This document sets out the terms and conditions for your T8 account (your account) and its related services through our partner network. Depending on which jurisdiction your account has been opened
from will dictate which terms & conditions are relevant to you.
If you are joining T8 for access to our lifestyle and wealth management services only and not our payments services, please see section 1 which details your access to Saxo, Vinovest, Property Partner and T8 Concierge. To reiterate, at this stage of our journey this product offering does not have access to IBANs or payment accounts.
If you are joining for T8 for access to our full IBAN and payment accounts offering from our partner Bebawa UAB, please see section 2. Note that you will also have access to Saxo, Vinovest, Property
Partner, and T8 Concierge through our partner network.
Section 1: Customers without access to IBAN and payments accounts
Introduction
This document sets out the terms and conditions for your Account and its related services including
with other third parties. These terms and conditions, along with the below listed documents (A-D),
including any possible future terms and conditions that apply to our services, form a legal agreement
between you (“Account holder”) and us (Typhoon Wealth UK Limited (“T8”)).
A. Account Terms & Conditions, which is applicable to your Account
B. Privacy Policy also applies to your account and using our App – a copy is available
here: https://www.t8wealth.com/privacy-policy/
C. Partner Forum Product & Services Terms (where applicable)
D. Mobile Application & Website Usage Terms & Conditions
It is important that you understand the terms of your Agreement with us. If there is anything you do
not understand, you can contact us – Refer to How to Contact us in the next section.
Definitions
“Account” means the account you have with us, that we open and maintain for you, that offers unique
lifestyle features and exclusive benefits e.g., Concierge Service.
“Affiliate(s)” means any group, parent, subsidiary, or associated company of Typhoon Wealth UK
Limited (T8”).
“Agreement” means the agreement in place between us and you in respect of your Account.
“App” means the T8 mobile application that can be accessed here https://www.t8wealth.com/apps/.
“Biometric Authentication” means the process of identifying an individual using verified biometric data e.g., Facial Recognition or Fingerprint.
“Partner Forum” means collectively the group of websites for any third-party trusted partner offering products and services that are available via the T8 platform as detailed in Schedule C including Stocks & Share Trading, Fractional Property Investment, and/or Wine Investment.
“Personal Data” means any information relating to an individual who can be identified, directly or indirectly, by using an identifier or group of identifiers, such as a name, date of birth or location data.
“Privacy Policy” means our Privacy Policy available here Privacy Policy – T8 Wealth as updated from time to time.
“Rates, Fees and Charges” means the rates, fees, and charges applicable to your Account available here https://www.t8wealth.com/products-fees/.
“Security Information” means the information we request from you, including via the App or at Account opening, to ensure your Account and use of the App remains secure.
“Third Party Trusted Partner” means a third party other than us, whom you have accessed and subscribe to their products and services.
“You” or “your” means either the person or people in whose name(s) we have opened and maintain the Account with us.
“T8” (“T8”, “we”, “us”, “our”) is the branding arm or the abbreviated marketing name of Typhoon Wealth UK Limited, a private company limited by shares incorporated in England & Wales with Companies Registry number 13038553 and registered office at 49 Greek Street, London, W1D 4EG (the “Company”).
T8 is not regulated and therefore, our limited products & services currently offered are not within scope of the Financial Services Compensation Scheme (“FSCS”). For more information about the FSCS, including amounts covered and eligibility, you can visit their website: www.fscs.org.uk .
How To Contact Us
If you have any questions, suggestions or a complaint about our Agreement, Privacy Notice, or services, please check our Frequently Asked Questions page (https://www.t8wealth.com/faqs/) or get in touch with us:
- Through the T8 App (available here https://www.t8wealth.com/apps/ ) Chat function
- By emailing: support@t8wealth.com
- By calling our Customer Services Agents on:
- Typhoon Wealth HK +852 5808 4212
- Typhoon Wealth HK Toll-Free +852 800 930 132
- Typhoon Wealth UK +44 330 818 2588
- Typhoon Wealth UK Toll Free +44 808 258 0039
How We Contact You
We may contact you via the App, email, SMS, or telephone. Please ensure your details remain up to date. You can check these via the App, including this Agreement and our Privacy Policy.
A. Account Terms & Conditions
1. T8 Account
1.1 Your Account
When setting up your T8 Account, you must provide us with accurate information about yourself. You will also need to tell us of any changes to your personal details as soon as possible so that our records remain up to date.
Your information may be shared with other third parties so that we can undertake checks in line with legal and/or regulatory requirements. Therefore, by entering into this agreement, you are providing us with your consent to do so.
Our Privacy Policy also explains more about how we use your personal data. When we have the information we need, we can decide to either accept or reject your Application for a T8 Account.
When you first register for your T8 Account, if we find out that the information, we hold about you isn’t correct, we may suspend your T8 Account until we can confirm the correct information. This is to protect us both.
1.2 Fees
We may charge you a fee depending on your Account subscription. In these instances, this will be
deducted on the first day of each month.
1.3 Non T8 Products & Services
Not all of the services described in the Agreement are provided by us.
Some services are provided by third party trusted partners with and/or provide access to via the Partner Forum. Through the Partner Forum on the T8 App, you will be able to view and apply for various partner offerings available to customers in your jurisdiction.
Any products or services you receive through T8’s third party trusted partners may be subject to separate charges imposed, which will be agreed between you and the relevant provider. Please also refer to our website for detail of fees on T8 Accounts and associated charging methods. Please note that our charges relate only to our services, and not those of any third party trusted partners.
For the avoidance of any doubt, the third party trusted partners available via the T8 App may conduct their own/additional checks and assessments to verify your identity and/or comply with their regulatory requirements.
You acknowledge that we act as an introducer and therefore we are not advising, recommending, or otherwise endorsing any particular product referred to or offered by a third party trusted partner.
For further details, please refer to Section C Partner Forum Product & Services Terms incorporated herein.
1.4 Your Personal Data
It is important you understand how we use your personal data in order to provide you with your Account and any associated services under this Agreement.
Our Privacy Policy gives full details on the personal data that we hold, how we use it and how we keep it safe.
We will contact you if we need any more information from you, and you can ask our Customer Services for information about service providers we use.
We may transfer your personal data outside of the UK, EU and/or the EEA but will only do so, to those countries that provide equivalent protection and safeguards to your personal data.
By entering into this Agreement, you give us permission to gather, process and store your personal data so that we can provide our services to you. The T8 Privacy Policy also provides further details on the storage and processing of your personal data in adherence with the UK & EU General Data Protection Regulations.
You can withdraw your consent by closing your T8 Account, which will end the Agreement between you and us. If you do this, we will stop using your personal data for the purpose of providing our services, but we may need to retain your personal data for a period of time to comply with our legal and regulatory obligations.
By accessing or subscribing to any third party trusted partner, you have the right to request from them, how your personal data is processed and stored prior to giving consent.
2. Using the T8 App
2.1 Licence
We grant you a non-exclusive, non-transferable, royalty-free licence to use the App and software to open and manage your Account.
When you close your account or delete the App, the licence will terminate.
2.2 Updating the App
You may only download and install the App for use on your device from the app stores we recognise as safe, and you agree not to download and install the App from any other location.
We may make updates to the App from time to time. We will let you know if there will be any interruption to your service and estimate any timeframe of unavailability. Should you have any questions or concerns, please do not hesitate to contact Customer Service at any time.
Please ensure you upgrade the App to the latest versions when notified. Failure to do so, may result in reduced functionality of certain features and/or impact the security of your Account.
We are not responsible for the performance of the App on your phone if you do not update the App or your phone’s operating system to the latest version available.
To protect your security and ensure the functionality of the App and access to your Account, you must not:
- Install the App on, or transfer the App to, another persons’ phone
- Adapt, modify, circumvent, reverse-engineer, disassemble, or otherwise interfere with any element of the App or assist anyone else to do the same
- Use the App in any unlawful manner or in contravention of any term of this Agreement
- Modify, reproduce, transmit, restructure, spread, issue, publish, restore, decode, reverse engineer, or otherwise create derivative works of any aspect of the T8 App, website, platform, offerings including but not limited to the software, code, data, materials, programs, product structures and/or designs of T8
- Upload any content or communicate in any way with T8, which is or may be considered violent, threatening, liable to incite racial hatred, in breach of confidence or privacy, discriminatory, defamatory, abusive, unlawful, pornographic, obscene, and/or which may cause annoyance or inconvenience to any other person.
- Share your password, PIN, or any other security detail, with any other person.
If you do anything which is prohibited under this paragraph, you may be responsible for any losses we suffer as a result.
2.3 App Security
When you download the App, you will be required to provide certain Security Information. You are responsible for keeping your phone, the App, and the Security Information secure and confidential.
You must let us know immediately if you think anyone else has your Security Information or has otherwise managed to unlawfully access your Account.
We will never ask you for your passcode, PIN, or password, so you must not share these with other people, even if you think they work for us.
2.4 Deleting the T8 App
You should not delete the App from your phone until your Account has been closed
3. Managing your Account
In order to continue to provide you with your Account, we carry out certain checks, such as identity checks, on a regular basis.
We may ask you to provide us with certain information relating to you and/or your use of your Account. If we do, you must provide such information and, if necessary, supporting evidence as we may reasonably require from time to time as soon as possible. If you are unable to do so, we may need to close your Account.
3.1 Cancelling your Account
You can cancel your Account at any time. Please get in touch with us if you would like to do this, otherwise your Account will continue until you or we close it.
If you do close your Account:
- You must repay all amounts you owe us and delete the App from your phone.
- You will not be able to reopen your old Account once it is cancelled, but you can re-join at any time, simply by going through the same previous steps and opening a new Account.
- You will be advised of the date your account will be closed. This will then prompt the refund of any monies owing to you, after any outstanding charges which may include any cancellation fees that apply to other agreements you have entered into
3.2 Restricting and Closing your Account
We may close your Account by providing you with two months’ written notice of closure.
We may restrict (in whole or in part), suspend or terminate your Account immediately, at any time, without notifying you under the following circumstances:
- We are required to for legal or regulatory reasons
- We suspect your Account is being used for inappropriate purposes including but not limited to criminal and/or fraudulent activity.
- We suspect someone else is using your Account without your authority
- We do not have sufficient information to operate your Account, or it turns out you were not entitled to open an Account in the first place
- We determine or discover any inappropriate conduct or communication relating to your Account
- You do not accept any revised Agreement(s)
- You repeatedly fail to maintain a sufficient balance to pay for any account related fees and/or charges on time
- You are deceased
- You fail to keep your Account information accurate and up-to-date or any of the information provided is discovered to be false, inaccurate, or misleading in any way
- You breach the terms of this Agreement in any way.
We may suspend or restrict your account for security regulatory or legal reasons but will endeavour to inform you by email or via the T8 App, unless it would compromise your security or be unlawful to do so.
We shall not in any circumstances be liable, in the context of this agreement or the services associated with it, for loss of profits, commercial opportunities, reputation, or other consequential, indirect, or remote damages or any damages of a special or punitive nature.
4. General
4.1 Changing our Agreement
We may need to update these Terms and Conditions from time to time, including but not limited to changes to our products and services, charges, or other terms in this Agreement.
We will usually provide you with at least two months’ advance notice of any material changes to this Agreement. We may immediately and without notice to you, update this Agreement in respect of:
- The addition of terms for new products, services or features as long as such new terms do not change the terms for any existing products, services, or features
- Any change required by law or regulation.
4.2 Intellectual Property
We own or licence all intellectual property rights in our brand and name, our software, the App, and all related materials.
4.3 Miscellaneous
The terms of this Agreement are binding and adherence to them is mandatory.
Failure to immediately exercise our rights in respect of any breach of this Agreement does not constitute a waiver of our rights.
If any provision within this Agreement is held invalid, or unenforceable for any reason, such provision shall be severed and the remainder of the provisions of this Agreement shall continue in full force and effect as if this Agreement had been executed with the invalid provision eliminated
This Agreement contains all the legally binding terms and conditions agreed between you and us regarding your Account.
Our Agreement is governed by English law and the English courts will have exclusive jurisdiction to settle any dispute (including non-contractual disputes) arising out of or in connection with your Agreement.
We may transfer any of our rights and/or obligations under this Agreement and in relation to your Account to any of our Affiliates). Any such transfer or assignment will not affect your rights in relation to your Account in any way.
You may not transfer any of your rights or obligations in relation to your Account unless agreed to in writing by us.
C. Partner Forum Product & Services Terms
T8 (“T8”, “we”, “us”, “our”) is the branding arm or the abbreviated marketing name of Typhoon Wealth UK Limited, a private company limited by shares incorporated in England & Wales with Companies Registry number 13038553 and registered office at 49 Greek Street, London, W1D 4EG (the “Company”). We will provide access to, and use of, a partner website (“Forum”) which includes products and services (“Products”) made available to you by selected third parties (“Providers”).
These Forum Terms and Conditions including other documents referred to on it set out how you access, use, and interact with the Forum, their products and the information made available via the Forum.
By accessing the Forum, you are accepting and consenting to the terms contained in this Agreement. Therefore, you should not access a Forum if you do not which to be bound by these.
From time to time, we may change the terms of this Agreement and we shall notify you and by continuing to access the Forum, you are accepting these changes to this Agreement.
The below are important sections that you must read:
1. Responsibility for the Forum Products
1.1 You understand and accept that:
- Providers are independent of and not in any way connected with us.
- Providers are solely responsible for their respective Products and may have separate terms which apply to your use of such Products.
1.2 Your use of any Products is at your own risk and that T8 limits our liability to you in this Agreement in respect to your use of such Products.
1.3. The content, and the availability of Products on the Forum, should not be interpreted as any form of:
- Advice, recommendation, endorsement, or solicitation
- Representation, warranty or guarantee that the Products are appropriate or suitable for you
1.4 You should obtain independent professional advice in respect to any Products you wish to use, download, or otherwise interact with.
2. Things you must not do
2.1. You agree that you will not:
- Access or use the Forum, Products, or content for any commercial purposes.
