Terms and Conditions

deVere Vault Business Terms and Conditions 

 

GENERAL TERMS AND CONDITIONS 

This UAB “deVere E-Money” General Terms and Conditions for legal persons (hereinafter referred to as Contract) constitutes the business conditions of the company UAB “deVere E-Money”, company code 304469514, with a registered office at J. Balčikonio g. 9, LT-08247, Vilnius, Lithuania (hereinafter referred to as the COMPANY), registered in the Register of Legal Entities of the Republic of Lithuania, drawn up in accordance with Lithuanian law. 

The Company is issued with the electronic money institution license by the Bank of Lithuania, authorization code is LB000403, license number is 9, dated 2017-03-02. The COMPANY is supervised by the Bank of Lithuania located at Gedimino pr. 6, LT-01103, Vilnius, Lithuania. More information about the Bank of Lithuania is detailed by this link https://www.lb.lt/en/. Data about the COMPANY is collected and stored at the Register of Legal Entities of the Republic of Lithuania. 

Definitions 

  • The following definitions when used in this Contract or any document referred to herein shall have the following meaning: 

Account means the electronic money and payment account the Customer has opened or is about to open with the COMPANY; 

API means a publicly available technical interface for the interconnection of account servicing payment service providers, payment initiation service providers, account information service providers, other payment service providers, payers and payees, drawn up in accordance with a delegated act adopted by the European Commission, as referred to in the article 98-part 1 point d of the Directive (EU) No. 2015/2366; 

Authentication means a procedure which allows the COMPANY to verify the identity of a payment service user or the validity of the use of a specific Payment instrument, including the use of the user’s personalised security credentials; 

Business Day means a day established by the COMPANY on which the COMPANY participating in the execution of a payment transaction, carries out activities necessary for such payment transaction. THE COMPANY may establish different Business Days for the provision of different services and/or for the execution of different payment transactions. Unless the Contract or its annexes establishes otherwise, a Business Day of the COMPANY means a day, other than Saturday or Sunday, or other national holiday day, set forth by the legal acts of the Republic of Lithuania; 

Confidential Information means any information which is marked as “Confidential” or “Proprietary” or should be reasonably expected to be confidential having regard to the context of disclosure or the nature of the information; including, without prejudice to the generality of the foregoing, business plans, data, strategies, methods, customer and customer lists, technical specifications, transaction data and customer data shall be deemed confidential; 

Contract means this framework contract and its annexes, if any; 

Customer means a legal person who uses or has requested to use the services provided by the Company as the payer and/or the payee; 

Customer’s Account means the Customer’s profile in the COMPANY’s system; 

Commission fee means a fee (charge) applied by the COMPANY for the payment transaction and/or related payment services, services linked to the Account, or which is related to these services; 

Durable medium means any instrument which enables the Customer to store information addressed personally to that Customer in a way accessible for future reference for a period of time adequate to the purposes of the information and which allows the unchanged reproduction of the information stored; 

Electronic money means electronically, including magnetically, stored monetary value as represented by a claim on the COMPANY which is issued on receipt of funds for the purpose of making payment transactions as defined in point 5 of Article 4 of Directive 2007/64/EC, and which is accepted by a natural or legal person other than the COMPANY; 

Foreign country means a country other than a member state; 

Funds means banknotes and coins, scriptural money or electronic money; 

Member State means a Member State of the European Union, of the European Economic Area, as well as Monaco, San Marino and Switzerland; 

Payment order means any instruction (payment request) by the payer or payee to his payment service provider requesting the execution of a payment transaction; 

Payment service user means a natural or legal person making use of a payment service in the capacity of Payer, Payee, or both; 

Payment service provider means (i) a bank or a branch of a foreign bank; (ii) a payment institution or electronic money institution established under the legal acts, or a branch of a payment institution or electronic money institution; (iii) other similar financial institution providing payment services; 

Payment transaction means depositing, transfer or withdrawal of funds initiated by or on behalf of the payer or by the payee irrespective of the obligations of the payer and the payee on which the transaction is based; 

Party means the COMPANY or the Customer; 

Payment instrument means any personalized device and/or certain procedures agreed between the Customer and the COMPANY and used by the Customer for the initiation of a Payment order; 

Payer means a natural or legal person who holds a payment account and allows a Payment order from that payment account, or, where there is no payment account, a natural or legal person who gives a Payment order; 

Payee means a natural or legal person who is the intended recipient of funds which have been the subject of a Payment transaction; 

Personalized security credentials means personalized features provided by the payment service provider to a payment service user for the purposes of authentication; 

Services means the services provided by the COMPANY under this Contract; 

Statement means a document prepared and provided by the COMPANY, which includes information about Payment transactions executed during the specific period of time; 

Strong customer authentication measures means an authentication based on the use of two or more elements categorized as knowledge (something only the Customer knows), possession (something only the Customer possesses) and inherence (something the Customer is) that are independent, in that the breach of one does not compromise the reliability of the others, and is designed in such a way as to protect the confidentiality of the authentication data; 

Third party means any natural or legal person, other than the Parties; 

Unique identifier means a combination of letters, numbers or symbols specified to the payment service user by the payment service provider and to be provided by the payment service user to identify unambiguously another payment service user and/or the payment account of that other payment service user for a payment transaction. The Unique Identifier may be the individual number by IBAN number; 

Website means COMPANY’s website at the address [https://www.devere-emoney.com/]. 

  • Application of the contract 

In addition to the Contract, relationships pertaining to the provision of Services shall also be governed by laws and other legal acts of the Republic of Lithuania, fees list and additional annexes signed by the Parties as well as the principles of soundness, justice and fairness in the provision of Payment services. 

The present Contract determines the main terms and conditions applicable in the relationships between the Customer and the COMPANY when the Customer registers in the COMPANY’s system, opens an Account and uses other Services provided by the COMPANY. 

  • The Company and the Customer agree that the Articles 4 (1), (2) and (3), Article 11 (1), (2) and (5), Article 29 (3), Articles 37, 39, 41, 44 and 51 of the Law of the Republic of Lithuania on Payments (Law No. XIII-1092) will not be applied for the Customer. 
  • Services provided by the company 
 

The COMPANY provides the following services: 

Execution of payment transactions, including transfers of funds on a payment account with the user’s payment service provider or with another payment service provider: 

execution of payment transactions through a payment card or a similar device; 

execution of credit transfers, including standing orders. 

Issuing of payment instruments and/or acquiring of payment transactions. 

  • Account opening and customer’s identification 

The Customer must first submit the application of registering and opening the Customer’s Account at the COMPANY, complete the Customer’s questionnaire and upload all requested documents: 

The Customer shall provide, including but not limited to, the following information and documents to the COMPANY – business license or the extract from the public registers of the relevant authority about the Customer as legal entity, which shall indicate at least the basic information about Customer – registered name, registered location, registration number, tax registry number, power of attorney which shows that the legal representative of the legal entity is enable to concluded this Contract with the Company, the filled Customer’s questionnaire, other information or documents, which the Company may request based on the individual circumstances and which would allow the Company to verify the Customer’s identity. 

The Customer is informed and agrees that the COMPANY has the right to require the Customer to provide the original documents and/or the copies of documents approved by a notary, or another person authorized by the particular state. 

In specific cases, in order to ensure the Customer identification or to perform other necessary duties, the COMPANY has the right to demand the Customer to complete specific procedure (e.g. WeChat, Skype and/ or Viber video call) indicated by the COMPANY. 

The Customer confirms that all the data provided during the registration process is correct and up-to-date. During the ongoing business relationship, if there are any changes in the provided data, the Customer is obligated to provide updated information as soon as possible, but not later than 5 (five) Business Days after the changes. 

Before registering in the COMPANY’s system, the Customer has a possibility to get acquainted with this Contract which is available on the COMPANY’s website [https://www.devere-vault.com/] in English language. After the Customer reads the current version of this Contract, the Customer shall mark the relevant “check-box” by pressing “yes”. In case if Customer chooses to press “no” or does not mark any “check-box”, it means that contractual relationship is not started between the COMPANY and the Customer. 

The COMPANY has the right to refuse to register the new Customer without indicating the reasons, however, the COMPANY assures that the refusal to register will always be based on significant reasons which the COMPANY does not have to or does not have the right to reveal. 

Once the documents and information provided by the Customer is checked by the COMPANY, and there is no basis which may allow to refuse to provide Service in accordance with applicable laws, the Customer is entitled to start to use the Services provided by the COMPANY and the Customer’s Account. 

The Customer is entitled to open one account unless the COMPANY explicitly approves the opening of additional accounts. 

 

 

  • Terms of Electronic Money Issuance and Redemption 

Money held on the Customer`s Account is considered Electronic money, which shall be issued by the COMPANY after the Customer`s transfer or deposit money to the Account. After a deposit performed by the Customer or money transfer to Customer`s Account, and after the COMPANY receives the money, the COMPANY credits it to the Account, at the same time issuing Electronic money at the nominal value. The Electronic money is credited to and held on the Account. 

The specific method of depositing or transferring funds to a Customer`s Account is selected by the Customer in the Customer’s Account, by choosing a particular function, which contains instructions for depositing money for each mean of payment. 

The COMPANY shall issue Electronic money at par value on the receipt of funds from natural or legal persons. 

The Customer is informed and acknowledges that the Electronic money held on the Account is not a deposit and the COMPANY does not, in any circumstances, pay any interest for Electronic money held on the Customer`s Account, and does not provide any other benefits associated with the time period the Electronic money is stored. 

At the Customer`s request, Electronic money held on the Account shall be redeemed at their nominal value at any time, unless otherwise agreed by the COMPANY and the Customer. 

When Electronic money is requested to be redeemed before the expiry of this Contract, the Customer may request the return of part or all of the monetary value of the electronic money. 

The Customer submits a request for redemption of Electronic money by generating a Payment order to transfer Electronic money from the Account held in the COMPANY to any other account specified by the Customer. 

