVere E-Money, UAB. Any currency exchange contracts between
deVere E-Money, UAB and yourself are governed by the applicable legal acts
of the Republic of Lithuania and European Union.
-
Definitions (applicable in conjunction with definitions above)
-
“deVere foreign exchange Client” and “You” an individual, firm or company
who wishes to enter into a Contract with Us for the sale or purchase of
currency outside your e-money Account.
- “Contract” a contract for the sale or purchase of currency including:
-
“Forward Contracts” where currency is bought and/or sold for delivery at a
fixed time in the future;
-
“Forward Time Option Contracts” where currency is bought and/or sold for
delivery at a time instructed by you within a defined period or at the end
of that period in the absence of such instructions.
-
“Limit and/or Stop Loss Orders” where currency is bought and/ or sold, for
the purposes of protection against adverse market movements, for delivery
when an agreed exchange rate is available; and
-
“Spot Orders” where currency is bought and/or sold for immediate delivery
upon receipt by us of payment from you.
-
“Act of God” means an event which is beyond the reasonable control of an
affected party including without limit any market disruption, acts or
restraints of government(s) or public authorities, war, revolution, strikes
or other industrial action, fire, flood, natural disaster, explosion,
terrorist action, the suspension or limitation of trading by any execution
venue, or any breakdown, failure, defective performance or malfunction of
any telecommunications settlement or other equipment or systems.
-
“Deposit” means in relation to a Contract, an advance payment of such amount
as we may at our absolute discretion require from time to time and which
will, unless notified to you otherwise, not be more than 10% of the value of
the Contract. This is to provide us with security in respect of the risk we
are incurring on your contract prior to you making full payment.
-
“Purchase Currency” the currency which you purchase under a Contract. “Sale
Currency” the currency which you sell under a Contract.
-
Trading Facility” the account which we may, at our discretion, open with you
upon our receipt of a properly completed Application Form (and after
conducting the appropriate due diligence) and which satisfies such
regulatory and other requirements as may be deemed necessary.
-
“Value Date” the date by which you must make payment to us pursuant to the
Contract.
-
Introduction
-
We provide facilities to Clients for the sale or purchase of currency for
personal use, for use in connection with a trade or business and where the
Client wishes to protect its exposure to currency exchange rate movements.
-
We do not and will not provide these sale and purchase facilities to Clients
for the purposes of pure speculation on currency exchange rate movements.
You must be the legal and beneficial owner of the Sale Currency and that the
same is not and will not become subject to any charge or other security or
encumbrance.
-
All Contracts entered into by us are deliverable contracts in which we will
make, and you agree to take physical delivery of the relevant currency.
-
You agree that you will provide to us on request such information regarding
your financial and business affairs and identity as may be reasonably
required. This information can be collected via Vault App or in special
circumstances by other means (including email, mail or phone).
-
We contract on an execution only basis. Information may be provided to you
from time to time, but we cannot and do not provide advice to you, either
upon the merits of a proposed Contract or upon any other matter. Before
entering into any Contract, you must therefore make your own independent
assessment as to whether it is appropriate for you based upon your own
judgment and upon such advice from such advisers as you consider necessary.
It is an express term of every Contract which you enter into with us that
you are not relying upon any communication (written or oral) made by us as
constituting advice about or a recommendation to enter into such Contract.
-
Foreign currency exchange rates are subject to fluctuations outside of our
control or the control of any broker. Past movements or trends in the
movement of foreign currency exchange rates should not be taken as an
indicator of future movements in such exchange rates.
-
Instructions and Placing Orders
-
You may give us an instruction relating to the purchase or sale and delivery
of currency any of the following ways:
-
Verbally (meaning by telephone), in which case we shall require you (on
every such occasion) to answer personal security questions, in order to
verify your identity. Our verbal acceptance of such an Order constitutes
a binding contract between yourself and deVere foreign exchange;
-
in writing, (meaning by post, e-mail), in which case, our written
acceptance of the Order constitutes a binding contract between yourself
and deVere Vault;
-
Online, (meaning through the deVere foreign exchange online platform),
in which case you must confirm your acceptance of these terms in order
to execute a trade.