- Do anything that affects the integrity or security of the Forum or causes harm, damage, or unreasonable inconvenience to other users of the Forum or T8.
- Gather, extract, download, reproduce or advertise on any website, other online or off-line service or otherwise, any of its content.
- Copy, modify, duplicate, republish, download, display, or distribute all or any part of the Forum or content.
- Access the Forum or use its content in order to build a product or service which competes with T8 products, services, any of the Products or Forum.
- Commercially exploit the Forum or its content or make the Forum or content available to any third party trusted partner.
- Provide any documentation or other material, use, or publish that belongs to T8.
3. No Warranties
3.1. T8 gives no representations, warranties, or guarantees, whether express or implied, that:
- The Forum, Products or content will be free from errors or omissions.
- These are provided “as is” and “as available” and your use of these is at your own risk
- The content is accurate, complete, or up to date
- The Forum, Products or content will be secure or free from bugs or related viruses
- You are responsible for configuring your own technology, computer applications and platform in order to access the Forum, its products and content.
4. Liability
4.1. T8 will accept liability for the following:
- If we do not adhere to our obligations under this Agreement.
- In circumstances where our liability is not able to be limited under any applicable law and nothing in this Agreement is intended to exclude or limit our liability in relation to this.
4.2. This Agreement shall be read as an attempt by us to limit our liability for death or personal injury as a result of our negligence or that of our employees.
4.3 T8 is not liable for any matter as far as the law allows except those above where we have accepted liability.
4.4 T8 will not be liable for:
- Losses that are business related as the Forum is only for individual customers
- Losses as a result of being unable to access the Forum, Products and/or content
- If your device does not work properly to access the Forum, Products and/or content
- Any losses due to your use of, or inability to use, the Forum, Products and/or content.
- Any loss or damage arising out of material, web-links, opinions, or any other information made available by third parties, including Providers, to you via the Forum
- Losses or costs caused by abnormal and unforeseeable circumstances outside our reasonable control and our efforts to the contrary (e.g., viruses or malware).
- Where you have been fraudulent or careless or where you have breached this Agreement.
- Any consequential or similar types of losses from timing delays where we must comply with the law.
4.5. The Forum, Products and/or content may contain links to other sites or resources provided by third parties. These links are provided for your information only. T8 has no control over the contents of those sites or resources. Therefore, T8 takes no responsibility or liability for the content of websites linked on the Forum. Such links should not be interpreted as endorsement by us of those linked websites. We will not be liable for any loss or damage that may arise from your use of them.
5. Intellectual Property
5.1. T8 grants you a non-exclusive and revocable licence, for the term of this Agreement, to access the Forum and view the Products and content via the T8 app as a gateway.
5.2. You accept that the Forum, Products, and content are protected by copyright, trademarks and other intellectual property rights owned by T8 or licensed to T8. Therefore, except as part of this agreement, you may not use, copy, or distribute any of the Forum, Products, or content for any purpose without our written permission and no other rights, title, or interest in them are granted to you.
5.3. You agree that you will automatically grant us a non-exclusive, perpetual, irrevocable, royalty-free, and sub-licensable licence to all intellectual property rights in:
- Your feedback on, or in connection with, the Forum, Products, Providers and/or content
- Suggested improvements (including ideas for improvements and software code, documentation, or other material documenting improvements) to the Forum, that you make publicly available to us, including through our websites, the Forum or on any other application, platform, or open-source repository.
6. Access
6.1. T8 reserves the right, from time to time, amend the Forum, Products and/or content, as well as your access to the Forum, Products and/or content, at our sole discretion and without giving notice to you.
6.2. T8 may also suspend, withdraw, discontinue, or change all or any part of the Forum, Products and/or content for any reason and without notice to you.
6.3. You can decide to stop using the Forum, Products, or content at any time.
6.4. If you stop using the Forum this Agreement will no longer apply, except for the provisions under the headings Responsibility for Products, No Warranties, Intellectual Property, Liability and General.
7. General
7.1. If T8 agrees in writing, you can assign your rights under this Agreement or delegate your obligations under this Agreement to any person. Otherwise, you cannot do this for any reason. T8 may assign their rights and/or delegate our obligations under this Agreement at any time and without notice to you.
7.2. If T8 does not insist that you perform your obligations under this Agreement, it does not mean you do not have to. Similarly, if we do not enforce our rights under this Agreement, or we delay in doing so, it does not mean we have relinquished those rights.
7.3. Each term of this Agreement operates separately. If any court or competent authority decides that any of them are unlawful or unenforceable, the other terms will remain in full force and effect.
7.4. This Agreement constitutes the entire agreement between you and T8 in relation to its subject matter, and supersedes and extinguishes all previous agreements, promises, assurances, warranties, representations, and understandings between us, whether written or oral, in relation to that subject matter.
7.5. You acknowledge that in agreeing to the terms contained in this Agreement, you have not relied upon any oral or written statements, promises, collateral or other warranties, assurances, undertakings, misrepresentations or representations that were made by or on behalf of us in relation to the subject matter of this Agreement at any time before your acceptance of this Agreement, other than those that are set out expressly in this Agreement. You hereby waive all rights and remedies which might otherwise be available to you in relation to such Pre-Contractual Statements (although nothing in this clause shall exclude or restrict liability of you or us arising out of pre-contract fraudulent misrepresentation or fraudulent concealment).
7.6. This Agreement and any dispute or claim arising out of or in connection with it or its subject matter or formation (including non-contractual disputes or claims) is governed exclusively by and are construed exclusively in accordance with the law of England and Wales. You and T8 agree that the courts of England and Wales have exclusive jurisdiction to settle any dispute or claim arising out of or in connection with this Agreement or its subject matter or formation (including non-contractual disputes or claims).
Section 2: Customers with access to IBAN and payments accounts
Introduction
Welcome to T8! We are a company established as a consumer technology and information services platform, providing entirely self-directed access to various financial and lifestyle partners (“Partners”) on a fee-from-consumer model through our app (the “T8 App”). T8’s product offering, depending on jurisdiction, to retail customers will give them access to our financial, real estate, education and lifestyle service partners including but not limited to:
- Remittance Services*
- Foreign Exchange*
- Securities Brokerage Partners1
- Wine Investment Partners2
- Fractional Property Investment Partners3
- Concierge Services Partners4
- Education Consulting Partners
- Online Shopping Partners
T8 (“T8”, “we”, “us”, “our”) is the branding arm or the abbreviated marketing name of Typhoon Wealth UK Limited, a private company limited by shares incorporated in England & Wales with Companies Registry number 13038553 and registered office at 49 Greek Street, London, W1D 4EG (the “Company”).This document sets out the terms on which T8 provides users (each a “User”, “you” or “yours”) access to an application (the “T8 App”) featuring electronic money services, along with our financial, real estate, education and lifestyle services partners, (together the “Services”).Prior to proceeding to use the Services you must provide consent to having these terms and conditions (the “Terms”) govern arrangements between T8 and you.
Provision of such consent shall be recorded and you are not permitted to utilise the T8 App or the Services (as detailed herein) without continuing to consent to being bound by the Terms. These Terms contain the only legally binding terms between you and T8 regarding the Services and supersedes and replaces, where relevant, all other contracts between you and T8 with respect to the Services. T8 reserves the right to amend these Terms from time to time. We are frequently adding functionality to the T8 App and updating these Terms accordingly. You are encouraged to review these Terms periodically and your continued use of the T8 App and related services represents your agreement to these Terms. You can access and review these Terms at any time on the T8 website. The T8 App is for your personal use and provides you with access to various products and services of Partners. Links to such Partners is for your convenience only and does not constitute a recommendation, endorsement or guarantee in respect of such products and services. The information provided on or via the T8 website and the T8 App is provided for your general information only and should not be used as a substitute for any form of advice. Decisions based on this information are for your own account and are taken at your own risk. It is strongly recommended you obtain professional or specialist advice before transacting. No information on the T8 website and App should be considered as communicating any invitation or inducement to engage in banking, payments, electronic money services, foreign exchange or investment activity.
T8 does not provide any financial advice nor any representation or warranty as to the suitability of any of the products or services of any Partners. T8 acts as a distributor for Bebawa, UAB (“The Account Provider”), an electronic money institution licensed in Lithuania (Authorisation Number: LB001973). The Account Provider is an electronic money institution and therefore not covered by the Lithuanian deposit insurance administered by the State Enterprise Deposit and Investment Insurance (VĮ “Indėlių ir investicijų draudimas”). Instead, the Account Provider protects your money in a safeguarded account with Banking Circle S.A., a bank regulated by Bank of Lithuania under the category of EU banks operating in the Republic of Lithuania without a branch (Authorisation Number: LUB00000408), which means your money is not co-mingled with ours or those of the Account Provider and is kept safely in the event of our insolvency or that of the Account Provider. Where you act for another person, by agreeing to be bound by the Terms, you also confirm that you
have the requisite permission and consent of that person to act on their behalf, such person adheres with the Terms, and the Terms shall be considered as binding on that person as though they had entered into it personally. The Account Provider’s own terms and conditions, which will also need to be complied with, can be found here at the end of this document.
Eligibility
To register with the T8 App, you must be an individual 18 years or older and not be a US taxpayer. By accepting these Terms, you warrant that your use of the T8 App does not violate any applicable laws or regulations and you shall bear full responsibility for any breach of this section which includes without limitation reference to any Central Bank restriction that may be applicable to you in your country of residence.
Services
Our Services include provision of access to an application featuring the Account Provider’s electronic money services, along with our Partners’ financial, real estate, education and lifestyle services. The Account Provider’s electronic money services functionality includes allowing you to view balances, deposit and withdraw funds from linked bank accounts and credit and debit cards, send and receive payments to other users on the T8 app or off it via SWIFT bank or credit card transfers, convert funds into other currencies, save money from maintaining savings goals and accounts. Our services do not include the provision of anything beyond what is detailed in the Terms. Accounts are, at all times, provided by the Account Provider subject to their own terms and conditions (shown directly below after the last section of our Terms titled ‘General’) with Users, and whilst Accounts may be accessed, queried and instructed by using the T8 App, they are not provided by T8 and T8 has no responsibility for them, including responsibility with respect to delayed payment, loss and any other diminution of funds.T8 will create and maintain an electronic profile for each User (each a “Profile”) which allows for secure access to each Account and you consent to T8 accessing your Account in relation to the provision of the Services. Each Profile will contain key information with respect to you and will allow for easy, secure, and prompt access and management of your Account. Upon agreeing to these Terms, a Profile will be created for you and maintained in accordance with the Terms. Your Profile will allow you to liaise with the Account Provider and issue instructions to the Account Provider. T8 does not initiate, or otherwise manage transactions over your Account, but rather provides you with a simple and secure route for obtaining information and issuing instructions with any instructions being issued and initiated in your name with T8 providing messaging services only. Please see our Privacy Policy for information on how we handle your data.
Support with Personal Account(s)
T8 will provide support in terms of accessing, using, and obtaining information on your Account. Your Account is a ‘virtual’ account that holds your e-money. It may hold e-money in different currencies at the same time. E-money is an electronic alternative to cash. If you or someone else transfers money to your Account, the Account Provider will issue an equivalent value of e-money in the currency you or the other person chooses. The Account Provider will facilitate the storage of this e-money in your Account and other people will accept it as payment through the functionality provided through your Profile. In these terms and conditions, we use ‘money’ to refer to e-money.
Once you have e-money in your Account you will be able to use the Services. For example, through the T8 App you can do the following via the Account Provider:
- Send money to and receive money from other User’s e-money accounts.
- Send money to and receive money from external bank and credit and debit card accounts.
- Change money from one currency to another (a “currency exchange”).
The currencies available might change occasionally and will depend upon jurisdiction. New features will be added from time to time and we will send you information about these.
Opening your Account
When you open an Account with us via the Account Provider, you will need to submit certain information about yourself via the T8 App. This is required for a number of reasons, including to check your identity and to meet legal and regulatory requirements, e.g. Anti-Money Laundering (“AML”). The Privacy Policy explains more about how your information is used for these and other purposes; for example, your information may be shared with third parties so that we can make certain checks in line with legal and/or regulatory requirements. When the required information has been provided, your account will be opened via the Account Provider unless they have identified a reason to request further information or otherwise delay matters. Using T8 functionality you cannot:
- Open more than one Account under your name; or
- Open a new Account under your name if T8 or the Account Provider has previously closed your Account.
The Account is for personal use only, not for business use. If you use your Account for business
purposes your account may be closed by us or the Account Provider.
Access Rights
When your Account is created a unique identifier is created for your Account and allows you to set up
security credentials like a password or facial recognition so that you can access your Account using
your T8 Profile.
Document Storage
T8 will store a copy of your submitted documents, for the purposes of regulatory requirements, and
may be required to seek updated versions in the future. Please see the T8 Privacy Policy with respect
for storage of Personal Data to understand how such data will be processed and stored by T8.
Shared Accounts
The User with read-only access will be able to see all balances, transactions and details of the
Account, but your linked bank account or card details will not be shared. This access can be revoked
by you at any time. Giving third party access to an Account does not affect the ownership of the
Account. You are responsible for the people to whom access is given via your Profile, and all actions
will need to comply with the Terms. Account sharing must be discontinued by you or your legal
representative where:
- The third party has become legally incapacitated, their status for relevant purposes has changed, or they are otherwise no longer able to manage their affairs;
- The third party is convicted of an offence involving fraud, theft, or dishonesty; or
- The User has become legally incapacitated, their status for relevant purposes has changed, or they are otherwise no longer able to manage their affairs.
Note that T8 and/or the Account Provider may require official documentation to act on instruction in
terms of allowing and removing third-party access, including but not limited to Powers of Attorney or
a Certificate of Death. T8 will also conduct AML checks on the third party.
Account Management and Security
There are a number of precautions we strongly recommend you employ to ensure the proper
management and security of your account:
- Regularly change your password.
- Do not share or divulge any login details to another party.
