Terms and Conditions
Updated on: 22 November 2023
The Client (“Client” or “you” / “You”) on one hand and,
My EU Pay Ltd. ("My EU Pay”), registered in England and Wales (No. 10661695) with its registered address at 24 King William street, London, EC4R 9AT. My EU Pay Ltd is authorised by the Financial Conduct Authority (FRN: 789978) as an Authorised Payment Institution.
Clients are kindly requested to read this Agreement thoroughly and carefully and to contact My EU Pay if anything is unclear, either by email at support@myeupay.com or by phone calling My EU Pay’s customer support phone number: +44 (0)300 030 7777, available during office hours.
In case My EU Pay needs to contact the Clients, the contact details provided upon registration will be used. It is the Clients responsibility to keep details up to date and to inform My EU Pay as soon as possible if anything changes with regards to details.
By using My EU Pay’s Services and/or Website, you confirm that you accept and agree to this Agreement (including with the documents referred to herein). If you do not agree, please do not use MY EU Pay’s Remittance Services.
The Remittance Services Framework Agreement (the “Agreement”) sets out the general terms and conditions applicable to the relationship between the Client and My EU Pay; they are supplemented by the pricing which can be found on My EU Pay’s Website by following this link: https://myeupay.com/pricing.html.
Any term agreed individually between the Client and My EU Pay shall prevail over the terms of this Agreement, unless stated otherwise or contrary to any applicable law.
The present general terms and conditions govern the way in which My EU Pay provides Remittance Services to its Clients. Clients should read these conditions carefully before accepting them.
This Agreement will be available at all times to the Client at: https://myeupay.com/terms.html, as amended, supplemented, restated or replaced from time to time in accordance with the terms of this Agreement and specifically as stated in clause 19.
A signed copy of this Agreement can be sent upon request against payment of a fee and shipping costs. The most recent and current version will be updated on My EU Pay’s Website as mentioned above.
The terms and conditions set out in this Agreement apply as between Clients and My EU Pay with respect to the Remittance Services provided by My EU Pay to Clients.
Applicant: a person or legal entity who is requesting to be onboarded with My EU Pay and therefore to become a Client. An Applicant shall become a Client upon successful processing of his request.
Client: person or legal entity with a Profile issued by My EU Pay that enables them to send and/or receive payments.
Framework Agreement: a Remittance Services agreement concluded between My EU Pay and the Client, comprising the general terms and conditions set herein as well as the pricing conditions which can be found on My EU Pay’s Website by following this link: https://myeupay.com/pricing.html.
My EU Pay’s Website: refers to the all pages of the websites http://www.myeupay.com and https://myeupay.net through which My EU Pay provides its Remittance Services.
Payment Order: approval from the Client granted in accordance with the terms of this Agreement unless customised plan and procedures have been agreed between the Client and My EU Pay, in order to authorise a Payment Transaction.
Payment Transaction: an action involving the wiring, transfer, or withdrawal of funds through a vIBAN, regardless of any underlying obligation between the payer and the beneficiary.
Profile: A profile opened with My EU Pay under which vIBANs and/or reference numbers are linked. The Profile will record:
The Profile also allows for the recording of settlements received into or sent from the safeguarding account, of the amounts mentioned above.
Provision: safeguarded amount that may be allocated to the execution of future Payment Transactions, as determined by My EU Pay.
Remittance Services: services provided by My EU Pay under the present Agreement, including but not limited to the execution of Payment Transactions and the acquisition of Payment Orders by transfer.
vIBAN: a virtual IBAN, or reference number, used for the purpose of reconciliation of incoming payments.
The Applicant must comply with the conditions of opening a Profile, as described below.
The individual making the application, declares and undertakes that they are doing so freely and of their own free will and that the profile is to be used exclusively by that individual.
The individual, if making the application on behalf of a legal entity, declares and undertakes that they are fully authorised by the board of directors of that entity to make the application on its behalf.
The Client must use the services provided by My EU Pay in good faith, solely for legal purposes and in accordance with the provisions of this Agreement.
Upon receipt of the required information and documents from the Applicant, My EU Pay will review the application and reserves its right to request additional information and/or documents as deemed necessary.
