1. INTRODUCTION

1.1. These Terms of use (“Terms”) constitute the entire agreement between you (hereinafter referred to as “Customer”, “you”, “your”,) and Moniepoint GB Limited (hereinafter referred to as “MonieWorld”, “we”, “us”, “our”). These Terms set out your rights and obligations in relation to your use of the MonieWorld Services (as described below).

1.2. PayrNet Limited (hereinafter referred to as “Railsr”), a company registered in England and Wales with company number is 09883437, with its registered office at Montacute Yards, Shoreditch High Street, London E1 6HU, is authorised by the Financial Conduct Authority (FCA) in relation to the issuing of electronic money and the provision of payment services (firm reference number 900594).

1.3. Moniepoint GB Limited is a company registered in England and Wales (with company no. 15500471) with its registered office at 8th Floor, 22 Upper Ground, Sea Containers House, London, England, United Kingdom, SE1 9PD.

1.4. MonieWorld is appointed by Railsr to act as distributor of the MonieWorld Services on Railsr’s behalf, which includes customer service support, distribution of Accounts and Cards, technical services, identity verification and other anti-money laundering activities. MonieWorld also provides the interface and manages the platform (app or website) through which you access the MonieWorld Services. However, Railsr is solely responsible for all regulated Electronic Money Institution (EMI) activities, including the safeguarding of funds, e-money issuance, and redemption.

1.5. Railsr, as the EMI issuing e-money under these Terms, retains sole responsibility for safeguarding funds, redeeming e-money, and compliance with applicable regulations, including FCA and Payment Systems Regulator requirements. MonieWorld acts exclusively as a distributor of e-money and related services on behalf of Railsr.

1.6. By registering to use any of the MonieWorld Services, you are agreeing to these Terms and the Railsr terms, which can be found at app.monieworld.com/railsr-terms. Please read these terms carefully and make sure you understand them prior to your use of the MonieWorld Services.

1.7. Customer Service

If you have any questions or need to contact us for any other reason, you can do so by:

Telephone: +44 330 024 5551

Email: [email protected]

Our customer service representatives will assist you.

1.8. You can find a copy of these Terms on our App.

1.9. Customer Service operating hours can also be found on our App and Web. Any reference in these Terms about close of business will be based on these hours.

2. SUMMARY OF IMPORTANT TERMS

2.1. The information below provides a summary of some useful information but should not be substituted for reading the entire Terms. You should always read the Terms in full.

• Fees - The fees payable for using any of the MonieWorld Services are set out in the Fee Table in clause 14.

• Your Account- The Account is an e-money account. It is not a bank account and is not covered by the FSCS (Financial Services Compensation Scheme).
• Your Card - Your Card is a prepaid card issued by a card network which can be used at any merchant who accepts payments through an applicable card network (e.g., Mastercard®, Visa®, or other payment schemes that may be supported from time to time).
• Our Money Transfer Service - This is our money transfer service that allows you to transfer funds to a designated recipient, whether or not you hold an Account with us.
• I’ve changed my mind, how can I close my Account? - If you wish to close your Account, you can do so by giving us at least one (1) month’s prior notice by contacting us through the contact information in clause 1.7 above. You can also request to close your account within fourteen (14) days from the date your Account is opened. Further information can be found in clause 18.
• My Card is lost/stolen or I believe someone else knows my security information to access my account what should I do? - If you suspect your Card is lost or has been stolen, or you suspect someone else knows your PIN or other security information to access your Account you must contact us as soon as possible via the App or calling Customer Service lost or stolen helpline. The telephone helpline is available during working hours of 8 to 5pm, while In-App Chat, email, social media is available 24 hours, 7 days a week. Also, in the App, you have the ability to freeze your Card so it cannot be used until you change its frozen status.
• How can I complain - If for whatever reason you are not happy with the service that we have provided to you, you can contact Customer Service. Further information can be found in clause 20.

3. DEFINED WORDS AND THEIR MEANINGS

Account - This is the e-money account opened by you and provided by us in accordance with these Terms.

Account Information Service -An online service which accesses one or more of your payment accounts to provide a consolidated view of such accounts.

Account Information Service Provider -A third-party payment service provider which is authorised by its regulator to provide Account Information Services with your explicit consent and under a separate agreement which you have signed with them.

Account Payment Transaction - Any payment from your Account, including, as available, Direct Debits, Faster Payment and International Payments.

App - Our application downloaded onto your phone, tablet or other device which enables you to use the MonieWorld Services, including accessing your Account and instructing Account Payment Transactions.

ATM - Automated teller machine where you can take cash out from your Account.

Business Day - Any day that is not a Saturday, Sunday or public holiday in London, UK.

Card - The card (whether physical or digital) issued to you by us.

Card Transaction -(i) A payment or a purchase of goods or services where payment is made (in whole or in part) by use of your Card, including where payment is made in person, over the internet, by phone or mail order, or (ii) where permitted, a cash withdrawal made using your Card.

CIFAS - Means the Credit Industry Fraud Avoidance System, a fraud prevention service in the UK.

Customer Service - The contact centre for dealing with queries relating to our MonieWorld Services. Contact details for Customer Service can be found at the top of this document.

Direct Debit - When you permit someone else (recipient) to instruct us to transfer money from your Account to that recipient on a date or dates agreed by you and the recipient.

EEA - European Economic Area.

Faster Payment - A service enabling you to make and receive electronic payments in the UK from one payment account to another payment account.

FCA - Financial Conduct Authority.

Fee Table - Means the table set out clause 14 showing the fees that apply under these Terms.

Governmental Authority - Any supra-national, national, state, municipal, county, local or other authority with the power to administer, make or enforce rules or laws which includes the FCA and Payment Systems Regulator.

International Payment - A payment from your Account (i) in a currency other than sterling, including where there has been a currency conversion at some point, or (ii) payment in any currency to or from an account that is not based in the UK.

Merchant - A retailer or other person that accepts payments made from the Account and/or with a Card.

Money Transfer - Means the transfer of funds paid by you without using funds in your Account to a designated recipient.

Money Transfer Transaction - Means a payment made by you to a recipient using Money Transfer.

MonieWorld Services - The services provided by us in accordance with these Terms, including Money Transfer, the provision of an Account and issuance of a Card.

