Effective Date: 01.06.2025
PAY LONDON LTD
Introduction
These Terms and Conditions govern the general use of current account and debit card services provided by PAY LONDON LTD ("PAY LONDON", "we", "our"), registered in the United Kingdom, Company Number 11100986. Some specific services may have additional or separate terms and conditions, which will be clearly displayed within the client's personal account dashboard.
Company Information
Regulatory Obligations
PAY LONDON is regulated by the Financial Conduct Authority (FCA). Therefore, we have an obligation to monitor account activities, request necessary documentation to understand the nature and economic rationale of transactions, and report suspicious transactions in accordance with UK anti-money laundering (AML) laws.
1. Definitions
2. Scope of Services
PAY LONDON provides current account services enabling personal and business clients, whether UK residents or non-residents, to hold and manage balances in multiple currencies, perform foreign currency transfers, and exchange funds between currency wallets seamlessly. The services do not constitute traditional bank accounts and do not accrue interest.
3. User Eligibility
Personal users must be at least 18 years old, legally competent, and provide valid identification documentation as required by UK AML/KYC regulations. Business clients must provide relevant business documentation and beneficial ownership information as per regulatory standards.
4. Fees and Charges
All applicable fees, including account management, currency exchange, foreign transfers, debit card issuance, transaction processing, and redemption fees, are clearly listed in our fee schedule available on our website. Clients acknowledge that services incur charges and are not provided free of cost.
5. Funding and Transfers
Clients can deposit funds into their current account through approved methods and transfer funds between different currency wallets at competitive exchange rates, transparently provided at the time of each transaction.
6. Use of the Debit Card
The Debit Card can be used for domestic and international transactions, both online and offline, and for ATM withdrawals. Transactions are subject to daily limits, currency conversion fees, and security protocols.
7. Security Measures and Client Responsibility
Clients are responsible for safeguarding their security credentials, including passwords and PINs. Clients must notify PAY LONDON immediately of any lost cards, compromised accounts, or unauthorized activity. Failure to maintain adequate security measures may result in client liability for unauthorized transactions.
Clients must review their account activity and statements regularly. If a transaction is posted and not rejected or disputed by the client within 7 days, the client explicitly loses the right to reject or dispute that transaction thereafter.
8. Fraud and Scam Liability
Clients are responsible for ensuring transactions are legitimate and are liable for any losses due to fraud or scams, particularly if negligence or failure to adhere to recommended security practices is established.
9. Limitation of Liability
PAY LONDON is not liable for indirect, incidental, consequential, or special damages, including loss of profits or data, resulting from the use or inability to use the services, interruptions, unauthorized access, third-party failures, or force majeure events.
10. Acceptable Use Policy
Clients must not use PAY LONDON services for any illegal activities, including but not limited to money laundering, financing terrorism, fraud, gambling (if prohibited), or other prohibited transactions as listed on our website. Violations may result in immediate account suspension or termination.
11. Prohibited Activities
Clients must not attempt to generate profit through foreign exchange (FX) arbitrage, deliberately creating negative balances, manipulation of currency exchange rates, exploiting system errors or vulnerabilities, or any other deceptive practices. Such actions will result in immediate suspension or termination of accounts.
12. Termination and Suspension
PAY LONDON reserves the right to suspend or terminate client accounts without prior notice and hold funds for up to 180 days if deemed necessary to protect the interests of third parties, comply with regulatory obligations, or safeguard our reputation. Clients may terminate their accounts at any time with appropriate notice.
13. Information Sharing
PAY LONDON is authorized to share clients' personal information, documents provided by clients, or other relevant information with our partners, correspondent banks, and regulatory authorities. This includes circumstances required by law, regulatory compliance, or maintaining correspondent banking relationships.
Clients must update their personal information with PAY LONDON within 7 days of becoming aware of any changes.
14. Amendments to the Terms
We may amend these Terms and change our fee schedule by providing at least 7 days' notice to clients. Clients who disagree with any amendment may terminate their accounts without penalty before the amendment becomes effective.
15. Complaints and Dispute Resolution
Complaints must be filed by email at complaints@pay.london or post to the Registered Address of PAY LONDON. PAY LONDON will respond to complaints within 15 working days. Unresolved disputes may be escalated to the Financial Ombudsman Service (FOS). If any issue is escalated to the FOS, no further actions are possible and the decision of the FOS is final.
16. Governing Law
These Terms and Conditions are governed by the laws of England and Wales, and all disputes are subject to the exclusive jurisdiction of the English courts.
Contact Information
PAY LONDON LTD
Registered Address: Dragon Suite St Georges House, 15 Hanover Square, London, United Kingdom, W1S 1HS
Email: support@pay.london
Phone: +44 (20) 80500101
PAY LONDON LTD
Introduction
These Terms and Conditions govern the general use of current account and debit card services provided by PAY LONDON LTD ("PAY LONDON", "we", "our"), registered in the United Kingdom, Company Number 11100986. Some specific services may have additional or separate terms and conditions, which will be clearly displayed within the client's personal account dashboard.