No specific conditions for redemption of Electronic money that would differ from the standard conditions for transfers and other Payment transactions performed to the Customer`s Account shall be applied. The amount of redeemed or transferred Electronic money is chosen by the Customer. 

No additional fee for Electronic money redemption is applied. In the event of redemption of Electronic money, the Customer pays the usual Commission fee for a money transfer or withdrawal, which depends on the method of Electronic money transfer or withdrawal chosen by the Customer. Standard Commission fees for money transfer or withdrawal are applied. 

When the Customer applies for redeeming Electronic money at the expiration of this Contract or no more than 1 (one) year from the expiration of this Contract, all monetary value of the Electronic money held by the Customer is redeemed. 

Provided that the Customer terminates this Contract and submits the request to close his / her Account and delete the Customer`s Account from the COMPANY system, or the COMPANY terminates the provision of the COMPANY’s Services to Customer and deletes the Customer`s Account from the COMPANY system in cases specified in present Contract, money held on the Account shall be transferred to the Customer`s bank account or to the account in another electronic payment system indicated by the Customer. The COMPANY has the right to deduct from the repaid money, the amounts that belongs to the COMPANY (prices for Services provided by the COMPANY and expenses which have not been paid by the Customer), including but not limited to, damages and default interests incurred by the COMPANY due to a breach of this present Contract committed by the Customer, which have been imposed by financial institutions and (or) other competent authority of the state. In the event of a dispute between THE COMPANY and the Customer, the COMPANY has the right to detain money under dispute until the dispute is resolved. 

In case the COMPANY fails to repay the money to the Customer due to reasons beyond the control of the COMPANY (for example, other account indicated by the Customer where money shall be transferred is closed, technical problems incurred by the payment service provider, where the Customer has another account and etc.), the Customer shall be notified thereof immediately. The Customer shall immediately indicate another account or provide additional information necessary to repay the money. 

 

 

  • Provision of the services 

Authentication data and information to be provided in Payment order 

Authentication data for accessing the Customer’s Account are set by the Customer. Authentication data shall refer to: 

Login name and password. Login name is the combination of the number provided to the Customer after registration process is finished, and the COMPANY issued the confirmation that the Customer is able to use the Services. Password – a static alphanumeric string exclusively and personally determined by the Customer. The COMPANY shall not have access to the password, nor shall request it from the Customer at any time. 

Special code which the Customer will receive to his / her mobile phone after initiating the Payment transaction. The Customer shall confirm the special code received to his / her mobile by entering the password. The Payment transaction shall not be executed without the entering the special code. 

The maximum time without activity by the Customer after being authenticated for accessing its Account online, shall not exceed 5 minutes. After 5 minutes, the session is over, and the Customer has to login again. If the authentication data isare incorrectly entered three times, the COMPANY shall be entitled to block these authentication data. The Customer shall be alerted before the block is made permanent. In case of blocking the Customer’s Account in accordance with incorrectly entered authentication data, the Customer shall apply to the COMPANY and make the verification again. Only after the successful verification, the Customer shall be entitled to receive new authentication data on request. 

Unique identifier shall be provided by the Customer in order for a Payment order to be properly initiated or executed. The COMPANY shall credit the funds to and debit them from the Account according to the Unique Identifier specified in the Payment order received by the COMPANY. 

The COMPANY is not liable if the Unique identifier is not provided in the Payment order and / or it is incorrectly entered by the Customer. However, the COMPANY shall make reasonable efforts to recover the funds involved in the Payment transaction. 

The Customer is informed and agrees that the COMPANY has the right to request additional and / or other mandatory information (for example amount and currency, Payee’s name, surname / name of the legal entity / code of the payment) which must be submitted to the COMPANY in order to execute the Payment order properly the Payment order. 

The form of and procedure for giving consent to initiate a Payment order or execute a Payment transaction 

The Payment transaction is considered to be authorized only when the Customer expresses its consent for the execution of Payment transaction. 

The consent shall be provided to the COMPANY in the form and manner agreed by the Parties. In case if the consent is provided in written, it shall be signed properly by both Parties. The consent may be authorized by using the authentication data – for example the security code given to the Customer by and login details during the time of the creation of the Account. The consent may be expressed by other form and manner needed for the concrete Services and / or indicated in the additional agreement between the Parties. 

The Consent of the Customer (Payer) shall be submitted prior to the execution of the Payment transaction. 

In the case of a direct debit, the Customer’s (Payer’s) consent must be given to the COMPANY and in the cases established by the COMPANY such Consent may be given to the Payee or to the Payee’s payment service provider. 

The Parties agree that the Customer will not be able to withdraw a consent to initiate a Payment order after such consent is given and will not be able to revoke a Payment order once it has been received by the Company. 

Moment of receipt of the Payment order, requirements applied to the Payment order and refusal to execute the Payment order 

The Customer shall ensure, that in the Customer’s Account, is enough funds necessary for the execution of the Customer’s instructions. If the Customer does not have sufficient funds at the moment when the Customer’s instruction is presented, the COMPANY has the right to refuse to execute the Customer’s instruction, unless otherwise agreed by the Parties. 

The COMPANY shall process Payment orders given by the Customer without undue delay, provided that at the moment of maturity there are enough funds on the Account, from which the payment is to be debited. 

In case where the Customer is the Payer, the Payment order is considered received by the COMPANY on the day of its reception, or, if the moment of reception of the Payment order is not the Business day of the COMPANY, the Payment order is considered received on the next business day of the COMPANY. 

The Payment order that was received by the COMPANY on the Business day of the COMPANY, but not on business hours set by the COMPANY, is considered received on the next business day of the COMPANY. 

Funds from the Payer’s Account shall not be debited before the Payment order is received by the COMPANY. 

If the Customer initiating a Payment order and the COMPANY agree that execution of the Payment order shall start on a specific day, or at the end of a certain period, or on the day on which the Payer has put funds at the COMPANY’s disposal, the time of receipt is deemed to be the agreed day. If the agreed day is not a Business day for the COMPANY, the Payment order received shall be deemed to have been received on the following Business day. 

Payment orders inside the system of the COMPANY are executed immediately (up to a few minutes, unless the Payment transaction is suspended due to cases set forth by legal acts and this Contract), regardless of business hours of the COMPANY. 

The COMPANY has the right to record and store any Payment orders submitted by any of the means agreed on with the COMPANY, and to record and store information about all Payment transactions performed by the Customer or according to Payment orders of the Customer. Records mentioned above may be submitted by the COMPANY to the Customer and/or Third party, who have the right to receive such data under the basis set forth in the applicable laws, as evidence confirming the submission of Payment orders and/or executed Payment transactions. 

The COMPANY has the right to refuse to execute a Payment order in case of a reasonable doubt that the Payment order has been submitted by the Customer or an authoriszed representative of the Customer, Payment order or the submitted documents are legitimate. In such cases, the COMPANY has the right to demand from the Customer to additionally confirm the submitted Payment order and/ or submit documents confirming the rights of persons to manage the funds held on the Account or other documents indicated by the COMPANY in a way acceptable to the COMPANY at expense of the Customer. The COMPANY is not liable for the losses which may arise due to refusal to execute the submitted Payment order due to the reason of the refusal to provide additional information or documents by the Customer. 

The Customer is informed and agrees that the COMPANY has the right to involve Third parties to partially or fully execute the Payment order of the Customer, if the Customer’s interests and/ or the essence of the Payment order requires so. In the event that the essence of the Payment order of the Customer requires sending and executing the Payment transaction further by another financial institution, but this institution suspends the Payment order, the COMPANY is not liable for such actions of that financial institution, but makes attempts to find out the reasons for the suspension of the Payment order. 

The COMPANY has the right to suspend and / or terminate the execution of the Payment order of the Customer, if required by applicable laws or in case it is necessary for other reasons beyond control of the COMPANY. 

In case the COMPANY has refused to execute Payment order submitted by the Customer, the COMPANY shall immediately, without undue delay, inform the Customer thereon about the reasons for it and the procedure for correcting any factual mistakes that led to the refusal, except when such notification is technically impossible or forbidden by legal acts. 

The COMPANY shall not accept and execute Payment orders of the Customer to perform operations on the Account, if funds on the Account are arrested, the right of the Customer to manage the funds is otherwise legally limited, or in case operations are suspended by applicable laws. 

If money transferred by the Payment order is returned due to reasons beyond the control of the COMPANY (inaccurate data of the Payment order, the account of the Payee is closed, etc.), the returned amount is credited to the Account of the Customer. Commission fees paid by the Payer for the Payment order execution are not returned. 

Payment orders initiated by the Customer may be standard and urgent. The manner of the Payment order is selected by the Customer. If the Customer does not select the Payment order manner, it is considered that the Customer has initiated a standard Payment order. 

The terms of the execution of the Services 

The time limits of the execution of Payment transactions to payment accounts and the duration of execution of other Services are specified in present Contract, additional agreements between the Parties or other documents (e.g., requests, applications, questionnaires). 

When the Payment operation shall be executed in euro in the Republic of Lithuania or other Member States and the Customer is the Payer, the COMPANY ensures that the amount of the Payment operation is credited to the account of the payment service provider of the Payee until the end of the nearest business day, except the exceptions foreseen in clause 6.4.3. 

Where payment transfers in the Republic of Lithuania are made in euro, the COMPANY shall ensure that after the Payment order is received, the amount of the Payment transaction is credited to the Payee’s payment service provider’s account on the same Business day if the Payment order is received on that business day by 12 noon. If the Payment order is received after 12 noon, the COMPANY shall ensure that the amount of the Payment transaction is credited to the Payee’s payment service provider account no later than the following Business day. Parties can agree, that the Payment order shall be executed on concrete day or at the end of certain period or at the day when the Payer provides amount to its payment service provider. In such case the payment service provider of the Payer shall ensure that the amount of the Payment transaction is credited to the Payee’s payment service provider’s account on the day of the execution of the Payment order, and on the next Business day when the Payment order is not executed by the payment service provider. 

