Terms and Conditions
The following terms and conditions apply to the Caxton Premier International Services (the Premier Terms and Conditions) and include the following sections.
- Caxton Premier International Service Addendum
- Caxton FX Prepaid Mastercard Terms & Conditions
- Caxton FX International Payments Terms and Conditions
During the application for Caxton Premier International Services (the Premier Service) You accept the Premier Terms and Conditions either by ticking the box “I confirm that I have read, understood and agree to the Caxton Premier International Service Terms and Conditions” as part of your application process through the Caxton website or by using the Premier Service following registration by phone.
For direct support for the Premier Service you should call 0203 457 1172 in the first instance although all other Caxton contact numbers will be able to direct your call.
Support for the Premier Service is available on the following basis
- Dedicated Premier Service Account Managers are available Monday to Friday between 08:00 and 18:00
- Out of hours support is provided by Caxton Client Services from Monday to Friday between 08:00 and 19:00 and over the weekend between 09:00 and 17:00.
Application for the Premier Service
- The Premier Service is an upgrade to the standard Caxton International Payments service. Applicants for the Premier Service must have successfully registered for a standard Caxton International Payments account either previously or as part of the application for the Premier Service. Application is made online using the Caxton website or by registration over the phone with Caxton Service Account Managers.
- Each application for the Premier Service will be reviewed by a Premier Service Account Manager to assess eligibility for free access to the Premier Service. If the Premier Service application does not meet the eligibility criteria, the applicant will be given the option to either pay the Account Fee in order to complete their registration for the Premier Service or continue to use the standard Caxton International Payments Service only, without charge, in which case the standard Caxton International Payment Terms and Conditions will apply and the Addendum will not apply.
- The successful Premier Service applicant (You) will be set up with a Caxton International Payments account and Caxton Prepaid Mastercard card to which this Addendum applies.
Caxton Premier International Services Addendum
This Addendum modifies clauses in the Caxton Prepaid Mastercard Terms & Conditions and Caxton FX International Payments Terms and Conditions.
1.1 Account fee
Unless eligible for a free Premier Service account, an annual account fee of £120 applies for the use of Premier Service.
To be eligible for free use of the Premier Service, You agree to maintain an annual total value of Payment Transactions through the Premier Service of at least £75,000 (the Eligibility Criteria).
On the 12 month anniversary of completing registration for the Premier Service, Caxton will review Your annual total value of Payment Transactions against the Eligibility Criteria and will discuss with You any change to Your free use of the Premier Service.
1.2 Premier Service International Payments
You will receive a 10% reduction in the exchange rate margin relative to our standard rates for all international payments You make through Your Premier Service online account (Online Account).
1.3 Premier Service Prepaid Card
You will receive a 20% reduction in the exchange rate margin relative to our standard rates for all card load transactions You make through Your Premier Service online account (Online Account).
You will be able to load up to a maximum of 50% of an International Payment Transaction made through Your Premier Service Account Manager subject to the Premier Card limits. For example, when placing a currency order for USD20,000, You can transfer up to USD10,000 to Your Card if it is within Your Card limits.
You can unload funds from Your Card Available Balance to Account Currency Balance for a fee of £5. This must be done through Your Premier Service Account Manager.
1.4 Premier Service Card Fees, Charges & Limits
The following Fees, Charges & Limits where applicable replace those in the standard Caxton Mastercard Prepaid Card Terms and Conditions. The values below are displayed in GBP, if Your card is loaded in a different currency, the equivalent amount will be deducted from Your Card Balance.
PREMIER CARD FEES & CHARGES
Card purchase and Annual Fee1
Secondary Card purchase (applied to the card balance)
Load and reload
Point of sale Transaction - international
Point of sale Transaction - domestic
ATM Transaction - international
ATM Transaction - domestic
Over the counter cash - international
4.50 plus 2% of withdrawal amount
Over the counter cash - domestic
4.50 plus 2% of withdrawal amount
FX mark-up where a Transaction is performed in a currency different from the currencies available on the card
Available balance enquiry - ATM
Available balance enquiry - online
Card replacement fee - damaged/lost/stolen
Redemption processing fee
(To transfer funds FROM card balance TO Premier Account balance)
1 This excludes the Premier Service Account fee where applicable; see clause 1.1.
2 PIN reminder is available online on Your Online Account and on the App. If You change Your PIN at an ATM, Your Online Account and App will still show the new PIN.
Maximum single load
Maximum total available balance
Maximum number of loads per day
Maximum load amount per year
Maximum number of point of sale Transactions per 24-hour period
Maximum number of ATM withdrawals per 24-hour period
Maximum value of single ATM withdrawal (local ATM limits may be lower)
Maximum withdrawal amount in 24 hours at ATM
1.5 Referral reward
Caxton FX will pay a Referral Reward of £50 for any contact You introduced to Caxton FX, who is not and has never been a Caxton FX customer and who successfully makes an International Payment through Caxton. The referral reward will be paid only against the first international payment made by the introduced client and will added to your Caxton Card within four weeks of their transaction.
To confirm their association with you, the referred client must confirm to Caxton the email address you have registered against your Caxton Premier Account.
These terms and conditions apply to Your Caxton International Payments account. You should read them carefully before accepting them. You accept them by either ticking the box “I confirm that I have read, understood and agree to the Caxton FX Limited (“CFX”) International Payments terms and conditions” as part of your online registration or by using the service following a verbal application process.
A. Contact details
Your account can be managed online at www.caxtonfx.com.
If there is anything You do not understand or agree with, please contact Us using Our Contact Details:
- Telephone: 0333 123 1815 or 44 (0) 207 235 3435 from outside the UK;
- Mailing address: Caxton FX Ltd 11th Floor Portland House, Bressenden Place, London SW1E 5BH;
- Email: [email protected].
You can download a copy of the Agreement at any time from Our Website. We will also send You an electronic copy of the Agreement by e-mail upon Your request.
In these terms and conditions (“Agreement”) the following words and expressions have the following meanings:
“Account” means Your International Payments account with Caxton FX
“Account Holder” means the individual customer that opens an International Payment account with Caxton FX
“Account ID and Password” means a set of personal codes selected by the Account Holder to access their Online Account.
“Agreement” means this Agreement of open-ended duration between You and Us incorporating these terms and conditions, as amended from time to time
“Account Information Service Provider (AISP)” means another financial services business through which You may be able to access information relating to Your account.
“Authorised” means an act of authorising the payment transfer.
“Available Balance” means the value of the funds held on Your International payment Account and available to use for International Payments
“Beneficiary” means an individual or entity that will receive the funds detailed in Your Payment Order
“BIC Code” means a unique identifier for a financial institution that You ask us to send money to on Your behalf
“Business Day” means a day other than a Saturday or Sunday or a UK public holiday
“Client” means the same as Account Holder in this agreement
“Contract Note” means the documentation that sets out the terms for each purchase or sale of a currency that You undertake
“Currency” means any currency in Caxton FX is able to offer International Payments
“Customer Services” means [email protected] or 0333 123 1815 or 44 (0) 207 235 3435 from outside the UK
“CDD” means Customer Due Diligence, which is the regulatory requirement that applies to Us where We have to satisfactorily verify Your identity prior to opening Your account and on an occasional basis thereafter
“EEA” means the European Economic Area
“Exchange Rate” means that rate at which we will offer to convert one currency for another
“FCA” means the Financial Conduct Authority the regulatory authority covering payment services in the UK
“Fee” means any fee payable by the Account Holder, as referenced in this document
“FSMA” means the Financial Services and Markets Act
“IBAN Number” means a standard number that identifies a bank account across national borders
“Investment Products” in the context of this agreement means options contracts for foreign exchange protected by the Financial Services Compensation Scheme (FSCS).
“Online Account” means the internet based access to Your Account
“Payment Initiation Service Provider (PISP)” means another financial services business through which You may be able to make payments on Your Caxton account.
“Payment Order” means Your instruction to Us to execute a Payment Transaction on your Payment Account.
“Payment Services” means all payment services and any related services available to the Account Holder through the use of Your International Payment account
“Payment Services Regulations 2017” means the legislation that governs this agreement.
“Payment Transaction” means an act, initiated by You of placing, transferring or withdrawing funds on Your Payment Account
“Physical Delivery” means that settlement of the contract will take place through You actually selling or purchasing the currency as specified in the Contract Note.
