Last updated: 11.08.2023
3. PAYMENT ACCOUNT
4. PAYMENT ACCOUNT REGISTRATION
5. PAYMENT ACCOUNT MAINTENANCE
6. KEEPING YOUR PAYMENT ACCOUNT SAFE
7. GENERAL TERMS OF PAYMENT ORDERS PROCESSING
8. RECEIVING FUNDS ON THE PAYMENT ACCOUNT
9. FUNDS TRANSFERS
10. FUNDS TRANSFERS BETWEEN PAYMENT ACCOUNTS CURRENCY POCKETS
11. PROHIBITED TRANSACTIONS
12. UNAUTHORISED OR INCORRECTLY EXECUTED PAYMENT TRANSACTIONS
15. CUSTOMER REPRESENTATIONS AND WARRANTIES
16. STATEMENTS AND CONFIRMATION
18. GOVERNING LAW AND JURISDICTION
19. BINDING EFFECT
20. CLOSING YOUR PAYMENT ACCOUNT
23. REFUND POLICY
24. TERMS AND HEADINGS
28. ANTI-MONEY LAUNDERING POLICY
33. DATA PROTECTION
1.1. AML/CFT regulations – requirements of the Anti-Money Laundering and Counter-Financing Act 2006 No. 169; The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017;
1.2. Business Day – any calendar day that isn’t a Saturday or Sunday or a public or national holiday in the United Kingdom;
1.3. Confidential Information – any information which is marked as “Confidential” and all information disclosed in the process of the registration process and usage of the Payment Account, including Credentials, Unique Identifier, Customer personal data, Payment Transactions data, our correspondence, contact information, Payment Account status; or would reasonably be regarded as being of a confidential nature;
1.5. Card details – Card number, expiration date, security code, Card PIN code attributable to the Card;
1.6. Credentials – Payment Account Credentials and Card details;
1.7. Customer – an individual person or legal entity holding a Payment Account (hereinafter - the ‘Customer’ or ‘You’ or ‘Payment Account holder’);
1.8. FCA – the Financial Conduct Authority (FCA) regulates the financial services industry in the UK. Its role includes protecting consumers, keeping the industry stable, and promoting healthy competition between financial service providers, further information on the FCA can be obtained on the FCA’s website at fca.org.uk;
1.9. EMRs – the Electronic Money Regulations 2011;
1.10. Fee – a fee charged by Us for processing Payment Transaction and / or other services provided by Monevium, if any;
1.11. KYC and CDD – “Know your Customer” and “Customer Due Diligence”;
1.12. Monevium – refers to Monevium Ltd, a company incorporated under the laws of England and Wales with registration number 10251711 and registered address at 3rd Floor Waverley House, 7-12 Noel Street, London, United Kingdom, W1F 8GQ. We are authorised by the Financial Conduct Authority (FCA) under the Payment Service Regulations (PSRs) to carry on payment services activities as /an Authorised Payment Institution (API). Our FCA register number is 766038. For the purposes of this Agreement 'Monevium’, ‘Us’, ‘We’, ‘Company’ refer to Monevium Ltd;
1.13. Party and Parties – You and Monevium individually and collectively;
1.14. Payment Account means a payment account registered by You with Monevium, which You hold and use for Your individual or business needs;
1.15. Payment Account Credentials means Your registered email address, the Password, the PIN Code, login to Payment Account and telephone password used for communications with Monevium, 2FA password, additional security features to access Payment Account, etc., collectively (hereinafter – the ‘Credentials’);
1.16. Payment Instrument – personalised device(s) and/or set of procedures agreed between the Customer and Monevium and used in order to initiate a Payment Order, including the Card;
1.17. Payment Order – an instruction given by the Customer to Us including by using the Card to initiate a Payment Transaction, including to place, transfer the funds to/from the Payment Account;
1.18. Payment Service Provider (PSP) – Electronic Money Issuer, Payment Institution, Bank, other financial institution, which provides payment accounts, other than Monevium;
1.19. Payment Transaction – means an act, initiated by You or by the Third Party through Payment Order of placing, transferring funds by means of Payment Account;
1.20. Payment Transaction ID – a unique combination of letters, numbers or symbols, given to each Payment Transaction, to identify unambiguously such Payment Transaction;
1.21. PSR – the Payment Services Regulations 2017 No. 752;
1.22. PSRs 2017 – the Payment Services Regulations 2017;
1.23. Payment Account Terms and Conditions – the Payment Account Terms and Conditions, with published on the Website and from time to time will be changed.
1.24. Relevant Funds – funds, received from Third Party or Customer and kept by Monevium for the execution of the Payment Transaction (-s);
1.25. Sanction regulation – requirements of the Sanctions and Anti-Money Laundering Act 2018;
1.27. Unique Identifier – a combination of letters, numbers or symbols specified by Us for You to identify You as the payer or payee and/or Your Payment Account to execute the Payment Transaction;
1.28. Website – the Website www.monevium.com .
3.1. Payment Account is not a bank account and the money held on Your Payment Account will not earn any interest and are not covered by the UK’s Financial Services Compensation Scheme. Monevium is not a bank, accounts are not insured by any government agency, Monevium is not subject to banking regulations.
3.2. The funds reflected on the Payment Account balance belong to the person or legal entity, which is registered as the Customer (Payment Account holder). No person other than the Customer has any rights in relation to the funds held on its Payment Account, except in cases of succession. You may not assign or transfer Your Payment Account to any Third Party or otherwise grant any Third Party a legal or equitable interest over it.
3.3. Your Payment Account is denominated in EURO. You can add any additional currency pockets to Your Payment Account.
3.4. You may keep the funds in Your Payment Account in several currencies at the same time (Multi-currency Payment Account). Each separate currency is kept on the same-name Payment Account pocket. Such Payment Account pocket is a constituent element of the Payment Account functionality. The Payment Account is composed of all the currency pockets’.
