Terms & Conditions
Revision dated: 30th of November 2024
Terms & Conditions
PLEASE READ THESE TERMS AND CONDITIONS OF USE CAREFULLY BEFORE USING THIS WEBSITE. BY USING THIS SITE, YOU OR THE ENTITY YOU ARE AUTHORISED TO REPRESENT (“YOU” OR “YOUR”) SIGNIFY YOUR AGREEMENT TO THESE TERMS AND CONDITIONS OF USE. YOU MUST AGREE TO THESE TERMS AND CONDITIONS IN ORDER TO USE bankify.com WEB SITE. PLEASE READ THIS DOCUMENT CAREFULLY. IF YOU DO NOT AGREE TO ALL OF THE TERMS AND CONDITIONS OF THIS AGREEMENT, DO NOT USE THIS SITE!
BY ACCEPTING THESE TERMS AND CONDITIONS, YOU ALSO AGREE TO THE PARTNERS' TERMS AND CONDITIONS AND OTHER POLICIES PUBLISHED ON THE PARTNERS' SITES. THE LIST OF PARTNERS IS PROVIDED IN ACCORDANCE WITH CLAUSE 1 OF THESE TERMS AND CONDITIONS.
1. Terms and Definitions
1.1 Application – an online application submitted by Client through Website.
1.2 Applicable law - rules applicable to relations arising from these T&Cs in accordance with the law of England and Wales.
1.3 Account - an electronic money account that the Client opens and maintains through the Personal Panel.
1.4 Company's name – a company (hereinafter referred to as the “Company”, “We”, “Us”) incorporated under the laws with registration number, whose principal place of business is at. (licence info).
1.5 System - a software solution on the website managed and used to provide services.
1.6 Business Day - any day other than a Saturday or a Sunday or a public or bank holiday in England, or any other holiday previously announced.
1.7 Client - the natural person or legal entity who has registered (signs up) in the system and in whose name the Account is opened and maintained.
1.8 Customer Service - customer service, which the Client can reach by sending a message through the “Contact Us” facility on the Website.
1.9 Electronic money – funds credited or transferred to an Account and held on it with the purpose to perform Payment Transactions through the System.
1.10 Fees - the charges payable by the Client for using services.
1.11 Partner - A person who cooperates with the Company in the provision of services. The Company's partners are the following organisations: Transact Europe EAD. The partner websites are as follows: ryvyl.eu.
1.12 Privacy Policy - the policy governing the processing of personal data, which is available on the Website, as may be amended from time to time.
1.13 Terms and Conditions - the Terms and Conditions, published on the Website that may be amended from time to time.
1.14 Website - the website available at bankify.com.
2. Subject and Scope of the Terms and Conditions
2.1 The subject of the Terms and Conditions is to provide the Client with the following services: provision of the accounts, transfers.
2.2 The Terms and Conditions are concluded when the Client submits an Application for Account services and if the Company approves it and when the Client's filled questionnaire is accepted by the Company.
2.3 The Terms and Conditions is a contract between the Client and the Company. It sets out the terms and conditions that apply to the Client's use of services. The Client agrees that the Client's use of services shall constitute the Client's acceptance of the Terms and Conditions. Before the Client signs up for services, the Client must read any updates of the Terms and Conditions. All future changes set out in an update are incorporated by reference into the Terms and Conditions. The changes in the Terms and Conditions will take effect on the date specified by the Company.
2.4 The Terms and Conditions govern the opening, use, and closure of the Account and other related payment services as referred to herein.
2.5 Together with agreements concluded, Privacy Policy, and any other conditions and documents (Supplements, Agreements, Rules, Declarations, etc.), including but not limited to, information on the websites, they constitute the legal relationship between the Client and the Company.
2.6 The Client is advised to read the Terms and Conditions carefully. If there is any part of the Terms and Conditions the Client does not understand or wish to clarify, the Client is advised to contact the Company.
2.7 The Client is advised to print or download and keep a copy of the Terms and Conditions for future reference. The Client can always view the current version of Terms and Conditions on the Website.
