This user agreement is a contract between You (‘Account holder’, ‘you’) and Finance Incorporated Limited, operating through the platform ‘VELOXXA’, a private limited liability company, duly registered and organised under the laws of Republic of Malta, a financial institution, regulated by the Malta Financial Services Authority, being the sole regulator of financial institutions in Malta, such as payment service providers and institution providing electronic money institutions. (‘VELOXXA’, ‘We’, ‘Us’, ‘Our’)
This User Agreement explains VELOXXA’s obligations to You and Your obligations to VELOXXA.
The following documents are incorporated into and form part of these Terms and Conditions:
1. the Registration Form;
2. these Terms and Conditions, together with any additional terms and conditions which apply in relation to any of other services VELOXXA may provide to You;
3. any fee or tariff sheet referred to in Our Website where applicable; and
4. any Operating Instructions, information sheets or manuals relating to various aspects of the Services which are issued by VELOXXA from to time to time.
5. reserves the right to suspend, cancel, add, modify or delete any term and condition in connection with Your Personal Account and to amend its fees or tariff sheet. VELOXXA will provide You with 60 days’ written notice before amending any term and condition. You reserve the right to cancel Your Personal Account and immediately terminate the Agreement without incurring any fees for doing so provided that You notify Us in writing or by contacting Our customer services within the said 60 days. If You do not accept the change, the provisions of Clauses 13 and 16 below will apply. If You do not notify Us within the said 60 days, then You will be deemed to have accepted the amendments to the terms and conditions and these will take effect.
At Registration, VELOXXA consider that these terms and conditions are read, understood and accepted by You. In accepting these terms and conditions You are also agreeing to the Fee or Tariff Sheet referred to on Our Website (Consumer Fees).
Every Registration is considered individually, and the provision of this Agreement does not guarantee or imply acceptance by VELOXXA of any Registration. VELOXXA reserves the right to reject a registration should it consider to be appropriate to do so.
The following terms shall (unless the context otherwise requires) have the meanings ascribed below:
“Agreement”: means the agreement entered into between VELOXXA and You in accordance with these Terms and Conditions and any terms and conditions applying to any of the Services, as applicable;
“BIC”: means a Bank Identifier Code;
“EEA”: means the European Economic Area;
“Group Company”: means in respect of a party, any undertaking which, directly or indirectly controls or is controlled by such party or an undertaking which, directly or indirectly, controls or is controlled by any aforementioned undertaking;
“IBAN”: means an International Bank Account Number;
“Instruction”: means any instruction given to VELOXXA by You, as referred to in Clause 6
“Operative Date”: means the date upon which Your Personal Account is opened;
“Online Portal” means the online management system made available by VELOXXA on the Website and accessible by You which enables You to manage the information and functionality relating to Your Personal Account;
“Operating Instructions”: means any operating instructions as communicated to You by VELOXXA from time to time, setting out the procedures, information and instructions which You must follow in connection with the Services;
“PEP (Politically Exposed Person)”: means 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.
“Personal Account”: means Your E-wallet account which shall be provided to you as an Individual Customer/Natural person in accordance with these Terms and Conditions;
“Person” means any individual and/or natural personal;
“Registration”: means Your registration to Us for the provision of any of the Services (and ” Registration Form” shall be construed accordingly);
“Regulation”: means all laws, acts, regulations, orders and directives and all codes of practice and guidance issued by government agencies, self-regulatory bodies and trade associations (whether or not having the force of law) applicable to the conduct of Our or Your businesses or in connection with their rights and obligations under these Terms and Conditions;
“Rules”: means the applicable rules, regulations and operating guidelines relating to your Personal Account;
“Transaction: means a payment transaction issued by a payee or payer to place, transfer or withdraw funds;
“Website”: means Our website which is available at VELOXXA.com;
“Working Day”: means Monday to Friday, excluding Bank Holidays; and
“You”: means the Person which has applied for the Services and been accepted by Us as a customer.
