1. About Interpolitan Money
1.1. Interpolitan Money Plc (“Interpolitan Money”) is a company incorporated under the laws of England and Wales, company registration 07666629.
1.2. The head office is 160 Fleet Street, London, EC4A 2DQ. Additional contact details can be found on the “Contact Us” page of the Interpolitan Money Website (the “Website”).
1.3. Interpolitan Money is authorised by the Financial Conduct Authority (“FCA”) as an Electronic Money Institution (“EMI”) under the Electronic Money Regulations 2011 for providing e-money and payment services. Our Firm Reference Number (“FRN”) is 900413.
2. Your Account
2.1. Interpolitan Money provides current accounts which enables you to receive and send electronic money and engage in foreign exchange transactions.
2.2. Funds are held in your current account in accordance with the Electronic Money Regulations 2011 and the Payment Services Regulation 2017.
2.3. Electronic money held in your current account does not expire but it will not earn any interest.
2.4. You have the right to withdraw electronic money from your current account at any time however you may be required to confirm your identity beforehand. There is no minimum withdrawal amount however the funds on account must be sufficient to cover any applicable withdrawal fee.
2.5. Your current account is an electronic money account and not a bank account. Protection afforded through the Financial Service Compensation Scheme (“FSCS”) does not apply. In the unlikely event that Interpolitan Money becomes insolvent you may lose the electronic money held in your current account. Interpolitan Money strictly adhere to our legal requirements with regard to Safeguarding as laid out in the Electronic Money Regulations 2011 and the Payment Services Regulation 2017. Further information on Safeguarding can be found on the “Security & Compliance” page of our Website.
2.6. Electronic money held with Interpolitan Money belongs to you, the registered account holder. You may not assign or transfer your current account to a third party or grant any third party a legal or equitable interest over it, unless in cases of succession and only with the express consent of Interpolitan Money.
2.7. Your current account may be subject to receipt, payment and withdrawal limits, depending on your country of residence, the verification status of your account and other factors at the sole discretion of Interpolitan Money.
3. Opening Your Current Account
3.2. You warrant that all information provided to Interpolitan Money is truthful and accurate. You will inform Interpolitan Money if the information you provide changes. Interpolitan Money is not responsible for any loss whatsoever that occurs as a result of you not informing Interpolitan Money of such changes. Interpolitan Money may, at its discretion require supporting evidence, in order to update such changes.
3.3. You must be 18 years or older to open a current account with Interpolitan Money.
3.4. You may only open one currency account with Interpolitan Money, unless Interpolitan Money explicitly approve the opening of additional accounts.
3.5. You may only open an account if it is legal to do so in your country of residence. By opening an account, you represent and warrant to Interpolitan Money that the opening of your account does not violate any laws or regulations applicable to you. You shall indemnify Interpolitan Money against any losses incurred in connection with your breach of this section.
3.6. The purpose of your Current Account is to support your personal individual requirements. Should you wish to use the Current Account for commercial purposes you must contact our Customer Service Team. Interpolitan Money reverses the right to determine whether, in our reasonable opinion if you are receiving or making payments in connection with a commercial activity. Should it be determined that you have used the Current Account for commercial activity without informing Interpolitan Money, the Current Account may be subject to closure.
3.7. If your application is received by a third party (an “affiliate” or “introducer”), Interpolitan Money is not liable for any costs or expenses incurred through your direct relationship with the affiliate or introducer regardless if the application is deemed successful or not.
4. Keeping Your Current Account Secure
4.1. You must take all reasonable steps to keep your account secure.
You should take all steps to keep your password secure and not disclose it to anyone.
You ensure that your login details are not cached, stored by the browser or otherwise recorded.
Interpolitan Money recommends that you change your password regularly. The password should be unique and not shared across multiple other online accounts.
Interpolitan Money will never ask you for your password or should you ever disclose your password to a third party.
If you become aware of a website other than the Interpolitan Money Website or a message asking for your password you should contact the Customer Services Team.
4.2. If you believe that your email account has been compromised you must contact the Customer Services Team immediately and without delay to change the email address associated with your account.
4.3. If you have any indication or suspicion that your account, login details, password or other security features have being lost, stolen or misappropriated you are advised to change your password immediately and without delay.