2.8 Depending on the type of the Account the Client has, additional terms and conditions and agreements may apply.
3. Account
3.1 Account enables the Client to use the services under section 2.1. of the present Terms & Conditions. The Client can check the balance of funds and view the transactions carried out on the Client Account.
3.2 The Client shall be required to confirm the Client's identity and present any supporting documentation beforehand.
3.3 Account is issued by the Company and it is not a bank account. No other compensation scheme exists to cover losses claimed in connection with the Account.
3.4 The Account may be subject to deposit, payment, and withdrawal limits, depending on the Client's country of residence, the verification status of the Account, and other factors used by the Company to determine such limits from time to time at the Company's sole discretion.
3.5 In case the potential Client has not submitted the requested documents (proof of identity, proof of address and/or others), the Company does not process the application further.
3.6 During the verification of the documents the Company checks that:
3.6.1 document is valid;
3.6.2 there is no obvious signs of forgery (strange smears, document is damaged etc.);
3.6.3 quality of the documentation (regarding the content, quality, possible mistakes) complies with the legislation.
3.6.4 The Company does not process the application further if documents do not include all of the required pages.
3.7. Client confirms that:
3.7.1. provided documents include all necessary pages, grading scales, legends and translations.
3.7.2. the file is complete, that all scanned images are correctly oriented (portrait or landscape) and that all content is readable before submitting to the Company. The Client should ensure that all 4 (four) corners of the document are visible.
3.8 In case if the proof of identity and/or proof of address cannot be accepted for any reason (e.g. ID photo does not look genuine, etc.), the Company has the right to deny the application.
3.9 The Company in case of a reasonable suspect that the Client is carrying out money laundering, terrorist financing or other criminal activities or these activities may be carried out through the Client's Account, has the right to deny the application or suspend the provision of some or all services without notice to the Client until reasonable suspicions have been completely dissolved or confirmed, as well the right to make a report to NCA (National Crime Agency).
4. Applying for Account and Opening Account
4.1 In order to use services the Client must first submit an Application for Account opening. As part of the Account opening process, the Client needs to accept the Terms and Conditions and pay application Fee for opening an account by choosing one of the payment methods acceptable by the Company. The Client must not be in breach of any of the Terms and Conditions. The Company may refuse to provide services to residents of countries mentioned in the FATF blacklist, OFAC Sanctions List and other countries mentioned in various sanction lists or in recommendations of regulating authorities against cooperation.
4.2 To become a client, the Client must apply for an Account by providing all of the information requested on the registration stage of the Website and if the questionnaire is filled. All information the Client provides during the signup process or any time thereafter must be accurate and truthful. The Client must not provide any false, inaccurate, incomplete or misleading information.
4.3 By opening an Account the Client represents and warrants that the Client's opening of Account does not violate any laws or regulations applicable to the Client. The Client shall indemnify against any losses incurred in connection with the Client's breach of this section.
4.4 The Client may not be able to open or to use Account or any part of its services until the Client has passed all identity and security validation and verification checks, and provided information requested in accordance with anti-money laundering regulations. The Company may check all personal and identity verification information the Client gives us with credit reference or fraud prevention agencies and other organisations. These agencies may keep a record of the Client's information and the searches done. However, the Company does not perform a credit check and any search is for identity verification purposes only. The Company shall keep records of the information and documents the Company obtains to verify the Client's identity in accordance with all applicable legal and regulatory requirements.
5. Maintaining Account
5.1 The Client confirms that the information on Account and Application form is always accurate and up to date and the Company shall not be liable for any loss arising out of the Client's failure to do so. The Company may ask the Client at any time to confirm the accuracy of the Client's information or to provide documents or other evidence.
5.2 The Company has the right unilaterally and at its own choice, taking into consideration the specific situation to block Clients Account at any time, suspend the execution of some or all of Services, if the Client not provides requested document(s) or information, or any of the Clients provided documents are out of date, are unreadable, does not look genuine, documents do not include all necessary pages, grading scales, legends and translations etc.