- Never permit passwords or login details to be stored by your computer or in your browser.
- Ensure you log out of the T8 App.
- Keep your devices safe.
- Ensure you are using the latest version of the T8 App and all of your software is up to date.
- Regularly check your transactions history and balances in your account and contact Customer Support immediately in case you have any questions or concerns.
Please contact Customer Support immediately in case of the following events:
- Notice or suspect fraudulent transactions.
- Lost/ stolen/ compromised login details.
- Account used without authorization.
- Anything else you need help with.
You are responsible for all losses relating to unauthorized transactions if you have acted fraudulently or failed, either intentionally or through negligence, to use your T8 Profile in accordance with the terms of this Agreement.
Multi-Currency
We via the Account Provider may offer customer balances in multiple currencies. We presently offer EUR. Important terms govern these arrangements and Users should take care to understand and ensure they are satisfied with the conditions put in place by us and the Account Provider concerning such matters. User balances in multiple currencies are held on our behalf via the Account Provider with licenced banks (“Correspondents”) established in Lithuania or the European Union in safeguarding accounts. Such are segregated from the assets of us and the Account Provider. The User bears, in proportion to their share in the assets of the Account Provider held with one or more Correspondents, risk of diminution of their balances. That is, the User will be exposed to all the economic and legal consequences that may affect all of the assets of the Account Provider held with a Correspondent and where a portion of such assets are lost or no longer available to the Account Provider, the User will lose a proportionate share of their balance. Events which may give rise to such loses include but are not limited to those occurring as a result of measures taken by these countries or by other countries, unforeseen events or force majeure events, or any other acts beyond the control of the Account Provider, including but not limited to insolvency of a Correspondent.
Supporting Currency Conversion
If you instruct T8 via the Account Provider to conduct a currency conversion (exchange) on the T8 app or there is a need to convert the currency of a payment into or out of your Account via the Account Provider and our foreign exchange partner named Wise, T8’s fees for assisting with such will be calculated on the basis of independent foreign exchange market data sources and Wise. Note that such rates are changing constantly, so fees and rates may vary based on time of processing. A percentage mark-up may be added if:
- The currency isn’t always easily available (for example, Thai baht); or
- You instruct a conversion outside foreign-exchange-market hours. A conversion will be outside foreign-exchange market hours if it’s between midnight on a Saturday and midnight on a Monday (GMT).
You can see the exchange rates that are applicable on the T8 website. Once the currency is converted, your transaction history associated with your Account will maintain the exchange rate used. You can find more details in the Fees Schedule on our FAQs page(under the “Charges & Customer Services” section). Currency conversion is carried out at your own risk and subject to the terms the Account Provider and Wise have agreed to perform the service.
Outbound Payments
On Platform Payments
You can send money to, and receive money from, other Users’ Accounts. These sorts of payments are called on platform payments or pay to contact. You can make an on platform payment to another User’s Account by choosing them from the contacts list in the T8 App and following the prompts. This is called Pay to Contact. The other User will receive the transfer immediately upon crediting/debiting their account via the Account Provider.
External Payments
It is easy to send money to an external bank account from your Account via the Account Provider. You can make a one-off payment, which just involves entering various transaction details including but not limited to the payee’s name, IBAN, address, BIC/SWIFT code and payee bank address (you will be prompted as to which details are required) and follow the prompts. We currently only process external payments in EUR, GBP and HKD. External payments in GBP and HKD will be processed via Wise. You may also be asked for other information by the Account Provider, to process your payment. You may be deemed responsible for losses incurred where payments are returned in a currency different to the payment currency. If a payment is performed requiring a currency exchange and the payment was executed correctly, when the money is returned to you, it will be converted back to the original currency via the Account Provider and Wise. This means that the amount you receive back into your Account might be less (or more) than the payment that you made. When you enter the details of the person you want to pay, you must ensure that the details are correct. If they are not, your payment might be delayed or you might lose your money if it is sent to the wrong account via the Account Provider or Wise. Make sure you know the person to whom you are making a payment. If someone approaches you and asks you to make a payment to them, but you are not sure who they are or what the payment is for, you may be a victim of a scam. If the person you want to pay does not receive the money, you may be responsible if the payment is processed correctly but you provided the wrong details. Attempts will be made to recover your funds, if requested by you, but neither T8 nor the Account Provider cannot guarantee successful recovery.
Inbound Payments
It’s important that any payment to your Account is made in the primary currency of your Account, which is currently EUR. Otherwise, the payment will be converted to the currency of your Account, which is currently EUR. This means that your Account might be credited with less than you expected. You will be responsible for any losses if this happens. It is important you review and understand the terms agreed with the Account Provider in this respect. Off platform inbound payments could take up to seven days to be credited to your Account.
Receiving Payments from other Customers of the T8 App
You can receive payments instantly from other customers of the T8 App via the Account Provider using the Pay to Contact feature.
Payment limits
Sometimes limits are applied by the Account Provider to how much you can receive into or pay from your Account. The value of currency exchange you can carry out at any one time or over a period of time may also be limited. These limits can change from time to time. The current limit for an Instant Top- Up with your debit or credit card is EUR 5,000.00. The minimum top-up for an Instant Top-Up with your debit or credit card is EUR 10.00.
Add Money – Instant Transfer
You can add money to your account instantly via the Account Provider using a debit card or credit card linked to your Account in the Instant Top-up feature of the T8 app. If you use a debit/credit card that is in one currency to add money to your account in another currency, your bank or card provider may charge a fee.
Add Money – Bank Transfer
Money can be added to your Account using SEPA payments to your T8 IBAN account which is provided by the Account Provider.
Consent
T8’s Services involve routing your requests to the Account Provider. By agreeing to these Terms you unconditionally and irrevocably, for the duration of the time this agreement is in place, give us all necessary power, permission and authority to represent you to the Account Provider to the extent necessary to convey your requests or other communications in terms of: opening an Account; making payments and/or instructing transfers; closing an Account; performing foreign exchange transactions and otherwise interacting with the Account Provider, or any affiliate or successor to it as may be relevant from time to time. You hereby agree to hold us harmless for any exercise of this power, permission and authority in good faith; and that you are communicating with us through such applications, web-interfaces, and other tools we make available from time to time will constitute written communication for relevant purposes.
Communications
Users will be communicated through the T8 app or email. For example, your primary contact (email and phone number) details must be verified during onboarding. You will receive a verification link via email and a one-time password via SMS which you will be prompted to enter during the application process. Our base support language is English. We can also provide support in Mandarin Chinese. We are continuously expanding our services and support resources for them to be available in various other languages. You will also be sent communications from time to time about your Account, upcoming changes and other important information that is relevant to your Account. Your T8 app will be updated after executing a transaction to show various transaction details including but not limited to the transaction’s type, status, counterparty, currency, amount, exchange rate, IBAN and BIC/SWIFT code.
Account Statements
Account Statements will be generated in electronic format, outlining all transactions related to an Account and issued each month. These will be sent to your linked email address and provided within the Statements feature of the T8 App. You can choose to change the frequency of issuance or create an ad hoc statement for a specific time period. You can also see all your Account transactions via the T8 App.
Customer Support
You can contact our Customer Support specialists from Monday to Friday, 7am – 5pm UK time (excluding UK Bank Holidays) via email, phone call or via in-app chat. Communications received outside of these hours will be responded to on the next working day.
Typhoon Wealth UK Toll Free
+44 808 258 0039
Typhoon Wealth UK
+44 330 818 2588
Typhoon Wealth HK Toll-Free
+852 800 930 132
Typhoon Wealth HK
+852 5808 4212
Email: support@t8wealth.com
Complaints
We take your complaints very seriously as we do not want you to be dissatisfied with our services. Please feel free at any time to raise your complaints to our Customer Support specialists. We aim to address your complaints within 15 working days from receiving your complaint. We will promptly notify you if your complaint requires additional time. You can also raise your complaint to the Bank of Lithuania, who can be contacted at: Totorių g. 4, LT-01121 Vilnius, Lithuania, info@lb.lt, and/or Žalgirio g. 90, LT-09303 Vilnius, Lithuania, pt@lb.lt. If you do refer your complaint to the Financial Ombudsman Service, Financial Conduct Authority or the Bank of Lithuania, this will not affect your right to take legal action.
Account Support Features
Savings Account & Savings Goals
Using your Profile via the My Savings Goals feature of the T8 app, you can set up savings Accounts with associated savings goals. Users can transfer funds in or out of these Accounts freely from their general purpose Account via the Account Provider. The Savings Goal also allows you to set a target savings goal where the target amount and desired date for achieving the goal can be set by you. You can then set up a recurring payment to the Savings Account to enable you to achieve this goal. Savings Accounts do not pay interest. Users should not expect any interest payments on Accounts supported by T8 or the Account Provider on that basis.
Fees and Charges
Please refer to our website for detail of fees on the Accounts and associated charging methods. Please note that our charges relate only to our Services, and not those of the Account Provider.
Termination
T8 will facilitate the closure of an Account if requested by you or if there is a determination that there has been a breach of these Terms as the duration of this agreement is ongoing while you use the T8 App and not defined by a particular time period. Thus, termination can happen at any time by you, us or the Account Provider on providing notice to the other party. You can close your Profile, and so end this agreement, at any time by providing notice of your intention to terminate by contacting Customer Support. After receiving a notice of termination from you, you will be advised of the date of termination by way of email to your nominated email account. Upon providing T8 with notice of termination we will notify the Account Provider that your account is to be closed, which will then prompt their returning your funds to you after any outstanding charges and ceasing to provide the Services to you. You will still have to pay any charges outstanding on your Account and those associated with the Services. You may also be charged any cancellation fees that apply to other agreements you have entered into as part of this arrangement (for example, if you cancel a monthly subscription).When you advise that you want to close your Profile and your Account, we via the Account Provider will ensure you will have the opportunity to withdraw the money held for you (this is called redemption). Your money will be sent via the Account Provider after deducing any applicable fees due and owing to us or the Account Provider in the currency of your main account, which is EUR, to an external destination account of your choosing.
Where there is a need to convert currency during this redemption the rate applicable at the time will likely be used by us via the Account Provider and Wise and the usual fees applied. However, if there are any additional withdrawals, fees or charges that have been incurred on your Account following the processing of the redemption request, your Account will remain active and your agreement will continue to apply until there is no money outstanding on your Account. Should you not repay this amount, all steps necessary, including legal action, will be taken to recover any monies outstanding.
How do I get access to my money and data after my account has closed?
After your account is closed you can contact us for up to six years after closure to ensure that any money held for you is returned. For six years after your account has closed you will be able to contact Customer Support and request copies of records held.
Blocking Your Account
The safety of your money is important. Payments from your Account may be blocked if we or the Account Provider have reasonable concern about the security of your Account or that any such payment instruction was made fraudulently or without your permission. We or the Account Provider may also wish to block your account to meet any associated legal or regulatory obligations. T8 and the Account Provider reserves the right to do this at any time.
Mobile App – iOS and Android
The primary channel to create and access an Account will be the T8 iOS or Android mobile App. All transactions on your Account and Account statements will be visible here. No changes can or will be made to your Account information without your permission.
Relationship with Partners
Your arrangement with the Partners associated with your Account is entirely one between you and the Partners. T8 accepts no responsibility or liability for your acts or omissions as against the Partners, and likewise has no responsibility for the Partners’ acts and omissions with respect to you. In the event that the Partners fail to perform its services. T8 will not been responsible for initiating or completing any communications or transactions and have no liability for any failure on the part of the Partners and you agree as much. Access to certain Partners is dependent on availability in your jurisdiction.
Relationship with Account Provider
Responsibility
Your agreement with the Account Provider associated with your Account is entirely one between you and the Account Provider. T8 accepts no responsibility or liability for your acts or omissions as against the Account Provider, and likewise has no responsibility for the Account Provider’s acts and omissions with respect to you. In the event that the Account Provider fails to provide the Services including but not limited to making a payment you instruct, providing monies as required and ceasing to perform the Services. T8 will facilitate your communicating with the Account Provider through the provision of the Services, but we will not be responsible for initiating any transactions and have no liability for any failure on the part of the Account Provider and you agree as much.
Selection
You grant T8 all necessary power, permission and authority to inform the Account Provider as to your instruction(s) and, where necessary, a successor Account Provider (of your choosing) with respect to transfer of your Account to said successor Account Provider where, and only where:
- the successor Account Provider is a regulated financial services provider within the meaning assigned to that term by the Central Bank Act, 1942;
- the successor Account Provider provides superior functionality, commercial terms, and/or customer service, in our opinion; and
- you are given notice of the proposed transfer of your Account to the successor Account Provider and an opportunity to object to the same prior to its taking place.
Regulatory Status
T8 is not a regulated financial services provider and will not provide a financial service to you at any time during the course of these Terms. T8 does not purport to be a regulated financial services provider and holds no licenses, authorisations, or permissions for the purposes of the UK, EU, Lithuania and Hong Kong financial services laws or otherwise.
T8’s services are provided by the Account Provider named Bebawa, UAB, a Lithuania incorporated electronic money institution authorised and regulated by the Bank of Lithuania for the issuance of electronic money, refund of electronic money, execution of payment transactions on a payment account (not covered by a credit line), issuing payment instruments or acquiring payment transactions. Registered Address: Mėsinių g. 5, 01133, Vilnius, Lithuania. Company Registration Number: 305483424. Authorisation Number: LB001973.T8 does not provide a payment service for the purposes of the European Union (Payment Services) Regulations 2018, the Republic of Lithuania Law on Electronic Money and Electronic Money Institutions and the Hong Kong Anti-Money Laundering and Counter-Terrorist Financing Ordinance, Chapter 615, and the Services should not be considered to be a payment service for those purposes.
All payment services, to the extent such are associated with the provision or operation of an Account are provided by the Account Provider, and all instruction and initiation of payment orders shall be performed by you. T8 provides technical services without entering at any time into possession of the funds to be transferred, and the Services fall within the scope of those described as processing and storage of data, trust and privacy protection services, data and entity authentication, information technology (IT) and communication network provision.