Once My EU Pay considers that all relevant information and documentation has been collected, My EU Pay will have 3 business days from which to make a decision on the provision of services to an applicant.
My EU Pay, at its own discretion, with no right or compensation to the client, may reject an application to provide remittance services to an applicant, for any reason, including but not limited to:
Acceptance and refusals shall be notified to the Applicant by My EU Pay using the email address provided by the Applicant upon registration.
Refusals shall not result in the payment of damages from My EU Pay to the Client.
My EU Pay, retains the right to suspend or terminate services throughout the duration of the business relationship for any reason, including but not limited to:
Termination and suspension shall be notified to the application by My EU Pay using the email address provided by the applicant upon registration.
Termination shall not result in the payment of damages from My EU Pay to the Client.
In instances where the decision to suspend services were not made in error and were based on legitimate grounds of inquiry and/or procedural adherence, this shall not result in the payment of damages from My EU Pay to the client.
As soon as the Profile has been opened the Applicant automatically becomes a Client and shall be provided with personal login credentials to access their Profile’s information by the following link https://myeupay.net or using any other webpage as otherwise advised by My EU Pay.
It is the Client’s responsibility to take all reasonable steps to retain said login credentials and keep them safe.
An individual applicant undertakes to not share login credentials with any third party. A legal entity applicant undertakes to only share the login credentials with individuals within the legal entity that have been given authority to make payments on its behalf.
Clients shall use their Profiles for lawful and honest purposes and shall not use their Profiles:
My EU Pay might ask Clients for additional information and/or documentation before processing a Payment Transaction. Clients will be given 24 hours to answer such requests, further to which My EU Pay shall send an additional request granting an additional 24 hours to Clients to provide the requested information and/or documentation.
Payment Transactions shall be executed upon receipt of satisfactory information and/or documentation from the Clients.
Failure to answer 48 hours after the first request has been made will result in the Payment Transaction being rejected by My EU Pay.
My EU Pay reserves its rights to reject any Payment Transaction further to its review.
Clients acknowledge and agree that My EU Pay has restricted the use of countries that certain payment rails will be available for. The list may change from time to time and the latest version will be available online at https://myeupay.com/payment-rails.html. Any incoming or outgoing Payment Transaction from or to a country listed as restricted shall be automatically rejected.
In any case, My EU Pay shall not be held liable by the Client, or any other party connected to it, for any expense, damage, claim, costs, loss, or equivalent resulting from the rejection of the Payment Transaction.
A Profile will be deemed to be inactive or dormant if no activity happens during a consecutive period of 90 days. Such inactive Profiles shall be closed by My EU Pay further to giving the Client 60 days’ notice by email at the address provided by the Client upon registration.
The notice shall inform the Client of the safeguarded amount available and of the method of refund of the said amount. The Client shall be entitled to advise My EU Pay of an earlier date of closure of the Profile until the end of the notice period.
The Client shall be able to:
reconcile incoming payments using their virtual IBAN or the respective reference. My EU Pay will reconcile the funds as soon as possible depending on the payment rails that have been used and any requests for additional information and/or documentation as detailed in clause 4.2, and no later than by the end of the working day the funds were received by My EU Pay.
My EU Pay provides Remittance Services that enables Clients to instruct My EU Pay to carry out Payment Transfers from the safeguarded balance to a third party.
The Clients shall login to their Profile using the credentials provided by My EU Pay to initiate and authorise any outgoing Payment Transaction.
The request for authorization will be prompted by the receipt of a One Time Passcode (“OTP”) issued to the Client’s mobile phone number as provided to MEP by the Client at the time of submitting their application, or by MEP’s third-party authentication tool issued to the mobile phone number as provided to MEP by the Client at the time of submitting their application. The OTP will need to be entered into the payment page to initiate and authorise the Payment Transaction.
The registered mobile phone number can be amended at the Client’s request as applicable, and evidence of the ownership of the replacement mobile number will need to be provided to My EU Pay.
