Change of Terms UK and EEA customers
Who is impacted by the change to Paysend’s Terms?
All existing UK and EEA customers are impacted. Customers in the EEA (who onboarded before 27 December 2022) and UK customers are impacted by the change and they will be given at least 2 months’ notice before the terms are updated.
We’ll let existing EEA and UK customers know when the terms will start closer to the day.
On the start day of the terms, customers will also be prompted to view the new terms on their Paysend Account.
When will the change come into effect?
All impacted customers will receive at least 2 months' notice of the terms via email to the registered email on their Paysend Account. Please keep an eye out for it.
The start day (or effective date) for the updated terms will be communicated as soon as possible and in advance of the start day.
You’ll also receive reminders through your Paysend Account and by push notifications. We’ll also send you another email on the day that the change becomes effective.
As the law requires that we give you 2 months’ prior notice about our new terms, you don’t need to actively accept our terms.
Why is Paysend changing its terms?
Paysend partners with a financial institution (Easy Finance and Payment EP, S.A. (“Easy”)) that enables us to provide payment services in the EEA. Now we have successfully obtained a licence from the Central Bank of Ireland which will allow us to operate and provide money transfer services and multi-currency accounts in our own right in the EEA.
We’re also letting you know of Paysend EU DAC’s details in our new terms. If you want to look at Paysend EU DAC’s details on the Central Bank of Ireland’s register, our firm reference is C443739.
We have also taken this opportunity to be clearer about our fees and pricing, and payment execution times and clarify ways you can communicate with us.
What does the change of terms mean for me?
You should not notice any difference in your day-to-day use of Paysend services.
If you’re living in the EEA and you wish to complain about our services, once the terms start, any complaint you have is about, and should be directed to Paysend EU DAC (not Paysend Plc or our partner, Easy).
For customers living in the EEA, as Paysend EU DAC is an Irish company:
- your agreement with Paysend EU DAC will be governed by Irish law;
- your multi-currency account and any global transfer will be provided in accordance with Irish payment services regulations;
- the nature and extent of your consumer protection may be different in relation to an Irish firm;
- the out-of-court-processes available to you have changed. When the terms start, the authority you will complain to for services in the EEA is the:
Financial Services and Pensions Ombudsman
Lincoln House, Lincoln Place
Dublin 2 D02 VH29
Telephone: +353 1 567 7000
What pricing changes have you made?
We haven’t made any pricing changes to our Global Transfers. We just want to be more clear about them. When you make a Global Transfer from your Paysend Account you’ll receive information about the fees and our exchange rate like you always have. As our exchange rate is based on factors outside our control (like the mid-market rate and the rate of a partner for example) and may include a mark-up, the exchange rate may change and when they do they’ll apply immediately. You’ll see our live exchange rate before you make a Global Transfer from your Paysend Account.
When you order a Paysend Card we told you that you would be charged a fee in your Paysend Account. The maximum fee amount won’t change - we’re just fixing the fee and explaining what those fees are in our new terms.
When you use a Paysend Card to make a purchase or a withdrawal in a different currency to your multi-currency account, we’re letting you know that an exchange rate and a fee of 2% of the purchase or withdrawal amount will apply. The exchange rate that is applied is based on Mastercard’s exchange rate.
As Mastercard’s exchange rate is based on government rates or the market, the rate at the time you authorise the payment and when it clears from your multi-currency account may be different. You’ll always see the exchange rate and the amount that is debited from your Paysend Account.
What changes have you made about contacting me?
Our previous terms shared several email addresses for you to reach us if you had a question. We’re now simplifying the way you can contact us. The quickest way to get assistance or report a lost or stolen Paysend Card or any compromise of security to your Paysend account is via the Paysend App chat feature, which can be accessed by clicking the ‘My Account’ icon in the top right corner and scrolling down to ‘Support’.
What happens if I do not want to accept the new terms?
These new terms are a requirement for all UK and EEA customers and will be applied in at least 2 months’ time .
If you do not want to accept the terms, you’ll need to contact us to close your Paysend Account. We can’t provide our services under different terms.
What about new EEA and UK customers?
New EEA and UK customers from 27 December 2022 will use Paysend’s services under the new terms.
Initially our bank partner, Easy will provide any multi-currency account or money transfer service to any new EEA customer. At the time of creating a Paysend Account, a new EEA customer will agree that Paysend EU DAC can later provide their multi-currency account or any money transfer and if they do not agree to this at the time of onboarding with us, then they won’t be able to use our services.