In this User Agreement (unless the context otherwise requires):
1. the words “including” and “include” and words of similar effect shall not limit the general effect of the words which precede them;
2. references to the Agreement, Terms and Conditions and any other agreement, contract or document (including the Rules) shall be construed as a reference to it or them as varied, supplemented or novated from time to time;
3. words importing the singular shall include the plural and vice versa;
4. words importing any gender shall include a reference to each other gender; and
5. references to a numbered clause or paragraph are to a clause of these Terms and Conditions or paragraph of the schedule so numbered.
The headings in this Agreement are for convenience only and shall not affect their construction or interpretation.
1. Notwithstanding any Registration Form submission, VELOXXA shall not be obliged to provide any Service unless and until We notify You in writing that We have accepted your Registration and Your Personal Account been activated as a result.
2. The Services shall be provided in return for the fees and upon and subject to the provisions of these Terms and Conditions.
3. The Services shall be provided with reasonable care and skill and in accordance with all applicable laws and regulations (including the Rules and the Operating Instructions).
You acknowledge and accept that Your Personal Account does not expire and that no interest shall accrue in favour of Your monies that are held on Your Account.
Our Services shall include the services provided by VELOXXA in respect of the Personal Account, together with any other Services which may be requested by You and agreed to by VELOXXA from time to time.
VELOXXA accounts may be used for different reasons. We understand that the account may be used to transfer money between friends and family members or sell online goods and receive the proceeds of such sales.
You are responsible for maintaining adequate security and control of any and all IDs, passwords, personal identification numbers (PINs), or any other codes that You use to access your account and VELOXXA’s services. You are responsible for keeping your mailing address, email address and other contact information up-to-date in your VELOXXA account profile.
You can choose between two options:
1. Low Treshold Account – an account which has a maximum annual limit of EUR 2,500 and a transactions treshhold of EUR 100 per transaction. You will be asked to provide an identification document and your account will be sent for approval which is done within 24 hours. You can always request to be upgraded to the Upgraded Account. However, further due diligence will be requested from our part;
2. Upgraded Account – an account which has a maximum annual limit of EUR 50,000 without any transaction limits. Full due diligence will be requested. You will be asked to upload an identification document, proof of address and a tax number which needs to be substantiated by an official document confirming the tax number.
On Registration, depending on Your choice of account, You will be asked for your identity and other personal details. VELOXXA has established special verification systems involving your bank account or payment card to prove your identity. To safeguard the integrity of our payment system, your Personal account will also be subject to periodic transaction limits depending on your user status.
Depending on your user status, You may also find that you are asked to confirm your identity and provide additional personal details and supporting documentation. Furthermore you are also obliged to provide your tax identification number as well as proof of that tax identification number, by means of an official document. While our identity verification procedures are designed to minimise any inconvenience for you, the verification process may take several days to complete depending on the timely receipt of the original documentation requested by us.
Why do we need to carry identity verification?
We are required by the Prevention of Money Laundering and Funding of Terrorism Act (“PMLFTA”) to verify Your identity and address. This helps to protect Our customers and members of the public against fraud, combat Money Laundering and Funding of Terrorism and prevent misuse of Our systems.
The PMLFTA requires that We:
1. Verify your identity and address;
2. Keep full records of all transactions together with identification provided;
3. Monitor any unusual or suspicious transactions of any size;
4. Report to the Financial Intelligence Analysis Unit (FIAU) any suspicious transaction.
If We are unable to verify identity through an electronic search, or would require further documentation according to individual circumstances, We will contact You and ask You to provide such documents and You agree to provide such documents.
Politically Exposed Persons (“PEP”)
At Registration, You warrant that You are not a PEP or an immediate family member or a close associate of a PEP and You shall immediately inform Us as soon as You become a PEP or an immediate family member or a close associate of a PEP. This declaration is applicable to both local and foreign PEPs. Failure to disclose such information may lead to the closure of the account.
We also have an obligation to maintain up to date identification for all Our customers. This means that We may require additional information from time to time, even for customers who currently receive or have previously received services from Us and You will, upon request, provide such additional information.
