Terms & conditions

Our legal bits

  • General Terms & Conditions
  • Equals Go Card Terms & Conditions
  • Equals Spend Terms & Conditions
  • Equals Pay Personal Terms & Conditions
  • Equals Pay Business Terms & Conditions

General Terms & Conditions

This website (or this “Website”) meaning www.equalsmoney.com, any associated domain or mobile app (or the “App”) is owned and operated by Equals Group Plc, Vintners’ Place, 68 Upper Thames Street, London, EC4V 3BJ (“Equals”).

Use and access to this Website and App is provided on the basis of the following terms and conditions.

  1. Equals may from time to time and without first letting you know:

    1. Make such changes to the content of the Website and App and/or the products or services offered by Equals through the Website as Equals (in its absolute discretion) considers appropriate;
    2. Withdraw such products and services as Equals (in its absolute discretion) considers appropriate without notice;
    3. Terminate access or use of the Website and App for any breach of these terms and conditions or for any breach of law or regulation or for any reason Equals considers appropriate in order to comply with any regulation imposed on Equals. Equals reserves the right to use various procedures to authenticate each transaction including but not limited to identity checks. Equals reserves the right to decline to continue to process any part of your order at any time;
    4. Discontinue the operation of the Website and App.
  2. Permitted Access to the Website

    1. You should not use the Website and App from any country or jurisdiction where accessing or using the Website and App or any of the information, products or services is prohibited by law. This Website does not constitute any invitation or solicitation by Equals to any person to use any such information, products or services in countries where to do so is prohibited by law.
  3. Reliance on Information Posted

    1. Equals shall use its reasonable endeavours to ensure that any dated information contained or reproduced on the Website and App is up to date at the stated date of its publication.
  4. Intellectual Property

    1. All intellectual property and materials comprising or contained in the Website and App are owned or licensed by Equals unless otherwise expressly stated.
    2. You are entitled to access the Website and App for the purposes of accessing the facilities offered by Equals. You may not use in any way, directly or indirectly, the Website and App or any of its components for any other purpose. The materials contained on the Website and App may not be copied or redistributed for commercial purposes or for compensation of any kind without prior written permission from Equals.
  5. Links to other sites

    1. The Website and App may contain links to third party websites. Such links are provided to you for your convenience only.
    2. Equals has no control over any material which has been published or contained on such third party websites. Equals does not warrant the content or accuracy of such third party websites nor does Equals accept responsibility or liability in relation to the content or products offered by or through such third party websites.
  6. Limitations on liability

    1. All content shown on the Website and App (and all products and services provided by it) are provided and made available without any warranties, conditions or guarantees given by Equals. All such warranties, conditions or guarantees which would otherwise be implied by law are excluded to the fullest extent permitted by law. In particular, Equals does not warrant the accuracy, suitability, reliability, completeness, performance and/or fitness for purpose of the content of any products and services available through this Website and App. Additional limitations and exclusions of liability may apply to liability arising as a result of the supply of Equals payment services products to you, which are set out in our Equals Go Prepaid Mastercard Card Terms and Conditions, Travel Cash Terms and Conditions and International Money Transfers Terms and Conditions (each 'Special Terms'). In the event of a conflict or inconsistency between the provisions of this clause 6 and any provisions of any of the Special Terms, the provisions of the Special Terms shall prevail.
    2. Equals uses reasonable skill and care in providing its products and services to you. However (to the maximum extent permitted by law) Equals is not liable to you for any loss, damage, claim or compensation (including loss of profit or loss of use) arising out of:
      1. Your use, delay or inability to use this Website or App;
      2. Any inability to perform any of Equals’ obligations due to failure of any technical or computer systems, or due to any other abnormal or unforeseeable circumstances beyond Equals’ control (such as acts of God, terrorism, war, government action or natural disaster), the consequences of which would have been unavoidable despite all its efforts to the contrary.
      3. Any breach by Equals of any of its obligations, where such breach is due to Equals’ duty to comply with any applicable laws of the European Union or the United Kingdom.
      4. Subject to any provisions of any Special Terms dealing with losses resulting from unauthorised transactions or transactions completed in error, any loss resulting from third party misuse, including but not limited to email intercept, stolen identity, fraud.
      5. Any damage to your computer equipment as a result of using this Website or any products or services provided from it.
      6. Any change in foreign currency rates which may occur from time to time.
    3. Equals is not liable to you for any loss that is not a foreseeable result of Equals breaking these terms and conditions or failing to use reasonable care and skill. Loss or damage is foreseeable if either it is obvious it will happen or if, at the time the contract was made, both Equals and you knew it might happen.
    4. Equals’ maximum aggregate liability to you in respect of all foreign currency transactions undertaken by you shall be limited to a refund equivalent to any money you have paid to Equals to acquire foreign currency.
    5. Equals does not warrant that the Website or App is free of viruses or of other material which is malicious or technological harmful. Equals is not liable for any viruses or other technologically harmful material that may affect your computer equipment, computer programs or other material resulting from your use of the Website or App.
    6. The disclaimers and limitations of liability in these terms and conditions shall not apply to any damages arising from death or personal injury caused by the negligence of Equals or any of its employees or agents or for fraud.
    7. Nothing in these terms and conditions limits or excludes Equals’ liability for any breach of its statutory obligations or obligations under the Financial Conduct Authority rules. However, Equals will not be liable for any default where it is a result of Equals’ duty to comply with any applicable laws of the European Union or the United Kingdom. If any provisions of these terms and conditions including these disclaimers and limitations shall be unlawful or unenforceable then such provisions shall fall away and shall not affect the validity and enforceability of the remaining terms. Your statutory rights remain unaffected.
  7. Warranties and Representations     You warrant and represent to us on a continuing basis that:

    1. All information that you supply to us is complete, true, accurate and not misleading in any material respect.
    2. You are not prevented by any legal disability or subject to any law or regulation from performing this Agreement and any related transactions contemplated by it.
    3. You comply with all relevant laws, regulations, exchange requirements and registration requirements.
    4. You will take risk in and ownership of the purchased currency upon payment of the full amount of the sold currency as directed by on your instructions contained in the relevant order.
  8. Privacy and data protection

    1. Equals processes information about you in accordance with its privacy policy. By using the Website and App you consent to such processing and you confirm that all data you provide is accurate.
  9. Our Contact Details     You can contact us:

    1. Via the Contact Us facility on the Website.
    2. By phone on +44 (0) 20 7778 9300 between 08:30 and 17:00 from Monday to Friday (excluding bank holidays). Calls are charged at your standard network rate.
    3. By post at Equals, Vintners’ Place, 68 Upper Thames Street, London, EC4V 3BJ.
  10. Complaints

    1. If you are unhappy in any way with your Equals account, please tell us so we can try to resolve the situation. You can complain via email, post or by calling +44 (0) 20 7778 9300 between 08:30 and 17:00 from Monday to Friday (excluding bank holidays). Calls are charged at your standard network rate.
    2. We will try to resolve any complaints you have about your payment instrument or the service we provide to you within 15 business days of receiving your complaint and in exceptional circumstances, within 35 business days (and we will let you know if this is the case).
    3. You can request our Complaints Procedure via email, phone or by visiting our Website.
    4. If we are not able to resolve the complaint to your satisfaction and you are eligible, you may be able to refer it to the Financial Ombudsman Service.
    5. The Financial Ombudsman Service is a free, independent service which might be able to settle a complaint between you and us. Their contact details are: The Financial Ombudsman Service, Exchange Tower, London, E14 9SR; phone 0800 023 4567, website www.financial-ombudsman.org.uk.
  11. Governing Law and changes to these terms and conditions

    1. All use of the Website and App and these terms and conditions is governed by the laws of England and Wales.

    2. All disputes arising out of the use of the Website or App and/or any services or products provided by Equals or any dispute relating to these terms and conditions shall be resolved by the Courts of England and Wales.

    3. Changes to these terms and conditions will be communicated to you using the email or postal address that you have provided to us. Changes to your disadvantage will be communicated to you at the least 60 days before the change is effective. At any time up to 60 days from the date of this notification, you may close your Equals account without incurring any extra charges. Any other changes can be made immediately and communicated within 30 days. Please keep your contact details current. When we send correspondence to this email or postal address, we will assume receipt by you.

    4. You must let us know as soon as possible if you change your name, address, phone number or email address. If we contact you in relation to any product or service offered by Equals we will use the most recent contact details you have provided to us. Any email to you will be treated as being received as soon as it has been sent by us. We will not be liable to you if your contact details have changed and you have not notified us.

    5. We may make immediate changes to the exchange rate used to convert foreign transactions into Sterling. For all transactions made in a foreign currency you can find out what the applicable exchange rate was at the time of the transaction by contacting our Customer Services Team.

  12. Additional terms and conditions     Provisions relating to placing of the order and when the contract between you and Equals is formed.

    1. Orders through the Website and App must only be placed by individuals over the age of 18.

    2. Please follow the steps on the screen in order to place an order. Equals reserves the right to ask for further information in order to process your order.

    3. Equals will use various procedures to authenticate each transaction for the purposes of law and regulations including anti-money laundering regulations. Equals reserves the right to decline to continue to process any part of your order at any time.

    4. You will be able to correct the details of your order at any time up until you press the 'Buy Now' button. After that point you will no longer be able to correct details on your order, so please make sure they are correct at that time.

