Terms and Conditions – Payello Wallet

Last updated: January 14, 2022

Overview

The following provisions govern your use of the Payello Wallet service offered by Payello. By using the services described in these terms, you are agreeing to be bound by these Terms and Conditions.

Disclaimers

These terms and conditions are a legally binding agreement between you and Payello, so it is important that you take the time to read them carefully.
Do not use our Payello Wallet service if you do not accept these Terms and Conditions.
These Terms and Conditions are additional provisions which form the Payello Account Terms and Conditions. These terms along with the Payello Account Terms and Conditions, and all associated additional provisions, agreements and documents form your entire agreement with Payello.
For clarity, explanations of unfamiliar terms, such the names of our services, certain technologies, acronyms, or industry terms can be found in the Glossary at payello.com/legal/glossary

Changes to these terms

We may revise this document and any of the associated documents from time to time. The revised version will be effective at the time we post it, unless otherwise noted. If our changes reduce your rights or increase your responsibilities, we will provide notice to you of at least two months via your usual means of communication with us.
The latest copy of these terms can be viewed at payello.com/legal/terms-wallet

The Services

Payello Wallet can be used to accept, send, and request payments to and from Payello and non-Payello accounts in all supported currencies to over 180 countries worldwide.
You agree that you will use the Services in connection with your lawful payment needs only.

About your account

Your Payello Wallet account is an electronic money account that holds your electronic money (e-money).
Your account may hold e-money in different currencies at the same time.
E-money is an electronic alternative to cash. If you or someone else gives us money in one currency, we'll issue an equivalent value of e-money in that currency. We'll store the e-money in your account, and other people will accept it as payment. In these terms, we use ‘money’ to refer to e-money.
You can fund your account and make payments from your account via the same networks that banks use.

Consumer Protection

Your electronic money account is not a bank account and accordingly the protection schemes offered by banks do not apply to your account, such as the Financial Services Compensation Scheme (FSCS).
We strictly adhere to the legal requirements under the Regulations which are designed to ensure the safety and liquidity of funds deposited in electronic money accounts; however, in the unlikely event that we or your account provider becomes insolvent; you may lose the electronic money held in your account.
More information can be found on our Regulatory Information page.

Suspension of Access

We are entitled to suspend your Account and/or your or access to the Payello Platform and/or otherwise restrict functionality if you are in breach of these terms.
In all such cases we will, to the extent permitted under applicable laws, provide you with reasonable notice in advance of taking these steps.
However, we may suspend your Account and/or your or access to the Payello Platform and/or otherwise restrict functionality without notice if you are using your Account or the Services in a manner that could cause us legal liability or disrupt other users’ ability to access and use the Services or if any of the termination conditions set out in this agreement occur.
Any suspension or restriction shall continue for such a period as we shall reasonably determine to be necessary.

Acceptable Use

As part of our ongoing commitment to mitigate the risk of money laundering and terrorist financing, there are some restrictions as to how you can use your account.
The latest list of restricted activities can be found in our Acceptable Use Policy, which may be updated from time to time.
In line with our anti-money laundering policy and sanction screening requirements, we cannot receive funds from or send money to some countries.
The latest list of restricted countries can be found in our Acceptable Use Policy, which may be updated from time to time.
You agree to follow the Acceptable Use Policy and agree to promptly make payment to Payello for any penalties issued according to the Acceptable Use Violation Policy.

Refusal of a Transaction

We reserve the right in our sole discretion to refuse the funding of any transaction. The funds will be returned to the Payer’s bank account in this case.
The funding of a transaction may be delayed, cancelled, or otherwise modified in accordance with our obligations to prevent this Service from being used for fraud, money laundering, and the financing of terrorism. We will attempt to notify you of any such delay or cancellation using the contact information provided by you to us as part of your registration, stating (where possible) the reasons for the refusal and whether the problem can be corrected.

Authorisation

You authorise the Service Provider to act as your agent for the limited purposes of receiving, holding, and disbursing to your account such funds received from Payers on your behalf.
You agree and understand that the receipt of funds by the Service Provider satisfies a Payer’s obligation to you.

Negative Balance, Default Interest and Reconnection

If a negative balance occurs on the account, you are responsible to bring the balance above negative immediately.
More information is available in our Negative Balance Policy. By continuing to use the services you understand and agree to the terms stated in the Negative Balance Policy.

EUR Balance Negative Interest

Due to the European Central Bank’s negative interest rate policy (NIRP) you will be charged the following fee for holding a balance in Euro (EUR). To avoid this charge, you should use this balance before the end of the day, such as converting it to another currency or making a payment.
If the account’s EUR balance is below €20,000,000 (20 million) a rate of 0.60% per annum shall apply.
If the account’s EUR balance is above €20,000,000 (20 million) a rate of 0.75% per annum shall apply.
The interest shall be calculated per day as the balance on the account at the end of each day multiplied by the rate divided by 360.
For example, an account with a balance of €50,000 shall be charged €0.83 at the end of the day.
We reserve the right to amend the Rate by giving no less than thirty (30) days prior written notice. Such amendment to the Rate will become effective on the date specified in the written notice.

Fees

Fees for initiating a transaction will be calculated and provided to you via the interfaces used to initiate a transaction before you complete the transaction. You must review and accept the fees before completing the transaction.
Additional fees may apply, which are published on the Pricing page of the Payello website and may be updated from time to time.

Currency Exchange

The Terms and Conditions related to the Currency Exchange service form part of this agreement and can be viewed at https://payello.com/legal/terms-exchange

Service Providers

Payello Wallet services offered to users in the United Kingdom are provided by The Currency Cloud Limited (the Service Provider), and you agree to the Service Provider’s Terms of Use by using the services.
Payello Wallet services offered to users in Austria, Belgium, Bulgaria, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain and Sweden are provided by Currencycloud B.V. (the Service Provider), and you agree to the Service Provider’s Terms of Use by using the services.
Payello Wallet services offered to users in the United States are provided by Stripe Payments Company (the Service Provider) with funds held at Goldman Sachs Bank USA or Evolve Bank & Trust, and you agree to the Service Provider’s Terms of Use by using the services.
Payello Wallet services related to crypto currencies are provided by Wyre Payments Inc (the Service Provider), and you agree to the Service Provider’s Terms of Use by using the services.
More information about the Service Providers can be found on our Regulatory Information page.