1. About VIP Payments Ltd

1.1. VIP PAYMENTS LTD, a  company incorporated in England under company number 09841893 (hereinafter referred to as “VIP   PAYMENTS”) provides online money transfer services (hereinafter refered to as the “ServicesorVIP Services”), with registered office at 39 Fitzroy Square, London, England, W1T 6EZ.

1.2. VIP PAYMENTS Ltd is registered with Financial Conduct Authority as a Small Payment Institution with reference number 750503.

1.3. These terms (refered to also as the “Agreement”) exclusively apply to VIP Profile Holders who wants to intitate money transfers by setting up a VIP Profile through our website, www.vip-payments.com (hereinafter referred to as the “Website”).

2. Definitions

2.1. Account Deposit: The Transfer in the Recipient’s designated bank account specified by the Sender;

2.2. Administration Fees: fees charged by VIP PAYMENTS to administer an active VIP PAYMENTS Profile.

2.3. Client Profile Activation Fees: fees charged by VIP PAYMENTS for the creation of a VIP PAYMENTS Profile;

2.4. Customer: shall mean the individual or legal entity who/which has active VIP PAYMENTS Profile;

2.5. Receipient: shall mean the specified individual or legal entity who reiceves funds from the Sender;

2.6. Sender: shall mean the VIP Profile Holder who transfer funds to the Receipient’s designated bank account;

2.7. Service(s): shall mean the Service(s) provided to VIP Profile Holder(s) which allows them to send money to other people by using their VIP PAYMENTS Profile.

2.8. Transaction Fees: fees chaged by VIP PAYMENTS every time the Client Profile Holder intitates money transfer;

2.9. Transfer: shall mean the money transfer service which allows VIP Profile Holders to send money to other people by using their VIP PAYMENTS Profile.

2.10. VIP PAYMENTS Profile/ Profile/VIP Profile: shall mean the Profile created for the Sender to be able to utilize the Services.

2.11. VIP Profile Holder/Client Profile Holder: shall mean the individual or legal entity who successfully set up a VIP Profile and can use the VIP Services;

3. VIP Payments Service

3.1. The Services enables a Sender to initiate a money transfer through our Website to a specified individual or legal entity as a single transaction. The Recipient can receive the Transfer in their designated bank account specified by the Sender.

3.2. All transfers must be funded directly through bank transfer, or other payment methods offered by VIP PAYMENTS.

3.3. To utilize the Services the Sender must create a profile through our Website. It is mandatory for the Sender to keep their personal information in the Profile up to date in the event of any changes before initiating a Transfer. If you wish to close your Profile, please get in touch with our customer service helpline.

3.4. Each time you make a Transfer, these terms of this Agreement will apply.

3.5. You cannot set up a VIP Profile:

i. if you’re not yet 18 years of age
ii. if you already have a VIP Profile;
iii. if you previously had a VIP Profile with us, which we had to close;
iv. to use it to pay for any Prohibited Activities; or
v. if onboarding you would mean that we would break the law or any of our policies.

3.6. We reserve the right to terminate or suspend access to a Profile at any time, under the following circumstances, including but not limited to:

i. if the Sender provides incorrect or false information about themselves or a Recipient;
ii. if the Sender has violated these terms and conditions;
iii. if we determine that the Profile has remained inactive for a significant period of time; or
iv. if we have reason to believe that a Transfer has been used for unlawful purposes.

3.7. We may monitor transactions made using our Services for suspicious activity and fraud. If we suspect that you are using our Services in an unlawful manner or in breach of these terms, we may immediately end or suspend your use of our Services and delete your VIP Profile.

4. What is a Transfer

4.1. We can make a Transfer if you provide us with certain information about you and the Recipient. The information we need from you depends on how you send the funds and how the Recipient will receive the funds.

How you send, or how the Recipient, receives the funds What Recipient information you must give us
Bank account account details as required by the Recipient’s account provider. For example, if you’re paying someone in the UK, you’ll need their name, sort code and account code. If you’re paying someone in the SEPA zone, you might need their IBAN.

4.2. You must provide us with the Recipient’s correct details. Not doing so means your payment could be delayed or it could go to the wrong person. Depending on the legal requirements of a Recipient’s location, we may also ask for more information about you or the Recipient.

4.3. To continue making a Transfer, you’ll be prompted to fund your Transfer (see Funding your Transfer section below). Once you enter these details and fund your Transfer, you’ve authorised a Transfer.

4.4. We’ll only be able to make a Transfer if you’ve funded it using an account in your name. If you want to make a Transfer in:

i.  The same currency as your funding currency, we may charge a fee; or
ii. a currency that is different to the account or card you used to make a Transfer, we may charge a fee and will exchange your money using our exchange rate at the time of the payment.