3.5. By issuance and opening of the Payment Account with Monevium each Customer is assigned with Unique Identifier. The Unique Identifier with Monevium is required to identify the Customer in each Payment Transaction (as a payer or payee).
3.6. Monevium bears responsibility for the funds under processing and kept on the Payment Account, i.e. Monevium is not liable for the funds prior to the commencement of the placement Payment Transaction to the Payment Account and/or after the transfer Payment Transaction to the external Payment Service Provider is processed by Monevium.
3.7. Monevium will hold all Relevant Funds in the meaning of the PSRs 2017segregated from any other funds that it holds. Where Monevium continues to hold the Relevant Funds at the end of the business day following the day on which they Were received it will: (a) place them in a separate account that it holds with an authorised credit institution (client money account); or (b) invest the Relevant Funds in such secure, liquid assets as the Financial Conduct Authority may approve (“relevant assets”) and place those assets in a separate account with an authorised custodian. An account in which Relevant Funds or relevant assets are placed will (a) be designated in such a way as to show that it is an account which is held for safeguarding Relevant Funds or relevant assets in accordance with the regulation; and (b) be used only for holding those funds or assets.
3.8. Monevium guarantees that no person other than Monevium may have any interest in or right over the Relevant Funds or relevant assets placed in a client money account except as may be provided by the regulation.
3.9. Monevium will keep a record of any segregated Relevant Funds placed in a client money account.
3.10. Payment Account is operated on a net basis., i.e. any current Customer’s liabilities to pay and to receive the funds are subject to set off from the funds held on the Payment Account. Monevium is entitled to settle any liability from the Payment Account balance without notice to the Customer.
3.11. You acknowledge and agree that Monevium operates solely and independently as a payment intermediary and that Monevium does not function as a seller, buyer, dealer, retailer, broker, agent, auctioneer, supplier, distributor, middleman, manufacturer, or merchant of any product or service being ordered, obtained or procured by any funds processed through its services; and makes no representations or warranties and does not ensure the quality, safety or legality of any product or service purchased by the Customer through the Monevium services.
3.12. You acknowledge and agree that any dispute regarding any product or service purchased or procured by any funds on Payment Account through the Monevium services or any transaction involving Monevium services is between the payer and payee, including but not limited to: supplier and receiver of the goods or services. Any transaction connected with the products and services offered by the merchant shall only obligate the Customer. Monevium shall not be a party to any resulting dispute including but not limited to disputes over performance and liability issues relating to the delivery, quality, quantity or use of the offered/purchased/received products and services by the Customer. You shall fully indemnify Monevium against any claim by Third Parties relating to the use of the products and services offered and shall reimburse Monevium in full for the costs of any legal defence.
4.2. If You register a Payment Account as a legal entity, You are also required to fill and provide a corporate Payment Account opening application form and supporting documents and information which Monevium deems necessary.
4.3. Any newly registered Payment Account has the “Not Verified” status. You may not initiate any Payment Transaction until You go through the verification procedure and provide Monevium with the documents and information needed to verify Your identity. This verification data accomplished with respective documents shall be provided by You for the anti-money laundering (AML) and countering financing of terrorism (CFT) compliance requirements.
4.4. You may only register a Payment Account with Us if it is legal to do so in Your country of residence. By registering a Payment Account You represent and warrant to Us that registering of a Payment Account does not violate any laws or regulations applicable to You. You shall indemnify Us against any losses We may incur regarding Your breach of this section.
4.5. You may maintain and hold only one Payment Account with Monevium per individual person or legal entity. Monevium may refuse the creation of duplicate Payment Accounts for the same Customer. Where duplicate Payment Accounts are detected, Monevium may close or merge these duplicate Payment Accounts at its sole discretion.
4.6. All information You provide to Monevium must be accurate and truthful.
4.8. If the Customer uses Payment Account for business purposes, it shall comply with applicable law and to obtain and support all required by law licenses, authorizations, permits and acceptances for the use of Payment Account.
5.1. Prior to execution of a Payment Transaction, Monevium may at its discretion carry out various checks to avoid money laundering and/or fraud, including perform all necessary KYC and CDD procedures in respect to the Customer.
5.2. You shall notify Us promptly, but not later than within 30 (thirty) calendar days, of any changes in provided by You information during the registration process or any time thereafter and We shall not be liable for any loss arising out of Your failure to do so. As per our AML/CFT obligations and internal procedures We may ask You at any time to confirm the accuracy of Your information or to provide documents or other evidence.
5.3. You must not provide to Us any name, bank account or credit card that You are not legally authorised to use.
5.4. Operations related to Payment Transactions are displayed in Your online Payment Transactions history in my.monevium.com. Each Payment Transaction is given a transaction ID and shown in the payment transaction history page. You should quote the Payment Transaction ID when communicating with Us about such Payment Transaction. You should check Your Payment Account balance and Payment Transaction history regularly. You should report any irregularities or clarify any questions you have as soon as possible by contacting Monevium’s customer service.
5.5. Reports, statements, notices and any other communications will be transmitted to You electronically by posting in your Payment Account area at my.monevium.com or via email to Your registered email address. All communications so posted or sent shall be deemed transmitted by Monevium when posted or sent and deemed delivered to You personally, whether received by You or not.
5.6. If Monevium has made attempts to contact You using the contact details You have supplied but was unable to reach You, Monevium will be entitled to terminate any Payment Transaction immediately and without notice to You notwithstanding and without prejudice to any other remedy and power available to Monevium and without liability of any kind being incurred by Monevium for so doing. In such a situation, You will remain liable for any losses incurred because of such termination.