5.3 In case the Client's Account has been blocked or has suspended the execution of some or all of Services after the Client has submitted the needed documents, may unblock the Clients Account or renew the execution of services within 2 (two) working days from the date required documents were received.
5.4 The Company may contact the Client by e-mail or in other ways described in section 19 with information or notices regarding Account. It is the Client's responsibility to check regularly the proper functioning of the Client's e-mail address or other methods of communication that the Client has registered with Account and to retrieve and read messages relating to Account promptly. The Company shall not be liable for any loss arising out of the Client's failure to do so.
6. Keeping Account Safe
6.1 The Client must take all reasonable steps to keep Account password safe at all times and never disclose it to anyone. Any message the Client receives or website the Client visits that asks for the Client's password, should be reported to the Company. If the Client is in doubt whether a website is genuine, the Client should contact the Customer Service. It is advisable to change the Client's password regularly (at least every three (3) to six (6) months) in order to reduce the risk of a security breach in relation to Account. The 2 FA authorisation is required to use Account. The Client shall not use the Account without 2FA authorisation. The only way to use 2FA authorisation is through Google authorisation. The Company also advises the Client not to choose a password that is easily guessed from information someone might know or gather about the Client's or a password that has a meaning. The Client must never allow anyone to access Account or watch the Client accessing Account.
6.2 If the Client has any indication or suspicion of Account, login details, password or other security feature being lost, stolen, misappropriated, used without authorization or otherwise compromised, the Client is advised to change the password. The Client must contact Customer Service without undue delay on becoming aware of any loss, theft, misappropriation or unauthorised use of Account, login details, password or other security features. Any undue delay in notifying the Company may not only affect the security of Account but may result in the Client being liable for any losses as a result. If the Client suspects that someone else accessed Account, the Client should also contact the police and report about the incident.
6.3 The Company may suspend Account or otherwise restrict its functionality on reasonable grounds relating to the security of Account or any of its security features or if the Company reasonably suspects that an unauthorised or fraudulent use of Account has occurred or that any of its security features have been compromised.
6.4 The Client must take all reasonable care to ensure that the Client's e-mail address(es) are secure and only accessed by the Client, as the Client's e-mail address may be used to reset passwords or to communicate with the Client about the security of Account. In case any of the e-mail addresses registered with Account are compromised, the Client should without undue delay after becoming aware of this contact Customer Service and also contact the Client's e-mail service provider.
7. Sending Payments and Receiving Funds
7.1 To provide a payment the Client is required to authorise the payment with the Client's 2FA one time password. If an Account is enabled to make mass payments, the procedure to make such payments will be communicated to the Client in the relevant integration manual. Client is responsible for the safety of its electronic devices and keeping their passwords/access codes/Strong Customer Authentication secret at all times and the Company is not responsible of their theft or use by third parties as a result of Clients negligence, misconduct or including cases when third parties have become aware of password/access code contents and uses it to access Clients Account.
7.2 If the Client is asked to provide details of the recipient's/customer's contact information, requisites or other means of identification, where applicable, the Client must take great care to properly type the exact details of who the Client wishes to send money to.
7.3 Payments are subject to payment limits due to security and legal requirements. These limits are set depending on the Client's Account level. The Client can view these Account limits at any time in the relevant section of the Account profile.
7.4 The Client should regularly reconcile outgoing and incoming payments with the Client's own records.
7.5 According to section 13, transactions are subject to Fees, including currency conversion fees depending on the type of payment the Client makes and the type of Account the Client holds.
8. Prohibited Transactions
8.1 It is strictly forbidden to send or receive payments as consideration for the sale or supply of: Adult-online live content, webcam, online streaming content and acts of offensive adult content, Adult advertising, Child Pornography, Bestiality, Rape/Hate/Violence, Weapons and Firearms, Unlicensed Gambling, Replica/Copyright infringement, Tobacco, Escort/Massage Pariours, Continuity Suppliers offering memberships or other services that require a negative response from the Customer to avoid automatic renewal, or Suppliers offering services that extend beyond 1 year in length, Direct marketers, who offer sales-incentive-based programs that rely on "breakage" to earn a profit ("breakage" is defined as services paid for by the Customer but never used), multilevel marketing schemes or Suppliers engaged in the practice of "up supplying", Grey market suppliers that are taking advantage of cross-border trading loopholes in national laws (where domestically the activity is legacy grey), Outbound Telemarketing / Inbound Telemarketing/ Phone Solicitation Merchants, Reverse Auctions, Raffles and Prize Draws, Services and/or products that require pyramid type schemes for distribution, Services which may provide peripheral support of illegal activities for business.