    5. Once you have placed your order for currency on the Website or App by pressing the 'Buy Now' button this will authorise Equals to action your order. You will not be allowed to cancel it other than subject to section 12.6. Should you wish to make any amendments to your order, Equals will use its reasonable endeavours to accommodate your needs. If you wish to amend your order please send an e-mail to help@equals.co. Any such amendments will be subject to the applicable foreign exchange rates. If Equals agrees to amend your order you will receive an email to confirm this. Equals is under no obligation to accept any such amendments to your order and Equals accepts no liability or responsibility if it decides not to do so.

    6. You may cancel your order by providing Equals with written notice of cancellation, by email to help@equals.co, prior to delivery of your order. Equals will have purchased your order at a foreign exchange rate. In the case of cancellation, you will receive a refund at the foreign exchange rate prevailing at the time of cancellation. This may be different to the foreign exchange rate at the time of your order as exchange rates fluctuate and this may result in a financial loss.

    7. All orders are subject to acceptance by Equals and Equals will confirm such acceptance to you by sending you an email that confirms that the order has been accepted. The contract between Equals and you will only be formed once Equals sends you the confirmation email that your order has been accepted. Until that time there will be no binding arrangement for Equals to supply you with any foreign currency or other services. You should print and retain a copy of the confirmation email for your records.

  13. Price, Availability and Delivery

    1. The price payable for currency that you order will be shown on the confirmation screen and is only valid for a short period of time as foreign exchange rates continually fluctuate. If you do not submit your order immediately after you enter the confirmation screen, the price may change and you will need to enter the screen again to see the updated price.

    2. Equals has the right to revise and amend these terms and conditions from time to time. You will be subject to the terms and conditions in force at the time you placed an order with Equals.

    3. Equals is entitled to refuse, withdraw or cancel your order at anytime, for any reason.

    4. Should any order be cancelled before being processed, your card issuer may suspend the associated funds for up to seven days, before releasing them back into your account. Please be advised that this is beyond Equals’ control. As such, Equals accepts no liability for such actions. Please note that Equals does not refund cash advance charges made by your card issuer and that a late cancellation fee may also be subject to a cash advance fee from your card issuer.

  14. Cardholder Initiated Transactions

    1. During the order process you will be provided with the option to save a debit or credit card with Equals. On future orders you will be able to use these saved payment card details to make payment.

    2. Equals will ensure your saved card details are held securely in line with Payment Card Industry Data Security Standards. Your card details will only be visible in a truncated format.

    3. You may at any time amend, change or delete your saved payment card.

  15. Anti-money laundering policies

    1. Equals as part of the Equals Group Plc is registered with and regulated by HM Revenue and Customs (registration 12236741) as required under The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017. Our staff are fully conversant with anti-money laundering and countering terrorist financing guidelines and are aware of their responsibilities in the monitoring and reporting of any actions that raise suspicion or give cause for concern.

    2. Equals reserves the right to perform identity checks in accordance with the Terms and Conditions on all individuals who place an order on the website. For further information on these identity checks please contact help@equals.co.

    3. Equals reserves the right at all times to refuse to process any currency order or terminate any contract which it believes, in its sole discretion, is connected in any manner to any unlawful or illegal purpose. We have a legal obligation to report any such suspicious transactions to relevant law enforcement agencies.

    4. Equals is obliged by law to monitor and report any unusual or suspicious transactions of any size taking place where we have reasons to believe the money is derived from unlawful or illegal activity.

    5. There is a statutory obligation on all Equals employees and their agents to report suspicious transactions to UK law enforcement agencies. Where any such report is made, Equals accepts no liability for any delay in transmission of, or confiscation of the funds.

Equals Go Card Terms & Conditions

These terms and conditions apply to your Equals Go prepaid Mastercard® card. You must read them carefully.

  1. Introduction

        In these terms and conditions:
    1. “The card” means the Equals Go prepaid Mastercard card.
    2. ‘Group’ means Equals Group Plc and any other firms within the Equals Group.
    3. Equals is a trading style of FairFX Plc
    4. ‘our website’ means www.equals.co
    5. ‘app’ means Equals mobile apps
    6. ‘we’, ‘us’, ‘our’ means Equals
    7. ‘we’, ‘us’, ‘our’ in relation to the Equals Go prepaid Mastercard means Valitor Payment Services Ltd or Equals acting on its behalf
    8. ‘you’, ‘your’ means the customer in whose name an Equals Go prepaid Mastercard is held. This customer has access to all account transactions
    9. ‘e-money’ means electronic money, a surrogate for cash intended for making payments of limited amounts
    10. Wallet Exchange’ will allow you to exchange balance from one currency wallet to another
  2. Scope of this agreement

    1. These terms of business
    2. The General Retail Terms and Conditions and any other additional terms issued by us
    3. Together referred to as this ‘agreement.’ These terms are the only ones which govern both Equals and you in relation to any order you may place.
  3. The card

