Valid as of 30th April 2018

IMPORTANT INFORMATION: These terms and conditions (“Agreement”) govern the use of the Payment Services defined in Clause 1, which are supplied by Prepaid Financial Services Ltd, 5th Floor, Langham House, 302-308 Regent Street, London, W1B 3AT whose details are in Clause 2 (“we”, “us”, “our”) to any person whose application we approve (“Customer”, “you”, “your”). Words that begin with a capital letter have the meaning given either where they first appear in this Agreement or in Clause 1. This Agreement includes the terms of our <Privacy Policy>.

By activating your Card, you agree that you have read and understood the terms of this Agreement (a copy of which you may download and store at any time). This Agreement shall commence at that time and continue unless cancelled under Clause 10 or terminated under Clause 12. We reserve the right to change this Agreement by giving 2 months’ notice to you in accordance with Clause 18. If we do this, you may terminate this Agreement immediately and without charge before the proposed changes take effect, otherwise you shall be deemed to have accepted such changes when the 2 months’ notice expires. However, you agree that changes to the Applicable Exchange Rate may be applied immediately and at the rate quoted via the Payment Service at the time of the relevant Transaction. Please also read the conditions of redemption, including any fees relating to redemption, in Clause 11 before activating your Card.

We will communicate with you in English (the language in which this Agreement was agreed with you on registration for your Account). Key information relating to your Transactions will be provided to you at the email address you register with us and/or in your Account. You may access, download and print this information at any time by logging in to your Account. In addition, you agree that we may provide notices or other information to you from time to time by posting it in your Account, emailing it to your registered email address, mailing it to your registered physical address, calling you by phone or sending you mobile messages. Notices to you by email or mobile messages shall be deemed given 24 hours after the email is sent, unless the sending party is notified that the email address is invalid. Notices sent by registered mail shall be deemed to have been received three days after the date of mailing. You may contact us as specified in Clause 2.

You may request a copy of any legally required disclosures (including this Agreement) from us via the contact details in Clause 2, and we will provide this to you in a form which enables you to store the information in a way that is accessible for future reference for a period of time adequate for the purposes of the information and which allows the unchanged reproduction of the information stored via, for example, our website, your Account or by email.

In this document, if we use words that start with a capital letter, that means the word has been defined in this ‘Definition & Interpretation’ section.

"Account" or “E-Wallet”	a data account in our systems where we record your Available Balance, Transaction Data and other information from time to time;
“Account Closure Fee”	has the meaning given in the attached Fees & Limits Schedule;
“Account Information Service”	means an online service to provide consolidated information on one or more payment accounts held by the payment service user with another payment service provider or with more than one payment service provider;
Account Information Service Provider” or “AISP”	the supplier of an Account Information Service’;
"Additional Cardholder"	where applicable, a person who holds a Secondary Card;
“Applicable Exchange Rate”	the exchange rate available on our website https://prepaidfinancialservices.com/en/exchange-rates.
“ATM”	An automated teller machine is an electronic telecommunications device that enables Customers to perform financial transactions, particularly cash withdrawal, without the need for a human cashier, clerk or bank teller;
“Authorised Person”	means any person to whom you authorise us to access your Account;
"Available Balance"	the amount of E-money issued by us to you but not yet spent or redeemed;
“Business Day"	Monday to Friday, 0900hrs to 1700hrs GMT, excluding bank and public holidays in the UK;
"Card"	a prepaid Mastercard debit card issued by us and linked to your Account, which can be used to spend your Available Balance wherever Mastercard cards are accepted;
“Card Replacement Fee”	has the meaning given in the attached Fees & Limits Schedule;
"Card Scheme"	the operator of the payment scheme under which we issue each Card;
“Customer Due Diligence”	the process we are required to go through to verify the identity of our Customers;
“Customer Funds Account”	the segregated bank account where we hold relevant funds corresponding to your Available Balance in accordance with the safeguarding provisions of the Electronic Money Regulations 2011;
“E-money”	monetary value issued by us to your Account on receipt of funds on your behalf in our Customer Funds Account, equal to the amount of funds received;
“European Economic Area” or “EEA”	The means the European Union (“EU”) member states, as well as Iceland, Liechtenstein and Norway.
“Fees”	the fees payable by you for the Payment Services as specified in the attached Fees & Limits Schedule;
“IBAN”	means an International Bank Account Number used to identify bank accounts for the purposes of international payments;
“Late Redemption Fee”	has the meaning given in the attached Fees & Limits Schedule;
"Merchant"	a retailer who accepts Payment for the sale of goods or services to you.
“Payment”	means a payment for goods or services using a Card.
“Payment Initiation Service”	means an online service to initiate a payment order at the request of the payment service user with respect to a payment account held at another payment service provider;
“Payment Initiation Service Provider” or (“PISP”)	is a payment service provider who supplies a Payment Initiation Service;
"Payment Services"	means the services supplied by us to you under this Agreement, including issuing Cards, Accounts and IBANs; and executing Transactions;
“PFS IBAN”	means a virtual IBAN issued by our bank service provider that we allocate to your Card or your Account which can be used by you or others for the purpose of making a SEPA Transfer of funds that will result in a credit of the relevant funds to your Account.
"Secondary Card"	where applicable, any extra Card which is issued to a Customer or Authorised Person;
“SEPA Transfer”	A facility available for UK registered Accounts only whereby you instruct us to send Euros to a bank account elsewhere in the Single Euro Payments Area (“SEPA”), quoting the IBAN of the intended recipient of the funds.
“Simplified Due Diligence”	means a lighter form of Customer Due Diligence, resulting in certain lower Card and Account limits
"Transaction"	a Payment, a Transfer or a SEPA Transfer;
“Transfer”	a transfer of E-money from one Account to another Account.
“Virtual Card”	a Card number issued by us for the purpose of making a single Payment without also issuing any corresponding physical card.