4.4. If you believe that your account has been compromised you must contact the Customer Services Team immediately and without delay. Any undue delay in notifying us may not only affect the security of your account but may also result in you being liable for any losses occurred.
4.5. Interpolitan Money may suspend your current account or otherwise restrict functionality if Interpolitan Money reasonably suspects that unauthorised or fraudulent use of your account has occurred. Interpolitan Money will notify you of any suspension or restriction in advance or where we are unable to, immediately after the suspension or restriction has been imposed, unless notifying you would be unlawful or compromise Interpolitan Money’s reasonable security interests.
5. Using Your Current Account
5.1. Your account number is unique to you. You will need to quote this should you wish to contact Interpolitan Money.
5.2. Monies received, payments issued and withdrawals are displayed in your online transactions history together with any fees charged. Each transaction is given a unique transaction identification number by Interpolitan Money. You should provide this unique transaction reference number when communicating with Interpolitan Money.
5.3. You should check your online current account balance and transaction history regularly. You should report any irregularities or clarify any questions as soon as possible by contacting the Customer Service Team.
5.4. Subject to the provisions in section 8 where you believe that a transaction has been incorrectly executed or unauthorised you must notify Interpolitan Money no later than thirteen (13) months after the date of execution of the transaction.
5.5. In the event that your account falls into a negative balance though the reversal of a transaction, a chargeback placed against an upload of funds, the deduction of fees or otherwise you are required to credit sufficient funds to the Current Account to clear the negative balance immediately and without delay.
5.6. Interpolitan Money may undertake reasonable actions to recover the negative amount. Should Interpolitan Money incur additional costs through efforts to collect sufficient funds to clear the negative balance, such additional costs may be charged to you.
6. Uploading Funds into Your Current Account
6.1. You can upload funds into your Current Account by logging into your account via the Website. You may be presented with a number of different upload methods depending on which payment methods are available in your country of residence.
6.2. Upload methods are provided by third-party financial institutions. These payment methods may include the use of a payment card to upload funds or a third party direct bank transfer service. Interpolitan Money does not guarantee the use of any particular upload method made available and may make changes to or discontinue the acceptance of any particular payment method at any time. Notwithstanding section 6.7 Interpolitan Money shall not be responsible for the uploaded funds until such funds are received.
6.3. If you choose an upload method using a payment instrument that may be subject to chargeback rights such as (but not limited too) payment cards or direct debits, you declare you will not exercise such chargeback rights other than for unauthorised use of the payment instrument or for a breach of these Terms and Conditions which would result in you having a right to a refund of the uploaded amount. Interpolitan Money reserves the right to charge you fees and expenses incurred in connection with such chargebacks and any action you undertake to challenge the same. We may also charge you a chargeback fee of £35.00.
6.4. Uploaded funds will be credited to your account once the sending financial institution notifies Interpolitan Money that the transaction has been successful if such notification is received before 17:30 UK time on a business day. If the funds are received after 17:30 UK time, they will be considered to be delivered the next business day.
6.5. Some uploaded transactions, such as those by a payment card, direct debit or bank transfer will be credited immediately but are subject to reversal. Reversal may be caused by the funds not being received on the date expected or recalled by the sending financial institution. Should your account fall into a negative balance as a result of such a reversal you are required to add additional funds immediately, sufficient to bring your account balance into a positive state.
6.6. For the purposes of receiving funds, Interpolitan Money is a payment recipient and not a payment service provider.
6.7. You may only upload funds using a payment instrument for which you are the named holder. Uploaded funds received in the name of a third party will be returned and a charge of £35.00 applied
6.8. Uploads may be subject to upload fees depending on the upload method. Fees you incur from the sending financial institution will not be reimbursed by Interpolitan Money.
6.9. Funds uploaded may be subject to charges depending on the method to transmit funds to Interpolitan Money. Please see section 13 for details.
7. Receiving Funds into Your Current Account
7.1. Your Current Account supports multiple currencies each with a unique IBAN or account number which both identifies each individual currency and your account. You may receive in payments to your account from third parties by way of a bank transfer should they use the correct name, IBAN, SWIFT Code or account number and sort code associated with your Current Account.
