Please carefully read the following terms and conditions. You acknowledge that you understand and agree to all these terms if you have created or used a card service or have clicked an “I accept” button with respect to the use of Monavate services.

 

For the avoidance of doubt, the Services provided in the UK will be subject to the FCA interpretation of the Payment Services Directive, and Services provided across the EEA will be subject to the Bank of Lithuania (BOL) interpretation of the Payment Services Directive. Where UAB Monavate is unable to provide the Services, Monavate shall provide the Services as an EMD Agent of UAB Pyrros Lithuania.

 

Please note the following risks of using the services, which are set forth in more detail in the relevant sections of these terms and conditions: the Card Issuer may close, suspend, or limit your access to your Card Account if you violate these services, or any other agreement you enter in relation with this service, or as may be otherwise specified in these terms and conditions. The Card Issuer may also use fraud and risk modelling when assessing the risk associated with your Card Account.

 

1. Scope of these Terms and Conditions

1.1. These terms and conditions are between you (User) and Monavate Ltd (the Card Issuer), that is based in The UK and is authorised by the FCA to issue e-money under the electronic money regulations 2011 with FCA reference number 901097.

1.2. In case of services provided in the European Union, these terms and conditions are between you (User) and UAB Pyrros Lithuania (the Card Issuer), who is an electronic money institution and operate in accordance with the licence issued to us by the Bank of Lithuania, authorization code LB000464, licence no. 38, licence is valid from 25th of July 2018. Our activities are supervised by the Bank of Lithuania, which is located at Gedimino pr. 6, LT-01103, Vilnius, Lithuania, telephone no. +370 800 50 500. For more information about the Bank of Lithuania see: Lietuvos bankas (https://www.lb.lt/en/). Information about UAB Pyrros Lithuania is collected and stored in the Register of Legal Entities of Lithuania.

1.3. Monavate is also licensed as a principal member of Mastercard in certain territories

1.4. These Terms and Conditions govern the use of the Card by you as the User. The funds held in your Card Account are held as e-money and no interest will be paid on these. When you make a debit Transaction, the value of the Transaction plus any associated fees payable will be deducted from Your Card Account and used to complete the Transaction.

1.5. Following clauses will not be applicable for services provided by UK based electronic money institution Monavate Ltd: 5; 8; 9; 10; 11; 15.2; 15.3; 15.4; 15.5; 17.13; 17.14; 17.15; 17.16; 17.17; 18.7; 18.8; 18.9; 18.10; 18.11; 18.12; 18.13; 18.14; 18.15; 19; 21; 23; 27; 29.2; 30.3; 30.4.

1.6. Following clauses will not be applicable for services provided by Lithuanian based electronic money institution UAB Pyrros Lithuania: 17.1; 17.2; 17.3; 17.4; 24; 28.

 

2. Services

2.1. Monavate is providing the following services:

a. Issuance of electronic money;

b. Issuing of payment instruments;

c. Services enabling cash to be placed and withdrawn on a payment account as well as all the operations required for operating a payment account;

d. Execution of payment transactions;

e. Acquiring of payment transactions.

 

3. Issuance and redemption of electronic money

3.1. When we receive your funds, we will issue electronic money with a value equivalent to the funds you have transferred.

3.2. Upon receipt of your request, we will redeem the electronic money for an equivalent monetary value.

3.3. We may charge an additional fee for the redemption of electronic money if:

a. you request to redeem electronic money before expiry of these Terms and Conditions;

b. you terminate these Terms and Conditions before the term;

c. you request redemption of electronic money more than 1 (one) year after expiry of these Terms and Conditions.

3.4. There are no specific conditions for redemption of electronic money that would differ from the standard conditions for Transfers performed in your Account.

3.5. If you request to redeem your electronic money before these Terms and Conditions expire, you may ask us to redeem some or all of their monetary value.

3.6. You can request redemption of electronic money by generating a Transfer Order from your Account to any other account you choose. You can withdraw electronic money from your Account and in other ways that we support.

3.7. We have a right to impose restrictions on the redemption of electronic money if the Transfer is not possible for valid reasons, for example, we do not make transfers to countries or entities subject to sanctions issued by the European Union, the Office of Foreign Assets Control (OFAC) USA and other related organizations. Valid reasons could cover legal regulation in the payee’s country and technical barriers, but the list of valid reasons is not complete.

3.8. If we can’t refund you the monetary value of the electronic money for the reasons beyond our control, we will notify you immediately. You will have to provide us with the details of another account or provide us with any additional information which will be necessary for us to make the refund.

3.9. We will redeem the full value of the electronic money if you apply for redemption upon expiry of the Terms and Conditions but not later than within 1 (one) year from the expiry of these Terms and Conditions.

3.10. The electronic money held on the account is not a deposit. We do not, in any circumstances, pay any interest for electronic money held on the Account and do not provide any other benefits associated with the time period the electronic money is stored.

 

4. Cards issuance

4.1. To be issued a Card You must be at least 18 years old. Before we can issue you a Card, we will need to know some information about you. We will check your identity and where you live. We may use third parties to obtain this information and carry out checks on our behalf, this may include using credit reference agencies. However, a credit check is not performed, and your credit rating will not be affected.

4.2. We will ask for your personal information and documents in order to identify you. Including but not limited to your passport or personal identification card, name and surname, personal identification number, interactive selfie, the purpose for which you seek to open the Account, etc. Only when you provide all requested information and documents we will be able to conclude the Contract. Information on how we process your data shall be provided in our privacy policy.

4.3. We reserve the right to refuse to issue you a Card without giving any explanation. However, we will not provide explanations only in the cases where we have important reasons that do not entitle us to disclose such information or it is prohibited by law.

4.4. If You have any problems with your Card, please contact Customer support.

4.5. If you receive a plastic Card, you must sign it as soon as you receive it and activate it. Activation instructions are set out on the packaging that your Card is attached to. Your Card cannot be used until this is done.

4.6. You shall be responsible for providing correct and accurate information and for any loss that may result from providing incorrect data.

