TERMS AND CONDITIONS


1. Legal Terms

These legal terms (English law applies and disputes will be settled by English courts) are between you and ValensPay Limited (ValensPay/us/we) and you agree to them by using the ValensPay banking services via webbanking and/or via Apps. Your ValensPay account is either a personal account or a business account, and they are only allowed for their respective purposes.

 

2. Making payments

You need enough money in your account to make payments and pay monthly fee

But some transactions that would take your balance below zero may still go through. If that happens, we'll let you know the amount you'll need to repay and you’ll need to pay us back as soon as possible.

If the account has been below zero for more than one month, we have the right to close the account and collect the funds via any mean necessary including via debt collection.

We may block your payments if:

  • your instructions are unclear
  • we suspect criminal activity on your account
  • we're not legally allowed to make the transfer
  • it goes over your payment limits

If we block a payment, we'll let you know as soon as possible via email.

You can find information on all your transactions in the App and the web-banking.

There’s also information on how to make different payments, the information we need about the recipient and how long these payments normally takes.

 

3. Using your card

Your ValensPay card should work anywhere around the world that accepts their Debitcard, but for some ATMs you may need to use the 'magnetic stripe' rather than using chip and PIN.

 

4. You agree to us using your information

By accepting these terms, you agree to us using your information to make and receive payments on your account. If you’re no longer happy for us to use your information, we’ll have to close your account. But we may keep your personal data and use it where we have lawful grounds to do so. For example, any records we need to keep for regulatory reasons (as explained in the Privacy Policy).

 

5. Fees and Charges

Below is a schedule for using the services on your account. You may have to pay other costs, taxes or charges in relation to your ValensPay account, which are outside of our control and not charged by us. For example, other banks may charge you for sending money to your ValensPay account.

 

Private Account Opening Fee including compliance check costs

EUR 500

Business Account Opening Fee including compliance check costs

EUR 650

Monthly Fee Private Account

EUR 15

Monthly Fee Corporate Account

EUR 25

Internal Transfer of Cash send/receive

EUR 2

SEPA Transfer receive

0,5% (min EUR 5)

SEPA Transfer send

0,5% (min EUR 5, max EUR 500)

SWIFT Transfer receive

0,5% (min EUR 5)

SWIFT Transfer send

1,0% (min EUR 50/ GBP 40/ USD 60)

Custodial Account Monthly Fee

0.01% of average value

Physical Debit Card Setup Fee

EUR 300

Virtual Debit Card Setup Fee

EUR 100

VISA Yearly Fee

EUR 250

Minimum Opening Cash Balance

EUR 1,000 (includes the Account Opening Fee)

 

6. If something goes wrong

Please keep your phone, card and PIN safe at all times. If we discover any security issues affecting your account, we’ll contact you as soon as possible in the most secure way, using you contact details.

If you lose your card or see transactions in the App or webbanking that look wrong, freeze your card and tell us as soon as possible.

We’ll usually refund you any money if:

  • it was taken after you froze your card in the app, unless you acted fraudulently

  • we should've applied strong customer authentication but we didn't, unless you acted fraudulently

  • someone makes a payment without your permission

We’ll also refund any money you lost due to our mistakes or inaccuracies with your payments. We can help by speaking to other banks to make sure they treat any payment we send late as if it was sent it on time.

But you won't be able to claim back money you've lost if:

  • you gave us incorrect instructions or we can prove that the bank we sent your payment to received it (although we'll still try to help you recover your money)
  • you purposefully didn’t keep your phone, card or PIN safe, or you were very negligent in not keeping them safe or if your account is in overdraft, you gave them to someone else
  • you acted fraudulently

If someone pays money into your account by mistake you give us permission to return it.

If you’ve used your card to make a payment which didn’t specify the exact amount (for example when hiring a car), and the final amount is higher than you could reasonably have expected, we’ll assist you to get a refund. You’ll need to tell us within 8 weeks of the transaction, and give us any information we reasonably ask for to investigate.

Errors with Direct Debits are covered by the Direct Debit guarantee scheme.

 

7. Closing your account

You can cancel your account within the first 14 days of opening it, or close it at any other time. If you’d like to, please get in touch with us. You'll need to repay any money you owe us before we can close your account. Once we've closed it, your card won't work and you won't be able to access your account.

We can close your account by giving you at least two months' notice. We may close your account or stop you using your card and app immediately if we believe you've:

  • broken the terms of this agreement
  • put us in a position where we might break the law
  • broken the law or attempted to break the law
  • given us false information at any time
  • been abusive to anyone at ValensPay

 

8. How to make a complaint

If you have a complaint, please contact us and we'll do our best to fix the problem.

 If you're still not happy, you can refer your complaint to the Financial Ombudsman Service. For more details you can visit their website at www.financial-ombudsman.org.uk.

You could also submit your complaint through the European Commission's Online Dispute Resolution website. The European Commission may then refer your complaint to the Financial Ombudsman Service.

 

9. Making changes to this agreement

This agreement will always be available in the app and on our website.

