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Welcome to Purse Money

This Customer Agreement applies to our products and Services. It describes the rights and obligations of you and us and forms a legally binding contract between you and Purse Money when you register and use our services such as sending money to your friends and family or holding a balance with us.

IMPORTANT THINGS TO KNOW

●      You must be at least 18 years old to use our services and when you do, you are agreeing to these terms. If you don’t agree you must not use our Services

●      You can access and use our Services via our website or App or through social media, API or an authorised third party 

●      Our pricing page shows all our fees. You’ll always see our fees upfront 

●      There are certain types of business and transactions we do not support. 

●      These are known as ‘restricted activities’ and we tell you about them in our Acceptable Use Policy.. You must read this carefully to make sure you do not carry out any of these activities. If you do, we may stop you from using our Services.

●      Your profile and Purse Money Account are for your personal use, you must keep your security details safe and not allow anyone else to use our Services on your behalf. Any use of our Services from your profile or Purse Money Account is deemed to be approved by you

●      We might suspend your access to our Services if we think your profile or Purse Money Account might be compromised, you engage in a restricted activity or we believe you may have or will violate any applicable laws

●      We hope you enjoy using Purse Money, but if you want to stop using our Services or close your Purse Money Account you can contact [email protected].

●      If you have a complaint about our Services, please follow our Customer Complaint Policy.

 

1. About this customer agreement

 

1. 
   1.1 This Customer Agreement is a contract between you, as an individual (“you”) and Taasai Mobility LTD (“Purse Money/us/we”) which defines the terms and conditions on which we provide our Services to you (the “Agreement”). This Agreement refers to and incorporates by reference additional documents (the “Additional Documents”), which also apply to your use of our Services, including:

          (a) Our Acceptable Use Policy, which sets out the allowed and restricted uses of our Services.

          (b) Our Pricing Page, which sets out our pricing and how it works. You should read these along with our Privacy Policy.

1.2 By using our Services, you confirm that you accept and agree to this Agreement in its most current form as posted on our Website, App or by an API Partner. If you do not agree, you must not use our Services.

1.3 When paying for a Money Transfer in a currency other than British pounds (GBP), you may be doing business with a different Purse Money entity. In those cases, your money will be held in accordance with the regulations and licences applicable to such entity.

1.4 Where there are any differences between this Agreement, the Additional Documents or information we provide on our Website, App or via an API Partner, the terms in this Agreement will take priority.

1.5 To receive some of our Services, you may be asked to agree to additional terms and conditions which we will tell you about before you use that service.

1.6 How this Agreement applies to you. If you only use our Services to make Money Transfers or maintain a profile with Purse Money without a Purse Money Account, then you agree to this Agreement each time you use our service in this way. When you open a Purse Money Account, this Agreement applies to that Purse Money Account whilst the Purse Money Account is open.

1.7 Future changes. We may update this Agreement from time to time as set out in ‘Our right to make changes.’ Any changes made to this Agreement will take effect as soon as the Agreement is on our Website and App or on the date notified to you.

1.8 You can always see the most current version of this Agreement on our website. If you would like a copy of this Agreement, contact [email protected].

 

2. Defined words in this Agreement

2.1 In this Agreement, capitalised words are defined in brackets within the Agreement or Additional Documents or have the meaning set out below:

          API means the application programming interface provided by Purse Money, for example, through an API Partner.

          API Partner means a business we have partnered with for Purse Money to offer our Services through their website, mobile application or similar.

          App means our mobile application software, the data supplied with the software and the associated media.

          BACS Direct Debit means an instruction from a customer to their payment service provider​ authorising collection of varying amounts from the customer’s account, if the customer has been given advance notice of the collection amounts and dates under the Bankers' Automated Clearing System.

          Business Day means a day other than a Saturday, Sunday, or a public holiday in England when financial institutions in London, UK are open for business.

          Chargeback means the person sending you the money has made a claim to their bank or payment provider that money was sent to you illegitimately, or the payment to Purse Money fails due to insufficient funds, account closed or any other reason.

          Intellectual Property means (i) rights in, and in relation to, any trademarks, logos, patents, registered designs, design rights, copyright and related rights, moral rights, databases, domain names, utility models, and including registrations and applications for, and renewals or extensions of, such rights, and similar or equivalent rights or forms of protection in any part of the world; (ii) rights in the nature of unfair competition rights and to sue for passing off and for past infringement; and (iii) trade secrets, confidentiality and other proprietary rights, including rights to know how and other technical information.

          Money Transfer means a direct transfer of funds paid by you, without using funds in your Purse Money Account, to a designated recipient that is sent using Purse Money. In some currencies, you may only be able to convert and send funds using your Purse Money Account and cannot make a direct Money Transfer.

          Reversal means the funds received by you are reversed, returned, or clawed back for any reason. For example, due to insufficient funds or account closure.

          Services means all products, services, content, features, technologies, or functions offered by us and all related websites, applications (including the App), and service models (including the Website and via an API Partner), and including the Purse Money Account, the currency conversion, and Money Transfer offerings.

          Website means any Purse Money webpage, including www.purse.money, where we provide the Services to you.

          Purse Money Account means a multi-currency account held by customers at Purse Money.

           

          3. Who we are and how to contact us?

 

3.1 We, Taasai Mobility  Limited, operating under the trading name Purse Money, are a company incorporated under the laws of England and Wales with company registration number 12509274. 

3.3 We operate as a distributor of Monavate Limited. Monavate Limited is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 for the issuing of electronic money and the provision of payment services (FCA Register reference 901097).