The Company reserves the right, in its sole discretion, to add categories of prohibited transactions by adding such categories to the Terms and Conditions.
8.2 It is strictly forbidden to use Account for any illegal purposes including but not limited to fraud and money laundering. The Company will report any suspicious activity to the relevant law enforcement agency. The Client is prohibited from using Account in an attempt to abuse, exploit or circumvent the usage restrictions imposed by a merchant on the services it provides.
9. Services Provision
9.1 All services in accordance with these T&C are provided in accordance with the API and software provided by the following service providers: Transact Europe EAD (“Partners”). Partners websites are the following where the Client may obtain all the information regarding the provided API and software: websites.
9.2 Clients, upon fulfilling the following requirements, have the right to fully use the entire list of services specified in clause 1.1, while the Company is not responsible for the procedure for the provision of services by Clients: After signing the Agreement, filling out the Questionnaire, obtaining consent from the Company and receiving tariffs, as well as paying the application fee, the Client receives full access to the account opening service.
9.3 The Client undertakes to provide questionnaires and data of its clients in the event that the Client provides services to its clients in accordance with the API provided in accordance with provision 9.1, as well as in the event that the Client provides services specified in provision 1.1 in accordance with the services provided by the Company.
9.4 The Company has the right at any time to block any transaction of the customer, as well as cancel transactions and take any other actions, including completely closing the customer's account, including through the actions of its customers in accordance with the requirements of the AML, applicable law, international law, the Company T&C and other rules and regulations.
9.5 The Client may use the following Company's services:
9.5.1 Accounts opening services. The Client may open the accounts to its customers according to this T&C and API provided by the Partners. Accounts opening procedure is provided on the Partners Websites. The Company may anytime block the customer's account for any reason.
9.5.2 Transaction services. The Client provides transaction services according to this T&C and API provided by the Partners and provided on the Partners Websites. The Company may anytime block the transaction for any reason.
10. Third-party tools
10.1 Through the Website we may provide You with access to third-party tools over which we neither monitor nor have any control nor input (“third party tools”, “optional tools”). You acknowledge and agree that we provide access to such optional tools ”as is” and “as available” without any warranties, representations or conditions of any kind and without any endorsement. We shall have no liability whatsoever arising from or relating to Your use of optional tools. Any use by You of optional tools offered through this Website is entirely at Your own risk and discretion and You should ensure that You are familiar with and approve of the terms on which tools are provided by the relevant third-party providers. We may also at any time thereafter offer new services and/or features through the Website (including, the release of new tools and resources). Such new features and/or services shall also be subject to these Terms of Service.
11. Termination, suspension and closing Account
11.1 The Company may suspend or terminate Customer's Account or Customer's use of this Site and Services at any time, for any reason or for no reason. The Client may terminate the Account at any time. Different termination provisions may apply if the Client uses Account for commercial purposes.
11.2 If the Client's Account is suspended or terminated the Client will not be able to use any of the functionality of the Account.
11.3 When the Account is terminated (closed), the Company will immediately block the Client's Account so it cannot be used. The Client will remain liable for all obligations relating to the Client's Account even after the Account has been terminated (closed). Terminating (closing) Account does not mean that the Company deletes the personal data that we hold on the Client and the Company will continue to store such data for a minimum period of five (5) years as required by law.
12. Fees
12.1 Fees could be viewed at any time on the Account section “Fees” and in the e-mail provided according to the questionnaire. The Client should print or download and keep a copy of the Fees section together with a copy of the Terms and Conditions. For clarity, the Fees section forms part of the Terms and Conditions. Fees are subject to change. Under certain circumstances, the Company may charge additional fees as set out in these Terms and Conditions.