“Purchase Currency” means the currency that You are requesting to buy from Us
“Sale Currency” means the currency that You are requesting to sell to Us
“Spot” means the exchange rate applicable at any particular moment for immediate settlement
“SWIFT code” means an internationally recognised code to identify the bank You instruct Us to send money to on Your behalf
"We", "Us" or "Our" means Caxton FX limited, a company registered in England and Wales with number 4610337
“Website” means www.caxtonfx.com
“You” or “Your” means the named Account Holder
1. Caxton FX's Services
1.1 Caxton FX Ltd, ("CFX") enters into contracts for the purchase and sale of currency for trade, commercial or other non-speculative purposes. CFX does not offer or provide any advice of any nature. As an integral part of its foreign currency service, CFX provides a money transmission service. CFX is authorised to provide this payment service by the Financial Conduct Authority (Registration number 900663) under the Payment Services Regulations 2017. CFX is also supervised for anti-money laundering purposes by the HMRC (registration number 12149429).
1.2 Any individual or business ("Client") that wishes to enter into transactions for the purchase and sale of currency with CFX by submitting an order to CFX ("Order") agrees that each Order shall constitute a separate contract incorporating and subject to these Terms to the exclusion of any other terms now or in the future, unless otherwise agreed by CFX. Each Order shall only become binding if and when accepted (whether orally, by phone, in writing or by any other media) by a duly authorised CFX representative.
1.3 CFX may use any contact details provided by the Client when responding to Orders and does not commit to use only the preferred delivery method or the preferred contact details of a particular authorised representative. The Client shall ensure that all contact details it supplies can be used for all communications for all authorised representatives for all Orders.
1.4 CFX may accept written or oral instructions for an Order from the Client or an authorised representative of the Client. Orders must be given in the prescribed CFX format. CFX may require written confirmation of any Client instruction before accepting an Order.
1.5 CFX may provide the Client with information or opinions about the foreign exchange markets but CFX does not offer any advice to the Client on the merits of any transaction either with CFX or with others. When entering into any contract the Client shall rely entirely on its own judgment.
1.6 CFX is not obliged to accept Orders from a Client and may at its discretion refuse any Order without giving any reason and without liability for any resultant loss or damages incurred by the Client or any other party.
1.7 Once an Order is accepted by CFX from or on behalf of a Client it cannot be cancelled, withdrawn, or varied in any way by the Client if the payment has already been debited to their Payment Account
1.8 If the Payment Order was initiated through a PISP the Client cannot revoke the Payment Order after giving consent to the PISP.
1.9 If the Payment Order is set up to be paid on a specific date the Client may not revoke the Payment Order after the end of the business day preceding the payment date.
2. Documentation for accepted Foreign Exchange Orders
2.1 CFX will issue a contract note confirming the details of each Order accepted by it which may be sent to the Client by fax, email, post or Online Account. Any such confirmation shall be provided for audit purposes only and shall not affect the terms of any Order agreed by CFX. The contract note will detail a unique reference for identification purposes as well as other information, for example, but without limitation, the purchase currency, the sale currency, the amount of each currency, the exchange rate, the date for settlement, any extra charges you may incur and the deposit required if it is a forward contract.
2.2 The Client shall notify CFX of any error or omission in any confirmation within 12 hours of receipt of a contract note issued by CFX. If CFX agrees there has been an error or omission, it shall issue a revised contract confirmation reflecting the revised terms.
3. Payment and Settlement
3.1 For a Spot transaction the Client agrees to pay, on the settlement date that CFX requires, the full amount specified by CFX on the contract note as full payment for the contract. CFX reserves the right to charge administration fees for funds received after the settlement date. Please refer to the Fees Schedule.
3.2 The Client shall not be entitled to any interest on any funds held on its behalf by CFX.
3.3 CFX may deduct from any payments to be made to or on behalf of the Client such amounts as may be required by law or as may be charged by CFX in respect of transfer or other charges owed to CFX. Refer to the Fees Schedule for charges on Payment Transactions. All payments due from the Client to CFX under these terms shall be made without any deduction, counter-claim or withholding whatsoever.
3.4 The Client agrees and represents that all funds to be paid by the Client in respect of any Order will be legally and beneficially owned by the Client in full and will not be subject to any charge or lien or other encumbrance of any kind.
3.5 All funds provided by the Client under these Terms (whether as Margin or otherwise) may be used by CFX in the performance of its own obligations to any counterparty of CFX or otherwise.
3.6 Unless otherwise instructed by you, CFX will send your funds once the order has been settled and you have provided us with the beneficiary details. Further terms for the transmission of your funds exist under Clause 8.
4. Client Money Protection
4.1 CFX offers client funds protection if the client sends money to CFX prior to a Payment Transaction taking place or if CFX is explicitly requested by the client to hold money for them after a transaction has been completed.
4.2 CFX holds all client funds in accordance with the Financial Conduct Authority's (FCA) Payment Services rules for safeguarding. This means it holds client funds separately from the firm's money in a segregated account in an EU regulated credit institution. This arrangement is designed to ensure that client funds are not at risk in the unlikely event of CFX getting into financial difficulties.
4.3 Where CFX holds client funds, initially for an FX transaction, these will be kept separate from client funds that are segregated for the purposes of settling payment transactions. Client funds will only be segregated once the FX transaction has completed and the payment transaction takes place.
4.4 Neither Spot Foreign Exchange nor Payment Services are regulated investment products so do not fall under the protection of the Financial Services Compensation Scheme.
5. Limitation of Liability
5.1 CFX agrees to perform its obligations with reasonable care and skill but providing it does so, CFX shall not be liable to the Client or any third party for any damages, costs, expenses, taxes, liabilities or losses resulting from the failure of CFX to execute any Order in accordance with the instructions of the Client.
5.2 CFX accepts no responsibility for any delay in onward payment attributable to the late arrival of funds or instruction for payment relative to the cut off times of the designated bank if this is the fault of the Beneficiaries bank.
5.3 The Client shall indemnify and keep CFX indemnified against all damages, costs, expenses, taxes, liabilities or losses of any nature suffered by CFX through the failure of the Client to observe any Terms in respect of any Order agreed with CFX. The Client shall indemnify and keep CFX indemnified against all liabilities incurred by CFX in the proper performance of its services or any Order, including any liabilities incurred by CFX as a result of CFX performing actions to perform Client instructions (or acting on Orders which reasonably appear to CFX to be from the Client or its authorised representative).
5.4 The Client shall keep all passwords and authorisations issued to it by CFX confidential and secure and CFX shall be entitled to rely on all instructions or Orders received by it using those passwords and authorisations as if they were received from the Client, without conducting any further checks as to the identity of the person making the instruction or Order.
5.5 CFX shall not be liable for any fees or commissions charged by any intermediary bank or other entity when funds are transferred either to or from CFX's or Client's account.
5.6 The limitations of liability in these Terms are agreed by the parties on the basis that the Client is aware of the volatility of the foreign currency markets.
5.7 CFX reserves the right to defer the date of settlement of an Order (but not outward payments - please see Clause 8) without liability to the Client if it is prevented from or delayed in the carrying on of its business due to the circumstances beyond its reasonable control including, without limitation, acts of God, governmental actions, war or national emergency, acts of terrorism, protests, riot, civil commotion, fire, explosion, flood, epidemic, lock-outs, strikes or other labour disputes, technical problems or restraints or delays affecting carriers or inability or delay in obtaining supplies of adequate or suitable currency, provided that, if the event in question continues for a continuous period in excess of 30 days, the Client shall be entitled to terminate the Order.
5.8 Neither party shall be liable to the other party in contract, tort, negligence, breach of statutory duty or otherwise for any loss, damage, costs or expenses of any nature whatsoever incurred or suffered by that other party of an indirect or consequential nature, including without limitation any loss of profits, business or goodwill, anticipated savings, loss caused by any third party, even if such loss was reasonably foreseeable.
5.9 Subject to clause 5.10, CFX's liability under or in connection with any and all Orders, whether arising in contract, tort, negligence, breach of statutory duty or otherwise, shall not exceed £50,000 (fifty thousand pounds sterling) in aggregate.
5.10 CFX does not purport to limit its liability for death or personal injury or fraudulent misrepresentation.
5.11 The limitations of liability in this clause 5 shall be construed and applied in accordance with clause 8.4 and the failure or unenforceability of any provision shall not affect the enforceability of the remaining provisions of this clause 5.
6.1 CFX reserves the right to close out or terminate all or part of any Orders if:
i) the Client fails to make a payment for an Order when due and in accordance with the terms; or
ii) the Client is made bankrupt or otherwise insolvent or
iii) any other breach by the Client under these Terms; or
iv) CFX is requested to do so by any regulatory body or considers it desirable or necessary to do so for its own protection or as required by law.
6.2 If the Client becomes aware of any event referred to in this clause, the Client shall give CFX notice of this immediately.