    1. The prepaid card is issued by Valitor Payment Services Ltd, Paternoster House 65, St. Paul’s Churchyard 2nd floor, London, EC4M 8AB, which is authorised by the Financial Conduct Authority to conduct electronic money service activities under the Electronic Money Regulations 2011 (Ref: 900688) and an issuer of e-money. Your prepaid card is the property of Valitor Payment Services Ltd, and is not transferable to anyone else.
    2. You can use the prepaid card/e-money account at any location that displays the Mastercard Acceptance Mark. This includes shops, restaurants, online or on the telephone. You can also use the card overseas.
    3. Your card is a prepaid card This means you need to make sure there are enough funds loaded on it to pay for each purchase.
    4. If for any reason a transaction is processed which exceeds the available balance on your prepaid card, you must repay us the excess amount. We will be entitled to stop any existing or subsequent transactions from completing until we have received this repayment.
    5. You will not be able to use the card after its expiry date. Close to the expiry of your card, you can renew the card for a further three years via our website. If you renew your card, your balance will automatically be transferred to the new card.
    6. Your card is not a credit card or debit card and can only be funded by you.
    7. You will not earn any interest on any funds loaded on your card.
  4. Applying for and activating your card

    1. To apply for our card you must be at least 18 years old and a UK resident.
    2. We will require evidence of who you are and your address. We may ask you to provide some documentary evidence to prove this and/or we may carry out checks on you electronically.
    3. You must activate your card before you attempt to use it. To activate your card follow the steps outlined on our website and app.
    4. You must sign the signature strip on the back of your card as soon as you receive it.
  5. Topping up your card

    1. You can load funds to your card through our website or our app.
    2. You can make payments either by a credit or debit card, or by bank transfer. Once we have received your order, funds will normally be available for use within a few hours.
    3. When you purchase your card and make subsequent payments, you must ensure that the billing address on your payment card matches the address on your account.
    4. The minimum single load for card purchase and following top ups is £50.00.
    5. The maximum single load for card purchase or following top ups is £12,500.00.
    6. Your card cannot be loaded more than four times in any one day.We reserve the right to refuse or suspend any top up at any time without notice.
    7. The balance on your card can never exceed £50,000.00 or currency equivalent.
  6. Wallet Exchange

    1. To initiate a Wallet Exchange you need to sign in to your account online or via our app and select the currency you want to exchange from and to. Once your order has been placed the balances will update as instructed.
    2. The minimum value you can exchange is a denomination of 1, for example £1.00 or €1.00.
    3. You will be able to exchange from and to any of the 15 currencies you hold funds in.
    4. You will be provided with a rate at the time of placing your order. This will be shown on the order page and will be decided by Equals. The rate used for Wallet Exchange will reflect changes within the foreign currency markets.
  7. Using your card

    1. Find detailed instructions on how to use your card on our website. Follow these instructions when using your card.
    2. We will deduct the value of your transactions from the balance on your card and we will deduct any applicable fees associated with the transaction. See our fees section below.
    3. If you use an ATM machine which applies fees on behalf of the ATM operator or bank, your card will be subject to these fees.
    4. We cannot guarantee that a merchant or ATM will accept your card.
    5. If, for any reason, a transaction is completed when there are insufficient funds on your card, you will need to reimburse the difference between the transaction value and available balance. If this was caused by the merchant’s error, we may directly engage with the merchant.
    6. We may ask you to stop using the card and return it to us or destroy it. We may, at any time, suspend, restrict or cancel your card or refuse to issue or replace it for the following reasons: • We are concerned about the security of your account or card • We suspect your account is being used in an unauthorised or fraudulent manner or we need to do so to comply with the law
    7. If we ask you to stop using your card, we will tell you as soon as we can or when we are permitted to do so after we have reviewed these conditions: • If we are concerned about the security of your card or we suspect your card is being used in an unauthorised or fraudulent manner • If sufficient funds are not loaded on your card at the time of a transaction to cover the amount of the transaction and any applicable fees • If there is an outstanding shortfall on the card in accordance with section 13 • If we have reasonable grounds to believe that you are acting in breach of this agreement • If we believe that a transaction is potentially suspicious or illegal (for example, if we believe that a transaction is being made fraudulently) or because of errors, failures (whether mechanical or otherwise) or refusals by merchants, payment processors or payment schemes processing transactions
    8. If we refuse to authorise a transaction, suspend or close your card and account, we will, if possible, tell you why. However, we will not notify you if it would be unlawful for us to do so.
    9. We may at our discretion choose to block the use of a card within a jurisdiction due to high levels of fraud at any given time.
  8. Authorising transactions