6.1. The registered email address and the Password are used to log in to Your Payment Account area at my.monevium.com. The PIN Code is required to confirm placements and transfers of funds. You must record the PIN Code in a safe place. It will be shown ONLY ONCE and will not be sent to Your registered email. You must take all reasonable steps to keep Your Payment Account Credentials and Card details safe at all times and never disclose it to anyone.
6.2. Anyone who identifies themselves by entering the Payment Account Credentials and/or Card details is thus reasonably assumed by Monevium to be the holder of the Payment Account and all Payment Transactions so initiated will be accepted as valid and authorised by such Customer. Monevium will be under no obligation to make enquiries as to whether the instructions are genuinely from You if Monevium reasonably believes that they are and You agree that Monevium may accept such instructions as being genuine and You also agree to be bound by such instructions.
6.3. You must take all reasonable care to ensure that Your registered email account is secure and only accessed by You, as Your registered email address may be used to reset other Credentials or to communicate with You about the security of Your Payment Account. In case the registered email address registered with Your Payment Account is compromised, You should contact Monevium’s customer service without undue delay after becoming aware of this and contact Your registered email service provider as well.
6.4. In relation to the Credentials, You hereby acknowledge and undertake that:
(a) You will be responsible for the confidentiality and use of Your Credentials;
(b) You will not disclose Your Credentials to persons other than Your authorised representatives for any purpose whatsoever;
(c) Monevium may rely on all instructions, orders and other communications entered using valid Credentials, and You will be bound by any transaction entered or expense incurred on the Your behalf in reliance on such instructions, orders and other communications; and
6.5. Our personnel will never ask You to provide Your Password, PIN, 2FA codes and passwords from 3D Secure or similar online protection code, Card details to Us or to a Third Party. Any message You receive or website You visit that asks for Your Credentials, other than the Website, should be reported to Us. If You are in doubt whether a Website is genuine, You should contact Monevium’s customer service. You must never allow anyone to access Your Payment Account or watch You accessing Your Payment Account.
6.6. If You have any indication or suspicion that Your Credentials being lost, stolen, misappropriated, used without authorisation or otherwise compromised, You are strongly advised to change Your password. You must contact Monevium’s customer service without undue delay on becoming aware of any loss, disclosure to any Third Party, theft, misappropriation or unauthorised use of Your Credentials. Regardless of Your notification, You shall be liable for any losses as a result and You agree to indemnify and hold the Company, its affiliates, employees, agents, successors and assigns harmless from and against all liabilities, losses, damages, costs and expenses, including attorney's fees, incurred by Us arising out of Your failure to fully and timely perform the Your obligations herein or should any of the representations and warranties fail to be true and correct. You also agree to pay promptly to Us all damages, costs and expenses, including attorney's fees, incurred by Us arising out of Your failure to fully and timely perform the Your obligations herein.
6.8. You shall be solely responsible for providing and maintaining any equipment and software and for making all appropriate arrangements with any telecommunications suppliers or, where access to the Payment Account is provided through a Third Party server, with any such Third Party necessary to obtain access to the Payment Account. Neither We nor any company maintaining, operating, owning, licensing, or providing services to Us relating to the Payment Account makes any representation or warranty as to the suitability or otherwise of any such equipment, software or arrangements.
6.9. Irrespective of whether You are using a public, a shared or Your own computer to access Your Payment Account, You must always ensure that Your Credentials are not stored by the browser or cached or otherwise recorded. You should never use any functionality that allows Credentials to be stored by the computer You are using.
7.1. The Customer is required to provide Us with the Payment Order to authorise Us to process the Payment Transaction or a series of Payment Transactions. Any Payment Order may be given and Payment Transaction authorised by the Customer through entering into my.monevium.com area, providing PIN code and confirming the Payment Transaction or by using the Card. You acknowledge that by pushing Confirm button, by entering Your Card PIN code or secure code You give consent and authorize Us for the Payment Transaction to be processed. After You authorized the Payment Transaction the Payment Order cannot be revoked. If Payment Order was initiated by or through the payee, the Customer may not revoke the Payment Order after its processing by Monevium. Where a particular day of the Payment Transaction is agreed between the Customer and Monevium, the Customer may not revoke a Payment Order after the end of the business day preceding the agreed day. The Payment Transaction is irreversible once funds are credited to the payee’s Payment Account. If the funds are transferred to the payee’s payment account with Payment Service Provider, once the Payment Order is processed by Monevium the funds will be treated as no longer being under Monevium control.
7.2. Standing Payment Order. Where the Customer gives a Payment Order to Monevium for a series of recurring Payment Transactions, the Customer’s Order for each such Payment Transaction will be deemed to be received on the day agreed for that Payment Transaction. The Customer can only revoke a Standing Payment Order up until the end of the business day preceding the agreed day for executing such Standing Payment Order. At the time the Customer revoke a recurring Payment Order, the consent for future Payment Orders in that series will also be cancelled.
7.3. Monevium will not execute Payment Transaction until it receive the Payment Order. The time of receipt of a Payment Order is the time at which the Payment Order, given directly by the Customer or indirectly by or through a payee, is received by Monevium. Where the Customer initiating a Payment Order agrees with Monevium that execution of the Payment Order is to take place (a) on a specific day; (b) on the last day of a certain period; or (c) on the day on which the Customer has put funds at the disposal of Monevium, the time of receipt is deemed to be the day so agreed or the first business day thereafter if the day agreed is not a business day.
7.5. Execution of Payment Orders. The Customer’s Payment Order will be executed depending on payment method specified in such order:
a) if the payee’s payment account is registered with Monevium, the Payment Order will be processed on the same day and the amount of the Payment Transaction will be credited to the payee’s Payment Account instantly following the Payment Order execution if otherwise is not specified on the Website;
b) if the payee’s designated payment account is held with another Payment Service Provider, the Payment Order will be executed on the same or the next business day from the moment of its receipt and the amount of the Payment Transaction will be debited from the to the Customer’s Payment Account instantly following the Payment Order execution. The amount of the Payment transaction will be sent to the designated Payment Service Provider in terms as specified in this Agreement. The amount of the Payment Transaction will be credited to the payee account with another Payment Service Provider’s depending the method of payment chosen (SEPA, SWIFT, etc.) and such Payment Service Provider’s policies but usually within 1-5 (one – five) business days from the moment of the Payment Transaction execution by Monevium.