6.3 Without limitation to any other rights and remedies CFX may have, if the Client wishes to alter or terminate the terms of an Order and CFX is willing to agree to this, the Client shall be liable for any losses due to a change in the value of the contract through currency movement. Such charges are to be paid within 48 hours of CFX's consent to the alteration or termination. The client should also refer to the Fees Schedule for details of the fees applied.
6.4 CFX may decline to provide any reason for the close out or termination of any Order
7. Notices and Service
7.1 Documents may be sent by fax, email or post. Documents shall be sent to the last known address, email address or fax number given by each party from time to time.
8. Fund transfer and the Payment Services Regulations
8.1 CFX may accept Your instructions for a Payment Order using any form of communication CFX considers to be appropriate including letter, fax, email or telephone.
8.2 CFX may decline to act on any communication, even if CFX has told You it will in general accept that type of instruction. CFX may do this in particular if CFX considers that there is doubt about the validity of the communication and it is in CFX's or Your interest to query it with You. Subject to any legal or regulatory requirements which may apply, CFX will act upon any instruction, agreement or arrangement without enquiring about its purpose, or the circumstances in which it is given, or about the disposition of any proceeds.
8.3 The language of these Terms and Conditions shall be English and all information provided, made available and notified to You shall be in English.
8.4 You may be provided with a further copy of these Terms and Conditions upon request.
8.5 Immediately after a Payment Order is received from You, CFX shall provide to You the following information:
- a reference enabling You to identify each Payment Transaction and, where appropriate, information relating to the Beneficiary;
- the amount of the Payment Transaction in the currency used for the Payment Transaction;
- the amount of any charges and transfer fees (if applicable) for the Payment Transaction payable by You;
- where applicable, the exchange rate used in the Payment Transaction by Us and the amount of the Payment Transaction after that currency conversion; and
- the date of receipt by Us of Your Payment Order.
8.6 If You require information on an individual Payment Transaction before sending Us an instruction, please contact Us.
8.7 We have an obligation to disclose certain payer details to intermediaries in accordance with Regulation EU 2015/847 on information on the payer accompanying transfers of funds and You authorise Us to do this.
9. Fees and Charges
9.1 These terms and conditions set out how, when and what We charge for the services We provide.
9.2 In the event that We make any charges, You authorise Us to deduct those charges from the Payment Transaction before sending it. If We deduct any charges, We will notify You before We accept a Payment Order from You and additionally give You details in the contract note We issue after a Payment Order is accepted. Details will also be available on Your Online Account.
9.3 If Your Payment Transaction is going to an EEA country We can only accept the instruction on the basis that the Beneficiary pays any charges made by their bank or payment provider.
9.4 We do not apply charges of Our own, however charges may occasionally be applied by third party banks before We receive Your funds.
9.5 The following fees are applicable;
- £25 – SWIFT payment detail amendment
- £25 – To trace a payment sent
- £25 – To attempt to recall a payment already sent
- £50 – Administration fee for late settlement of a payment instruction, plus £20 per day.
10. Payment transactions
10.1 In order for a Payment Transaction from You to be properly remitted, You must provide Us with the information or unique identifier which is necessary for the proper execution of the Payment Transaction. If this information is incorrect, it could result in the payment transaction being delayed or the funds transferred being lost. The information could comprise the Beneficiary's bank sort code and account number or, where applicable, the Beneficiary's SWIFT number, BIC number and IBAN number.
10.2 Unless otherwise instructed by You, We will remit Your funds once the Payment Order has been settled and You have provided Us with the Beneficiary details. We will take this as consent that You wish the funds to be transferred to the Beneficiary account. Amendments to Your Payment Order may give rise to additional charges (see 9.1.5)
10.3 We will execute Payment Transactions so that the amount to be transferred reaches the Beneficiary's payment service provider no later than the end of the next business day if the payment is within the EEA or by the third business day for payments outside of the EEA after settlement date of the Order. We must receive Payment Orders before 3.00 UK time for payments in Euros or 4.30 UK time for other currencies. When your Payment Order is accepted after this time We will deem the instruction to have been received on the next business day. Payment Orders received on days which are not business days for Us will also be deemed to have been received on the next business day.
10.4 Once We receive Your Payment Order, You cannot revoke it unless You inform Us that You withdraw Your consent no later than the business day before the agreed day of the Payment Transaction.
10.5 Where we receive a Payment Order from You for execution on a specific day, You agree that the time of receipt is deemed to be that specific day on which We are to execute the Payment Order.
10.6 It is Your responsibility to ensure that the funds You pay to Us are sufficient to make each and every Payment Transaction which You authorise Us to make. We will not make any Payment Transaction instructed by You unless You have paid to Us sufficient funds first.
We have the right to refuse to accept a Payment Order or inbound payment and to refuse to execute any Payment Transaction for any of the following reasons:
- any condition in these Terms and Conditions has not been satisfied;
- execution would be unlawful;
- execution would expose CFX to a level of risk it considers to be unacceptable.
10.7 With Your permission, Account Information Service Providers (AISPs) may obtain access to Your account allowing You to view all Your online Payment Accounts, with various payment providers in one place. You should consider carefully the risks involved in granting such access, including whether the AISP is authorised by the FCA to provide such a service. If You have a dispute with the AISP the matter will have to be resolved directly with them.
10.8 With Your permission, Payment Initiation Service Providers (PISPs) may obtain access to Your account allowing You to initiate payment orders from Your Caxton Payment Account. You should consider carefully the risks involved in granting such access, including whether the PISP is authorised by the FCA to provide such a service. If You have a dispute with the PISP over a Payment Order initiated through a PISP the matter will have to be resolved directly with them. If we believe the Payment Order to be fraudulent or Your account has been accessed in an unauthorised manner We will refuse the transaction.
10.9 If any Payment Order is declined You may contact Us using the contact details set out in clause A of these Terms and Conditions or via Our Website. If We have declined the Payment Order We will, where reasonably possible (and where We are not prevented from so doing by law or regulation) contact You to tell You why the Payment Order was declined at the earliest opportunity after We receive Your instruction. If the reason for Our declining the Payment Order was based on incorrect information, We will agree with You what needs to be done to correct that information.
10.10 You agree that We may retain funds received by Us for Your benefit until Our security validation, verification and anti-money laundering procedures have been completed before You may instruct Us to transfer them.
11. Liability and refunds
11.1 The extent of Your liability for any losses You incur in respect of an unauthorised Payment Transaction:
- arising from the use of lost or stolen personalised security features or procedures agreed between Us and You for Your use in order to give Us Payment Orders, including (without limitation) an unauthorised Payment Transaction through any electronic communication, is a maximum of £35, or
- where You have acted fraudulently or have with acted with gross negligence is the full amount of those losses.
11.2 You may be entitled to redress for an unauthorised or incorrectly executed Payment Transaction only if You notify Us without undue delay on becoming aware of any unauthorised or incorrectly executed Payment Transaction, and in any event no later than 13 months after the debit date.
11.3 Where You initiate a Payment Order, We are responsible to You for the correct execution of the Payment Transaction unless the Beneficiary’s payment service provider received the amount of the Payment Transaction in accordance with the Payment Transaction execution times set out in clause 10.3 of these Terms. You may request that We make immediate efforts to trace the Payment Transaction and notify You of the outcome.
11.4 Where We are liable to You as payer under clause 11.3 for a non-executed or defective Payment Transaction, We will refund to You the amount of the non-executed or defective Payment Transaction by the end of the next business day.
11.5 Notwithstanding anything to the contrary in these Terms and Conditions, We shall not be liable to You if We are prevented, hindered or delayed from or in performing any of Our obligations under these Terms and Conditions due to abnormal and unforeseeable circumstances beyond Our control.
11.6 If You provide incorrect details for a Payment Transaction We will make every reasonable effort to recover the funds. If We cannot recover the funds We will provide You with all relevant information to enable You to pursue Your own recovery action.
11.7 If the You receive a Payment Transaction to which You are not entitled, We are required to share Your personal information with the payment provider that sent the payment so that they may contact You directly to enable recovery.
11.8 You must maintain up to date anti-virus protection on the device from which You access Your Caxton account. You must also remain vigilant and check that You are accessing only the proper Caxton website at all times.
11.9 You will be liable for any debit balance that may arise due to properly authorised transactions. Any debit balance that arises is repayable on demand.
12. Modifications to Terms and Conditions
12.1 We will notify You in writing at least 2 months before We make any change to these Terms and Conditions. You will be deemed to have accepted any such change if You do not notify Us to the contrary before the date on which any such change comes into effect. However, if You choose not to accept any such change, Our notice of the change shall be deemed to be notice of termination and our relationship pursuant to these Terms will terminate the day before any change comes into effect.
