The main changes from General Terms & Conditions - v2.0:
- New clause 2.4 has been added that sets out that W1tty has the right to refuse to conclude the Agreement if there is a valid reason for doing so (e.g., a potential customer is a non-resident and does not have a reasonable interest in concluding the agreement and/or a sufficient link to the EEA; etc.);
- In clause 220.127.116.11 it’s been added that in case a payment order is executed within EU/EEA in EUR but not through SEPA transfer scheme, a payment order shall be executed not later than within 4 business days;
- In clause 18.104.22.168 it’s been added that in case a payment order is executed not within EU/EEA in any currency, including in EUR through non-SEPA transfer scheme but excluding in EUR through SEPA transfer scheme – payment order shall be executed within 10 business days;
- New clause 4.8.1 has been added that sets out that funds are deemed to be received into the e-money account after the funds have been credited to the e-money account and are visible in the balance;
- New clause 5.8.2 has been added that sets out that it’s prohibited to use the services for other purposes than have been declared by the client during the onboarding. The client can use the services for other purposes only with W1tty’s prior written consent.
These General Terms and Conditions (‘T&C’) constitute a legally binding agreement between WITTY GLOBAL UAB (‘the Company’) and you (‘the Client’) which enters into force on the date you sign a confirmation to be bound under these T&C (by hand or electronic means) or otherwise confirm acceptance with these T&C and remains in force an indefinite period of time unless it is terminated following the provisions set forth herein.
The T&C sets out terms for the provision of financial services (issuance of e-money, provision of payment services and so forth) by WITTY GLOBAL UAB to you.
WITTY GLOBAL UAB is an electronic money institution that operates under the Electronic Money Institution Licence No. 79, issued by the Bank of Lithuania (located at Gedimino pr. 6, Vilnius, Lithuania, phone no. +370 800 50 500, www.lb.lt) on 23 December 2020, authorisation code LB002046.
The T&C is always available on our website and if we make any changes to the T&C, we will always let you know about it via email or via other means.
Along with the T&C, you should also take a look at our other documents related to the provision of financial services to you:
- Prices, Special Terms & Conditions of Products and Services;
- Visa Payment Card Terms and Conditions (if you ordered a Visa payment card);
- Other policies and rules; that are available at https://legal.w1tty.com and/or the App. Please read these documents carefully before agreeing to be bound by the T&C and sign them only if you understand their contents. If you have any questions, contact us at firstname.lastname@example.org.
- BINDING EFFECT, CONCLUSION OF THE AGREEMENT 2.1. These T&C regulate provision of the Services by the Company to the Client. 2.2. These T&C shall constitute a legally binding agreement between the Company and the Client which enters into force on the date the Client signs its confirmation to be bound under these T&C (by hand or electronic means) or otherwise confirms acceptance with these T&C and remains in force an indefinite period of time unless it is terminated following the provisions set forth herein. 2.3. Any additional terms and conditions which regulate relationship between the Company and the Client that are not stated in these T&C, as well as any additional services or products that the Company provide or make available to the Client from time to time not covered by these T&C may be subject to a separate agreement or annex executed between the Company and the Client. In case of any conflict between these T&C and separate agreement or annex concluded between the Company and the Client, the terms of a separate agreement or annex shall prevail. 2.4. The Company has the right to refuse to conclude the Agreement if there is a valid reason for doing so. The Company may consider as a valid reason in particular, where the person or a person related to them: 2.4.1. is a non-resident and does not have a reasonable interest in concluding the Agreement and/or a sufficient link to the EEA; 2.4.2. provided incorrect or incomplete information to the Company or refused to provide information; 2.4.3. is or has been, according to information available to the Company, involved in criminal and/or other unlawful activities, including but not limited to, money laundering, terrorist financing or the violation or evasion of international sanctions; 2.4.4. is a high-risk person under the anti-money laundering and anti-terrorist financing rules applied by the Company, or is operating in a country or in an activity which, in the opinion of the Company, has an inadequate level of anti-corruption protection or a high-risk activity; 2.4.5. is engaged in an activity which, in the opinion of the Company, is an activity subject to special requirements, or a similar activity, without holding a valid licence, business licence and so forth.