When the Payment operation shall be executed in the currencies of non-euro area Member States in the Republic of Lithuania and to other Member States and the Customer is the Payer, the COMPANY ensures that the amount of the Payment operation is credited to the account of the payment service provider of the Payee until the end of the nearest Business day but not later than within 4 (four) Business days after receipt of the Payment order by the COMPANY. 

Spending limits for the Payment Transactions 

The Contract or other documents (e.g., requests, applications, questionnaires) may establish a maximum spending limits for Payment Transactions. 

Blocking the Account and / or suspension of the Services to the Customer 

The Customer shall co-operate with the COMPANY to investigate any suspected illegal, fraudulent, or improper activity. 

The COMPANY is entitled to block the funds collected on the Customer’s Account as follows: 

The COMPANY has a suspicion that the funds collected on the Account are intended for the commitment of a crime, resulted from the crime or participation thereon; 

if there is a suspicion that an unauthorized payment transaction was carried out through the Customer’s Account; 

the Customer is in delay in discharging its obligations under this Contract; 

bankruptcy is declared in respect of the Customer’s assets, restructuring is initiated, the bankruptcy petition is cancelled owing to the lack of funds for the remuneration of the trustee in bankruptcy, the Customer enters into liquidation, or the risk of insolvency on the Customer’s side excessively increases within a short period; 

for the purposes of corrective accounting and settlement; 

the Customer is using the COMPANY Services and fraudulent acts have been proved on the Customer’s side or criminal proceedings are initiated against the Customer or its employees in the matter of fraudulent acts; or if actions of the Customer fail to comply with the rules of the COMPANY banking partners and such conduct may cause the COMPANY a damage. 

The COMPANY reserves the right to suspend, at any time and at its sole discretion, the Customer Account (or certain functionalities thereof such as uploading, receiving, sending and/or withdrawing funds), inter alia, for audit: 

where the COMPANY believes it is necessary or desirable to protect the security of the Customer account; or 

if any transactions are made which the COMPANY in its sole discretion deems to be: 

made in breach of this Contract or in breach of the security requirements of the Customer’s Account; or 

suspicious, unauthoriszed or fraudulent, including without limitation in relation to money laundering, terrorism financing, fraud, or other illegal activities; or 

upon the insolvency, liquidation, winding up, bankruptcy, administration, receivership, or dissolution of the Customer, or where the COMPANY reasonably considers that there is a threat of the same in relation to the Customer; or 

where anything occurs which in the opinion of the COMPANY suggests that the Customer shall be unable to provide the Customer’s products/services and/or otherwise fulfil the contacts that it has with its Customers; or 

if the transactions are for the sale of goods and/or services which fall outside of the agreed business activities of the Customer, or where the Customer presents a transaction and fails to deliver the relevant goods and/or services. 

The COMPANY will make reasonable efforts to inform the Customer of any such suspension in advance, or if this is not practicable, immediately afterwards and give its reasons for such suspension unless informing the Customer would compromise security measures or is otherwise prohibited by law or regulatory requirements. 

In addition, the COMPANY reserves the right (at its sole discretion) to suspend the Customer Account (or certain functionalities thereof such as uploading, receiving, sending and/or withdrawing funds) at any time where it is required to do so under relevant and applicable laws and regulations. The COMPANY will make reasonable efforts to inform the Customer of any such suspension unless the COMPANY is prohibited from doing so by law or under an order from a competent court or authority. 

Information provided to the Customer about the Payment transactions 

The COMPANY is obligated to provide the information to the Customer (before the execution of Payment order) about the possible maximum terms of the execution of certain Payment order, the payable Commission fees and how this Commission fees are split up. 

The COMPANY shall provide the Statement to the Customer about the provided Payment transactions, which shows as follows: 

information enabling the Payer to identify each Payment transaction and information relating to the Payee; 

the amount of the Payment transaction in the currency indicated in the Payment order; 

the Commission fees payable for the Payment transactions and how the Commission fees are split up; 

the applicable currency exchange rate and the amount of Payment transaction after the currency exchange rate, in case if during the execution of Payment transaction, the currency was exchange; 

the date of write down of funds from the Account; 

the date of incomes to the Account; 

other information which shall be provided to the Customer in accordance with the applicable laws of the Republic of Lithuania. 

The Statement is provided through the Customer’s Account. 

The COMPANY is obligated to inform the Customer about the suspected or executed fraud by other persons or the threats for the security of Services by sending a message within the personal Customer’s Account and by choosing one additional option from the following – by sending the e-mail, by telephone or other method which is at that time safe and the most suitable to the particular situation. 



  • Commission fees payable for the services provided by the company, default interest and currency exchange 

The COMPANY shall charge fees related to its standard Services in accordance with this Contract and the fees list which is attached to this Contract and shall be considered as an inseparable part of this Contract. The COMPANY shall charge individual fees to the Customer for non-standards Services not defined herein and/or in the price list, and the Customer shall be informed thereon before using such services. 

Price List 

Freelancer: Open a business account under your personal name 

€7 / month 

Start-up: Less than €200K of incoming funds per month 

€20 / month 

Business: From €200K to €2M of incoming funds per month 

€50 / month 

Enterprise: More than €2M of incoming funds per month 

€250 / month 

 

Unless otherwise indicated, fees are quoted in Euro. 

For the Payment services and / or related services performed by the COMPANY, the Customer shall pay the Commission fee to the COMPANY. The Commission fee is indicated in the fees list and / or the additional agreement with the Customer. In case if the Customer fails to fulfil its obligation to pay the Commission fee to the COMPANY, the Customer shall pay to the COMPANY penalties (the fines or default interest) set forth in the fees list, additional agreement and / or applicable laws of the Republic of Lithuania. 

Any Commission fees payable by the Customer shall be deducted from the Account balance. If the Account balance is insufficient, or the Account balance becomes negative, the COMPANY reserves the right to invoice the Customer for any shortfall. 

Where the COMPANY has no possibility to deduct any Commission fee payable by the Customer for the provided Services from the balance of the Account, the COMPANY shall issue the separate invoice for the amount owed. Invoices are payable within 10 (ten) days of the date of the invoice. In case of overdue payments, the COMPANY reserves the right to charge default interest in the amount of 0,02 % and/or terminate this Contract with immediate effect by giving written notice to the Customer. 

In case if during the performance of the Payment transaction there are not enough funds for execution of Payment transaction and payment of Commission fee in the Account of the Customer, the COMPANY shall have the rightto refuse not to execute the Payment transaction. 

The currency exchange rates are provided to the Customer before the Payment order. 

Currency exchange is based on the exchange rate of the COMPANY, which is valid at the moment of conversion and is constantly updated and published on the website of the COMPANY. 

The COMPANY applies the changed basic exchange rate of currency immediately without a separate notice. The COMPANY informs the Customer about such changes in a manner described in this Contract. 

In case if the currency in which the order to execute the Payment transaction is different than the currency in which the Account is debited, the conversion of such currencies shall be performed in accordance with the procedure established by the COMPANY, which shall be published on the website of The COMPANY.


 

  • Communication between the customer and the company 

The person who becomes the Customer of the COMPANY confirms that the Customer accepts that all communication, including the personal communication between the COMPANY and the Customer, shall be executed in English. All communication, information about any changes to the Services and the Prices, other important information shall be provided in English, unless Parties agree otherwise by signing additional amendment to this Contract. 

The information shall be provided to the Customer personally or by announcing it publicly: 

the information may be provided personally to the Customer through the Account of the Customer, sent by post to the address of the Customer registration address, via e-mail indicated during the process of application of the opening the Account, by call or SMS using telephone number indicated during the process of application of the opening the Account and other telecommunication instruments, including electronic means; 

the information may be published on the Website of the COMPANY. The information provided publicly is considered to be duly delivered to the Customer, except the cases of mandatory requirements of the applicable of the Republic of Lithuania and / or the cases when the COMPANY is obligated to inform the Customer personally. 

The Customer acknowledges that any communication between the COMPANY and the Customer, shall take place personally and primarily through the Customer’s Account and by e-mail indicated during the process of application of the opening the Account. Disclosure of any information by the COMPANY through the Account of the Customer and via the e-mail, means that the relevant information is duly delivered to the Customer and is effective. 

The Customer acknowledges that communication through the Customer’s Account may be done only if the Customer enters into its personal Account by using its login details and other requested personalized security data provided by the COMPANY to the Customer due to the purpose of the Customer’s authentication in accordance with the clause 6.1 of this Contract. 

E-mail communication is possible to addresses that are given on the website of the COMPANY and the e-mail addresses given by the Customer during the registration session to the COMPANY system. E-mail message is considered to be duly delivered on the following Business Day. 

In case of communication by telephone, the Customer shall be verified on the basis of the Customer` s data. Phone communication between the COMPANY and the Customer is possible at times published on the website of the COMPANY. The message given to the Customer through telephone is considered to be duly delivered at the moment of the conversation with the Customer. 

In case of communication through the post, letters are delivered to the other party’s address. The letter is considered to be duly delivered on the third days after the delivery of the notice informing that the letter cannot be delivered to the other party or that the letter was rejected or was not collected by the other party within the collection period, even if the addressee has no knowledge of the letter. 

The information announced on the Website, Customer’s Account as well as published publicly is considered to be duly delivered on the day of the announcing / publishing such information. 

The Customer agrees that the COMPANY may record, with prior notice, any ongoing communication between the COMPANY and the Customer using any available technical means, and will archive all the records, as well as the copies of any information and documents that the COMPANY will receive from the Customer and Third parties. The Customer agrees that the COMPANY may at any time use this information for the purposes stated in this Contract or for ensuring compliance with this Contract. 

The Customer is entitled to get the information about this Contract as well as the Contract as itself in paper version or any other durable medium, in which the COMPANY is able to provide such information. 

If the Customer would like to contact the COMPANY about a concern relating to this Contract, the Customer may contact the COMPANY via in-app support or email [email protected]. The COMPANY will try to resolve any issues the Customers may have about their Account or the Services. The COMPANY shall provide the answer within 15 (fifteen) Business Days of receiving Customer`s concern unless the concern is of a “simple” nature and can be resolved with 1 (one) Business Day from the receipt day. The COMPANY shall inform the Customer if exceptional circumstances arise, in which case it may take up to 35 (thirty-five) Business Days to address the Customer`s concern. 

