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Your Card Terms & Conditions

Updated July 2021

This section comprises the terms and conditions governing the SWAPX Prepaid Mastercard which are between you and Transact Payments Limited.


IMPORTANT INFORMATION: Please read this Cardholder Agreement carefully before activating your Account. This Cardholder Agreement becomes effective and binding on you upon your activation or use of your Card and for the entire period of validity of your Card.


  1. Definitions & Interpretation:


The electronic money account provided by Modulr FS Limited associated with your Card and opened in accordance with Section 1 of this Agreement.


Additional Card

Any additional Card which is issued to a person any time after the successful registration of an Account. 

Additional Cardholder

A person who you have authorised to hold an Additional Card.

Cardholder Agreement

These terms and conditions relating to the use of your Card(s) as amended from time to time.

Applicable Law

any applicable law (including but not limited to, any local law of the jurisdictions into which the Card is provided and the Program is operated), statute, statutory instrument, act, regulation, rule, order, supervisory guidance, policy, instruction or requirement stipulated by an applicable Regulatory Authority, or interpretation promulgated or published by any Regulatory Authority, any order issued by a court having jurisdiction over a party, or any applicable rule or requirement of any Card Scheme related to the issuance, sale, authorisation or usage of the Card and/or services to be provided under this Cardholder Agreement or such other rule as deemed valid by TPL from time to time.


Available Balance

The value of unspent funds loaded onto your Account and available for your use.

Business Day

Monday to Friday, 9am to 5pm CET, excluding bank and public holidays in Gibraltar.


Any Card issued to you in accordance with this Cardholder Agreement.

Customer Services

The contact centre for dealing with queries about your Card.  You can contact Customer Services by:

  1. calling 0203 422 9144 (your network provider may charge a fee for calling this number);

  2. e-mailing from the email address registered to your Online Account; or

  3. writing to 67 High Street, Leatherhead, Surrey KT22 8AH.


European Economic Area.

Expiry Date

The expiry date showing on your Card.



Any fee payable by you as referenced in the Fees & Limits Schedule.

Fees & Limits Schedule

The schedule contained in Section 3 of this Agreement.


Means “Know Your Customer” and constitutes our verification of your Personal Details.


A retailer or any other person that accepts e-money via the Card.

Online Portal

The area on the Website that allows you to access your Account, perform Account-related functions and view Card and Transaction-related information. 

Personal Data

The registered personal identity details relating to the use of your Card and Online Account including (but not limited to) your: name, date of birth, home address, email address and telephone (landline and/or mobile) number. Full details of the Personal Data which we process are set out in our Privacy Policy.

Physical Card

A physical/plastic Card that can be used to carry out Transactions.


Personal Identification Number; that is, the security number provided for use with your Card.

Primary Card

The first Card issued to you following your registration for a Card in accordance with this Cardholder Agreement.

Primary Cardholder

The person who has been issued with the Primary Card and who is responsible for the use of all other Additional Cards in accordance with this Cardholder Agreement.

Program Manager

Lerex Technology with registration number 09829039 and registered address Abacus House, Caxton Place, Cardiff, CF23 8HA.

Regulatory Authority

s the context requires, any Scheme and/or any regulator or agency having jurisdiction over Issuer or Program Manager related to the issuance, marketing, sale, authorisation or usage of the Cards, Program(s) or services provided under this Cardholder Agreement, including without limitation the Gibraltar Financial Services Commission.



Mastercard; Mastercard is a registered trademark of Mastercard International Incorporated.

The SWAPX mobile application that allows you to access your Account, perform Account-related activities and view Card and Transaction related information.


The use of your Card to make (i) a payment, or a purchase of goods or services from a Merchant where payment is made (in whole or in part) by use of your Card including where payment is made over the internet, by phone or mail order or (ii) a cash withdrawal made from an ATM or bank using your Card.