4.5. The fees and exchange rate for a Transfer will be immediately made available to you. We’ll always tell you of any Transfer fees and any applicable exchange rates before you make a Transfer.

5. Funding your Transfer

5.1. In order to facilitate a Transfer, VIP PAYMENTS offers bank transfer method, accessible through the Website. It’s crucial to note that VIP PAYMENTS will only accept funds originating from an account registered under your name. VIP PAYMENT will proceed with your Transfer as soon as we receive the funds or once our third-party partners confirm the funds’ availability. In the event we do not receive the funds or if the funds do not reach us within a reasonable timeframe, we reserve the right to reverse the credited amount. If you lack sufficient funds to accommodate this reversal, you are obliged to reimburse us immediately upon request.

5.2. It’s important to underline that VIP PAYMENTS does not hold customer funds under any circumstances. All funds will either be remitted to the beneficiary upon successful transaction completion or returned to the client if the transaction is rejected.

6. Execution of the Transfer

6.1. Before the Sender submits a Transfer, we will provide the following information based on the Sender’s selection: (i) the amount to be sent by the Sender (“Send Amount”); (ii) the amount the Recipient will receive; (iii) the fees charged to the Sender for the Transfer (“Fees”); (iv) the applicable exchange rate for the Transfer; and (v) the expected execution time (i.e., when the funds will be available to the Recipient).

6.2. To complete the submission of a Transfer through our Website, the Sender must: (i) accept these terms and conditions; (ii) provide consent for the execution of the Transfer; and (iii) confirm the accuracy of the information submitted in the online form, including account details for Account Deposits. In certain cases, we may require additional information from the Sender, such as further background information related to the Transfer. We will either directly contact the Sender or request the Sender to contact us to provide the additional information before the Transfer can be successfully completed.

6.3. A Transfer will be accepted, and a valid binding contract will be established, when we send an email to the Sender containing the following information: (i) the reference number required by the Recipient to receive the Transfer (“Reference Number”); (ii) confirmation of the exact amount to be made available to the Recipient in the chosen pay-out currency (“Receive Amount”); (iii) confirmation of the Fees charged; (iv) the exchange rate applied to the Transfer; and (v) the execution time (i.e., when the funds will be available to the Recipient) (“Acceptance”).

6.4. We reserve the right, at our sole discretion, to refuse acceptance of a Transfer in the following circumstances: (a) if accepting the Transfer would result in a violation of any applicable law, regulation, code, or duty; (b) if accepting the Transfer could subject us to action from any government or regulator; (c) if the Transfer is associated with fraudulent or illegal activity or is intended for an unlawful purpose; or (d) if we have made a decision to refuse acceptance in accordance with our internal policies. In such cases, we will strive, to the extent permitted by law and our internal policies, to provide the reason for refusing to accept the Transfer.

7. Transfer to Bank Account

7.1. With VIP PAYMENTS, sending money directly to a bank account is a straightforward process, designed to ensure a seamless and secure transfer experience. You can easily make a bank transfer through our Website using the following steps:

i.  Login: First, access your VIP PAYMENTS Profile by logging in through our Website. Navigate to the transaction section to initiate a new transfer.

ii. Transfer Details: Select the ‘Bank Transfer’ option for sending money. You will be required to fill in the Recipient’s necessary details such as their full name, contact information, and their bank account details, including the bank name, account number, and sort code or IBAN, as applicable.

iii. Set Transfer Amount: Decide the amount of money you wish to send. VIP PAYMENTS will display the exchange rate and any fees associated with your transfer. This way, you will know the exact amount the recipient will receive in their local currency.

iv. Payment Method: VIP PAYMENTS supports bank transfers.

v. Review and Confirm: Before finalizing the transfer, take a moment to review all the details you’ve entered. Ensure that the Recipient’s bank account information is correct to avoid any delays or issues. Once you’re confident that all the details are accurate, confirm the transaction.

vi. Transfer Initiation: After confirming the details and completing the payment, your transfer will be initiated. You will receive a confirmation message, and a transaction reference number, which you can use to track the progress of your transfer.

vii. Notification to Recipient: Upon successful transfer, the Recipient will be notified via email or SMS, informing them about the incoming funds.

viii. At VIP PAYMENTS, we aim to ensure that each bank transfer is processed quickly and securely. We value your trust and are dedicated to offering efficient money transfer services, no matter the distance or the destination.

8. Cancellations and Refunds

8.1. Once a Transfer is accepted, it becomes irreversible. However, the Sender has the right to cancel a Transfer if it has not been collected, received by the Recipient, or credited into the Recipient’s account. The Sender can request cancellation through our Website, or customer service helpline. In the case of cancellation, only the send amount will be refunded.