1. All Instructions given by You shall be logged through the online portal. Such Instructions will be actioned in accordance with the time periods set out herein and as soon as reasonably possible after the Instruction is received.
2. Transactions are regarded as authorised by You where You confirm the execution of a Transaction on Your Account. Our online portal will provide you with a second Authentication level at login stage and when executing payments. You need to follow the instructions provided to You with such additional security measures.
3. 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 not to act, or to delay acting upon the Instruction and, in that event, We will inform You as soon as reasonably practicable. VELOXXA will not have any liability to You if You suffer loss because of Our decision not to act or to delay in acting on an Instruction in these circumstances.
4. You shall ensure that all Instructions sent to Us are complete and accurate. VELOXXA will not be liable for any loss if an Instruction is not actioned or is actioned incorrectly due to inaccurate or incomplete Instructions or if an Instruction is not received by Us.
5. You may request Us to cancel or modify any Instruction but We are only required to use reasonable efforts to comply with such request. VELOXXA will not be liable for any failure to cancel or modify such an Instruction.
6. We may refuse, at Our discretion and without liability, to act or delay acting on Your Instruction if it is a request or Instruction, the effect of which would be to exceed a general limit imposed by Us in relation to Your Personal Account.
7. You should ensure that the Funds in your Personal Account are sufficient to cover the payment You intend to make as well as any applicable fees. We shall refuse an informal overdraft request that would cause Your Personal Account to be overdrawn
.8. You shall indemnify and keep Us indemnified against all actions, proceedings, costs, loss or damage of any kind, that We and/or Our subsidiaries and associate undertakings may suffer as a result of acting on Your Instructions in relation to the Services or as a result of Your failure to comply with Your obligations under this Agreement.
1 Depending on Your verification status, the following loading channels are available for payment to Your Personal Account:
a. Bank transfers from other bank accounts held with other credit institutions in Your or third party name depending on Your level of due diligence, for which You must provide Your credit institution with VELOXXA BIC & IBAN and Your Personal account number as reference;
b. Credit/Debit cards issued in Your name by other credit institutions/issuers;
c. Transfers from other VELOXXA E-wallet accounts; and
d. Other payment methods available in Your country of residence.
2. Where the Loading channels are payment services provided by third party financial institutions, we do not guarantee the use of any particular loading channel made available, and may make changes to or discontinue the acceptance of any particular loading channel at any time by giving you notice in accordance with Clause 13.
3. If You choose a loading channel that may be subject to chargeback rights such as (but not limited to) credit or debit card or direct debit, You declare that You will not exercise such chargeback right other than for a breach by Us of this Agreement which would result in You having a right to a refund of the loaded / reloaded amount. Otherwise, You may not charge back any loading transaction or allow a chargeback of any such transaction for reasons for which We are not responsible including (but not limited to) disputes with merchants for non-delivery of goods or services or insufficient balance on Your account. We reserve the right to charge You fees and expenses We incur in connection with such chargeback and any action undertaken to challenge the same. We may also charge You a chargeback fee per chargeback as referred to on Our Website, where applicable.
4. If a chargeback or reversal of a loading Transaction results in a negative balance on Your Account, You will be required to repay such negative balance by reloading sufficient funds into Your Personal Account. Failure to do so is a breach of this Agreement. Repayment of the negative balance is due immediately without notice. During such period when the Account is in negative balance and until You make the required repayment to Your Account We reserve the right to block Your Account and require repayment from You . To the extent that You do not reimburse Us within 2 Working Days following notification by Us, We reserve the right to charge you a Negative fee. We also reserve the right, at any time, to send You reminders or to take other debt collection measures including but not limited to mandating a debt collection agency or solicitors or to pursue the claim in court. We reserve the right to charge You the expenses VELOXXA reasonably incurs in connection with any debt collection or enforcement efforts.
5. You must not load Your Account through a credit/debit card issued by other credit institutions/issuers, if You are not the named holder of that card. We take any violation of this requirement very seriously and will treat any attempt to use a payment instrument of which You are not the named holder as a fraudulent act.