Payment Initiation Services - An online service which accesses your Account to initiate the transfer of funds on your behalf.

Payment Initiation Service Provider - A third-party payment service provider which is authorised by its regulator to provide Payment Initiation Services with your explicit consent and under a separate agreement which you have signed with them.

PIN - Means personal identification number.

Registration -The process by which you initially provide us with all the information and documents we request in the manner we specify.

Recurring Card Transaction - Transactions carried out by a Merchant you have given your Card details to keep them on record and authorised to take payments from time to time using your Card details.

Referral Code - An alphanumeric code used to grant access to invite-only launch and future incentives.

Replacement Card - A Card issued to replace a lost, stolen, misappropriated or expired Card.

Third Party Provider or TPP - An Account Information Service Provider and/or Payment Initiation Service Provider.

Transaction - Any Account Payment Transaction, Card Transaction or Money Transfer Transaction.

Security Credentials - Security information (such as answers to questions known only to you, usernames, passcodes, PIN, passwords or codes generated through a multi-factor authentication security device) that may be used to access your App, your Account, make Account Payment Transactions or Card Transactions.

Standing Order - Where we make regular transfers, on your instruction, of a fixed amount of money from your Account to another account.

We, us, our - Refers to Moniepoint GB Limited acting on Railsr’s behalf.

Web - The website at https://monieworld.com through which you can access the MonieWorld Services and obtain related information

You, your - Refers to you, the Customer.

4. USING THE MONIEWORLD SERVICES

4.1. You may use MonieWorld Services if;

4.1.1. registering for personal use, you are at least 18 years old and are a UK resident.

4.1.2. registering for business use, your business (whether that is a company, charity, partnership or sole trader) must be registered in the UK.

If you cease to be a UK resident, or your business ceases to be registered in the UK, you must notify Customer Service immediately.

4.2. In order for us to provide any of the MonieWorld Services to you, we will need to perform identification and address verification checks to identify you. We may do this when you register for MonieWorld Services or at any later stage. We may use a credit reference or ID verification agency or request documentation from you. You shall provide all information and documents required by us in the manner we specify.

4.3. You must complete all required information elements of registration accurately. You must notify us if any information you have provided to us changes. You can do so by contacting Customer Service.

4.4. We may require you to provide additional information as a condition of continued use of the MonieWorld Services, or to assist in determining whether to permit you to continue to use some or all of the MonieWorld Services. You agree to provide such information as we may reasonably require in this regard, including information necessary to validate your identity.

4.5. We shall only be obliged to provide our MonieWorld Services to you once we have confirmed you have successfully completed registration for it.

4.6. We will provide or set you up with Security Credentials so that you can use the MonieWorld Services. You must take all reasonable steps to keep any such Security Credentials safe to protect access to the App and MonieWorld Services that you are receiving. See clause 9 for further information.

4.7. Invite-Only Sign-Up and Referral Program:

4.7.1. Referral Program Overview: MonieWorld Services will initially be available on an invite-only basis. To complete the registration process, prospective customers must receive a valid Referral Code from an existing customer.

4.7.2. How Referral Codes Work:

a. Code Assignment: Upon successful Account creation, each new Customer will receive a unique Referral Code, which they can share with prospective Customers. This code allows others to register for the MonieWorld Services on the App, during the invite-only phase.

b. If a prospective Customer follows a shared deep link (i.e., a link embedded with a Referral Code), the App will automatically detect and apply the Referral Code during the sign-up process.

4.7.3. Referral Codes will be subject to a limit on the number of registrations they can facilitate. Once this limit is reached, the Referral Code will expire, and new Customers will no longer be able to use it to sign up. Exceptions to these limits may only be granted at our discretion.

4.7.4. You may contact Customer Service for the purposes of generating Referral Codes, adjusting the usage limits of existing codes, monitoring Referral Code performance and usage, and obtaining more information on the referral program.

4.7.5. We reserve the right to modify or discontinue the referral program at our sole discretion. In the event of termination, the invite-only process will be deactivated. Existing Customers will still retain access to the MonieWorld Services, but no further sign-ups will be processed via referral.

4.7.6. Customers participating in the referral program are expected to act in good faith by sharing Referral Codes responsibly and in compliance with these Terms and applicable laws. Any attempt to misuse referral codes or manipulate the system, including but not limited to generating fake accounts or exploiting the referral process, may result in the suspension of Accounts or removal from the referral program. We may also take legal or regulatory action in the case of serious violations.

5. MONEY TRANSFER

Sending money

5.1. If you want to make a Money Transfer, you can do so by logging into the App. You will need to provide information about your intended recipient. This will include but is not limited to, the full name of your recipient, your recipient’s account details. For UK accounts, this will be their sort code and account number and for non-UK accounts, this will be either their domestic bank account number or International Bank Account Number (IBAN) together with the amount and currency that you are sending.

5.2. We may place limits on the amount you may send for each Money Transfer. You can see these in the App.

5.3. You may be presented with one or more methods to pay for a Money Transfer, this includes by a bank transfer, using a credit or debit card, or if you have one, from funds in your Account. The account or card that you use to make the payment must be registered in your name. You must follow the steps set out in the App.

5.4. You confirm that you have the authority to make the Money Transfer Transaction amount using your chosen payment method.

5.5. Your Money Transfer must be for the amount you have chosen together with any fees before we can process it. We are not responsible for the funds you have sent us until they are received by us and they match the amount in the payment order you have provided. If we receive funds before we receive your Money Transfer order, the funds will be returned via the method through which we received them, or, if you hold an Account with us, they will be placed into it.

5.6. We are not responsible for the time it takes for funds to be sent to us by your payment service provider.

5.7. We will complete your Money Transfer once we have received your funds together with your Money Transfer order.

Foreign exchange

5.8. We will confirm the available exchange rate for your Money Transfer when you place your Money Transfer order.

5.9. Our exchange rate is based on the range of rates available in currency markets (which vary at least each day and often more often), to which we may add a margin. You can check the current rate on the App. We will confirm the actual exchange rate which will apply and for how long this rate will be valid before you instruct us to make payment.

5.10. If your Money Transfer order is received by us after [5pm] UK time on a Business Day or on a day that is not a Business Day (e.g., a weekend or bank holiday), your Money Transfer will be deemed received on the following Business Day.