8.2. If a Transfer was unauthorized by the Sender or not executed correctly by us, we will refund the send amount and the fee in accordance with applicable law, provided that (i) the Sender notifies us promptly upon becoming aware of the issue, and (ii) the situation is not caused by abnormal and unforeseeable circumstances beyond our control.

8.3. It is essential for the Sender to promptly notify us in case of an unauthorized or incorrectly executed Transfer. We will not process a refund if the Sender unduly delays reporting the problem or notifies us more than 13 months after the transfer acceptance.

9. Charges and Currency Exchange

9.1. The Sender is responsible for paying Client Profile Activation Fees, Transfer Fees and Administration fees, as applicable.

9.2. For transfers to high risk jurisdictions, additional costs will apply. Please refer to our Website for our pricing.

9.3. In certain recipient countries, local taxes and service charges may be applied at the time of collection. For Account Deposits, the recipient’s bank or account provider may charge a fee for receiving the funds.

9.4. When the Sender pays for a Transfer in one currency and selects another currency for payout, the send amount will be converted using our exchange rate. Our exchange rate is based on closing rates in the global financial markets, with a margin. Exchange rates are subject to market fluctuations beyond our control and may change multiple times a day. Foreign Exchange is charged 1.7% on top of median rate from European Central Bank.

9.5. In some countries, currency conversion occurs only at the time of collection due to local requirements, hence the actual exchange rate will be determined at the time of collection, which may affect the receive amount.

10. Our Liability

10.1. We are not obligated to execute a Transfer if (a) we cannot obtain satisfactory evidence of the Sender’s identity, (b) we have reason to believe the Sender’s information is incorrect, unauthorized, or forged, (c) the Sender provides us with incorrect or incomplete information. We shall not be liable for damages resulting from non-payment, delayed payment, or failure to perform a transfer under the service due to any of these reasons.

10.2. We will not be held liable if we fail to fulfil this Agreement due to abnormal and unforeseeable circumstances beyond our control, where we could not avoid breaking the Agreement despite our best efforts (e.g., force majeure events). We will not be responsible for any incidental, indirect, or consequential damages suffered by the Sender.

10.3. This clause does not exclude or limit liability on our part for death or personal injury resulting from our negligence or fault, nor does it exclude liability for our intentional misconduct, gross negligence, or fraud.

11. Data Protection and Privacy

11.1. By using our Services, the Sender gives their consent to the collection, use, disclosure, and transfer (including cross-border transfer) of their personal information as outlined in our Privacy Policy. The Privacy Policy can be accessed on our Website at https://vip-payments.com/privacy-policy / or by contacting us at [email protected]. We are legally obligated to process the personal data of the Sender and Recipient for the purpose of preventing money laundering and terrorist financing, specifically under The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017.

12. Customer Service and Complaints

12.1. We are committed to providing to our Customers with high-quality Services. If a Sender is dissatisfied with our Service or believes that a Transfer has not been executed correctly, they should contact us as soon as possible. For questions, complaints, or any other matters, the Sender can reach us through the following channels:

i.  Email: [email protected]
ii.  Mail: Customer Service Department, VIP Payments Ltd, 39 Fitzroy Square, London, England, W1T 6EZ.

12.2. We will promptly and fairly address any complaints received. Our aim is to resolve the complaint at the earliest opportunity. If we require additional time to resolve a complaint, we will send the sender a final response letter within 15 business days from the receipt of the complaint. In exceptional circumstances, a holding reply will be sent within 15 business days, specifying the deadline for the sender to receive our final response, which will be no later than 35 business days from the initial complaint date. If the sender does not receive our final response or remains unsatisfied with it, they can contact The Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR, or online at https://www.financial-ombudsman.org.uk/contact-us/complain-online or by email or phone at [email protected] or +44 800 023 4567.

13. Consumer Duty

13.1. As an Authorised Payment Institution, we are required to act in the best interests of our Customers and to provide you with the Services that meet your needs. Under this Agreeement, VIP PAYMENTS has the following duties:

i.  Duty to act in the best interests of customers: We are committed to acting in the best interests of our customers at all times. This means that we will take all reasonable steps to ensure that our products and services meet your needs, and that we will not put our interests ahead of yours.

ii.  Duty to exercise due skill, care and diligence: We will exercise due skill, care and diligence in the provision of our services to you, to ensure that we meet the high standards set by the Financial Conduct Authority.

iii.  Duty to provide clear and transparent information: We will provide clear and transparent information about our products and services, including any fees or charges, so that you can make informed decisions.

iv.  Duty to provide fair outcomes: We will take all reasonable steps to ensure that the outcomes of our products and services are fair and meet your needs.

v.  Duty to communicate in a way that is clear, fair and not misleading: We will communicate with you in a way that is clear, fair and not misleading, and we will ensure that any marketing materials are accurate and not misleading.

vi.  Duty to take reasonable steps to avoid harm: We will take all reasonable steps to avoid causing you harm, and we will have appropriate systems and controls in place to manage any risks.

vii.  Duty to handle complaints fairly and promptly: If you have a complaint, we will handle it fairly and promptly, and we will provide you with a clear explanation of our response.