The parties shall inform each other without undue delay of any changes to their contact information. Upon the request of the COMPANY, the Customer shall provide the relevant documents proved that the contact information is changed. The failure to fulfil these obligations means that the notice sent on the basis of the latest contact information provided to the other Party, is duly delivered and any obligation fulfilled in accordance with such contact information is executed properly. The Customer acknowledge that the COMPANY has the right to inform about the change of its contact information by way of publicly announcement, and / or by sending such information via e-mail via e-mail indicated during the process of application of the opening the Account. 

In order to protect the Customer`s funds from the possible unlawful acts of Third parties, the Customer shall immediately notify via e-mail indicated during the process of application of the opening the Account in writing of the theft of his / her identity document theft or loss in another way. 

The Parties must promptly inform each other of any circumstances relevant to the proper performance of this Contract. Upon the request of via e-mail indicated during the process of application of the opening the Account, the Customer is obliged to provide the such circumstances (for example, a change of the sample signature of the Customer or the Customer`s representative, the initiation and setting-up of the Customer`s bankruptcy, the Customer`s liquidation, reorganization, conversion, etc.) regardless of whether this information has been provided to the public registers. 



  • Amendments and changes of fees, terms of the contract, terms of services 

This Contract is subject to be changed from time to time. 

The COMPANY has the right to change this Contract, applicable prices and Commission fees and / or the terms of Services by offering the changed Contract to the Customer personally in paper or other durable medium (through the Customer’s Account and additionally informing the Customer by electronically messages (e-mail, short message service (SMS), etc.) sent to the Customer) at least 60 (sixty) calendar days before such changes will entry into force. 

The Customer has the right to accept the proposed changes or reject it. 

If no objection notice is received by the COMPANY within the time frame stipulated clause 9.2, the Customer is deemed to have accepted the changes and such changes come into force on the date of entry into force. If the Customer agrees with the changes to this Contract, applicable Prices and Commission fees and / or the terms of Services, then the Customer is not entitled subsequently to submit to the COMPANY Customer’s objection and / or claims regarding the content of such changes. 

The Customer has the right to terminate the Contract immediately at any time and without charges after receiving the information about changes and before any changes stipulated in provided information becomes effective. If the Customer does not use his right to terminate this Contract until the day when such changes come into force, the Customer shall be deemed as accepted the changes to this Contract. 

The termination of this Contract in accordance to the clause 9.5. shall not release the Customer from its obligations to the COMPANY arising prior to the date of termination of this Contract to be properly executed. 



  • Security and corrective measures

The Customer is responsible for the safety of devices used to log in to the Customer’s Account, shall not leave them unattended, in public places, or otherwise easily accessible to third persons. 

It is recommended to update software, applications, anti-virus programs, browsers, and other programs in time. 

It is recommended to protect devices with passwords, PIN codes or other safety instruments. 

It is recommended to evaluate received emails with cautiousness, even if the COMPANY is indicated as the sender. The COMPANY will never request the Customer to download attachments or install software. Attachments to fraud e-mails may contain viruses which can harm devices or pose a risk to the safety of the Customer account. 

It is recommended not to click on unknown links, open unknown documents, install software or application from unknown, unreliable sources or visit unsafe websites. 

As soon as the Customer is aware of the loss, theft, misappropriation or fraudulent use of a payment instrument, the Customer must immediately notify the COMPANY or any other entity designated by it. The notification shall be submitted to the COMPANY through the Customer’s Account and at the same by sending e-mail to the COMPANY or by calling by phone to the COMPANY. 

If the Customer notices any suspicious activity on his account and thinks that third persons may have logged in to system for the using of the Services, the Customer shall: 

immediately inform the COMPANY thereof at any time and in a manner indicated in the Section 8 of this Contract and request to block the Customer’s Account; 

in order to continue to use the account, the Customer shall change the password, use other additional account confirmation instruments or use safer instruments and delete unsafe additional login confirmation instruments. 

Blocking of the Account and the Payment instrument, if the later has been given to the Customer 

In addition to the clauses of sub-section 6.6, the COMPANY has the right to block the Account (to stop the execution of the Payment transaction at all or partly) and / or the Payment instrument if such instrument has been given to the Customer in such cases as follows: 

in case of the objectively justified reasons related to the security of the funds and / or the Payment instrument in the Account, the alleged unauthorized or fraudulent use of the funds and / or the Payment instrument in the Account; 

in case if the Customer does not follow with the terms of the present Contract; 

in case if the COMPANY has the reasonable suspicions that funds in the Account may be used by the other persons for the unlawful actions, including but not limited to the commission of criminal activities; 

in case of other basis set forth by applicable laws of the Republic of Lithuania and / or the cases indicated in the additional agreements signed between the Parties. 

The notices provided by the Customer regarding the unauthorized or improperly executed Payment operations 

The Customer is obligated to check the information about the executed Payment transactions at least 1 (one) time per month, so that the Customer may notice unauthorized or improperly executed Payment transactions and notify the COMPANY in a timely manner. 

The Customer is obligated to inform the COMPANY in writing about the unauthorized or improperly executed Payment transactions, including the noticed mistakes, inaccuracies in the extract immediately from the acknowledge of such circumstances and in any case not later than 13 (thirteen) months from the debit date. 

In the case ofif the Customer does not notifying the COMPANY about the circumstances described in the clause 10.9.2 of this Contract within the terms specified in the same clause 10.9.2  and the additional agreements between the Parties, then it shall be considered that the Customer unconditionally confirmed the Payment transactions executed in the Account of the Customer. 

The liability of the Customer for unauthorized Payments operations and the liability of the COMPANY for the unauthorized Payment operations 

Using of the identity verification measures and login data of the Account to is the right prove, that the Customer authorized the Payment transaction, or was acting fraudulently, orand due the intentionally or due to the gross negligence, did not fulfil the obligations set forth in the points 10.1 – 10.5 of this Contract. 

In accordance to the terms indicated in the clause 10.9.2 of this Contract or having determined that the Payment transaction was not authorized by the Customer, the COMPANY, without undue delay, but no later than by the end of the next Business Day, return the amount of the unauthorized Payment transaction to the Customer and, where applicable, – restores the balance of the Account from which this amount was written down and which would have existed if the unauthorized Payment transaction had not been executed, unless the COMPANY has reasonable suspicious of the fraud and informs about such suspicions,us the supervisory authority Bank of Lithuania in accordance with the rules of such notice prepared by supervisory authority Bank of Lithuania. 

The Payer shall bear all of the losses relating to any unauthorised payment transactions, if they were incurred by the Payer acting fraudulently or failing to fulfil one or more of the obligations set out in this Contract, and additional agreements signed between the Parties with intent or gross negligence. In case of possible fraud made by Customer, the COMPANY informs the Bank of Lithuania about such suspicionsus the Bank of Lithuania in accordance with the rules of such notice prepared by the Bank of Lithuania. 

The Account may be blocked by the Customer’s initiative and / or the Account (including the payment instrument if such is given to the Customer), may be blocked if the Customer submits a respective request to the COMPANY. The COMPANY has the right to demand that the request submitted by the Customer’s oral request to block the Account (including the payment instrument if such is given to the Customer), be subsequently approved in writing or in another manner acceptable to the COMPANY. 

If the COMPANY has the reasonable doubts that the request indicated in the clause 10.10.7 of this Contract is not submitted by the Customer, the COMPANY has the right to refuse to block the Account (including the Payment instrument if such is given to the Customer). In such cases, the COMPANY shall not be liable for any losses that may result from the failure to comply with the said request. 

Other terms of the liability of the Parties for the unauthorized Payment transactions, may be indicated in the additional agreements between the Parties. 

Liability of the COMPANY for proper execution of Payment transaction 

The COMPANY is not liable for Third parties’ mistakes. 

If the Customer initiating the Payment order executes a Payment order by identifying a Unique Identifier, such Payment order shall be deemed to be executed properly if it was executed according to the specified Unique Identifier. The COMPANY has the right, but it is not obliged to check whether the Unique Identifier presented in the Payment order received by the COMPANY corresponds to the account holder’s name and surname (name). 

If the Unique Identifier is presented to the COMPANY with the Account to be credited or debited from the Account, the Payment order is deemed to be executed properly if it was executed according to the specified Unique Identifier. If the COMPANY carries out the said inspection (for example, due to the prevention of money laundering risk) and find aout clear mismatch between the Unique Identifier submitted to the COMPANY and the account holder’s name, the COMPANY shall have the right not to execute such a Payment order. 

If the Customer (Payer) initiates properly the Payment order properly and the Payment transaction is not executed or executed improperly, the COMPANY, at the request of such Customer, shall immediately and without charge take measures to trace the Payment transaction and to inform the Customer about results of search the Customer. 

The COMPANY is liable for the properly initiated Payment order with the terms set forth by this Contract and / or additional agreements signed between the Parties. 

The COMPANY is liable for applying the Commission fees  or giving back the already paid Commission fee in case if the Payment order was not executed or executed improperly due to the fault of the COMPANY. 

The COMPANY is not liable for the indirect losses incurred by the Customer and related to the nont executed Payment order or improperly executed Payment order. The COMPANY is liable only for the direct losses of the Customer. 

The COMPANY is not liable for claims raised between the Payee and Payer and such claims are not reviewed by the COMPANY. The Customer may submit the claim to the COMPANY only regarding the non-performance or improperly performance of the obligations of the COMPANY. 

Limitations of liability of the COMPANY are not to be applied if such limitations are prohibited by the applicable laws. 

The Parties agree that the Customer (who is a Payer), will not be entitled to a refund from the Company of an authorized Payment transaction which was initiated by or through a Payee, and which has already been executed. 