12.2 Fees are expressed either as a percentage of the transaction or as a fixed amount in EUR/USD, that may be changed based on the amount and/or currency.
13. Complaints
13.1. Any complaints of the Client regarding services shall be submitted to the Company in writing by e-mail: support@.com. The Client should clearly indicate the date the problem arose, the payment order number(s) and all necessary details if the complaint is about a specific transfer and what the complaint is about.
13.2. The Company investigates the complaint, and the Client will get a response by email in accordance with the provisions of the Terms and Conditions and complaints policy.
13.3. Complaint handling policy is available on our bankify.com.
14. Client's Data
14.1 The processing of the Client's data is governed by the Privacy Policy, which can be found on the Website. By accepting the Terms and Conditions, the Client also agrees to the terms of the Privacy Policy. The Client should print and keep a copy of the Privacy Policy together with the Terms and Conditions.
14.2 As a default, the Client will receive e-mail newsletters that will inform the Client about new product features, events, promotions, special deals etc. By accepting the Terms and Conditions, the Client agrees to receive such e -mail newsletters on a regular basis. If the Client does not wish to receive any newsletters from the Company, the Client can opt out at any time by logging into Account and changing the appropriate setting in Account profile. The Client can also opt out of receiving newsletters by contacting Customer Service. Any e-mail newsletter the Client receives will also give the Client the option to unsubscribe from any future newsletter.
14.3 All relevant Client's data is updated and stored electronically according to legal requirements.
14.4 The Client agrees that the Company carries out processing of personal and other data in accordance with the General Data Protection Regulation (GDPR) and other applicable laws and regulations. The Company carries out the processing of personal data of the Client, its representatives, authorized persons, representatives, beneficial owners and other third parties related to the Client, including the collection, registration, input, storage, arranging, modification, using, transferring, transmission and disclosure of data, blocking or deletion, and the Client is obliged to obtain consent to all data processing mentioned in this section from all persons whose personal data they have transferred to the Company. The purpose of personal data processing is compliance with local and international laws and regulations, Client registration, the provision, offering and maintenance of products and services, the security of employees, the security of Company property (assets), the performance of the duties prescribed by law, and the other legal interests of the Company.
15. Liability
15.1 Subject to the foregoing, the Company shall not be liable for any disruption or impairment of service or for disruptions or impairments of intermediary services on which the Company relies for the performance of Company obligations hereunder, provided that such disruption or impairment is due to abnormal and unforeseeable circumstances beyond Company's reasonable control or the control of the intermediary affected.
15.2 The Company shall not be liable for any indirect or consequential losses including but not limited to loss of profit, loss of business and loss of reputation. The Company shall not be liable for any losses arising from compliance with legal and regulatory requirements.
15.3 The Company obligation under the Terms and Conditions is limited to providing the Client with Account and related services and does not make any statement in relation to or endorsement of the quality, safety or legality of any goods or services provided by a customer (including merchant) or intermediary.
15.4 The Company shall not be liable for the assessment or payment of any taxes, duties or other charges that arise from the underlying commercial transaction between the Client and another customer (including merchant).
15.5 The Client agrees to defend, reimburse or compensate the Company and hold the Company harmless from any claim, demand, expenses or costs (including legal fees, fines or penalties) that the Company incurs or suffers due to or arising out of the Client's or the Client's agents' breach of the Terms and Conditions, breach of any applicable law or regulation and/or use of the services. This provision shall survive termination of the relationship between the Client and the Company.
15.6 The Company shall not be liable in contract, tort (including negligence or breach of statutory duty) or otherwise for any indirect or consequential loss or damage of any kind including punitive or exemplary damages or for any loss of profit or loss of contract, loss of goodwill or reputation, loss of opportunity, loss of revenue or third party loss whether foreseeable or otherwise.
15.7 All disputes in accordance with these T&Cs are resolved pre-trial through negotiations, as well as by submitting a pre-trial claim with a response period of 10 business days from the date of receipt. If the parties cannot resolve the dispute pre-trial, then either party has the right to go to court in accordance with the rules of applicable law in the court at the location of the defendant.
