FAQ's

  • Who can apply for a VELOXXA Account?expand_more
    Any individual over 18 years of age is eligible to apply for a VELOXXA Account.
  • How do I register for a VELOXXA account?expand_more
    Registering for a VELOXXA Account is simple. After selecting the Register button you will be requested to provide your basic personal details; Furthermore, you will be asked some questions which VELOXXA is required to ask its customers in accordance with local legislation.
    Finally you will be asked to insert a Validation code which will be sent to you by SMS to your mobile phone number indicated by you.
  • How do I update my personal information?expand_more
    Through the Profile (Settings) page on Veloxxa web portal you can modify the below details:
    The email
    The password
    The mobile number
    As a security measure, You will be asked to validate your profile changes.
    For other changes to your personal details, please get in contact with Veloxxa Customer support.
  • When will I have access to my Account?expand_more
    Normally, your VELOXXA Account will be activated within 24 hours from Registration unless additional personal details and supporting documentation would be required by VELOXXA. We shall notify You in writing when We have accepted your Registration and Your Personal Account been activated as a result.
  • What is a Politically Exposed Person?expand_more
    The term Politically Exposed Person (PEP) is broad and generally includes all persons who fulfil a prominent public function. For the purposes of the definition of 'political exposed persons' –

    A. The term 'have been entrusted with prominent public functions' shall include the following:
     i. Heads of State, Heads of Government, Ministers and Deputy and Assistant Ministers and Parliamentary Secretaries;
     ii. Members of Parliament;
     iii. Members of the Courts or of other high-level judicial bodies whose decision are not subject to further appeal, except in exceptional circumstances;
     iv. Members of courts of auditors, Audit Committees or of the boards of central banks;
     v. Ambassadors, charges d'affaires and other high ranking officers in the armed forces;
     vi. Members of the administrative, management or boards of State-owned corporations.
     Where applicable, for the purposes of subparagraphs (i) to (v), shall include positions held at the Community or international level. But shall exclude middle ranking or more junior official positions.

    B. The term 'immediate family members' shall include the following:
     i. The spouse, or any partner recognized by national law as equivalent to the spouse;
     ii. The children and their spouses or partners; and
     iii. The parents.

    C. The term 'persons known to be close associates' shall include the following:
     i. A natural person known to have joint beneficial ownership of a body corporate or any other form of legal arrangement, or any other close business relations with that politically exposed person;
     ii. A natural person who has sole beneficial ownership of a body corporate or any other form of legal arrangement that is known to have been established for the benefit of that politically exposed person.
  • What is FATCA?expand_more
    The Foreign Account Tax Compliance provisions (commonly known as FATCA) contained in the HIRE Act 2010 are US legislation aimed at reducing tax evasion by citizens of the United States of America (US). It requires Financial Institutions outside the US to pass information about their US customers to the US tax authorities i.e. the Internal Revenue Service (IRS).

    On 16th December, 2013 Malta and the US signed an agreement to implement FATCA in Malta (Agreement between the Government of the United States of America and the Government of the Republic of Malta to Improve International Tax Compliance and to Implement FATCA – incorporated into Maltese law through LN 78 of 2014) hereinafter referred to as "the FATCA Agreement".

    Entities that issue payment cards that can be pre-loaded with funds in excess of $50,000 to be spent at a later date, such as a pre-paid cards or "e-money" are to be considered to be Depository Institutions for the purposes of the FATCA Agreement and therefore have an obligation to report certain information regarding those identified reportable accounts to the Commissioner for Revenue.

  • What is the currency of the VELOXXA Account?expand_more
    You can open a VELOXXA Account in Euro.
  • How to use my VELOXXA Account?expand_more
    There are two main types of transactions – money in and money out.

    Money in – VELOXXA offers instant and local options for funding your account, including debit and credit cards, international bank transfers and other local options depending on your country of residence. You may also receive funds from other VELOXXA Account holders.

