Terms and Conditions

  • The EFTX Ltd account comprises of one or more of products
    1. a digital wallet
    2. a named bank account
    3. a named multicurrency account
    4. Debit card(s) and
    5. an FX facility which operate together as a current account intended for personal use, unless applied for as a business.
  • EFTX reserve the right to approve or decline any account application at their sole discretion.
  • This Agreement will commence on the Commencement Date and will continue until terminated in accordance with its terms or in accordance with applicable law.
  • These Terms and Conditions explain to you how the account will operate and sets out the obligations EFTX owes to you and the obligations that you owe to EFTX.
  • We are obliged by law to verify your identity; we will need proof of who you are and your address, and, for business customers we conduct these checks on the individuals deemed to be in control of the entity including company directors. We may use reference agencies for electronic identity checks to verify your identity and cross check with fraud prevention agencies and financial crime agencies.
  • You may be required to provide EFTX with a specimen of your signature so that EFTX can authenticate your written instructions as being genuine.
  • Identity authentication agencies may keep a record of the search.
  • We may use an automated scoring system as part of our verification process however we may ask you for further information and/or documentary evidence of business activity.
  • If we suspect that you have provided false or inaccurate information, we reserve the right to record our suspicions at fraud prevention agencies and may pass information about you to the appropriate law enforcement agency.
  • You can request the details of the organisations that we share information with by email at info@eftx.co.uk.
  • If you are subject to insolvency proceedings, in certain circumstances, you may be asked to provide a validation order from the Court, and we will not be liable for any expenses, costs or losses incurred by you or your insolvency practitioner.
  • You undertake to inform us of your changes in circumstances within seven days of entering into an insolvency event.

In these terms and conditions:

  • Settlement Day means the day when the payment service providers involved in the fulfilment of the payment order are open for settling the payment transaction. Settlement Day is a day other than a Saturday, Sunday, national or public holiday.
  • Special Conditions mean standard conditions of a Service, or a transaction established by the EFTX, which are applied to the respective Service or transaction in addition to the General Conditions and the Service Conditions.
  • Internet banking means a part of the Website which the Customer can access using the Security Elements.
  • Principles of Processing Customer Data mean principles established by the EFTX and applied by the EFTX for processing the Customer’s data, and which constitute a part of the General Conditions.
  • Customer Relationships mean legal relationships between the EFTX and the Customer arising when the Customer uses or has used the Service or has addressed EFTX for the purpose of using the Service.
  • Customer means any natural or legal person who uses or has used the Service or who has addressed EFTX for the purpose of using the Service.
  • Third-Party is any natural or legal person who is not a Party.
  • Agreement means an agreement between EFTX and the Customer for provision of the Service including the General Conditions, Service Conditions and the Special Conditions accepted by the Customer and other relevant annexes to the Agreement as specified in the agreement made with the Customer, or in the applicable conditions. For entering into the Agreement, the Customer submits an application for opening the Account and registering as the Customer pursuant to the procedure specified on the Website.
  • Party means EFTX as well as the Customer.
  • Service means a service rendered by EFTX to the Customer.
  • Service Conditions mean the conditions of the Service established by EFTX constituting a part of any Agreement concluded for provision of the respective Service.
  • Strong Authentication means the use of a minimum of two elements of knowing (something that only the Customer knows), holding (something that only the Customer holds) or attribution (something attributable to the Customer only), which are independent of each other (i.e. the breach of one element does not jeopardize the reliability of the second element) and the structure of which allows to protect confidentiality of authentication data.
  • Security Elements mean a unique username, OTP Authenticator or other similar means given to the Customer pursuant to the procedure established by EFTX, with which the Customer can enter the internet banking or through which EFTX identifies the Customer.
  • General Conditions means these general terms and conditions of EFTX.
  • EFTX Account means an account in your name opened with EFTX and which consists of your dedicated account number, Sort Code, IBAN and a MasterCard debit card. Swift Code for GBP, or Account Number, Routing Code, IBAN and BIC for foreign currency accounts.
  • E-Money means electronic money in substitution for cash intended to make payments of a limited amount.
  • Insolvency Event means any bankruptcy or winding-up petitions or orders or resolutions, the appointment of an administrator or receiver, an insolvent reorganisation (by way of voluntary arrangement or otherwise) or the occurrence of any similar or analogous insolvency event.
  • load or loading means the act of replenishing the balance on your EFTX Account.
  • Our Site means eftx.co.uk and other websites we use to deliver our services.
  • Recurring Transaction means a regular payment debited from your EFTX Debit Card or account in accordance with your instructions.
  • we, us, our means EFTX Ltd.
  • you, your means the customer in whose name the EFTX Account is opened. This definition extends to any authorised users of the account who will have access to all Account transactions.