12.2 You may terminate our relationship under these Terms by giving us at least 1 month's notice. We shall not charge You for the termination of our relationship under these Terms after the expiry of 6 months from its commencement. We may terminate our relationship under these Terms by giving You at least 2 months' written notice. Such termination will not release You from any liability in respect of any sums owing to Us or from any previous liability for any act performed by Us in accordance with instructions received from You.
13.1 We aim to provide the highest level of customer service possible. If You do experience a problem, We will endeavour in all cases to provide You with a final response within 15 working days. Occasionally, for reasons beyond Our control, We may take 35 working days to issue a final response. We will inform You if this will be the case. If You would like to make a complaint, please refer to Our Complaints Policy for details of Our internal process for dealing with complaints promptly and fairly. Our Complaints Policy is available on Our Website or by contacting Your account manager.
13.2 We will fully investigate any complaint and try to reach a satisfactory conclusion. Complaints may be recorded and monitored for Our internal use; We may submit an anonymous summary of complaints made to Us during a particular period of time to Our regulator. If You are not satisfied with Our final response You may be able to refer Your complaint to The Financial Ombudsman Service, Exchange Tower, Harbour Exchange Square, London E14
14.1 Nothing in these Terms shall be deemed to create a partnership or joint venture or agency relationship between the parties or confer any right or benefit to any third party.
14.2 These Terms are the conditions in force at the date of this Agreement and shall not be superseded, or modified except with written consent by CFX.
14.3 No oral representation by CFX, its employees or agents shall be binding on CFX or shall form part of these Terms, and except as set out above all conditions, warranties or other terms implied by statute or common law are hereby excluded to the fullest extent permitted by law.
14.4 Should all or part of any of these Terms be deemed unenforceable or illegal, the remaining terms or parts thereof will nevertheless continue in force and effect to the fullest extent permitted by applicable law.
14.5 The Client warrants that it is acting as principal and has full legal capacity to agree to these Terms.
14.7 Words shall have the meanings given to them in these Terms or if not defined, their usual meaning in the UK currency markets. The Client should also refer to the Definitions section of this document. Any dispute as to the meaning of any word shall be determined by an independent expert agreed by the parties, whose decision shall be final and binding on the parties.
14.8 The parties agree and consent to the recording of telephone conversations between the parties or their representatives without an automatic warning tone. The parties agree to the use of any such recordings as evidence in any dispute or anticipated dispute between the parties.
14.9 These Terms shall be governed by and construed in accordance with English law and subject to the jurisdiction of the English courts.
14.10 The data provided in this document is for information purposes only. It does not constitute advice nor is it intended as a solicitation for funds or recommendation to trade. Caxton FX Ltd accepts no responsibility for any loss suffered or damages sustained through any act or omission taken as a result of any of the information herein.
These terms and conditions apply to Your prepaid Card. You should read them carefully before accepting them. You accept them by ticking the box “[I confirm that I have read, understood and agree to the Caxton FX Limited ("CFX") prepaid Currency Card terms and conditions]” as part of Your online registration. In these terms and conditions "You" or "Your" means the named Cardholder and the authorised user of the Card. "We", "Us" or "Our" means Valitor Payment Services Limited or the Programme Manager, as the context may require.
1. Contact details
Your Card can be managed online at myaccount.caxtonfx.com You may report Your Card lost or stolen by calling 0333 123 1812 or +44 (0) 20 7201 0526.
If there is anything You do not understand or agree with please contact Us using Our Contact Details:
- Telephone: 0333 123 1812 or +44 (0) 20 7201 0526 from outside the UK;
- Mailing address: Caxton FX Ltd 11th Floor Portland House, Bressenden Place, London SW1E 5BH;
- Email: [email protected].
You can download a copy of the Agreement at any time from Our Website. We will also send You an electronic copy of the Agreement by e-mail upon Your request.
In these terms and conditions (“Agreement”) the following words and expressions have the following meanings:
“Account” means the prepaid e-money account associated with a Card
“Account ID and Password” means a set of personal codes selected by the Cardholder to access their online Account associated with the Payment Services
“Additional Card” means any additional card associated with the Account and issued to a person (“Additional Cardholder”) at any time after the successful registration of the Account
“Agreement” means this Agreement of open-ended duration between You and Us incorporating these terms and conditions, as amended from time to time
“ATM” means an automated teller machine
“Authorised” means an act of authorising the payment transfer by using the Card together with (i) the PIN or with (ii) the CVV code and Expiry Date or with (iii) the signature of the Cardholder
“Available Balance” means the value of unspent funds loaded onto Your Account and available to use in a Card Currency
“Business Day” means a day other than a Saturday or Sunday on which banks are open for business in the UK
“Card” means any or all of the following, as the context suggests: (1) a Primary Card, which is a personalised Mastercard consumer prepaid card provided by Us to You, (2) any Card provided by Us to You as a replacement for a Card
“Card Currency” means 1. GBP; 2. EUR; 3. USD; 4. AUD; 5. CAD; 6. NZD; 7. HKD; 8. CHF; 9. JPY; 10. DKK; 11. ZAR; 12. PLN; 13. SEK; 14. NOK; 15. HUF.
“Cardholder” means Primary Cardholder and/or Additional Cardholder, as the context may require
“Cardholder Services” means [email protected] or 0333 123 1812 or +44 (0) 20 7201 0526
“Card Not Present” means a contract (subject to exceptions) concerning goods or services concluded between a supplier and a consumer under an organised distance sales or service provision scheme run by the supplier who, for the purpose of the contract, makes exclusive use of one or more means of distance communication up to and including the moment at which the contract is concluded. Where “distance communication” is any communication by which, without the simultaneous physical presence of the supplier and the consumer, may be used for the conclusion of a contract between those parties
“EEA” means European Economic Area
“e-money” means electronic money as defined under section 2(1) of the Electronic Money Regulations 2011 (as amended from time to time)
“Expiry Date” means the expiry date printed on the Card
“Fees & Limits Schedule” means the schedule contained herein
“Fee” means any fee payable by the Cardholder, as referenced in the Fees & Limits Schedule
“Issuer” means Valitor Payment Services Limited.
“KYC” means Know Your Customer, which stands for requirements for knowledge of and information on customers of regulated entities or for regulated activities in order to comply with anti-money laundering and counter-terrorist financing law
“Limitation Period” means the period of twenty (20) years following the termination of the Agreement
“Merchant” means a retailer or any other person that accepts payment via the System
“Payment Order” means the Merchant’s payment service provider’s instructions to Us to execute a Transaction following Your authorisation of the Transaction
“Payment Services” means all payment and e-money services and any related services available to the Cardholder through the use of the Account and/or Card
“PIN” means the personal identification number necessary to access the Payment Services
“Primary Card” means the first Card issued by Us to the Cardholder (“Primary Cardholder”) in response to registration of the Account where the Primary Cardholder has successfully applied for a Payment Service and has been issued with at least one Card by Us and who is the legally and financially responsible person for the Payment Services
“Programme Manager” means Caxton FX Limited, a company registered in England and Wales with number 4610337, of Portland House, Bressenden Place, London SW1E 5BH
“System” means Mastercard and its payment network
“Transaction” means realising: (i) a payment, or a purchase of goods or services from a Merchant where payment is made (in whole or in part) by use of the Payment Services, including where payment is made over the Internet, by phone or mail order or (ii) a cash withdrawal made from an ATM or bank using a Card plus any transaction fees charged by Us in connection with Your cash withdrawal
“Wallet” means a designated currency account (relating to Your Card) to which You are able to load funds for the purpose of accessing Your e-money
"We", "Us" or "Our" means Valitor Payment Services Limited, a company registered in England and Wales with number 8053178 and/or the Programme Manager, as the context may require
“Website” means www.caxtonfx.com
“You” or “Your” means the named Cardholder and the authorised user of the Card
3. This Agreement
The Agreement governs the relationship between You and Us for the provision of the Payment Services by Us to You. This Agreement also contains important warnings and information that may affect Your rights and Your ability to recover Your money. You accept the Agreement by ticking the box “[I confirm that I have read, understood and agree to the Caxton FX Limited ("CFX") prepaid Currency Card terms and conditions]” as part of Your online registration. This Agreement does not give You any rights against the System, its affiliates or any third party. The Card remains the property of Valitor Payment Services Limited and is not transferable to anyone else.