Payment Transfers shall only be accepted and processed by My EU Pay, when the Provision of the Profile is greater than the total transfer amount (fees included). In the event that the Provision is insufficient, the Payment Order will automatically be rejected.
The available Provision corresponds to the safeguarded balance recorded on the Profile, excluding the blocked Provision and outstanding Payment Transactions.
The Payment Order must include the following information, constituting the Payment Details:
My EU Pay shall not be held liable when the Payment Details included in the Payment Order requests by the Client are incorrect or not up to date.
With all payments MEP will include the name of the remitting party and the virtual IBAN/reference to allow for the reconciliation on the recipient’s end.
Clients are permitted to cancel any authorised Payment Transaction within a reasonable time from its execution, but My EU Pay does not guarantee that the cancellation will take effect. Each cancellation shall be individually assessed.
All Payment Transactions are displayed within the Profile and the statements are available. The statement is updated in real time.
Clients may use their personal login credentials to consult their Profile statements on My EU Pay’s Website by following link https://myeupay.net or using any other webpage as otherwise advised by My EU Pay.
Clients shall have access to their Profile statements displaying all incoming and outgoing Payment Transactions regarding their own Profile.
My EU Pay will keep all records and documents relating to the Payment Transactions carried out on an electronic archiving medium:
This Agreement comes into effect for an indefinite period of time and as soon as the Client has accepted it.
Acceptance happens as soon as the Client has been onboarded and started using the Remittance Services. Any use of the Remittance Services implies acceptance of the terms of this Agreement.
Clients being individuals acting mainly as well as wholly outside their trade, business, craft, or profession when using the Profiles are classified as Consumers and benefit from the protections attached to it in accordance with the Consumer Rights Act 2015, as amended from time to time. Clients being legal entities and individuals acting on a professional capacity are excluded from the definition of Consumers.
Consumers benefit from a cooling-off period of fourteen (14) calendar days starting from the day of acceptance of this Agreement, to withdraw from this Agreement.
All withdrawals shall be free of charge, fees, penalty, or any other payment due by Consumers Clients to My EU Pay. The right to withdraw can be exercised without providing any justification to My EU Pay.
A notice of withdrawal shall be made by email to My EU Pay by the Client at the following address: support@myeupay.com. Any notice sent to the address email above shall be deemed to have been duly given on the date of transmission.
For the avoidance of doubt, it is noted that the Remittance Services to be provided by My EU Pay under this Agreement shall not start until the end of the cool-off period or express request received from the Consumers Clients.
The Client expressly acknowledges and accepts that any Payment Order sent to My EU Pay prior to the expiration of the cooling-off period, constitutes an express request of opting out the cooling-off period and therefore terminating the said period and any right and protection attached.
Further to such request to provide Remittance Services sent by the Client to My EU Pay, the Client shall not be entitled to any right of withdrawal during the remaining days of the cooling-off period.
Absent any request of withdrawal during the cooling-off period, this Agreement shall continue and be governed by the provisions set out in the present Agreement until terminated by the Client or My EU Pay contrary to clause 18 below.
In return for providing the Client with Remittance Services, My EU Pay shall receive remuneration, the amount and conditions of which can be found on My EU Pay’s Website by following this link: https://myeupay.com/pricing.html.
My EU Pay shall deduct its charges and transfer fees prior to each payment being sent to the recipient or being reconciled through the vIBAN to the safeguarding account.
My EU Pay may amend the prices which can be found on My EU Pay’s Website by following this link: https://myeupay.com/pricing.html. Such amendment shall take effect two months further to the notification of the new pricing being sent to the Client.
Any agreement in the form of a fee letter or similar regarding the fees accepted between My EU Pay and the Client shall prevail the pricing set out on My EU Pay’s Website.
It is the Client's duty to immediately inform My EU Pay of any suspected fraudulent access or use of their Profile or of any event that is likely to result in such a use, including but not limited to: loss, accidental disclosure or hacking of their Profile login details or a non-authorised transaction.
Any notice or information sent by email to support@myeupay.com shall be deemed to have been duly given on the date of the transmission.
My EU Pay requires two factor authentications to be completed upon logging into the profile and executing transactions on the profile.