T8 does not provide a financial service for the purposes of the European Communities (Distance Marketing of Consumer Financial Services) Regulations, 2004 and the Republic of Lithuania Law on Financial Institutions, and is neither a financial institution for the purposes of the Hong Kong Financial Institutions (Resolution) Ordinance, 2016, and the Services should not be considered to be a financial service for those purposes. All financial services, to the extent such are associated with the provision or operation of an Account are provided by the Account Provider.
A table of the current Account Provider, Financial Services Partner and Foreign Exchange Partner is below:
Name | Relationship | Licence |
---|---|---|
Bebawa, UAB | Account Provider | Electronic Money Licence holder issued by the Board of the Bank of Lithuania, Company Code 305483424 |
Saxo Bank A/S | Financial Services Partner – Securities Brokerage | Denmark Banking Licence No. 1149 |
Wise Payments Limited | Foreign Exchange Partner | Authorised Electronic Money Institution #900507 issued by the UK Financial Conduct Authority |
Manner of providing Services
T8 will provide the Services in a professional manner, to the best of its ability, and with as minimal degree of interruption and/or error as is reasonably practicable.T8 will proactively seek to identify any security concerns or failures in its systems and process and patch and/or remediate them to the extent possible as soon as reasonably practicable.T8 will advise you over email and then a follow-up call of any intrusion into and/or unauthorised access to your data and proactively seek to remedy the same without delay.You must be the owner or otherwise have authorisation to use and supply details of the Account associated with the Services throughout the time you receive Services from T8. You must cancel your Account immediately upon your ceasing to own or otherwise have authorisation to use such Account.
Requirements
In order to complete the onboarding process and facilitate opening your Account, you must provide:
- An original or true likenesses of your current, valid, Government-issued passport or identity card (dependent on jurisdiction);
- A true likenesses of yourself (i.e., a “selfie”) whenever requested throughout the period during which you receive the Services; and
- A recent (within 90 days) bank statement, utility bill or phone bill as proof of address
- Your tax residence
You must keep your contact information updated at all times. You must create, use, and keep confidential a strong password to access your Account, and you are responsible for the security of said password and the Account. You must report any instances of misuse or irregularities on your Account without delay. You must not create a Profile or otherwise receive Services on the basis of false information or information which you do not have full rights and permission to use. You must not interfere with, bypass, or evade any security protocols or access restrictions imposed from time to time. You must not use, interrogate, or otherwise investigate the Services in any way other than to access and use your Account from time to time. For the avoidance of doubt, you (nor anyone else acting on your behalf) shall not use the Services for profit, for the development or use of any other activities, to derive any source code (where not open source), or any other purpose without the necessary, express and ongoing consent. You must not release, distribute or otherwise disclose information made available through your profile in a way which identifies T8, or T8 products or services, other than with our express and ongoing consent. You must access the Services referenced as part of this Agreement, including your Profile and Account, personally, and not using any bots or AI functionality, without the express and ongoing consent of T8 and/or the Account Provider. You may not novate, assign, or otherwise transfer this agreement, including the benefit thereof, without the express consent of T8 and/or the Account Provider, as evidenced in writing. You must not link (including deep link) our Services without T8’s express and on going consent. You must not cause any disruption to the Services, including through dedicated denial of services attack, spamming or any other methodology or technique. You must not use profanity in your password or any communications with us.
Notice
We may change any of these terms by notifying you by email, or within the T8 App, including changes to Fees and to introduce new terms. We may make changes to these terms to reflect changes in relevant laws and regulatory requirements, implement minor technical adjustments that do not adversely affect you and introduce new services. Such changes will take effect immediately upon notification to you via email or within the T8 App. If we make any other changes to these terms and conditions, we will give you two months prior notice over email or within the T8 App. You will be deemed to have accepted such change by continuing to use the T8 App after the two month period unless you notify us via email 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 by notifying us of your closure intent, the agreement will immediately come to an end and your T8 Account will be closed in accordance with the above Termination section. All new terms and conditions will be available at www.t8wealth.com from the date we notify you of the change.
Intellectual Property
You agree not to use, modify, reproduce, transmit, restructure, spread, issue, publish, restore, decode, reverse engineer or otherwise create derivative works of any aspect of the T8 App, website, platform, offerings including but not limited to the software, code, data, materials, programs, product structures and/or designs of T8. In the event your behavior infringes the intellectual property of T8, you shall be fully liable for all damages, litigation fees, forensic fees and attorneys’ fees.
Limitations on Liability
T8 does not make any warranty, representation, or commitment as to the nature of the Services other than that they will be provided on an “as is”, “non-exclusionary” and “as available” basis. Whilst T8 will use all reasonable endeavors to deliver a good, fair, and reliable service, T8, to the greatest extent permissible by law, disclaims any and all warranties with respect to title, accuracy, merchantability or fitness for a particular purpose. Further, T8 shall not in any circumstances be liable, in the context of this agreement or the Services associated with it, for loss of profits, commercial opportunities, reputation, or other consequential, indirect, or remote damages or any damages of a special or punitive nature. These limitations form a material part of the basis of the bargain between you and us and any claim shall be subject to them to the extent permissible by law.
Use of Your Data
We highly value the safety and confidentiality of your data as a company subject to the UK & EU General Data Protection Regulation, UK Data Protection Act and the Republic of Lithuania Law on Legal Protection of Personal Data and the Hong Kong Personal Data (Privacy) Ordinance, so we only use your data on a limited use basis for providing the services associated with the T8 app, protecting the T8 App and its intellectual property and your data, as well as complying with legal and regulatory requirements. You can learn more about our uses of your data in our Privacy Policy found at www.t8wealth.com.
General
These terms are governed by the laws of England and Wales and the Republic of Lithuania. Therefore, any dispute between you and us pertaining to this agreement will be brought in the courts of England and Wales and/or the Republic of Lithuania. *Our services are provided by Bebawa, UAB, a Lithuania incorporated electronic money institution authorised and regulated by the Bank of Lithuania for the issuance of electronic money, refund of electronic money, execution of payment transactions on a payment account (not covered by a credit line), issuing payment instruments or acquiring payment transactions. Registered Address: Mėsinių g. 5, 01133, Vilnius, Lithuania. Company Registration Number: 305483424. Authorisation Number: LB001973. 1 Where available, we may provide access to our partner Saxo Bank A/S (company registration no. 15731249) which is incorporated in Denmark as a licensed bank (license no. 1149) and is regulated by the Danish Financial Supervisory Authority (FSA) – Finanstilsynet, Århusgade 110, 2100, København Ø. 2Where available, we may provide access to our partner Vinovest. See Vinovest’s Terms and Conditions here. 3Where available, we may provide access to our partner Property Partner. Property Partner™ is the trading name of London House Exchange Limited, which is authorised and regulated by the Financial Conduct Authority (No. 613499). London House Exchange Limited (No. 08820870) and its wholly owned subsidiary, Property Partner Nominee Limited (No. 09060483), are both limited companies registered in England and Wales with registered office at 55 Baker Street, London, England, W1U 7EU and 27 Old Gloucester Street, London, England, WC1N 3AX (respectively). London House Exchange Limited is wholly owned by LHE Holdings Limited (No. 125065), a limited company registered in Jersey with registered office at 44 Esplanade, St Helier, Jersey JE4 9WA. 4Where available, we may provide access to our partner Sincura. See Sincura’s Terms and Conditions here. Typhoon Wealth UK Limited. Company Registration Number: 13038553. Registered Address: 49 Greek Street, London, England, W1D 4EG. 2022 T8. All Rights Reserved.
GENERAL TERMS AND CONDITIONS
BEBAWA UAB
For clients who started using the services after 2022-08-08, valid from 2022-08-08
For clients who started using the services before 2022-08-08, valid from 2022-10-08
1. GENERAL INFORMATION
- These T&C govern the relations between the Company and the Client.
- These T&C shall constitute a legally binding agreement between the Company and the Client which enters into force on the date the Client accepts these T&C (by hand, electronic or other available means allowing the Company to determine that the Client accepted the terms of these T&C) and remain in force an indefinite period of time unless they are terminated following the provisions set forth herein. Notwithstanding the above, the Client shall be considered as the client of the Company with a right to use the Services only once the Company onboarded and accepted the Client as its client following the rules provided below.
- Any additional terms which regulate relationship between the Company and the Client that are not stated in these T&C, as well as any additional services or products that the Company provide or make available to the Client from time to time not covered by these T&C may be subject to a separate agreement or annex executed between the Company and the Client. In case of any conflict between these T&C and separate agreement or annex concluded between the Companyand the Client, the terms of a separate agreement or annex shall prevail.
- The Client accepts that the necessary pre-contractual and contractual documents shall be communicated to them in a durable medium other than paper, namely via electronic communication channels. The Company stores these documents on the System and they are accessible to the Client as part of their remote Account access or in accordance with the methods agreed between the Client and the Company. The Client is always able to print these documents or to save them to
the hard drive of their computer or to any other durable medium. - When the handwritten signature has been replaced by a means of electronic access, such as providing an electronic signature, typing an identification number on a keyboard, electronically communicating a Password, or any other technical procedure implemented by the Company, the use of such means by the Client will have the same binding force as the use of a handwritten signature.
- In the case that the Client that is a Consumer accepts these T&C remotely, they will benefit from a cooling- off period of 14 (fourteen) calendar days to cancel without penalty and without needing to give any reason. Any reimbursement following invocation of the cancellation right by the Client will be made within 30 (thirty) days following receipt by the Company of the cancellation notice from the Client.
2. DEFINITIONS
- The capitalized terms used in these T&C shall have the following meaning:
- Account – an electronic record inside the System which allows to identify the Client, execute transactions and contains information on the Transactions performed by the Client.
- AML – anti-money laundering and terrorist financing as described in the Law on the Prevention of Money Laundering and Terrorist Financing of the Republic of Lithuania.
- Applicable Law – means all applicable provisions of all laws, treaties, regulations, orders of governmental authorities and all orders and decrees of all courts and arbitrators that are applicable to the Parties.
- Balance – the value of Funds that the Client holds on the Account.
- Beneficial Owner – a natural person who owns the Client (legal entity) and/or controls a natural person on whose behalf a transaction or activity is carried out, the specific characteristics of which are defined by
Applicable Law. - Business Day – a calendar day, except Saturdays, Sundays and official holidays and days off set by the legal acts of the Republic of Lithuania, when banks are normally open for business in Lithuania unless set by the Company and notified to the Client differently.
- Client – an individual or legal entity with whom the Company enters into the agreement under these T&C. The Client can be (i) an individual, acting for personal, family, household needs (Consumer), (ii) an individual, acting for other needs, and (iii) a legal entity. The Client must pass the Company’s KYC procedure and be accepted by the Company in order to become a Client.
- Company – UAB “BEBAWA”, a legal entity registered in the Republic of Lithuania with its registration number 305483424, registration address Mesiniu str. 5, Vilnius, LT-01133 Lithuania. Data on the Company is accumulated and stored in the Register of Legal Entities of the Republic of Lithuania. The Company might be contacted through:
- E-mail: support@bebawa.com;
- Website: bebawa.com.
The Company has an electronic money institution license No. 70 (autorisation code LB001973) issued by the Bank of Lithuania on 9th June 2020. The Company as an electronic money institution is supervised by the Bank of Lithuania, located at Gedimino pr. 6, LT-01103, Vilnius, Lithuania, telephone no. +370 800 50 500. More information about the Bank of Lithuania is detailed by this link www.lb.lt/en. The Company will notify the Client about changes in the contact details or contact tools available to the Client.
- EEA – European Economic Area.
- E-Money – electronically stored monetary value as represented by a claim on the Company which is issued on receipt of funds for the purpose of making Transactions (if the Parties have not agreed otherwise).
- Fees and Charges – a list of fees and charges the Company applies for and in connection with the use of the Services, as may be amended by the Company from time to time, which is published on the Company’s Website or provided individually to the Client.
- Funds – E-money or other funds that might be held in the Account on behalf of the Client.
- Intellectual Property Rights – any and all rights existing now or in the future under patent law, copyright law, data and database protection law, trade secret law, trademark law, competition law, whether or not registered or capable of registration, and whether subsisting in any specific country(-ies) or any other part of the world, and any and all other proprietary rights of any kind, including without limitation rights to domain names, as may be updated and expanded periodically.
- KYC – Company’s process of verifying the identity of the potential Client and assessing its suitability / eligibility to become the Client of the Company.
- Party or Parties – (i) the Company; (ii) the Client; (iii) the Company and Client as the context permits.
- Payee – an individual or legal entity indicated in the payment order as a recipient of the Transaction.
- Password (Passwords) – any code of the Client created in the Company’s System, or a code provided to the Client by the Company or from the Company for access to the Account or initiation and management of separate Services provided by the Company and/ or initiation, authorization, execution, confirmation of Payment Order or any other request.
- Payer – an individual or legal entity who has an account (accounts) and allows a Payment Order from that account, or, where there is no account, an individual or legal entity who gives a Payment Order.
- Payment Instrument – any payment instrument linked to the Account which allows to perform the Transactions. For separate Payment Instruments that are not discussed in these T&C, rules and conditions set out in the relevant annex to the T&C shall apply.
- Payment Service Provider (PSP) – an entity that is entitled under the law of its jurisdiction to provide and is providing payment services.
- Payment Order – an order from the Payer or the Payee to their Payment Service Provider to execute a Transaction.
- Politically Exposed Person (PEP) – a natural person who is or who has been entrusted with prominent public functions and his / her immediate family members or close associates of such person.
- Privacy Policy – the Company’s policy governing the processing of personal data, which is placed on the Website. By accepting these T&C, the Client also accepts and agrees to the provisions of the Privacy Policy, as amended from time to time.
- Security Credentials – personalized features that the Company provides or makes available to the Client to verify the identity, access to the System, validity of the use of the Account and / or other Services.
- Services – the following services provided by the Company:
- opening and operating of the Account(s);
- execution of payment transactions.