4. Your Caxton Mastercard prepaid Card
You can use the Card at any location that displays the Mastercard acceptance mark, including online or on the telephone. The primary purpose of the card is for use overseas. Where You have requested an Additional Card, You authorise Us to issue a Card and a PIN to the Additional Cardholder and You authorise each Additional Cardholder to authorise Transactions on Your behalf. Additional Cardholders must be 13 years of age or over.
Your Card is an e-money prepaid card, it is not a credit, charge or debit card. You will not earn any interest on any funds loaded on Your prepaid Card. As the Payment Services are prepaid payment services and not a credit or bank product, You must therefore ensure that You have a sufficient Available Balance to pay for each purchase, payment or cash withdrawal that You make using the Payment Services (including value added tax and any other taxes, charges and fees that are applicable). If for any reason a Transaction is processed and the Transaction amount exceeds the Available Balance, You must repay Us the amount of such excess immediately and We will be entitled to stop any existing or subsequent Transactions from proceeding.
5. Applying for and activating Your prepaid Card
To apply for the Card You must be at least 18 years old and a UK resident. We will require evidence of who You are and Your address for Our KYC procedures. We may ask You to provide some documentary evidence to prove this and/or we may carry out checks on You electronically. We do not charge a fee for the first Card being applied for but we may take an initial load of between £10 and £1,000, as requested by You in Your, application, which will be added to Your Available Balance when the card is generated.
Please refer to Our Website for all Card loading options, or refer to the "Loading Your prepaid Card" clause below. You will also need to set up Your online account before You can start using Your Card. To do this, please visit Our Website and follow the simple steps to set up Your account.
You must sign the signature strip on the back of the Card as soon as it is received.
6. Loading Your prepaid Card
Funds can be loaded to Your Card in a number of ways (Internet top up, phone top up, smartphone app), however, Your first load must be made online. Simply follow the instructions on the Website.
The minimum load value for subsequent loads, that is loads after the first load, is £50. We reserve the right to change the load limits and information will be provided during the load process. Your Card cannot be loaded more than twice in 24 hours.
The maximum Available Balance on your Card aggregated across all currencies balances, can never exceed the currency equivalent of £12,000 at any time. We reserve the right to refuse to accept any particular loading transaction.
7. Service limits
Transactions may be restricted by Card type, individual usage patterns and payment risk profiles. For anti-money laundering and anti-fraud reasons We reserve Our right to change particular payment restrictions (including from those published or included herein) without notice and to the extent required to meet Our regulatory obligations. See further information on service limits on www.caxtonfx.com.
8. Use of the Payment Services
You will need access to the Internet in order to use the Payment Services. You can use the Payment Services up to the amount of the Available Balance for Transactions (i) via the Internet, (ii) at Merchants and (iii) to make cash withdrawals from ATMs. If the Available Balance is insufficient to pay for a Transaction, some Merchants will not permit You to combine use of a Card with other payment methods.
We will deduct the value of Your Transactions from the Available Balance on Your Card. We will also deduct any applicable fees as soon as they become payable based upon the Fees & Limits Schedule. A domestic ATM Transaction Fee is payable in respect of cash withdrawals made at domestic ATMs using Your Card. In addition, Your withdrawal may also be subject to any applicable fees, limits, rules and regulations of the relevant ATM operator or bank. It is Your responsibility to check whether any such additional fees apply, as they cannot be refunded once the cash has been withdrawn.
In order to protect You and Us from fraud, Merchants and ATM operators will seek electronic authorisation before processing any Transaction. If a Merchant or ATM operator is unable to get an electronic authorisation, they may not be able to authorise Your Transaction.
Like other payment card issuers, We cannot guarantee a Merchant, an ATM operator or a bank will accept Your Card. We may at any time suspend, restrict or terminate Your Card and/or Your Account, refuse to issue or replace a Card or refuse to authorise a Transaction for reasons relating to the following:
- if We have reasonable grounds to believe that the security of your Card has been compromised or suspect that Your Card is being used in an unauthorised or fraudulent manner;
- if there are insufficient funds on Your Card at the time of the Transaction to cover the amount of the Transaction and any applicable fees;
- if there is an outstanding Shortfall (as defined in clause 15) on the Card in accordance with clause 16;
- if We have reasonable grounds to believe that You are acting in breach of this Agreement;
- if We have reasonable grounds to believe that the Transaction is potentially suspicious or illegal (for example, if We believe that the Transaction is being made fraudulently) or because of errors, failures (whether mechanical or otherwise) or refusals by Merchants, payment processors or payment schemes processing Transactions, or
- if We need to do so in order to comply with the law.
If We do this, We will inform You of the action taken and its reasons in advance or, if that is not possible, immediately after, unless to do so would compromise reasonable security measures or be otherwise unlawful. We will reactivate Your Account and/or Card and where appropriate issue You with a replacement Card if after further investigations we reasonably believe that the reasons for the action no longer apply.
The Primary Cardholder will remain responsible for the use of the Payment Services, and will continue to be regarded as the holder of any funds already or subsequently loaded on the Account.
Your ability to use or access the Payment Services may occasionally be interrupted, for example, if We need to carry out maintenance on Our systems. Please contact Cardholder Services via Our Website to notify us of any problems You are experiencing using Your Card or Account and We will endeavour to resolve them.
9. Conditions of use at certain Merchants
In some circumstances We or Merchants may require You to have an Available Balance in excess of the Transaction amount. For example, at restaurants You may be required to have 15% more on Your Card than the value of the bill to allow for any gratuity or service charge added by the restaurant or You.
By way of example if You use Your Card at an automated fuel dispenser (“pay at the pump”), the Merchant may preauthorise the Transaction amount up to £100.00 or more. If Your Card is declined, even though You have sufficient funds available, You should pay for Your purchase using Your Card inside with the cashier. If You use Your Card at a hotel, for a car rental purchase, or for similar purchases, the Merchant may preauthorise the Transaction amount for the purchase amount plus up to 20% or more to ensure there are sufficient funds available to cover tips or incidental expenses incurred. Any preauthorisation amount will place a “hold” on Your Available Balance until the Merchant sends Us the final payment amount of Your purchase. Once the final payment amount is received, the preauthorisation amount on hold will be removed. It may take up to thirty (30) days for the hold to be removed. During the hold period, You will not have access to the preauthorised amount.
Some Merchants may not accept payment using Our Payment Services. It is Your responsibility to check the policy with each Merchant. We accept no liability if a Merchant refuses to accept payment using Our Payment Services.
10. Keeping Your Card secure and Your liability
You are responsible for Your Card, Account, PIN, Account ID and Password. Do not share Your Card or Account security details (PIN, Account ID and Password) with anyone.
You must take all reasonable steps to keep Your Account, PIN, Account ID and Password safe, and separate from Your Card or any record of Your Card number, and not disclose it to anyone else. This includes:
- not keeping Your PIN with Your Card;
- not storing the PIN on a device which is not password protected or on a device which is accessible to others;
- never sharing Your PIN with anyone;
- when entering Your PIN, taking all reasonable steps to ensure it cannot be observed by others;
- not entering Your PIN into any terminal that appears to be modified or suspicious, and
- if You believe that anyone has gained unauthorised access to Your PIN, notifying Us without undue delay following the procedures in clause 17.
You may need a PIN in order to make payments at a Merchant and will need a PIN to make cash withdrawals (from an ATM or a bank) with the Card. The PIN can only be obtained by logging into Your account and using the PIN reveal facility.
If You forget Your PIN, the PIN can be obtained by logging into Your account and using the PIN reveal facility
The Primary Cardholder created or was given an Account ID and Password when activating the Primary Card. You will need this Account ID and Password to perform the following functions in relation to Your Payment Services online:
- changing Your registered details;
- checking the amount of Available Balance;
- checking Transaction details;
- reporting Your Card as lost or stolen;
- changing Your Password.
The Payment Services may only be used by the Cardholder.
We recommend that You check the balance on Your Card regularly online on the Website. We will provide the Cardholder with the Available Balance and a statement of recent Transactions on the Account either by electronic means or on Our secure webpage at any time. We also recommend and instruct You to go thoroughly over all Your Transactions on a regular basis online on the Website. Your statement will show:
- information relating to the Merchant and the Transaction reference;
- the amount of the Transaction shown in the currency in which the Transaction was debited to the Account;
- the amount and breakdown of charges for the Transaction;
- the exchange rate We used in the Transaction, if any, and the amount of the Transaction after the currency conversion, and
- the date the Transaction was debited to the Account.
You will be liable for all losses, including any related fees and charges, for any unauthorised Transaction if We can show that You have (i) acted fraudulently or (ii) failed with intent or gross negligence to use and keep safe Your Card, PIN, Account ID and Password in accordance with this Agreement.