- ONBOARDING THE CLIENT 3.1. The moment when the Company and the Client enter into the business relationship shall be understood as the moment when onboarding of the Client is completed by the Company in accordance with the Company’s internal procedures and the applicable laws. 3.2. The Company commences providing Services only if the Client submits all and any information (including, but not limited to, information about the Client’s country of residence for tax purposes, the Client’s address in that country, the Client’s taxpayer identification number, etc.) and documents (including, but not limited to documents and information confirming the source of the Client’s funds and other assets, the purpose and intended nature of the Client's business relationship with the Company, the nature of the Client’s activity, etc.) reasonably requested by the Company to perform KYC / AML due diligence procedure, to assess Client’s risk and its compliance with Company’s risk appetite, Client's eligibility for the Company. 3.3. The Company shall have the right to perform the Client’s re-identification, to update the information collected during the KYC / AML due diligence process, or to take additional steps to identify the Client. 3.4. The Company is entitled to require additional documents and / or information from the Client and the Client has an obligation to provide requested additional documents and / or information to the Company. 3.5. The Company, acting reasonably, shall assign the Client’s risk level in its sole discretion. The Company accepts only those Clients that are of acceptable risk level. 3.6. Documents must be submitted to the Company in the form required by the Company, e.g., the Company may require original documents or copies of documents certified by a notary public; copies of documents certified by an Apostille or legalised, etc. 3.7. Documents submitted to the Company must be prepared in Lithuanian, English or another language specified by the Company. If the documents submitted to the Company are drawn up in a language not acceptable to the Company, the Company shall have the right to require that they are translated into Lithuanian or another language specified by the Company, the translation is signed by the translator, and the authenticity of his/her signature certified by a notary public. 3.8. All costs of preparation, delivery, approval and translation of the Client’s documents submitted to the Company shall be borne by the Client. 3.9. During the ongoing business relationship, if there are any changes in the provided data or documents, the Client agrees to provide updated information as soon as possible, but not later than 5 Business Days after the changes have occurred. 3.10. At the time of identification of the Client and/or updating of the Client’s data, the Company may restrict the provision of the Services to the extent the Company deems necessary. 3.11. The Company will notify the Client by e-mail about the results of the due diligence procedures carried out (i.e. if the Client is accepted or not, the Company will ask for additional documents to complete the procedure). 3.12. The Company has the right to refuse to accept the Client as the new customer without indicating the reasons, however, the Company assures that the refusal to accept will always be based on significant reasons which the Company do not have to or does not have the right to reveal. 3.13. After the Company approves Client’s acceptance, the Company opens the E-Money Account as set forth in these T&C.
- PROVISION OF SERVICES If Client is not a consumer, the Parties agree not to apply: (i) time limit for termination (as indicated in clauses 14.4, 14.5), (ii) Client losses limitation that have arisen due to unauthorised Transaction (as indicated in clause 5.12), (iii) notification period for the unauthorised transactions set forth in section III and Article 36 (as indicated in clause 12.1), 37 (as indicated in clause 12.5), 39 (as indicated in clause 5.12) of the Lithuanian Law on Payments and other as is allowed under the applicable laws. 4.1. E-MONEY ACCOUNT 4.1.1. The E-money account can be opened to a natural person who: 22.214.171.124. is a resident in one of the EEA countries; and 126.96.36.199. has the full legal capacity to enter into an agreement; and 188.8.131.52. is 18 years old or over. 4.1.2. The Company will publish requirements for legal entity eligibility once and when the Company will open possibility to sign up for legal entities. 4.1.3. When the Company accepts the Client as set forth in these T&C, the Company shall open the E-Money Account for the Client. 4.1.4. The Client’s rights in connection with E-Money Account are limited exclusively to execute Transactions to Client’s or other user’s accounts held with the Company, to receive and keep funds, transfer funds to Clients or other persons owned payment accounts opened with another legally licensed payment service provider, settling amounts due to the Company for the Services provided under these T&C, reviewing the balance and other financial information of the E-Money Account, withdraw funds from the E-Money Account in the manner established in these T&C. The Client agrees that the Client will not be able to control or manage the E-Money Account otherwise than stated in these T&C. 4.1.5. The Client by opening the E-Money Account undertakes: 184.108.40.206. to take all reasonable steps to keep the Security Credentials safe; 220.127.116.11. to contact the Company immediately without the undue delay when becoming aware of any loss, theft, misappropriation or unauthorised use of the E-Money Account or Security Credentials. 4.1.6. The Client agrees that access to and use of the E-Money Account may be interrupted and the Services may be limited or unavailable from time to time because of operational maintenance, update, upgrade, errors of the system or other reasons including those that are beyond the Company’s control. 4.1.7. The Client will be notified in advance, at least in 5 Business Days about any regular or possible operational maintenance, update or upgrade of the System that may limit access to or use the Services. 