Username and Password

A set of personal codes selected by you in order to access your Online Account;

Virtual Card

A non-physical Card, the use of which is limited to online, phone or mail order purchases.  For the avoidance of doubt, a Virtual Card cannot be used to make a cash withdrawal from an ATM or bank and any reference to such withdrawals or to a Physical Card in this Cardholder Agreement excludes the Virtual Card.


we, us or our

Transact Payments Limited (“TPL”) a company incorporated in Gibraltar with registered address 6.20 World Trade Center, 6 Bayside Road, Gibraltar, GX11 1AA company registration number 108217, and authorised by the Gibraltar Financial Services Commission as an electronic money institution or the Program Manager acting on its behalf.

you or your

You, the person who has entered into this Cardholder Agreement with us by virtue of your use of the Card and any other person you have authorised to use any Cards in accordance with this Cardholder Agreement.

2. Your Cardholder Agreement and Card

2.1 Your Card is issued by us pursuant to a licence from the Scheme and your rights and obligations relating to the use of the Card are subject to this Cardholder Agreement.

2.2 You can download or print the latest version of this Cardholder Agreement at any time from the Website and/or request a paper copy from Customer Services.


3. Purchase and activation of your Card

3.1To apply for, and use, a Card you must be at least 18 and a resident of the United Kingdom.

3.2 Cards may be obtained and activated via the SWAPX App or the Online Portal after registration and successful KYC checks.   

3.3 When you receive your Physical Card, you must sign it immediately and then log onto the SWAPX APP or Online Portal to activate it using your activation code sent to you by email when you ordered your card.  You must register your Card within the SWAPX APP or Online Portal by loading a minimum of £10.

3.4 Regardless of the number of Cards you have, you are permitted to have only one Account where your Available Balance is located.  If we discover that you do have more than one Account, we may block your Card and terminate this Cardholder Agreement.

3.5 Provided we have been able to undertake KYC, you shall receive an activation confirmation by email or on your Online Account and you will be able to use the Card.


4. Personal Details

4.1 When entering into Transactions over the internet, some websites may require you to enter your Personal Details and, in such instances, you should supply the most recent Personal Details that you have provided us with.

4.2 You must notify us of any change in your Personal Details as soon as possible by contacting Customer Services or updating the details in your Online Account or SWAPX APP. You will be liable for any loss that directly results from any failure to notify us of a change in your Personal Details as a result of undue delay, your gross negligence or fraud. We will need to verify your new Personal Details and may request relevant KYC information/documents from you as applicable.

4.3 We reserve the right at any time to satisfy ourselves as to your Personal Details (for example, by requesting relevant original documents) including for the purposes of preventing fraud and/or money laundering. In addition, at the time of your application or at any time in the future, in connection with your Card, you authorise us to undertake electronic identity verification checks on you either directly or using relevant third parties.

5.Loading your Card

5.1 TPL is not responsible for any funds that have not been loaded onto the Card and does not provide services for loading funds to the Card.

5.2 We reserve the right to request KYC documents and verification of your source of funds at any point.

5.3 If enabled, you will have the option to transfer your Available Balance or part balance from your Card or Account to other Accounts that may be held with us (i.e. a “Card-to-Card” transfer). If you instruct us to make a transfer from your Account to another person’s Account, the requested amount will be debited from your Account and credited to the other person’s Account in accordance with your instructions. You may incur a Card-to-Card Transfer Fee for this transaction.


6. Using your Card

6.1 Your use of the Card is subject to the fees and limits detailed in the Fees & Limits Schedule, which shall be deducted from the Available Balance. Fees and limits may vary according to the type of Card.

6.2 Unless we inform you otherwise, you can use the Card at any Merchant who accepts the Scheme to carry out Transactions.

6.3 You must always ensure that you have sufficient Available Balance for each Transaction you authorise (including value added tax and other taxes, duties and applicable fees). If the Available Balance is insufficient to pay for a Transaction, some Merchants may not permit you to combine the use of your Card with other payment methods.

6.4 If for any reason a Transaction is carried out but its amount exceeds the Available Balance, you must pay us the deficit immediately, and if you fail to do so after receiving a notification from us, we reserve the right to take all necessary steps, including legal action, to recover this deficit.

6.4 There are certain circumstances where a Merchant may require you to have an Available Balance greater than the value of the Transaction you wish to make and you will only be charged for the actual and final value of the Transaction. Merchants may request this as they may need to access more funds than you initially planned to spend for example, when making hotel or rental car reservations. In the event that a Merchant has prior authorization on your Card, you will not have access to the relevant funds until the Transaction is completed or, if sooner, up to a period of 30 days. We will only block access to the exact amount of funds authorised by you.