6. You should be aware that loadings may be subject to loading limits due to security and legal requirements. These limits are set dynamically depending on Your verification status and the respective products You have applied for.
7. Payments received through Bank transfers will be credited to Your Personal Account on the following Working Day after funds are received by VELOXXA.
8. Loading through Credit/Debit cards issued in Your name by other credit institutions/issuers will be credited to Your Personal Account once the transaction is authorised by Your credit institution/issuer.
9. Transfers from other VELOXXA E-wallet accounts will be credited to Your Personal Account on the same Working Day.
10. If a payment is (i) fraudulently or mistakenly paid into Your Personal Account or (ii) refused by any competent authorities or if We are obliged to return a payment to the payer for any reason after it has been credited to Your Personal Account, You agree that the amount of the payment may subsequently be deducted by Us. This may occur even if (i) the funds are included in Your Personal Account balance,(ii) You have used the funds to make a payment or (iii) You have transferred or withdrawn all or part of them. If the deduction of the payment from Your Personal Account would make Your Account go overdrawn, You acknowledge that the amount by which Your Account is in debit, shall constitute a debt owing by You to Us. Following notification by Us to You that You have a debit balance on Your Personal Account, You shall promptly reimburse such sum to Us and in any event within 2 Working Days of notification by Us. To the extent that You do not reimburse Us within 2 Working Days following notification by Us, We reserve the right to charge you a Negative fee. We also reserve the right, at any time, to send You reminders or to take other debt collection measures including but not limited to mandating a debt collection agency or solicitors or to pursue the claim in court. We reserve the right to charge You the expenses VELOXXA reasonably incur in connection with any debt collection or enforcement efforts.
11. You should be aware that payment paid into Your Personal Account can be reversed. We reserve the right to reverse a payment in cases where the Payer or the Payer’s bank has charged back or otherwise reversed (or is reasonable likely to charge back or otherwise reverse) a loaded or other payment which was used to fund the payment to You.
1. Payments from your personal account can be made only to your personal account through SEPA Credit Transfers and Electronic Fund Transfer or other methods notified to You from time to time.
2. We will process and be responsible for processing payments from Your Personal Account solely on the basis of the BIC, sort code or national bank code of the recipient’s bank and the recipient’s bank account number (or IBAN) included in the payment Instructions We receive from You, regardless of any additional information provided to Us.
3. If incorrect payment details have been provided, the payment may be delayed or credited to a wrong account and We will not be liable for any loss incurred by anyone and/or for any delay to the payment being made. In addition VELOXXA reserves the right to charge You with a cancellations/repair fee plus a recharge of other third party banks.
4. Payment instructions will be processed by VELOXXA as follows:
SEPA Credit Transfers
(i) on the same day – for payments received on a Working Day by 16.00 CET; or
(ii) 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.
(i) on the same day – for payments received on a Working Day by 13.00 CET; or
(ii) 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.
SEPA credit transfers will be executed as a “Shared” (“SHA”) payment instruction whereby You will bear charges applied by Us and the beneficiary bears charges applied by the beneficiary’s payment service provider.
For Non-SEPA transfers, You must indicate the side bearing the charges applied by other payment service providers. If You indicate “SHA”, You will bear charges applied by Us and the beneficiary bears charges applied by the beneficiary’s payment service provider. On the other hand if You indicate “Borne by ordering customer” (“OUR”), You will bear charges applied by Us and by the other payment service provider. The respective charges by the other payment service provider will be debited to your Personal Account once communicated to Us by the other payment service provider.
5. We will give You prior notice of any National and/or Public Holidays during a particular calendar month.
6. Outward payments will be reflected in Your Personal Account on the next working day. Nevertheless, Your Personal Account available balance would be deducted with the payment amount.
7. Payments may be subject to payment limits due to security and legal requirements. You should ensure that Your limits are sufficient to cover the payment You intend to make as well as any applicable fees.