3.4 How to contact us. You can contact us by email, web chat or telephone by logging into your Pure Money Account.

 

USING OUR SERVICES

4. Our Services under this Agreement
4.1 Overview. Each of our Services works slightly differently, here we provide an overview of the services covered by this Agreement and the terms that apply to all the Services under this Agreement. You should carefully read the section of the Service you intend to use:

          (a) Converting Currency. You can convert one currency to another either as a Money Transfer, using your Purse Money or spending on your Card.

          (b) Your Purse Money Account. Purse Money is a multi-currency account that allows you to hold, spend, send, and receive money as well as convert currency. Where possible you may also have a Card.

           

5. Who Can Use Our Services?

5.1 Age requirement. You must be an individual and at least 18 years old to use our Services.

5.2 One Purse Money Account, one profile. You may only open one Purse Money Account and one profile.

5.3 Transacting on your own account. All activities under a Purse Money Account or Purse Money profile shall be considered activities conducted by you. You agree to only use the Services to transact on your own account and not on behalf of any other person or entity. You must not allow others to access or use the Services or your Purse Money Account on your behalf.

 

6. Getting Started

6.1 Using our Services. To start using our Services, you must create a profile and provide certain information as prompted by us.

6.2 Information must be accurate. All information you provide to us must be complete, accurate and truthful always. You must update this information whenever it changes. We cannot be responsible for any loss arising out of your failure to do so. We may ask you at any time to confirm the accuracy of your information and/or provide additional supporting documents.

6.3 Security and customer due diligence checks. We are required by law to conduct certain security and customer due diligence checks on you to provide any Services to you and allow you to have and maintain a Purse Money Account. Sometimes, we might also need to perform checks on other parties involved in a particular transaction (for example, on your recipient).

6.4 Information requests. You agree to comply with any request from us for further information and provide such information in a format acceptable to us. In addition, you agree that we may make, directly or through any third party, any inquiries we consider necessary to validate the information you provided to us, including checking commercial databases or credit reports. You authorise us to obtain one or more of your credit reports, from time to time, to establish, update, or renew your Purse Money Account with us or in the event of a dispute relating to this Agreement or our Services. You agree we may disclose certain information about you, including your name, residential address, and date of birth to a credit reporting agency to obtain a credit report for these purposes

6.5 Purse Money reserves the right to close, suspend, or limit access to your Purse Money Account or the Services in the event we are unable to obtain or verify any information related to you or your transaction.

 

7. Staying Safe While Using Our Services

7.1 We recommend you use the Services to send money to friends, family and trusted and verified businesses and third parties that are known to you or that you have already done business with. You should be cautious when sending money to the recipients you don’t know and have never dealt with before.

7.2 When accessing your Purse Money Account or profile, you should at the minimum do the following:

          (a) Change your password regularly and ensure that it is not reused for other online accounts.

          (b) Never share your login details with anyone else. This includes the membership number, password or other security credentials. If you suspect that your account may be accessed by someone else, contact [email protected]. We will never ask you for your password.

          (c) Always use strong passwords, for example ones that use a mixture of letters, numbers, and symbols. 

          (d) Set up 2-step authentication, if applicable.

          (e) Keep your email account secure. You may reset your password using your email address. Let us know immediately if your email account becomes compromised.

          (f) Regularly update the App on your device to the latest version available.

          (g) Regularly update your device’s browser to the latest version available.

          (h) Maintain your device’s operating systems with regular security updates provided by the operating system provider.

          (i) Install and maintain the latest anti-virus software on your device, where applicable.

          (j) It is essential to ensure every time you are entering your Purse Money username and password that it is only ever on our official App (downloaded from the iOS or Android store) or if via a browser, at Purse Money.com. Emails and SMS messages sent by fraudsters may lead to fake login portals that could phish your login information and 2-step authentication details. Similarly, criminals can place malicious adverts on search engines that lead to fake websites of trusted businesses, including Purse Money.

          (k) If you suspect you have become a victim of a scam, contact [email protected]

 

7.3 You must NOT:

 

          (a) Disclose your login credentials or your 2-step authentication details to anyone. You must keep them safe.

          (b) Let anyone access your Purse Money Account or profile, or watch you accessing it, including letting someone else take remote control of your device(s).

          (c) Use any functionality that allows your login details or passwords to be stored by the computer or browser you are using or to be cached or otherPurse Money recorded.

          (d) Do anything which may in any way avoid or compromise the 2-step authentication process.

7.4 Contact us if you suspect your Purse Money Account or profile has been compromised. If you suspect your Purse Money Account, profile or other login credentials are stolen, lost, used without your authorisation, or otherPurse Money compromised, you must contact us immediately. We recommend that you both call and email Customer Support right away. You can also freeze your Card with immediate effect on our App under the Account tab. You are also advised to change your password.

7.5 Any delays in notifying us of a compromised account, may affect the security of your account and result in losses that you would be responsible for. You must provide us with any reasonable assistance we require from you to investigate and take any action required to secure your account.

7.6 Extra Services you use may have additional security requirements and you must familiarise yourself with those.

7.7 You are responsible for ensuring that your information technology, computer programmes and platform is configured to access our Services. We cannot guarantee that our Services will be free from bugs or viruses.

 

8. Limits on How You Can Use Our Service

8.1 An account for you. You may only use our Services for personal purposes and not as a business account or for business purposes. If you require a product or Service dedicated to business activities, you can open a Business Account with Purse Money.

8.2 You must not misuse our systems. You must not misuse our systems by:

          (a) Introducing viruses, trojans, worms, logic bombs or other materials which are malicious or technologically harmful.