My EU Pay shall use all reasonable effort to prevent any fraudulent use of the Profiles. My EU Pay requires two factor authentications to be completed upon logging into the profile and executing transactions on the profile. This is designed to prevent any illegitimate profile access.
My EU Pay shall endeavour to provide a reliable, and continuous service. However, My EU Pay does not guarantee such continuous, uninterrupted access to the Remittance Services and shall not be held liable for any delay, total or partial inaccessibility or other inconvenience related to the Remittance Services if such disruptions were caused by factors beyond My EU Pay’s reasonable control.
Clients are hereby informed that My EU Pay may occasionally interrupt access to all or part of the Services in order to carry out repairs, maintenance, or improvements, in the event of a suspected hacking attempt, embezzlement or any other security risk, upon request or instructions from competent, qualified individuals or authorities.
My EU Pay shall not be liable for consequential, direct, indirect, or special losses, damages, or equivalent whether directly or indirectly caused by the interruption of the Remittance Services.
As soon as the Remittance Services will be restored, My EU Pay shall use all reasonable efforts to process all pending Payment Transactions as quickly as possible.
My EU Pay shall not, under any circumstances, be held liable for indirect damages, such as commercial harm, loss of customers, commercial disruption, loss of profit or damage to brand image suffered by a Client or third party, that may have resulted from the Remittance Services it provides. Any action brought against a Client by a third party will be treated as indirect damage and therefore will not entitle the former to compensation.
Unless otherwise stipulated in this Agreement or mandatory laws, and without causing prejudice to other grounds for excluding or limiting responsibility defined by this contract, My EU Pay shall not, under any circumstances, be held responsible for any damage caused by a force majeure event or event beyond its control.
In compliance with the Payment Services Directive 2 (“PSD 2”) My EU Pay will forward all payments to the safeguarding account the moment funds are received. In cases where MEP is processing payments through other EMIs that cannot safeguard funds, the process of getting the money from a credit institution to the EMI and back again could be time consuming.
MEP speeds up this process by depositing money with the credit institution directly, and topping up and debiting the segregated client account as required to ensure that the money in the segregated client account matches the amount of “relevant funds”.
My EU Pay’s safeguarding policy and details of the ring-fencing mechanism of the said accounts shall be provided by My EU Pay to Clients upon request.
All vIBANs are issued on top of the safeguarding account. All funds sent through vIBANs are automatically sent to the safeguarding account.
Clients’ funds are safeguarded and protected against any claims from creditors of My EU Pay, including enforcement and insolvency proceedings.
The Client shall respect the strictest confidentiality regarding all technical, commercial, or other information to which he may become privy to through the receipt of the Remittance Services.
Each of My EU Pay and the Client, agrees that it will keep confidential and not disclose, whether directly or indirectly, any confidential information belonging to the other.
Unless otherwise required under applicable laws this duty of confidentiality will remain in effect for the duration of the Client's subscription to the Payment Service and for five (5) years following the termination of this Agreement.
This duty of confidentiality does not apply to information that:
My EU Pay’s Privacy Policy is available at https://myeupay.com/privacy.html.
Any personal information that Clients provide to us will be dealt with in line with My EU Pay’s Privacy Policy which explains what information is collected from Clients, how and why My EU Pay collects, stores, uses and shares such information.
The Privacy Policy also provide for Client’s rights in relation to their personal information as well as information on how to contact My EU Pay and supervisory authorities in case of query or complaint about the use of their personal information.
This clause shall have effect as if it incorporates the provisions of the Privacy Policy which Clients acknowledge and accept.
All information saved in My EU Pay's computer databases regarding Payment Orders and Payment Transactions have, until proven otherwise, the same probative value as a hand-signed paper copy, both in terms of their content and the date and time they were produced and/or received. These unalterable, secure, and reliable traces are embedded and saved within My EU Pay's computer systems.
Documents held by My EU Pay that replicate this information, as well as copies or reproductions of documents produced by My EU Pay, have the same probative value as the originals, unless proven otherwise.
My EU Pay takes fraud very seriously and will always endeavour to mitigate the risk of fraud to the best of its capabilities.