8. When executing transfers from Your Personal Account to another Personal Account held with Us, You should be aware that the recipient of a payment may also be subject to loading, spending and withdrawal limits and that this may affect the recipient’s access to the funds You intend to send.
9. Transfers from Your Personal Account to another Personal Account held with Us will be processed on the same day.
1. Except to the extent that loss or damage is caused directly by VELOXXA’s negligence or wilful misconduct, and as otherwise set out in this Clause 9, VELOXXA will not be liable to You for any loss or damage which You may suffer as a result of Your use of the Services.
2. VELOXXA will not be liable to You or any third party for:
1. any loss suffered if You give VELOXXA an Instruction which is incorrect including but not limited to incorrect payment details;
2. any loss of information, profit, goodwill, business or anticipated savings nor for any indirect loss or damage in each case whether reasonably foreseeable or not and even if VELOXXA has been advised of the likelihood of such loss or damage and whether arising from negligence, breach of agreement or otherwise;
3. any loss suffered if VELOXXA is prevented from or delayed in providing You with payment or other services due to VELOXXA complying with its other obligations under applicable law or Regulation or due to abnormal or unforeseeable circumstances beyond VELOXXA’s reasonable control (which may include but is not limited to the action of any government or government agency, strikes or other industrial action not involving VELOXXA staff, failure of third party equipment, interruption to third party power supplies and/or disruption to the international banking systems to and/or through which payments are sent); or
4. any losses resulting from third party services outside VELOXXA’s reasonable control (including, but not limited to, telephone and browser services or any act or failure to act by any other financial institution or third party), whether such services are used by You to access the Services or used by VELOXXA in order to provide the Services or to comply with Your Instructions. We shall not be liable for errors, delays or failures in the transmission or receipt of Instructions.
3. You are responsible for the security of any information which You communicate to VELOXXA in the course of using the Services.
4. You are liable for any telephone or other communication charges and any charges made by Your internet service provider or any third party as a result of its use of the Services.
5. You shall be liable, without limitation or exclusion, to VELOXXA for any loss suffered by Us as a result of Your breach of this Agreement or through your negligence.
6. 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 Personal Account.
7. For the avoidance of doubt, You are liable without any limit for all losses relating to payments where You have acted fraudulently or failed to comply with this Agreement.
8. You shall indemnify and keep VELOXXA indemnified against all actions, proceedings, costs, loss or damage of any kind, which VELOXXA and any of Our subsidiaries and associate undertakings, may suffer as a result of acting on Your instructions in relation to the Services or as a result of Your failure to comply with Your obligations under this Agreement.
VELOXXA shall safeguard all funds received from payment services users or in exchange for electronic money that has been issued.
Such funds held by VELOXXA shall be deposited in a separate bank account in a credit institution domiciled in a reputable jurisdiction.
You acknowledge that the Maltese Deposit Guarantee Scheme does not cover electronic money issued by Us or claims made in connection with the issuing of electronic money.
VELOXXA shall not be responsible or liable for any losses arising out of any delay in or interruption of the performance of its obligations under this Agreement due to any act of God, act of governmental authority, act of the public enemy or due to war or terrorism, the outbreak or escalation of hostilities, riot, civil commotion, insurrection, labour difficulty in relation to a third party (including, without limitation, any strike, or other work stoppage or slow down), severe or adverse weather conditions, communications line failure, or other similar cause beyond the reasonable control of VELOXXA so affected at the time such causes arise (“Force Majeure Event”). VELOXXA shall be excused from its performance of its obligations for the duration of such Force Majeure Event provided that it shall at all times use all reasonable endeavours to mitigate the effects of such Force Majeure Event. If a Force Majeure Event continues for a period exceeding fifteen (15) consecutive Business Days then You will be entitled to terminate this Agreement without further charges.
Our fees for providing the Services to You are set out on Our Website and You agree that they may be deducted from Your Personal Account either when the Services are provided or at the end of the applicable charging period (as appropriate).
We may amend Our fees at any time in accordance with Clause 13 below.