-
We shall be entitled to immediately act upon Orders placed by you or any
person or entity authorised or nominated by you (an “Authorised Party”).
-
Once an Order has been issued by or on behalf of you in accordance with the
above clause and subsequently confirmed, a binding Contract that cannot be
rescinded is created, withdrawn or amended without our express consent in
writing.
-
If, with our consent, a Contract is to be rescinded, we shall be entitled to
charge a reasonable cancellation fee to cover our costs and losses,
including those associated with unwinding any transaction which we entered
into on the basis of the Order.
-
We may, at our absolute discretion, refuse to accept any Order issued to us
by yourself or an Authorised Party, without being required to provide a
reason or being liable for any loss which you may suffer as a result of such
refusal.
-
We may, without obligation, require confirmation (in such form as we may
specify from time to time) from you or an Authorised Party of any Order:
- if we consider that any Order is ambiguous; or
- if the Order is to close your account or
- to remit your funds to a third party or
- if we otherwise conclude that such verification is necessary.
-
Payments
-
Subject to clause 3.2, you shall make payment of the Sale Currency in
cleared funds by or before the Value Date (into an account held at a bank in
the name of “The Currency Cloud Ltd.”, our foreign exchange transaction
partner) and which is designated as a “ Transaction Account” for the
purposes of such payment.
-
In the case of Forward Contracts, Forward Time Option Contracts or any other
Contract with a forward element, you shall pay a deposit of 10% of the Sale
Currency in cleared funds into the relevant Transaction Account within 2
days of the verbal confirmation of the Order.
-
Payments made other than by telegraphic transfer may take longer to clear
and we will not accept any liability in this respect. You must take any such
delay into account in discharging your obligation to make payment of cleared
funds by the Value Date or other payment date.
-
Failure by you to make cleared payment of the Sale Currency by the Value
Date, or other payment date under a Contract shall relieve us of any
obligation to settle that Contract or to pay to you (including to your
order), any amount in respect of that Contract although we may at our
discretion nonetheless choose to do so.
-
We may seek confirmation from the bank at which the Transaction Account is
held or from any broker or dealer with or through whom we execute currency
transactions (the “Broker”) that the full amount of Sale and/or Purchase
Currency due under a Contract has in fact been received before making any
payment to you under that Contract.
-
All payments due from you to us under these Terms shall be made in full
without set-off, counter-claim, deduction or withholding of any kind.
-
We may deduct from any payment to be made to you under any Contract:
-
Such amounts as may be charged by the Broker or other third parties in
respect of transfer charges or other fees or costs.
- Any sum which is overdue to us from you under any other Contract.
-
Any payment which we make to you will ordinarily be made on the Value Date
by telegraphic transfer to an account designated by yourself.
-
For payments being made on the Value Date that are received by Us by 12:00h
GMT (noon) on a business day, we will endeavour to make the outgoing payment
on the same business day dependent on the time zone of the receiving party.
For payments received after 12:00h GMT (noon), We will endeavour to make the
outgoing payment on the next business day.
-
If you become aware of an unauthorized or incorrectly executed payment
transaction, you must notify us without undue delay, no later than 3 months
after the date of the transaction. For future dated payments, the latest
point at which you can revoke the payment instruction is by close of
business in the UK on the day before the payment is due to be made, or if
the payment transaction is to be made when funds are available, close of
business in the UK on the day before those funds become available.
- Payments will not be accepted from a 3rd party on your behalf.
-
Contract Notes
-
Each Contract will be evidenced by a document confirming and recording the
execution of a Contract between us and you (a “Contract Note”). We will
endeavour to send each Contract Note via email (unless You specifically
request the Contract Note to be sent by post) to you as soon as possible
after the execution of the relevant foreign currency trade, but our failure
to send a Contact Note in respect of a particular contract will not
prejudice the rights and obligations of either party under that Contract.