You will also be liable for all losses, including any related fees and charges, for any unauthorised or incorrectly executed Transaction if You fail to notify Us without undue delay on becoming aware of the Transaction, and in any event within thirteen (13) months of the Transaction debit date.
In all other circumstances Your maximum liability will be as set out in this clause 10 and in clauses 17 and 19.
If You believe that someone else knows Your Account or Card security details, You should contact Us without undue delay.
Once any Card on Your Account has expired or if it is found after You have reported it as lost or stolen, You agree to destroy it by cutting it in two through the magnetic strip and chip.
You agree to indemnify and hold Us harmless from and against all reasonable costs of any legal action taken to successfully enforce this Agreement arising out of a material breach of any of the terms and conditions of this Agreement by You or by Your fraudulent conduct.
11. Authorising Transactions
Subject to the features of a particular Card, the authorisation of a Transaction can include authorising any single Transaction, a series of or recurring Transactions (including Transactions for an indefinite period) or pre-authorising future Transactions of a certain or uncertain amount. A Transaction will be regarded as Authorised by You where You:
- authorise the Transaction at the point of sale by following the instructions provided by the Merchant to authorise the Transaction, which may include:
- entering Your PIN or providing any other security code;
- signing a sales voucher;
- providing the Card details and/or providing any other details as requested; and/or
- waving/swiping the Card over a card reader or inserting Your Card into a card reading device for the purpose of making a payment;
- insert a Card and enter Your PIN to request a cash withdrawal at an ATM, or
- make a request for a cash advance at a bank counter.
Once a Transaction is Authorised, it cannot be withdrawn or revoked unless both the Merchant and We agree to allow You to revoke it at Our discretion. However, the following Transactions may be withdrawn if You, or an Additional Cardholder, give notice to the Merchant and provide a copy of the notice to Us:
- any Transaction which is agreed to take place on a date later than the date it was Authorised as long as the notice was provided no later than the close of business on the Business Day before it was due to take place; and
- continuous payment debits as long as notice was provided no later than the close of business on the Business Day preceding the day agreed for the withdrawal.
Within the EEA We will ensure transfer of the payment to the payment service provider of the Merchant by the end of the next Business Day following the receipt of the Payment Order. If the payment service provider of the Merchant is located outside the EEA, We will effect payment as soon as possible. If We receive the Payment Order after 4:30 pm, it will be deemed received by Us on the following Business Day.
12. Communications regarding Your Account
You can check Your Available Balance and Transaction history at any time by logging onto Your online Account. The online service is free and You can subscribe to different forms of Card statements there. You can also check Your Available Balance and Transaction history by phoning 0333 123 1812 or +44 (0) 20 7201 0526, during normal business hours.
13. Cancelling the Card and terminating the Agreement
If You are the Cardholder and You wish to cancel the Payment Services or terminate this Agreement at any time, You must request cancellation or termination online by sending an e-mail to [email protected] informing Us of Your wish to cancel or terminate and to claim a refund of Your Available Balance. You must e-mail Us from the e-mail address registered on the Account. Our Cardholder Services department will then suspend all further use of Your Payment Services.
Once We have received all the necessary information from You and We have completed and are satisfied with the outcome of applicable anti-money laundering, fraud and other illegal activity checks (including KYC) and once all Transactions and applicable fees and charges have been processed, we will refund the Cardholder any Available Balance less any fees and charges payable to Us, provided that We are not required to withhold Your Available Balance by law or regulation, or at the request of the police, a court or any regulatory authority.
If Your Card is cancelled and Your Account closed or if this Agreement is terminated by You, You must tell Us what You want Us to do with the Available Balance within three (3) months of the date of any such cancellation, closure or termination. We reserve the right not to return the Available Balance to You for up to ninety (90) Business Days from the date of any such cancellation, closure or termination to ensure that details of all Transactions have been received.
We can return the Available Balance to the loading source or Your bank account. Please note We will need to verify Your identity in order to satisfy anti-money laundering requirements before We return the Available Balance to You. If You do not contact Us within the three (3) months, the Available Balance may be returned to the loading source. If it is not possible to return the Available Balance to the loading source, We will hold it and You will be able to redeem it in accordance with clause 15.
Subject to clause 20 a Redemption Processing Fee will be charged (see clause 21 for the Fees and Limits Schedule) if You cancel the Card before its Expiry Date unless You have arranged to transfer any unused funds to another prepaid card managed by the Programme Manager, or You cancel Your Card within fourteen (14) days of receiving it.
If, following reimbursement of Your Available Balance, any further Transactions are found to have been made or charges or fees incurred using the Card or We receive a reversal of any prior Transaction, We will notify You of the amount and You must immediately repay Us such amount on demand as a debt.
14. Right to cancel (“Cooling-Off Period”)
You have a legal right to cancel Your Card free of charge up to fourteen (14) days after You receive it but subject to deduction of any reasonable costs, as permitted by law, incurred by Us in the performance of any part of the provision of Payment Services before You cancel - this fourteen (14) day period is known as the "Cooling-Off Period".
If You contact Us within this fourteen (14) day period and inform Us that You wish to withdraw from this Agreement, You must not use the Payment Services. We will then cancel the Payment Services and reimburse the amount of Available Balance on the Account to the Cardholder. However, We reserve the right to hold Available Balance for up to ninety (90) Business Days from receipt of Your instructions to ensure that details of all Transactions have been received. Whenever a currency other than a Card Currency is unloaded/removed from the Card before, during or after the fourteen (14) day Cooling-Off Period, it will be exchanged at the current buyback rate - not the rate at which the funds were initially loaded.
After the Cooling-Off Period You may only cancel the Payment Services as described in clause 13 above.
15. Expiry and redemption
Your Card has the Expiry Date printed on it, after which You may not use the Card. However, We will invite You to renew Your Card approximately one (1) month prior to the Expiry Date. You will be contacted by e-mail at Your registered e-mail address, where You will be required to re-confirm Your details and that You require a replacement Card. On issuing a replacement Card, the Available Balance held on Your previous Card will be automatically transferred to Your replacement Card with a new Expiry Date.
Subject to the paragraph above the Available Balance will no longer be usable following the Expiry Date of the Card and this Agreement will terminate. Notwithstanding any Expiry Date Your Available Balance is available for redemption by contacting Us at any time before the end of the Limitation Period. After the Limitation Period Your funds will no longer be redeemable. In the event that You make a request for redemption before the Expiry Date or after one year following the termination of the Agreement, a Redemption Processing Fee may be charged (see Fees & Limits Schedule) subject to clause 20.
We will have the right to set-off, transfer, or apply sums held in the Account or Cards in or towards the satisfaction of all or any liabilities and fees owed to Us by You that have not been paid or satisfied when due.
Authorisation will be requested for a Transaction at the time of the Transaction. In the unlikely event of a Transaction being completed, for any reason whatsoever, when there are insufficient funds on the Card for that Transaction ("Shortfall"), the Shortfall will be repaid by You unless it is due to an error on the part of the Merchant to which the Card was provided by You as the means of payment. Should You not repay this amount immediately after receiving an invoice from Us We reserve the right to take all steps necessary, including legal action, to recover any monies outstanding.
16. Termination and suspension of Payment Services
The Agreement is open-ended and of no fixed duration.
We may terminate the Agreement for any reason by giving You at least two (2) months’ notice. We may terminate the Agreement without prior notice if:
- You breach an important part of this Agreement, or repeatedly breach the Agreement and fail to resolve the matter in a timely manner;
- You fail to pay fees or charges that You have incurred or fail to put right any Shortfall, or
- We are required to do so by law or by the System (for example, where the provision of the Payment Service to You becomes unlawful).
We may also terminate this Agreement or suspend Your Card or Account without prior notice if:
- We reasonably believe Your Card is deliberately being used by You to commit fraud or for other illegal purposes, or
- We discover that any of the information You provided Us with when You applied for Your Card was incorrect.
If We terminate the Agreement without prior notice, We will tell You as soon as We are permitted by law to do so.
17. Lost, stolen or compromised Cards and Your right to refund for unauthorised Transactions
If You know or suspect that Your Card is lost or stolen, or that the PIN is known to an unauthorised person, or if You think a Transaction has been unauthorised, You must tell Us without undue delay by calling Us on 0333 123 1812 or +44 (0) 20 7201 0526 from outside the UK (this is a 24 hour service).
A Transaction will be considered to be unauthorised if You have not given Your consent for the Transaction to be made by authorising it as set out in clause 11. In order to get a refund for any unauthorised Transaction, You must report the Transaction without undue delay upon becoming aware of it or otherwise You will lose Your right to a refund. You will not be able to get a refund for any unauthorised Transaction reported after thirteen (13) months have passed following the debit date of the Transaction.
