TransferWise Card Supplement to the Customer Agreement

Last updated: 13 May 2020

1. How to read this Supplement

The terms set out in your Customer Agreement apply to your use of the Card. This Supplement is a supplement to, and must be read together with, your Customer Agreement, which sets out the terms in relation to your TransferWise Account. This Supplement contains 10 sections. You may go directly to any section by selecting the link provided. The headings are for reference only. Some capitalised terms have specific definitions in section 3, or are defined in your Customer Agreement. Underlined words in this Supplement contain hyperlinks to further information.

2. Why you should read this Supplement

2.1 What this Supplement covers. These are the term and conditions on which we provide the Card to you.

2.2 Why you should read it. Please read this Supplement carefully before you start using the Card. This Supplement (always together with the documents referred to in it) tell you who we are, features of the Card and how you may use it, how this Supplement may be changed or ended, what to do if there is a problem and other important information. If you think that there is a mistake in this Supplement or require any changes, please contact us to discuss.

2.3 Future changes to this Supplement. All future changes set out in the Customer Updates section of our Website at the time you apply for the Card are incorporated into this Supplement.

2.4 You accept this Supplement. By applying for, or using, your Card, you confirm that you accept and agree to this Supplement (including the Customer Updates and the additional documents referred to above). If you do not agree, please do not apply for, or use, your Card.

2.5 Where to get a copy of this Supplement. You can always see the most current version of this Supplement on our Website. If you want a paper copy of this Supplement, please contact Customer Support.

3. Glossary

In this Supplement:

Card – means your TransferWise Card (including any replacement card as applicable) with the features set out in clause 4.4.

4. About your Card

4.1 Who is the issuer of your Card. Your Card is issued by TransferWise Limited, a company incorporated under the laws of England and Wales with company number 07209813.

4.2 We are authorised by the FCA. We are an Electronic Money Institution authorised by the UK Financial Conduct Authority (“FCA”) under the Electronic Money Regulations 2011 for the issuing of electronic money and providing payment services. Our FCA reference number is 900507.

4.3 UK Financial Services Compensation Scheme DOES NOT apply. Your Card is linked to your TransferWise Account, which is an electronic money account and is not a bank account. You acknowledge that the UK’s Financial Services Compensation Scheme does not apply to your TransferWise Account or Card. However, we follow the requirements under the EU Electronic Money Directive 2009/110/EC and UK Electronic Money Regulations 2011 which are designed to ensure the safety of funds held in electronic money accounts like your TransferWise Account. For further information on how we look after your money, please visit FAQ.

4.4 Features and information about your Card. A summary of the key product features and information about your Card, including any applicable fees, is set out here. If your TransferWise Account is a business account, you may only use your Card for business purposes and not personal purposes.

4.5 4.5 We will carry out verification checks when you open a TransferWise Account. We carry out verification checks when you apply for a TransferWise Account and may carry out further checks on an ad-hoc basis. These checks may also increase the time it takes to process your order for a Card. We cannot be responsible for any delays as a result of carrying out those checks. If you have paid a fee for your Card but you do not meet our verification checks, we will cancel your Card and refund you the fee you paid for your Card within 14 days of our decision to not open your TransferWise Account.

5. Uploading money to your Card

How to upload money to your Card. Your Card is linked to and supported by your TransferWise Account. You can upload money by adding money to your TransferWise Account. For further information on how to do this, please refer to the Customer Agreement.

6. Use of the Card

6.1 About your Card. The Card is a debit product which can be used to pay for goods and services online, over the phone or in person. The Card can be used to withdraw money from ATMs in the UK and overseas. The Card is not a guarantee card, charge card or credit card.

6.2 How to activate your Card. When you receive your Card, please sign the back of it as soon as you receive it and keep it safe. You can activate your Card by following the instructions in the App or on our Website. The Card PIN is a 4-digit code that you will be asked to enter when making a payment using the Card.