-
Forward Contracts: Deposits, Our rights of cancellation
-
You may authorise Us to enter into a Forward Contract including:
-
Forward Time Option Contract, verbally, email or by delivering a written
and signed order to Us, or online (meaning through the deVere foreign
exchange online platform). Forward Contracts will be subject to the
specific terms and conditions set out below.
-
You shall pay to us a Deposit, as a condition precedent to the Forward
Contract depending on our perception of prevailing market conditions and
your financial circumstances. The Deposit should be received within two (2)
Business Days of your instruction to enter into a Forward Contract with us,
confirmation of which has been provided either verbally or in writing.
-
If at any time during the term of the Forward Contract, the Deposit falls
below 10% (which will be calculated on the basis of the relevant current
foreign exchange rate) but remains in excess of 5%, we may contact you by
telephone and/or e-mail to advise you that the amount of the remaining
deposit has decreased and that we may, in the event that the Deposit should
decline further, require you to make an additional deposit with us (known as
a “Margin Call”), in order to increase the Deposit amount and maintain the
required level of at least 5%. We may in any event require you to increase
the value of the Deposit (as a matter of course) if the value of the Deposit
falls to a level of 2.5% or below. In either event we may give you formal
notice of an immediate “Margin Call” by telephone (to be confirmed by email)
and the required Deposit will need to be received by Us within two (2)
business days of the “Margin all” notification to you. If the required funds
are not received by this time, we reserve the right to rescind the Contract
and hold You liable for any subsequent shortfall.
-
In the event of the contract being rescinded by us, as mentioned above in
clause 5.3, you shall be required to remunerate us within two (2) Business
Days from the date of our demand (either by phone or in writing), the full
amount of all losses and expenses incurred by us in connection with the
contract being rescinded.
-
The initial Deposit (and any additional Deposit provided) will be held in a
separate designated client account.
-
On the final delivery date of the related Forward Contract and provided that
we have received full settlement of the currency funds to be purchased from
us as stated in the Forward Contract, we will pay the full value of the
Contract to your designated account or such other account that you may
instruct us in writing.
-
Charges
-
Save as set out below, we do not levy any charges, fees or commissions for
the purchase or sale of foreign currency under Contracts which are properly
executed and performed in accordance with these Terms. You acknowledge that
our profit under any Contract is derived from our application of a premium
or, as the case may be, discount to the relevant spot or forward exchange
rate. The exchange rate which we offer to you may not therefore be the same
as the one which we obtain for ourselves.
-
Any Telegraphic Transfer charges (TT) must be paid by you (in advance) for
the transfer of funds.
-
Disputes, Overdue payments and Interest
-
If at any time a dispute arises between us and you, relating to the
existence of a Contract or the terms of any Contract (in either case a
“Disputed Contract”), we may take any action which we reasonably consider to
be necessary in the Context of the dispute, which may include rescindment or
any action we may choose to preserve the position of the parties under the
Disputed Contract pending the settlement of the dispute. We will endeavour
to notify you (either orally or in writing), as soon as is practicable of
any such action, but any failure to do so does not invalidate that action.
-
In resolving any such Disputed Contract, reference shall (where relevant) be
made to any available electronic messages and recordings (or transcripts of
recordings) of telephone conversations between the parties.
-
Default, Suspension and Termination
-
We shall have the right to refuse to perform or to rescind all or any part
of any Contract at any time without giving prior notice to or obtaining
further instructions from you and without liability for any losses that may
be incurred as a result if any of the following events occur:
-
You fail to make any payment due under these Terms or any Contract;
-
You are (or threaten to be) in material breach of any of these Terms or
of any of your obligations under a Contract;
- You pass away or become of an unsound mind;
-
You cease to (or threaten to cease to) carry on your business, suspend
payment of your debts, make a composition with any of your creditors,
have a receiver appointed over some or all of your assets, commence or
are the subject of any bankruptcy or insolvency proceedings other than
for the purposes of amalgamation or reconstruction approved in advance
in writing by us), or an analogous event occurs in any relevant
jurisdiction;
-
You fail in any respect fully and promptly to comply with any
obligations to us or through us to any clearing house or Broker or bank;
-
It becomes (or it appears that it may become) unlawful for us to
maintain or give effect to all or any of the obligations under these
Terms or otherwise to carry on your business or if we or you are
instructed or requested to rescind a Contract (or any part thereof) by
any regulatory or law enforcement authority, whether or not that request
is legally binding. In such event, we may be required to retain any sum
which would otherwise be due to you and/or to pay over the same to such
authority;
-
We, at our discretion, consider it necessary to default, suspend or
terminate the contract for our and/or your protection including but not
limited to the following circumstances:
- Protection from fraud;
- Protection from your default:
- Protection from market failures;
-
Our and/or your protection from adverse or volatile market
conditions; and
- Our and/or your protection from suffering a loss.