7.2. Interpolitan Money cannot be held liable for any losses or delays incurred by you or the sending party where the name, IBAN, SWIFT Code or account number and sort code stated on the inbound payment is incorrect.
7.3. Received funds will be credited to your account once the sending financial institution notifies Interpolitan Money that the transaction has been successful and if such notification is received before 17:30 UK time on a business day. If the funds are received after 17:30 UK time, they will be considered to be delivered the next business day.
7.4. The funds may be subject to reversal as directed by the sending financial institution. Reversal may be caused by the funds not being received on the date expected or recalled by the sending financial institution. Should your account fall into a negative balance as a result of such a reversal you are required to add additional funds immediately, sufficient to bring your account balance into a positive state.
7.5. Once funds are received by Interpolitan Money, the payment will be displayed in your transaction history. You should regularly reconcile incoming payments with your own records.
7.6. Interpolitan Money may carry out checks and apply limits on received funds to confirm the validity and meet compliance with laws and regulations. Interpolitan Money is not responsible for any delays in your access to these funds as a result of undertaking these checks.
7.7. The receipt of funds is subject to fees. Please see section 13 for details.
8. Making Payments from Your Current Account
8.1. Payment orders to send a payment are undertaken by logging into your account with Interpolitan Money and following the instructions provided. You may be asked additional security questions relating to you or your account.
8.2. Every recipient of a payment must have valid bank account details.
8.3. Your payment order will only be issued by Interpolitan Money if sufficient funds exist within your account.
8.4. A payment order will be considered as received as received the same day if received before 17:30 UK time on a business day. The payment order may however be executed the following working day with respect to cut off times. If the payment order is received after 17:30 UK time, it will be considered to be received the next business day.
8.5. You must ensure that the payment details you enter when you wish to send funds are correct and complete. Interpolitan Money will not be held liable for sent funds not being received by the intended recipient due to you providing incorrect bank account details. If you have instructed funds to be sent with incorrect bank account details you may request that we assist you in reclaiming the funds. It is not possible to guarantee that the reclaim process will be successful in recalling the payment in full or in part. An administration fee is chargeable by Interpolitan Money of £35.00 for the reclaim process.
8.6. Interpolitan Money will take all reasonable steps to ensure the timely delivery and receipt of payment orders to you to the intended recipients however you acknowledge that Interpolitan Money has no control over the availability of the funds once received by recipient’s financial institution.
8.7. Interpolitan Money may carry out additional checks and apply limits on payment orders to confirm the validity and meet compliance with laws and regulations. Interpolitan Money is not responsible for any delays as a result of undertaking these checks. In the event that Interpolitan Money cannot make the payment order, you will be informed as to the reason unless it is unlawful for Interpolitan Money to do so.
8.8. Making payments from your account is subject to fees. Please see section 13 for details.
9. Exchange Rates
9.1. The Current Account allows you to hold balances in multiple currencies. You accept foreign exchange fluctuations will occur and the risk associated with such fluctuations. You agree that your use of the Current Account will not be used for speculative trading purposes.
10. Prohibited Transactions
10.1. Interpolitan Money prohibits both the receipt of and the sending of payment orders to certain jurisdictions. A list of prohibited jurisdictions can be found by visiting the “Frequently Asked Questions” page of the Website.
10.2. Interpolitan Money prohibits payments to a select number of industries. A list of prohibited industries can be found by visiting the “Frequently Asked Questions” page of the Website.
10.3. Interpolitan Money reverses the right to add or amend the lists of jurisdictions and industries it considers prohibited at its sole discretion without notifying you in advance.
10.4. You are prohibited from using your account in an attempt to abuse, exploit or circumvent the usage restrictions imposed by a merchant on the services it provides.
10.5. It is strictly forbidden to use your account for any illegal purpose but not limited to fraud, terrorist financing and money laundering. Interpolitan Money will report knowledge or suspicion of such activity to the relevant law enforcement agency.
10.6. Interpolitan Money reserves the right to suspend or terminate your account at any time and without notice if it is reasonably believed that to be required to do so by law , in order to comply with recommendations by a relevant government authority or recognised body for the prevention of crime.