4.7. When your application is approved, these Terms and Conditions will take effect of the Contract.

 

5. Strong customer authentication

5.1. We shall apply Strong Customer Authentication when you, as a payer:

a. log in to your account online or through another remote channel;

b. initiate electronic Transfer;

c. perform any action through a remote channel that may pose a risk of fraud or other misuse.

5.2. You will not incur any financial loss, if we apply Strong Customer Authentication unless you have acted in bad faith.

5.3. Data of Strong Customer Authentication means:

a. your login name (the email you used to register);

b. your password;

c. special code that is sent to your mobile phone before you log in to your account and initiate the Transfer. We will not initiate the Transfer if you don’t enter a special code.

5.4. When you log in to your account and remain inactive for more than 5 minutes, the session will end and you will be asked to login to the Customer’s Account again.

5.5. If you enter incorrect authentication data 3 times in a row, we will block your Customer’s Account. We will notify you before blocking the Customer’s Account. If we block your Customer’s Account, you will have to contact us with regard to provision of new authentication data.

 

6. Loading your card

6.1. Funds can be transferred into your Card Account by you or by another individual or entity using one of the following options:

a. By making a bank transfer

b. By using a debit card

c. By any other Account Holder

This is also defined as Person-to-Person (P2P) transfer.

6.2. Depending on the method you use to load Your Card Account, a fee may be charged, see Fees Summary for details.

6.3. Limits apply to the number of times your Card Account may be loaded in a day. Minimum and maximum load limits also apply, these are set out in the Fees Summary. We reserve the right to refuse to accept any particular load transaction.

 

7. Using your card

7.1. You can use your Card to purchase goods and services anywhere MasterCard® is accepted. You can also withdraw cash at an ATM or over the counter at a financial institution displaying the MasterCard® logo, subject to there being sufficient funds in your Card Account and the Merchant, ATM supplier or financial institution being able to verify this online.

7.2. There are spending and withdrawal limits for the use of your Card, please see Fees Summary for details.

7.3. Be aware that some ATM providers charge additional fees for the use of their ATMs and some Merchants add a surcharge for using certain types of cards. You may also be subject to their terms and conditions of business. It is your responsibility to check before proceeding with your Transaction.

7.4. We reserve the right to decline any Transactions at our discretion.

a. We may at any time suspend, restrict, or cancel your Card or refuse to issue or replace a Card for reasons relating to the following:

i. We are concerned about the security of your Cards or Card Account;

ii. We suspect your Card is being used in an unauthorised or fraudulent manner;

iii. You break an important part of these Terms and Conditions or repeatedly break any term in these Terms and Conditions and fail to resolve the matter in a timely manner; or

b. If We take any of the steps referred to above in Clause 7.4.a., We will tell you as soon as we can or are permitted to do so after we have taken such steps. We may ask you to stop using your Card and return it to Us or destroy it. ‎We will issue you with a replacement Card if after further investigations we believe that the relevant circumstances no longer apply.

c. We may also decline to authorise a transaction:

i. If we suspect your Card is being used in an unauthorised or fraudulent manner;

ii. If sufficient funds are not loaded on your Card at the time of a Transaction to cover the amount of the Transaction and any applicable fees; or

iii. If we believe that a Transaction will break the law;

d. If we refuse to authorise a Transaction, we will, if practicable, tell you why immediately unless it would be unlawful for Us to do so. You may correct any information we hold, and which may have caused Us to refuse a Transaction by contacting Customer support. We shall not be liable in the event that a Merchant refuses to accept your Card or if we do not authorise a Transaction, or if we cancel or suspend use of your Card. Unless otherwise required by law, we shall not be liable for any loss or damage you may suffer as a result of your inability to use your Card for a Transaction.

7.5. You must not spend more money with your Cards than you have in your Card Account. You are responsible for ensuring that you have sufficient funds when you authorise a Transaction. If this occurs, you must pay the overspend to Us immediately. We will take any such action seriously and take any steps necessary to enforce any actions against you.

7.6. You agree that once we notify you of any such overspend by whatever means you must repay it immediately. We reserve the right to deduct an amount equivalent to the overspend from any other Cards that you hold with Us. We may suspend your Card and any other Cards connected to you until we are reimbursed the overspend amount.

7.7. In certain sectors, Merchants such as car hire companies, hotels, restaurants and other service providers will estimate the sum of money you may spend or for which you require authorisation. The estimate may be for greater than the amount you spend or are charged, for example:

a. At restaurants you may be required to have a maximum of 20% more on your Card than the value of the bill to allow for any service charge added by the restaurant;

b. At “pay at pump” petrol pumps (if applicable) you may be required to have an amount equal to the maximum Transaction value permitted at the pump in your Card Account.

c. This means that some of the funds on your Account may be held for up to 30 days until the Merchant has settled the Transaction amount and accordingly, you will not be able to spend this estimated sum during this period. We cannot release such sum without authorisation from the Merchant.

7.8. Merchants may not be able to authorise a Transaction if they cannot obtain online authorisation from us. Any refunds for goods or services purchased with your Card may only be returned as a credit to the Card. You are not entitled to receive refunds in cash.

7.9. We accept no responsibility for the goods or services purchased by you with your Card. All such disputes must be addressed directly with the Merchant providing the relevant goods or services. Once you have authorised your Card to make a purchase, we cannot stop that Transaction.

7.10. Authorising Card Transactions:

a. A Card 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 includes:

i. Entering your PIN or providing any other security code;

ii. Signing a sales voucher;

iii. Providing the Card details and/ or providing any other details as requested;

iv. Waving or swiping the Card over a card reader;

v. Inserting a Card and entering your PIN to request a cash withdrawal at an ATM;

vi. Making a request for a cash advance at any bank counter.

b. Authorisation for a Transaction may not be withdrawn (or revoked) by you after the time we have received it. However, any transaction which is agreed to take place on a date later than the date it was authorised may be withdrawn if you give notice to the Merchant (providing a copy of the notice to us) as long as notice was provided no later than the close of business on the business day before the transaction was due to take place. We may charge you a fee if a transaction is revoked by you under this Section (see the Fees Summary for details).