- issuing of Payment Instruments and acquiring of payment transactions.
- issuance and redemption of E-Money.
- additional services interrelated with the services described above (e.g. currency
conversion).
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- System – Company’s licensed or owned technical solution which, among other technical solutions, provides Clients with a simple and safe use of Services.
- T&C – these General Terms and Conditions, any references to the Company’s website provided in these T&Cand annexes hereto if any.
- Transaction – a deposit, transfer or withdrawal of funds initiated by, on behalf of the Payer or by the Payee, irrespective of the Payer’s and Payee’s obligations on which the transaction is based.
- Unique Identifier – a combination of letters, numbers or symbols specified to the payment service user by the Company or another 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 the payment transaction. Under Unique Identifier for the purposes of these T&C can be understood, without limitation, Account ID, IBAN, or IBAN and BIC, or bank account number and BIC, etc. - Website – means Company’s website available at bebawa.com.
- In interpreting these T&Cs:
- all clause, annex and paragraph headings in these T&C are solely for convenience and shall not affect their interpretation.
- unless the context clearly indicates otherwise, words denoting one gender include all genders, words denoting individuals or persons include entities and vice versa, words used in the single include the plural and vice versa, and the
words “including”, “included”, “in particular” and of any similar expression shall be construed as being by way of illustration only and not as limiting the generality of any words preceding them. - references to a person shall include references to that person’s legal representatives, successors and permitted assigns.
- references to any statute, statutory, statutory provision, subordinate legislation under the relevant statute, or European Union (EU) directive or regulation shall include any statute, statutory, statutory provision, subordinate legislation, or EU directive or regulation which amends or replaces it or has amended or replaced it.
3. ONBOARDING AND RENEWAL OF KYC INFORMATION
- The Company shall accept the Client and provide the Services only to those Clients whose identity has been duly established in accordance with the procedures set out in these T&C, the Applicable Law and the Company’s internal procedures. The identification of the Client includes the identification of the Client’s representative and the Beneficial Owners.
- The Company shall have the right to request the Client to provide any information (including, but not limited to, information about the Client’s country of residence for tax purposes, the Client’s address in that country, the Client’s taxpayer identification number, etc.) and any other documents which, at the Company’s sole discretion, the Company deems necessary to establish the Client’s identity and/or to assess the Client’s eligibility for the Company. The Company shall be entitled to take other lawful measures to establish the Client’s identity.
- The Company shall also have the right to require the Client to provide documents and information confirming the source of the Client’s funds and other assets, the purpose and intended nature of the Client’s business relationship with the Company, the nature of the Client’s business activity and its management (shareholding) structure, or any other documents and information, insofar as it is necessary for the Company’s compliance with the Applicable Law.
- The Company shall have the right to require performing the Client’s reidentification, to update the information collected during the identification process, or to take additional steps to identify the Client.
- The Company, acting reasonably, shall assign the Client’s risk level in its sole discretion. The Company accepts only those Clients that are of acceptable risk level.
- Documents must be submitted to the Company in the form required by the Company, e.g., the Company may require original documents or copies of documents certified by a notary public; copies of documents certified by an Apostille or legalized, etc.
- Documents submitted to the Company must be prepared in Lithuanian, English or another language specified by the Company. If the documents submitted to the Company are drawn up in a language not acceptable to the Company, the Company shall have the right to require that they are translated into Lithuanian or another language specified by the Company, the translation is signed by the translator, and the authenticity of his/her signature certified by a notary public. The Company, having accepted the Client’s documents in a different language, shall have the right to arrange for their translation into the Lithuanian or English language, if necessary, in which case the Client shall be obliged to reimburse the Company for the costs incurred thereby.
- All costs of preparation, delivery, approval and translation of the Client’s documents submitted to the Company shall be borne by the Client.
- The Company, for the protection of its own or the Client’s interests, shall have the right to refuse to accept from the Client documents that can be easily falsified or documents that do not contain sufficient data to establish Client’s identity.
- The Company shall have the right to retain and store notarized copies of the documents submitted by the Client or, in cases specified by the Company, the original documents submitted by the Client. If the Company does not retain the original documents or notarized copies of the documents submitted by the Client, the Company shall have the right to make and keep copies of the Client’s documents submitted to them.
- The Company shall have the right to verify the information provided by the Client to the Company using public sources of information as well as reliable and independent non-public sources of information and other lawful means.
- The Company will notify the Client by e-mail about the results of the KYC
procedures carried out (i.e. if the Client is accepted or not, etc.). - The Company has the right to refuse to accept the Client as the new customer
without indicating the reasons, however, the Company assures that the refusal to
accept will always be based on significant reasons which the Company do not
have to or does not have the right to reveal. - After the Company approves Client’s acceptance, the Company opens the
Account as set forth in these T&C, provides the Client with the Security
Credentials to access that Account and the Client is entitled to start to use the
Services. - If the Client fails to comply with the obligations set out in this paragraph, if the
Company is not satisfied with the result of the identification of the Client or the
result of the identification of the Client does not comply with the requirements of
the Applicable Law, if the Client fails to provide, evades or refuses to provide
the Company with the requested documents or information, or if they provide
incorrect or inadequate information, the Company shall be entitled not to accept
the Client as its customer, may terminate the T&C or refuse to execute the
Client’s requests or Payment Orders, or may suspend the provision of the
Services. In such case, the Company shall be entitled to claim compensation
from the Client for all direct and indirect losses incurred by the Company as a
result of the improper performance of the Client’s obligations. - During the ongoing business relationship, if there are any changes in the
provided data or documents, the Client agrees to provide updated information as
soon as possible, but not later than 5 (five) Business Days after the changes have
occurred. - The Client shall periodically (at least once a year) update the information and
provide all supplementing, supporting documents, data and information, related
to KYC processes in order to comply with Applicable Law. The Company will
notify and send the request to the Client and give a time period to provide the
required documents, data and information. - At the time of identification of the Client and/or updating of the Client’s data, the
Company may restrict the provision of the Services to the extent the Company
deems necessary.
4. REPRESENTATION
- The Client is entitled to grant a power of attorney (the “PoA”) to one or more representatives, without a power of substitution, in order to administer or initiate the specified Transactions on the Account or take other actions on Client’s behalf, in their name and under their full responsibility. For the sake of clarity, when the term “Client” is used in the T&C, it also refers to the Client’s representative who may act on behalf of the Client.
- The PoA must be granted in writing and provided to the Company in a form and
with a content suitable to the Company (e.g., the Company shall have the right to
require the PoA to be certified by a notary public or by a similar procedure). - The Company nevertheless reserves the right to refuse, if it sees fit, a PoA it the
PoA is issued not in a form and/ or not with a content suitable to the Company or
the Company has other reasonable grounds to refuse to accept PoA. - All requests or Payment Orders submitted by the Client’s representative to the
Company, documents executed or other actions taken under PoA shall be
deemed to have been made by a duly authorized person of the Client. The Client
assumes full responsibility for any actions taken by their representative acting
under PoA. - The Company reserves the right, but has no obligation, to ask the Client for
additional confirmation of the Payment Order or other request submitted by the
representative.
5. PROVISION OF SERVICES
- If Client is not a Consumer, the Parties agree not to apply provisions of section
III of the Law on Payments, as well as the requirements set out in paragraphs 1,
2 and 3 of Article 4, paragraphs 1, 2 and 5 of Article 11, paragraph 3 of Article
29, Articles 37, 39, 41, 44, 51 and 52 of the Law on Payments, agrees on a
different term than that established in Article 36 of the Law on Payments. - ACCOUNT; FUNDS; E-MONEY ISSUANCE AND REDEMPTION
- When the Company accepts the Client as set forth in these T&C, the
Company shall open the Account for the Client. The Account might be:- E-Money Account – type of the Account where the Client can
hold E-money issued to them for indefinite period of time and use
those Funds for the Payment Transactions of the Client. - Payment Account – type of the Account that is dedicated for
Payment Transactions purposes only, meaning that the Funds can
be paid into this Account only in relation to Payment Orders to
pay out those Funds or for acquiring services purposes. The
Company has right to automatically refund Funds from this
Account to the Client if the Payment Order to pay out Funds is
not provided during the time limit set by the Company. Funds in
this type of the Account are not considered as E-Money and the
clauses with respect to E-Money as per below are not applied.
- E-Money Account – type of the Account where the Client can
- When the Company accepts the Client as set forth in these T&C, the
-
- The Client’s rights in connection with their Account are limited
exclusively to execute Transactions to Client’s or other user’s accounts
held with the Company, to receive and keep funds (if the functionalities
of the Account allow it), transfer funds to Clients or other persons owned
accounts opened with another PSPs, settling amounts due to the
Company for the Services provided under these T&C, reviewing the
Balance and other financial information of the Account, withdraw funds
from the Account in the manner established in these T&C. The Client
agrees that the Client will not be able to control or manage the Account
otherwise than stated in these T&C. - The Client can top up their Account following the means allowed in the
System. - Funds held on the E-Money Account shall be considered as E-Money
which the Company issues after funds owed to the Client are transferred
to the E-Money Account. After the Company receives funds, the
Company converts funds into E-Money at the nominal value. The
received funds are kept in the Company’s segregated account opened in
accordance with Applicable Law. - The nominal value of E-Money coincides with the value of funds
transferred to the E-Money Account (after deduction of a standard fee, if
any). - Funds held on the Account shall not be regarded as a deposit and the
Company does not, in any circumstances, pay any interest on Funds held
on the Account and does not provide any other benefits relevant for funds
held in the Account and associated with the time period the Funds are
stored. - If Funds are kept in the Account in different currencies, then the currency
exchange rates of the Company are applied. The currency is exchanged
based on the currency exchange rates valid at the moment of conversion.
The Client must check the applicable currency exchange rate before the
Transaction, since amendments to the currency exchange rate are
implemented immediately and without separate notification to the Client.
The currency exchange rates, or the reference exchange rate and the
Company’s fees are published on the Company’s Website or individually
to the client. - If Funds are kept in the Account in different currencies, the Client
undertakes responsibility for possible depreciation of Funds due to
changes in currency exchange rates and shall not have a right to raise
claims to the Company with this respect. - Regardless of the limits arising from the AML requirements, the Parties
can agree on specific payment operations limits set on the Account. The
agreed specific payment operations limits on the Account are set and can
be checked in the System. - At the Client’s request, E-Money held on the E-Money Account shall be
redeemed at their nominal value at any time, unless otherwise agreed
between the Company and the Client. - The Client submits a request for redemption of E-Money by providing a
Payment Order to transfer E-Money from the Client’s E-Money Account
to any other account specified by the Client. - No specific conditions for redemption of E-Money that would differ from
the standard conditions for the Transactions shall be applied. - No additional fee for E-Money redemption is applied. In the event of
redemption of E-Money, the Client pays the agreed fee for a Transaction
which depends on the method of E-Money transfer chosen by the Client. - When redemption of E-Money is requested by the Client on or up to one
year after the date of the termination of these T&C the total monetary
value of the E-Money held in the E-Money Account shall be redeemed
by the Company. - In case the Client notices that the Account was credited without any legal
or economic ground the Client must immediately inform the Company.
The Client gives its consent for the Company to deduct these Funds
without the Client’s Payment Order.
- The Client’s rights in connection with their Account are limited
-
- EXECUTION OF PAYMENT ORDERS
- Information to be included in the Payment Order
- Payment Orders submitted by the Client and their content must
comply with the requirements set by the Applicable Law and the
Company. Payment Orders must be clear, unambiguous and
enforceable, and must clearly express the Client’s intention. - The Company shall credit or debit the Account based on the
Unique Identifier specified in the Payment Order. - The Company shall have the right to determine the additional
information that must be provided for the Payment Order to be
properly executed. Such information may be provided on the
Payment Order form, etc. - If additional information to the Unique Identifier is provided in
the Payment Order, the Company shall be liable only for the
execution of the Transaction based on the Unique Identifier. - When crediting or debiting Funds to or from the Account on the
basis of the Unique Identifier, the Company shall have the right
not to check whether such Unique Identifier corresponds to the
Payee’s or other details provided in the Payment Order, however,
the Company, at its sole discretion, having verified the additional
information provided in the Payment Order, on the basis of such
additional information, may refuse to execute the Payment Order,
may postpone the crediting of the funds until such additional
information requested by the Company has been provided to the
Company, or may return the funds to the Payer’s PSP. - The Company shall not be liable if the Payment Order does not
contain a Unique Identifier, contains an incorrect Unique
Identifier or if the Payee’s PSP may have set a different Unique
Identifier for the proper execution of such Transaction, or has
requested additional information, if the Payment Order contains
errors, inconsistencies, repetitions or contradictions, including,
without limitation, the correctness of the details of the Payment
Order submitted by the Client. - The Company shall transmit the information provided in the
Payment Order to the Payee’s PSP. - Payment orders initiated by the Client may be a subject to
payment limits due to security and legal requirements. These
limits are set dynamically depending on the Client’s verification
status and overall profile of the Client. - Payment Orders are subject to Fees and Charges as published on
the Company’s System and/ or Website.