6.6 Your Card cannot be used where such Merchants are unable to obtain online authorisation that you have sufficient Available Balance for the Transaction (for example, Transactions made on trains, ships, some in-flight purchases and tollbooths). We accept no liability if a Merchant refuses to accept payment using the Card.

6.7 We do not recommend using a Virtual Card to purchase an item over the internet that subsequently would require the presentation of a physical reference device in order to obtain that item. Examples include certain theatre ticket purchases, hotel stays, car rentals, and online purchases picked up in person.

6.8 You must not use the Card for any illegal purposes.


7. Authorising Transactions

7.1 You will need to give your consent to each Transaction so that we can check it is genuine by, where applicable, a) using your PIN or other security code personal to you; b) providing the Card details and/or providing any other details personal to you and/or your Card. Once you have given such consent to the Transaction, it will be deemed to be authorised.

7.2 The time of receipt of a Transaction order is when we receive it. If a Transaction order is received after 4pm on a Business Day then it will be deemed to have been received on the next Business day.

7.3 Once a Transaction has been authorised by you and received by us, it cannot be revoked.

7.4 Where a Merchant’s payment service provider is located within the EEA and the payment services being carried out are in the currency of an EEA Member State, we shall ensure the cash transfer to the Merchant’s payment service provider within 4 Business Days following the day on which the Transaction order is received. 

7.5 Certain Merchants may not accept payments made through the Card and we accept no liability for this: it is your responsibility to check the restrictions of each Merchant.

7.6 Your ability to use or access the Card may occasionally be interrupted, for example if we need to carry out maintenance on our systems or websites. Please contact Customer Services to notify us of any problems you are experiencing using your Card and we will try to resolve these as soon as possible.


8 Additional Cards

8.1 At our sole discretion and provided we have received sufficient KYC information/documents (in accordance with condition 5.3), you may be eligible to apply for an Additional Card for use by an Additional Cardholder by contacting Customer Services or accessing the relevant area in your Online Account.

8.2 Additional Cardholders must be at least 18 years old or, provided that you are legally responsible for them, at least 13 years old.  Transactions by persons under 18 years of age may not be allowed by some Merchants but in all cases, you shall be responsible for any use of any Additional Cards by such persons. We may request KYC for each Additional Cardholder as required.

8.3 If your Additional Card application is successful, we will send you an Additional Card, which will be subject to a Fee and which you may give to the nominated Additional Cardholder for their exclusive use, provided that:

 i. you provide the Additional Cardholder with a copy of these terms and conditions (which will then bind use by both of you);

ii. the Additional Card is used only by that Additional Cardholder;

iii. you retain the Primary Card for your sole and exclusive use in accordance with this Cardholder Agreement;

iv. all Transactions made on the Additional Card shall be considered as having been authorised directly by the Primary Cardholder, who shall be responsible for such Transactions and any applicable Fees.

8.4Funds cannot be loaded directly on to any Additional Cards, which will be connected to the same Account as the Primary Card.  The Account may only be loaded by Primary Cardholder in accordance with condition 5.

8.5 You must ensure that any Additional Cardholders under 18 years of age do not use a Card for any purpose for which the minimum age is at least 18 e.g. purchase of alcohol, adult entertainment or gambling.

8.6 Additional Cards cannot be issued in or mailed to India.


9. Managing & Protecting Your Card

9.1 You can retrieve your PIN from your Online Portal or SWAPX APP when you activate your Card. You will need this PIN in order to make cash withdrawals from an ATM (permitted for Physical Cards only).

9.2 If you forget your PIN, you can retrieve a reminder from your Online Portal or SWAPX APP.

9.3 When ordering a Primary Card, you will be prompted to create a Username and Password. You will need this Username and Password to access your Online Portal or SWAPX APP and to perform the following functions (as well as any other functions which may be added from time to time) in relation to your Card online:

change your telephone number;

check your Available Balance;

check your Transaction Details; and

change your Password.