 

7.11. We reserve the right to apply a monthly maintenance charge, if we do, the amount will be set out in the Fees Summary. You are responsible for all Transactions and fees charged to your Card Account.

 

8. Information required for initiation of payment

8.1. You will be asked to provide the Unique Identifier so that we could properly initiate and execute the Transfer Order.

8.2. The Payment Transaction shall be considered to have been executed correctly if it has been executed upon proper submission of the Unique Identifier.

8.3. We can check the consistency of the Unique Identifier. If it is not consistent, we may refuse to execute the payment transaction and notify you as the Payer.

8.4. To execute the Payment Transaction properly we may request additional information (such as amount and currency, payee’s name, surname, etc.).

 

9. Giving and refusal to give a consent to initiate or execute the payment order

9.1. The payment transaction shall be considered as authorized, if you, as the payer, have given your prior consent to execute it.

9.2. You can give your consent by performing our authentication procedures (e.g. passwords, codes, etc.).

9.3. Written consents must be signed properly.

9.4. You may also give your consent in another format as required by the specific services and/or in a different form specified in the additional contracts between the Parties.

9.5. You may withdraw your consent to execute Payment Transaction at any time before we receive it. We may not be able to cancel the Payment Transaction that has already been executed. You may also revoke your consent to execute several Payment Transactions, in which case all future Payment Transactions will become invalid.

9.6. If the Payment Transaction is initiated by the Payee or the Payment Transaction is initiated through the Payee, the Payer may not cancel the Payment Transaction once the consent to its execution has been given to the Payee.

9.7. If the Parties agree in advance on a specific execution date of the Payment Transaction (instruction), the Payment Transaction may be cancelled at the latest on the day before the agreed date - before the end of this business day.

9.8. Upon expiry of the time limits specified in clause 9.7, the Payment Transaction may be revoked only with the consent of the Parties and, in some cases, the Payee.

 

10. Receipt of the payment order, refusal to execute it and other requirements applicable to the payment order

10.1. As long as there are sufficient funds in your account, we will process your Payment Orders immediately. If there are no sufficient funds, we will not execute the Payment Order.

10.2. We shall consider that the Payment Order is received when we receive it. If the day of receipt of the Payment Order is not a business day, we shall consider it to be received on the next business day.

10.3. We will not debit your Account until we receive the Payment Order.

10.4. The Payment Order received after business hours on a business day shall be considered to have been received on the next business day.

10.5. If we agree to execute the Payment Order on a specific day, that day shall be considered the time of receipt. If the agreed day is not a business day for us, the day of the receipt shall be considered the next business day.

10.6. Payment orders inside our system are executed immediately (up to a few minutes, unless the Payment Order is suspended due to cases set forth by legal acts and these Terms and Conditions), regardless of our business hours.

10.7. If we refuse to execute your Payment Order, we will indicate the reason and we will explain what needs to be done to correct the errors that prevented the Payment Order from being executed, unless it would be impossible to do so or it would contradict legal requirements.

10.8. We may refuse to execute or accept your Payment Order if your rights to manage the Funds are restricted by law or the Payment Orders are suspended in accordance with the requirements of legal acts or competent authorities, except for the cases specified in Clause 10.9 below.

10.9. Where the laws provide that enforced recovery cannot be applied to a certain amount of funds on your Account, we will ensure that you have access to those funds.

 

11. Execution of transfer

11.1. If you have submitted the Transfer Order in Euros within the EU, we will arrange that the respective amount is debited from your account to the Payee’s payment service provider by the end of the next business day, unless specified otherwise.

11.2. If you have submitted the Transfer Order in Euros in Lithuania before 12 a.m., we will arrange that the respective amount is debited from your account and transferred to the Payee’s payment service provider on the same day. If the Payment Order for the respective amount is received after 12 a.m., the funds will be debited from your account and transferred to the account of the Payee’s payment service provider no later than the next business day.

11.3. If the Parties agree to execute the Transfer Order on a specific day, we will arrange that the money is transferred to the Payee’s account on the same day or if that day is not a business day, the next business day.

11.4. If you make a Transfer in a currency other than the Euro within the EU, we will try to ensure that the money is transferred to the Payee’s payment service provider by the end of the next business day, but not later than 4 business days after we receive your Transfer Order.

 

12. Transactions made in foreign currencies

If you use your Card to purchase goods or services or withdraw cash in a currency other than the currency of your Card Account, then such Transaction will be converted to the currency of your Card on the day we receive the details of it. We will use MasterCard ® authorised rates applicable for such a Transaction see https://www.mastercard.us/en-us/personal/get-support/convert-currency.html. A foreign exchange fee will also apply (see Fees Summary for details). Wherever you use your Card, you must always do so in compliance with the laws of that jurisdiction.

 

13. Disputed Transactions

13.1. You may be entitled to claim a refund in relation to Transactions made using your Card where:

a. The Transaction was not authorised under these Terms and Conditions;

b. We are responsible for a Transaction which was incorrectly executed and notified to Us in accordance with Section 18 below;

c. A pre-authorised Transaction did not specify the exact amount at the time of its authorisation and the amount charged by a Merchant is more than you could reasonably have expected taking into account normal spending patterns on the Card or the circumstances of the Transaction. However, a claim for a refund in this circumstance will not be accepted if the amount of ‎the Transaction was made known to you at least 4 weeks before the Transaction date or if the claim is made more than 8 weeks after being debited to your Card Account;

d. We were notified of the unauthorised/incorrectly executed transaction within 13 months of the debit date of such Transaction.

13.2. If any of the above circumstances apply, you should contact the Merchant first as this may lead to a quicker resolution of the dispute. You can also ask Us to investigate the Transaction or misuse of your Card. We will immediately process a refund of the amount of the disputed Transaction. We may need more information and assistance from you to carry out such an investigation.

13.3. If we refund a disputed Transaction to Your Card Account and subsequently receive information to confirm that the Transaction was authorised by you and correctly posted to your Card Account, we shall deduct the amount of the disputed transaction from the funds in your Card Account. If there are no or insufficient funds, then the provisions regarding overspend on your Card Account (see Clause 7.6) will apply.