    1. The authorisation of a transaction can include: • Authorising any single transaction • A series of recurring transactions (including transactions for an indefinite period) • Pre-authorising future transactions of a certain or uncertain amount
    2. A card transaction will be regarded as authorised when you: • Enter your PIN or provide any other security code • Sign a sales voucher • Provide the card details and/or provide any other details as requested • Wave your contactless card over a card reader to pay. You may have to enter your PIN if it's your first transaction or after 5 consecutive transactions. The contactless feature will follow banking standard. • Insert your card into a card reading device for the purpose of making a payment • Insert your card and enter your PIN to request a cash withdrawal at an ATM • Make a request for a cash advance at any bank counter
    3. You may not withdraw the authorisation of a transaction after it has been received unless Equals and the merchant agrees to remove it.
    4. The following transactions may be withdrawn if you receive notice from the merchant and provide this notice to Equals: • Any transaction which is agreed to take place on a date later than the date it was authorised, as long as notice was provided no later than the close of business on the business day before it was due to take place • Direct debits if they are to occur after the date of withdrawal
    5. We may charge you a fee if a transaction is revoked by you under this condition.
    6. We will pay the funds we receive to cover the authorised transactions to the merchant acquirer within three days of receiving instruction to make payment. A transaction (the payment order) will be received as follows: • For purchases and ATM transactions, at the time we receive the transaction instruction from the merchant acquirer or ATM operator • We consider to have received transaction instructions or requests on the same day if we receive instruction before 15:00 on a working day. If you ask us to complete the transaction after 15:00, the instruction will be deemed as received by us on the following business day.
  9. Wallet alignment and Out of Currency Transactions

    1. The card is a multi-currency card. Equals will allow you to purchase and top up the card in the following currencies: • Sterling: GBP • Euros: EUR • US dollars: USD • Australian dollars: AUD • Canadian dollars: CAD • New Zealand dollars: NZD • Polish zloty: PLN • Hong Kong dollars: HKD • Swiss francs: CHF • Japanese yen: JPY • Danish krone: DKK • South African rand: ZAR • Swedish krona: SEK • Norwegian krone: NOK • Hungarian forint: HUF
    2. If you make a transaction on the card in one of the above 15 currencies, the card will automatically default to this currency and take the value of the purchase from this wallet.
    3. If you make a transaction in one of the above 15 currencies for which you have an insufficient balance, but enough funds exist on your card in another currency, the currency with sufficient funds will be debited. This is referred to as wallet alignment.
    4. Where wallet alignment is necessary, we will manage the conversion of the currency using a rate set and determined by us. This rate will update daily.
    5. Funds for wallet alignment are taken from positive balances in the following order: GBP, EUR, USD, AUD, CAD, NZD, PLN, HKD, CHF, JPY, DKK, ZAR, SEK, NOK, HUF.
    6. The transaction will be successful as long as the total value of your currency wallets can be combined to support the full value of the transaction.
    7. If a transaction is made in a currency which is not supported by the card, funds will be allocated from the first available positive balance to cover the cost of the transaction. This transaction is an out of currency transaction and will incur the out of currency fee, see section 14.
    8. 59.For out of currency transactions, the exchange rate applied will be the Mastercard Daily Settlement Rate. More information about this rate can be found on Mastercard’s website.
  10. Cancellation and expiry of your card

    1. This agreement will continue indefinitely unless terminated.
    2. You have a legal right to cancel your card up to 14 days after you receive it without being charged the refund fee. This 14 day period is known as the ‘cooling-off period’. If you cancel your card within the cooling-off period, the funds remaining on your card will be returned to you within five days subject to satisfactory checks being completed. Whenever foreign currency is unloaded/removed from the card because the cooling-off period cancellation has been requested, it will be exchanged at the current buyback rate, not the rate at which the currency was initially loaded.
    3. We may also cancel your agreement for any reason by giving you at least two months notice: • If this agreement or your card expires on a set date and we have not agreed to renew it • If you break an important part of this agreement, or repeatedly break the agreement and fail to resolve the matter in a timely manner • If you act in a manner that is threatening or abusive to our staff, or any of our representatives • If you fail to pay fees or charges that you have incurred or fail to put right any shortfall • In the event of your death
    4. We may also cancel this agreement or suspend your card or account immediately if we believe your card is deliberately being used by you to commit fraud or for other illegal purposes. If we do this, we will tell you as soon as we are permitted to do so.
    5. If we cancel your card you must tell us what you want us to do with any unused funds within three months of the date we tell you. You will not be entitled to a refund of money you have already spent on transactions authorised, or pending, or for any fees for using the card before it is cancelled or expires.
    6. If you decide to cancel your card outside the cooling off period, a refund fee may be charged (see Fees in Section 14 below) unless you have arranged to transfer any unused funds to another card managed by us. To cancel your card please contact us using the details on our website’s contact us page.
    7. Your card will be valid for three years.
    8. When your card is due to expire, we’ll be in touch to let you know how to renew it.
    9. If your card has expired and it has a leftover balance, we will apply an administration fee of £2.00 (or other currency equivalent) per month.
  11. Keeping your card secure