7.6. Monevium will process only those Payment Transactions where the parties to that transaction are clearly specified using the Unique Identifier and/or other payment details in case of a Payment Transaction to/from another Payment Service Provider. You must make sure that payee’s Unique Identifier or other payment details in case of a Payment Transaction to/from another Payment Service Provider is typed correctly. Other information You may provide along with the payee’s Unique Identifier / other payment details may be disregarded and We shall not be liable for any error You make when entering the payee’s Unique Identifier / other payment details. In case Monevium is not able to find the payee’s Unique Identifier / other payment details specified by You, the funds will be returned to the payer and You may be charged an administration fee for this.
8.1. You can place funds on Your Payment Account by way of visiting the Website, logging into Your my.monevium.com area and following the relevant placing instructions. Any Third Party can send You funds to Your Payment Account using the payment details as specified in Your my.monevium.com area.
8.2. For the purposes of funds placement transaction, Monevium is a payment recipient and not a Payment Service Provider.
8.3. When You register Your Payment Account, it contains only one default currency pocket. You can add additional currency pockets by making a placement of funds transaction in the currency you didn’t use before. After Your funds placement request is processed successfully, the funds will be transferred to Your Payment Account. The new currency pocket will be added to Your Payment Account and saved for future use.
8.4. You may be presented with various funds placement methods, depending on which Payment Instruments You choose and which payment methods are available in Your country of residence. All the currency pockets that You have added to the Payment Account, will be offered to You for placing while making a transfer. We do not guarantee the use of any placement method is available, and We can make changes to or discontinue the acceptance of any funds placement method at any time. We shall not be responsible for the placement transaction until the placed funds have been received by Us.
8.5. To place the funds, You either can use the payment details along with Your Unique Identifier to initiate the placement of funds from Your Payment Service Provider facilities, or You can use the respective functionality personal my.monevium.com area including among other:
a) Indicate the payment (placement) method and the payment details; and
b) Choose the currency; and
c) Choose the amount You want to place; and
d) authorise the Payment Transaction with your Payment Instrument security means.
8.6. Depending on which placement method and Payment Instrument is chosen You will need to provide other information or to complete other activities that We may reasonably require ensuring proper authorisation of a placement transaction.
8.7. If You choose a placement method using a payment method (Payment Instrument) that may be subject to chargeback rights or reversal, You declare that You will not exercise such chargeback right other than for unauthorised use of the Payment Instrument. We reserve the right to charge You all fees and expenses We incur regarding such chargeback or reversal and any action undertaken to challenge the same, including without limitation to deduct the reversed amount from the Payment Account and block Your Payment Account.
8.9. Placed funds will be credited to Your Payment Account and notification email will be sent to You and You will see the “Money Placed” notification in Your transactions history after the funds have been received by Us. Before We receive the funds, the placement transaction is assigned with “Pending” status.
8.10. The placement transactions such as those by credit or debit card, SEPA payments will be credited to Your Payment Account within 1 (one) business day from the moment of its receipt from Your Payment Service Provider.
8.11. You must not make a placement through a bank or other Payment Service Provider if You are not the named holder of the account in such bank or other Payment Service Provider.
8.12. Placements of funds may be subject to placement of funds limits due to security and legal requirements of Payment Service Provider which process the Payment Transaction You have ordered. You can check these limits at the website of Your Payment Service Provider.
8.13. You should be aware that placements of funds to Your Payment Account does not necessarily mean this Payment Transaction cannot be reversed. Monevium reserves the right to reverse a Payment Transaction in case the payer or the payer’s Payment Service Provider has charged back or otherwise reversed (or is reasonably likely to charge back or otherwise reverse) Payment Transaction to You.
8.14. Placements of funds may be subject to Payment Service Provider’s placement fees and currency conversion fees depending on which placement method and Payment Instrument is chosen. Such fee will be deducted from Your placement transaction and You will receive the sum equal to “placement of funds less fee” to Your Payment Account.
9.1. To transfer the funds between You and the Third Party, You must give to Us a Payment Order by filling the respective transfer form, including among other:
a) provide Us with the Unique Identifier or payment details (with another Payment Service Provider) of the Third Party you wish to send funds (payee); and
b) choose the currency; and
c) indicate the amount of funds You want to transfer; and
d) authorise the Payment Transaction with Your PIN code.
9.2. We may also send You an email with a confirmation link as an additional security measure.
9.3. As soon as You follow the confirmation link received from Us, the transfer request will be put into the queue and processed within 1 (one) business day. You may transfer Your consent to a Payment Transaction at any time before the point at which the Payment Order can no longer be revoked under the clause7.1. For the convenience of the Customer the Payment Transaction is assigned with the “pending” status while it still can be cancelled.
9.4. If the payer failed to provide Us with the payee’s correct Unique Identifier or payment details with another Payment Service Provider the payer will receive respective notification email. The Payment Transaction will be cancelled and the funds will be returned to the payer.
9.5. You can also transfer the funds using the Card. In such a case an authorization by the means of the Card PIN code or security code is required. The Payment Transaction made by the mean of the Card is processed within the timeframes as specified by the international payment system to which the Card belongs.
9.6. You can transfer funds from Your Payment Account using EUR only. In case the currency of the transfer does not correspond the currency of the Payment Account pocket, the funds will be converted at the indicated currency exchange rate specified at the Website.