          (b) Taking any action that imposes an unreasonable or disproportionately large load on our websites, software, systems (including any networks and servers used to provide any of the Services) operated by us or on our behalf, or attacking our Website, App or API with any type of denial-of-service attack.

          (c) Using an anonymizing proxy; use any robot, spider, other automatic device, or manual process to monitor or copy our websites without our prior written permission; or use any device, software, or routine to bypass our robot exclusion headers.

          (d) Interfering, disrupting, or attempting to interfere or to gain unauthorised access to our Website, software, API, systems (including any networks and servers used to provide any of the Purse Money Services) operated by us or on our behalf, any of the Purse Money Services or other users’ use of any of the Purse Money Services.

8.3 You must not misuse our Services. You must not misuse our Services by:

          (a) Breaching this Agreement, Additional Document, or any other agreement between you and any Purse Money entity.

          (b) Violating any law, statute, ordinance, or regulation (for example, those governing financial services, consumer protections, unfair competition, anti-discrimination, or false advertising).

          (c) Infringing Pure Money’s Intellectual Property.

          (d) Acting in a manner that is defamatory, libellous, threatening or harassing.

          (e) Providing false, inaccurate, or misleading information.

          (f) Sending or receiving what we believe to be potentially fraudulently gained funds.

          (g) Refusing to cooperate in an investigation or provide confirmation of your identity or any information requested by us.

          (h) Attempting to “double dip” during a dispute or claim by receiving or attempting to receive funds from both Purse Money and a third party (e.g., a merchant), bank or card issuer for the same transaction.

          (i) Using Purse Money’s Services in a manner that results in or may result in:

          i. complaints to or about Purse Money.

          ii. requests by third parties to invalidate payments made to you.

          iii. fees, fines, penalties or other liability or losses to Purse Money, other Purse Money customers, third parties or you.

          (j) Using our Services in a manner that Purse Money, a card network or any other electronic funds transfer network believes to be an abuse of the card system or a violation of card association or network rules.

          (k) Allowing your Purse Money Account to have a negative balance.

          (l) Accessing the Purse Money Services from a country that Purse Money is not permitted to operate.

          (m) Taking any action that may cause us to lose any of the services from our internet service providers, payment processors, or other suppliers or service providers.

          (n) Circumventing this Agreement or any Additional Document or Purse Money policy or determinations about your Purse Money Account such as temporary or indefinite suspensions or other account holds, limitations or restrictions, including, but not limited to, engaging in the following actions:

          i. attempting to open a new or additional Purse Money account(s) or profile(s) when an account has a negative balance or has been restricted, suspended, or otherPurse Money limited.

          ii. Opening new or additional Purse Money Accounts or profiles using information that is not your own (e.g., name, address, email address, etc.), or using someone else’s Purse Money Account.

          iii. Harassing, being abusive towards and/or threatening our employees, agents, or other customers.

          iv. Abusing a card network dispute resolution process.

8.4 We may suspend your Purse Money Account or your access to our Services. We may suspend your profile or Purse Money Account, or restrict its functionality if we have reasonable concerns about:

          (a) the security of your Purse Money Account or your profile.

          (b) suspected unauthorised or fraudulent use of your Purse Money Account or our Services; or

          (c) suspected violations of this Agreement or the Additional Documents, including our Acceptable Use Policy.

8.5 We will give you notice of any suspension or restriction and the reasons for such suspension or restriction as soon as we can, either before the suspension or restriction is put in place, or soon after, unless notifying you would be unlawful or compromise our reasonable security measures.

8.6 The actions we may take if you misuse our Services or systems. If we believe that any of the activities listed in this section 8 have been taken by you, we may take several actions to protect Purse Money, its customers and others, at any time and at our sole discretion. The actions we may take include, but are not limited to, the following:

          (a) terminating this Agreement immediately.

          (b) suspending your Purse Money Account or your profile, during which time your Purse Money Account and profile will remain open but is not able to be operated or may be subject to restrictions, or you may not be able to use our Services, until we remove the suspension;

          (c) closing your Purse Money Account and terminating your access to our Services, which means your Purse Money Account is deactivated and/or your profile will not be available, without notice, and without penalty to us.

          (d) reporting suspected breach of law, regulation, or criminal statute to the relevant law enforcement authorities, and we will cooperate with those authorities, including by disclosing your identity to them.

          (e) refusing to provide our Services to you or your businesses or affiliates in the future.

          (f) limiting your access to our Website, App, software, systems (including any networks and servers used to provide any of the Purse Money Services) operated by us or on our behalf, your Purse Money Account or any of the Services, including limiting your ability to pay, convert or send money with any of the payment methods linked to your Purse Money Account, restricting your ability to send money or make withdrawals.

          (g) holding the balance in your Purse Money Account if reasonably needed to protect against the risk of liability or if we reasonably believe you have violated our Acceptable Use Policy.

          (h) contacting your bank or credit card issuer, other impacted third parties, or law enforcement about your actions.

          (i) updating inaccurate information, you provided us.

          (j) taking legal action against you, including seeking damages and reimbursement for losses and fees.

8.7 Court Orders. If we are notified of a court order or other legal process (including garnishment or any equivalent process) affecting you, or if we otherPurse Money believe we are required to do so in order to comply with court order, applicable law or regulatory requirements, we may be required to take certain actions, including holding payments to/from your Purse Money Account, placing a reserve or limitation on your Purse Money Account, or releasing your funds. We will decide, in our sole discretion, which action is required of us. Unless the court order, applicable law, regulatory requirement, or other legal process requires otherPurse Money, we will attempt to notify you of these actions using the contact information that you have provided to us. We do not have an obligation to contest or appeal any court order or legal process involving you, your Purse Money Account, or your use of our Services. When we implement a hold, reserve, or limitation because of a court order, applicable law, regulatory requirement or other legal process, the hold, reserve, or limitation may remain in place as long as reasonably necessary.