    Taking care of your card, PIN and other security information is essential to help prevent fraud and protect your Equals account. Please make sure that you follow the advice given below.
    1. Do not let anyone else use your card, and do not tell anyone else your PIN, password or other security information.
    2. We will never ask you to tell us your PIN. If you are in any doubt whether a caller is genuine, or if you are suspicious about them, take their details and call us.
    3. When you change your PIN at an enabled ATM, choose your new PIN carefully. Avoid selecting a PIN that can be compromised using other information about you, such as numbers from your date of birth or house number.
    4. Memorise your PIN, password and other security information. Never record your PIN or other security information.
    5. Always take reasonable steps to keep your card safe and your PIN, password and other security information secret at all times.
    6. Never give away your Equals account details or other security information.
    7. Keep your card receipts and other information about your Equals account, such as statements, safe and destroy them carefully.
    8. You must sign the signature strip on the back of your card as soon as you receive it.
    9. If your card is lost or stolen, if you suspect that it has been used by someone other than you, or that someone else knows your PIN, password or other security information, you must tell us as soon as you can by logging on to your online account or via the app. We will take immediate steps to try and prevent your card from being used.
    10. Treat your card like cash. If it is lost or stolen, you may lose some or all of the money in your card account.
    11. Upon request, we will investigate any disputed transactions or other misuse of your card. To do this, we may need more information and assistance from you. After the investigation, we will immediately redeem the transaction amount and associated charges that were not authorised by you, provided you have kept your card and PIN secure, you have not acted fraudulently, and you have acted with reasonable care. However, if the investigation shows that the disputed transaction was authorised by you, or has been completed due to negligence by you, we will reverse the redemption and we may charge an administration fee.
    12. Transactions less than £35.00 in value may not be investigated. You may be liable for that loss, and you will be responsible for recovering any losses from the merchant.
    13. Should you become aware of an unauthorised or incorrectly executed transaction, you must inform us within 13 months of the transaction debit date to attempt to execute your chargeback rights. If you don’t inform us within 13 months, Equals cannot be held responsible for any loss that occurs.
    14. We encourage you to review your card spend and account order history on a regular basis.
  12. Liability for losses

    1. If you act fraudulently or without reasonable care, you will be responsible for all losses on your Equals account. (This may apply, for example, if you do not follow the advice in section 11 or violate these terms and conditions).
    2. Unless we can show that you have acted fraudulently or without reasonable care, your liability for misuse of your card will be limited as follows: • If someone else uses your card before you tell us that it has been lost or stolen or that someone else knows your PIN, the most you will have to pay is £35.00 • If someone else uses your card details without your permission, and your card has not been reported lost or stolen, you will not be liable for those transactions • If someone else uses your card details without your permission for a transaction where the cardholder does not need to be present (for example, buying something over the internet), you will not be liable for those transactions • If your card is used before you have received it, you will not be liable for those transactions
    3. If you have acted with reasonable care (as defined in the section above) and have not acted fraudulently, you will not be liable for losses caused by someone else which take place on your card.
    4. We will refund an incorrectly-executed transaction immediately, unless we have any reason to believe that the incident has been caused by a breach of this agreement, gross negligence or we have reasonable grounds to suspect fraudulent activity. If the investigations show that any disputed transaction was authorised by you, or you have acted fraudulently or with gross negligence (for example by failing to keep your card or PIN secure), we will not refund the transaction amount and will charge you a fee of up to £35.00 for any loss we suffer because of the use of the card.
    5. We will not be liable for any loss arising from: • Any cause which results from abnormal or unforeseen circumstances beyond our control • Consequences which would have been unavoidable despite all our efforts to the contrary • A retailer refusing to accept your card • Our compliance with legal and regulatory requirements • Loss or corruption of data unless caused by our wilful default We are also not liable for: • Business interruption, loss of revenue, goodwill, opportunity, or anticipated savings • Any indirect or consequential loss
    6. We reserve the right to charge you for any reasonable costs that we incur in taking action to stop you using this card and to recover any monies owed as a result of your activities.
  13. Your right to a refund

    1. You may request a refund of the funds on your card as long as you have more than £5.00 (or foreign currency equivalent) loaded on your card. To request a refund please contact us via the Contact page of our website. We encourage you to keep the card, which is valid for three years, and use it on your next trip. We will arrange an electronic transfer to a bank account nominated by you. However, to enable us to comply with our legal obligations, we may ask you to provide us with certain information before we can process your refund request.
    2. You may be entitled to claim a refund in relation to transactions where: • The transaction was not authorised under this agreement • Where the transaction was incorrectly executed in line with section 12.4 • A pre-authorised transaction did not specify the exact amount at the time of its authorisation and the amount charged by a supplier is more than you or an additional cardholder could reasonably have expected, taking into account normal spending patterns on the card or the circumstances of the transaction • A claim for a refund in the circumstances set out above will not be accepted if the amount of the transaction was made available to you at least four weeks before the transaction date or it is made more than eight weeks after being debited to your account • We were notified of the unauthorised/incorrectly executed transaction within 13 months of the debit date
  14. Fees and limits

    1. We do not charge any fees for checking your online balance and transactions. However, the following fees do apply:
      Fee type Cost

      Card order fee

      FREE

      Replacement card

      £6.00

      Card renewal

      FREE

      Card load fees

      FREE

      PIN change

      FREE

      Monthly management fee

      FREE

      Expired card administration fee

      £2.00 per month or currency equivalent on expired cards with leftover balances

      Point of sale

      FREE when in one of 15 currencies

      UK ATM fee1

      £1.00

      International ATM fee1

      £1.00

      Out of currency fee2

      1.75% of the value of the transaction when spending outside 15 currencies.