13.4. If our investigations discover that the disputed transaction was genuine and authorised by you directly or indirectly, or that you have acted fraudulently or with gross negligence, we may charge you an investigation fee (see the Fees Summary for details).

 

14. Card expiry & damage & new cards

14.1. Cards are valid for a period of 36 months from the date of issue. The expiry date of your Card is printed on its back. You will not be able to use your Card once it has expired, nor will you be able to use the funds in your Card Account. We reserve the right to decline to issue a replacement Card.

14.2. If you do not request, nor have we provided you with a new Card following expiry of your Card, any funds remaining in your Card Account will remain for a period of 6 years from the Card expiry date. Your Card Account will be subject to a monthly maintenance charge (see Fees Summary). You may contact Customer support to request your funds be returned to you at any time within the 6-year period. The funds cannot be provided to you in the form of cash (notes and coins). Any funds remaining in your Card Account after 6 years will not be refunded.

14.3. Your Card is valid for the period stated on the Card, unless its use is terminated earlier by Us or you in accordance with these Terms and Conditions.

14.4. If you ask, we may replace a damaged Card, in this circumstance a fee may apply (see Fees Summary for details). You will be asked to provide Us with Your Card number and other information so that we can identify you.

 

15. Refunds

15.1. If you receive a refund of sums paid for goods and services on your Card, the refund amount will be added to the balance in your Card Account.

15.2. You can recover the full amount of Transfers initiated by the Payee if:

a. the exact amount was not specified when the Transfer was approved;

b. the amount of the Transfer exceeds the amount that could reasonably be expected from you.

15.3. We will ask for information on the existence of the conditions specified in Clause 15.2

15.4. You can request such a refund within 8 weeks from the day of debiting the funds from your Account.

15.5. We will refund the full amount within 10 business days of your request for refund or explain why we are not refunding you, as well as indicate the procedure for appealing against the refund refusal. If the amount of the Transfer is refunded to you, the commissions paid to us in relation to the execution of such Transfer shall not be refunded.

 

16. Keeping your card safe

16.1. You must keep your Card safe. Your Card is personal to you and you must not give it to anyone else to use. You must take all reasonable precautions to prevent fraudulent use of your Card.

16.2. You will receive a PIN for your Card and you must keep your PIN safe. This means that when you receive your PIN you must memorise it. You must keep Your PIN secret at all times. You must not disclose your PIN to anyone including friends, family or Merchant staff.

16.3. If you suspect that someone else knows your PIN, change it as soon as possible. You can change it at most ATM's by selecting the "PIN Services'' option or when you log on to Your Card Account. If you forget your PIN, you can access it when you log on to your Card Account.

 

17. Liability

17.1. If You know or suspect that your PIN is known to an unauthorised person, or if you think a Transaction is unauthorised or has been incorrectly executed you must tell Us without delay by contacting Customer support. If You know or suspect your Card is lost or stolen you must contact Customer support straight away.

17.2. Subject to clause 17.3, your maximum liability for any unauthorised Transactions on your Card is £35, unless our investigations show that any disputed Transaction was authorised by you, or you have acted fraudulently or with gross negligence (for example by failing to keep your Card or PIN secure or by failing to notify Us without delay on becoming aware of the loss, theft or unauthorised use of your Card), in which case you will be fully liable for any loss we suffer resulting from the use of the Card.

17.3. You will not be liable for any losses incurred in respect of an unauthorised Transaction if you have exercised reasonable care in safeguarding your Card and PIN and any other log-in details from risk of loss or theft and, upon becoming aware of an unauthorised Transaction or the loss or theft of your Card or PIN or other log-in details, you notified Us promptly. Once you have notified Us of the loss, theft, misappropriation or unauthorised use of your Card or PIN or other log-in details and, provided you have not acted fraudulently or with gross negligence, we will refund the amount of any Transaction that occurs which our investigations show were not authorised by you.

17.4. We reserve the right to charge you for any reasonable costs that we incur in taking action to stop you ‎using your Card and to recover any monies owed as a result of your activities.

17.5. Our liability to you under these Terms and Conditions shall be subject to the following exclusions and limitations. We will not be liable for any loss arising from:

a. Merchant refusing to accept your Card; or

b. Any cause which results from abnormal or unforeseen circumstances beyond our reasonable control or which would have been unavoidable despite all our efforts to stop it; or

c. Us suspending, restricting or cancelling your Card or refusing to issue or replace it if we suspect your Card or Card Account is being used in an unauthorised or fraudulent manner, or as a result of you breaking an important term or repeatedly breaking any term in these Terms and Conditions;

d. Our compliance with any applicable laws;

e. Loss or corruption of data unless caused by our wilful default/wrongdoing.

17.6. Unless otherwise required by law or as set out in these Terms and Conditions, we will not be liable to you in respect of any losses you or any third party may suffer in connection with the Card as a result of our actions which were not a foreseeable consequence of our actions.

17.7. We will not be liable for the goods or services that you purchase with your Card.

17.8. From time to time, your ability to use your Card may be interrupted, e.g., when we carry out maintenance. If this happens, you may be unable to:

a. Load your Card; and/or

b. Use your Card to pay for purchases or obtain cash from ATMs (if applicable); and/or

c. Obtain information about the funds available in your Card Account and/or about your recent Transactions.

17.9. Where the Card is faulty our liability shall be limited to replacement of the Card loaded with your funds on the Card Account.

17.10. Where sums are incorrectly deducted from your Card Account Funds Our liability shall be limited to payment to you of an equivalent amount.

17.11. In all other circumstances our liability will be limited to repayment of the amount of the funds in your Card Account.

17.12. When we execute the Transfer according to the Unique Identifier provided by you, the Payee’s data shall be considered correct. We shall have a right (and not an obligation) to verify if the Unique Identifier in the Transfer matches the name and surname of the Account Holder. If we find an obvious mismatch, we may refuse to execute the Transfer Order.