10.7. If you are deemed to have acted in a manner which breaches the conditions in section 10, Interpolitan Money reserve the right to:
Reverse the payment order; and/or
Close or suspend your account with immediate effect; and/or
Report such behaviour to the relevant law enforcement agency; and/or
Claim damages from you; and
Charge you an administrative fee of up to £150.00 in case any of the above are applied.
10.8. It is your sole responsibility to ensure that you only receive or send payments from persons or entities for purposes that are in compliance with applicable laws and regulations. The mere fact that a person or entity accepts payments through us is not an indication of the legality of the supply or provision of their goods and services. If you are in doubt as to the legality of the supply or service you should continue with the payment order.
11. Withdrawing from Your Current Account
11.1. You can request the withdrawal, in full or in part, of funds held in your account. To do so you must follow the Withdrawal instructions within your account and enter the amount to be withdrawn. Where the withdrawal payment is received by you through the involvement of a third party payment service provider (such as the bank where you hold a bank account), Interpolitan Money shall not be responsible for the withdrawal payment once the funds are received by your payment service provider.
11.2. The withdrawal of funds is subject to fees. Please see section 13 for details.
12. Closing Your Current Account
12.1. You may close your account at any time. To do so, and to bring this agreement to a close. Should you wish to close your Current Account you must contact the Customer Services Team.
12.2. Funds held within the Current Account will be returned to you as a Withdrawal and subject to Withdrawal fees.
13.Charges & Fees
13.1. You agree to pay the fees for the service provided by Interpolitan Money. Payment orders will be completed by Interpolitan Money until the fees are paid.
13.2. The Fees you agree to pay are set out in the Fees Schedule which are provided as part of the account opening process. These fees include Account Setup, Service Charges, Inbound and Outbound Payment Charges as well as Additional fees where non-standard functions are required.
13.3. You agree to pay the monthly management charges. Monthly management charges are deducted from available funds in your Current Account. You must hold a sufficient balance to ensure the monthly management charges can be paid each month. Failure to hold a sufficient balance to allow for the collection of monthly management charges may result in the closure of your account with Interpolitan Money.
15.1. In the case of an unauthorised payment order or a payment order that was incorrectly executed due to an error by Interpolitan Money, the payment order amount and all fees will be refunded immediately at your request.
Where the unauthorised payment arises from your failure to keep the personalised security features of your account safe and secure in accordance with section 4 in which case you remain liable for the first £50.00 (or currency equivalent) unless section 15.1.3 applies.
If you fail to notify Interpolitan Money without undue delay of any loss of your password or other event that could reasonably be expected to have compromised the security of your account after you have gained knowledge of such an event in which case you shall remain liable for losses incurred up to your notification to Interpolitan Money.
In the case the transaction was unauthorised but you have compromised the security of your account with intent or gross negligence in which case you will be solely liable for all losses; or
You fail to dispute and bring the unauthorised or incorrectly executed transaction to Interpolitan Money’s attention within 13 months of the date of the transaction
15.2. Section 15.1.1 shall not apply to transactions made after you have notified us in accordance with section 4 in which case, Interpolitan Money shall remain liable and refund any unauthorised transaction immediately to you.
15.3. Subject to the foregoing, Interpolitan Money shall not be liable for any disruption or impairment of our service or for disruptions or impairments of intermediary services on which rely for the performance of our obligations hereunder, providing that such disruption or impairment is due to abnormal and unforeseen circumstances beyond Interpolitan Money’s reasonable control, or the control of the intermediary affected.
15.4. Interpolitan Money shall not be liable for any indirect or consequential losses including but not limited to loss of profit, loss of business or loss of reputation. Interpolitan Money shall not be liable for any losses arising from Interpolitan Money’s compliance with legal and regulatory requirements.
15.5. Nothing in these Terms and Conditions shall operate to exclude liability for death or personal injury due to negligence or for fraud or fraudulent misrepresentation or for any statutory liability that cannot be excluded or amended by agreement between you and Interpolitan Money.
15.6. Interpolitan Money’s obligations under these Terms and Conditions is limited to providing you with an online account and related payment services and does make any statement in relation to or endorsement of the quality, safety or legality of any goods or services provided by any other third party.
15.7. Interpolitan Money shall not be liable for the assessment or payment of any taxes, duties or other charges that arise from your use of Interpolitan Money’s services.