Except as is otherwise set out herein, VELOXXA may, at its discretion, amend this Agreement at any time (including amendments and additions to Our fees) in accordance with the here under mentioned terms and conditions: Where amendments are made in order to comply with the regulatory obligations which VELOXXA has, VELOXXA shall not inform You prior to the implementation of such amendments. However, VELOXXA will inform You should such changes affect the relationship between You and VELOXXA.
Without prejudice the clause 13.1, VELOXXA shall notify You of any changes which may vary or otherwise change the terms and conditions agreed to in this Agreement. VELOXXA has an obligation to inform You, by way of a written notification, at least 60 days prior to the implementation of such changes. Upon receipt of the notice of change, You have the right as to whether or not You agree to such changes. However, notification that You are not in agreement with the proposed changes shall reach VELOXXA prior to the coming into effect of such changes. Should VELOXXA not receive any notification in this respect, it shall consider that the proposed changes have been accepted by You.
VELOXXA may upgrade Your Personal Account or enhance the Services provided to You at any time where You will incur no extra cost and VELOXXA consider this to Your advantage.
VELOXXA may from time to time adjust the content and interfaces of the Services. If such adjustments lead to a change in software, interfaces or operating procedures, VELOXXA shall notify You as soon as reasonably practicable prior to the implementation of such adjustments.
If You are not in agreement to the variations being done to the Terms and Conditions of this Agreement, You have a right to close your Personal Account or terminate this Agreement, where applicable. If You do not write to VELOXXA to close your Personal Account or terminate the Agreement on these grounds, VELOXXA are entitled to assume You have accepted the changes to the Terms and Conditions on the coming into effect of such changes.
For the avoidance of doubt, this Agreement will not be deemed to be or be interpreted as having been amended as a result of any oral communication between the Parties or as a result of any practice between the Parties.
Statements (including such information relating to payments made out of the Personal Account as is required under the Central Bank Of Malta Directive No 1 – The Provision and Use of Payment Services) will be made available through Our Online Portal.
You are expected to check each statement and notify Us immediately of any errors or queries.
Through Our Online Portal you may also generate on an ad hoc basis at Your request transaction history reports – for which no fees apply.
VELOXXA may contact You by post, telephone, fax or email using the latest address, telephone number or email address You have given Us. It is Your responsibility to ensure that VELOXXA has Your current contact details. If You do not inform VELOXXA promptly of a change to Your details, the security of Your information could be put at risk.
If VELOXXA believe that there is any doubt about the address which You have provided, VELOXXA may suspend the operation of Your Personal Account (without liability for the consequences of so doing) until Your address is confirmed to Our satisfaction.
Contact will only be directly with You as the holder of the Personal Account.
You can contact Us at the appropriate address and telephone number We give You, or by email. For further information, You may visit Our Website.
We may record or monitor telephone calls and monitor electronic communications (including emails) between us so that VELOXXA can check Instructions and make sure that VELOXXA are meeting its service standards and complying with all applicable laws and Regulations.
We only provide information to You in the English language.
1. Subject to Clause 16.3.2, You have the right to close Your Personal Account immediately by written notice to Us. In the event that You close Your Personal Account or if We close Your Personal Account for the reasons described in Clauses 16.2 and 16.3.1 within 6 months from the date of opening Your Personal Account, termination fees as set out on Our Website shall apply.
2. We may take action to close Your Personal Account immediately in exceptional circumstances such as if We reasonably believe that:
1. You are not eligible for a Personal Account;
2. You have given Us any false information at any time;
3. You or someone else is using the Personal Account illegally or for criminal activity;
4. Your behaviour means that it is inappropriate for Us to maintain Your Personal Account;
5. Your conduct in relation to Your Personal Account has been consistently unacceptable.
6. by maintaining Your Personal Account We may break a law, regulation, code or other duty which applies to Us;
7. by maintaining Your Personal Account We may damage Our reputation; or
8. You have been in serious or persistent breach of this agreement or any additional conditions which apply to Your Personal Account.