17.13. If a correctly initiated Transfer Order is improperly executed (or not executed at all) we (at your request) will immediately attempt to trace the Transfer and notify you about our search results free of charge. When we execute the Transfer Order based on incorrect data provided by you, we shall not be liable if the Transfer is incorrect or incomplete. We will try to recover the funds of incorrect Transfers and, if we fail to do so, we will provide all available information (on a durable medium) in order to file a legal claim for a refund.

17.14. If it is our mistake and we are liable for incorrect or incomplete Transfers, we will immediately refund the amounts belonging to you and, if applicable, restore the balance of the Account from which the funds were debited.

17.15. We will also compensate for any expenses incurred by you as a result of incorrect or incomplete Transfers made due to our mistake.

17.16. We shall not be liable for indirect losses incurred as a result of incorrect or incomplete Transfers. We shall only be liable for direct losses you have incurred.

 

18. Lost, stolen or & unauthorised transactions

18.1. You should treat the value on your Card like cash in a wallet. If your Card is lost or stolen or there is unauthorised use of your Card, you may lose some or all of the value on your Card Account in the same way as if you lost cash.

18.2. If You believe that any Transaction posted to your Card is unauthorised, has been posted in error or is otherwise incorrect, you must also let Us know immediately by contacting Customer support. We may require you to provide details of your complaint in writing.

18.3. You may be required to help us, our agents or any enforcement agency, at our request, if your Card is lost or stolen or if we suspect Your Card is being misused.

18.4. If Your Card is reported lost or stolen, we will cancel it and may issue a new one. A fee may apply (See Fees Summary).

18.5. If you find your Card after you have reported it lost, stolen or misused, you must destroy it and inform Us immediately.

18.6. No refund will be made until any investigation that we need to carry out is complete. We reserve the right not to refund sums to you if we believe that you have not acted in accordance with these Terms and Conditions.

18.7. You must check information on executed Payment Transactions at least once a month in order to notice unauthorized or improperly executed Payment Transactions and provide us with a timely notice.

18.8. If you believe that the Transfer has been unauthorized or has been executed improperly, you must notify us in writing within 13 months from the debit of funds. If you don’t do that, you will confirm that you accept the payment transfer.

18.9. If you claim that the Transfer was unauthorized or if you state that the Transfer was improperly executed, we must prove that the Transfer was authorized, properly registered, included into the Account and not affected by technical failures and that there were no other limitations in the Services provided by the Company.

18.10. If you notify us about the loss, theft, misappropriation or unfair use of a Payment Instrument you will not suffer any financial loss as a result of improper use of the lost, stolen or unlawfully used Payment Instrument (unless you have acted in bad faith).

18.11. When we find out that you have not authorized the Transfer, we will refund the amount specified in the Transfer to you not later than the end of the next business day and, if applicable, restore the Account balance (unless we suspect a fraud). If we suspect a fraud, we will inform the Bank of Lithuania thereof.

18.12. You will have to pay for the losses up to EUR 50 incurred due to:

a. the use of a stolen or lost Payment Instrument;

b. misappropriation of the Payment Instrument.

18.13. You will not have to cover the loss if:

a. before the Transfer, you may not have noticed that your phone has been lost, stolen or misappropriated (unless you have acted in bad faith)

b. unauthorized Transfer was made due to our fault.

18.14. You will have to cover any loss resulting from your unfair actions or if you have failed to comply with security requirements wilfully or through gross negligence. If we suspect a fraud, we will inform the Bank of Lithuania.

18.15. If we do not ask for Strong Customer Authentication, you will have to cover the loss of an unauthorized Transfer only if you have acted in bad faith.

 

19. Blocking of account or payment instrument

19.1. We can block Transfers on your Account or prevent access to the payment instrument if:

a. we suspect that the funds on your Account may be used to commit a crime or have been received from criminal activity already committed;

b. you fail to fulfil your obligations under these Terms and Conditions;

c. we are obliged to do so by the legal acts;

d. we believe that it is necessary or advisable in order to protect your Account.

19.2. Transfers are:

a. made in breach of these Terms and Conditions and security requirements of your account;

b. suspicious, unauthorized or fraudulent;

c. executed when you are insolvent or about to become insolvent.

19.3. We will try to notify you before blocking or suspending Payment Transactions. If we are unable to do so, we will notify you immediately after blocking or suspending Payment Transactions. We will always try to explain why we have taken such actions, unless it is prohibited by laws or other legal acts or when it would pose a risk to security.

 

20. Statements

20.1. You can view your Card Account balance and Transactions on the ‘Distributor App’ at any time. The statements are downloadable for each of your currency wallets. Each currency wallet statement sets out: a reference enabling You to identify each transaction; the amount of each transaction; the currency in which Your Card is debited; the amount of any transaction charges including their break down, where applicable; the exchange rate used in the transaction and the amount of the transaction after the currency conversion, where applicable; and the transaction debit value date. If You have any questions, please contact Our Customer support team (see clause 29). You are responsible for keeping your log on details secret. If you believe someone else is using your log on details or may know it, you must contact the Distributor immediately.

20.2. You may request the information specified in clause 20.1 above to be made available as specified in clause 20.1 instead (in the app). If You chose to do so, You must separately request this by contacting Our Customer support team (see clause 29).

 

21. Information on payments

21.1. Before executing the Transfer Order, we must inform you about the maximum possible time limit of the Transfer Order, the amount of the commission fee and what this fee consists of. This information is available on your Customer’s Account.

21.2. We will provide you with the statements of your Payment Transactions indicating:

a. information enabling identification of each Payment Transaction and detailed information about the Payee;

b. amount of the transfer in the currency specified in the Transfer Order;

c. commission fee for each Transfer and what this fee consists of;

d. exchange rate, if any, and amount of the Transfer Order after the currency exchange transaction;

e. date on which the funds were debited or date on which we received your Transfer Order;

f. other information which we will provide as required by the legal acts of the Republic of Lithuania.

21.3. The information shall be provided to you personally through your Customer’s Account.

21.4. We will also notify you by email or SMS (in the safest and most practical way at the time) about any suspected or ongoing fraud by third parties or anything that poses a risk to security of your account.