Clients are made aware that criminals are experts at impersonating people, organisations, and various authorities, including the police. This could be done online, via email or through telephone calls. My EU Pay would like to highlight some of the ways Clients can avoid becoming victims of fraud.
Checks on Payments Transactions through vIBANs is part of My EU Pay’s fraud prevention measures.
My EU Pay may take whatever action is considered appropriate to meet any obligations, either in the UK or elsewhere in the world relating to the prevention of fraud, crime, money laundering or terrorist activity and the provision of financial and other services to persons who may be subject to sanctions.
This may include, but is not limited to, investigating and intercepting Payment Transactions sent through vIBANs and investigating the intended payer or payee or source of funds. Checks to identify and verify identities of Clients and connected persons, as well as screening for financial and embargoes or other sanctions are also part of My EU Pay’s fraud prevention process.
Carrying out the verifications mentioned above may delay the processing of payment instructions or the receipt of cleared funds, but where practicable and permitted, Clients shall be advised of the reasons for any delay and shall be kept updated.
My EU Pay may decline to process a Payment Transaction through a vIBAN where it is reasonably believed that such Payment Transaction is unlawful.
In circumstances where a payment is made through a vIBAN and My EU Pay, the paying Payment Service Provider or our banking partners know or suspect that it was made fraudulently or as a result of fraud, My EU Pay may:
Without prejudice to the generality of clause 16, My EU Pay shall not be responsible to the Clients or any third party for any loss, expense, costs, damage or other liability suffered as a result of any delay to or rejection of the processing of a Payment Transaction further to My EU Pay’s fraud prevention measures set out above, or as a result of the payment back of any money known or suspected to have been paid through a vIBAN fraudulently or as a result of a fraud.
My EU Pay advises its Clients to:
The extent of My EU Pay’s liability under or in connection with this Agreement (regardless of whether such liability arises in tort, contract or in any other way and whether or not caused by negligence or misrepresentation) shall be set out in this clause 16.
Subject to sub clause 16.2, My EU Pay shall not be held liable for any consequential, indirect or special losses, nor for any of the following (whether direct or indirect) loss of profit, use of data that is not protected under data protection regulations as explained under the terms of the Privacy Policy, production, contract, opportunity, savings, discounts or rebate (whether actual or anticipated), or of goodwill and other harm to reputation.
Except as expressly stated in this Agreement and subject to subclause 16.2, all warranties and conditions whether express or implied by statute, common law or otherwise are excluded to the extent permitted by law.
Notwithstanding any other provision of this Agreement, My EU Pay’s liability shall not be limited in any way in respect of death or personal injury caused by negligence; fraud or fraudulent misrepresentation; any other losses which cannot be excluded or limited by applicable law.
Any and all of the Remittance Services, software, confidential information and any other technology or materials provided by My EU Pay to the Clients are provided “as is” and without warranty of any kind. Except as otherwise expressly stated in section 16, My EU Pay does not warrant or represent that its Remittance Services will be uninterrupted, fit for a particular purpose, error-free, reliable, or secure at all times, despite using reasonable efforts to provide secured Remittance Services.
Clients acknowledge that there are risks inherent in internet connectivity that could result in the loss of personal data, confidential information, and property.
Clients accept to use the Payments Services at their own risks and without holding My EU Pay responsible for any damage resulting thereby.
My EU Pay does not provide any investment, trading, financial, tax, legal or any other kind of advice and disclaim all responsibility resulting from a loss occurring further to any kind of investment incurred by Clients.
My EU Pay shall never be a deemed to be a third party to any investment, brokerage, or other payment agreement made between the Clients and their beneficiaries.
No information whether oral or written obtained from My EU Pay or through the use of the Remittance Services shall create any warranty or representation.
The client may automatically terminate this Agreement, which will result in the closure of their Profiles, by sending a notification by email to the following email address: support@myeupay.com with a month's notice.
My EU Pay may decide to terminate this Agreement and close the Virtual Account as a result, by sending a notification by email to the Virtual Account Holder's email address with a two months’ notice.