  • Confidentiality and personal data 

During the term of this Contract and thereafter, each party shall use and reproduce the other party’s Confidential Information only for purposes of this Agreement and only to the extent necessary for such purpose and will restrict disclosure of the other party’s Confidential Information to its employees, consultants, adviseors or independent contractors, and will not disclose the other party’s Confidential Information to any third party without the prior written approval of the other party. 

Notwithstanding the foregoing, it will not be a breach of this Contract for either Party to disclose Confidential Information of the other Party if required to do so under law or in a judicial or governmental investigation or proceeding. 

The confidentiality obligations shall not apply to information that: 

is or becomes public knowledge through no action or fault of the other Party; 

is known to either Party without restriction, prior to receipt from the other Party under this Contract, from its own independent sources as evidenced by such party’s written records, and which was not acquired, directly or indirectly, from the other Party; 

either Party receives from any Third party reasonably known by such receiving party to have a legal right to transmit such information, and not under any obligation to keep such information confidential; or 

information independently developed by either Party’s employees or agents provided that either Party can show that those same employees or agents had no access to the Confidential Information received hereunder. 

The Customer agrees for the COMPANY to manage his/ her personal data with an aim to provide Services to the Customer and execute other responsibilities under the present Contract. The COMPANY guarantees security of personal data received while executing the present Agreement. Personal data is used to the extent necessary to execute the present Contract. The above-mentioned personal data cannot be disclosed to Third parties without a consent from the subject of this data, except for cases stated by the applicable law or the present Contract. 

The main principles of processing of personal data, storage period and other issues are specified in the COMPANY’s privacy policy, which is available on the website of the COMPANY. The Customer acknowledges that he/ she has got acquainted with the privacy policy of the COMPANY and it will comply with all of the terms and conditions provided in this policy. 



  • Term and termination 

Unless otherwise agreed in writing, this Contract has been made for an indefinite period. 

The Customer may at any time terminate this Contract by notifying the COMPANY at least 30 (thirty) days prior to the date of termination. 

The COMPANY may terminate this Contract by notifying the Customer 60 (sixty) days prior to the date of termination. 

The COMPANY may also terminate this Contract by notifying the Customer 60 (sixty) days prior to the date of termination, if the Customer has not made any Payment transactions for more than 12 (twelve) consecutive months. Before the termination, based on such legal basis as defined in this Clause 12.4, the COMPANY will contacts with the Customer due to the clear up up of the necessity of opened Account for the Customer. In case theif Customer has not made any Payment transaction for more than 12 (twelve) month, the COMPANY follows the Decision of the Director of Supervisory Department of the Bank of Lithuania dated 18 of December 2017 No. 241-229. 

This Contract may be terminated by mutual agreement between parties. 

The COMPANY may terminate this Contract immediately if the COMPANY reasonably suspects or determines that the Customer: 

is in violation of applicable laws or regulations including those connected with anti-money laundering or counter-terrorist financing; 

has provided false or misleading information or documentation to the COMPANY, failed to provide the documents and information connected with its Account and using the Services or failed to keep such documents and information up-to-date; 

is using the Services to make or receive payments for activities related to those provided in the restricted activities, or; 

is otherwise using the Services for malicious, illegal or immoral purposes. 

If it is allowed to do so under the applicable laws and regulations, the COMPANY will notify the Customer about the underlying reasons of termination of this Contract as soon as possible. 

Upon termination of this Contract, the Customer will receive – on a paper version or on other durable medium – the breakdown of all Payment transactions completed throughout the entire term of this Contract, up to 36 months before the date of termination. 

The termination of this Contract shall not release the Parties from their obligations to each other arising prior to the date of termination of this Contract to be properly executed. 



  • Dispute resolution 

The disputes between the COMPANY and Customer shall be solved through negotiations. 

In case if the dispute cannot be solved through negotiations, the Customer can submit a complaint by post or e-mail, specifying Customer’s name, contact details, relevant information and , which would indicate why the Customer reasonably believes that the COMPANY violated the legal rights and interests of the Customer while providing the Services. The Customer can add other available evidence that justifies the need for such a complaint. If the Customer would like to submit a formal complaint, the Customer shall send the email to [email protected]. 

Upon receipt of a complaint from the Customer, the COMPANY confirms receipt of the complaint and indicates the time limit within which the reply will be submitted. In each case, the deadline for submitting a reply may vary as it directly depends on the extent and complexity of the complaint filed, but the COMPANY will make the maximum effort to provide the response to the Customer within the shortest possible time, but not later than 15 (fifteen) Business Days. In case if the COMPANY is not able to provide the final answer within 15 (fifteen) Business Days, the COMPANY shall inform the Customer about that and indicate the time when the answer will be provided, however the term shall not be longer than 35 (thirty-five) Business Days. The complaints submitted by the Customer are solved free of charge. 

Dealing with complaints. When the Customer considers that the COMPANY has violated the legislation regulating the financial market, the Customer has the right to file a complaint with the Bank of Lithuania regarding possible violations of financial market legislation. 

The Customer’s complaint to the Bank of Lithuania may be submitted in writing or electronically: 

at the address: Totorių g. 4, LT-01121, Vilnius, Republic of Lithuania or Žalgirio g. 90, LT-09303, Vilnius, Republic of Lithuania; 

sending a complaint by e-mail: [email protected]   

sending by fax (8 5) 268 0038; 

filling in an electronic link in the designated section of the Bank of Lithuania website; 

by other means specified by the Bank of Lithuania. 

In case if the dispute cannot be settled through negotiations, disputes may be solved in the courts of the Republic of Lithuania in accordance with the procedure set forth by the laws of the Republic of Lithuania. 



  • Final provisions 

The law of the Republic of Lithuania is applicable to this Contract, its annexes, and relations of the Parties that are not regulated by this Contract, including cases when a dispute between the Customer and the COMPANY falls within jurisdiction of a court of another state. 

Customer may not transfer or assign any rights or obligations he / she may have under this Contract without the COMPANY’s prior written consent. The COMPANY reserves the right to transfer or assign this Contract and all rights or obligations under this Contract, with prior notice to the Customer accordingly to the rules and procedures set forth in this Contract at least 60 (sixty) calendar days before such changes will entry into force. The Customer has the right to accept theat changes or reject it. If the Customer does not agree with the such changes, the Customer has the right to immediately and without no commission fee, to terminate this Contract until the day the amendments begin to apply expressing a disagreement with the changes. The disagreement shall be provided via the Customer’s Account and additionally through the e-mail. If the Customer does not use his right to terminate this Contract until the day when such changes come into force, the Customer shall be deemed as having accepted the changes. The foregoing does not apply if either Party changes its corporate name or merges with another corporation. 

Force Majeure 

The COMPANY and the Customer shall not be held liable for the default on, or inadequate discharge of, or for any failure to comply with this Contract, the obligations if such default or inadequate discharge was caused by force majeure (e.g. to acts of God, war, warlike conditions blockade, embargoes, riots, governmental restriction, labour disturbances, wrecks, epidemics, quarantine, fire, flood, earthquake, explosion, any unforeseen change in circumstances, or any other causes beyond its reasonable control); 

The Customer shall notify the COMPANY about the force majeure on the COMPANY’s system, via email or in writing within 10 (ten) calendar days after the day of occurrence of such circumstances. 

The COMPANY shall notify the Customer about force majeure circumstances on the COMPANY’s system and via email. 

Mistakes 

The Customer who notices that the transferred funds that do not belong to hisim have been transferred to Account must immediately notify the COMPANY to the effect. In such cases the Customer, as unauthorized beneficiary of transferred funds of the Payment transaction, shall be deprived of the right to dispose of the transferred funds and must forthwith remit such funds to Account designated by the COMPANY. 

The COMPANY shall have the right to debit the amounts incorrectly credited to the Account through its own fault without a separate consent of the Customer, as unauthorized beneficiary of transferred funds of the Payment transaction and remit such funds to their due beneficiary. 

If funds available in the Account are already insufficient for the debit of incorrectly credited funds, the Customer must repay the respective amount of funds to the account designated by the COMPANY within 3 (three) Business Days of the COMPANY’s request. 

If any part of this Contract is found by a court of competent jurisdiction to be invalid, unlawful, or unenforceable, then such part shall be severed from the remainder of the Contract, which shall continue to be valid and enforceable to the fullest extent permitted by law. 

 



Vault Business Prepaid Mastercard Terms and Conditions 

These Terms and Conditions govern the use of the Vault Business MasterCard Prepaid Card. Please read them carefully. 

  • Your Vault Business Prepaid Card 

By making use of your card, you are demonstrating your agreement to these terms and conditions. You can use the Card at any location that displays the MasterCard acceptance mark. 

  • The card is promoted by UAB deVere E-Money, operating as “deVere Vault” and “deVere Vault Business”.  

 

  • The deVere Vault Business card is issued in the EEA  by Via Payments UAB, partnering with Moorwand Ltd, pursuant to a licence by Mastercard International held by Moorwand Ltd. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated. Via Payments UAB is authorised by Bank of Lithuania license number 16 for the issuing of electronic money and payment instruments. All communications should be sent to Moorwand Ltd, Irongate House, 28-30 Dukes Place, London, EC3A 7LP, United Kingdom. 

 

  • The deVere Vault Business card is issued in the UK by Moorwand Limited pursuant to a licence by Mastercard International. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated. Moorwand Limited is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 (FRN: 900709) for the issuing of electronic money and payment instruments. All communications should be sent to Moorwand Ltd, Irongate House, 28-30 Dukes Place, London, EC3A 7LP, United Kingdom 
  • Using your Card(s), and card fees 

The card is a prepaid card product which can be used to pay for goods and services at retailers that display the Mastercard acceptance mark. 

It is your responsibility to take care of any standard-issued Vault Business card or otherwise, and any liability that may arise rests on you as a Vault Business client and card holder.  

To complete card ordering on Vault Business platform, certain cardholder’s data are required: name, surname, address, mobile phone number and email address. Card is available only for citizens and residents of Cyprus, France, Germany, Greece, Italy, Lithuania, Malta, Portugal, Spain and United Kingdom. 