We can make changes to our charges, interest rates, or the terms of this agreement from time to time. This includes introducing new charges or rates and charging in a different way. We may make these changes, including fees we charge, because of changes to:

  • law, regulation, industry codes or Financial Ombudsman, court or regulator decisions
  • the way we run our business
  • the cost of providing your account and running our business, for example a change in our cost of funding, technology (including our systems) and service costs
  • the banking or financial services system

We can make favourable changes to these terms and charges for any reason . We can also make proportionate changes for any other balanced and valid reason that impacts ValensPay or your account.

If we make changes to it that are clearly in your favour, we'll tell you once we've made them. Otherwise we'll give you two months' notice and tell you our reasons via the email, you have provided in the system.

If you don't agree to these changes, you can let us know and we'll close your account with no fee. We'll transfer any money in the account to another account of yours, and you'll need to pay back any money you owe us. If we don't hear from you before the changes come into effect, we’ll assume that you’re happy and accept the changes we’ve made.

 

10. Your money is protected by the FSCS

Any money in your ValensPay account is fully protected by local Financial Services Compensation Schemes depending on which account provider is chosen. This is normally EUR 100,000 or equivalent.

Exclusions List

A deposit is excluded from protection if:

  • The holder and any beneficial owner of the deposit have never been identified in accordance with money laundering requirements. For further information, contact ValensPay.
  • The deposit arises out of transactions in connection with which there has been a criminal conviction for money laundering.
  • It is a deposit made by a depositor which is one of the following:
    • credit institution
    • financial institution
    • investment firm
    • insurance undertaking
    • reinsurance undertaking
    • collective investment undertaking
    • pension or retirement fund (Note: Deposits by personal pension schemes, stakeholder pension schemes and occupational pension schemes of micro, small and medium sized enterprises are not excluded)
    • public authority, other than a small local authority.

 

11. How we'll contact you

We'll contact you in English through your email. Therefore its important to always have this registered correctly. And if it changes, make sure to update it in the system. It can happen that an email is received in your private spam filter, therefore make sure to add us as a safe sender to avoid this. It’s your responsibility, that you receive and read the emails.

We may also send you instant notifications when you spend or receive money via the App.

 

12. Prohibited Business

ValensPay doesn’t accept personal or business client within the following industries;

  • Cryptocurrency trading
  • Anonymous or Numbered Accounts, Shell Banking
  • Cash and Check Handling: Check Cashing, Deposit Taking, Cash Transfer
  • Credit repair, Debt Restructuring
  • Debt recovery, Debt settlement, Debt Collections
  • Financial Pyramid or Ponzi Schemes
  • Gambling and Gaming
  • MSBs and PSPs as endusers (only with prior approval)
  • Any industry known to be an illegal industry in it's local jurisdiction or the UK
  • Illegal Drugs and Narcotics Illegal Services
  • The sale or distribution of stolen goods (including digital and virtual goods), counterfeit goods and violation of intellectual property, or items that violates individual privacy (revenge porn)
  • Any products harmful to human health - tobacco, e-cigarettes and e-liquid (pharmacological products are subject to pre-approval)
  • Operating a business that requires a license or special permit without obtaining such license (i.e. Unregulated Auction Houses)
  • Production of Adult or Violent content
  • Production or Distribution of Offensive Weapons: Ammunition, Firearms, Explosives, Complex Weapons (i.e. guided missiles), Poisons
  • Psychic services
  • Selling, hosting, distributing, producing or promoting offensive materials, including materials that incites or promotes racial hatred or discrimination based on gender, race, religion, national origin, physical ability, sexual orientation, or age
  • Transactions involving Human Organs
  • Sanctioned individuals and entities

 

13. Prohibited Jurisdictions

Personal coming from and/or business cannot operate, be owned by other entities within these jurisdictions or send/receive money to these jurisdictions.

  • Afghanistan
  • Bahamas (only with permission from ValensPay in advance)
  • Belarus
  • Iran
  • Iraq
  • Lebanon
  • Libya
  • Pakistan
  • Panama (only with permission from ValensPay in advance)
  • Syria
  • Trinidad & Tobago
  • Ukraine
  • Ethiopia
  • North Korea
  • Yemen
  • Cambodia
  • Central African Republic
  • Cuba
  • Democratic Republic of the Congo
  • Eritrea
  • Guinea
  • Guinea-Bissau
  • Haiti
  • Liberia
  • Mali
  • Myanmar (formerly Burma)
  • Somalia
  • South Sudan
  • Sudan
  • Venezuela
  • Zimbabwe

 

14. License

The ValensPay platform is operated by the swiss entity Valens FinTech Capital AG ("VFC"). VFC is an authorised asset management company and operates under the regulatory supervision of d’Organisme de Surveillance pour Intermédiaires Financiers & Trustees ("SOFIT") in its capacity as a supervisory body officially recognized by the Swiss Financial Market Supervisory Authority (FINMA), with supervision pursuant to independent asset management and the Anti-Money Laundering Act (AMLA). VFC is registered with OAR No. 1264.15.


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England
United Kingdom

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