      Refund Fee

      £5.00

      Over the counter cash withdrawal

      £2.00 flat fee + 3.75% of the transaction amount.


      1When you use your card at an ATM, you may also be subject to applicable fees, surcharge rules, and regulations of the relevant ATM, or other financial institution or association.
      2
      A 1.75% out of currency fee is charged when you use the card in a different currency to what is held on the card (including ATM withdrawals).

    2. All fees will be debited in GBP. If there is an insufficient balance in GBP, funds will be deducted from other currency wallets in the following order: 2.EUR 3.USD 4.AUD 5.CAD 6.NZD 7.HKD 8. CHF 9 .JPY 10. DKK 11. ZAR 12. PLN 13. SEK 14. NOK 15. HUF.
    3. If we decide to increase or impose any new fees, we will tell you by email, text, or post, at least two months before any changes take effect.
  15. Business and Personal use

    1. If you have expressed that your Prepaid Card will be used for business and personal spending, then you will have been issued with a card number that begins with 5339.If your Prepaid Card number begins with 5339, the following ATM Transaction Fee will be applicable instead of what is outlined above.
    2. All other Prepaid Card fees are applied as normal.
    3. UK ATM fee1 £0.50
    4. International ATM fee1 £0.50
  16. How to get in touch with us

    1. You can contact us:
    2. Via the Contact page of our website.
    3. By phone on +44 (0) 20 7778 9300 between 08:30 and 17:00 from Monday to Friday (excluding bank holidays). Calls are charged at your standard network rate.
    4. Lost or stolen cards can be reported on our app or your online account.
    5. 1By post at Equals, PO Box 3634, Chester, CH1 9NL.
  17. Complaints

    1. If you are unhappy in any way with your card, please tell us so we can try to resolve the situation. You can write to us via email or post, or call us on +44 (0) 20 7778 9300 between 08:30 and 17:00 from Monday to Friday (excluding bank holidays). Calls are charged at your standard network rate.
    2. We will try to resolve any complaints you have about your payment method or the service we provide to you within 15 business days of receiving your complaint and in exceptional circumstances, within 35 business days (and we will let you know if this is the case).
    3. You can request our complaints procedure via email, phone or by visiting our website.
    4. If we are not able to resolve the complaint to your satisfaction, and you are eligible, you may be able to refer it to the Financial Ombudsman Service.
    5. The Financial Ombudsman Service is a free, independent service which might be able to settle a complaint between you and us. Their contact details are: The Financial Ombudsman Service, Exchange Tower, London, E14 9SR; phone 0300 123 9 123. Financial Ombudsman Service website.
  18. Compensation

    1. The card is an electronic money product. Although it is regulated by the Financial Conduct Authority (FCA), it is not covered by the Financial Services Compensation Scheme (FSCS). No other compensation scheme exists to cover losses claimed in connection with the card. This means in the unlikely event that Valitor Payment Services Ltd becomes insolvent, the funds held on your Equals account may become valueless and unusable and as a result you may lose your money. However, as a responsible e-money issuer, Valitor Payment Services Ltd ensures that once it has received your funds, they are deposited into a secure account specifically for the purposes of redeeming transactions made by your card. In the unlikely event that Valitor Payment Services Ltd becomes insolvent, these funds should be protected on your behalf.
  19. Assignment/transfer

    1. We may assign the benefit and burden of these terms and conditions to another company at any time, on giving you 60 days prior notice. If we do this, your rights will not be affected.
    2. We may transfer the unused balance on your card to a new prepaid card provider other than Valitor Payment Services Ltd at any time, on giving you at least 60 days notice. If there are new terms and conditions, we will provide these to you. Unless you advise us within the 60 day notice period that you do not want the new card, you agree that we can transfer the balance on your existing card to the new card when you activate it.
  20. Commission charges (padding)

    1. Should you place a transaction using an Equals card in a currency that the card is not denominated in, we will authorise a further 2% of the value of the transaction to cover any difference in exchange rates while the transaction remains authorised.
    2. The 2% padding covers any difference between the rate you received initially and the average rate on the date that the transaction finalises. In nearly all cases, the rate finalises at the same rate you purchased at and the padding marked on the statement as ‘auth commission’ will be returned to your card as an available balance as soon as the transaction finalises.