In the event of a modification to applicable regulations and their interpretation by the relevant regulatory authority that may affect the ability of My EU Pay or its authorised representatives to carry out Payment Transactions, this Agreement will automatically be terminated without notice.
In the event of gross negligence by either My EU Pay or the Client, this Agreement may be terminated with immediate effect by written notification sent by email from the prevailing party.
Gross negligence by the Client is understood to mean: communication of false information; engaging in illegal activity, contravening standards of public decency; money laundering or financing of terrorism; threats to agents of My EU Pay; defaulted payment; failure to comply with an obligation of this contact; excessive debt or, for legal entities, the nomination of a special mediator and insolvency administrator to initiate rehabilitation or liquidation proceedings.
Gross negligence by My EU Pay is understood to mean: communication of fraudulent representation; failure to comply with an obligation of the terms and conditions set out in this Agreement; the nomination of a special mediator and insolvency administrator to initiate rehabilitation or liquidation proceedings.
Clients may no longer send Payment Orders after the Termination Notice has been issued. Profiles may be maintained for a period of 15 months for the purpose of dealing with possible subsequent disputes and complaints. Payment Transactions initiated before the Termination Notice has been issued will not be affected by the termination request and shall be fulfilled as far as possible under the terms of this Agreement.
Termination of this Agreement will result in the permanent closure of the Profile. The closure of a Profile will not give rise to any compensation, regardless of any possible damage caused by said closure.
Any Client whose Profile has been closed by My EU Pay, shall not be authorised, unless explicitly authorised by the latter, to open another Profile. Any Profile opened in violation of this provision may be immediately closed by My EU Pay, without notice.
Any amendment to the Framework Agreement shall be communicated by email to the existing Clients at the time of the amendment and no later than two (2) months before the date proposed for its entry into force.
If the Clients fail to communicate an objection to My EU Pay by the end of this two (2) month deadline, the former is deemed to have accepted said amendments. If the Clients reject the proposed amendment, they may freely terminate this Agreement, by written request, before said amendment comes into effect. Such termination shall come into force 1 month after the notification is sent to My EU Pay as per sub clause 18.1.
Should administrative formalities be necessary to comply with the terms and conditions of this Agreement, My EU Pay and the Client shall provide each other with mutual assistance to regulate such formalities.
If one of the non-substantive stipulations of this Agreement is rendered null and void with regard to an effective rule of law, it will be deemed as not written, but will not invalidate the rest of this Agreement.
This Agreement and all matters arising from or connected with this Agreement are governed by English law.
The courts of England have exclusive jurisdiction to settle any dispute arising from or connected with this Agreement and (including a dispute regarding their existence, validity or termination or relating to any non-contractual or other obligation arising out of or in connection with them) or the consequences of their nullity.
Clients may also be eligible for redress for any dispute and matter arising out of or in connection with this Agreement through the dispute resolution mechanism provided by the Financial Ombudsman Service (please see clause 22 below for further details).
If you have any queries or require a copy of this Agreement (or any document comprised in them), please contact My EU Pay either by email at support@myeupay.com or by phone calling My EU Pay’s customer support phone number: +44 (0)300 030 7777 available during office hours.
My EU Pay will not accept complaints pertaining to relations between Clients or between a Client and a third party. This article of the Remittance Services Framework Agreement only covers complaints pertaining to the lack of or poor execution of a Remittance Services carried out by My EU Pay.
If you do experience a problem, we will always seek to resolve this as quickly and efficiently as possible. However, if you are unhappy and would like to make a complaint, please refer to our Complaints Policy which can be found on our website at: https://myeupay.com/complaints-policy.html. The Complaints Policy contains details of our internal process for dealing with complaints promptly and fairly.
We will then investigate the matter and try to reach a satisfactory conclusion. Complaints may be recorded and monitored for our internal use; we may submit an anonymised summary of complaints made to us during a particular period of time to our regulator.
If you are not happy with our final response or, where you are eligible to refer your complaint to the Financial Ombudsman Service, if we have not concluded our investigation in accordance with the timescales required by law, you may be able to refer your complaint to 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 complaint.info@financial-ombudsman.org.uk or +44 800 023 4567.