When you receive an ordered card, you must activate the card by navigating to specific web link received via email. 

The card is funded from main card-linked account, therefore you must not make purchases that exceed the balance of funds available on the main card-linked account. Each purchase made will reflect on your main card-linked account balance. If any purchase takes you over available funds or above the card limits, the transaction will be declined. 

You can use the card to make purchases in-store, via the internet or over the phone. The card can be used to obtain cash through ATMs. There is no cash back facility. Your Vault card is not a debit card linking to a bank account, but a prepaid card authorised and supported by Mastercard. It is also not a cheque guarantee card, charge card or credit card. You will not earn any interest on any funds loaded on to the main card-linked account. 

As a Vault Business client, you agree to refrain from using the card for: 

Transactions for cash (other than ATM withdrawal) including cash back, cash from a bank, money orders. 

Any illegal purposes. 

We may stop, suspend or restrict your card or PIN on reasonable grounds relating to: 

The security of your card, card number or PIN, and; 

The suspected unauthorised or fraudulent use of your card or PIN. We will, if possible, inform you before stopping, suspending, or restricting your card or PIN that we intend to do so and the reasons for doing this. If we are unable to do so, then we will inform you immediately afterwards. The requirement to inform you does not apply where it would compromise reasonable security measures, or it would be unlawful to do so. 

We are not responsible for the quality, safety, legality, or any other aspect of any goods or services purchased with the card. We are not liable for the failure of any merchant to honour the card. 

We will not issue a Vault Business card under these terms and conditions to anyone under the age of 18 years old. 

This table summarizes key product features and information and is not intended to replace the terms and conditions of the product. The fees, limits and restrictions that apply to each card are set out below. 

 

Card Fees and Limits 

Fee Category 

Euro 

GBP 

Virtual Card issue fee 

€0 

£0 

Physical card issue fee 

€7.00 

£7.00 

Replacement Card fee 

€7.00 

£7.00 

Card Spending Transaction fees 

0 

ATM withdrawals will incur a 1% charge of the amount withdrawn in that currency. The following minimum fees will apply 

€2.00 

£2.00 

Foreign exchange charges for transactions other than card currency 

Up to 1.99% 

Monthly management fee 

0 

Service fees 

0 

Limit Category – MINIMUM 

Euro 

GBP 

Maximum single card payment 

€1,500.00 

£1,500.00 

 

Annual POS payments limit 

€30,000.00 

£30,000.00 

Daily ATM withdrawal limit 

€450.00 

£450.00 

 

Monthly ATM withdrawal limit 

€1,500.00 

£1,500.00 

 

Annual ATM withdrawal limit 

€3,000.00 

£3,000.00 

 

Maximum ATM Withdrawal per transaction 

€150 

£150 

Limit Category – MEDIUM 

Euro 

GBP 

Maximum single card payment 

€3,000.00 

£3,000.00 

Annual POS payments limit 

€60,000.00 

£60,000.00 

Daily ATM withdrawal limit 

€900.00 

£900.00 

Monthly ATM withdrawal limit 

€3,000.00 

£3,000.00 

Annual ATM withdrawal limit 

€5,000.00 

£5,000.00 

Maximum ATM Withdrawal per transaction 

€300 

£300 

Limit Category – MAXIMUM 

Euro 

GBP 

Maximum single card payment 

€4,500.00 

£4,500.00 

Annual POS payments limit 

€125,000.00 

£125,000.00 

Daily ATM withdrawal limit 

€1,300.00 

£1,300.00 

Monthly ATM withdrawal limit 

€5,000.00 

£5,000.00 

Annual ATM withdrawal limit 

€10,000.00 

£10,000.00 

Maximum ATM Withdrawal per transaction 

€600 

£600 



  • Transactions 

You agree that any use of your card, card number or PIN constitutes your authorisation and consent to a transaction. 

A transaction is registered the moment it is received by our team, and orders received after 6pm on a business day will be processed on the next business day. Receipts issued outside the specified timeframe will also be processed on the nearest business day. 

Transactions are one-way and non-refundable. Once a transaction is complete via the necessary channels, which includes pre-authorised client consent, then the payment flow is deemed irrevocable. 

We may refuse a transaction or suspend or terminate the right to use your card. We may do this if the relevant phone or computer link is busy. We may also do this if: 

a transaction might take you over your available funds on the card; or 

a transaction might take you over any of your card limits; or 

we reasonably believe that we need to do so to keep to the rules of the payment system under which your card is issued, or 

we reasonably believe that there are needs to do so to comply with any law or as a matter of good practice 

Vault Business will not block any amount of funds on your card unless we receive a request with the desired amount to be blocked. 
If a given amount of funds are blocked by a business such as a hotel or otherwise that processes pre-authorisation, then Vault Business will require that said business provides an exact amount to our system. 
If a pre-authorisation value is blocked on your account, Vault Business will release the blocked funds without undue delay and immediately after the receipt of the relevant payment is on our systems. 



  • Foreign Currency Transactions 

The card can be used for transactions in currencies other than default Vault Business card currency – Euro (€) or Pounds Sterling (£). 

Transactions made in currencies that are not supported by Vault will automatically be converted into the default card currency at the current scheme rate or at any rate that a government body may have in place at the time of the transaction. 

The currency conversion rate that the Scheme uses for a particular Transaction is the rate for the applicable currency on the date that the Transaction occurred. However, in limited situations, particularly where Transaction submissions to the Scheme for processing are delayed, the currency conversion rate that the Scheme uses may be the rate for the applicable currency on the date that the Transaction is processed. 



  • Expiry of Vault Business Card 

The card expiry date may be found on your card. Cardholders will not be able to spend on their card once the expiry date is exceeded and should seek to renew their card beforehand. 

If you have used your card in the period of one month before its expiry date, we will send you an email to inform you about expiration of your card. The new card will be issued and sent to you at the address you have given us within two weeks of the expiry date. Tell us if you do not want your card to be renewed. To do this, contact us via support email. 



  • Liability 

You must always make sure that you: 

Sign your card as soon as you receive it and keep it safe; 

Do not reveal your PIN and avoid writing down your password(s) or any security information you have given us; 

Only release the card, card number or PIN to make (or try to make) a transaction. 

If your card or PIN is lost or stolen or if you are reasonably sure your card, card number or PIN may be misused, you must, without undue delay, “Freeze” your card. 

Without undue delay, pause the card within deVere Vault Business web application. 

Stop using the card, card number or PIN immediately. If you find the card after you have temporarily paused it, you can re-enable it and continue using it. If you find the card after you have reported it permanently lost, stolen or misused, please cut it up and dispose of it. 

If your card is lost or stolen, you can order a replacement via the deVere Business web application. We will charge a fee for replacement cards, although we may choose to waive the fee for the first replacement. 

You may not be liable for any use of the card, card number, PIN by another person who does not have your permission to use it or if it is lost, stolen, or destroyed, unless: 

You agreed to that person having your card, card number and PIN, or through gross negligence or carelessness, failed to comply with condition 6.1, in which case you may be liable for any use that occurs before you tell us in accordance with these terms and conditions, or 

You acted fraudulently then, to the extent permitted by law, you may be liable for misuse of the card, card number, PIN or mobile application. 

You may only be liable to a maximum of £35 (or its equivalent in other currencies) resulting from transactions arising from the use of a lost or stolen card or from the misappropriation of the payment instrument where the cardholder has failed to keep security features of the card safe. The £35 (or its equivalent in other currencies) liability limit is applicable to each instance of loss, theft or misappropriation and not each transaction. 

If your card is used without your permission, or is lost, stolen or if you think the card may be misused, we may disclose to law enforcement agencies, any information which we reasonably believe may be relevant. 

We will not be liable for: 

Any abnormal or unforeseeable circumstances that prevent us from providing our usual service outside our reasonable control (for example, computer systems malfunction that may occur, causing downtime which, however unlikely, cannot be accounted for). 

Any person refusing to accept or honour (or delays in accepting or honouring) your card, card number or PIN, or 

Any cash dispenser failing to issue cash. We will not be liable for the way in which you are told about any refusal or delay. 

In case of errors or disputes about transactions, please contact us via support channel. 

If fraudulent or irregular activity is found to have originated from your account, you will be liable for a maximum of €40 (or its equivalent in other currencies) for each irregular transaction that occurred until Vault was informed of the stolen or lost card. You will not be liable for irregular transactions that occur after you alert the Vault staff. Any pending refunds resulting from unauthorized transactions will be sent to your account by no later than then end of the next business day. 




  • Altering these Terms and Conditions 

We may change any of these terms and conditions, including fees and charges, or introduce new terms. If we make any changes, we will give 2 month’s prior written notice to you by email. 

If we change these terms and conditions, the new terms and conditions will be available online from the date the change takes place. 

You will be deemed to have accepted any change to these terms and conditions unless you notify us of any objection before the proposed date of the change. 

Between receipt of the notice and the proposed date of change, if you notify us that you do not accept the change, this agreement will terminate immediately. 



  • General 

The terms under which this card is issued is governed by the laws of England, and Wales. The language used for these terms is English and all notices and information given under this section of the agreement will be in English. 



  • Payment services information 

This condition only applies if the Supplier’s bank is located within the European Economic Area (EEA) and the payment services being carried out are transacted in Euro, or another currency of an EEA member state. 

We will ensure that a transaction you make is credited to the Supplier’s bank, or that returned funds following redemption or cancellation are credited to your bank within these timescales: 

 

Type of Transaction 

Timescale 

Transaction carried out in a currency other than default card’s currency (Euro (€) or Pounds Sterling (£)) 

Or 

Transaction involving more than one currency 

By the end of the fourth (4th) business day following the day on which the transaction or order is received 

Any other Transaction 

By the end of the business day following the day on which the transaction order is received 

If you use your card or provide your card details to a supplier to make a transaction before you know the amount which is going to be charged to your card, then you may be entitled to request a refund if the amount is unexpectedly large, provided that you inform Vault within eight weeks from the date the transaction is deducted from your balance. You will NOT be entitled to a refund if you have been told by us, or the supplier, of the amount of that transaction at least four weeks before the transaction is due to be deducted from your balance, and you consented to the transaction. 