- Payment Orders submitted by the Client and their content must
- Information to be included in the Payment Order
- EXECUTION OF PAYMENT ORDERS
-
- Giving consent to execute a Transaction and cancelling a payment
transaction- A Transaction shall be deemed to be authorized only when the
Payer has given their consent to the initiation or execution of one
or more Transactions. - The Client (Payer) may provide the consent in the form and
manner prescribed by the Company or in the form and manner
agreed between the Company and the Client. Usually, the consent
should also be authenticated by using Security Credentials. - In the case of a direct debit, the Client’s (Payer’s) consent may be
given to the Company, the Payee or to the Payee’s PSP. Consent
to execute a Transaction may be also given through the payment
initiation service provider. - Consent for a Transaction must be given before the moment of
execution of the Transaction. By agreement between the Client
and the Company, the consent (authorization) to perform a
Transaction may be given after the Transaction has been made. - A Payment Order may not be cancelled after it has been received
by the Company from the Client (Payer), except in the cases set
out in these T&C. - Where a Transaction is initiated by or through the payment
initiation service provider or the Payee, the Payer may not revoke
the Payment Order after they gave their consent to the payment
initiation service provider or to the Payee to initiate the
Transaction or to execute the Transaction. However, in case of a
direct debit, the Payer may cancel the Payment Order of the direct
debit Transaction no later than by the end of the day following the
day on which the Payer and the Payee have agreed to debit the
funds from the Payer’s Account. The Company shall carry out the
direct debit transactions on the basis of T&C between the Payer
and the Company; however, without assuming liability in those
cases when the Payee submits such Payment Order disregarding
the time limits established in the T&C with the Payer. - Payment Orders set out in clause 3.3.1.2 of these T&C may be
cancelled no later than by the end of the Business Day preceding
the agreed date. - After the expiry of the terms set out in clauses 3.2.5-5.3.2.7 of
these T&C, a Payment Order may be cancelled only by agreement
between the Client and the Company. - The Company shall be entitled to charge a fee for cancellation of
a Payment Order. - If the amount of the Payment Order is refunded for reasons
beyond the Company’s control (inaccurate Unique Identifier,
closed account of the Payee, etc.), the refunded amount shall be
credited to the Client’s (the Payer’s) account, the fee paid by the
Payer shall not be refunded, and the costs of refunding shall be
deducted from the account of the Payer.
- A Transaction shall be deemed to be authorized only when the
- Giving consent to execute a Transaction and cancelling a payment
-
-
- The moment when a Payment Order is received by the Company,
requirements applicable to a Payment Order and refusal to execute a
Payment Order- The Client’s (Payer’s) Payment Order shall be deemed to have
been received by the Company (beginning of the calculation of
the time limit for the execution of such Payment Order starts) on
the date of its receipt. If the time of receipt of a Payment Order is
not a Business Day, the Payment Order shall be deemed to have
been received on the next Business Day, except as follows:- a Payment Order received by the Company on a Business
Day after 4.30 p.m. Lithuanian time zone EET shall be
deemed to have been received by the Company on the
next Business Day;
- a Payment Order received by the Company on a Business
-
- upon agreement between the Client (Payer) and the
Company, a Payment Order may be executed on a specific
date or at the end of a specific period. In the case referred
to in this clause, a Payment Order shall be deemed to have
been received by the Company on the agreed day and, if
such agreed day is not a Business Day, the Payment Order
shall be deemed to have been received on the nearest
Business Day.
- upon agreement between the Client (Payer) and the
- The Company shall be entitled to debit the Transaction funds
from the Client’s (Payer’s) Account on the date of submission of
the Payment Order to the Company or, in the cases provided for
in clause 3.3.1.2 of the Conditions, on the agreed date. - If the Client’s submitted Payment Order contains insufficient data
or other deficiencies, the Company may, depending on the nature
of the deficiencies in the Payment Order, either refuse to execute
such Payment Order or execute the Payment Order in accordance
with the data contained in the Payment Order. - The Company shall have the right to refuse to execute a Payment
Order submitted to the Company if it has reasonable doubts that
the Payment Order was not submitted by the Client or their
representative, or that the documents submitted to the Company
are falsified. - The Company shall have the right to suspend or terminate the
execution of a Payment Order submitted by the Client if required
by law or if it is necessary for other reasons beyond the
Company’s control or influence. For the sake of clarity, the
Payment Order shall be considered as received by the Company
only if all and any information required by the Company is
provided to the Company (for example, information that the
Company would require under its AML procedures). - If the Company refuses to execute a Payment Order or a
Transaction initiated by the Client, the Company shall notify the
Client or make such notification available to the Client, unless
such notification is technically impracticable or prohibited by
Applicable Law. A Payment Order refused by the Company shall
be deemed not to have been received. If the Company’s refusal to
execute a Payment Order submitted by the Client is objectively
justified, the Client shall be obligated to pay to the Company the
fee set out in the Fees and Charges. - If necessary, the Company may use third party
intermediaries/correspondents to execute a Payment Order.
- The Client’s (Payer’s) Payment Order shall be deemed to have
- The moment when a Payment Order is received by the Company,
-
-
- Time limits for the provision of Services
- The time limits for the provision of Services may be specified in
the Fees and Charges or in the other agreements with the Client.
This section shows the maximum time limits for the execution of
Payment Orders. - The Company shall ensure that upon receipt of the Payment
Order, the funds of the Transaction will be credited to the account
of the Payee’s PSP within the following terms:- in case a Payment Order shall be executed within the
Company (i.e. internal transfer) – Payment Order shall be
executed immediately, i.e. up to a few minutes, unless the
payment order is suspended due to cases set forth by legal
acts and / or these T&C), regardless of business hours of
the Company; - in case a Payment Order shall be executed within EU/EEA
through SEPA transfer scheme – Payment Order shall be
executed within 1 Business Day; - in case a Payment Order shall be executed within EU/EEA
but not in the currency of EUR – payment order shall be
executed not later than within 4 Business Days. - in case a Payment Order shall be executed not within
EU/EEA – Payment Order shall be executed according to
the terms and rules as published on the Company Website.
- in case a Payment Order shall be executed within the
- The Company shall not be liable for any errors or delays in the
execution of the Payment Order made by the intermediary, the
correspondent bank or the Payee’s PSP, or for the nonexecution/inadequate execution of the Payment Order due to the
fault of the intermediary, correspondent bank or the Payee’s PSP. - The payment order is considered received by the Company
(calculation of the time period of execution of such payment order
starts) on the day of its submission along with any information
that the Company would require under its AML procedures, or, if
the moment of submission is not a Business Day of the Company,
the payment order is considered received on the nearest Business
Day of the Company. The payment order was received by the
Company on a Business Day of the Company but not on business
hours set by the Company, is considered received on the nearest
Business Day, unless the payment order indicates that payment
operation is internal within the Company. - In case of direct debit Transaction, the Payer has the right to apply
to the Company within 8 (eight) weeks from the date of debiting
the funds from the Client’s Account for the return of the funds
debited according to the Payment Order. After this term expires,
the Payer loses the right to request a refund, except for the case of
refund specified in section 12 of these T&C.
- The time limits for the provision of Services may be specified in
- Time limits for the provision of Services
-
- CARDS AND OTHER PAYMENT INSTRUMENTS
- Terms and conditions for using Cards and or other Payment
Instrument, execution of payments via those Payment Instruments
are set out in the separate annex to the T&C.
- Terms and conditions for using Cards and or other Payment
- CARDS AND OTHER PAYMENT INSTRUMENTS
-
- ACQUIRING
- The Company may provide acquiring of Transactions services for
the Client. These Services are provided according to the separate
rules and conditions set out in the separate annex to the T&C.
- The Company may provide acquiring of Transactions services for
- ACQUIRING
6. PROHIBITED ACTIVITIES
- The Client is prohibited (List of Prohibited Actions):
- to use the Services for any unlawful or illegal purposes including without
limitation fraud, money laundering and / or terrorist financing, or other
criminal or illegal activities; - to provide the Company with false, misleading or inaccurate information;
- to introduce viruses or other malware and destructive components into
the System; - to use the Services for the sale or supply of goods or provision of services
that are prohibited by law, any annex to these T&C or contradict public
order and moral principles; - to use the Services in a manner that may violate any Applicable Law;
- to disclose Security Credentials to any third parties.
- to use the Services for any unlawful or illegal purposes including without
7. RESTRICTIONS ON SERVICES
- Blocking of the Account, Payment Instruments or restriction of the Services.
- The Account or Payment Instrument may be blocked at the Client’s
request, as well as upon the Client’s notification or when the Company
otherwise becomes aware that the Security Credentials, which enable the
disposition of funds, have been stolen, lost, or their contents have
otherwise become known or may have become known to third parties. - The Company have the right to demand that the request submitted by the
Client orally to block the Account (including the Payment Instrument) be
subsequently approved in writing or in another manner acceptable to the
Company. If the Company has the reasonable doubts that the request is
not submitted by the Client, the Company has the right to refuse to apply
blocking. In such cases, the Company shall not be liable for any losses
that may result from the failure to comply with the said request. - The Company shall have the right to block the Account, Payment
Instrument or restrict the provision of Services or refuse to execute a
Payment Order without the Client’s order if:- if the Client engages or the Company has grounds to suspect that
the Client may engage in prohibited activities set out in the List of
Prohibited Activities (as established in clause 1); - the Company has reasonable suspicions about the security of the
funds in the Account or the Security Credentials, or about
unauthorized or fraudulent use of funds in the Account; - the Security Credentials have been incorrectly used for several
times; - the Client’s Account is seized or the Client’s funds in the Account
are subject to a restriction on the disposition of or any other
restriction on the use of the funds or assets in the Account; - in the event of change of the Client’s (if the Client is a legal
entity) representative and / or cancelation or expiry of the
documents confirming the powers of such representative to act on
the Client’s behalf for the purposes of these T&C until the
Company verifies the identity of the newly appointed or
empowered representative and / or receives the updated
documents confirming their powers; - if the validity term of Client’s or Client’s representative’s (if the
Client is a legal entity) provided personal identification document
expires. Suspension term will continue until updated documents
are provided; - the Company is provided with contradictory information about
the persons entitled to dispose of funds held in the Client’s
Account; - the Company is provided with evidence-based information about
the Client’s death; - Client’s bankruptcy is declared or initiated, restructuring is
initiated, the Client enters into liquidation, or the risk of
insolvency on the Client’s side arises; - if the Client breaches or the Company has grounds to suspect that
the Client may be in breach of the provisions of these T&C, or
any other conditions applicable to the Services; - during operational maintenance, update, upgrade or errors of the
System, as well as in case of illegal intervention, viruses or other
malware suffered by the System; - in case of abnormal and unforeseeable circumstances beyond the
Company’s control; - if the Company is required to do so by Applicable Law, including
under the requirement of the competent authorities.
- if the Client engages or the Company has grounds to suspect that
- The Company will make reasonable efforts to inform the Client of any
such restriction in advance, or if this is not practicable, immediately
afterwards and give its reasons for such restriction unless informing the
Client would compromise security measures or is otherwise prohibited by
Applicable Law. - The Company shall lift the restrictions as soon as the circumstances on
the basis of which the restrictions had been applied have ceased to exist
and, if the restriction was carried out at the Client’s initiative, the
Company receives the Client’s written request to that effect (unless
otherwise agreed). - The Company shall not be liable for any losses incurred by the Client or
third parties as a result of restriction of Services or refusal to execute a
Payment Order.
- The Account or Payment Instrument may be blocked at the Client’s
- Suspension of a Transaction
- In order to properly comply with the requirements of the Applicable Law
governing the AML or the instructions of the relevant competent state
authorities, the Company shall have the right to suspend a suspicious or
unusual Transaction for a period of time specified in the Applicable Law.
In this case, the Company shall not be liable to the Client for any breach
of contractual obligations or any damage or loss suffered by the Client.
- In order to properly comply with the requirements of the Applicable Law
8. FEES AND CHARGES. CURRENCY CONVERSION
- The Company provides Services for the fees agreed by the Parties and published
in Fees and Charges provided on the Company’s Website or individually to the
Client.. - The Client agrees to pay the Company all of the interest, commissions, costs and
charges (the “Costs”) and incidental expenses that they may owe it, as well as
any expenses incurred or committed by the Company in the interest of the Client
or his beneficiaries in the course of providing Services. - The Client gives a consent to deduct respective amounts of Fees and Charges due
at any time without notice from the Balance of the Account. The Company is
also authorized to debit from the Account any sums that it is required to deduct
by Applicable Law or pursuant to these T&Cs. - The Fees and Charges are payable in Euro. In the event that there is insufficient
amount of funds available in Euro currency to pay the Fees or Charges, the
Company shall have the right to exchange funds that the Client hold on the
Account in currency other than Euro into Euro currency by applying the current
currency interbank exchange rates plus 2%. - If any of the Fees and Charges applicable to the Client under these T&C have not
been deducted from the Balance of the Account, including without limitation the
case when the Balance of the Account is insufficient to make such deductions,
the Company issue an invoice for the amount owed to the Company which shall
be paid by the Client within 3 Business Days in accordance with the procedures
set forth in the invoice. - The Company reserves the right to apply default interest of 0.05% for each
breach day. All bank transfer fees and charges related to payment of the invoices
shall be borne by the Client. - The Client understands that the Company may take debt collection or
enforcement measures including without limitation involving of a debt collection
agency or initiating a court proceeding in order to claim debts the Client owes to
the Company while holding the Client liable to all costs incurred in the course of
such measures. - The Company shall not be obligated to determine whether taxes, duties and other
relevant charges apply for the Client, and are not responsible for the assessment,
collecting, reporting, remitting or payment of any taxes, duties and other relevant
charges incidental to and arising from any sale of goods or services by the Client
(if any).
9. SECURITY AND CORRECTIVE MEASURES
- The Client shall use the Services in accordance with these T&C and other
documents regulating the provision of Services. The Client shall check the
information about the Transactions executed in the E-Money Account at least 1
(one) time per month. - To authorise the Transactions, the Client may be required to use Security
Credentials. Any Transaction carried out remotely using Security Credentials are
deemed to be initiated by the Client themselves. - The Company may introduce additional security measures for the additional
Services or products. The Company will notify the Client of any such security
measures in advance. - The Client is solely responsible for safely keeping Security Credentials.
- The Client agrees to use the Company’s software, programs and applications
available to them, in accordance with the Company’s instructions and
recommendations. They may not, in any form or manner, make them available to
third parties or copy, decompile, adapt or alter them. - The Client shall inform the Company about any requests received by the Client
to enter or otherwise disclose the Security Credentials. If at any time the Client
becomes aware or suspects that the Client’s Security Credentials have been lost,
stolen, misappropriated, used without authorisation or otherwise compromised,
the Client shall notify the Company without undue delay and, if there is such
possibility, immediately change Security Credentials to the Account. The Client
understands that any undue delay in notifying may result in the Client being
liable for any losses or damages arising from the above lost, theft,
misappropriation, or unauthorised use. - It is the Client’s responsibility to ensure that any computer or other system,
software, equipment or device therefrom the Client access or use the Account is
protected and free from any viruses or other malware and destructive
components. The Client shall also 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 also recommended to the Client to:
- protect devices with Passwords, PIN codes or other safety measures.