Despite the possible thirteen (13) month refund period You will not be able to claim for a refund for an unauthorised Transaction if the Transaction was correctly displayed in Your online Account and You failed to inform Us about the Transaction being unauthorised without undue delay upon seeing the Transaction in Your online Account. In this respect We urge You to check Your online Account on a regular basis and review Your Transactions carefully.
When You call Cardholder Services, You will be asked to provide Us with Your Card number where possible and some other identifying details. If there is an Available Balance remaining on Your Card, We will replace the Card unless there is evidence that the notified incident had been caused by Your breach of this Agreement, gross negligence or Your fraudulent conduct. Alternatively, Your Available Balance can be redeemed to You. If We replace the Card, the Card will be delivered to Your home address subject to possible fees - please see the Fees & Limits Schedule in clause 21.
We will immediately refund the full amount of any unauthorised Transaction reported by you, including any associated fees and charges, provided You notify Us of the Transaction in accordance with this Agreement except that:
- if there is evidence that You acted fraudulently or have with intent or gross negligence failed to comply with the Agreement in relation to the use of the Card and safety of the Card’s security details, We will first carry out a prompt investigation to determine whether the Transaction was Authorised by You and will only refund if the investigation shows that the transaction was not Authorised by You, and
- if the Card was lost, stolen, compromised or You have failed to keep Your PIN or other security details safe from misappropriation, You will be liable for losses, before notice is given by You to Us, up to a maximum of fifty (50) GBP (or equivalent in another currency) per instance of loss, theft or misappropriation.
You will be liable for all losses incurred in respect of an unauthorised Transaction where You have acted fraudulently or have with intent or gross negligence failed to comply with the Agreement in relation to the use of the Card and safety of its security features.
Except where You have acted fraudulently You will not be liable for any losses incurred in respect of an unauthorised Transaction arising after You notify Us of the Transaction in accordance with the Agreement or for any losses that occur where Your Card has been used in a Card Not Present environment.
If there is evidence that You checked Your online Account and did not notify Us of the unauthorised Transaction without undue delay, You may not be entitled to a refund.
We reserve the right to investigate any disputed Transaction or misuse of the Card before and after a refund. In order to do so We may need more information and assistance from You and You are required to reasonably cooperate with any investigation by Us or any law enforcement agency or other competent authority. If We refund You following Your claim and subsequently establish that You were not entitled to a refund, We may deduct it from Your Available Balance after notifying You. If You do not have sufficient Available Balance, You must repay Us the amount immediately on demand.
18. Our liability
We will not be liable for any loss arising from:
- Your inability to use the Payment Service as set out in the Agreement or for any reason stated in clauses 10, 13, 16 and other clauses limiting Your use;
- any cause which results from abnormal or unforeseen circumstances beyond Our control, consequences of which would have been unavoidable despite all Our efforts to the contrary, including but not limited to fault in or failure of data processing systems, lack of funds, maximum withdrawal limits set by ATM operators;
- a Merchant refusing to accept Your Card;
- any issue with the goods or services that are purchased with Your Card;
- any loss or theft that is reported with undue delay or more than thirteen (13) months following the debit date of the Transaction in question;
- Our compliance with legal and regulatory requirements;
- Our suspending, restricting or cancelling your Card or refusing to issue or replace it in accordance with clause 8 above, or
- loss or corruption of data unless caused by Our wilful default.
From time to time, Your ability to use Your Card may be interrupted, e.g. when We carry out maintenance to improve and keep the service running for Our customers. If this happens, You may be unable to:
- load Your Card;
- use Your Card to make a payment, and/or
- obtain information about the funds available on Your Card and/or about Your recent Transactions.
We will not be liable for any loss arising from such interruptions.
We are also not liable for:
- business interruption, loss of revenue, goodwill, opportunity or anticipated savings, or
- any indirect or consequential loss arising from Your total or partial use or inability to use Your Card, or the use of Your Card by any third party.
To the fullest extent permitted by relevant law, and subject to clauses 17 and 19, Our total liability under or arising from this Agreement will be limited as follows:
- where Your Card is faulty due to Our default, Our liability will be limited to replacement of the Card or, at Our discretion, repayment to You of the Available Balance;
- where sums are incorrectly deducted from Your Available Balance due to Our fault, Our liability will be limited to payment to You of an equivalent amount, and
- in all other circumstances of Our default, Our liability will be limited to repayment of the amount of the Available Balance.
No party will be liable for, or be considered in breach of this Agreement on account of, any delay or failure to perform as required by this Agreement as a result of any causes or conditions which are beyond such party's reasonable control and which such party is unable to overcome by the exercise of reasonable diligence.
The above exclusions and limitations set out in this clause 18 will also apply to any liability of Our affiliates, such as the Programme Manager, Mastercard International or other suppliers, contractors, agents or distributors and any of their respective affiliates (if any), to You, which may arise in connection with this Agreement.
19. Your right to a refund for Authorised and incorrectly executed Transactions
You may be able to claim a refund for an authorised Transaction if (i) Your authorisation of the Transaction did not specify the exact amount at the time of the authorisation, and (ii) the amount of the Transaction exceeded what You would have reasonably expected taking into consideration Your previous spending patterns and other relevant circumstances. A claim for a refund of such a Transaction must be made within eight (8) weeks from the date on which the funds were deducted from Your Available Balance. We may require You to provide Us with such information as is reasonably necessary to ascertain whether You meet the conditions for the refund. Within ten (10) Business Days of receiving (i) Your claim for a refund or (ii) where applicable, any further information We requested from You, We will either refund the full amount of the Transaction or provide You with justification for refusing the refund.
In order to get a refund for an incorrectly executed Transaction (including non-executed or defectively executed Transaction), You must report the Transaction without undue delay upon becoming aware of it or otherwise You will lose Your right to a refund. You will not be able to get a refund for any incorrectly executed Transaction reported after thirteen (13) months have passed following the debit date of the Transaction.
Despite of the possible thirteen (13) month refund period You will not be able to claim for a refund for an incorrectly executed Transaction if the Transaction was correctly displayed in Your online Account and You failed to inform Us without undue delay about the Transaction being incorrectly executed upon seeing the Transaction in Your online Account. In this respect We urge You to check Your online Account on a regular basis and review Your Transactions carefully.
As soon as practicable after You have notified Us of a disputed Transaction in accordance with this Agreement, You must confirm the disputed Transaction in writing by email or by post, setting out full details of the Transaction and Your reason for disputing it. You must provide Us with all receipts and information that are relevant to Your claim.
Where We are liable for an incorrectly executed Transaction, We will without undue delay refund You the amount of the Transaction, restore Your account to the state it would have been had the defective Transaction not taken place and refund any charges and interest that have arisen as a consequence of the non-execution or defective execution of the Transaction provided You notify Us of the Transaction in accordance with this clause 19.
If We refund You following Your claim and subsequently establish that You were not entitled to a refund, We may deduct it from Your Available Balance after notifying You. If You do not have sufficient Available Balance, You must repay Us the amount immediately on demand.
If You are not satisfied with the justification provided for refusing the refund or with the outcome of Your claim for a refund, You may submit a complaint as described in clause 26.
20. Changes to the Agreement
We may change the Agreement at any time and will notify You by e-mail or other agreed means at least two (2) months before the change is due to take effect unless We are required by law to change the Agreement immediately or if We reasonably consider the change is to your advantage and there is no increased cost to you. You will be deemed to have accepted the notified change unless You tell Us that You do not agree to the change prior to the change being effective, in which case the Agreement will terminate without charge upon expiry of the notice. You also have a right to terminate the Agreement immediately and without charge at any point during the notice. In such circumstances We will refund the Available Balance on the Account in accordance with clause 13 and You will not be charged a Redemption Processing Fee.
The notices and the most recent version of the Card terms and conditions will always be available on the Website. You may also want to check the Website regularly for any notices and changes.
We may make immediate changes to the exchange rate used to convert the amount of a foreign Transaction between two currencies as applicable.
21. Exchange rates, fees and limits
The Card is a multi-currency Card. As such, for a Transaction made in a Card Currency, there is an order of priority to determine which Card Currency is used for the Transaction.
The Card is set up so that You can fully utilise Your entire Available Balance to fund a Transaction. This means that where You do not have funds available on the Card in the currency of the Transaction, either because it is not one of the available Card Currencies on the Card, or because You do not have a sufficient Available Balance in the relevant Card Currency, the Card will use Your Card Currency Available Balances in the default order of priority.