 

9. Closing your Purse Money Account or stopping your use of Purse Money

9.1 You may stop using Purse Money and/or close your Purse Money Account at any time. This Agreement continues until your Purse Money Account is terminated. You may close your Purse Money Account and/or end your ability to use our Services at any time by following the steps provided by us on our Website, App or via an API Partner.

9.2 If you want to close your Purse Money Account, you should withdraw your funds within a reasonable time. You must withdraw your funds before your Purse Money Account closes. At the time of closure, if you still have funds in your Purse Money Account, you will no longer have access to them, but you can still withdraw your money by contacting [email protected]​. You have the right to do this for a period of 6 years from the date your Purse Money Account is closed.

9.3 Remaining funds may be subject to additional checks. After closure or deactivation of your Purse Money Account, you may be subject to additional checks before Purse Money is able to return the funds back to you.

9.4 When you may not close your Purse Money Account or delete your profile. You must not close your Purse Money Account or delete your profile to evade an investigation (either by Purse Money or an enforcement agency) or if you have a pending transaction or an open dispute or claim. If you attempt to do this, we may hold your money for a period that is reasonably necessary to protect our or a third party’s interest.

9.5 We may prevent your account from being closed or delete your profile if you have a negative balance or if your Purse Money Account is subject to a hold, limitation, or reserve.

9.6 You are responsible for your Purse Money Account after closure. You agree that you will continue to be responsible for all obligations related to your Purse Money Account and your use of our Services, even after it is closed, or you have stopped using our Services. For example, if you have a negative balance with Purse Money, you will remain responsible for paying us even after your Purse Money Account is closed and/or you have deleted your profile. For more information, see “What happens if you owe us money”.

9.7 We may end this Agreement by giving you two months’ notice. We may terminate this Agreement and close your Purse Money Account or any Services associated with it by giving you two months’ prior notice, where required.

9.8 You cannot use the App if this Agreement ends. On termination for any reason all rights granted to you in connection with the App shall cease, you must immediately delete or remove the App from your devices.

 

10. How much will you pay?
10.1 Registering for Purse Money and/or opening a personal Purse Money Account is free. You may incur a fee when you use parts of our Services such as sending money, converting currencies, getting a card, or receiving wire payments.

10.2 Taxes. You are responsible for any taxes which may be due by you because of your use of our Services, and it is your responsibility to collect, report and pay the correct tax to the appropriate tax authority.

 
CONVERTING CURRENCY

11. Currency Conversion
11.1 Our Services include the ability to convert currencies, for example:

          (a) As part of a Money Transfer.

          (b) In your Purse Money Account, when you add money in one currency and then later use those funds to send money to a third party, spend money on your Card or withdraw money in a different currency.

          (c) In your Purse Money Account, when you hold a balance in one currency and then convert it to a different currency.

11.2 Exchange rate. When we refer to an exchange rate in this Agreement, it means the exchange rate at the relevant time for the relevant currency pair (for example, GBP to EUR, USD to AUD) that is offered by Purse Money, which is typically provided by a reference rate provider and usually the mid-market exchange rate. We may change our reference rate provider from time to time without notice to you.

11.3 For some currencies, we do not use the mid-market exchange rate, including where we are required by law to use a different reference rate for the exchange rate for your currency pair. For these currencies we will notify you of the exchange rate offered by Purse Money when you initiate a current conversion.

11.4 We may not process your currency conversion order until we hold or have received the funds and specified fees. It is your responsibility to ensure money that you fund a currency conversion order (whether through your Purse Money Account, as part of a Money Transfer or any other Service we provide) in a timely manner. We cannot be responsible for the time it takes for the money to be sent to us by your bank or payment service provider.

11.5 Refusing a currency conversion order. We reserve the right to refuse any currency conversion order if the conditions set out in this Agreement have not been met. Reasons for refusal may include but are not limited to incorrect information about a recipient, insufficient available funds, or where we believe you may have violated this Agreement, including where we believe you are or may be attempting to engage in currency trading or other trading for purposes not permitted by this Agreement. We will endeavour to notify you of any refusal, using the contact information that you have provided to us, stating (where possible) the reasons for such refusal, and explaining how to correct any errors. However, we will not notify you if such notification may be unlawful.

11.6 Confirmation of currency conversion order. Each currency conversion order is given a unique transaction number which is shown in the order confirmation and transaction history. You should quote this transaction number when communicating with us about a particular currency conversion order.

 
YOUR Purse Money ACCOUNT

12. Information about your Purse Money Account
12.1 About your Purse Money Account:

          (a) Your Purse Money Account allows you to hold, spend, send, and receive funds and convert currency.

          (b) The funds held on your Purse Money Account do not expire and are issued in accordance with the EMRs 11.

          (c) The funds held on your Purse Money Account may not earn any interest or return.

          (d) You may hold your funds in any currencies that we support from time to time.

          (e) You may withdraw funds from your Purse Money Account at any time subject to certain conditions, please see section ‘withdrawing funds from your Purse Money Account’ for more details.

          (f) The funds held on your Purse Money Account belong to you as the registered Purse Money Account holder.

          (g) You may not place a charge or other form of security over your Purse Money Account.

          (h) We may place certain limits on your Purse Money Account depending on your country of residence, verification status or other legal considerations. You can contact [email protected] for more information about these limits.