3. In addition to Our rights to close Your Personal Account set out above, We may also close Your Personal Account where:
1. any minimum balance in place from time to time of the Personal Account has not been maintained or your account has been dormant in accordance with Clause 17; or
2. You do not accept a change which is unfavourable to You, of which notice has been given in accordance with Clauses 11 above. 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 Personal Account immediately and without any additional fees for closing Your Personal Account.
4. When Your Personal Account is closed it is Your responsibility to cancel any direct payments to Your Personal Account. Where someone attempts to make a payment into a Personal Account which has been closed, VELOXXA will take reasonable steps to return the payment to the sender.
5. If VELOXXA want You to close the Personal Account, We will write to You specifying the period of time within which You are required to comply with this request. If, at the end of that period the Personal Account has not been closed, We will be entitled to refuse to accept any more payments into the Personal Account and may return any existing balance to You.
6. Other than in the circumstances mentioned above in clauses 16.2 and 16.3, We will not close Your Personal Account without giving at least 2 months’ notice by written notification
7. We will return any funds to You within 30 calendar days of the Personal Account closure (unless they are reasonably required by Us as security against any liability owed by You to Us).
8. You agree to repay any amounts You owe Us which have not been taken out of Your Personal Account at the date of closure, and any charges incurred.
We may take action to block Your Personal Account immediately in the following circumstances:
a. If 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;
b. If your account has been dormant and there have been no Transactions (excluding all and any fees and charges that may apply) for a period of at least 6 months, we reserve the right to block it and list your account as a dormant account;
c. If at any time the sum of all credits exceeds the maximum loading limits per calendar year assigned to your Personal Account by Us;
d. If We reasonably believe that the account is not being maintained in a correct manner giving rise to suspicious transactions
With the exception of the instances listed under Clause 17(c) and Clause 17(d), You can reactivate your blocked account upon contacting and providing clear instructions to Our Customer support.
We will take reasonable care to ensure that the information held by VELOXXA about You is not disclosed to anyone, except where:
1. VELOXXA is required to disclose information to Our Group Companies, professional advisers employees, officers, sub-contractors and agents (on a need to know basis);
2. VELOXXA is required to disclose information in connection with the sale, acquisition or restructuring of Our Group Companies, provided that the recipient of the information uses it for the same or similar purposes for which it was supplied or used by Us;
3. VELOXXA is legally required to disclose;
4. VELOXXA has a public duty to disclose;
5. Our legitimate business purposes require disclosure;
6. the disclosure is made with Your consent; or
7. it is disclosed in accordance with Clause 19 below and such other provisions of these Terms and Conditions.
We accept responsibility for information You provide to Us, upon receipt of such information.
VELOXXA may refuse to accept information from You where the requirements specified in any instructions issued by Us from time to time, are not satisfied and Our processing of the information shall not preclude Us from subsequently requiring its replacement, deletion or correction.
If You contact VELOXXA via email, We may collect Your electronic identifier (for example, Internet Protocol (IP) address or telephone number) supplied by Your service provider.
VELOXXA may share information which We receive from You during our initial assessment, with such associated organisations as is necessary for the purposes of providing the Services.
VELOXXA reserves the right to pass information about You or Your Personal Account to third parties for administrative purposes, fraud prevention or where We are required to do so by law, especially with regards to the detection, reporting and prevention of fraud, money laundering and terrorist activity.
All personal information that You provide to Us will be treated as private and confidential even when You cease to be a customer.
Upon request of termination of Your relationship with VELOXXA, You have the right to request us to delete all information in relation to You and be forgotten by us, save for that which is needed by VELOXXA to keep an audit trail and save for the purposes of VELOXXA’s regulatory obligations. You can send us an email on email@example.com with your request for deletion or any other request you may have in relation to data protection.
You are entitled to enquire about information that VELOXXA holds about You by making a request in writing to Our registered address.
You can request VELOXXA not to receive any marketing materials from Us by emailing Us at the address shown on Our Website.