On receipt of such a request under condition 9.3, we may require you to provide us with the information to ascertain whether the conditions in condition 9.3 have been met. Within ten (10) business days of receiving a request from you under condition 9.3 or of receiving any additional information required under this paragraph, we will provide a refund or justify why we are refusing the request. 

We are liable for the correct execution of the transaction unless we can prove that the transaction was received by the supplier’s bank, in which case the supplier’s bank is liable to the supplier. You may request that we make immediate efforts to trace an incorrectly executed transaction and notifies you of the outcome. 

When a supplier initiates a transaction, it is the supplier’s bank which is liable for the correct transmission of the relevant details to us. If the supplier’s bank can prove that it is not responsible for a transaction which has failed or has been incorrectly executed, we will be responsible to you. 

If it is found that incorrect transactions were issued from our end, the error will be rectified at the closest available time. Transactions deducted from your balance without authorization will be reimbursed and then considered null and void. You must inform us of an unauthorized or incorrect transaction as soon as possible and in any event no later than 13 months after the debit date. If you do not do so, we may not be liable. 

deVere E-Money supports the return of funds that have been accidentally transferred to your Vault account. However, if you think a transfer to your card from an EEA payment service provider was not made in error, we may share your contact details with the service provider so that you can be contacted directly. Vault is expected to cooperate with other payment service providers and share all relevant information in order to assist in tracing money which has been sent to the wrong account. 

deVere E-Money is not liable if clients incorrectly identify the supplier under a transaction. In such cases, deVere Vault will make reasonable efforts to recover the funds involved. 



  • Mastercard Identity Check Terms of Service 


When you use the Mastercard Identity Check service, these terms of service will apply. 

You will not acquire any ownership rights, title, or interest in, or to the software made available to you in order to use the service. 

deVere E-Money UAB reserves the right at any time and from time to time to modify or discontinue, temporarily or permanently, MasterCard Identity Check (or any part thereof) with or without notice. 

If you do not understand these terms of service, please contact our customer support before using the service. 

What is Mastercard Identity Check? 

Mastercard Identity Check provides you with a free way of increasing security for online Transactions by providing cardholders with additional security and peace of mind when shopping online. 

Mastercard Identity Check applies to all Vault cards, which have been enrolled with Mastercard for Identity Check prior to using these cards online 

How does it work? 

When you use your Vault card to make an online purchase with a Merchant who uses the service, and authentication is required, a Mastercard Identity Check screen will appear. Then Mastercard Identity Check screen will appear, asking you to enter the one-time passcode we sent you by SMS Message, which will be used to verify your identity, in order for your purchase to be processed. When you enter your one-time passcode, you are accepting our Mastercard Identity Check Terms of Service. 

The passcode will only be valid for the Transaction you have received it for. 

If you cannot provide the one-time passcode, or the authentication through the service fails, the Merchant may not allow you to proceed with the Transaction. 

If you choose not to follow the guidance on screen when prompted, you will not be able to proceed with the Transaction. 

What do I need to do to use Mastercard Identity Check? 

It is important to ensure that your personal information held by us is up-to-date (particularly your mobile phone number), so we can verify your identity. 

You must not let anyone know or use your one-time passcode. 

You must ensure that your mobile phone is able to receive an SMS Message, and you are responsible for any fee imposed by the mobile phone service provider. 

In order to use the service, you must have the ability to access the internet, and you must pay for any fees associated with such access. 

What if I don’t have a mobile phone? 

If you don’t have a mobile phone or you have not provided us with your mobile phone number, the service will not be able to send you a passcode through SMS Message. 

What do I do if I’m buying something online and no Mastercard Identity Check screen appears? 

The Mastercard Identity Check screen will not always appear. This may be because, for example, you are making a purchase from an online Merchant who doesn’t use the service, or we have decided that your Transaction is high risk, in which case your Transaction request may be automatically denied. 

If the Mastercard Identity Check screen does not appear, just proceed with the normal check out process. 

Privacy Policy 

We will collect certain personal information from you for verification and security purposes, which will be used by the Mastercard Identity Check service in order to identify you and your Transactions. 

Your one-time passcode or personal information will not be shared with online Merchants. 

MasterCard Identity Check also may be used for record-keeping and reporting purposes, as well as to help resolve any transaction disputes. 

For further information as to how we use your data, please see our current Privacy Policy available at 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 Identity Check, and all activities that occur using your one-time passcode, or other verification information supplied to or established by you with MasterCard Identity Check. You agree not to transfer or sell your use of, or access to, MasterCard Identity Check to any third party. You agree to immediately notify us by contacting deVere E-Money UAB Customer Service, as we require in our cardholder agreement with you for a lost or stolen card, or f any unauthorized use of your one-time passcode, or other verification information, or any other breach of security. You acknowledge and agree that, except as otherwise provided by Applicable Law or in our cardholder agreement with you, deVere E-Money UAB shall not be liable for any loss or damage arising from your failure to comply with these terms of service. 

Your dealings with Merchants 

Your correspondence or dealings with online Merchants on or through the service, are solely between you and the Merchant, and we will not be responsible for any loss or damage incurred as a result of such dealings. The Merchant’s participation in the service does not indicate that we recommend or endorse any Merchant. For example, the service does not verify the identity of the Merchant or the quality of their goods or services. 

Ending the service 

We may temporarily or permanently deactivate your ability to use the service, and/or end your use of the service. We will normally give you 2 months’ notice, unless permitted by law to give shorter notice. In exceptional circumstances, we will not give you notice (for example, if we reasonably suspect fraudulent or unauthorized use of your Account). 

For your protection, we may automatically deactivate your ability to use the service if it is not used at least once during any 12-month period. 

 


Vault Business Account Terms and Conditions 

  • Vault Business Account 
  • Your Vault Business account is an e-money account which allows you to make and receive electronic payments for your business needs. 
  • Your Vault Business account is NOT a bank account. 
  • The Vault Business account is an e-money product, and as such it is not covered by the Financial Services Compensation Scheme. All e-money loaded into your account is safeguarded in a client funds safeguarding bank account that deVere E-money UAB cannot use for anything other than its intended purpose. In the unlikely event that the underlying bank becomes insolvent, funds loaded into client accounts may become valueless and unusable, and thus businesses may lose their money. 
  • You must be 18 years or older and pass the verification of identity to open a Vault Business account and use our services. Your business can open only one Vault Business account. 
  • You may close your Vault Business Account by contacting us via in-app support or email at [email protected]. 
  • Verification of Business Identity 
  • As a Vault Business user, you agree to cooperate with deVere E-Money to ascertain your identity and confirm your details. Under EU law we are obliged to collect identification and basic KYC data on our clients. 

Clients must provide their identification information – Proof of Identity, Proof of Address (if applicable) and selfie via live transmission on Vault Business Web app. 

Also, deVere E-Money must understand the purpose of business relationship with the Client, therefore, during the registration, Client must indicate the following information, which counts towards their overall risk rate: 

Account purpose (Payments to service providers, Receiving funds from your clients, For company operations and administrative expenses, etc.) 

Monthly Incoming Funds (transaction count and volume)  

Monthly Outgoing Funds (transaction count and volume)  

Details of main business partners (for incoming and outgoing transactions) 

We may also ask for additional data to validate your transactions, planned spending activities and your source of funds. The additional data may include the original documents or their copies as well as copies approved by notary depending on the requirements by applicable law. 

Clients must be aware that we may reject requests to open a Vault Business account, if any of the terms and conditions are not met by the client. deVere E-Money may also suspend or limit client accounts if cooperation is deemed insufficient to the extent that the client’s spending information, source of funds or identity cannot be verified. 

deVere E-Money is not liable for any losses arising out of failure to verify your identity or funding source. 

Clients must keep their company information accurate and up to date to avoid suspension or termination. 

  • Loading Vault Business Account 
  • You may load your Vault Business Account by bank transfer. 
  • The time that it takes for VB account balance to be updated after loading your card, depends on the transfer method used and the associated time required for funds to be sent to the e-money issuer. 
  • If loading by a bank transfer, transfer times may be checked from that financial service provider. 
  • Issuance and Redemption of E-Money 

E-money is issued after you load your Vault Business account by any method described in point 3. 

The value of e-money is nominal – it is the same as the value of loaded funds and currency, if there are no fees associated to Vault account loading method. 

E-money can be redeemed at their nominal value at any time except when limitations are set on Your Vault account. More information on limitations is available in point 2, “Verification of Business Identity”. 

Redemption of e-money is initiated by transferring e-money out of your Vault account to any other account specified by you or withdrawing e-money from Vault account by other means supported by us, e.g. card spend. Please note that UAB “deVere E-Money” cannot transfer money out to countries specified in points 11.16 and specific beneficiaries listed in point 11.17. 

No specific conditions or additional fees apply to the redemption of e-money, however, you will be charged a redemption fee of up to £26 or currency equivalent if you request that we close your account. This fee is necessary to cover the bank transfer costs of returning the balance of your funds, as applied by our underlying banking partners depending upon the beneficiary country. 



  • Your Vault Business Account Statements 

As a Vault Business account holder, your account statements are available to view and download within Vault Business Web App.  



  • Negative Card Balances 

You acknowledge that card balances and available funds reported on Vault Business cards are estimated real-time balances rather than settled balances in your Vault Account. A real time balance may not take into account pending debit and credit transactions. Vault Business will provide information on pending debits and credits as soon as the info is available. 