 

22. Changing Terms and Conditions

22.1. We may change these Terms and Conditions including without limitation changing the existing fee structure or introducing new fees, from time to time. If so, we will provide you with at least 60 calendar days notice before such changes take effect unless we are required to make such a change sooner by law.

22.2. The up-to-date version of these Terms and Conditions will be emailed to the User outlining the changes made. The latest version of the Terms and Conditions will also be available to view through the website. You will be bound by these Terms and Conditions and any amendments made to them.

22.3. If we do not receive your disapproval on amendments within 60 calendar days, you will be taken to have accepted any change to these Terms and Conditions that we notify you about, unless you tell Us that you do not agree with the particular change before the relevant change takes effect. In such circumstance, you may at any time terminate these Terms and Conditions before the changes take effect, without any liability to you or Us and we will close the account and any other related service and refund the balance to you.

 

23. Cancellation, termination and suspension rules of UAB Pyrros Lithuania

23.1. The Terms and Conditions shall enter into force on the date of their approval of the Terms and Conditions, and shall remain in force for unlimited period of time.

23.2. These Terms and Conditions may be terminated by a mutual agreement by and between the Parties.

23.3. You may terminate these Terms and Conditions at any time by notifying us (in writing or on a durable medium) 30 days prior to the termination.

23.4. You may terminate these Terms and Conditions free of charge, unless they are valid for less than 6 months. If the Terms and Conditions are valid for less than 6 months, a fee for termination of the Terms and Conditions may be applied.

23.5. We may also terminate the Terms and Conditions (with a 60-day notice) if you have not made any Transfers for 12 months or more. Prior to that, we will contact you to understand your need to have the open Account with our Company and to inform you about the applicable commission fee. Also, we will provide information on the possibility to close such an account or use the payment account transfer service established by the Law.

23.6. We also have a right to terminate this Contract unilaterally by notifying you 60 days in advance in the following cases:

a. You violate the Terms and Conditions and you do not eliminate such violations within a reasonable period of time;

b. You have provided us with false or misleading information or documents and/or have not updated such documents and information within a reasonable period of time;

c. You use the Services to make or receive Payment Orders for activities prohibited under these Terms and Conditions;

d. You go bankrupt;

e. You have suspended payment for services and have not repaid the debt within a reasonable period of time;

f. You have committed a material violation of data protection laws;

g. Any statement of the Terms and Conditions or the information provided is or becomes materially inaccurate or materially altered;

h. Validity of the Terms and Conditions contradicts the requirements of the legal acts or causes us other adverse consequences that we could not have foreseen at the time of drawing up the Terms and Conditions and that we could not manage or avoid if the Terms and Conditions remain in force;

i. You have violated applicable laws or rules;

j. You use the Services for malicious, illegal or immoral purposes;

k. This is necessary for our own protection, including (but not limited to) the following circumstances: (i) protection against fraud or money laundering; (ii) protection against your failure to fulfil obligations; (iii) protection against market failure; (iv) protection against adverse or volatile market conditions; and (v) our protection against loss;

l. If your activities using our services could damage our business reputation;

m. In other lawful and reasonable cases.

23.7. We also have a right to terminate this Contract unilaterally by notifying you within a reasonable period of time in advance in the following cases:

a. We are requested to do so by any governmental or regulatory authority if that request is legally binding;

b. We terminate provision of payment services or provision of certain payment services directly related to the contract, or we cannot provide such services due to other reasonable circumstances.

23.8. In cases where it turns out that you commit a criminal and/or unlawful activities while using the Services, we have a right to terminate the Terms and Conditions immediately.

23.9. We also have a right to restrict and/or suspend provision of the Services in the cases specified in Clauses 23.7 and 23.8 of these Terms and Conditions. We will notify you about application of such measures within a reasonable period of time if this is permitted by applicable laws and other legal acts. We have a right to suspend provision of the services without any explanation or notice if we have reasonable grounds to suspect that you are engaged in or your Account may be used for money laundering, terrorist financing or any other criminal activity.

23.10. Termination of these Terms and Conditions shall not release the Parties from their obligations to each other arising prior to the date of termination of these Terms and Conditions.

23.11. Upon expiry of the Terms and Conditions, we will send you detailed information on all Payment Transactions executed during validity of the Terms and Conditions within a period of 36 months prior to the date of expiry.

 

24. Cancellation, termination and suspension rules of Monavate Ltd

24.1. You may cancel your Card and Card Account up to 14 days after you receive your Card (‘the Cancellation Period’), without reason, by contacting Customer support. We will not charge you a cancellation fee. We will require you to confirm your wish to cancel in writing. This will not entitle you to a refund of any Transactions you have made (authorised or pending) or charges incurred in respect of such Transactions. The purchase price of the Card (Card Fee) will not be refundable.

24.2. Depending on the method by which you choose to have your remaining Card Account balance refunded, a fee may be charged which will be deducted from the balance of your Account (see Fees Summary for details).

24.3. You may cancel your Card, or at any time and without penalty:

a. During the Cancellation Period (see clause 24.1 above); or

b. If you disagree with a change we intend to make to these Terms and Conditions.

24.4. You may also cancel your Card at any time, for any reason however a cancellation fee will apply (see Fees Summary for details).

24.5. To cancel your Card, you must notify Customer support. You will be responsible for any Transactions you have made, or charges incurred before you cancelled your Card. Once we have been notified by you, we will block the Card straight away so it cannot be used, we will wait 21 days for all Transactions to be processed before we refund the remaining balance of money to you. This is to ensure all Your pending Transactions have been settled.

24.6. When your Card is cancelled you must destroy it by cutting it in half through the chip and magnetic strip.

24.7. We can terminate your Card at any time if we give You 2 months’ notice and refund any remaining funds to the same bank account originally used to fund the account.

24.8. We can suspend or terminate these Terms and Conditions with you and your use of your Card immediately if

a. You have not complied with these Terms and Conditions; or

b. If we have reason to believe that you have used or intend to use the Card in a negligent manner or for fraudulent or other unlawful purposes; or

c. If we can no longer process your Transactions for any legal or security reason or due to actions of any third party; or

d. If you fail to pay any fees or charges that you have incurred or fail to repay any overspend incurred on your Card Account.