    Money out – Once you've funded your account, our web portal enables you to make SEPA payments, other international payments, money transfers to other VELOXXA account holders and making payments to Merchants.
  • What type of VELOXXA Accounts are available?expand_more
    Once a customer registration has been approved by VELOXXA, the customer will be given access to the VELOXXA account. The VELOXXA account is a basic entry level account with a maximum loading limit per calendar year of € 50,000. This means that the sum of all credits into the personal account cannot exceed € 50,000 in any calendar year. If at any time, a customer exceeds this limit, her/his VELOXXA account will be immediately blocked until the customer would have been verified.
  • Can I open multiple VELOXXA Accounts?expand_more
    Only one VELOXXA account is permitted per customer.
  • Why has my VELOXXA Account been blocked?expand_more
    Where We reasonably believe that an Instruction purporting to come from You has not been properly authorised by You or that any other breach of security has occurred in relation to Your Use of the Services, we reserve the right to block your account.

    If your account has been dormant for the last 6 months, that is no transaction have been carried out through your account in the last 6 months, our online system automatically blocks the account.

    If you have exceeded your total loading limits in a calendar year, your account will be blocked.
  • How can I unblock my Account?expand_more
    Your account can only be unblocked/reactivated by contacting Our Customer support.
  • Why has my VELOXXA Account been closed?expand_more
    We may take action to close Your Account immediately in exceptional circumstances such as if We reasonably believe that:
    a) You are not eligible for a VELOXXA Account;
    b) You have given Us any false information at any time;
    c) You or someone else is using the Account illegally or for criminal activity;
    d) Your behaviour means that it is inappropriate for Us to maintain Your Account;
    e) Your conduct in relation to Your Account has been consistently unacceptable.
    f) by maintaining Your Account We may break a law, regulation, code or other duty which applies to Us;
    g) by maintaining Your Account We may damage Our reputation; or
    h) You have been in serious or persistent breach of the terms and conditions, agreement or any additional conditions which apply to Your Account.

    If We close Your Account for the reasons described above prior to 12 months after Your Account is opened, termination fees as set out on Our Website shall apply.
  • Can I close my VELOXXA Account? Are there any applicable account termination fees?expand_more
    You have the right to close Your VELOXXA Account immediately by written notice to Us. In the event that You close Your Account prior to 12 months after Your Account is opened, termination fees as set out on Our Website shall apply.

    If You do not accept a change to our terms and conditions which is unfavourable to You, of which notice has been given, You should tell Us in writing before the lapse of the said notice period. Telling Us that You do not accept the change will be deemed to be Your request to close Your Account immediately and without any additional fees for closing Your Account.
  • Can I transfer money to my relatives and friends who do not have a VELOXXA Account?expand_more
    Through our web portal, you can send money to anyone who is not a VELOXXA customer by providing us with her/his email address and the initial amount you wish to transfer.

    Your relative and/or friend will be sent an email to the email address provided by you, informing her/him that you made a fund transfer and requesting her/him to register for a VELOXXA Account in order to claim the funds.

  • How can I load my VELOXXA Account?expand_more
    You can load your VELOXXA Account through bank transfers, debit and credit card deposits, and other local options depending on your country of residence.
  • How do I load my VELOXXA Account through SEPA/International bank transfers?expand_more
    When you register, Veloxxa automatically assigns an IBAN (International Bank Account Number) for you. You could find your IBAN and instructions at Veloxxa, Load with Bank option. Once you have the IBAN, all you need to do is send money to your account using your Veloxxa IBAN.How long does a Bank Deposit take to be credited to my VELOXXA Account?The funds will be deposited into your VELOXXA Account as soon as we receive confirmation from our counterparty banks that the funds have arrived.

  • How can I do a SEPA credit transfer?expand_more
    Once you Sign in into our web portal and select the "Transfer funds" option, you must select "Outward Payments". You will be automatically directed to the SEPA – Domestic transfer page. You could transfer funds to your other accounts, by inputting country and IBAN, You will need to Enter the amount you wish to transfer and click "Authorise" or "Authorise and Save as Template". The "Authorise and Save as Template" function will enable you to save the details as a template for future reference/use.

    For security reasons you will be asked to insert the validation code that you will receive by SMS on the mobile number indicated in your profile.
  • How can I do a non-SEPA/international transfer?expand_more
    Once you Sign in into our web portal and select the "Transfer funds" option, you must select "Outward Payments". You will be automatically directed to the SEPA – Domestic transfer page and then select Non-SEPA – International Transfer. Once you input the country, you will be asked to select whether the account is an IBAN. If the Beneficiary Bank does not have an IBAN, you will need to provide all the Beneficiary's bank details; You will need to Enter the amount you wish to transfer and indicate the type of commission. You must then click "Authorise" or "Authorise and Save as Template". The "Authorise and Save as Template" function will enable you to save the details as a template for future reference/use.