9.7. Transfers are subject to transfer limits due to security and legal requirements. These limits are set dynamically depending on Your verification status. You can view these limits at any time in Your Payment Account profile. You should ensure that Your limits are sufficient to cover the transfer You intend to make as Well as any applicable fees including service fees and currency conversion fees. You should be aware that the recipient of a funds may also be subject to spending and transfer limits and that this may affect the recipient’s access to the funds You intend to send.
9.8. Fund transfers may be subject to Third Party Payment Service Provider’s fees and/or currency conversion fees depending on which type of payment method and Payment Instrument is chosen. Such fee will be deducted from the transferred amount and the recipient will receive the sum equal to “transferred amount less fee”.
9.9. You hereby agree and acknowledge that to process the overseas funds transfers it may be necessary for Monevium to pass Your personal information to individuals, banks or organisations in countries located outside of the European Economic Area (‘EEA’) that may do not have laws that protect a customer’s personal information. You hereby give Us a consent to provide Your personal information along with the supporting CDD documents to the persons as specified above for the purposes of processing Your transactions.
9.10. You can request a transfer of all or part of the funds held in all Your currency pockets in Your Payment Account to Your account with the bank or credit institution at any time by following the instructions specified on the Website, however, You may be required to additionally verify Your identity beforehand. There is no minimum transfer amount but the funds on Your Payment Account must be sufficient to cover any applicable fee.
9.11. For the purposes of the funds transfer to Your other PSP account, Monevium is a payer and not a Payment Service Provider.
9.12. To transfer the funds to Your account with bank or credit institution, You should initiate the transfer from Your personal area at my.monevium.com including among other:
a) provide Monevium with the correct bank account details that We can use for processing of transfer transaction; and
b) choose the currency; and
c) indicate the amount You want to transfer; and
d) authorise the Payment Transaction with Your PIN code.
9.13. We may also send You an email with a confirmation link as an additional security measure.
9.14. You must ensure that the payment details You enter when transferring funds are correct and complete. Monevium will not be liable for transferred funds being sent to the wrong payment institution where this is due to Your providing incorrect payment details.
9.15. You may withdraw consent to a Payment Transaction at any time before the point at which the Payment Order can no longer be revoked under the clause 7.1. For Your convenience, the Payment Transaction is assigned with the “pending” status while it still can be cancelled.
9.16. If the amount for transfer exceeds Your current limit, Monevium may decline Your request and instead require You to send the documents verifying Your identity and address prior to allowing a transfer of funds or to otherwise cooperate with Monevium to verify Your identity.
9.17. If the funds sent (I) via wire transfer do not reach Your bank account during 10 (ten) business days You shall have the right to request an investigation of the transfer. You shall understand that the investigation may entail commission charges that must be paid by You except the cases of the mistakes in transfers made by the Monevium staff. The method of payment of commission charges shall be determined by Monevium individually and may be done by both transfer of necessary amount to Monevium Payment Account and of necessary amount from Your Payment Account. You shall be ready to provide Monevium with all necessary documents needed for investigation purposes.
9.18. Transfers may be subject to Third Party Payment Service Provider’s fees and currency conversion fees depending on which transfer method and Payment Instrument is chosen. Such fee is deducted from Your transferred amount.
9.19. Monevium reserves the right to carry out any necessary money laundering, terrorism financing, fraud or other illegal activity checks before authorising any transfer of Your funds. For these purposes Monevium may request You to provide additional verification documents within the terms defined by Us.
10.1. You may transfer Your funds within Your Payment Account from one currency pocket into another one, following instructions provided on the Website.
10.2. The currency conversion is completed at the currency exchange rate specified on the Website. The currency conversion may be subject to the additional commission published by Monevium on the Website or provided to the Customer prior to the conversion.
11.1. Monevium strictly prohibits Payment Transactions as consideration for the sale or supply of the following:
- any item that violates any law, statute, ordinances or regulations;
- tobacco products;
- prescription drugs, drugs and drug paraphernalia (including narcotics, steroids and certain controlled substances that presents a risk);
- weapons (including without limitation, knives, guns, firearms or ammunition);
- satellite and cable TV descramblers;
- pornography (including child pornography or related hardcore content or services of any kind);
- adult material;
- material which incites violence, hatred, racism or which is considered obscene;
- government IDs and licences including replicas and novelty items and any counterfeit products;
- unlicensed or illegal lotteries or gambling services (including without limitation the use of or participation in illegal gambling houses, illegal sports betting, casino games and poker games). Monevium may suspend or terminate Your Payment Account at any time or refuse to execute or reverse a Payment Transaction if believe that You directly or indirectly use or have used Your Payment Account for or regarding illegal gambling transactions. Countries where online gambling is illegal include the United States of America, Turkey, China, Malaysia and Israel. This list is not exhaustive and it is Your responsibility to ensure that you do not use Monevium services for transactions that may be considered illegal in Your jurisdiction;
- unregistered charity services;
- items which encourage or facilitate illegal activities, prepaid debit cards or other stored value cards that are not associated with a merchant and are not limited to purchases of products or services;
- unauthorised processing or payment aggregation products or services; multi-level marketing, pyramid selling or Ponzi schemes, matrix programmes or other “get rich quick” schemes or high yield investment programmes,
- goods or services that infringe the intellectual property rights of natural other persons(trademark, patent, copyright);
- uncoded/miscoded gaming, timeshares or property reservation payments (on and off plan);
- any services utilised for fraud or money laundering. Monevium will report any suspicious activity to the relevant law enforcement agency. You are prohibited from using Your Payment Account to abuse, exploit or circumvent the usage restrictions imposed by a merchant on the services it provides.
11.2. Monevium services are not available for residents of any of the countries recognised by the FATF, United Nations and European Union as high-risk and non-cooperative jurisdictions, countries, individuals and/or organisations against which economic sanctions are in force. These lists are not exhaustive and Monevium may in its sole discretion, decide to discontinue or restrict the services in other countries at any time and without prior notice. Monevium reserves the right to suspend or terminate Your Payment Account at any time if We reasonably believe to be required to do so by law or to comply with recommendations issued by a relevant government authority or recognised body for the prevention of financial crime.