- evaluate received emails with cautiousness, even if we are indicated as
the sender. The Company will never request the Client 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 Client’s
Account. - not to click on unknown links, open unknown documents, install software
or application from unknown, unreliable sources or visit unsafe websites.
- If the Client notices any suspicious activity on their Account, unauthorised
Transaction and thinks that third persons may have logged in to System for the
using of the Services, the Client shall:- immediately inform the Company thereof and request to block Client’s
Account; - provide with all available information about any unauthorized entrance
into the System, as well as about any illegal actions of third parties
performed in the result of such unauthorized entrance. The Client
undertakes to assist in investigating of the unauthorized or incorrectly
executed Transactions; - in order to continue to use the Account, the Client shall change the
Security Credentials, use other instruments to access the Account and
delete unsafe instruments from the System.
- immediately inform the Company thereof and request to block Client’s
- In case the Company detects any unauthorized Transactions or access to the
Client’s Account, the Company will block such unauthorized activities and
inform the Client about the security measures implied. The Client shall change
the Security Credentials in order to avoid further unauthorized activities. - To the extent permitted by the Applicable Laws and regulations, the Company
shall not be liable for any losses or damages the Client incurs due to Client’s
failure to comply with the above requirements.
10. T&C CHANGES
- Without prejudice to other provisions of these T&C, the Company reserves the
right to unilaterally change these T&C at any time. A revised edition of these
T&C will be provided to the Client or Client will be informed where a revised
edition of T&C are available for familiarization. The Company notifies the
Client about the changes of T&C by the means indicated in the section 11. - Changes to these T&C are subject to at least 60 days’ notice before their
proposed date of application. If the Client does not notify the Company that
changes to these T&C are not accepted by the Client before the proposed date of
their entry in force, the Client will be deemed to have accepted such changes and
be bound by the updated or amended T&C. - In the event that the Client disagrees with the proposed changes to these T&C,
the Client has the right to terminate these T&C free of charge and with effect at
any time until the date of their proposed date of entry into force. The Client’s
notice rejecting changes to these T&C will be deemed as a notice of termination
of these T&C. Upon termination of these T&C Account shall be closed in
accordance with these T&C. - The Company has the right to change these T&C due to important reasons and
without the informing about that within the time frames as specified in clause 2.
In such cases, the Company will notify the Client immediately about the changes
services by publishing the information in Website, System or by e-mail. In such
case the Client is entitled to terminate these T&C immediately by informing the
Company immediately about the termination of these T&C in writing or in other
manner agreed between the Company and the Client. - If the Client does not use their right to terminate these T&C in accordance with
the clauses 2 and 10.4, the Client shall be deemed as accepted the changes to
these T&C and the Client is not entitled subsequently to submit to the Company
Client’s objection and / or claims regarding the content of such changes. - The Client is not entitled to unilaterally change, amend or alter provisions of
these T&C.
11. COMMUNICATION
- Notifications, statements, reports and any other communications related to the
Services shall be transmitted to the Client by posting on the System and / or by
e-mail or phone at the Client’s verified e-mail address or phone number. - The Client must inform the Company in writing of any change of their contact
detailed, and they alone are liable for any consequences that may result from his
failure to do so. - If the Client has doubts whether the communication has been sent by the
Company, the Client should contact the Company immediately as referred in
clause 4. - The Client may contact the Company via means indicated in clause 1.7 of these
T&C. - Notifications, statements, reports and any other communications shall be deemed
transmitted to the Client when posted or sent (as established in clause 1) by the
Company and shall be deemed received by the Client personally. - The Client is required to check the System and Website, the Client’s verified email address and / or phone number regularly in order to timely be acquainted
with any notifications and other communications provided to the Client. The
Client accept that the Client’s failure to comply with this requirement may result
in loss of notifications that may impact the Client’s rights and obligations under
these T&C. The Company shall not be liable for any losses or damages arising
out of the Client’s failure to comply with the above requirement. - All communications sent via telecommunication or electronic means (via the
Internet), with the exception under section 14, will be done in English language
and shall be deemed to be made in writing (except otherwise is agreed with the
Client).
12. UNAUTHORISED OR IMPROPERLY EXECUTED TRANSACTIONS
- The Client’s notification to the Company of unauthorized or improperly
executed Transactions, as well as of any other errors, inconsistencies or
inaccuracies in the Statement, shall be made promptly (at the latest on the next
Business Day following the date on which the Client becomes aware of the
circumstances referred to in this clause. - Without prejudice to the requirement provided in clause 1, the Company shall be
liable for direct losses of the Client (if the Client is a Consumer) occurred due to
unauthorised or incorrectly executed Transaction (due to the Company’s error)
only if the Client notifies the Company on becoming aware of any such
Transaction giving rise to a claim and no later than within 13 months after the
debit date, save for the cases in these T&C that explicitly indicates Client’s
liability. If the Client is not a Consumer, then term for notifying the Company is
5 Business Days after the debit date. If the Client does not submit this
notification within the indicated time period, it is considered that Client has
unconditionally agreed to the Transaction, that has been executed on the Client’s
Account. - If the Client fails to notify the Company of unauthorised or improperly executed
Transactions within the time limits set out in the clause 1 and 12.2 of these T&C,
the Client shall be deemed to have unconditionally approved the Transactions
executed in the Account. - Where the Client (if the Client is consumer) denies having authorised an
executed Transaction or claim that the Transaction was not correctly executed,
the burden shall be on the Company to prove that the Transaction was
authenticated, accurately recorded, entered in the accounts or was not affected by
a technical breakdown or some other deficiency of the service provided. If the
Client is not a Consumer, then the burden shall be on the Client (that is not
Consumer). - In case the Client is not a Consumer, the using of the Payment Instrument is the
right prove, that the Client authorized the Transaction or was acting not honestly
and due the intentionally or due to the gross negligence not fulfilled the
obligations set forth in section 9 of these T&C. - In accordance to the terms indicated in clauses 1 and 12.2 of these T&C or
having determined that the Transaction was not authorized by the Client, the
Company without undue delay, but no later than by the end of the next Business
Day, return the amount of the unauthorized Transaction to the Client and, where
applicable, – restores the Balance of the Account from which this amount was
written down and which would have existed if the unauthorized Transaction had
not been executed, unless the Company has reasonable suspicious of the fraud. - The Client who is a Consumer bears all the losses that have arisen due to
unauthorized Transaction for the amount of up to EUR 50 if these losses have
been incurred due to: (i) the usage of a lost or stolen Payment Instrument or (ii)
the illegal acquisition of a Payment Instrument. If the Client is not a Consumer,
the Client shall bear all losses for the reasons specified in this clause. The Client
also bears any the losses incurred due to unauthorised Transaction if the Client
has incurred the losses as a result of acting dishonestly or due to gross
negligence or intentionally not fulfilling one or several of the obligations
indicated below: - The Client who is a Consumer bears all the losses that have arisen due to
unauthorized Transaction for the amount of up to EUR 50 if these losses have
been incurred due to: (i) the usage of a lost or stolen Payment Instrument or (ii)
the illegal acquisition of a Payment Instrument. If the Client is not a Consumer,
the Client shall bear all losses for the reasons specified in this clause. The Client
also bears any the losses incurred due to unauthorised Transaction if the Client
has incurred the losses as a result of acting dishonestly or due to gross
negligence or intentionally not fulfilling one or several of the obligations
indicated below:- to comply with the rules regulating the issuance and usage of the
Payment Instrument provided in these T&C or its annexes, when using
the Payment Instrument; - to notify the Company immediately using means of communication
provided in clause 1.7, in case the Client finds out about a loss, theft,
illegal acquisition or unauthorized usage of the Payment Instrument,
about facts and suspicions that Security Credentials have become known
to or can be used by third person; - to undertake all possible measures to protect Security Credentials after
the Payment Instrument has been issued.
- to comply with the rules regulating the issuance and usage of the
- In case of the improper execution of the Transaction when the Client is not a
Consumer, the Company is liable only if there is Company’s fault. The Company
is not liable for third parties’ mistakes. - When the Company has erroneously debited or credited Client’s Account, they
may immediately rectify the material error by crediting or debiting the Account
by the corresponding amount.
13. Incorrect UNIQUE IDENTIFIERS
- If the Unique Identifier number specified in the Payment Order under which the
Company executes a Transaction is incorrect, the Company shall not be liable for
the non-execution or improper execution of the Transaction, but shall be obliged
to take all reasonable steps to trace such Transaction and shall be obliged to seek
to recover the funds of such Transaction. If it is not possible to recover the funds,
the Company will provide the Client with the information available to the
Company which, in the Company’s opinion, is necessary for the Payer to take
legal action to recover the funds. - If the Company has acted as the Client’s (Payee’s) PSP, the Company shall
cooperate with the Payer’s PSP and shall have the right to pass on to the latter all
the information necessary to trace the Transaction and recover the funds. - The Company shall be entitled to charge the Client a fee for the return of funds
in the amount specified in the Fees and Charges.
14. LIMITATIONS OF LIABILITY
- The Company shall be liable only for the direct losses of the Client.
- Without prejudice to other provisions of these T&C that exclude or limit the
Company’s liability under these T&C, the Company shall not be liable:- for any indirect damages;
- for the goods and services that the Client sell, supply, provide or receive,
including without limitation for the quality, performance, safety and
legality of such goods or services, as well as for their actual delivery; - for damages occurred due to unauthorised access to the Account; in case
the Client is a consumer, the Company should have evidence that
unauthorised access to the Account was caused by dishonesty, or gross
negligence, or fraud of the Client; - for any viruses or other malware suffered by the computer or other
system, software or equipment therefrom the Client access and use the
Account or the Services; - for damages the Client incurs due to System malfunction or failure to
operate; - for assessment and payment of any taxes, duties and other relevant
charges that may arise from the Client’s activity with the use of the
Account or the Services. The Client is solely responsible for assessment
and payment of any tax obligations and other relevant duties and charges
whatsoever; - for damages the Client incurs due to its failure to comply with the
applicable laws; - for damages occurred due to force majeure.
- To the extent permitted by Applicable law, the Company’s liability under these
T&C shall be in all cases limited to the total amount of Fees and Charges the
Client paid while using the Services during the 3 months of cooperation
preceding the day the damages arise. To the extent permitted by applicable laws,
the Company shall be liable only due to its wilful misconduct. Limitation in this
clause does not apply to the Company’s liability in case of unauthorised
Transactions. - The Party shall be exempted from the liability for non-performance of
obligations under the T&C if it can prove that non-performance of obligations is
caused by force majeure (any of the following events, which cannot be prevented
or overcame by reasonable means, including but not limited to hacking attacks or
hardware breakdowns, war, civil unrest, terrorist activity, sabotage or riots, the
entry into force of regulations of state and government and other actions of
government agencies and organizations, moratoriums, epidemics, blockades,
embargoes, earthquakes, floods, fires or other disasters, acts of God, strikes,
lockouts or similar labour disturbance) circumstances which are proven
according to the applicable laws.
15. CLOSURE OF THE ACCOUNT
- The Company is entitled to terminate these T&C with immediate effect,
terminate provision of the Services to the Client and close the Account in the
following cases:- the Client fails to comply with the Company’s requests to complete KYC
procedures carried out and / or KYC procedures carried out under these
T&C are not completed to the Company’s satisfaction; - the Client’s risk changes and can no longer be assessed as acceptable to
the Company, or if the Client fails to provide the Company with
information or documents requested in the course of their relationship; - the Company is not able to check accuracy of the information the Client
provided in the course of the due diligence procedures carried out; - the Client breaches or the Company has grounds to suspect that the Client
may be in breach of any of the representations and warranties set out
herein or provided with untrue, inaccurate or uncomplete information
with respect to such representations and warranties; - the Client breaches or the Company has grounds to suspect that the Client
may be in breach of the prohibitions set out in the List of Prohibited
Activities (as established in clause 1). - the Client breaches or the Company has grounds to suspect that the Client
may be in breach of any laws or regulations applicable to the Client’s use
of the Account, or the Services; - if the Client’s activity is likely to harm operation of the System, the
Company’s or third parties’ justified interests or business reputation; - for the objectively justified reasons relating to the security of the
Account; - the Client is subject to bankruptcy, insolvency, restructuring,
reorganization, liquidation or other similar proceedings or procedures; - in case of change of control over the Client (if the Client is a legal entity);
- the Company is required to do so by the Applicable Law;
- the Company ceases to be authorised to provide Services;
- the Company is not able to provide the Services because a third party
provider involved in the provision of the Services ceased and / or is not
able to provide required services to the Company; - in other cases where the Client breaches or the Company has grounds to
suspect that the Client may be in breach of these T&Cs or any other
conditions applicable to the provision of Services.
- the Client fails to comply with the Company’s requests to complete KYC
- If the Client has not been using the Account for more than 2 years, the Company
shall have a right to unilaterally terminate these T&C and close the Account
following the provisions set forth in these T&C. - The Company will notify the Client once the Company decides or will be
required to close the Account, also informs the Client about the possibility to
return Funds which belongs to the Client according to the clause 11 of these
T&C. Unless otherwise required by the Applicable law, the Company will
provide the Client with the reasons for closure of the Account. - In case of these T&C is terminated due to reasons set forth in clause 1 hereof, the
Company shall not be responsible for any losses suffered by the Client. - The Company may terminate these T&C unilaterally by giving the Client 60
days (if the Client is Consumer) or 30 days (if the Client is not Consumer) prior
notice. - The Client may terminate these T&C:
- by a 30 days prior written notice (if the Client is a Consumer) or by a 6-
months prior written notice (if the Client is not a Consumer); - the Client may also terminate these T&C free of charge and with effect at
any time until proposed date of entry into force of substantial changes to
these T&C.