9.4 Other than in relation to an Additional Cardholder, you must not give your Card to any other person or allow any other person to use it. 

9.5 You are responsible for your Card, PIN, Online Portal, SWAPX APP and any related security details and must take all possible measures to keep them safe and entirely confidential.  Such measures include (but are not limited to):

memorising your PIN as soon as you retrieve it;

never writing your PIN on your Card or on anything you usually keep with your Card;

keeping your PIN secret at all times for example, by not using your PIN if anyone else is watching.

9.6 Failure to comply with this condition 9 may affect your ability to claim any losses in the event that we can show that you have intentionally failed to keep the information safe or you have acted fraudulently, with undue delay or with gross negligence. In all other circumstances, your maximum liability shall be as set out below at condition 13.

9.7 If you believe that someone else knows your Online Portal, SWAPX APP, PIN or Card security details, you must notify us by contacting Customer Services immediately.

9.8 In the event that we suspect or believe that your Card may be subject to any fraud or security threats, we will notify you securely via telephone or email during which we will ask you to answer security questions.

9.9 Once your Card has expired or if it is found after you have reported it as lost or stolen you must destroy it by cutting it in two through the magnetic strip.


10. Cancellation

10.1 If you have ordered your Card online, you may cancel it free of charge before activating and using it, and up to 14 calendar days after the date of activation (the Cancellation Period) by writing to Customer Services.  This does not apply to replacement Cards where the cancellation period for the original Card has expired.

10.2 You may also terminate your Card at any time by contacting Customer Services. 

10.3 Once your Card has been cancelled, it will be your responsibility to destroy your Physical Card(s).


11. 3D Secure

In order to help reduce fraud and provide extra security for your payments, you will be required to use the 3D Secure service (also known as ‘Mastercard SecureCode’, ‘Identity Check’) (“3DS Service”) when making online payments.

11.1 Security

You must keep your security information (including your 3DS One Time Passwords) safe and confidential at all times.

If you think someone may be accessing your Account or the 3DS Service without your authority you must notify us immediately.

11.2 Use of your Information

We may use the data you supply to us in relation to the 3DS Service to administer the service.

We will not share your information with online retailers; however, details may be supplied to third parties if this is required for a legal or regulatory reason.

You must keep your information up to date at all times. If there is a change to your personal details, you must notify us immediately by contacting our customer service by calling the number on the back of your card (your network provider may charge a fee to call this number) or by updating your personal details in the SWAPX App.

We will manage and protect your personal data in accordance with all applicable data protection laws. For full and comprehensive information about when and why we collect personal information about you, how we use it and the conditions under which we may disclose it, please refer to our Privacy Policy which is provided to you at the time we collect your Personal Data and which can be found in the SWAPX App.

11.3 Changes to the 3DS Service

We may make changes to the 3DS Service in order to update or improve it or to reflect requirements imposed by us by any party which assists us in providing the 3DS Service.

We may make changes with immediate effect if required to do so by any law or regulatory requirement affecting us.

11.4 Suspension or Termination of the 3DS Service

We may suspend, restrict use or terminate the 3DS Service where:

There is a breach of security;

There is a legal or regulatory requirement to do so;

In exceptional circumstances if we are required to do so by Mastercard International or any third party which assists us in providing the 3DS Service.

11.5       Liability

Unless you are a victim of fraud, you may be responsible for all transactions carried out and verified with your 3DS One Time Passwords.

We shall not be liable for any failures of the 3DS Service caused by any systems failing or other events which we cannot reasonably control.

12. Expiry

12.1 This Cardholder Agreement shall terminate on the Expiry Date unless you are issued with a replacement card. 


13. Termination or Suspension of your Card

13.1 When this Cardholder Agreement is terminated, your Account is closed. We may terminate this Cardholder Agreement at any time by giving you two months’ advance notice (which will be sent to the email address that you have provided to us).

