Terms & Conditions
payzone worldwide money is an electronic money product and service operated by Banque Invik S.A.. By purchasing, loading or using the payzone worldwide money card, the Cardholder indicates his/her agreement to the current General Terms and Conditions (contained herein) and to any additional terms that may apply to the payzone worldwide money card.
1. DEFINITIONS
"ATM" means Automated Teller Machine from which cash may be withdrawn by using the Card.
"Authorised User" means a natural person authorised by the Cardholder to use a Card.
"The Bank" means Banque Invik S.A. and its successors and agencies.
"Card" means the payzone worldwide money card issued to a Cardholder.
"Cardholder" means a natural person who has registered a Card.
"Card Fund" means the amount of electronic money placed on the Card by the Cardholder with the Bank, less all withdrawals and disposals made by the Cardholder or the Authorised User, and all conversion Fees, commission, expenses and charges payable on such withdrawals and disposals.
"Credentials" means any, several or all of the following information: the PIN, the Password, the CVV2 Code, the CVC2 Code, the Card’s expiry date or the 16-digit number referred to in section 3.2.
"CVV2 Code"(Visa) or "CVC2 Code"(MasterCard) means a 3-digit card verification value code that represents a digital signature which is required for every online transaction.
"Due Diligence" means the procedure whereby the Cardholder communicates to the Bank a duly completed and signed application form (provided by the Bank) and a certified copy of a valid government issued ID and/or passport of the Cardholder (the copy must be certified by a proper authority in the country of residence of the Cardholder, e.g. notary, police official or local administration), or other similar process that the Bank may adopt from time to time.
"Fee" means any fee due by the Cardholder to the Bank under the current General Terms and Conditions; the applicable Bank Fees are indicated on the Website.
"Notification" means the notification procedure detailed in section 7.2(a).
"Password" means a secret word created by the Cardholder to access his/her Card Account
"PIN" means the personal identification number issued by the Bank.
"PLUS" means Visa ATM acceptance mark.
"POS" or "Point of Sale" means a business or place where a product or a service can be purchased by means of a Visa / MasterCard Card.
"Visa" or "MasterCard " means the card brand and refers to the international licensor of the Card.
"Visa Electron" means Visa acceptance mark for electronic use only Cards.
"Website" means the Internet website available at the address (URL) http://www.payzoneMoney.com or any other address communicated by the Bank from time to time.
2. CARDHOLDER’S GENERAL OBLIGATIONS
2.1 To apply for a prepaid MasterCard you must be at least 18 years old.
2.2 The Cardholder is responsible for ensuring that the Cardholder and the Authorised User comply with the current General Terms and Conditions and shall be solely liable for any direct and indirect consequences arising from any breach by the Cardholder and/or the Authorised User of the current General Terms and Conditions.
2.3 The Card is an electronic means of payment with retailers affiliated to the Visa and/or MasterCard network and a means of cash withdrawals through cash dispensers. Cash Withdrawals are not permitted prior to Cardholder’s registration at the Website. The Card is not transferable and shall only be used by the Cardholder and/or the Authorised User strictly in accordance with the current General Terms and Conditions.
2.4 The Card shall at all times remain the property of the Bank.
2.5 The Cardholder must sign the Card on the signature panel on the reverse side of the Card immediately upon receipt.
2.6 The Cardholder must exercise all possible care to ensure the safety of the Card.
2.7 The Cardholder is responsible for maintaining the confidentiality of the Credentials and for preventing the Credentials from becoming known to any person other than the Authorised User.
The Cardholder will be considered to have acted with gross negligence and will be held fully liable for any subsequent misuse of the Card if the Cardholder and/or the Authorised User:
(a) have written the PIN on the Card or on any document kept with the Card or accessible to third parties; and/or
(b) have disclosed any, several or all of the Credentials to a third party; and/or
(c) have not signed immediately the Card at the designated place.
2.8 A forgotten PIN requires the issuance of a new Card. A replacement Card needs to be requested directly from the Bank and will be delivered to the Cardholder within a three (3) weeks time-frame. The Bank reserves the right to charge a card replacement Fee to the Cardholder.
3. CARD PURCHASE
3.1 The Cardholder may register either directly on the website or by telephone via the assistance centre.The Bank reserves the right to charge a fee for the latter option
3.2 Once the Cardholder registers, the Card can be used to withdraw cash from more than 1 million ATMs that display the Visa PLUS and/or MasterCard acceptance marks (depending on the Card’s brand). For more information regarding ATM locations refer to the Visa and/or MasterCard websites (www.visa.com/www.MasterCard.com).