          (i) We may at our sole and absolute discretion reject a requested transaction, or refund a payment or other transaction, for any reason whatsoever, including without limitation, where the value of your Purse Money Account could directly or indirectly exceed any value permitted under the applicable laws and regulations or any other regulatory or risk limit prescribed for that Purse Money Account.

12.2 Purse Money is not a bank, and your Purse Money Account is not a bank account. 

12.3 Account Details. When Purse Money provides you with Account Details (as described further below), these Account Details are a means to receive funds from third parties into a bank account held by Purse Money and its affiliates. Purse Money can credit your Purse Money Account when you use these Account Details, and they are not a bank account number for a bank account held by you.

12.4 How we protect your money. Purse Money to deposit ‘relevant funds’ in separate safeguarding accounts, completely segregated from any other accounts or funds that it holds, including the firm’s working capital.

 

How safeguarding works 

 

To safeguard properly, Purse Money must put your money in a separate safeguarding account with a bank. The following rules apply:

●       All relevant funds are identified, including those held on behalf of clients, money received for transactions, fees and charges;

●       All client funds are segregated from our funds and held in separate accounts, preventing their use for other purposes;

●       Effective systems and controls managing the risks of holding relevant funds are established and maintained; and

●       Regular internal and external reconciliations of safeguarding flows are conducted to ensure they’re accurately accounted for.

This means that, if we go out of business, you should get most of your money back. But it may take some time to receive, and it may not be the full amount, as some costs could be taken by the administrator or liquidator of the firm.

Your money is not protected by the Financial Services Compensation Scheme (FSCS)

12.5 Adding money to your Purse Money Account. To add funds to your Purse Money Account, you need to log in to your Purse Money Account and follow the steps. You may be presented with one or more methods of adding funds to your Purse Money Account. For example, you may be able to use a bank transfer, authorise Purse Money to debit the money from your bank or payment account with a third party, or use a credit card or debit card (in this Agreement, we will call these methods “Pay-in Methods”). Any Pay-In Method that you use to add money to your Purse Money Account must be in your name.

12.6 Pay-in Methods. The Pay-in Methods made available to you will depend on a few factors including where you live and your verification status with us. You will see the available Pay-in Method when you choose to add funds to your Purse Money Account. We cannot guarantee the availability of any particular Pay-in Method and we may change or stop offering a Pay-in Method at any time without notice to you.

12.7 Adding money with your debit card. Where you can use a debit or credit card as your Pay-in Method to add money to your Purse Money Account, you will need to provide your card details to us. This will include your card number and cardholder name. When you choose to add money via debit or credit card, you confirm that your card details are correct, that you are authorised to access and transmit funds from your card account, that your card account is in good standing with the account provider and that you have the authority to initiate a debit or credit card payment in the amount at issue from your card account. You will need to pay any fees incurred from adding money by using your debit or credit card.

12.8 Restrictions on adding Money. We only offer the Pay-In Methods you see when you access our Services. Other methods, such as a paper or e-cheque, and cash will not be accepted. For legal, security, or other reasons, there may be financial limits on your chosen Pay-in Methods or currencies, including how much you can add to your Purse Money Account. We will let you know at the time of adding money if there is a limit.

12.9 Receiving money to your Purse Money Account from other sources. In certain currencies, we may provide you with local account details that you or a third party can use to send money directly to your Purse Money Account (“Account Details”). The Account Details that we provide to you are only a means to receive funds from third parties into a bank account held by Purse Money and its affiliates, so that Purse Money can credit your Purse Money Account that is held at the Purse Money entity described in the beginning of this Agreement (regardless of currency) and are not a bank account number for a bank account held by you.

12.10 We may carry out verification checks when you request Account Details in addition to the checks required to obtain a Purse Money Account, and we may carry out further checks on an ad-hoc basis. From time to time your Account Details may change. When this occurs, we will notify you, and you are responsible for updating third parties and other arrangements you may have to receive funds using your Account Details. Purse Money is not responsible for issues that arise when Account Details are changed, and it is your responsibility to notify third parties that your Account Details have changed.

12.11 When money received is shown in your Purse Money Account. Any money you receive into your Purse Money Account will be converted into electronic money and recorded in your transaction history. You should check and confirm the receipt of incoming funds in your Purse Money Account regularly and let us know if there are any irregularities or discrepancies.

12.12 When we will credit your Purse Money Account. We are not responsible for the funds you have added until we have received them. For clarity, when you add funds to your Purse Money Account, we are the recipient of those funds. This means the bank or payment service provider you used to send the funds to us is the one responsible for making sure we receive them so that we can credit them to your Purse Money Account.

12.13 We will credit your Purse Money Account once we have received your funds. For some Pay-in Methods such as a credit or debit card, we may credit the funds before we receive the funds subject to our right of Reversal. This means if we credit your Purse Money Account for the full amount you intended to add but this amount does not reach us, we will deduct that amount from your Purse Money Account. If you have already spent the funds, this could make your Purse Money Account have a negative balance (see “What happens if you owe us money”).

 

13. Withdrawing funds from your Purse Money Account

13.1 You can request to withdraw your funds. You may withdraw all or some of the balance in your Purse Money Account. 

13.2 Pay-out Methods available to you. You may be presented with one or more methods of withdrawal (in this Agreement, we will call these methods "Pay-out Methods"). The number of Pay-out Methods made available to you will depend on a few factors including where you live and your verification status with us. We cannot guarantee the use of any Pay-out Method and may change or stop offering a Pay-out Method at any time without notice to you.

13.3 You must provide correct information to us. When setting up your withdrawal request, you must ensure that the information you provide is correct and complete. We will not be responsible for money sent to the wrong recipient because of incorrect information provided by you.