13.2 We can suspend your Card, restrict its functionality or terminate this Cardholder Agreement at any time with immediate effect if:

you haven’t given us the information we need or we believe that any of the information that you have provided to us was incorrect or false; or

a Transaction has been declined because of a lack of Available Balance or you do not repay money that you owe to us; or

you fail to provide the Personal Data necessary for us to comply with our legal obligations and to fulfil this Cardholder Agreement; or

we reasonably suspect that the security of the Card has been compromised or that you, or any third party, have used, or intend to use the Card in a grossly negligent manner or for fraudulent or other unlawful purposes; or

we believe that your use of the Card may result in harm to us or our systems; or

your agreement with Modulr FS Limited under Section 1 of this Agreement has been suspended, restricted or terminated; or

we believe that your continued use of the Card may damage our reputation; or

you become bankrupt; or

we are required to do so under Applicable Law or where we believe that continued operation of the Program may be in breach of Applicable Law; or

you do not access your Account for 3 years; or

we cannot process your Transactions due to the actions of third parties; or

you have breached this Cardholder Agreement.

13.3 In the event that we do suspend or terminate your Card then, where lawfully permitted, we shall notify you in advance or as soon as possible afterwards. We may advise anyone involved in the Transaction if a suspension has taken place.

13.4 Unless or until you or we terminate this Cardholder Agreement, this Cardholder Agreement will remain in force.


14. Loss or Theft of your Card.

14.1 You are responsible for protecting your Card as if it were cash in your wallet.

14.2 You must contact us without delay by calling us on 0203 422 9144 or reporting your card lost/stolen within the SWAPX APP or Online Portal. if you know or suspect that a Card is lost, stolen, misappropriated or subject to unauthorised use or that the PIN or any Card related security details is known to an unauthorised person or you think that a Transaction has been incorrectly executed.

14.3 If our investigations reveal that you authorised a disputed Transaction or that you acted fraudulently or that you negligently or with intent breached the terms of this Cardholder Agreement (for example, by not keeping your Card or PIN safe), you may be liable for any loss we suffer due to use of the Card.

14.4 Once a loss, theft or unauthorised use of your Card is reported, use of the Card shall be blocked to avoid further losses.

14.5 Replacement Cards will be sent to the most recent address you have provided and will be subject to a Fee.

14.6 You agree to cooperate with our agents, any supervisory authority, the police and us if your Card is lost, stolen or if we suspect fraudulent use of the Card.

14.7 In the event that you inform us of an unauthorised or incorrectly executed Transaction without undue delay, and in any event no later than 13 months after the debit date, we will refund the amount immediately unless we have any reason to believe that the incident may have been caused by a breach of this Cardholder Agreement, through gross negligence or we have reasonable grounds to suspect fraud.

14.8 In the event of a non-executed or defectively executed Transaction, we will make immediate efforts to trace the Transaction and will notify you of the outcome. We will not charge you for such efforts. In the event that we are liable for such Transaction, we will refund the amount, together with the amount of any resulting charges to which you may be subject, without undue delay.

14.9 In the event that a Transaction that was executed within the EEA arrived later than it should have according to the terms of this Cardholder Agreement, you may request that we contact the receiving payment institution to ask them to treat it as if it was made on time.

14.10 In the event that a Transaction is made which is initiated by a Payee, we will provide a refund of that amount, subject to clause 14.11, only in circumstances where you can prove that:

14.10.1  the exact Transaction amount was not specified when you authorised the payment; and

14.10.2  the amount of the Transaction exceeds the amount that you could have reasonably expected, taking into account your previous spending pattern, the terms of this Cardholder Agreement and the relevant circumstances of the case.

14.11     The refund referred to in 14.10 will not be provided if:

14.11.1  the amount relates to currency exchange fluctuations; or

14.11.2  you have given your consent to execute the Transaction directly to us; or

14.11.3  information on the Transaction was provided or made available in an agreed manner to you at least 4 weeks prior to the due date of the Transaction; or

14.11.4 you request the refund from us later than 8 weeks from the date on which it was debited.


15    Payment Disputes

15.1 If you dispute a Transaction that you have authorised and which has been processed on your Card, you should settle this with the person you bought the goods or services from; we are not responsible for the quality, safety, legality or any other aspect of goods or services purchased with your Card. 

15.2 If your dispute with a Merchant relating to a Transaction cannot be resolved you should contact us at Customer Services, and we will attempt to assist you as far as is reasonably practicable.