4.1.8. The Client can supplement E-Money Account following the means listed below: 18.104.22.168. by transferring funds to the Client (Payee) E-Money Account from Client’s (as Payer) or other Payer’s payment account, opened in the Company or another legally licensed payment service provider; 22.214.171.124. by transferring funds when using a debit or credit card, issued in the name of the Client; 126.96.36.199. by using other methods allowed in the System (for example, using credit issued by third party service provider, etc.). 4.1.9. If funds are kept in the E-Money Account in different currencies, then the currency exchange rates are published on the Company Website or provided in the annex to these T&C for separate Payment Instrument. The currency is changed based on the currency exchange rates valid at the moment of conversion. The Client must check the applicable currency exchange rate before the Transaction, since amendments to the currency exchange rate are implemented immediately and without separate notification to the Client. 4.1.10. If funds are kept in the E-Money Account in different currencies, the Client undertakes responsibility for possible depreciation of funds due to changes in currency exchange rates and shall not have a right to raise claims to the Company with this respect. 4.1.11. Regardless of the limits arising from the AML requirements, the Parties can agree on specific payment operations limits set on the E-Money Account. The agreed specific payment operations limits on the E-Money Account are set and can be checked in the System. 4.1.12. If the Client has not been using the E-Money Account for more than 2 years, the Company shall have a right to unilaterally terminate these T&C and close the E-Money Account following the provisions set forth in these T&C. 4.1.13. Funds held on the E-Money Account shall be considered as E-Money which the Company issues after funds owed to the Client are transferred to the E-Money Account. After the Company receives funds, the Company converts funds into E-Money at the nominal value. The received funds are kept in the Company’s segregated account opened in accordance with applicable laws. 4.1.14. E-money held on the E-Money Account shall not be regarded as a deposit and the Company does not, in any circumstances, pay any interest on E-Money held on the E-Money Account and does not provide any other benefits relevant for the deposits and associated with the time period the E-money is stored. Funds in the E-Money Account are not protected by the Deposit Insurance Fund (more information is available at: https://www.iidraudimas.lt/en/). 4.1.15. At the moment of payment order from the E-Money Account and / or offset of amounts due with the Company or with other third party service providers, E-Money shall be redeemed at their nominal value, except as otherwise established under legal acts. No specific conditions for E-Money redemption that would differ from the standard conditions for transfers and other payment operations performed on E-Money Account shall be applied. 4.1.16. The Client at any time until the termination of these T&C can request the Company to redeem the E-Money in whole or in part held on E-Money Account at its monetary value. Such redemption of E-Money is subject to Fees and Charges as published on the Company website. 4.1.17. When redemption of E-Money is requested by the Client on or up to one year after the date of the termination of these T&C the total monetary value of the E-Money held in the E-Money Account shall be redeemed by the Company. 4.2. EXECUTION OF PAYMENTS 4.2.1. The Transaction is considered authorised only when the Client (Payer) provides a consent. The Client (Payer) may provide the consent in the form and manner prescribed by the Company. Usually, the consent should be confirmed by using Security Credentials. The Client does not have right to challenge the Transaction executed by the Company if payment order has been approved by the consent provided by using Security Credentials. 4.2.2. The consent of the Client (Payer) has to be given before the execution of the Transaction. 4.2.3. The Transactions are performed following the payment order, which can be provided via App, User’s Portal, Payment Instruments or other means provided by the Company. 4.2.4. Consent to execute one or several Transactions may also be given via the Payee or the payment initiation service provider. 4.2.5. The Company undertakes to ensure proper execution of payments following terms and conditions agreed herein and legal act requirements. 4.2.6. The Company shall execute the payment order if: 188.8.131.52. payment order contains sufficient information required by the Company; and 184.108.40.206. payment order is authorized by the Client (i.e. the Client has given the consent); and 220.127.116.11. E-Money Account has sufficient and unrestricted Balance in the currency of the payment order (except cases when Transaction is executed from the credit line funds provided under separate agreement by the Company or a third party). 4.2.7. Once the Company receives the payment order, the payment order becomes irrevocable. Save for the below mentioned rules for cancellation of payment order: 18.104.22.168. the payment order cannot be cancelled after the reception of it by the Company, except in cases provided for in these T&C; 22.214.171.124. when a payment transaction is initiated by or through a payment initiation service provider or Payee, the Client (Payer) may not cancel the payment order after the payment initiation service provider has given consent to initiate the payment transaction or the Payee has given consent to perform the payment transaction; 126.96.36.199. in case of direct debit, the Client (Payer) may cancel the payment order at the latest by the end of the Business Day preceding the day on which the funds have been agreed to be debited from the E-Money Account; 188.8.131.52. in case the payment order was given in accordance with clause 4.2.10 of these T&C, it may be cancelled without additional charges one Business Day before the agreed day, until the end of a Business Day of the Company. 