5.11. Once we have received your Money Transfer order, we will provide you with a unique Money Transfer Transaction reference number which you can find in your App.

5.12. We may delay processing a Money Transfer in certain situations, including if we need to confirm that the transaction has been authorised by you, for anti-money laundering purposes. We are not responsible for such delays, where we have acted reasonably.

5.13. The estimated completion time of your Money Transfer will be provided to you when setting up your Money Transfer.

5.14. We will use reasonable efforts to ensure funds arrive at your recipient’s account within the timeframe provided. We will use reasonable efforts to ensure that the funds arrive in the recipient’s account within the notified timeframe provided to you. We do not have any control over the time it may take for the recipient’s bank or payment service provider to credit and make available funds to the recipient.

5.15. If we are unable to complete your Money Transfer, we will let you know and, when possible, the reasons for the refusal and an explanation of how to correct any factual errors. However, we are not required to notify you if such notification would be unlawful.

5.16. You cannot cancel your Money Transfer once your funds have been converted and we have initiated the Money Transfer.

5.17. You must ensure the information you provide to us is correct. You must make sure that the information you provide when setting up a Money Transfer is accurate. If we have processed your order in accordance with the information you have provided to us it will be considered correctly completed even if you have made a mistake.

5.18. If you have provided incorrect information to us, we may, but are not required to, assist you in recovering your funds. We cannot guarantee that such efforts will be successful as they rely on the policies and practices of other banks and institutions. We may not be able to confirm that your recipient’s name and account details match, as the name and other information associated with a third party account may not be known to us. This means that if you provide incorrect account information, your funds will most likely go to the wrong account.

6. ACCOUNT & CARD SERVICES

General

6.1. If you have requested an Account, on completion of your registration, we will provide you a sort code, account number and IBAN for your Account.

6.2. The Account and any Card(s) issued to you are for personal use only and must not be used for any business or trading purposes. Using the Account and/or Card(s) for other than personal use will be a breach of these Terms .

6.3. Your Account is an e-money account and the e-money associated with it is issued by us to you. No interest is payable on your Account. E-money is not covered by the Financial Services Compensation Scheme.

6.4. Limits may apply to the maximum balance that may be held on your Account, the value of an individual Transaction or an aggregate value or number of Transactions in a particular time period. You can see the limits that apply to you in the App.

6.5. All Transactions will be processed in the Account in pounds sterling (£).

Money Paid Into Your Account

6.6 Payments can be made into your Account via bank transfer using Faster Payment or by International Bank Transfer (SWIFT). We will credit your Account when we receive the funds which, depending on how the payment was sent, could take up to five (5) Business Days after the payment was instructed.

6.7. We may charge you a fee each time you receive funds into the Account, see Fees Table in clause 14 of this Terms for details.

6.8 We may ask you to verify payments into your Account and the source of those funds.

6.9. An incoming payment will not be credited to your Account if:

6.9.1. the Account has reached the applicable maximum balance limit;

6.9.2. the Account is inactive, blocked or terminated;

6.9.3. you have failed to provide information that we have reasonably requested in relation to the payment;

6.9.4. the sender has provided incorrect/invalid account details for your Account; or

6.9.5. we suspect the payment is fraudulent or unauthorised.

6.10 If we are unable to credit your Account for any of the reasons in clause 6.9, the funds may be sent back to the sender without a prior notification to you.

Authorising Account Payment Transactions

6.11. You will be deemed to have authorised an Account Payment Transaction where you give us instructions and consent in the following ways:

6.11.1. using the App;

6.11.2. notifying us in writing (by text message or email);

6.11.3. by telephone; or

6.11.4. giving instructions through a third party (such as through a Direct Debit scheme or a Payment Initiation Service Provider).

6.12. You may be required to provide appropriate Security Credentials depending on the method you are using to give us instructions. We may need to contact you by telephone to verify your authorisation.

6.13. We may at any time suspend or restrict your use of the Account and/or Card (including cancelling Card or refuse to process your instructions or authorise any particular Transaction if:

6.13.1. we are concerned about the security of or access to your Account and/or Card

6.13.2. we suspect the Account and/or Card are being used in an unauthorised, illegal or fraudulent manner;

6.13.3. the payment instruction is unclear, illegible, incorrect or incomplete;

6.13.4. you have failed to use the authentication method and/or Security Credentials required;

6.13.5. there are insufficient cleared funds to cover the amount of the Transaction and any applicable fees;

6.13.6. we have reasonable grounds to believe that you are not complying with these Terms; or

6.13.7. we are required to do so to comply with the law.

6.14. Where we refuse to execute a Transaction, or suspend, restrict or cancel your Account and/or Cards, we will notify you as soon as possible provided it would not be unlawful for us to do so. If possible, we provide the reasons for refusal to execute the Transaction and/or suspending use of your Account or Card and where those reasons relate to factual matters, the procedure for rectifying any factual errors that led to such refusal or suspension.

6.15. All payments made to or from your Account are subject to our compliance procedures and usual security and risk checks. This may result in us holding, delaying or refusing to accept a Transaction. In such cases we will, where possible, notify you of the reasons for such refusal or delay.

Standing Orders and Direct Debits

6.16. You can set up, amend and cancel Standing Orders on your Account. You can also allow a business to take payments from your Account by Direct Debit. You can ask us to amend or cancel such Direct Debit via the App or telephoning Customer Service at least one (1) Business Day before payment is due to be made.

6.17. In some cases you may be able to request a refund of Direct Debit in accordance with clauses 11.12 and 11.13.

Payments from the Account (Faster Payments and International Payments)

6.18. You can instruct us to make Account Payment Transactions using Faster Payments and International Payments via the App. See the App for further information about each method. A fee may be charged for such payments, see Fee Table in clause 14 for details.

6.19. If you ask us to make a payment in a different currency from the currency of your Account, we will convert it using our rate. We will confirm the applicable exchange rate and fees and for how long the rate will be valid before you confirm the payment.

Exchange Rate

6.20. Our exchange rate is based on the range of rates available in currency markets (which vary at least each day and often more often), to which we may add a margin. You can check the current rate on the App. We will confirm the actual exchange rate which will apply and for how long this rate will be valid before you instruct us to make payment.

6.21. We will provide information on the total currency conversion charges applicable with respect to Transactions, expressed as a percentage mark-up over the latest available euro foreign exchange reference rates issued by the European Central Bank in the App.