15.3 If you have reason to believe that a Transaction was carried out without your consent or in error, you may ask us to investigate the Transaction.  If we investigate the Transaction, the disputed amount will be unavailable to spend until our investigation is complete and if we receive information that proves the Transaction was genuine, this will be deducted from your Available Balance and we may charge you an investigation fee. If you do not have sufficient Available Balance, you must repay us the amount immediately on demand.

16. Foreign Exchange

16.1       If you use your Card in a currency other than the currency in which your Card is denominated, the amount deducted from your Available Balance will be the amount of the Transaction converted to your Card currency using a rate set by the Scheme on the date the Transaction is processed.  You may also be charged a foreign exchange Fee as set out in the Fees & Limits Schedule. In order to allow you to compare charges for currency conversion, you can view the real-time percentage difference between the amount that will be charged on your Card for a foreign currency transaction (consisting of the mark-up applied by the Scheme as well as any other charges) and the latest available euro foreign exchange reference rates issued by the European Central Bank.  You can view this information on the Online Portal and App.


17. Our Liability

17.1 We shall not be liable for any loss arising:

from any default resulting directly or indirectly from any cause beyond our control, including but not limited to, a lack of funds and/or failure of network services at ATMs, maximum withdrawal limits set by ATM operators and failure of data processing systems;

from any loss of profits, loss of business, or any indirect, consequential, special or punitive losses;

from any use of this Card that is contrary to this Cardholder Agreement;

for goods or services that are purchased with the Card; and

for any damages due to loss, fraud or theft that you have reported to us 13 months after the event.

17.2 We will not be liable to you if your contact details have changed and you have not told us.

17.3 Where the Card is faulty due to our default, our liability shall be limited to replacement of the Card.

17.4 Where sums are incorrectly deducted from your Available Balance due to our default, our liability shall be limited to payment to you of an equivalent amount.

17.5 Nothing in this Cardholder Agreement shall exclude or limit our liability for death or personal injury resulting from our negligence or fraud.

17.6 To the extent permitted by law, all conditions or warranties implied by law, statute or otherwise are expressly excluded.

17.7 The above exclusions and limitations set out in this paragraph shall apply to any liability of our affiliates such as the Schemes, and other suppliers, contractors, distributors and any of their respective affiliates (if any), to you, which may arise in connection with this Cardholder Agreement.

17.8 For all other matters not expressly covered in this condition 17, and to the extent permitted by applicable law, our total aggregate liability shall be limited to the total amount of money that you have deposited into your Account over the 12-month period prior to the claim.



18 Complaints

18.1 Should you wish to make a complaint about your Card, you may contact Customer Service to submit details of such complaint.

18.2 Upon our receipt of your emailed complaint, we shall endeavour to respond to you as quickly as possible but in any event we shall reply to you by return email within 15 Business Days.

18.3 If, having received a response from our Customer Services team, you are unhappy with the outcome, you can escalate your complaint to TPL’s Complaints Department by writing to

18.4 If TPL’s Complaints Department is unable to respond to your complaint immediately, you will receive confirmation that your complaint has been received and a formal investigation will be conducted.  You will receive a formal response of their findings within 35 Business Days of receipt of your complaint.

18.5 We will make every effort to reach a resolution to your complaint and will fully explain the reasoning behind our decision. 

In the unlikely event that we are unable to resolve your issue to your satisfaction you have the right to refer your complaint to the Financial

18.6 Services Commission at: Payment Services Team, Financial Services Commission, PO Box 940, Suite 3 Ground Floor, Atlantic Suites, Europort Avenue, Gibraltar or email


19. General Communication

19.1       Any communication from us to you will be given by notification on your Online Portal and/or by email or via the SWAPX APP (using the latest contact details with which you have provided us).

19.2       You may contact us via Customer Service, the details of which are set out in clause 1.


20. Personal Data

20.1 TPL is the Data Controller of your Personal Data associated with the application for and use of this Card and will collect certain information about the purchaser and the users of the Card in order to operate the Card program.  Your provision of your Personal Data and our processing of that data is necessary for each of us to carry out our obligations under this Cardholder Agreement. At times, the processing may be necessary so that we can take certain steps, at your request, prior to entering into this Cardholder Agreement. If you fail to provide the personal data which we request, we will take steps to terminate this Cardholder Agreement in accordance with clause 13.1 (ii) (b) above.