The default order of priority is: 1. GBP; 2. EUR; 3. USD; 4. AUD; 5. CAD; 6. NZD; 7. HKD; 8. CHF; 9. JPY; 10. DKK; 11. ZAR; 12. PLN; 13. SEK; 14. NOK; 15. HUF.
This means that the Card will first take funds from the relevant Card Currency Available Balance, i.e. if the Transaction in question is in US$, the Card will first look to see if You have a sufficient US$ Available Balance and if not, will then work its way through the balances in the above order until the Transaction amount is able to be satisfied.
For a Transaction made in a currency other than a Card Currency, the amount deducted from your Available Balance will be converted to the Card Currency on the day we receive details of that foreign currency conversion. You can find out what the applicable exchange rate was at the time of the Transaction via the Mastercard website. Where a Transaction is performed in a currency different from the Card Currencies the foreign exchange will take place at 2.49% from the Mastercard daily settlement rate.
Please see the Fees and Limits Table below for an explanation of what foreign exchange fees apply in these scenarios.
Fees and limits are subject to variation in accordance with the Agreement. Unless otherwise specified, all fees will be debited in GBP. If there is aninsufficient Available Balance in GBP to pay such fees then We will automatically deduct funds from the Available Balances in other Card Currencies in the following order of priority: 2. EUR; 3. USD; 4. AUD; 5. CAD; 6. NZD; 7. HKD; 8. CHF; 9. JPY; 10. DKK; 11. ZAR; 12. PLN; 13. SEK; 14. NOK; 15. HUF. The following fees and limits apply.
Fees, Charges & Limits in GBP
Although the below values are displayed in GBP, if Your card is loaded in a different currency, Your card will be charged in that currency.
|FEES & CHARGES||GBP|
|Card purchase and Annual Fee||Free|
|Secondary Card purchase (applied to the card balance)||5.00|
|Load and reload||Free|
|Point of sale Transaction - international||Free|
|Point of sale Transaction - domestic||1.50|
|ATM Transaction - international||Free|
|ATM Transaction - domestic||1.50|
|Over the counter cash - international||4.50 plus 2% of withdrawal amount|
|Over the counter cash - domestic||4.50 plus 2% of withdrawal amount|
|FX mark-up where a Transaction is performed in a currency different from the
currencies available on the card
|Available balance enquiry - ATM||0.3|
|Available balance enquiry - online||Free|
|Card replacement fee - damaged/lost/stolen||5.00|
|Redemption processing fee||1.50|
*PIN reminder is available online on Your account or on the app. If You change your PIN at an ATM, Your online account and app will still show the new PIN.
|Maximum single load||12,000|
|Maximum total available balance||12,000|
|Maximum number of loads per day||2|
|Maximum load amount per year||50,000|
|Maximum number of point of sale Transactions per 24-hour period||20|
|Maximum number of ATM withdrawals per 24-hour period||2|
|Maximum value of single ATM withdrawal in a 24-hour period||300|
|Maximum withdrawal amount in 24 hours at ATM||300|
We may charge fees in connection with any of Our services and facilities that You have made use of or requested based on Our Fees & Limits Schedule. The Fees & Limits Schedule is subject to changes, which will be notified to You as set out in clause 20. The most recent update of schedule will be available on the Website.
The foreign exchange rate used for allocating funds from one Card Currency to another Card Currency is set and determined by Us and varies each day. For the exchange rate currently applicable.
22. Cardholder details
You must let Us know as soon as possible if You change Your name, address, phone number or e-mail address. If We contact You in relation to Your Card, for example, to notify You that We have cancelled Your Card, We will use the most recent contact details You have provided to Us. We will not be liable to You if Your contact details have changed and You have not informed Us.
23. Data protection
24. Payment disputes with Merchants
In relation to any dispute between the Cardholder and a Merchant, provided You are able to satisfy Us that You have already made all efforts to resolve the dispute with the relevant Merchant, We will attempt to assist You so far as is reasonably practicable. If there is an irresolvable dispute with a Merchant in circumstances where the Card has been used for a Transaction, You will be liable for the Transaction and will have to resolve this directly with the relevant Merchant.
Unless required otherwise by other provisions of this Agreement, if You have an enquiry relating to Your Card, You can call Our customer service telephone line on 0333 123 1812 or +44 (0) 20 7201 0526 from outside the UK. Calls to 03 numbers cost no more than a national rate call to an 01 or 02 number and must count towards any inclusive minutes in the same way as 01 and 02 calls.
These rules apply to calls from any type of line including mobile, BT, other fixed line or payphone.
This Agreement is concluded in English. All communications with You will be in English.
We may contact You by e-mail, text message or post unless provided otherwise under the Agreement. You must maintain a valid e-mail address, a valid mobile telephone number and a valid address registered with Us and must notify Us of any changes in Your registered details without delay. You agree to check for incoming messages regularly.
Any e-mail will be deemed received as soon as it is sent unless within twenty four (24) hours the sender receives a failure notice indicating that the email has not been transmitted. Any e-mail will be deemed received by the recipient on the day it is received in an e-mail inbox if received before 4.30 pm on a Business Day. If received at any other time, it will be deemed received on the next Business Day.
Any communication or notice sent by post will be deemed received three (3) days from the date of posting for UK post or within five (5) days of posting for international post. Any communication or notice sent by text message will be deemed received the same day.
26. Cardholder complaints
The Card programme is managed by the Programme Manager. If You are not satisfied with Your Card or the way it is managed, tell Us by contacting Us using Our Contact Details in clause 2 so We can investigate the circumstances for You. We will promptly send You the complaint acknowledgement by post or by e-mail and enclose with it a copy of Our Complaints Procedure either as a hard copy or as a pdf file. You may also request to be provided with a copy of Our Complaints Procedure at any time. Details of Our Complaints Procedure can also be obtained on Our Website. Any complaints You have will be dealt with quickly and fairly and You agree to cooperate with Us and provide the necessary information for Us to investigate and resolve the complaint. You may be able to take unresolved complaints to the Financial Ombudsman Service via:
Post: Exchange Tower, London E14 9SR.
Telephone: 0800 023 4567 (landline users) or 0300 123 9 123 (mobile users)
e-mail: [email protected].
27. Compensation and protection of Your funds
The Card is an e-money product and although it is a product regulated by the Financial Conduct Authority, it is not covered by the Financial Services Compensation Scheme. No other compensation scheme exists to cover losses claimed in connection with the Card. This means that in the unlikely event that Valitor Payment Services Limited becomes insolvent Your funds may become valueless and unusable and as a result You may lose all of Your money.
Valitor Payment Services Limited ensures that once it has received Your funds they are deposited in a secure account with an authorised credit institution separate from the money belonging to Valitor Payment Systems Limited and specifically for the purpose of redeeming Transactions made by Your Card. In the event that Valitor Payment Services Limited becomes insolvent, funds against which Valitor Payment Services Limited has already issued electronic money are protected against the claims made by creditors to Valitor Payment Services Limited estate of a bankrupt
We may assign or transfer this Agreement in whole or in part to another company at any time. If We assign the Agreement to another company, You will be given two (2) months’ notice of this. Unless You tell Us within the two (2) month period that You do not want to continue with the Agreement after the assignment, You agree that We can assign the Agreement in this way. Your rights will not be affected by such assignment should it happen. You may not assign the Agreement to a third party. Your right to terminate the Agreement under clause 13 is not affected.
29. Transfer of funds to a new prepaid Card
We have the right to and may transfer Your Available Balance to a new Card provided by a prepaid card issuer other than Valitor Payment Services Limited at any time. Before We do this You will be given at least two (2) months’ notice of the Card arrangements and the new Card terms and conditions. Unless You tell Us within the two (2) month period that You do not want a new Card from the new issuer, You agree that We can transfer the Available Balance on Your Card to a new prepaid Card provided by the new prepaid card issuer. Your right to terminate the Agreement under clause 13 is not affected.
30. Governing law
This Agreement (including any non-contractual disputed or claims) arising out of or in connection with it will be governed by English law and the English courts will deal with any legal proceedings between You and Us.
31. The Issuer of the Card
Your Card is issued by Valitor Payment Services Limited whose principal office is 1 Fore Street, London EC27 9DT, United Kingdom. Valitor Payment Services Limited is authorised and regulated by the Financial Conduct Authority as an electronic money institution (reference number 900688) and is accordingly permitted to issue electronic money in the UK. Your Card is the property of Valitor Payment Services Limited and is not transferable to anyone else.
Valitor Payment Services Limited is licensed as a principal member of Mastercard.