The minimum withdrawal amount is defined by the local ATM in the local currency. The Card allows three (3) withdrawals per day and a maximum daily withdrawal amount of GBP 700 (or currency equivalent) in total and depending on the disposable Card Fund. For each ATM withdrawal, the Bank may charge a Fee to cover the cost of such transaction. In addition, the Bank may charge a Fee for the decline of an ATM withdrawal to the extent that Cardholder’s/Authorised User’s request has been made in excess of the available Card Fund.
3.3 Upon first loading, the Card can also be used as a payment card at more than 24 million high-street and Internet merchants displaying the Visa Electron and/or MasterCard acceptance marks (depending on the Card’s brand).
In order to enable purchases on the Internet, the Card needs to be registered on the Website. The Cardholder must provide the password in order to complete the registration. Upon registration, a specific 16-digit number, a 3-digit CVV2/CVC2 Code and an expiry date will be provided which are required for every online transaction. By retaining this data, the Cardholder and the Authorised User agree to disclose this information as part of any online purchases, and agree to accept full liability for purchases made online by the Cardholder and/or the Authorised User, whether such purchases were made with or without the CVV2/CVC2 Code.
3.4 Where the Cardholder or the Authorised User signs the record of transaction or, uses the Credentials for a purchase, or uses the PIN at an ATM, the Cardholder gives the Bank irrevocable authority to pay the retailer or the bank. The records of statements sent by the retailer or bank, as the case may be, even in the absence of a written signature, are taken as a proof of transaction. The transaction slip printed by the terminal is for the Cardholder’s personal information only.
3.5 In accordance with Luxembourg law, the records of transactions created or received by the Bank will constitute evidence of the existence, amount and conditions of transactions.
3.6 The amount of any transactions in a currency other than the Card’s currency will be converted at Visa’s and/or MasterCard’s exchange rate at the time the Card Fund is debited. The Bank reserves the right to charge a conversion Fee. Converted transaction amounts are shown for information only until the transaction has been fully settled within the Visa/MasterCard system, and may change in accordance with currency fluctuations.
3.7 For security reasons, any use of the Card at any location not displaying the Visa PLUS,Visa Electron and/or MasterCard acceptance marks will be considered as an unauthorised use and may result in the Card being deactivated.
3.8 Transactions made by means of the Card cannot be countermanded for any reason except in cases where the Card is reported lost or stolen and in the conditions detailed in section 7 below. The Bank is authorised to debit the Card Fund with all amounts withdrawn through an ATM, through transactions made (1) at a business or place where a product or a service can be purchased or (2) online by means of a Visa / MasterCard Card.
3.9 It is not permissible to overdraw the Card Fund. If the Card Fund becomes inadvertently overdrawn, the amount overdrawn must be repaid immediately by the Cardholder. In such situation, the Bank reserves the right to deactivate, suspend or cancel the Card at any time.
3.10 The Card is valid for a maximum period of three (3) years after initial loading regardless of the expiration date applicable to Internet transactions. The Card may be reloaded an unlimited number of times during its period of validity as long as such loads are within the applicable limits and in accordance with the procedure detailed in section 4.
3.11 The Bank reserves the right to charge an annual Fee for the Card. An early termination of the Card and/or the current General Terms and Conditions does not entitle the Cardholder to claim a reimbursement of the annual Fee.
3.12 There will be a fee of per month charged on a dormant (inactive) account after two (2) months of inactive use and The Bank reserves the right to deactivate, suspend or cancel a Card at any time linked to a dormant (inactive) account.
3.13 The Bank might offer an SMS service to allow the Cardholder to perform card account enquires and reserves the right to charge a Fee per enquiry.
3.14 The Card is limited to one card per individual and cannot be registered on a corporation’s behalf.
3.15 If the Card Fund is not sufficient to cover any Fee due by the Cardholder to the Bank under the current General Terms and Conditions, the Bank reserves the right to deactivate, suspend or cancel the Card until sufficient coverage is provided.
4. CARD LOAD/RELOAD
4.1 The Card loading / reloading is restricted to cash deposits with merchants displaying the payzone logo.
4.2 The Card can be loaded / reloaded at any time by the following means:
(a) Via One Time Loading Card prior to the Cardholder’s registration on the Website: for a maximum load amount of GBP 350 (or currency equivalent); or
(b) Via Loading Card which is provided to the Cardholder once the Cardholder has registered on the Website: in amounts of up to GBP 350 (or currency equivalent) up to a maximum of cumulative value of GBP 1,700 (or currency equivalent); or
(c) Via Loading Card which is provided to the Cardholder once the Cardholder has registered on the Website and has completed his/her proper Due Diligence: in amounts of up to GBP 350 (or currency equivalent) up to a maximum cumulative value of GBP 10,000 (or currency equivalent).
4.3 For Card activation and loading/reloading instructions, please refer to the information delivered with the Card and the instructions available on the Website.