If for any reason (including, but not limited to, any technical errors on our behalf or on our third-party providers) you have a negative balance in your Vault Business Card, you agree to immediately load the required amount to correct that negative balance. Upon failure to do so, we may: 

Exercise our right to set-off the amount you owe us by using funds you hold in that currency or in a different currency wallet; or by deducting amounts you owe us from money you receive into your Vault Business Account; or money you attempt to withdraw or send from your Vault Business Account; or in a different Vault Account under your control, and by deducting funds from any attempted withdrawals; 

Initiate a chargeback procedure for any specific transaction which led to your Vault Business Card having a negative balance; 

Take debt collection measures, including but not limited to, mandating a debt collection agency or solicitors or to pursue the claim in court. We reserve the right to charge expenses we reasonably incur in connection with any debt collection or enforcement efforts; 

Request that you complete a fund load in order to correct a negative balance within 7 Business Days. 



  • Converting Currencies within your Vault Business Wallets 

You can move currencies already loaded into your wallets by visiting Vault Business Web app. 

The conversion rates are based on live market rates from the UK Foreign Exchange Market when the market is open. 

Conversions made when the market is closed, for example weekends or UK Bank Holidays may result in an additional percentage being added to the last “live rate” received before the market closed. For the best possible rates, it is advisable to try and convert during live trading hours. 



  • Vault to Vault Transfers 

Clients can instantly transfer e-money to other Vault Business or Vault retail users. To do this, business users must add their beneficiaries through the Vault Business web application. Adding beneficiaries requires Vault Business users to enter the registered email address of the prospective Vault beneficiary that owns a unique 9-digit code on their Vault card. 

Added beneficiaries remain on the client’s contact list indefinitely unless the client manually deletes them. To affect the transfer, clients must select the beneficiary and enter the currency-specific value to be transferred, and press submit. Upon process completing, the money is transferred to the chosen beneficiary. 

Recipients will receive a message in the email advising them that they have received a transfer which will include the value you have sent. 

Sending funds using Vault to Vault does not incur a fee for any party in the transaction. However, clients may incur a conversion fee if the currency needs to be converted before making the transfer. 

Please also note that transactions cannot be recalled or cancelled once sent. Clients are urged to ensure that both the recipient and prospective funds are correct before committing to the transfer. 



  • Transfer Out Functionality 

deVere Vault Business Clients can send funds directly from their Vault Business account to bank accounts around the world. The required details for effective transfer may differ depending on the country of the recipient’s bank account. 

When adding a beneficiary in the Vault Business web application, clients will receive a prompt requesting specific beneficiary details which differ according to country said beneficiary lives in. 

deVere E-Money has partnered with UK global payments firm The Currency Cloud, to perform these transfers on behalf of all client-side transfers, detailing sender information to beneficiaries upon arrival. 

Vault Business users should note that some countries have two options for the transfers, one being a local payment – where Vault accesses the local banking network in the specified country to facilitate the transfer, and the other being a “Priority Payment”, which utilizes the SWIFT Network. 

Transfer charges differ depending on the destination of the transfer and the transaction type. Clients are urged to check that all their details are in order before committing to the transaction. 

Please note that some “Local Payment” methods may be quicker than a Swift payment, especially for the UK, SEPA and USA payments. That said, user discretion is advised when choosing which platform to use when transferring money. 

Time Frames: 

Local Payment 

Priority Payment (SWIFT) 

1-3 working days 

2-5 working days 

Clients should note that different policies and time frames may apply to banking systems that do not operate in conjunction with deVere Vault Business. 

Clients may utilize a limited 10-minute leeway period to cancel any payments, after which transfers are deemed verified and therefore irreversible. Again, clients are urged to establish the correct details before committing to a transfer. 

Should a transfer fail for any reason, clients will have their transaction value remunerated into their associated Vault Business wallet upon recovery of said funds by deVere E-Money. 

Vault Business users should be aware that transaction instructions can be made on weekends and public holidays. However, most transfers will not be affected until the next working day. 

Clients that are transferring money using a different currency than that of the recipient will have their funds converted into said recipient’s currency before the transfer is affected. This will include any associated charge, so user discretion is advised when loading funds onto Vault Business application. 

We are not permitted to allow you to pay the receiving parties fees when sending a transfer within the EEA, by using the “Local Payment” method you are only paying the fees associated to you. The recipient may receive a charge from their bank, but this is unlikely using this method. 

If, as a Vault Business user, you enter incorrect details for a payment or inform us about an incorrect payment after more than 13 months from the moment of the transaction, we will not give you a refund, but we will attempt to trace the transaction for you. We may charge you a reasonable fee to cover our service costs in doing this. 

Fee Details: 

Local payments 

Currency 

Code 

Fee 

Australian Dollar 

AUD 

£3.00 

Canadian Dollar 

CAD 

£3.00 

Czech Koruna 

CZK 

£3.00 

Danish Krone 

DKK 

£2.00 

Euro 

EUR 

£2.00 

British Pound 

GBP 

£2.00 

Hong Kong Dollar 

HKD 

£6.00 

Hungarian Forint 

HUF 

£3.00 

Norwegian Krone 

NOK 

£2.00 

Polish Zloty 

PLN 

£2.00 

Swedish Krona 

SEK 

£2.00 

Singapore Dollar 

SGD 

£3.00 

United States Dollar 

USD 

£2.00 

International SWIFT payments 

Our underlying banking partner applies a new payment method for SWIFT payments to follow Payments Services Directive 2 (PSD2), that aims to create transparency, greater competition and better security in correspondent banking across Europe. 
 

Payment Method Table 

Beneficiary bank account in country 

Pricing 

SHA method 

OUR method 

Sepa 

7 GBP* 

Not available 

Non-Sepa 

7 GBP* 

Beneficiary country tier-based pricing:  

Tier 1 – 12 GBP 
Tier 2 -15 GBP 
Tier 3 - 26 GBP 

*Or equivalent in any other currency 

You can look up the tier of your payment destination country here and list of SEPA countries here. 

All SWIFT payments created in any currency to the beneficiary based in SEPA country will be sent using charge type Shared (SHA). When initiating SHA payments, Vault users will be charged 7 GBP. Please note that this type of payment may incur additional correspondent banking fees on the beneficiary side. 

Please note that while every measure is taken to ensure transparency for any client-charges, deVere Vault cannot guarantee that the recipient bank will not issue any additional charge(s) on its end. Clients should be aware that this is particularly relevant when sending a national currency such as USD to countries other than the USA. In such cases, funds are routed through the US which can incur client-side charges that are out of deVere E-Money’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 deVere E-Money, but by the local bank receiving the funds. 

In accordance with anti-money laundering and sanction screening requirements, we are currently unable to support transfers to the following countries*: 

Afghanistan 

Belarus 

Russia 

Burma / Myanmar 

Cuba 

DR of Congo 

Iran 

Iraq 

Libyan Arab Jamahiriya 

Liberia 

North Korea 

Sudan 

Syria 

South Sudan 

Yemen 

Ivory Coast 

Burkina Faso 

Cambodia 

Central African Republic 

Congo 

Eritrea 

Lebanon 

Mozambique 

Palestinian Territory 

Swaziland 

Timor-Leste 

Vanuatu 

*Please note the above countries are subject to change. 

Prohibited industries: 
Currently, deVere Vault Business is unable to support bank transfers to some specific beneficiaries. This is due to deVere E-Money agreements with intermediary banking transaction parties as well as compliance rules enforced by authorities on such transactions. These beneficiaries are primarily those linked or associated with the following activities: 

Activities aimed at circumventing security controls (software, hardware) 

Adult services connected to human trafficking or child abuse; intermediation of prostitution; production, visual broadcasting of pornography or striptease clubs (the approach does not include literature, toys, DVD’s, educational or scientific material or dating sites) 

Arms / dual use goods/ human organs/ammunition/explosives/defence/military 

Auction organization and execution 

Binary options 

Carbon Credits 

Companies formed of Bearer Shares 

Counterfeit goods and violation of intellectual property, items that violates someone’s privacy 

Dealers in Precious Metals and Stones, Art 

Debt restructuring, credit repair, debt settlement, providing credit, debt collections 

Electronic money institution / Electronic money related activities/MSB’s/Payment institution / provision of payment services 

Fourth party payment & multi-layered MSB arrangements 

Get rich quick scheme 

Hawala or informal value transfer system 

High Value Dealers 

Multi-level Marketing (MLM) 

Offshore bank transactions/ Shell banks 

Pawnbrokers 

Piracy or illegal streaming 

Political/religious organisations engaged in hate speech 

Prostitution 

Pyramid or Ponzi scheme or multi-level marketing programs 

Remittances funded in cash; Cash and Check Handling: Check Cashing, Deposit Taking, Cash Transfer 

Sanctioned entities 

Shell Banks/Companies 

Transactions for goods subject to export prohibition/restrictions 

Transactions with living animals (exceptions possible like for payments for horse riding, or dog classes) 

Unlicensed charities 

Un-licensed FX broker 

Unregulated Crypto-currency exchanges 

Unregulated financial services (where licensing required) 

Unregulated Gambling platforms 

Unregulated pharmaceuticals / food supplements (e.g. “nutraceuticals”) 

Virtual Currency Trading 

As a regulated financial services company, deVere E-Money prides itself on being at the forefront of financial excellence and innovation for the advancement of its clients. Any updates concerning our services and value chain will be communicated to all deVere Business clients to the extent that is possible. 



  • Currencies 

Vault Business account can be opened in one of the two base currencies – EUR or GBP.  

By default, the corporate IBAN is opened, and corporate Vault Business cards are issued in the base currency of Vault Business account. 

On demand, business client can open additional corporate IBAN in another base currency. 

The following 27 currencies are supported for currency exchange and bank transfer out functionality: 

Currency 

Code 

Australian Dollar 

AUD 

British Pound 

GBP 

Euro 

EUR 

Swiss Franc 

CHF 

United States Dollar 

USD 

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 

 

Vault card is issued by Via Payments UAB, partnering with Moorwand Ltd, pursuant to a licence by Mastercard International held by Moorwand Ltd. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated. Via Payments UAB is authorised by Bank of Lithuania license number 16 for the issuing of electronic money and payment instruments. All communications should be sent to Moorwand Ltd, Irongate House, 28-30 Dukes Place, London, EC3A 7LP, United Kingdom