6.3 Paying in different currencies. You may hold balances in different currencies in your TransferWise Account. If you are making a payment or withdrawing funds in a currency you hold, the payment will be made from that balance. If you are making a payment or withdrawal in a currency you do not hold in your TransferWise Account, we will convert the amount applying the TransferWise rate and fee to a balance that you hold - please see our Pricing Page for further information on our rate and fees, including the latest applicable percentage mark-up over the ECB rate. If you are making a payment or withdrawal in a currency we do not support (see FAQ), we will convert the amount at the current Mastercard rate.

6.4 Refunds in different currencies. If you receive a refund on a card payment in a supported currency, we will credit your Transferwise Account in that currency. If you receive a refund in a currency we do not support (see FAQ), we will first convert the amount at the current Mastercard rate to a supported currency and then credit your TransferWise Account. We may need to activate a currency in your Transferwise Account in order to credit you the refund.

6.5 No negative balance in your TransferWise Account. You must not make purchases that exceed the amount of electronic money available in your TransferWise Account. If any purchase takes you over your available funds or the card limits in force from time to time the transaction will be declined.

6.6 Your use of the Card is subject to limits. We may, at our reasonable discretion, decline the use of your Card for situations including, but not limited to:

  1. pre-authorised regular payments;
  2. transactions at self-service petrol pumps;
  3. transactions for cash (other than ATM withdrawal) including for example cash back, cash from a bank, money orders, traveller’s cheques, foreign exchange, or bureau de change, or any illegal purposes;
  4. where it is not possible for the supplier of the good or service to obtain online authorisation that you have sufficient Balance for the transaction. For example: transactions on trains, ships, and some in-flight purchases.

6.7 We are not liable for certain losses. We are not responsible for the quality, safety, legality, or any other aspect of any goods or services purchased with the Card. We are not liable for any loss arising from any merchant refusing to accept your Card, or any ATM failing to dispense cash.

7. Transactions

You authorise every Transaction. You agree that any use of your Card, card number or PIN constitutes your authorisation and consent to a transaction.

8. When your Card expires

8.1 Your Card has an expiry date. The Card’s expiry date is printed on the card. You must not use the card after its expiry.

8.2 If you have used your Card in the two weeks before it expires, we will contact you to inform you that we will automatically transfer the outstanding Balance to a new card. The new Card will be issued to you free of charge and sent to you at the address you have given us within two weeks after it expires. If you do not want your Card to be renewed, you must close your Card in the App or by logging into your TransferWise Account.

8.3 If your Card has not been used in the eight weeks prior to its expiry, we will send you an email asking if you want to replace the Card. If you ask us to do this, we will issue you with a replacement Card within two weeks. A replacement card fee may apply (see here).

8.4 If you request that your Card is not renewed under section 8.2, or if you do not request a replacement under section 8.3, your Card will be deactivated and you will not be able to use it after its expiry. You may redeem any outstanding balance in your TransferWise Account in accordance with the terms of the Customer Agreement.

9. Keep Your Card Safe

9.1 DO’s and DONT’S. You must:

  1. not allow anyone else to use your Card;
  2. memorise your PIN and never disclose this or any other security information to anyone;
  3. if your Card is lost or stolen, if you suspect that someone else knows your PIN, or if you think your Card, card number or PIN may be misused, you must stop using the Card and contact Customer Support immediately.

9.2 If you find the Card after you have reported it lost, stolen or misused, you must cut it up and tell us as soon as possible.

9.3 If your Card, or any replacement card, is lost or stolen, you can request a replacement. We will charge a fee for the replacement Card. This is set out here.

9.4 If your Card is used without your permission, or is lost, stolen or if you suspect the Card may be misused, we may disclose to law enforcement agencies any information which we reasonably believe may be relevant.

10. Cancellation rights

Cancelling your Card. You may cancel your Card at any time without notice and with no charge by logging into your TransferWise Account or through the App. You may close your TransferWise Account in accordance with the Customer Agreement. If you decide to cancel your Card within 14 days of applying for your Card, and you have paid a fee for your Card, we will refund you that fee. We will not refund you any fee paid to TransferWise, including a fee paid for your Card, if we reasonably believe you have breached the terms of this Agreement, the Customer Agreement or any applicable law.