4.1 Transactions may be restricted by Card or Account type, individual usage patterns and payment risk profiles. Cards are issued in accordance with regulatory limits and conditions. Limits relating to the use of Cards can be found in the attached Fees & Limits Schedule and on our website at www.wireaccount.com . For anti-money laundering and anti-fraud reasons we reserve our rights to change particular payment restrictions (including from those published or included herein) without notice and to the extent required to meet our regulatory obligations.

4.2 Simplified Due Diligence may be restricted to domestic ATM access, along with reduced annual maximum load limits and capped annual withdrawal limits. These limits will be subject to Scheme and regulatory requirements.

4.3 You can make a Transfer to another Account by signing in to your Account and following the relevant instructions.

4.4 When sending funds to your Account with us, we recommend that your or other senders make a SEPA Transfer using your PFS IBAN.

4.5 We cannot be held liable for the payment process or fees associated with bank(s) and or intermediary bank(s) to process payments from you to us. Any fee(s) charged by third parties, not limited to receiving, processing or crediting a payment for you will be deducted by us before crediting the remaining balance to you.

4.6 You are responsible for checking and confirming payment details and fees before making a payment to us or to your Account.

4.7 PFS will credit payments received to your Account at least once a day and before the end of the Business Day. Amounts received after the cut off period will be processed the next Business Day and you will hold PFS free and clear from any responsibility is this regard.

4.8 You may be asked to provide us with evidence of source of funds in order for us to meet our regulatory requirements, in which case you agree to provide that evidence promptly. You represent and warrant to us that the evidence you provide to us is up to date, complete and accurate.

4.9 Where so enabled you may change your PIN at selected ATMs subject to a Fee.

4.10 Where enabled, you may be eligible to instruct companies to create regular SEPA Transfers from your UK issued and registered Account. You will be responsible for ensuring that the correct details are provided in order for the SEPA Transfer to be created for you. You must ensure at all times that you have a sufficient balance on your Account to allow for the funds to be debited from your Account. You are responsible for checking the terms and conditions that have been provided to you by the SEPA Transfer originator. PFS and/or Wireaccount Limited, reserve(s) the right to decline or terminate any SEPA Transfer instruction(s) that you have requested.  

4.11 You may incur a charge for unpaid SEPA Transfers if there are not enough funds in your Account to pay an incoming SEPA Transfer request.

You have a right to withdraw from this Agreement under the following conditions:

• where you purchased the Payment Services then you have a “Cooling Off” period of 14 days beginning on the date of the successful registration of your Account, to withdraw from this Agreement and cancel the Payment Services, without any penalty but subject to deduction of any reasonable costs incurred by us in the performance of any part of the provision of services before you cancel. You must contact us within this 14-day period and inform us that you wish to withdraw from this Agreement and you must not use the Payment Services. We will then cancel the Payment Services and reimburse the amount of Available Balance on the Account to you. However, we reserve the right to hold Available Balance for up to 30 business days from receipt of your instructions before returning the balance, to ensure that details of all Transactions have been received.
• After the Cooling Off period you may only terminate the Payment Services as described in Clause 12.

We may update or amend these terms and conditions (including our Fees & Limits Schedule). Notice of any changes will be given on our website, or by e-mail notification, or by SMS at least 2 months in advance. By continuing to use the Payment Services after the expiry of the 2-month notice period you acknowledge that you indicate your acceptance to be bound by the updated or amended terms and conditions. If you do not wish to be bound by them, you should stop using the Payment Services and terminate this Agreement in accordance with Clause 10 before the changes take effect.

All relevant funds corresponding to your Available Balance are segregated from our funds and held in the Customer Funds Account in accordance with the safeguarding requirements of the Electronic Money Regulations 2011 by law. In the event that we became insolvent those funds are protected against claims made by any of our creditors.