13.4 What happens if you provide incorrect recipient information. If you have provided incorrect information to us, we may, but are not required to, assist you in recovering your funds. We cannot guarantee that such efforts will be successful as they rely on the policies and practices of other banks and institutions. In addition, Purse Money may not be able to confirm that your recipient’s name and account number match, as the names and other information associated with third party accounts may not be known to Purse Money. This means that if you provide an incorrect account number, your funds will most likely go to the wrong account.

13.5 Your withdrawal request is subject to limits. You agree that your Purse Money Account is subject to withdrawal limits. If your withdrawal request exceeds the current limit, we may decline your request or we may require you to provide additional documents to us so that we can carry out additional checks before allowing the money to be withdrawn.

13.6 Delay in withdrawal. We may delay a withdrawal in certain situations, including if we need to confirm that the withdrawal has been authorised, to complete verification checks, or if other payments to your Purse Money Account have been reversed (for example, because of a chargeback or Reversal). We cannot be held responsible for any such delays, provided that we have acted reasonably in delaying a withdrawal.

13.7 Finality. Pay-outs, currency conversions and Card or other transactions executed by us are final and irrevocable once you request them, unless otherPurse Money provided in this Agreement or pursuant to applicable law.

 

14. Reversals and Chargebacks

14.1 Funds added or received to your Purse Money Account may be subject to Reversal or chargeback. Funds added to your Purse Money Account could be Reversed or subject to a chargeback, which means that you will not get those funds credited to your Purse Money Account. A Reversal or chargeback may occur where the funds added to your Purse Money Account are Reversed by Purse Money or Reversed to or subject to a chargeback by the person paying you the money or the payment provider.

14.2 When a Reversal or chargeback may happen. You may be liable for and/or have funds reversed or be subject to a chargeback when, without limitation, we have reason to believe:

          (a) Purse Money, or any other party, sent the amount received to you in error.

          (b) The amount received was unauthorised or fraudulently undertaken or induced.

          (c) The amount received was received for activities that appear to have violated a law, this Agreement, the Acceptable Use Policy, or any other agreement between you and Purse Money.

          (d) The amount received is, for any reason, Reversed by the sender or a payment provider.

          (e) Any other error that may result in your Purse Money Account being credited in circumstances where you are not the lawful recipient and/or lawfully entitled to retain the amount received.

14.3 If any funds are Reversed by the sender or any payment provider, you agree that Purse Money may refund, deduct, or Reverse the amount of the funds plus any fees from your Purse Money Account (if applicable) in the same currency as the original transaction. If your Purse Money Account balance for the relevant currency is insufficient to cover the amount of a refund or Reversal, Purse Money may at its discretion perform a currency conversion to refund or Reverse the transaction, subject to the exchange rate being offered by Purse Money in the applicable currencies at that time. If a Reversal or chargeback causes you to have a negative balance, you will be immediately liable to Purse Money for the negative balance plus any losses to Purse Money, if any.

14.4 Chargeback Fees. If you receive a debit or credit card-funded payment into your Purse Money Account and you (or a third party) pursue a chargeback for the transaction with the card issuer, then Purse Money may apply a fee in accordance with our Pricing Page, for facilitating the chargeback process and will remove the chargeback funds from your Purse Money Account.

 

15. Maintaining your Purse Money Account

15.1 Transaction history is displayed on your Purse Money Account. All your transactions (including your current balance, funds you have added, received, sent and/or withdrawn), related fees and exchange rates, if applicable, are recorded in the statement section of your Purse Money Account.

15.2 Statements. You have the right to request a physical account statement showing your Purse Money Account activity by contacting [email protected]. You may view your Purse Money Account statement by logging into your Purse Money Account. You may be able to view your Purse Money Account in a way that some of your transactions are hidden. This is to allow you to isolate transactions from recipients to determine your spending with those recipients. You will need to readjust your viewing preferences if you have used this feature to default to see all transactions.

15.3 Check your Purse Money Account regularly. You must check your Purse Money Account regularly and carefully and contact our customer support team immediately if you don’t recognise a transaction or think we have made a payment incorrectly. You must tell us about any unauthorised or incorrectly executed transactions immediately and no later than 13 months after the transaction date from when you become aware of the unauthorised transaction.

15.4 You accept the risks of holding funds in multiple currencies. You agree and accept all the risks associated with maintaining an account that can hold balances in multiple currencies including any risks associated with fluctuations in the relevant exchange rates over time.

15.5 We are not a currency trading platform. Purse Money is not a currency trading platform. You agree that you will not use your Purse Money Account for seeking to profit from currency conversion or foreign exchange trading or other types of speculative trading, or for speculative trading purposes, conversion arbitrage, conversion options or any other activity that Purse Money determines is primarily for the purpose of gaining or making gains based on currency conversion rates.

15.6 Accordingly, you should not use our Services, including the Purse Money Account or the auto conversion order function for this purpose, including creating multiple auto conversion orders or a series of Money Transfers without the intention of completing them. If we detect that you are using our Services for this purpose, we may, at our sole discretion, set a limit on the number of auto conversion orders you may create, cancel your orders, set a limit on the amount of money you can convert or transfer in one or more currencies or in the same currency, restrict your ability to access certain features or use our Services, or suspend or close your Purse Money Account. Purse Money may also hold, cancel, or reverse any transaction we determine to violate this policy and disgorge your gains.