Carrying Out Your Instructions

6.22. We will execute the Transaction on the same Business Day we receive the instruction to make the payment (or on the date you ask us if this is in the future), except where we receive the payment instruction not on a Business Day, or after a cut-off time for receiving instructions, in which case we will process the Transaction on the next Business Day. All payments will be executed on the same day we receive the instruction even if we receive it on a day that is not a Business Day.

6.23. When you instruct us to make an Account Payment Transaction, you must provide us with the correct recipient details and a reference for the payment and any other information we ask for. For Account Payment Transactions to UK accounts, this means the recipient’s name, account number and sort code and payment reference. For International Payments, we may need additional information, such as the IBAN. We may also ask you to provide such additional information as we may reasonably require, including but not limited to details of the beneficiary and the reason for payment. If you provide us with incorrect or incomplete information or refuse to provide information, we may refuse to execute the Transaction, the funds could be lost and irrecoverable or there could be a delay in the recipient receiving the payment.

Refusing a Payment Due to Lack of Funds

6.24. If at the time of an Account Payment Transaction there is not enough money available in your Account to cover the amount of the Account Payment Transaction and any related fees, it will be declined.

Account Payment Transaction Execution Timeframes

6.25. Sending money within the UK: Where we transfer money on your instruction, from your Account to another account in the UK, the Account Payment Transaction will be debited to the recipient’s account no later than the end of the Business Day after we processed your payment instruction, and usually quicker. Except that if the transfer involves a currency other than Pounds Sterling, including where there has been a currency conversion at some point, then a longer period may apply. See the table below.

6.26. Sending money outside the UK: Where we transfer money on your instruction from your Account to another Account outside the UK, these International Payments can take longer, depending on the type of transaction and the recipient country. The recipient’s account will be credited within the following time limits:

Payment in pounds sterling (£) to an account in the UK -> No later than the end of the next Business Day after we process your payment instruction.

All other payments in the other currencies to accounts in the UK -> No later than four (4) Business Days after we process your payment instruction.

Payments to accounts outside the EEA -> Payments in non-EEA currencies varies, depending on the currency or country you’re sending the payment to.

Cancelling or Changing Payment Instructions

6.27. Whether you can cancel your payment instruction depends on the type of Transaction.

6.28. Immediate payment transactions, including Faster Payments and Card Transactions (except Recurring Card Transactions) cannot be cancelled or changed after the instruction for such payment is received by us.

6.29. Direct Debits, Standing Orders or Recurring Card Transactions, you can cancel the transaction by notifying us at least by the end of the Business Day before the date it was due to take place. You can notify us by any of the methods set out in clause 6.16 or, to cancel Recurring Card Transactions, by contacting Customer Service.

6.30. Cancelling or amending a Direct Debit or a Recurring Card Transaction with us will not cancel the agreement with the organisation you are paying. You should tell the organisation collecting the payment about the changes to your instructions.

7. YOUR CARD

General

7.1. Your Card cannot be used by anyone else other than you. It is not a credit card. Your Card will be denominated in the currency of your Account.

7.2. If you have a physical Card, you must sign the signature strip on the back of it and activate it. The Card cannot be used before it is activated.

7.3. For security reasons we will cancel your Card if you do not activate it within 120 days from when the Card is sent to you. You may request a new Card by contacting Customer Service.

Using Your Card

7.4. Subject to the restrictions described in these Terms, you can use your Card to pay for goods or services at Merchants and withdraw funds anywhere the card is accepted.

7.5. We will provide you with a PIN via the App. You can change your PIN any time in the App.

7.6. If you forget your PIN contact our Customer Service for a replacement PIN.

7.7. If the Card Transaction is made in a currency other than the currency the Account is denominated in, the foreign exchange procedure described in clause 6.20 will apply.

7.8. Your Card is valid for use up to the expiry date displayed on it. We will contact you shortly before it expires. We will not send you a Replacement Card unless you have requested one. You must ensure your contact information, including your postal address, is up to date. You can let us know via the App.

Authorising Card Transactions

7.9. The authorisation of a Card Transaction using your Card may include any single transaction, a series of recurring transactions (including continuous payment authorities) or pre-authorising future transactions of a set or varied amount.

7.10. A Card Transaction will be regarded as authorised when you:

7.10.1. enter a PIN and/or provide any other Security Credentials;

7.10.2. sign a sales voucher;

7.10.3. provide the Card number, expiry date and CVV and/or any other details as requested; or

7.10.4. wave/swipe the Card over a card reader or insert your Card into a card device or an ATM.

7.11. The value of any Card Transactions and any associated fees will be deducted from the balance on the Account. You must ensure there is sufficient funds in the Account before you make a Card Transaction. You can check the available balance in your Account at any time on the App. We may charge you a Card Transaction fee for each Card Transaction you make, see Fee Table in clause 14 for details.

7.12. In some circumstances the value of a Transaction will be held from your Account balance until settlement of that Transaction has actually taken place.

7.13. Certain Merchants may require verification that the funds held in your Account will cover the Card Transaction amount and will place a “pre-authorisation” on your Account. This amount will be unavailable to you until the Card Transaction is completed or released by the Merchant. The pre-authorisation allows the Merchant up to 30 days to claim and settle any funds owed to them from your Card. Examples include hotels and rental cars. If there are insufficient funds available in your Account, we must still make this settlement which may result in a negative balance in your Account. In which case the process in clause 8 will apply.

7.14. If you use your Card at certain petrol stations, your Card may need to be pre-authorised for a predetermined amount. If you do not use the whole pre-authorisation, it is possible that the pre-authorised amount will be held for up to thirty (30) days before becoming available to you again.

7.15. In some circumstances we or Merchants may require you to have funds held on your Card in excess of the Card Transaction amount. For example, at restaurants you may be required to have 15% more on your Card than the value of the bill to allow for any gratuity or service charge added by the restaurant or you.

Cash Withdrawals

7.16. Cash withdrawals may be made in Pounds Sterling or in the foreign currency as permitted by the ATM. Withdrawals may be subject to fees and certain rules and regulations of the relevant ATM operator or bank. It is your responsibility to check whether additional fees apply, as they cannot be refunded once cash has been withdrawn. Fees may apply to cash withdrawals made, see Fee Table in clause 14 for details.