24.9. These Terms and Conditions will terminate in the event of your death.

24.10. We can suspend your Card at any time with immediate effect if:

a. We discover that any information you have provided is incorrect or incomplete; or

b. If a Transaction has been declined because of lack of available value in your Card Account.

24.11. If any Transaction, fee or charge is found to have been incurred using Your Card following cancellation or termination, you agree to pay all such sums to Us immediately on demand.

 

25. Personal data

25.1. Monavate respects and complies with the EU General Data Protection Regulations (GDPR). Monavate privacy policy can be found at https://www.monavate.com/privacy-policy/

25.2. The Distributor respects and complies with the EU General Data Protection Regulations (GDPR). Fair-eZone privacy policy can be found at https://www.mypocket.io/en/privacy-policy/

25.3. As you make use of our Card, you acknowledge that we can use your personal data in accordance with these terms and conditions and our Privacy Policy. We will use and protect your personal data in accordance with applicable data protection laws and regulations.

 

26. Your details

26.1. You must let Us know as soon as possible if you change your name, address, telephone number (or e-mail address). If we contact you in relation to your Card, for example, to notify you that we will be changing the Terms and Conditions or have cancelled your Card and wish to send you a refund, we will use the most recent contact details you have provided to us. (Any e-mail sent to you will be treated as being received as soon as it is sent by us).

26.2. We will not be liable to you if your contact details have changed, and you have not told us.

 

27. Complaints procedure of UAB Pyrros Lithuania

27.1. These Terms and Conditions are drawn up in accordance with the legal acts of the Republic of Lithuania. The legal acts of the Republic of Lithuania shall apply to the Contract.

27.2. Any disputes between the Parties shall first be settled by negotiations. You must contact us not later than 3 months after becoming aware of the fact of your violated rights.

27.3. If we are unable to settle the dispute by negotiations, you can file us a complaint free of charge by post or email. We will ask you to provide your name, contact information and any information that gives you reasonable grounds to believe that we have violated your rights and legitimate interests in providing our Services. If you want to file a complaint by email, please send it to this email address support@mypocket.io.

27.4. Upon receipt of your complaint, we will notify you and set a deadline for response. It depends on the complexity of your complaint, but we will do our best to contact you as soon as possible and not later than 15 business days. If we believe that we may not be able to respond within the specified time limit, we will notify you and specify a longer time limit, but it may not be longer than 35 business days.

27.5. If you are not satisfied with our response or you have not received our response within the time limit specified in Clause 27.4, you shall have a right to apply to the Bank of Lithuania for resolution of the dispute with us within 1 year from the date of becoming aware of your violated rights.

27.6. You can apply to the Bank of Lithuania for settlement of the dispute:

a. by logging in to E-Government Gateway;

b. in writing: Totorių g. 4, LT-01121, Vilnius, Lithuania or Žalgirio g. 90, LT-09303, Vilnius, Lithuania;

c. by e-mail: after filling in the form of the complaint and sending it to the Supervisory Authority of the Bank of Lithuania by e-mail to info@lb.lt or pt@lb.lt;

d. by fax: (85) 268 0038;

e. by any other means specified by the Bank of Lithuania.

27.7. More information on dispute settlement procedure is available on the website of the Bank of Lithuania: https://www.lb.lt/en/dbc-settle-a-dispute-with-a-financial-service-provider.

27.8. If the dispute cannot be settled in the above-mentioned ways, the dispute may be settled in the competent court of the Republic of Lithuania.

27.9. We may withhold your funds related to the dispute until the dispute is settled.

27.10. Terms and Conditions related to services provided by UAB Pyrros Lithuania are governed by the laws of The Republic of Lithuania and you agree to the non-exclusive jurisdiction of the Lithuanian courts.

 

28. Complaints procedure of Monavate Ltd

28.1. If you are not satisfied with the service you are receiving, you should provide written details of your concerns to Customer support. All queries will be handled in accordance with our complaints procedure. Customer support will provide a copy of the complaint procedure upon request. You can also access it on the website.

28.2. The acknowledgment of the complaint will be communicated within 24 hours by the Distributor. For complaints relating to payment services, the Distributor has 15 business days to issue final response to the complainant and it requires that this practice is followed (as a maximum timescale) for all complaints unless there are exceptional circumstances, beyond the control of the Distributor, in which case the final response will be issued by the end of the 35th business day. For more information about the complaints procedure, please refer to the Distributor Complaints Policy.

28.3. If we are unable to resolve your complaint, you may contact the Financial Ombudsman Service.

28.4. You may contact the Financial Ombudsman Service by:

Post: addressing your complaint to the Financial Ombudsman Services, South Quay Plaza, 183 Marsh Wall, London E14 9SR, United Kingdom;

Phone: on 0845 080 1800; or

E-mail: at enquires@financial-ombudsman.org.uk.

 

The Financial Ombudsman Service’s website is www.financial-ombudsman.org.uk.

 

28.5. Terms and Conditions related to services provided by Monavate Ltd are governed by the laws of England, and you agree to the non-exclusive jurisdiction of the English courts.

 

29. Customer support

29.1. For Customer support contact details, please see Terms of Use or email to support@mypocket.io;

29.2. You shall have a right to receive these Terms and Conditions and any information related to them on a Durable Media.

 

30. Fees

30.1. Your use of your Card is subject to the fees and charges set out in the Fees Summary of the Terms of Use of the Distributor. These fees and charges are part of these Terms and Conditions. Any or all of these fees/charges may be waived or reduced at Our discretion. Our fees/charges may change over time, if so, we will notify you in advance of such changes. Your banking provider may charge a fee for the transfer of funds and/or additional ATM fees may be charged by the ATM provider. Any such fees would be in addition to the fees set out in the Fees Summary.