From time to time, VELOXXA may change the way it uses Your information, upon which VELOXXA shall give you a notification by writing.
The information which We collect from You may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). Information may also be processed by staff operating outside the EEA who work for Us or for one of its sub-contractors or suppliers in connection with the Terms and Conditions. VELOXXA shall ensure that the adequate level of protection required by law is given to any of Your information which is transferred or processed outside of the EEA in accordance with this Clause. We accept responsibility for information You provide to Us, upon receipt of such information.
You should make all reasonable attempts to protect Your Personal Account. If You change any of Your Personal details such as Your name or permanent residential address, please let Us know immediately in writing to Our trading address. We may require evidence of a change of address or name.
You must keep the password of Your Personal Account safe, secure and secret at all times and You must not disclose it to any other person including friends, family or work colleagues.
Where You suspect that a third party knows the log-in details or password to Your Account, or where such details have been lost, stolen, misappropriated, used without authorisation or have become compromised, You must immediately change it through Our Online Portal.
You must immediately notify Us if You become aware of any breach of security relating to Your Personal Account. Please contact Us by telephone on + 356 2247 0099 at the earliest opportunity and no later than the next Working Day. You will be required to confirm this in writing to Us. Any delay in notifying Us may result in You bearing all the losses resulting therefrom as further explained in Clause 9.
If You become aware of a transaction on Your Personal Account which You have not authorised, please contact Us by telephone on + 356 2247 0099 in the first instance at the earliest opportunity.
This Agreement is personal to You and You may not assign it or transfer any rights in relation to Your Personal Account or any of Your rights under it without Our consent.
The electronic money on the Personal Account belongs to the person or legal entity which is registered as the Account holder. No person, other than in the event of succession, has any rights in relation to the funds held in the Personal Account other than the Account holder.
We shall be entitled to assign or transfer the benefit of all or any of Our rights in relation to Your Personal Account and/or to sub-contract all or any of Our obligations herein to any Person at any time.
These Terms and Conditions and any matter arising from or in connection with Your Personal Account shall be governed by and construed in accordance with Maltese law but any mandatory protection under the laws of Your country of residence shall apply to You.
We and You irrevocably agree that, for Our benefit only, the Maltese courts shall have exclusive jurisdiction over any claim or matter arising from or in connection with Your Personal Account, or the legal relationships established by or in connection with it. Accordingly, any proceedings by or against Us in respect of such claim or matter must be brought in the Maltese courts, but We shall not be prevented from taking proceedings against You either in the Maltese courts or in any other court of competent jurisdiction. To the extent permitted by law, We may take concurrent proceedings in any number of jurisdictions.
Our aim is to provide the highest possible standard of service to all Our customers. If, however, You wish to make a complaint about Our service or any other issue, please contact Us by submitting a complaint through the company’s website (https://www.VELOXXA.com/). using the ‘Contact Us’ tab. Alternatively, You can also call Our Customer Support on +356 2247 0099 during office hours and provide them with full details of Your complaint. We will then investigate the situation and try to resolve the issue as quickly as possible.
If You remain dissatisfied with Our full response regarding a Personal Account or Our other Services, You can write to:
Office of the Arbiter for Financial Services
St Calcedonius Square
Phone Number +356 2124 9245 (Freephone from Malta 80072366)
|Limits per Product||Global Premium|
|Max daily (transactions)||15|
|Max weekly (transactions)||45|
|Max monthly (transactions)||135|
|Limits per Channel||Daily||Weekly||Monthly|
|Load by bank transfer||10,000||20,000||30,000|
|Transfer from another eWallet||10,000||20,000||30,000|
|Transfer to another eWallet||10,000||20,000||30,000|
|Non SEPA transfer||10,000||20,000||30,000|
|Limits per Channel||Maximum amount per transaction|
|Load by bank transfer||5,000|
|Transfer from another eWallet||5,000|
|Transfer to another eWallet||5,000|
|SEPA payment (E)||5,000|
|Non SEPA transfer (E)||5,000|