8. NEGATIVE BALANCE

8.1. If for any reason whatsoever, a negative balance arises because a Transaction is completed when there are not enough funds on your Account for that Transaction, you shall reimburse the negative balance amount immediately, unless circumstances described in clauses 8.2 and 8.3 apply. You agree that once we make this negative balance known to you, we will provide the amount of the negative balance and you must repay it immediately. We may charge the amount of the negative balance against any funds on your Account, including from any subsequently loaded funds until the negative balance amount is cleared and if it is not, we may suspend your Account and Card. We reserve the right to pursue the negative balance amount from you using other legal means.

8.2. Where a negative balance arises because of an error on the part of a Merchant where the Card Transaction occurred, we will seek to recover the negative balance amount from the Merchant.

8.3. Where a negative balance arises because of an error on the part of the recipient of the payment or us, we will seek to recover the negative balance amount from the person who made the error.

9. SECURITY

Keeping Account and Card Secure

This clause is very important and can affect your liability for unauthorised transactions.

9.1. You are responsible to ensure that you keep your Security Credentials, your Card, mobile and any other device or means to access your App and/or Account, safe and secure to help prevent fraud and to protect the funds in your Account. You must not:

9.1.1. allow another person to use the Card and/or other devices or tools that may be used to access your Account and/or Card (such as your mobile or App);

9.1.2. give or allow another person to use the Security Credentials such as PIN, passcodes and passwords related to the Account and/or Card or do anything that would allow them to use them, such as writing down passwords or other Security Credentials in a way that someone else could understand or see.

9.2. Keeping your Account and/or Card secure includes:

9.2.1. if you have a physical Card, signing the back of it as soon as you receive it;

9.2.2.not writing your PIN on your Card or on anything you usually keep with your Card;

9.2.3. changing your PIN straight away if you suspect someone knows your PIN, this can be done on the App;

9.2.4. checking your statements and the balance of your Account regularly. If you notice Transactions that you do not recognise or did not authorise you must contact us as soon as possible;

9.2.5. preventing anyone else from accessing your confidential information using all reasonable precautions;

9.2.6. taking reasonable steps to ensure the security information you set up is unique to the Accounts you hold with us;

9.2.7. ensuring you have adequate anti-virus and antimalware protection on your devices and taking all reasonable precautions to prevent anyone else from accessing your Account, including using security features available on your devices and keeping them safe at all times;

9.2.8. avoiding saving your security details for the App on your computer browsers;

9.2.9. contacting us as soon as possible if you suspect your App has been compromised;

When You Need to Notify Us

9.3. If you know or suspect that:

9.3.1. your Card is lost or stolen;

9.3.2. someone else (other than a TPP) knows your Security Credentials (such as PIN or passcodes) or otherwise has unauthorised access your Account by any means, including through lost or stolen mobile or other devices;

9.3.3. there has been an unauthorised Transaction on your Account;

you must notify Customer Service without delay.

9.4. We will replace lost, stolen or misappropriated cards with a replacement card. We will charge a Lost Card Replacement fee for each Replacement Card. Upon notification of the misappropriation of your Security Credentials used to access your Account, we will provide you with replacement Security Credentials.

9.5. If we suspect your Account or Card has been compromised or we have suffered a security threat, we will contact you only by telephone, email, post or text message. We will use email where we do not have a mobile number for you, or you have selected email as the preferred security contact option. When we contact you about a security threat, we will also give you information on how you can minimise any risk to your Card and/or Account depending on the nature of the security threat. We’ll use the latest contact details provided by you to contact you. You must inform us immediately if your contact details change. .

10. THIRD PARTY ACCESS

10.1. You may instruct a TPP to access information on your Account or to initiate certain payments from your Account, provided such TPP is authorised by the FCA in the UK or another European regulator to provide the relevant service. Some TPPs may (with your permission) choose to access your Account without identifying themselves to us and to use your Security Credentials. We will treat any instruction from a TPP as if it was from you. You should always consider the implications of sharing your Security Credentials and personal information.

10.2. We may deny TPP access to your Account if we are concerned about unauthorised or fraudulent access by that TPP setting out the reason for such denial. Before doing so, we will tell you that we intend to deny access and give our reasons for doing so, unless it is not reasonably practicable, in which case we will immediately inform you afterwards. In either case, we will tell you in the manner in which we consider most appropriate in the circumstances. We will not tell you if doing so would compromise our security measures or would otherwise be unlawful.

10.3. If you have provided consent to a TPP to access your Account to enable them to provide account information services or payment initiation services on your behalf, you consent to us sharing your information with the TPP as is reasonably required for them to provide the relevant services to you. You must let us know in writing immediately if you withdraw this permission and we recommend that you let the TPP know as well. On written notification from you, we will not provide such TPP access to your Account.

11. LIABILITY FOR DISPUTED TRANSACTIONS AND INCORRECT PAYMENTS

11.1. You may be entitled to a refund of unauthorised or incorrectly executed Transactions in accordance with this clause provided at all times that you have notified us without undue delay of becoming aware of such incorrectly executed or unauthorised Transaction and in any case within thirteen (13) months it was debited to your Account. A shorter period applies where you ask for a refund in the circumstances set out in clause 11.11. You can notify us by contacting Customer Service.

Incorrect Transactions

11.2. If we are responsible for crediting payment into your Account later than it should have been, we will credit your Account immediately and refund any charges to put you in a position had you received the relevant payment in time.

11.3. if we make a Transaction incorrectly, we will refund you the amount of incorrectly sent payment without undue delay, together with any charges to put you into a position had the relevant Transaction was not made or, except where:

11.3.1. the instruction you gave us for the Transaction was not correct. If so, we will make reasonable efforts to trace the payment and recover the amount if you ask us and notify you of the outcome. We may charge you a fee to recover our costs in doing so;

11.3.2. we can show that the Transaction was actually received at the recipient’s account (in which case the recipient’s payment service provider is liable).

11.4. If we make an error on a Transaction made to someone else through the UK Direct Debit scheme, we will refund you in accordance with the Direct Debit Guarantee.

11.5. If you receive a payment to your Account by mistake, we are obligated to provide to the institution that sent the incorrect payment certain information about you and the payment to enable them to recover the funds.