    For security reasons you will be asked to insert the validation code that you will receive by SMS on the mobile number indicated in your profile.
  • When will SEPA Credit Transfers be processed?expand_more
    Payment instructions will be processed by VELOXXA as follows:
    a) on the same day – for payments received on a Working Day by 16.00 CET; or
    b) on the following Working Day – for payments received after 16.00 CET or on a day that is not a Working Day in Malta and/or the country of our counterparty banks.
  • When will Non-SEPA Credit transfers be processed?expand_more
    Payment instructions will be processed by VELOXXA as follows:
    c) on the same day – for payments received on a Working Day by 13.00 CET; or
    d) on the following Working Day – for payments received after 13.00 CET or on a day that is not a Working Day in Malta and/or the country of our counterparty banks.
  • What happens if I provide the wrong beneficiary's IBAN or incorrect payment details?expand_more
    If incorrect payment details have been provided, the payment may be delayed, returned or credited to a wrong account. VELOXXA reserve the right to charge You with a recall/cancellations/repair fee and recharge any fees from other third party banks, as applicable.

    We will not be liable for any loss incurred by anyone and/or for any delay to the payment being made.
  • Why is the Available balance on my VELOXXA Account different from the Actual balance?expand_more
    Outward payments will be reflected on Your Account on the next working day after You authorise such transactions. Nevertheless, Your Account’s available balance would be deducted with the payment amount.
  • What shall I do if I notice a payment order which has not been authorised by me?expand_more
    You shall immediately notify us with this instance and immediately proceed to change your password credentials.

    We will be responsible for losses resulting directly from payments which You tell Us that You have not authorised unless You have acted fraudulently or You have allowed an unauthorised person to give payment instructions or You have not immediately notified Us and/or changed Your password when You become aware of any breach of security relating to Your Account.

  • How can I get a statement?expand_more
    Statements (including such information relating to payments made out of your VELOXXA Account as is required under the Central Bank Of Malta Directive 1) can be generated any time through Our web portal at no cost.
    Through the Web Portal you may also generate on an ad hoc basis at Your request transaction history reports – for which no fees apply.
  • What happens if I do not accept any changes to the terms and conditions?expand_more
    If You do not accept a change to our terms and conditions which is unfavourable to You, of which notice has been given, You should tell Us in writing before the lapse of the said notice period. Telling Us that You do not accept the change will be deemed to be Your request to close Your Account immediately and without any additional fees for closing Your Account.
  • How do I file a complaint?expand_more
    Should you wish to file a complaint you can do so via our website by clicking on the ‘Contact Us’ tab and submitting your complaint online.

  • How can I protect passwords, security tokens, personal details and other confidential data?expand_more
    The personal identifiable details that you hold and you use to access your account are personal, and so to keep them secure, you should adopt all measures possible to ensure that the details are only kept to yourself. Do not share any of these details with anyone, and always make sure, when using Security Tokens or entering PIN’s or using the Security Tokens that you are alone and no-one can see or detail what you are doing.
  • How would I know whether I am using the genuine internet payment website?expand_more
    It is difficult to know when you are using the genuine site or not, however VELOXXA offers the following advice to its customers:
    a) Many websites look just like the real thing. But if you look closely at the text, you may spot misspellings and other typos that could indicate the site you’re looking at is fake.
    b) A real site will never use scare tactics to get your username and password. If you’re ever in doubt, contact the company directly to see if your account is in danger.
    c) At minimum, it should have a URL that starts with https://, and it should have a padlock icon in the browser frame – NOT on the site’s page. These show the site is protected with Secure Sockets Layer (SSL), a cryptographic protocol that provides communication security.
  • How safe is it to register over the internet?expand_more
    As stated previously, VELOXXA employs various encryption algorithms and very strict and secure firewalls on their servers to ensure that your registration process and your details are kept secure.
  • Do you share my personal data with other companies?expand_more
    Please refer to our Privacy Policy.
  • What should I do if I forget the Username or Password?expand_more
    Kindly get in touch with our customer support and you will be guided accordingly.
  • What should I do if I forget the answer to my secret question?expand_more
    Kindly get in touch with our customer support and you will be guided accordingly.