11.3. Monevium services are not available to the residents of the USA and other US persons as defined by applicable US laws.
11.5. If You conduct or attempt to conduct any Payment Transaction in violation of the prohibitions contained in this section or without the necessary approval under section 11.4., We reserve the right to:
a) reverse the Payment Transaction; and/or
b) close or suspend Your Payment Account; and/or
c) report the Payment Transaction to the relevant law enforcement agency; and/or
d) claim damages from you; and
e) charge You an administration fee of as per our fee schedule in case We apply any of the above.
11.6. You shall bear full responsibility with respect to the Payment Transaction executed with the persons or entities for the sale or supply of goods and services that you may provide or receive in compliance with any applicable laws and regulations. Holding Payment Account with Monevium shall not be considered as the proof of the fact that the Payment Account holder provides its services on legal bases. If you are in doubt as to the legality of a supply or purchase, you should not continue with Your Payment Transaction.
12.1. To claim a refund for an unauthorised or incorrectly executed Payment Transaction on Your Payment Account you must notify Monevium without undue delay after becoming aware of the unauthorised or incorrect Payment Transaction and in any event no later than 13 (thirteen) calendar months after the debit date of the Payment Transaction.
12.2. Where an executed Payment Transaction was not authorised by the mean of Your login details, Password and PIN, Monevium will immediately—
(a) refund the amount of the unauthorised Payment Transaction to the Customer; and
(b) where applicable, restore the debited Payment Account to the state it would have been in had the unauthorised Payment Transaction not taken place.
12.3. Monevium will provide a refund under clause 12.2. (a) as soon as practicable, and in any event no later than the end of the business day following the day on which it becomes aware of the unauthorised transaction. However, this provision does not apply where Monevium has reasonable grounds to suspect fraudulent behaviour of the Customer and notifies of those grounds in writing.
12.4. You are liable for any losses incurred by Monevium in respect of unauthorised Payment Transactions arising:
(a) from the use of a lost or stolen Credentials; or
(b) from the misappropriation of the Payment Account and/or Credentials.
12.5. You must compensate Us for any damages and losses We suffer from an unauthorised Payment Transaction due to the use of lost or stolen Payment Instrument or misappropriated Payment Account and/or Credentials.
12.6. The clauses 12.4. -12.5. do not apply if the loss was caused by acts or omissions of an employee, agent or branch of Monevium or of an entity which carried out activities on behalf of Monevium.
12.7. Where a Payment Order is executed using a Unique Identifier or other payment details provided by You, the Payment Order is deemed to have been correctly executed by Monevium with respect to the payee specified by the Unique Identifier or such payment details. Where the Unique Identifier or other payment details provided by You are incorrect, Monevium is not liable for non-execution or defective execution of the Payment Transaction, but Monevium —
(a) will make reasonable efforts to recover the funds involved in the Payment Transaction made to another Customer of Monevium; and
(b) may charge You for any such recovery with the fee of 5% of the Payment Transaction amount but not less than 100 EUR.
13.2. Monevium applies a one-time Payment Account opening fee that is charged by debiting the Payment Account once the Customer makes a first deposit of funds. One-time fee details are available on the "Pricing" section of the Website: https://monevium.com/pricing/ .
13.3. The Fees applicable to the Payment Transactions are disclosed in the "Pricing" section of the Website: https://monevium.com/pricing/ .
13.4. You hereby agree and acknowledge that the Payment Transactions Fees due from You to Monevium will be deducted from Your Payment Account balance once the transaction is executed and You hereby authorize Monevium to do the same and these Fees (charges) are clearly stated in the information provided by Monevium to You. If Your Monevium balance is insufficient to cover the Fees, We may refuse to execute the Payment Transaction. Reversal or chargeback fees will be deducted when incurred.
13.6. Monevium applies Monthly maintenance fee for service using on its Website. Monthly maintenance fee for the current month is charged by debiting the Payment Account at the end of the current month. Monthly maintenance fee details are available on the "Pricing" section of the Website: https://monevium.com/pricing/ .
13.7. Monevium may change the Fees at its sole discretion by providing the Customers with prior 60 (sixty) calendar days’ notice through the Website and/or to their registered emails. The Customer shall regularly check the Website ( https://monevium.com/pricing/ ) for notices and other information applicable to the Payment Accounts.
14.1. In case of an unauthorised Payment Transaction or a Payment Transaction that was incorrectly executed due to an error by Monevium, We shall at Customer’s request immediately refund the Payment Transaction amount including all fees deducted therefrom. This shall not apply:
(a) where the unauthorised Payment Transaction arises from Your failure to keep the Credentials safe in accordance with section 6. In this case You shall remain solely liable for all losses;
(b) if You fail to dispute and bring the unauthorised or incorrectly executed transaction to our attention within the timeframe as specified in this Agreement.