16. Changes to the Terms and Conditions
16.1 The Terms and Conditions and any additional terms and conditions that may apply are subject to change. Changes will be implemented with prior notice from The Company under the procedure set forth in this section.
16.2 The Company is entitled to unilaterally amend the Terms and Conditions from time to time given a prior notice to the Client of any change by sending an e-mail to the primary e-mail address registered with the Account.
16.3 The proposed change comes into effect on the day set by the Company. Changes that make the Terms and Conditions more favourable to the Client come into effect immediately if so stated in the change notice. Changes to exchange rates come into effect immediately without notice and the Client shall not have the right to object to such a change.
16.4 The Parties agree that the Client shall be deemed as having agreed with the amendments, unless the Client notifies the Company to the contrary before the date the amendments come to force. If the Client objects to the changes, Client shall contact the Company customer service to mutually resolve this issue, if no agreement can be made between Client and the Company, Client's Account shall be closed and cooperation terminated.
16.5 The new version of Terms and Conditions shall replace these Terms and Conditions unless otherwise agreed.
16.6 If the Company introduces new products or services that do not affect or change the Terms and Conditions of the Client's Account, the Company may inform the Client and add the product or service immediately.
17. Communication and Miscellaneous
17.1 The Company communicates to the Client via e-mail or through Account. For this purpose, the Client at all times must maintain at least one valid e-mail address in Account profile. The Client is required to check for incoming messages regularly and frequently. The Client agrees that the Company shall use the e-mail address, postal address and phone number of the Client indicated in the Application form (if applicable) to inform the Client on services offered by the Company.
17.2 The Client can request a copy of the Terms and Conditions or any other contractual document relevant to the Client by contacting Customer Service.
17.3 The Company will communicate to the Client in English and will always accept communications made to the Company in English.
17.4 Apart from communicating via e-mail, the Company may contact the Client via letter or telephone, where appropriate. If the Client uses any mobile services, the Company may communicate with the Client via SMS.
17.5 The Client may contact the Company at any time by sending a message to Customer Service via the “E-Mail Support” facility on the Website.
17.6 No person other than the Client shall have any rights under the Terms and Conditions and the provisions of the Contracts are expressly excluded.
17.7 Account is personal to the Client and the Client may not assign any rights under the Terms and Conditions to any third party.
18. No Investment and Other Advice
18.1 The Company does not advise the Client on the merits of any particular transactions with Funds or their taxation consequences. By using the System and the Website, You represent that You have been, are, and will be solely responsible for making Your own independent appraisal and investigations into the risks of any transaction (operation) made (carried out) by You on the Website. You represent that You have sufficient knowledge, market sophistication, professional advice and experience to make Your own evaluation of the merits and risks of any transaction (operation) with money or tokens. The Company gives You no warranty related to transactions (operations) made (carried out) by You on the Platform
18.2. You agree that the Company is not responsible for determining whether or which taxes apply to Your transactions (operations). You further agree that You are solely responsible for reporting and paying any taxes arising from Your transactions (operations) via the Website, unless otherwise is provided for by the applicable legislation.
18.3. On the Website there may be placed information about news related to the currencies exchange rates, tokens markets, securities markets, commodities markets, derivatives markets, changes of stock indices and currency rates, other data of financial character, as well as advertisement of tokens (including those created and placed by the Company on its own behalf or on behalf of other persons). All such information, data and advertisement are placed for informative or advertisement purposes only and do not present (shall not be qualified) as pieces of advice which may incite (invite) You and (or) other persons to carry out transactions and use provided services. Unless otherwise provided for by the applicable legislation, the responsibility for reliability of the said information, data and advertisement is carried by their authors. All the decisions entailed Your making (carrying out) transactions (operations) are taken by You at Your inner conviction based on a full-fledged analysis of the circumstances of taking such decisions with allowance for the existing risks, including listed in the relevant sections of these Terms and other Services' Terms, as well as on the basis of assessment of possible consequences of the said decisions.