20.2 We will manage and protect your personal data in accordance with all applicable data protection laws. For full and comprehensive information about when and why we collect personal information about you, how we use it, the conditions under which we may disclose it and how we keep it secure, please refer to our Privacy Policy which is provided to you at the time we collect your personal data.


21. Changes to the Terms and Conditions

21.1 We may update or amend this Cardholder Agreement at any time on at least 2 months’ advance notice, which shall be given, by e-mail (using the latest contact details you have you have provided us with).

21.2 If you do not agree with the changes to the Cardholder Agreement, you may at any time within the 2-month notice period terminate your Cardholder Agreement in accordance with condition 10  and can redeem any funds remaining on your Card without incurring a Fee. You will be deemed to have accepted any change to this Cardholder Agreement unless you notify us before the proposed date of the change.

21.3 If any part of this Cardholder Agreement is inconsistent with any regulatory requirements then we will not rely on that part but treat it as if it did actually reflect the relevant regulatory requirement. If we need to make operational changes before we can fully comply with the new regulatory requirement, we will make those changes as soon as reasonably practical.


22 Language

22.1 The English language version of this Cardholder Agreement and of any communications and Website content will prevail over any other language version which we may issue from time to time.

23 Governning Law

23.1  This Cardholder Agreement is governed by Gibraltar law.

24 Jurisdiction

24.1  You agree to the non-exclusive jurisdiction of the courts of Gibraltar.


25. Miscellaneous

25.1 Any delay or failure to exercise any right or remedy under this Cardholder Agreement by us shall not be construed as a waiver of that right or remedy or preclude its exercise at any subsequent time.

25.2 The Card is a payment service product and not a deposit or credit or banking product and, as such is not governed by the Deposit Security Scheme of Gibraltar.  Please refer to clause 15.7 of Section 1 in relation to the safeguarding of your funds.

25.3 If any provision of this Cardholder Agreement is deemed unenforceable or illegal, the remaining provisions will continue in full force and effect.

You may not assign or transfer any of your rights and/or benefits under this Cardholder Agreement and you shall be the sole party to the contract between us. You will remain liable until all Cards issued to you are cancelled or have expired and all sums due under this Cardholder Agreement have been paid by you in full. We may assign our rights and benefits under this Cardholder Agreement to a third party and may subcontract any of our obligations under this Cardholder Agreement.


Fees and Limits Schedule


Card Issuing Fees 


Card Order Fee                                        £2.50 / €2.50 
Card lost/stolen replacement           £7.50 / €7.50
Card to card transfer                             1% / 1%

Card Transaction Fees        
ATM Withdrawal                                       £1.50 / €1.50
POS                                                                  FREE / FREE
ATM Balance enquiry                             £0.30 / €0.30
ATM Decline                                               £0.30 / €0.30
POS Decline                                                £0.30 / €0.30
Foreign Exchange Charge                    3% / 3%

Card Load Fees        
Card load by Debit Card                       1% / 1%
Card load by Bank Transfer                 1% /  1%

Miscellaneous Fees        

Account closure balance return         3% / 3%

(Redemption Fee)
Account Dormancy Fee

(applies after 6 months of no usage)  £2 p/month / €2 p/month



Limits - Standard Cardholders


Card Load Values:

Max per year:    £20,000

Max per month:    £5,000

Min per load:    £10

Max per load:    £500

Card maximum balance: £12,000

ATM Withdrawals    

Max per day:    £300
Max no. per day:    2

POS Transactions    

Max per month:    £6,000
Max per day:    £1,500
Max no. per day:    10


Limits - VIP Cardholders

Card Load Values:

Max per year:    £50,000

Max per month:    £5,000

Min per load:    £10

Max per load:    £2,000

Card maximum balance: £15,000

ATM Withdrawals    

Max per day:    £500
Max no. per day:    2

POS Transactions    

Max per month:    £10,000
Max per day:    £3,000
Max no. per day:    30

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