Unauthorised Transactions

11.6. If you notified us of unauthorised Transaction in accordance with clause 11.1, unless we have reasonable grounds to believe you are not entitled to a refund, we will refund the value or the unauthorised Transaction, including any associated fees and charges back into your Account. You will not have any further claim against us in respect of such unauthorised Transactions.

11.7. If we have reasonable grounds to believe you are not entitled to a refund, we may investigate your claim further before giving you a refund. You agree to provide us such information to assist our investigation as we may reasonably require, including through electronic means. We will provide you with a refund for the Transaction you claim was unauthorised as soon as possible and in any case no later than the end of the Business Day after you notified us of unauthorised Transaction, unless we have reasonable grounds to suspect you acted fraudulently and we notified the police or other person permitted by law.

11.8. If after we have given you a refund our investigations of a disputed transaction subsequently discover that such claimed disputed transaction was in fact genuine and authorised by you directly or indirectly, or that you have acted fraudulently or with gross negligence, we will deduct the amount of the disputed transaction from your Account or Card balance and we reserve the right to recover the value of any Transaction that was refunded to you by any other legal means.

11.9. You may be liable up to a maximum of £35 or currency equivalent for unauthorised use of your Account or Card before you notified us in accordance with clause 9.3. The £35 liability limit or currency equivalent is applicable to each instance of loss, theft or misappropriation and not each Transaction.

11.10. You will be liable for all losses incurred in respect of an unauthorised Transaction and will not be entitled to a refund if you have acted fraudulently or have intentionally or with gross negligence:

11.10.1. failed to keep your Security Credentials safe and secure or otherwise failed to comply with these Terms in relation to the safety of your Account and/or Card; or

11.10.2. failed to notify us in accordance with clause 9.3.

Refunds of Payments initiated by Payee

11.11. You may be entitled to a refund for a pre-authorised Transaction provided that:

11.11.1. your authorisation did not specify the exact amount;

11.11.2. the amount of the Transaction exceeded the amount you could reasonably have expected (taking into your previous spending pattern and other relevant circumstances). We may ask you to provide such information as is reasonably necessary for us to determine if this is correct;

11.11.3. you asked for a refund within eight (8) weeks of the date the Transaction was debited to your Account.

11.12. We will refund you within ten (10) Business Days of receiving your claim for a refund or, where applicable, within ten (10) Business Days of receiving any further information we requested - or we will provide you with reasons for refusing the refund.

11.13. If you want a refund for a Transaction made using the UK Direct Debit scheme, the Direct Debit Guarantee will apply instead of the terms in clauses 11.11 and 11.12.

Our Liability

11.14. We will not be liable to you, whether in contract, tort (including negligence), breach of statutory duty or otherwise, for:

11.14.1. above any loss or damage we are responsible for by law;

11.14.2. any loss of profit, opportunity, business, goodwill or anticipated savings;

11.14.3. special or indirect loss of any nature;

11.14.4. any loss or damage arising out of or in connection with your breach of these Terms;

11.14.5. any loss or damage arising because you acted fraudulently or with gross negligence;

11.14.6. any loss or damages arising out of or in connection with you providing us with incorrect or insufficient information; or

11.14.7. any default which was due to abnormal or unforeseeable circumstances beyond our control despite our efforts to the contrary, including but not limited to circumstances relating to hardware breakdown, strike or a failure of a payment system.

11.15. No provision of these Terms excludes or limits our liability for losses that cannot be lawfully excluded or limited by applicable law (including death and personal injury or fraud).

11.16. We accept no responsibility or liability for the quality or safety or any other aspect of any goods or services purchased using your Account or with your Card. In the event your Card is or has become faulty, our liability shall be limited to replacement of the Card.

12. CUSTOMER DUE DILIGENCE

12.1. We are committed to complying with all applicable laws and regulations related to preventing money laundering and terrorist financing. To provide you with the MonieWorld Services and maintain an Account, we are required by law to conduct security and customer due diligence checks on you. In certain cases, we may also need to perform checks on other parties involved in a Transaction.

12.2. We may delay processing a Transaction if we need to confirm its authorization, complete verification checks, or conduct due diligence reviews. We are not responsible for any delays where we have acted reasonably in accordance with our legal obligations.

12.3. We are also under an obligation to perform ongoing customer due diligence and may request additional information or documentation from you. Failure to provide the required information within fourteen (14) days may result in the suspension of services or termination of our business relationship. Also , any changes in the provided information must be communicated to us within fourteen (14) days.

12.4. In connection with the invite-only referral program outlined in clause 4.7 of these Terms, we may collect and store personal data from prospective Customers. This data may include, but is not limited to, names, email addresses, and phone numbers. The collected information will be used for:

• Managing and facilitating the referral program;

• Communicating important updates and information related to the referral program;

• Enhancing user experience and service delivery.

All personal data will be processed in accordance with our Privacy Policy, which outlines our practices regarding data collection, usage, and protection. By participating in the referral program, Customers consent to the collection and use of their personal data as described. For more details on how we handle your personal information, please refer to our Privacy Policy, which is available on the App.

12.5. If you are a business customer, you must notify us within fourteen (14) days of any changes to your corporate structure, including but not limited to changes in directors, shareholders, trustees, or beneficial owners.

12.6. The personal information we have collected from you may be shared with third parties who will use it to prevent fraud and money-laundering or to verify your identity. When you apply for an Account, Railsr checks your record with fraud prevention agencies such as CIFAS, and Railsr may share information about you with CIFAS. If fraud is detected, you could be refused certain services, finance or employment.

12.7. Further details of how your information will be used by Railsr, and any third parties who Railsr uses for fraud prevention, can be found in the Railsr privacy policy which can be found at https://www.railsr.com/privacy-policy. For more information about how CIFAS uses your data, please see CIFAS fair processing notice, accessible at https://www.cifas.org.uk/fpn .

13. USE OF YOUR PERSONAL INFORMATION

13.1. Any personal information you provide us from time to time in connection with your Account will be kept, used and may be disclosed to third parties in accordance with the Privacy Policy. The Privacy Policy is available on the App.

13.2. Some information we collect from you will be necessary for us to provide you with the MonieWorld Services. You must update any information we hold about you by contacting our Customer Service.

13.3. You explicitly consent to us accessing, processing and retaining any information you provide to us for the purposes of providing MonieWorld Services to you. This does not affect any rights and obligations you have under data protection legislation.