14.2. Monevium will not be liable for any loss or damage to You or any Third Party caused or resulting from any of the following:
(a) an error in the Payment Transaction payee details including its Unique Identifier or the amount of transaction or any other error or incomplete Payment Order details received from You or incorrect details provided by You while registering in Monevium;
(b) the goods or services that You purchased using the Monevium Payment Account, including any direct and/or indirect or consequential losses, loss of profit, loss of business and loss of reputation resulted from the use or inability to use such goods or services;
(c) any damages arisen or resulting from a payee’s refusal to accept a payment made through Monevium;
(d) any partial or non-performance of Monevium obligations by reason of any cause beyond its reasonable control, for damage which the Customer may suffer as a result of malfunction, disruptions or failure of transmission, communication or computer facilities, or any transmission errors, technical faults, malfunctions, illegal intervention in network equipment, network overloads, malicious blocking of access by Third Parties, internet malfunctions, interruptions, failure by or impairments of intermediary service provider, or other Third Party on which We rely for the performance of our obligations hereunder for any reason, to perform its obligations or other deficiencies on the part any internet services provided by Monevium. The Customer acknowledges that any services may be limited or unavailable due to such system errors, and that Monevium reserves the right upon notice to suspend access to any such services for this reason;
(e) any delays, inaccuracies, errors or omissions in any data transmitted between the Customer and Monevium due to the fault of Third Persons, including internet, hosting, communication vendors and providers;
(f) hacker attacks, denial of service attacks, viruses, worms, software bombs, similar malicious code or other malicious attacks or infections which caused disruption of, without limitation, Website, Payment Account or Monevium services and infrastructure.
14.5. Monevium shall not be liable for any charges or deductions made by a Third Party with respect to the processing of Your Payment Transaction.
14.6. Monevium shall not be liable for any delay in Payment Transactions processing or non-execution due to the delays on the bank’s or other Payment Services Provider or any other Third Party.
14.7. Monevium shall not be liable for non-performance of its obligations hereunder due to any event beyond its reasonable control, including without limitation any industrial action, act of terrorism, act of God, acts and regulations of any governmental or supranational bodies or authorities or the failure by the relevant intermediate agent, agent or principal of our custodian, sub-custodian, dealer, market, clearing house or regulatory or self-regulatory organisation, for any reason, to perform its obligations.
14.8. Monevium shall not be liable for any indirect or consequential losses including but not limited to loss of profit, loss of business and loss of reputation. We shall not be liable for any losses arising from Your compliance with legal and regulatory requirements.
14.9. Monevium shall not be liable for the assessment or payment of any taxes, duties or other charges that arise from the underlying transaction between You and another Monevium Customer.
15.2. The Customer hereby confirms and acknowledges his/her express consent to eliminate the confidential nature of all communications regarding without limitation any disputes, legal proceeding, public statements between the parties hereto or its results including courts or other dispute resolution schemes decision on the matter. The Customer further agrees that Monevium may disclose on its sole discretion the contents of such communication where and when Monevium deems it necessary.
16.1. Reports of the confirmation of Payment Transaction and statements of Payment Account for the Customer shall be deemed correct and shall be conclusive and binding upon the Customer, if not objected to immediately upon receipt and confirmed in writing, within 1 (one) day after electronic transmittal to the Customer. Instead of sending trade confirmations via postal mail, Monevium will provide the Customer access to view the Customer's Payment Account at any time with an online login via the Internet.
17.1. Reports, statements, notices and any other communications will be transmitted to the Customer electronically by posting to the Customer's Payment Account or via email to the registered email address. All communications so posted or sent shall be deemed transmitted by Monevium when posted or sent and deemed delivered to the Customer personally, whether received by the Customer or not.
17.2. The Customer shall use the following means of communication for the transmission of information or notifications to Monevium: [email protected] .
20.3. The Customer may close its Payment Account at any time it deems fit by providing Monevium 7 (seven) calendar days prior notice. Closure of the Payment Account initiated by the Customer is subject to the special fees as specified on the Website.
20.4. When We receive a request to close the Payment Account We may ask You to provide Us with additional verification documents to compare it with those We have already had in our databases. This is done for AML/CFT purposes.
20.6. You acknowledge that, in compliance with laws and regulations, We may be obliged to store all the information about You and Your transactions for at least 5 (five) years after Your Payment Account is closed.
20.8. Monevium may at any time suspend or close Your Payment Account with prior notice in case:
b) You violate or We have reason to believe that You are in violation of any law or regulation that is applicable to Your use of our services;
c) We have reason to believe that You are in any way involved in any fraudulent activity, money laundering, terrorism financing or other criminal activity;
20.9. Monevium may suspend Your Payment Account any time if:
a) We reasonably believe that Your Payment Account has been compromised or for other security reasons; or
b) We reasonably suspect Your Payment Account to have been used or is being used without Your authorisation or fraudulently; and We shall notify You either prior to the suspension or, if prior notification is not possible under the circumstances, promptly after the suspension unless We are prohibited by law to notify You.
22.2. Any complaints or disputes relating to operation of the Payment Account must be made via electronic mail to the following address: [email protected] .
22.3. The process of dispute resolutions must be also governed by the procedure for receipt and handling of customers complaints set forth in the Monevium’s complaints policy.
22.4. We endeavour to provide You with an answer or resolution to Your complaint by the end of 15 (fifteen) business days after the day on which We receive the complaint from You. However, in exceptional circumstances which are beyond our control, We may send You a holding response within 15 (fifteen) business days, and a final response no later than 35 (thirty-five) business days from receipt of the complaint. We will send You a hard copy of the complaints procedure if You request one by writing to Us or sending Us an email and when We acknowledge receipt of a complaint from You.
22.5. If We cannot reach agreement on Your complaint, You may refer Your complaint to Financial Ombudsman Service at Exchange Tower, London, E14 9SR, United Kingdom. You can contact them by telephone on 0800 023 4567 Monday to Friday – 8am to 8pm, Saturday – 9am to 1pm or email: [email protected] . For additional contact details You may visit the website at www.financial-ombudsman.org.uk .
22.6. Monevium will keep the records of all complaints We receive and the measures taken for their resolution. Monevium will retain that records for 3 (three) years.
23.1. Due to the nature of business no refunds are provided by Monevium. The only exception is made if you are not the Monevium Customer, i.e. you do not hold a verified Payment Account with Us. In this case Monevium will refund money received from You using the same method originally used by You.