4.4 The Bank reserves the right to charge a Fee for a limit upgrade and to change the limits at any time in accordance with Luxembourg and/or any applicable local requirements. The GBP 10,000 load limit will automatically apply if the Cardholder carries out the Due Diligence procedure within fifteen (15) days following the Card activation; in this case, no limit adjustment Fee will be charged.
The Bank may, in its own discretion, accept to set Card limits above GBP 10,000 at no extra costs.
The limits are exclusively applied to funds received through cash deposits with merchants in EU/EEA/FATF countries displaying the payzone logo and refer to Euros or currency equivalent.
5.CONDITIONS FOR USING THE CARD LOAD/RELOAD
5.1 By loading or reloading the Card, the Cardholder declares that he/she is the beneficial owner of the loaded/reloaded funds.
5.2 The Card may exclusively be loaded/reloaded by means of cash deposits in the Card currency and by using a One-Time Loading and/or Loading Card with merchants displaying the payzone logo.
5.3 The Card Fund will be credited upon receipt of the loaded/reloaded funds. There will be a handling Fee applied for all incoming payments. The Fee will be charged in addition to the amount credited to the Card Fund.
6. KEEPING TRACK OF CASH WITHDRAWALS AND BALANCE
6.1 ATM withdrawals: Many ATM’s can provide a receipt at the time a withdrawal is made from the Card Fund. The Bank reserves the right to charge a Fee for ATM enquiries.
6.2 Transaction History: Information can be accessed online via the Website or can be requested from the Bank.
6.3 Balance Enquiry: Information regarding the Card Fund is available online via the Website or can be requested from the Bank.
7. THEFT OR LOSS OF THE CARD
7.1 There will be no limitation of the Cardholder’s liability where the Cardholder and/or the Authorised User have acted fraudulently or have been grossly negligent in cases of disputed transactions. The burden of proving fraud or gross negligence will lie with the Bank.
7.2 In case of the Card being lost or stolen, in case of improper use of the Card noticed by the Cardholder or the Authorised Under, or in the event of the intentional or unintentional disclosure of any, several or all of the Credentials, the Cardholder must:
(a) IMMEDIATELY NOTIFY the Bank, by telephone to the Assistance Centre on (+44) 203 0244351 available on Luxembourg business days between 07.00 am CET and 10.00 pm CET, and between 08.30 am CET and 05.30 pm CET on non Luxembourg business days, or by means of the Website (on a 24/7 basis);
AND
(b) CONFIRM IMMEDIATELY the Notification in writing by registered letter with acknowledgement of receipt to:
payzone Worldwide Money
c/o Banque Invik S.A
7, Avenue J.P. Pescatore
P.O. Box 285
L-2012 Luxembourg
7.3 The Notification must be made by the Cardholder himself/ herself, except in case of force majeure. With respect to the Notification, the Cardholder is liable for providing accurate and complete information to the Bank, in particular without limitations:
(a) the Cardholder’s first name and last name; and/or
(b) the number of the Card.
7.4 The Cardholder shall be fully liable for any consequences arising from any wrong, obsolete or incomplete information provided to the Bank.
7.5 The Card is immediately blocked upon receipt of the Notification.
7.6 The Cardholder shall be fully liable and shall indemnify and hold the Bank free from any liability for any transactions made with the Card (including after the Notification) if the Cardholder has committed fraud or gross negligence, including without limitation:
(a) if the Notification has not been made immediately after the Cardholder has noticed the loss, theft or improper use of the Card; and/or
(b) if the Notification has not been made in accordance with the procedure and requirements set out in this section 7; and/or
(c) if the security rules detailed in the current General Terms and Conditions and/or as provided by the Bank to the Cardholder have not been complied with or in case of disclosure of any, several or all of the Credentials.
7.7 If the Cardholder finds the Card after the Notification, the Card must be cut in two and returned to the Bank (at the above address) immediately.
8. CASHING OUT A CARD
8.1 The Bank highly recommends that rather than requesting redemption of the balance on the card from the bank, the Cardholder redeems any part of remaining funds on the Card by using an ATM machine, or using the Card until the Card Fund is exhausted.
8.2 If at any time the Cardholder decides to cancel the Card and request redemption directly from the bank, the following rules will apply:
(a) a reimbursement can only be made after the Card has been cancelled;
(b) a reimbursement can only be made by a single bank transfer to the account held in the name of the Cardholder;
(c) a reimbursement of value held on the Card without undertaking any Due Diligence is limited to GBP 700 (or currency equivalent) per calendar year; and
(d) the Bank will charge a reasonable Fee to cover the cost of redemption, which is currently GBP7. Balances below GBP 7 will not be redeemed.