-
Should you become aware of the occurrence or likely occurrence of any of the
events referred to in condition 8.1, you shall immediately give us notice of
the same.
-
After the cancellation of a Contract for any reason we (or the Broker) will,
as soon as is reasonably practicable, send to you a settlement notice
recording your position as a consequence of the rescission of the Contract.
-
We assume no responsibility whatsoever for any delay in the making of any
payment which is due under these Terms and/or any Contract and which is
caused by you or by any third party. You are solely responsible for ensuring
that all due payments are made within the time limits specified by these
Terms and any Contract.
-
We may terminate or rescind a contract on the occurrence of an Act of God,
where our continuation would require us to be exposed to an unpredictable
liability against which we are not protected.
-
If We refuse or are otherwise unable to make a payment, we will notify you
as soon as possible and give reasons for this, unless it would be unlawful
for us to do so.
-
Limitation and Liability
-
We shall not be liable for any delay or failure to perform our obligations
under these Terms or any Contract due to any cause which:
-
Arises from any electronic, computer or communication failure including
the failure of any such system which belongs to us or is under our
control; or
-
Is beyond our reasonable control and/or arises from the act or omission
of any third party. In the event of such delay or failure we shall, with
your agreement, continue to attempt to perform the relevant obligations.
Moreover, our liability must be based on a foreseeable result of the
breaching our obligations under these Terms and Conditions or failing to
use responsible care and skill while providing our services under these
Terms and Conditions.
-
We will not be liable for any delays of execution of instructions arising
from compliance with duties flowing from applicable laws and regulations.
-
Subject to clause 9.5, where we are in breach of our obligations under these
Terms and/or any Contract, our liability is restricted to direct losses
caused by such breach and excludes any other loss including, without
limitation, any indirect or consequential loss, loss of profit or special
damage whether within the contemplation of the parties or not. For the
avoidance of doubt, the limitation of liability is not applied in case of
gross negligence or wilful misconduct.
-
You agree to compensate deVere Foreign exchange in full on demand, and keep
us indemnified and compensated from and against all liabilities, damages,
losses (including lost profits), expenses (including the expenses incurred
by us in mitigating our exposure to risk or loss), costs (including
reasonable legal costs), duties, taxes, charges or commissions incurred or
suffered by us in the proper performance of our services or the enforcement
of our rights under these Terms or any Contract as a consequence of
including but not limited to these clauses listed hereunder:
- Our entering into any Contract with you;
-
Your committing a material breach of these Terms or any Contract
including any delay or failure to comply with your obligations to make
payments to us under any Contract by the Value Date, or to pay any other
sum which may from time to time become due and payable to us under these
Terms;
-
Our acting upon any Order which we are entitled to regard as having been
made by yourself or an Authorised Party;
-
Your failure to provide us with accurate, complete and up to date
information;
-
Our exercise of our rights under these Terms to rescind all or any part
of any Contract before the applicable Value Date.
-
In any event that entitles us to be indemnified and/or compensated by you,
the user, we shall be entitled to recover any sum due to us by way of
indemnity, compensation or otherwise by:
-
Retaining part or all of any sum that you have placed with us under any
Contract; and/or;
- Selling any currency purchased by us pursuant to the Contract.
-
The provisions in this paragraph 10 shall survive termination of any
Contract or other agreement under these Terms.