14. FEES AND CHARGES

The following Fees apply when you use MonieWorld Services:

• Domestic transfer (UK) - 0 GBP Fees - Within UK across all payment methods
• International transfer (UK to Africa) - 0 GBP Fees - Transfer from UK to Africa
• Current conversion fee - 0.5 to 4% markup - Applies for transfers from GBP to African currencies; Different markup fee may apply when sending to other foreign currencies (if applicable)
• Withdrawal fees - 0 GBP - Unlimited withdrawals
• Account maintenance fees - 0 GBP - No annual maintenance fees
• Service fees - 0 GBP - No feescharged for tiers with premium service offering features such as higher transfer limits

*This may vary in future depending on business strategy and changing market conditions.

15. CURRENCY AND LIMITS

15.1. Account Currency and limits that apply to your Account are shown in the App.

16. STATEMENTS

16.1. We will always make information about the balance of the funds held in the Account and on the Card(s), and recent Transactions available to you on the App. We recommend that you carefully review all your Transactions and Account balance on a regular basis. We will also provide you with the same information on a statement at least once per month free of charge, which can be downloaded in the App.

17. CHANGES TO THESE TERMS

17.1. We may change these Terms with at least two (2) months’ prior notice before any changes take effect.

17.2. If you do not agree with the changes, you can cancel your use of MonieWorld Services without charge and terminate these Terms anytime before the changes take effect. If you do, you will no longer be able to use any of the MonieWorld Services; if you have an Account it will be closed and you will no longer be able to use your Card. If you do not let us know that you want to cancel before the changes take effect we will treat this as if you have accepted the changes.

17.3. We may make immediate changes to the exchange rate used to convert foreign Transactions. For all transactions made in a foreign currency you can find out the current applicable exchange rate by contacting us.

18. TERMINATION AND CANCELLATION

18.1. You are entitled to terminate your use of MonieWorld Services within fourteen (14) calendar days starting from the day you successfully register with us (“Cooling-Off Period”) by contacting Customer Service. If you do, and you have loaded funds into your Account, we will refund the balance on it without charge, subject to clause 18.2 below. You will not be entitled to a refund of any Transactions including associated fees and charges made using your Account and/or Card up to the date you notify us of your cancellation. Funds will be returned from the Account to the original loading source, subject to any legal requirement we may have to verify your identity.

18.2. We reserve the right to hold any funds on your Account:

18.2.1 for up to twenty (20) Business Days from your cancellation before returning the funds to you to ensure that any Transactions you have made and associated Fees are settled; or

18.2.2. if we suspect the Account and/or Cards have been used in an unauthorised, illegal or fraudulent manner; or

18.2.3. we are required to do so by law.

18.3. These Terms will remain in force until terminated in accordance with the Terms.

18.4. You may terminate these Terms and close the Account for any reason by providing one month’s notice to us and there is no charge for terminating.

18.5. We may terminate these Terms at any time and for any reasons by giving you two (2) months’ notice.

18.6. We can suspend or terminate your Account and these Terms with immediate effect without prior notice to you if:

18.6.1. an order for your bankruptcy is made, you become insolvent, go into administration or liquidation, arrange a creditor’s voluntary liquidation, your business is dissolved, struck off or otherwise ceases to trade or carry on business;

18.6.2. you fail to pay any amount due under these Terms on the due date and remain in default not less than fifteen (15) Business Days after being notified in writing to make such payment; or

18.6.3. you break any important terms of these Terms and (where remediable) fail to remedy that breach within a period of fifteen (15) Business Days after being notified in writing to do so; or we have a reason to believe that you have committed or are about to commit a crime (including fraud).

18.7. On termination of this Agreement for any reason, you will not be able to use any of the MonieWorld Services, including your Account or Card (if you have one) and we will refund the remaining balance on your Account to an account in your name once all Transactions and all relevant fees have been processed. We will use the information you have provided us to try to send the remaining funds back to you. We may ask you to provide satisfactory confirmation of your identity and address before the funds are returned. We may not be able to return the funds to you where we do not have sufficient information.

18.8. You can request the return of the balance on your Account at any time by contacting Customer Service. We will not repay funds remaining on your Account to you if your request for redemption is received by us more than six (6) years after the termination of these Terms.

18.9. Once your Account is closed, it will be your responsibility to ensure payments are no longer made to the Account.

18.10. Requests for redemption of e-money balances upon termination will be processed by Railsr in accordance with FCA regulations.

19. CONTACTING YOU

19.1. If we need to contact you about, for example, sending you a notice of a change to these Terms, we will do so via the App. We may also contact you by phone, email or text message using the contact details you have provided when you registered for MonieWorld Services or subsequently updated and depending on any preferences you’ve told us about.

19.2. It is important that you update your contact information in the App promptly when you change your contact details, including your address, phone number and email address, as we need your correct contact details to be able to provide you with the MonieWorld Services.

19.3. Any notices that we are required to provide to you under these Terms shall be valid if sent via the App, or to the last known email address for you.

19.4. Notices to us under these Terms must be sent to [email protected]. If you call us, we may ask that you confirm the conversation in writing, for example, if you wish to cancel the MonieWorld Services.

19.5. Particular communications will be handled as follows:

19.5.1. these Terms will be provided to you at the time you register for the MonieWorld Services and are available at all times on the App;

19.5.2. changes to these Terms will be provided via the App or by e-mail;

19.5.3. a notice by us to terminate this Agreement will be provided via the App or by e-mail;

19.5.4. information about a suspension of the MonieWorld Services will be made available to you in the App and by e-mail; and

19.5.5. information about the rejection of a Transaction will be made available to you via the App.

20. MAKING A COMPLAINT

20.1. If you wish to make a complaint about us and/ or your Account you can do so by contacting Customer Service.

20.2. You can find more information about how we handle any complaint on our App. Your complaint will be dealt with quickly and fairly. In most cases we will provide a full response by email to your complaint within fifteen (15) Business Days after the date we receive your complaint. In exceptional circumstances where we are unable to respond in full to your complaint, we will inform you of this giving our reasons for the delay and the timeframe within which you will receive a full reply, which in any event shall be within thirty-five (35) Business Days of the date we received your complaint.