9. WITHDRAWAL OF THE USE OF THE CARD
9.1 The Bank may, at its discretion, at any time and without notice, deactivate, cancel or suspend the right to use the Card or refuse to reissue or renew or replace the Card if the Bank has grounds to believe that the Cardholder and/or the Authorised User is/are in breach of (1) the General Terms and Conditions, and/or (2) any applicable local legislation/regulations, and/or (3) the VISA/MasterCard® regulations, without affecting the Cardholder’s obligations which shall continue to apply. In such events, the Card must be returned immediately to the Bank. The Bank will not accept any liability for the direct or indirect consequences arising from any deactivation, suspension or cancellation of a Card in accordance with the terms of the current General Terms and Conditions.
9.2 In addition, the Bank may, at its discretion and at any time, refuse to authorise a transaction and may publicly disclose this refusal to other credit institutions.
10. BANK LIABILITY
10.1 The Bank shall not be liable for any direct or indirect damages if the Card or a specific transaction is refused or not honoured by a merchant or a bank or an ATM. The Bank does not bear any responsibility for errors committed by merchants or banks or ATMs. The Bank will not be obliged to enter into any dispute arising between the Cardholder and a merchant or bank and, moreover, a dispute with a merchant or bank does not absolve the Cardholder from complying with regulations governing the use of the Card and the current General Terms and Conditions.
10.2 The Bank shall not be liable if it is unable to perform its obligations under this Agreement due (directly or indirectly) to the failure of any machine, data processing, system or transmission link or to industrial dispute, altered legislation or license requirements or anything outside the Bank’s control or the control of the Bank’s agents or contractors.
10.3 Without prejudice to the above, the liability of the Bank in relation to the Card, the associated services and the current General Terms and Conditions shall be limited to its gross negligence or serious misconduct or wilful default.
11. BANK CONTACT DETAILS
11.1 To report claims or errors regarding Card Fund or to enquire general information about the Card, the Bank can be contacted via
(a) the Assistance Centre on +44 (0) 203 0244351 ;
(b) e-mail to info@mypayzonemoney.com; or
(c) postal mail to: payzone Worldwide Money, S.A., P.O.Box 285, 7, Avenue Pescatore, L-2012 Luxembourg
11.2 When calling or writing the following information needs to be provided:
(a) name and Card serial number (found on the Card’s reverse side);
(b) a description of the suspected error or transaction and/or the reason of the information request;
(c) the local currency and amount of the suspected error or transaction; and
(d) Cardholder’s date of birth, current address and telephone number.
11.3 If the Bank is informed verbally, the Bank may require that the complaint or question be confirmed by the Cardholder in writing within 24 hours.
12. CHANGE OF ADDRESS
12.1 Any address change request must be made in writing to the Banks’ offices in Luxembourg and must be accompanied by an official document stating the change of address.
13. MODIFICATIONS
13.1 The Bank reserves the right to change (1) the current General Terms and Conditions, (2) the characteristics and features of the Card and (3) the Fees at any time. The new General Terms and Conditions/Card’s characteristics and features/Fees will be made available on the Website at least one (1) month before their entry into force.
13.2 The Cardholder hereby:
(a) acknowledges that his/her relationship with the Bank is as least partially based on electronic communications, made in particular through the Website and deems this means of communication appropriate to the nature of his/her relationship with the Bank;
(b) declares that he/she will consult regularly the Website; and
(c) agrees to be informed of any such change by means of the Website.
13.3 Should the Cardholder object to such change(s), the Cardholder shall have the right to terminate the current General Terms and Conditions immediately by returning the Card to the Bank before the entry into force of the proposed change and shall be entitled to receive the then available Credit Fund less all ongoing transactions and Fees due under the current General Terms and Conditions.
13.4 Continued use of the Card and the associated services after the entry into force of the proposed changes shall constitute the Cardholder’s/Authorised User’s consent to such changes.
14. DATA PROTECTION
14.1 The Bank will collect and process personal data on the Cardholder and/or the Authorised User (1) insofar as necessary to issue and service the Card and/or (2) as necessary for the performance of the current General Terms and Conditions and/or (3) for marketing purposes such us marketing emails. The data will be communicated to other banks and financial intermediaries as necessary to perform the transactions made by means of the Card and/or as necessary to service the Card. The Cardholder and the Authorised User have the right to access and rectify their data by contacting the Bank. The data will be retained for the period provided for by the applicable law/regulations.
14.2 The Cardholder is responsible for providing the information included in this section 14 to the Authorised User.
15. GOVERNING LAW AND JURISDICTION
15.1 The current General Terms and Conditions shall be exclusively governed by and interpreted in accordance with the laws of Luxembourg.
15.2 Any dispute, controversy or claim arising in connection to a Card, a transaction made by means of a Card, the Card Fund and/or the current General Terms and Conditions shall be exclusively settled by the courts of district of Luxembourg.