- by a 30 days prior written notice (if the Client is a Consumer) or by a 6-
- Fees for the use of the Account or the Services payable on a regular basis shall
be payable by the Client only pro rata up to the termination of these T&C. If
such fees are paid by the Client in advance, they will be reimbursed
proportionally - In case of termination of these T&C any and all fees, charges and costs the
Client owes to the Company, as well as fines, penalties, forfeits, losses and
damages incurred or imposed because of the Client’s breach of these T&C, shall
be paid by the Client and deducted from the Balance of Account. - If funds the Client owes to the Company under these T&C have not been
deducted from the Balance of the Account, including without limitation the case
when the Balance of the Account is insufficient to make such deductions, the
Company shall have the right to issue an invoice to the Client for the amount
owed to the Company which shall be paid by the Client within 3 Business Days
in accordance with the invoice instructions. The Client’s failure to pay the
invoice after terminating these T&C entitles the Company claim default interest
as set forth herein. - Termination of these T&C does not release the Client from any liability arisen
before the termination of these T&C. - In case of termination of these T&C, the Company will transfer the funds
outstanding in the Account to the Client’s payment account held at another
licensed payment service provider. The Client has a right within 1 (one) year
from the date of termination of these T&C, to provide a written request to the
Company to transfer the outstanding Funds for the E-Money issued to the Client
to the indicated in a request payment account of the Client. The Client
acknowledges that Company might charge fees for safeguarding of Funds
belonging to the Client and will deduct applied fees before disbursement of the
funds to the Client. The Client acknowledges that if a written request to transfer
Funds for the E-Money issued to Company will not be provided within 1 (one)
year from the date of termination of these T&C, the Client will lose a right of a
claim in respect of the outstanding E-Money belonging to the Client and
safeguarded by Company. - The Client undertakes to comply with all the requests to complete the respective
due diligence procedures carried out to mitigate the risk of fraud or other illegal
activities and to comply with the AML requirements in order the Company could
properly settle with the Client. - The Account shall be closed only after the remaining Balance of the Account is
fully transferred to another licensed payment service provider and all the Client’s
outstanding fees owed to the Company are fully paid. - Liability, indemnification, confidentiality and other provisions of these T&C of
survival nature shall survive termination of these T&C. - The Company, as a regulated electronic money institution, is obliged under the
Applicable Law and regulations, including AML requirements, to record and
store during the term of these T&C, as well as after its termination the Client’s
payment information and Transactions (as defined in clause 1.27) history of the
Account.
16. COMPLAINTS AND DISPUTES
- Any complaint the Client sent will be considered and settled in accordance with
complaint resolution procedures established by the Company. - A complaint sent shall contain a detailed description of circumstances and
reference to the documents which are the basis for the complaint. The complaint
shall be presented in English or Lithuanian. The Client shall submit any
complaint the Client may have 3 months after the Client becomes aware that the
Client’s rights have been violated. - The Company investigates such complaints regarding the Company Service and
T&C no later than within 15 (fifteen) Business Days from the receipt of the
complaint. The Company provides the Client with the response to the Client’s
complaint in writing or another durable medium, e.g. email. - In exceptional cases where the Company’s response cannot be given within the
time set in clause 3 due to reasons beyond the Company’s control, the Company
has the right to provide the Client with an interim (i.e. not final) response, by
clearly stating the reasons for the delay of the final response. In any case the
final response must be provided within 35 Business Day from the receipt of the
Client’s complaint. The Client’s complaint is investigated free of charge. - In case the Company’s response to the Client’s, who is not a consumer,
complaint does not satisfy the Client, or in case such response was not given
within the time frames set in clauses 3 and 16.4 of the T&C, or the Client
believes that the Company has infringed Client’s rights or legitimate interest
with respect to financial services provided by the Company, the Client has the
right to bring claim to the court of the Republic of Lithuania. - Where the Client, who is a consumer, is not satisfied with the Company’s answer
or does not receive the answer within the time frames specified in clauses 3 and
16.4 of the T&C, he/she has the right to bring the claim to the court of the
Republic of Lithuania or, within 1 year from the day of applying to the
Company, to submit a request to the out-of-court dispute settlement institution –
Bank of Lithuania (website: www.lb.lt). The complaint to the Bank of Lithuania
may be submitted by following:- via the electronic dispute settlement facility e-government gateway;
- by sending complaint to the Bank of Lithuania, Totorių g. 4, LT-01121
Vilnius, Lithuania or by email pt@lb.lt.
- Examination of the complaint at the Bank of Lithuania is free of charge. You can
find more information on their website. - Client can also apply for an alternative dispute resolution through Online Dispute
Resolution platform (website: ec.europa.eu/consumers/odr). - The Client has also the right to submit a request or a notification to the Bank of
Lithuania. Information and procedure for submitting a request or a notification is
provided on the website of the Bank of Lithuania (lb.lt/lt/kontaktai#group464). Requests or notifications can be filed in writing or via e-mail and
submitted to these addresses: Totorių str. 4, 01121 Vilnius, info@lb.lt, and
Žalgirio str. 90, 09303 Vilnius, pt@lb.lt.
17. REPRESENTATIONS AND WARRANTIES
- Applying for opening of the Account and accepting these T&C, as well as any
their revised version, the Client represents and warrants on an ongoing basis that
the Client:- information provided to the Company for the purpose of entering into
these T&Cis true and correct; - it has all rights, powers and authority to enter into these T&C and to fully
perform its obligations hereunder. - use of the Services does not infringed law of the country where the Client
is registered; - does not perform, is not involved and has no intentions to use the
Services for any illegal purposes or prohibited activities under applicable
laws; - follows all laws applicable to the Client;
- will not introduce any viruses or other malware and destructive
components into the system; - Client is not a PEP or an immediate family member or a close associate
of PEP; neither the Beneficiary Owners of the Client, nor the Client’s
representative is a PEP or an immediate family member or a close
associate of PEP, unless this was indicated during KYC check of the
Client. The Client undertakes to notify the Company immediately once
the Client becomes any of the above; - accepts that the Client will need to complete, to the Company’s
satisfaction, due diligence procedures carried out in order to identify,
check and verify the Client, as well as their businesses and operations,
and agrees to provide with true, accurate, complete and up to date
information, documents and other evidence requested for these purposes; - if a Client is a legal entity, the Client also confirms that they are a
corporation, validly existing under the laws of the jurisdiction of their
incorporation and they conducts their business in compliance with
Applicable Law and not in violation of the rights of any third party; - if a Client is a legal entity, the Client also confirms that they act through
a duly authorised representative, who has full authorization to sign these
T&C and dispose the account; - if a Client is a legal entity, the Client also confirms that they are not
subject to bankruptcy, insolvency, restructuring, reorganization,
liquidation or other similar proceedings or procedures.
- information provided to the Company for the purpose of entering into
- The Company relies on the representations and warranties listed above when
providing the Services to the Client. - The Company reserves the right to terminate contractional relations with Clients
under these T&C and close the Account, once the Company discovers or has
grounds to suspect that the Client is in breach of any of the representations and
warranties listed above. The Client shall reimburse any losses and damages that
the Company incurs in the result of the Client’s failure to provide with true,
accurate and complete representations and warranties.
18. service disruptions and system improvement works
- The Company shall not be liable for any disruption of the Services due to
(including, but not limited to) failures of the hardware, software or other
infrastructure used by the Company, disruptions in the internet connectivity, or
other technical failures. The Company’s Services and the systems used to
provide the Services shall be provided to the Client on an “as is” basis and the
Company shall make no warranties or representations as to the operation and
quality of the Services, unless otherwise agreed with the Client. - The Company shall have the right to improve its systems and to remedy any
deficiencies observed in its systems, even if this may cause or result in shortterm disruptions in the provision of Services to the Client. The Company intends
to improve its systems and address its weaknesses. - In exceptional circumstances and on duly substantiated grounds, the Company
shall have the right to carry out remedial work immediately, at any time of the
day or night, in order to avoid possible losses to the Company or the Client. In
the case referred to in this clause, the remedial work shall be carried out within
the shortest possible time. - During the development or remedial works of the Company ‘s systems, the
performance of all obligations of the Company that are performed by means of
those systems shall be suspended. The Company shall not be liable for the
Client’s losses resulting from the Client’s inability to use the Services as a result
of the Company system improvement or remedial works.
19. DATA PROTECTION AND DATA STORING
- For more details regarding the data protection and processing, please refer to the
Privacy Policy. - The Company has the right to record and store any Payment Orders submitted by
any of the means agreed with the Company, and to record and store information
about all payment operations performed by the Client or according to Client’s
Payment Orders. Records mentioned above may be submitted by the Company
to the Client and/or third persons, who have the right to receive such data under
the basis set forth in the Applicable Law, as evidence confirming the submission
of Payment Orders and/or executed Transactions.
20. CONFIDENTIALITY
- The Client undertakes to keep confidential the technical and commercial
information which has become known to the Client during contractual relations
with the Company. - During the term of these T&C and after their termination the Client shall use and
reproduce the other Company’s confidential information only for purposes of
these T&C and only to the extent necessary for such purpose and will restrict
disclosure of the Company’s confidential information to its employees,
consultants or independent contractors with a need to know and will not disclose
confidential information to any third party without the prior written approval of
the Company. - No confidentiality obligations shall apply to information that (i) is or becomes
public knowledge through no action of the Client; (ii) is known to the Client
without restriction prior to receipt from the Company from its own independent
sources as evidenced by Client’s written; (iii) Client receives from any third
party having a legal right to transmit such information without being under any
obligation to keep such information confidential; or (iv) is independently
developed by the Client’s employees or agents provided that Client can show
that their employees or agents had no access to the confidential information.
21. INTELLECTUAL PROPERTY
- The Client acknowledges and agrees that any and all titles, interests and
Intellectual Property Rights that exists now, and all such titles, interests and
rights subsequently acquired by the Company to the System in its entirely,
including without limitation to all information, content and material contained
therein, are owned or licenced by the Company and are protected by intellectual
property laws and / or international treaty provisions. - Nothing in these T&C grants the Client any legal rights to the System in its
entirely other than as necessary to enable the Client to obtain the Services. - The Client acknowledges that, under no circumstances, the Client will acquire
any title or interest to any part of the System or their contents. The Client may
not reproduce, store, share, distribute or use any of the information, content and
material contained on the System, either in whole or in part, without the
Company’s or the respective owner’s prior written consent. - BEBAWA name and logos are trademarks of the Company and / or its affiliates.
Other marks, graphics, icons, names and logos used or displayed on or through
the System and the described or offered products or services are trademarks,
trade dress and / or service marks of the Company, its affiliates or otherwise are
the property of their respective owners, who may or may not be affiliated with,
connected to, or sponsored by the Company. - The Client must not copy or use any of the abovementioned trademarks, trade
dress and / or service marks, in whole or in part, without the Company’s and the
respective owner’s prior written consent.
22. ASSIGNMENT
- The Client may not novate, assign, transfer, sub-contract or otherwise grant any
rights, obligations, claims or legal interest under these T&C. - The Company reserves the right to assign the rights and obligations under these
T&C to any subsidiaries, affiliates or any third parties at any time without the
Client’s consent, provided that such an assignment will be in compliance with
the applicable laws and regulations.
23. CONFLICTS OF INTEREST
- In the normal exercise of its activities, the Company encounters situations
presenting potential conflicts of interest. A conflict of interest is a situation in
which, in the exercise of the Company’s activities, the interests of the
Company’s Clients and the interests of the Company (including its managers,
employees, tied agents and any person directly or indirectly linked to it by
control) are either directly or indirectly different and where the conflicted party
will be affected by a decision taken. - The Company manages potential and established conflict–of-interest situations
on the basis of ethical principles, like integrity, fairness, impartiality, respect for
professional secrecy and the primacy of the customer’s interests plus the
separation of functions to ensure they operate independently.
24. LANGUAGE
- The formal language of these T&C, information and documents to be provided
by the Client under these T&C, as well as communication between the parties is
English. Using in communication with the Client of any other language is
exclusively for informal purposes and in no way shall alter, change or modify
these T&C.
25. GOVERNING LAW
- The construction, validity and performance of these T&C, as well as any rights,
obligations, claims or disputes arising out of them shall be governed in all
respects by the laws of the Republic of Lithuania without recourse to the conflict
of laws rules regardless of the venue or jurisdiction in which a dispute arises.
26. NO WAIVER
- Failure or delay by the Company to exercise any right, power or remedy under
these T&C or to require or enforce strict performance by the Client of any
provision of these T&C and any supplemental or incorporated documents or
policies shall not be regarded as a waiver or relinquishment of any such right,
power or remedy.
27. SUBCONTRACTING
- The Client acknowledges and agrees that the Company shall have the right to
sub-contract any of the obligations under these T&C without Client’s prior
consent and may engage, in its sole discretion, third-party providers to assist to
provide Services to the Client, and that the Company shall have the right to
transfer to Company’s third-party providers all data that the Client provided, or
cause to be available to the Company in connection with these T&C, provided,
however, that such third-party providers are bound by confidentiality obligations
and abide themselves to data protection requirements set by the Company and
data protection laws. The Client may obtain information about Company’s
partnership with third-party providers and contact data upon request to the
Company.
28. PLACE OF PERFORMANCE OF OBLIGATIONS
- Unless stipulated otherwise, the registered office of the Company is the place of
performance of the Company’s obligations towards the Client and of the Client’s
obligations towards the Company..
29. SEVERABILITY
- If any part of these T&C is found by a court of competent jurisdiction to be
invalid, unlawful or unenforceable then such part shall be severed from the
remainder of these T&C which shall continue to be valid and enforceable to the
fullest extent permitted by Applicable Law.
30. PROOF
- The records, books, documents, and files of the Company, in any form
whatsoever, will have evidential value, unless proven otherwise.