15.8. You agree to defend, reimburse or compensate Interpolitan Money and hold harmless from any claim, demand or expense (including legal fees, fines or penalties) that Interpolitan Money incurs arising from your breach of these Terms and Conditions. This provision shall survive the termination of the relationship between Interpolitan Money and you.
16. Termination & Suspension
16.1. Interpolitan Money may terminate your account or any payment service associated with it by giving you 60 days’ notice. You may terminate your account at any time.
16.2. Together with a termination notice or at any time thereafter Interpolitan Money will provide reasonable instructions on how to withdraw held funds.
16.3. Interpolitan Money may at any time suspend or terminate without notice when:
You are deemed to be in breach of these Terms and Conditions or any other condition applicable to specific services offered by Interpolitan Money and covered by separate Terms and Conditions.
Your failure to pay monthly management fees over three consecutive months.
You violate or Interpolitan Money has reason to believe that you are in violation of any law or regulation that is applicable to the services offered.
Interpolitan Money has knowledge of or suspects you are involved in any fraudulent activity, money laundering, terrorist financing or other criminal activity.
16.4. Your account may also be suspended at any time if:
Interpolitan Money believes your account has been compromised or for other security reasons
It is reasonably suspected your account has been used or is being used without your authorisation or fraudulently
17. Changes to These Terms and Conditions
17.1. These Terms and Conditions and any additional terms and conditions that may apply are subject to change. Changes will be implemented with prior notice from Interpolitan Money under the procedure set forth in this section.
17.2. You shall be provided notice of any proposed changes through email correspondence directed to the primary email address registered to your account.
17.3. The proposed change shall come into effect two (2) months after the date of the change notice. If the proposed change is favourable to you, the change will come into effect immediately.
17.4. You have the right to object to such changes aside from changes to exchange rates however this may affect Interpolitan Money’s ability to continue to offer a service to you and may result in the closure of your account.
17.5. Changes to exchange rates shall come into effect immediately and you shall not have the right to object to such a change.
18.1. Interpolitan Money will communicate with you via email. You must at all time maintain one valid address with Interpolitan Money. You are required to check for incoming messages regularly and frequently. Email may contain links to further information on the Website.
18.2. Any communication or notice sent via email will be deemed as received by you if it is received into your email inbox before 17:30 UK time on a business day. If the email is received after 17:30 UK time it will be deemed to have been received the following business day.
18.3. Interpolitan Money will communicate with you in English and except communications from you in English. Documents produced in other languages are for your convenience however only communications made in English by Interpolitan Money are to be considered official.
18.4. You may contact our Customer Service Team by visiting the “Contact Us” page of the Website
18.5. Where legislation requires us to provide information on a durable medium we will send you an email with or without an attachment or a point you to information on the Website in way that allows you to retain the information in print format or other format that can be retained by you for permanent reference.
18.6. Interpolitan Money will never send you any emails with executable files attached or with links to executable files. If you receive any email with such attachments you should delete the email and not open the attached. You should inform the Customer Services Team of the receipt of such an email.
19.1. Any complaints about Interpolitan Money or the service offered should be addressed to the Customer Service Team. On receipt of a complaint, Interpolitan Money will acknowledge the complaint within three business days in accordance with our Complaints Procedure.
19.2. Interpolitan Money endeavours to provide you with a finalised response to your complaint within 15 business days. Should this not be possible due to unforeseen circumstances or the need review additional information, Interpolitan Money will contact you.
19.3. You can request a copy of the Complaint Procedure at any time by contacting the Customer Services Team or by visiting the “Complaints” page of the Website
19.4. If your complaint is not resolved to your satisfaction, you may contact the Financial Ombudsman Service at Exchange Tower, London, EC14 9SR. For additional contact details you may visit the Financial Ombudsman Service’s website, www.financial-ombudsman.org.uk
20.1. No other person than you shall have any rights under these Terms and Conditions and the provisions of the Contracts (Rights of Third Parties) Act 1999 are expressly excluded.
20.2. Your account is personal to you and you may not assign any rights under the Terms and Conditions to any third party.
20.3. Your account is operated in the United Kingdom and these Terms and Conditions shall be governed by and interpreted in accordance with the laws of England and Wales.