4.2.8. When a payment order to transfer money to the payment account of another payment service provider is received, the Company performs the Transaction in accordance with the Unique Identifier provided in the payment order. The Company is not responsible if the Unique Identifier is not provided in the payment order or is incorrect, and/or the Payee’s payment service provider has set a different Unique Identifier for appropriate execution of such Transaction (crediting of money to the Payee’s payment account). If the Unique Identifier provided by the Client is incorrect, the Company is not liable for the failure to execute a payment order. The Company undertakes to take all reasonable steps to trace the payment order and seek to recover the funds used in the payment order. Where the recovery of funds as referred to in this clause is impossible, the Company, on the request from the Client provided in writing or in a durable medium, undertakes to provide the Client with all available information which is relevant to the Client in order to enable him/her/it to take legal action in order to recover funds, including submitting a claim to court. 4.2.9. The payment order is considered received by the Company (calculation of the time period of execution of such payment order starts) on the day of its submission along with any information that the Company would require under its AML procedures, or, if the moment of submission of the payment order is not a Business Day of the Company, the payment order is considered received on the nearest Business Day of the Company. The payment order was received by the Company on a Business Day of the Company but not on business hours set by the Company, is considered received on the nearest Business Day, unless the payment order indicates that payment operation is internal within the Company. 4.2.10. The Parties shall have the right to agree that the payment order shall be executed on a particular agreed day. The agreement between Parties is considered to be concluded when the Client submits the one-off or recurring payment order with a set date of payment execution. In such case, the date of the receipt of the payment order shall be considered that particular agreed day or, in case it is not a Business Day, the payment order shall be considered received on the nearest Business Day. 4.2.11. Payment orders initiated by the Client may be a subject to payment limits due to security and legal requirements. These limits are set dynamically depending on the Client’s verification status and overall profile of the Client. 4.2.12. Payment orders are subject to Fees and Charges as published on the Company website or provided in another document that is available to the Client. 4.2.13. Terms for payment order execution: 184.108.40.206. in case a payment order shall be executed within the Company (i.e. internal transfer) – payment order shall be executed immediately, i.e. up to a few minutes, unless the payment order is suspended due to cases set forth by legal acts and / or these T&C), regardless of business hours of the Company; 220.127.116.11. in case a payment order shall be executed within EU/EEA through SEPA transfer scheme – payment order shall be executed within 1 Business Day, unless the payment order is suspended due to cases set forth by legal acts and / or these T&C, regardless of business hours of the Company; 18.104.22.168. in case a payment order shall be executed within EU/EEA but not in the currency of EUR or in EUR but executed not through SEPA transfer scheme – payment order shall be executed not later than within 4 Business Days, unless the payment order is suspended due to cases set forth by legal acts and / or these T&C, regardless of business hours of the Company; 22.214.171.124. in case a payment order shall be executed not within EU/EEA in any currency, including in EUR through non-SEPA transfer scheme but excluding in EUR through SEPA transfer scheme – payment order shall be executed within 10 Business Days. The Company shall not be responsible for any delays in the procession of a payment order if the delay is caused by circumstances that are not in the Company’s control such as delays caused by a beneficiary bank or a correspondent bank that processes the payment. 4.2.14. For payment orders executed not within EU/EEA area and/or not in EUR additional terms and rules may apply as published on the Company website. 4.2.15. The Client agrees that the Company reserves the right to refuse to execute the Client’s payment order, suspend it or cancel the execution of a Payment Order submitted by the Client. In case of refusal to execute a payment order, the Company immediately informs the Client, except in cases when such notification is technically impossible or prohibited by applicable laws. A payment order refused by the Company shall be deemed not to have been received. 4.2.16. In case the Transaction was initiated through a Payee, the Client (Payer) has the right to apply to the Company within 8 (eight) weeks from the date of debiting the funds from the Client’s E-Money Account for the return of the funds debited according to the payment order. After this term expires, the Client (Payer) loses the right to request a refund, except for the case of refund specified in section 12 of these T&C. 4.3. CASH PLACEMENT TO AND WITHDRAWALS FROM THE E-MONEY ACCOUNT 4.3.1. The Clients have the right to place cash to or withdraw it from the E-Money Account, if the Client has a valid payment card linked to the E-Money Account. Terms and conditions on cash placement or withdrawal using this Payment instrument are set out in the separate annex to the T&C. 4.3.2. Clients without payment cards may also use the services indicated in clause 4.3.1 at these locations www.w1tty.com under the terms as set out in the separate annex to the T&C. 4.4. CREDIT SERVICES 4.4.1. The Clients may apply for short-term loans (not exceeding 12 months period) in the form of credit line. The Company grants these loans under the conditions set out in the separate annex to the T&C. The credit to the E-Money Account might be provided by the third parties through the System. 4.4.2. In the Client initiates a payment using a credit issued by the Company of a third party, the same conditions for the execution of the transaction apply as provided in these T&C or terms for the Payment Instrument used to execute the Transaction. The Client agrees that the Company, acting for its own or for other third party credit service provider’s benefit, shall have the right to perform unilateral settlements (set offs) of any outstanding amounts of the Client that arise from credit agreement(s) concluded by the Client from the Balance of the Client’s E-Money Account. 4.5. ACQUIRING 4.5.1. The Company may provide acquiring of payment transactions services for the Clients. These Services are provided according to the separate rules and conditions set out in the annex to the T&C.