20.3. If you’re not happy with the final response from us, you have the right to complain to the Financial Ombudsman Service. You can contact them at their address:

FINANCIAL OMBUDSMAN SERVICE

Exchange Tower

London

E14 9SR

Website: www.financial-ombudsman.org.uk

21. TRANSFERRING RIGHTS AND OBLIGATIONS

21.1. We may transfer or assign some or all of our rights and obligations under these Terms to somebody else by giving you at least three (3) months’ notice. This will not affect your rights relating to the Account, including the right to close your Account. If the transfer means that somebody else will be providing the Service to you, we will try to make sure that they provide the Service on the same or better terms. The Terms will be binding on all the successors, assignees or transferees as if they were the original parties to the Terms.

21.2. You cannot assign or transfer your rights and obligations under these Terms except with our prior written consent.

22. DATA RETENTION AND RECORD-KEEPING

We will maintain records of all Transactions and due diligence documentation for a minimum of five (5) years from the end of our business relationship with you, or from the date of the Transaction, whichever occurs later.

23. LAWS APPLYING TO THESE TERMS

23.1. These Terms and any dispute or claim (including non-contractual disputes or claims) are governed by the laws of England and Wales and any disputes arising in relation to these Terms shall be dealt with in the courts of England or Wales. If you live in Scotland or Northern Ireland, then the courts of Scotland and Northern Ireland (as applicable) shall have jurisdiction to deal with any disputes.

23.2. If any provision (or part of a provision) of these Terms is found by any court or administrative body of competent jurisdiction to be invalid, unenforceable or illegal, the other provisions will remain in force.

23.3. If any invalid, unenforceable or illegal provision of these Terms would be valid, enforceable and legal if some part of it were deleted, the provision will apply with the minimum modification necessary to make it legal, valid and enforceable.

23.4. The language of these Terms is English. Any translations provided or made available are for illustrative purposes only. The English language version of the Terms will prevail over all other language versions.

24. Authorised Push Payment (APP) Scam Reimbursement

24.1. Authorised Push Payment (APP) scam is where a person uses a fraudulent or dishonest act or course of conduct to manipulate, deceive or persuade you into transferring funds from your Account to a relevant account not controlled by you, where:

a. the recipient is not who you intended to pay, or the payment is not for the purpose you intended; and

b. you are not a party to the fraud or dishonesty.

24.2.The APP Scam Reimbursement procedure applies in the following circumstances:

a. You are an Eligible Person: If you are using the MonieWorld Services,

(i) as an individual for personal purposes, or

(ii) for business purposes and you are a sole trader, microenterprise (an enterprise that employs fewer than ten (10) persons and that has either an annual turnover or annual balance sheet total that does not exceed €2 million) or a charity (a body whose annual income is less than £1 million per year and is a charity as defined by the Charities Act 2011, Charities and Trustee Investment (Scotland) Act 2005 or the Charities Act (Northern Ireland) 2008).

b. It relates to an Eligible Transaction: meaning it is a transaction authorised by an Eligible Person and the APP scam transaction has all the following features:

(i) It is executed through the Faster Payments Scheme (which includes a payment initiation service).

(ii) It is authorised by you and you are an Eligible Person.

(iii) It is executed by us in the UK.

(iv) The payment is received in a relevant account in the UK that is not controlled by you.

(v) The payment is not to the recipient that you intended or is not for the purpose you intended.

24.3. The APP Scam Reimbursement procedure does not apply to:

(i) Civil disputes, such as where you have paid a legitimate supplier for goods or services, but you have not received them, they are defective in some way, or you are otherwise dissatisfied with the supplier.

(ii) Any payment transaction made using a different payment system such as by cash, cheque, or card e.g. Mastercard, Visa or Amex, or if you send funds to a crypto exchange and then pay a fraudster via a crypto currency.

(iii) Where someone takes money from your Account without your permission (this is an unauthorised payment).

(iv) Where you have given someone permission to make a payment on your behalf and they have taken more money out than you agreed they could (this is an unauthorised payment).

(v) Payments that are sent or received by credit unions, municipal banks and national savings banks.

(vi) On - us payments (payments made to another MonieWorld account issued by us).

(vii) International payments.

(viii) Any payments made for unlawful purposes.

24.4. From 7 October 2024 onwards, if you are a victim of an APP scam you must contact Customer Service as quickly as possible and in any event by no later than thirteen (13) months after the final payment is made to the fraudster as part of the same scam. We will promptly investigate your claim.

24.5. You agree that we may report your APP scam to the police, or if we request you to do so, that you report it directly to them. If you report it directly to the police, you will receive a crime reference number which we will require you to provide to us. You should gather any evidence you have to support your claim and provide this to us. We may request further information from you to help us assess the background to your claim.

24.6. Where possible, we will provide an initial indication to you whether your claim falls within the scope of these APP Scam Reimbursement requirements (as set out in this document).

24.7. When we assess whether an APP scam claim is reimbursable, we will take into consideration whether you took into account any action or intervention that we, any governmental, regulatory or payment system body, such as the Financial Conduct Authority, Payment Systems Regulator, or Pay.UK and/or any law enforcement body such as the police, made in respect of such payment(s). For example, warnings communicated to you about scams and suggested steps to take to protect yourself from APP scams.

24.8. We will consider each claim and your situation on a case by case basis. We will consider the evidence presented by you, any information available from the receiving payment service provider, and where relevant a third party such as the police.

24.9. For each APP scam claim you submit, we reserve the right to charge you a claim excess of [up to £100] on reimbursable APP scam claims.

24.10 We will reimburse you the APP scam amount, less the claim excess of up to £100 (if applicable) up to a maximum amount of £85,000 within five (5) Business Days unless we need to gather additional information:

(i) from you, the payment service provider who received the funds forming part of the scam, law enforcement or other relevant parties to assess the claim and your circumstance.

(ii) where relevant, to verify that a claims management company is submitting a legitimate claim – for example, validating the authorisation from an individual to submit a claim.

(iii) in cases where multi-step fraud cases have occurred, gather additional information from the other payment service providers involved.

24.11. You will not be entitled to reimbursement of an APP scam claim where:

(i) you have acted fraudulently (‘first-party fraud’); or

(ii) you have acted with gross negligence.

24.12. If we refuse your APP Scam claim and you do not agree with the outcome, you may have the opportunity to pursue a claim via the Financial Ombudsman Service.