15.7 Negative Balances. You promise to always have a zero or positive balance in your Purse Money Account and to repay Purse Money if your Purse Money Account balance is negative, including because of a chargeback, Reversal, deduction of fees, any other error, or any other action. That negative amount represents an amount you owe to Purse Money, and you must repay the negative amount immediately without any notice from us. We may send you reminders or take other actions to recover the negative amount from you, for example, we may use a debt collection service or take further legal actions. We may charge you for any costs we may incur as a result of these collection efforts. For more information, see “What Happens if you owe us money”.

 

16. Using or spending funds in your Purse Money Account via Cards

16.1 Cards. Your Card can be used to access and spend the funds in your Purse Money Account, for example, to pay for goods and services ​online, over the phone, or in person and can be used to withdraw money from ATMs. The Card is not a guarantee card, charge card or credit card. It is not for resale. The Card may be cancelled, repossessed, or revoked at any time without prior notice subject to applicable law.

16.2 Digital card. You may apply for a digital Card. The issuance of the digital Card is free of charge and there are no monthly or annual fees. You can freeze your digital Card at any time and unfreeze it once you are ready to use it again.

16.3 Please refer to the Terms and Conditions provided by our card issuing partner, Monavate LTD, accessible at [insert].

INTELLECTUAL PROPERTY RIGHTS

17. Intellectual Property Rights

17.1 All rights, title and interest in and to any software (including without limitation the App, the Website, the API, developer tools, sample source code, and code libraries), data, materials, content and printed and electronic documentation (including any specifications and integration guides) developed, provided or made available by us or our affiliates to you, including content of the Website, and any and all technology and any content created or derived from any of the foregoing (“Purse Money Materials”) and our Services are the exclusive property of Purse Money and its licensors. The Purse Money Materials and Services are protected by intellectual property rights laws and treaties around the world. All such rights are reserved.

17.2 How you can use Purse Money Materials. While you are using our Services, you may use the Purse Money Materials only for your personal use unless you have received written permission from us and solely as necessary to enjoy our Services. Subject to your compliance with this Agreement and your payment of any applicable fees, Purse Money grants you a revocable, non-exclusive, non-sublicensable, non-transferable, royalty-free limited licence to access and/or make personal use of the Purse Money Materials and Services. Any use of the Purse Money Materials and Services not specifically permitted under this Agreement is strictly prohibited. The licences granted by Purse Money terminate if you do not comply with this Agreement or any other service terms.

17.3 When you cannot use Purse Money Materials. Unless you have received written permission from us, you may not, and may not attempt to, directly or indirectly:

          (a) use any of the Purse Money Materials for any commercial purpose or otherPurse Money infringe our intellectual property rights.

          (b) transfer, sublicense, loan, sell, assign, lease, rent, distribute or grant rights in the Services or the Purse Money Materials to any person or entity.

          (c) remove, obscure, or alter any notice of any of our trademarks, or other Intellectual Property appearing on or contained within the Services or on any Purse Money Materials.

          (d) modify, copy, tamper with or otherPurse Money create derivative works of any software included in the Purse Money Materials; or

          (e) reverse engineer, disassemble, or decompile the Purse Money Materials or the Services or apply any other process or procedure to derive the source code of any software included in the Purse Money Materials or as part of the Services.

17.4 Purse Money Trademarks. This is a non-exhaustive list of Purse Money Trademarks : “Purse Money”, “Purse Money CARD”, “Purse Money PLATFORM”, “Purse MoneyPLATFORM”, “Purse Money PAY”, “Purse MoneyPAY”, “Purse MoneyBUSINESS”, “Purse Money BUSINESS”, “Purse MoneyTRANSFER’, “Purse Money TRANSFER”, “TRANSFERPurse Money”, “BORDERLESS”, “MONEY WITHOUT BORDERS” and any other business and service names, logos, signs, graphics, page headers, button icons and/or scripts (each as might be amended from time to time) are all registered or unregistered trademarks or trade dress of Purse Money or Purse Money’s licensors in the relevant jurisdictions (“Purse Money Trademarks”).

17.5 You may not copy, imitate, modify, or use Purse Money Trademarks without our prior written consent. You may use HTML logos provided by us for the purpose of directing web traffic to the Services. You may not alter, modify, or change these HTML logos in any way, use them in a manner that mischaracterizes Purse Money or the Services or display them in any manner that implies Purse Money’s sponsorship or endorsement. Further, you may not use Purse Money Trademarks and trade dress in connection with any product or service that is not Purse Money’s, in any manner that is likely to cause confusion among customers, or in any manner that disparages or discredits Purse Money.

17.6 All other trademarks, registered trademarks, product names and company names or logos not owned by Purse Money that appear in Purse Money Materials or in the Services are or may be the property of their respective owners, who may or may not be affiliated with, connected to, or sponsored by Purse Money, and may not be used without permission of the applicable rights holder.

 

18. Purse Money App

18.1 The App is subject to this Agreement and the App Store and Google Play Rules. We licence the use of the App to you on the basis of this Agreement and subject to any rules and policies applied by any app store provider or operator whose sites are located at the App Store and on Google Play. We do not sell the App to you. We always remain the owners of the App.

18.2 App updates. From time to time updates to the App may be issued through App Store or Google Play. Depending on the update, you may not be able to use our Services via the App until you have downloaded the latest version of the App and accepted any new terms.

18.3 Your right to use the App. In consideration of you agreeing to abide by the terms of this Agreement, we grant you a non-transferable, non-exclusive licence to use the App on your device subject to this Agreement. We reserve all other rights. 18.4 App Store terms. The following provisions apply with respect to your use of any version of the App compatible with the iOS operating system of Apple Inc. (“Apple”):

          (a) Apple is not a party to this Agreement and does not own and is not responsible for the App.