30.2. Fees and charges will be paid from your Card Account at such time they are incurred.

30.3. If VAT or any other fee is due, we will add it to the amount to be paid. If necessary, we will provide detailed description of the net amount, amount of the fee and fee rate.

30.4. At the beginning of each calendar year, we will provide a free report on Commission Fees of the Account. If these Terms and Conditions are terminated, we will provide you with a report of all Commission Fees from the beginning of the calendar year to the date of termination of the Terms and Conditions.

 

31. Final provisions

31.1. In these Terms and Conditions, headings are for convenience only and shall not affect the interpretation of these Terms and Conditions. Any delay or failure by Us to exercise any right or remedy under these Terms and Conditions shall not be interpreted as a waiver of that right or remedy or stop Us from exercising Our rights at any subsequent time.

31.2. You may not novate, assign, or transfer any rights and/or benefits under these Terms and Conditions. We may assign, transfer, or novate Our rights and benefits and obligations at any time without prior written notice to you. If you do not want to transfer to the new Card Issuer you may contact us, and we will terminate your Card and Card Account. Any balance remaining in your Card Account will be returned to you in accordance with our redemption procedure. We may subcontract any of our obligations under these Terms and Conditions.

31.3. We reserve the right to restrict your right to manage and use your available funds and other assets (including interest) and to dispose them under the U.S. (OFAC) Sanctions Scheme.

31.4. Neither Party shall be liable for any economic loss, delay or failure to perform any part of these Terms and Conditions if such loss, delay or failure is caused by fire, flood, explosion, accident, war, strike, embargo, government request, civil or military authority, civil disturbances, inaccessibility of the public Internet, hacking or distribution of DoS attacks, failure to guarantee materials or labour, termination of vital agreements by third parties, actions of the other Party or any other cause beyond the control of the Party. If such circumstances of force majeure last for more than 3 months, either Party shall have a right to terminate these Terms and Conditions immediately upon written notice thereof to the other Party.

31.5. We do not accept any liability for non-compliance with our obligations under these Terms and Conditions arising from the emergency situation and / or quarantine announced by the Government.

31.6. In the event that any part of these Terms and Conditions are held not to be enforceable, this shall not affect the remainder of these Terms and Conditions which shall remain in full force and effect.

31.7. You will remain responsible for complying with these Terms and Conditions until your Card and your Card Account are closed (for whatever reason) and all sums due under these Terms and Conditions have been paid in full.

31.8. These Terms and Conditions are written and available only in English and all correspondence with you in respect of your Card and Card Account shall be in English in the event that these Terms and Conditions are translated, the version in English shall take priority.

 

 

 

SCHEDULE 1 TO ANNEX 1 – DEFINITIONS

 

"Account Holder", "You" or "Your" means the person who has opened a Card Account with Us by agreeing to these Terms and Conditions.

"Us" or "We" or "Our" means Monavate Ltd and /or UAB Pyrros Lithuania.

"Card Issuer" means:

• Monavate Ltd (registered number 12472532), The Officers Mess Business Centre, Royston Road, Duxford, Cambridge, England, CB22 4QH, Monavate Ltd is an electronic money issuer regulated by the Financial Conduct Authority under registration number 901097
• UAB Pyrros Lithuania (registered number 305628001), Giruliu str. 10-201, LT-12112 Vilnius, Lithuania. UAB Pyrros Lithuania is electronic money institution and operates in accordance with the license issued to us by the Bank of Lithuania, authorization code LB000464, licence no. 38, licence is valid from 25th of July 2018.

"Card Account" or "Account" means the electronic money account which you seek to open or which has been opened on your behalf with the Company and which is used for electronic money transfers and other payment transactions.

"Account Statement" means a document in which we provide you with all the information about your transfers during the relevant period.

"Customer Support" Our contact details are indicated in the Terms of Use https://www.mypocket.io/en/terms-and-conditions/.

"Card" means the Mastercard® prepaid card issued to you whether in the form of a plastic, digital or virtual card, under these Terms and Conditions.

"Service" means the payment solution that allows Users to make (i) card transactions; (ii) transfer, request, collect, split money to/for other Users or Non-Users; or (iii) withdraw monies from your Account using a mobile device, the internet, or other technologies.

"Mastercard®" means Mastercard International incorporated in New York or its successors or assigns.

"Merchant" means a retailer or any other person or firm or company providing goods and /or services that accepts cards displaying the Mastercard® acceptance symbol in payment for such goods and /or services.

"PIN" means the personal identification number which we may issue or approve to be used with your Card.

“Fees Summary” means the Appendix – Fees and Limitations of the MyPocket Terms of Use available at: https://www.mypocket.io/en/terms-and-conditions/

"Terms and Conditions" means these terms and conditions together with the Fees Summary, any supplementary terms and conditions and amendments to them that we may notify you of from time to time.

"The Distributor App" is the software product that a User uses to access the Card Account, obtain information, and use the Card Account Services. It can be, but not limited to, in the form of a website or an application for a computing device, personal computer or mobile device.

"The Distributor" means the payment solution service ("MyPocket Service").

"MyPocket Service" means the payment solution service that allows Users to make (i) card transactions; (ii) transfer, request, collect, split money to/for other Users or Non-Users; or (iii) withdraw monies from your Account using a mobile device, the internet or other technologies through which MyPocket may choose to offer its payment solution from time to time.

"Transaction" means the use of the Card Services to instruct a third party to send/receive/request/split/collect/exchange funds on your behalf for a purpose permitted hereunder. Transaction also means any cash withdrawal, purchase of goods and/or services (as appropriate) completed by you using Your Card, or any action which alters the balance of your Card Account.

"Strong Customer Authentication" means authentication based on the use of two or more of the following elements:

• knowledge (something only you know);
• possession (something only you possess);
• inherence (something only you inherent).

"Unique Identifier" means a combination of letters, numbers and symbols that clearly identifies another payment service user, such as the IBAN of another bank.

"Business Day" means a day on which we provide services other than Saturday or Sunday, or other national holiday day, set forth by the legal acts of the Republic of Lithuania

"User" means any person or entity using the Card Services including you and other Account Members.

"Website" means www.mypocket.io.