13.2. The above list is not exhaustive.

13.3. Our ethos is TEAM: Together Everyone Achieves More. We pride ourselves on honesty, integrity and transparency that sets us apart from everyone else.

14. Force Majeure

14.1. If VIP PAYMENTS is prevented, hindered or delayed in or from performing any of its obligations under these Terms as a result of any acts, events, circumstances, omissions or accidents beyond its reasonable control (including without limitation, internet/network failure, default of suppliers, compliance with law, acts of God, strikes, fire or flood) it shall not be in breach of these Terms or otherwise liable for any such failure or delay in the performance of such obligations. The time for performance of such obligations shall be extended accordingly.

15. Representations

15.1. No oral representation made by VIP PAYMENTS, its employees or agents from time to time shall be binding on VIP PAYMENTS nor shall it form part of the Terms.

16. Severance

16.1 If any paragraph or section of the Terms is or becomes invalid, illegal or unenforceable, it shall be deemed modified to the minimum extent necessary to make it valid, legal and enforceable. If such modification is not possible, the relevant provision or part-provision shall be deemed deleted. Any modification to or deletion of a provision or part-provision under this shall not affect the validity and enforceability of the rest of the Terms.

17. Modification of the Terms

17.1. Any amendments to these Terms shall be communicated in paper or durable form to VIP Profile Holders no later than one (1) month before the date proposed for its entry into force. If the VIP Profile Holder fails to communicate an objection to VIP PAYMENTS by the end of this one (1) month deadline, the former is deemed to have accepted said amendments. If the VIP Profile Holders reject the proposed amendment, they may freely terminate the Agreement, by written request, before said amendment comes into effect.

18. Governing Law and Jurisdiction

18.1. These terms along with any non-contractual relationships associated with it, are subject to English law. The English courts shall have exclusive jurisdiction for any disputes. This provision does not affect the sender’s statutory rights.

18.2. You may also be eligible for redress for any dispute and matter arising out of or in connection with these Terms through the dispute resolution mechanism provided by the Financial Ombudsman Service as per clause 11.2 above.

18.3. Any person who is not a party to the contract between the sender and us does not have any rights under the Contracts (Rights of Third Parties) Act 1999 or any other means to enforce this contract.

19. Unsupported Jurisdictions

The Company does not accept Clients from the following jurisdictions:

  • Afghanistan
  • American Samoa
  • Angola
  • Anguilla
  • Bahamas
  • Barbados
  • Belarus
  • Belize
  • Benin
  • Bonaire, Saint Eustatius and Saba
  • Botswana
  • British Indian Ocean Territory
  • Burkina Faso
  • Burundi
  • Cambodia
  • Cameroon
  • Central African Rep
  • Chad
  • Christmas Island
  • Cocos (Keeling) Islands
  • Colombia
  • Congo (Brazzaville)
  • Congo, the Democratic Republic
  • Cook Islands
  • Cuba
  • Djibouti
  • Dominica
  • Egypt
  • El Salvador
  • Equatorial Guinea
  • Eritrea
  • Ethiopia
  • Fiji
  • Gaza Strip (Palestinian Territory)
  • Ghana
  • Guam
  • Guinea
  • Guinea Bissau
  • Haiti
  • Iran, Islamic Republic of
  • Iraq
  • Jamaica
  • Kiribati
  • Lebanon
  • Liberia
  • Libya
  • Mali
  • Myanmar
  • New Caledonia
  • Nicaragua
  • Niger
  • Nigeria
  • Norfolk Island
  • North Korea
  • North Mariana Islands
  • Pakistan
  • Palau
  • Panama
  • Russian Federation
  • Rwanda
  • Saint Barthelemy
  • Saint Martin (French part)
  • Saint Pierre and Miquelon
  • Samoa
  • Seychelles
  • Sierra Leone
  • Somalia
  • South Sudan
  • St Maarten
  • Sudan
  • Syria
  • Tajikistan
  • Tokelau
  • Trinidad & Tobago
  • Turkmenistan
  • Uganda
  • United States Virgin Islands
  • Vanuatu
  • Venezuela
  • West Bank (Palestinian Territory)
  • Western Sahara
  • Yemen
  • Zambia
  • Zimbabwe
  • Western Sahara
  • Yemen
  • Zambia
  • Zimbabwe
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© Copyright 2023 VIP Payments - VIP Payments LTD is registered with FCA as a Small Payment Institution since 16/11/2018 with reference number 750503.