          (b) Apple is not providing any warranty for the App except, if applicable, to refund the purchase price for it.

          (c) Apple is not responsible for maintenance or other support services for the App and shall not be responsible for any other claims, losses, liabilities, damages, costs, or expenses with respect to the App, including any third-party product liability claims, claims that the App fails to conform to any applicable legal or regulatory requirement, claims arising under consumer protection or similar legislation, and claims with respect to intellectual property infringement.

          (d) Any inquiries or complaints relating to the use of the App, including those pertaining to intellectual property rights, must be directed to Purse Money in accordance with this Agreement.

          (e) The licence you have been granted herein is limited to a non-transferable licence to use the App on an Apple-branded product that runs Apple’s iOS operating system and is owned or controlled by you, or as otherPurse Money permitted by the Usage Rules set forth in Apple’s App Store Terms of Service. In addition, you must comply with the terms of any third-party agreement applicable to you when using the App, such as your wireless data service agreement.

          (f) Apple and Apple’s subsidiaries are third-party beneficiaries of this Agreement and, upon your acceptance of the terms and conditions of this Agreement, will have the right (and will be deemed to have accepted the right) to enforce this Agreement against you as a third-party beneficiary. Notwithstanding this, our right to enter, rescind or terminate any variation, waiver or settlement under this Agreement is not subject to the consent of any third party, including Apple.

           

19. Third Party Materials

19.1 Certain Website, App or API functionality may contain or provide you access to information, products, services, and other materials by third parties (“Third Party Materials”) or allow for the routing or transmission of such Third Party Materials, including via links.

19.2 We neither control nor endorse, nor are we responsible for, any Third Party Materials, including the accuracy, validity, timeliness, completeness, reliability, integrity, quality, legality, usefulness or safety of Third Party Materials, or any intellectual property rights therein. Certain Third Party Materials may, among other things, be inaccurate, misleading, or deceptive. Nothing in this Agreement shall be deemed to be a representation or warranty by us with respect to any Third Party Materials. We have no obligation to monitor Third Party Materials, and we may block or disable access to any Third Party Materials (in whole or part) through the Website, App or API at any time. In addition, the availability of any Third Party Materials through the Website, App or API does not imply our endorsement of, or our affiliation with, any provider of such Third Party Materials, nor does such availability create any legal relationship between you and any such provider.

19.3 Your use of Third Party Materials is at your own risk and is subject to any additional terms, conditions, and policies applicable to such Third Party Materials (such as terms of service or privacy policies of the providers of such Third Party Materials).

OTHER LEGAL TERMS

20. Our responsibility for loss or damage
20.1 Unforeseeable loss or damage. We are not responsible for any loss or damage that is not foreseeable. Loss or damage is foreseeable if either it is obvious that it will happen or if, at the time the contract was made, both we and you knew it might happen, for example, if you discussed it with us during your sign up process.

20.2 We do not exclude or limit in any way our liability to you where it would be unlawful to do so. This includes liability for death or personal injury caused by our negligence or the negligence of our employees, agents, or subcontractors, for fraud or fraudulent misrepresentation.

20.3 We are not liable for business losses. To the extent permissible by law, if you use our Services for any commercial or business purpose we will have no liability to you for any loss of profit, loss of business, business interruption, loss of business opportunity or similar.

20.4 We are not liable for technological attacks. We will not be liable for any loss or damage caused by a virus, or other technological issues or attacks or harmful material that may infect your computer equipment, computer programmes, data or other proprietary material related to your use of our Services.

20.5 We have no control over websites linked to and from our Website. We assume no responsibility for such Third Party Materials or any loss or damage that may arise from your use of them.

20.6 Our liability to you for unauthorised payments. In case of an unauthorised payment, we shall at your request refund the payment amount including all fees deducted by us. We may require proof that such payments were unauthorised. This shall not apply where we believe:

          (a) Your Purse Money Account, or other personalised security features, are lost, stolen, or misappropriated. You will be liable for the first GBP 35 of any unauthorised payments if we believe you should have been aware of the loss, theft, or unauthorised use. We will not hold you liable for the first GBP 35 if the unauthorised payment was caused either by our acts or omissions, or those of a third party expressly carrying out activities on our behalf. Your liability for the first GBP 35 also does not apply to any unauthorised transactions made after you have notified us that your Purse Money Account or profile may have been compromised (using the details we’ve given you).

          (b) You have acted fraudulently.

          (c) You do not quickly notify us of security issues (e.g., loss of your password). You remain liable for losses incurred up to your notification to us.

          (d) The payment transaction was unauthorised, but you have with intent or gross negligence compromised the security of your Purse Money Account or profile or failed to comply with your obligations to use your Purse Money Account or profile in the manner set out in this Agreement. In such a case you shall be solely liable for all losses; or

          (e) You don’t let us know about the unauthorised or incorrectly completed transaction within 13 months from the date of the payment transaction.

20.7 You are responsible for checking your Purse Money Account or profile regularly. We rely on you to regularly check the transactions history of your Purse Money Account or profile and to contact Customer Support​ immediately in case you have any questions or concerns.

20.8 We are not liable for certain losses. You are solely responsible for losses arising from your gross negligence or fraud. We also will not be liable in the following instances:

          (a) If through no fault of ours, you do not have enough funds available for your Money Transfer or in your Purse Money Account to complete the transaction.

          (b) If a merchant refuses to accept your Card.

          (c) If an ATM where you are making a cash withdrawal does not have enough cash.

          (d) If an electronic terminal where you are making a transaction does not operate properly.

          (e) If access to your Card has been blocked after you reported your Card lost or stolen or if Purse Money has reason to believe that your Pur

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