Company Information
- Company Number: 11100986
- FCA license number: 900900
- Registered Address: Dragon Suite St Georges House, 15 Hanover Square, London, United Kingdom, W1S 1HS
- Data Protection Registration Number: ZA480763
Regulatory Obligations
PAY LONDON is regulated by the Financial Conduct Authority (FCA). Therefore, we have an obligation to monitor account activities, request necessary documentation to understand the nature and economic rationale of transactions, and report suspicious transactions in accordance with UK anti-money laundering (AML) laws.
1. Definitions
- Current Account: A multi-currency digital account enabling users to hold, send, receive, exchange, and manage funds in various currencies.
- Debit Card: A payment card issued to users, linked to their Current Account, allowing transactions with merchants and cash withdrawals.
- Client: An individual or a business entity, resident or non-resident of the UK, utilizing PAY LONDON services.
2. Scope of Services
PAY LONDON provides current account services enabling personal and business clients, whether UK residents or non-residents, to hold and manage balances in multiple currencies, perform foreign currency transfers, and exchange funds between currency wallets seamlessly. The services do not constitute traditional bank accounts and do not accrue interest.
3. User Eligibility
Personal users must be at least 18 years old, legally competent, and provide valid identification documentation as required by UK AML/KYC regulations. Business clients must provide relevant business documentation and beneficial ownership information as per regulatory standards.
4. Fees and Charges
All applicable fees, including account management, currency exchange, foreign transfers, debit card issuance, transaction processing, and redemption fees, are clearly listed in our fee schedule available on our website. Clients acknowledge that services incur charges and are not provided free of cost.
5. Funding and Transfers
Clients can deposit funds into their current account through approved methods and transfer funds between different currency wallets at competitive exchange rates, transparently provided at the time of each transaction.
6. Use of the Debit Card
The Debit Card can be used for domestic and international transactions, both online and offline, and for ATM withdrawals. Transactions are subject to daily limits, currency conversion fees, and security protocols.
7. Security Measures and Client Responsibility
Clients are responsible for safeguarding their security credentials, including passwords and PINs. Clients must notify PAY LONDON immediately of any lost cards, compromised accounts, or unauthorized activity. Failure to maintain adequate security measures may result in client liability for unauthorized transactions.
Clients must review their account activity and statements regularly. If a transaction is posted and not rejected or disputed by the client within 7 days, the client explicitly loses the right to reject or dispute that transaction thereafter.
8. Fraud and Scam Liability
Clients are responsible for ensuring transactions are legitimate and are liable for any losses due to fraud or scams, particularly if negligence or failure to adhere to recommended security practices is established.
9. Limitation of Liability
PAY LONDON is not liable for indirect, incidental, consequential, or special damages, including loss of profits or data, resulting from the use or inability to use the services, interruptions, unauthorized access, third-party failures, or force majeure events.
10. Acceptable Use Policy
Clients must not use PAY LONDON services for any illegal activities, including but not limited to money laundering, financing terrorism, fraud, gambling (if prohibited), or other prohibited transactions as listed on our website. Violations may result in immediate account suspension or termination.
11. Prohibited Activities
Clients must not attempt to generate profit through foreign exchange (FX) arbitrage, deliberately creating negative balances, manipulation of currency exchange rates, exploiting system errors or vulnerabilities, or any other deceptive practices. Such actions will result in immediate suspension or termination of accounts.
12. Termination and Suspension
PAY LONDON reserves the right to suspend or terminate client accounts without prior notice and hold funds for up to 180 days if deemed necessary to protect the interests of third parties, comply with regulatory obligations, or safeguard our reputation. Clients may terminate their accounts at any time with appropriate notice.
13. Information Sharing
PAY LONDON is authorized to share clients' personal information, documents provided by clients, or other relevant information with our partners, correspondent banks, and regulatory authorities. This includes circumstances required by law, regulatory compliance, or maintaining correspondent banking relationships.
Clients must update their personal information with PAY LONDON within 7 days of becoming aware of any changes.
14. Amendments to the Terms
We may amend these Terms and change our fee schedule by providing at least 7 days' notice to clients. Clients who disagree with any amendment may terminate their accounts without penalty before the amendment becomes effective.
15. Complaints and Dispute Resolution
Complaints must be filed by email at complaints@pay.london or post to the Registered Address of PAY LONDON. PAY LONDON will respond to complaints within 15 working days. Unresolved disputes may be escalated to the Financial Ombudsman Service (FOS). If any issue is escalated to the FOS, no further actions are possible and the decision of the FOS is final.
16. Governing Law
These Terms and Conditions are governed by the laws of England and Wales, and all disputes are subject to the exclusive jurisdiction of the English courts.
Contact Information
PAY LONDON LTD
Registered Address: Dragon Suite St Georges House, 15 Hanover Square, London, United Kingdom, W1S 1HS
Email: support@pay.london
Phone: +44 (20) 80500101