25.1. You agree and acknowledge that all conversations regarding Your Payment Account between You and Monevium staff may be electronically recorded with or without the use of an automatic tone-warning device. You further agree to the use of such recordings and transcripts thereof as evidence by either party regarding any dispute or proceeding that may arise involving the Customer or Monevium. You understand that Monevium destroys such recordings on regular intervals in accordance with the Company established business procedures and You hereby consent to such destruction.
26.4. You agree to be bound by the terms of such amendment or change on the date such amendment or change are to take effect, unless You notify Monevium on the contrary before the proposed date of entry in force of the changes. If You object to the changes, they will not apply to You, however, any such objection shall constitute a notice by You to terminate and block Your Payment Account. Your Payment Account will be blocked in accordance with the provisions of section 21 above.
26.5. You hereby agree that changes in the exchange rates may be applied immediately and without notice.
27.2. Unless (1) otherwise approved by Customer or (2) ordered by a court or arbitration body of acceptable jurisdiction, as determined by Monevium, Monevium shall not reveal Customer’s contact or identifying information or transaction history to any Third Party.
28.1. Monevium participates fully in all government regulated anti-money laundering policies. Suspicious large deposits will be reported to appropriate government authorities if deemed necessary. Customers are required to keep their Payment Account and contact information current at all times. Any Payment Account found to contain incorrect and/or outdated information will be suspended and all funds held. Customers wishing to use certain features of their Payment Account will be required to verify their identity via government issued photo ID and other appropriate documentation as specified Monevium in its AML/CFT Policy prepared in accordance with Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017. All submitted documentation is held in the strictest confidence however, in cases of intentional abuse, identification or reasonable suspicion of any fraud or other illegal activities, any member participating, abetting or assisting in fraudulent and/or attempted fraudulent activities relinquishes all rights to privacy of personal data.
28.2. Monevium is required to make a disclosure to the National Crime Agency where Monevium knows or suspects that a transaction may involve money laundering or terrorist financing. If Monevium makes a disclosure in relation to a transaction the processing of any associated Payment Transactions may be delayed for an unspecified period, without explanation.
28.3. Monevium might be required to report to a jurisdictional tax office in the case of the remittance funds exceeding certain amounts.
28.4. Monevium may check Your personal data with fraud prevention agencies, credit reference agencies and other organisations. Information about such requests can be stored both in these organizations and also held by Us. We may monitor and/or record telephone calls We have with you to help Us improve the quality of service and for fraud prevention and detection purposes.
28.5. Parties’ rights and obligations, liability for violation of each Party’s obligations, and other terms under such Anti-Money Laundering Policy are specified in our AML/CFT Policy on the Website.
28.6. Monevium has the right to suspend all Payment Transactions and block Your Payment Account if any term of Monevium’s AML/CFT Policy or Monevium’s CDD and KYC Policy was violated by You.
29.1. Monevium retains all right, title, and interest in and to trademarks. You shall only use Monevium trademarks with the express permission of Monevium. You shall not use the trademarks in any manner that is disparaging to Monevium. Under no circumstances You may alter, modify, or change Monevium trademarks.
29.2. All Website designs, text and graphics, and their layout and arrangement and all intellectual property rights therein are the property of Monevium. Any use of Website materials, their reproduction, modification, distribution or republication without express prior written consent is strictly prohibited.
31.1. It is the Customer’s responsibility to determine which, if any, taxes apply to the Payments transactions received, and to report and remit the correct tax to the appropriate tax authority. Monevium is not obligated to determine whether taxes apply, and is not responsible to collect, report, or remit any taxes arising from any Payment Transaction.
32.1. Parties agree that Confidential Information does not include any information that:
(a) is or becomes publicly available through no fault of the Party;
(b) is lawfully obtained from a Third Party that was not under an obligation of confidence;
(c) is approved for release in writing or electronically by the Party;
(d) is documented to have been in Party’s possession prior to its disclosure by the other Party;
(e) is documented to have been developed by the Party independently of the other Party’s disclosure to the Party;
32.2. In the event a court order or governmental agency requires the Party to disclose any Confidential Information, the Party shall immediately notify the other Party of such order or requirement. The Parties agree to cooperate in attempting to have such order or requirement nullified or restricted and, in any event, will disclose only such Confidential Information as specifically required by any such court order or governmental agency.
32.3. Parties agree to disclose any information without restrictions that is mentioned and in accordance with the clause 16.2.
32.4. Each Party shall hold all Confidential Information in strict confidence and shall not disclose any Confidential Information to any Third Party, other than to its affiliates, alliances , partners , employees, agents, and consultants (including without limitation attorneys, accountants) who need to know such information and who have agreed to maintain the confidentiality of the Confidential Information and not use any Confidential Information for the benefit of itself or any Third Party or for any purpose other than purpose of the contract between the Parties. Parties shall protect the confidentiality and avoid the unauthorized use, disclosure, publication or dissemination of the Confidential Information. The terms and conditions set forth herein shall also apply to any information and/or materials related to, or activities undertaken in connection with, carrying out such relationship, unless otherwise agreed to by the parties in writing.
Monevium collects and retain required personal
data about You provided by You to Monevium in connection with Your Payment
Account to issue and open the Payment Account, to provide Payment transactions
and to safeguard Your privacy.
will process Your personal data in accordance with regulatory requirements, in
the case of Monevium with data protection law, including General Data Protection
REGULATION (EU) 2016/679 OF THE EUROPEAN PARLIAMENT AND OF
THE COUNCIL and the UK Data Protection Regulation, the Data Protection Act 2018.
33.5. Monevium processes Your personal data within the European Economic Area (EEA). However, to provide you with certain cross-border services We may have to share Your data with entities outside the EEA. By issuing and opening a Payment Account with Monevium by You and instructing Us to make and/or accept Payments Transactions from persons or entities outside the EEA, you consent to Us sharing Your data with entities outside the EEA as far as this is reasonably necessary for the proper execution of the Monevium services.