Equals Spend Terms & Conditions

These terms and conditions apply to your prepaid card. You must read them carefully. In these terms and conditions "you" means the named cardholder and the authorised user of the Equals Spend Mastercard® card. "Card" means the Equals Spend Mastercard® card, except where specifically stated. "Employer" means the organization you work for who has asked us to issue you with a card. “Issuer” means the organisation that issues your card, please refer to the back of your card for this information.

  1. Your prepaid card

    1. You can use the card at any location that displays the Mastercard Acceptance Mark, including shops, restaurants, online or on the telephone. Your PIN will allow you access to ATMs, chip & PIN retailers and you can also use your card overseas. Before using the card you need to make sure there are enough funds loaded on it. Your card is not a credit card and is not connected to a bank account. Your card is an electronic money (e-money) device. Neither you nor your employer will receive any interest on any funds loaded on your card.
  2. Applying for and activating your card

    1. To receive a card you must be at least 18 years old. We may require evidence of who you are and of your address. You must agree to provide your employer with this information so that we can issue you with a card. We may ask you to provide some additional documentary evidence to prove this and/or we may carry out checks electronically. You must sign the signature strip on the reverse of your card as soon as it is received. You will also need to activate your card before you will be able to use it. Details of card activation are included with the letter you receive with your card. You will also be given a PIN for use with your card, which can be changed at most UK ATMs to a more memorable number. By using the card and using the Website and App you are agreeing to these terms and conditions.
  3. Loading your card

    1. Once your card has been activated, your employer will be able to load and unload your card and to view any transactions made on the card. We reserve the right not to accept any particular loading transaction. If a significant amount of money is loaded onto your card you must ensure that you understand and accept the risks of doing so. See ‘Section 16 - Compensation’ for more information.
  4. Using your card

    1. Detailed instructions on how to use your card can be found on the Website. You will need to follow these instructions when using your card.
    2. We will deduct the value of your transactions from the balance on your card as soon as they are made. We will also deduct any applicable fees as soon as they are payable. See below for details of all fees associated with the card. If sufficient funds are not loaded on your card at the time of a transaction to cover the amount of the transaction and the fees, the transaction will be declined.
  5. Cancellation and expiry of your card

    1. If you wish to cancel your card, you must do so by advising your employer. If your card is cancelled, we will immediately block your card so it cannot be used.
    2. If you are no longer working for your employer, you must cancel your Card by advising your employer.
    3. If your card is cancelled, you must destroy it securely by cutting it up, making a clear cut directly through the card chip and signature strip.
    4. You will not be entitled to a refund of money you have already spent on transactions authorised or pending or any fees for use of the card before the card is cancelled or expires. If you cancel your card, once all transactions and fees have been deducted we will arrange for any unused funds to be refunded to your employer. You will have no right to receive a refund yourself.
    5. We may also cancel your card immediately if we suspect fraud or misuse of your card, if we have any other security concerns or we need to do so to comply with the law. If we do this, we will tell you as soon as we can after we have taken these steps.
    6. When your card expires it will no longer be valid and you will no longer be able to use it. We will arrange for the balance of funds to be transferred to a new card, after deducting any outstanding transactions and fees. However, we will not issue a new card if your employer tells us in writing at least 28 days before the date your card expires that they do not wish us to replace the card.
  6. Keeping your card secure

    1. You must keep your card safe and not let anyone else use it. If someone else uses your card before you have advised that it is lost or stolen, the maximum amount that you or your employer will be held liable for is £35.00 provided that you have not acted fraudulently or without reasonable care.
    2. You are issued with a PIN. You must immediately memorise it and destroy the notification. You must keep your PIN secret at all times. We recommend that you check the balance on your card regularly online at the Website (business.equals.co) or via the Equals Spend App.
    3. If you lose your card, it is stolen or you suspect that it has been used by someone other than you, you must tell us immediately by calling 020 7778 9302 so that we can cancel your card or mark your card as lost or stolen via your Equals Spend mobile app or the website. If you ask us to do so, we may ask the police to investigate any disputed transaction or misuse of your card. We may need more information and assistance from you.
  7. Our liability

    1. We cannot guarantee that a retailer will accept your card or that we will necessarily authorise any particular transaction because of a system problem, events outside our reasonable control, or because we are concerned about misuse of your card. Accordingly, we shall not be liable if a retailer refuses to accept your card, if we do not authorise a transaction, or if we cancel or suspend use of your card.
    2. Unless otherwise required by law, we shall not be liable for any direct or indirect loss or damage you may suffer as a result of your total or partial use of, or inability to use, your card, or as a result of the use of your card by any third party.
    3. If you do not use your card in accordance with these terms and conditions, or if we find that you are using your Equals Spend card fraudulently, we reserve the right to charge you for any reasonable costs that we incur in taking action to stop you using it and to recover any monies owed as a result of your activities.
  8. Your right to a refund

    1. You may not request a refund of any funds left on your card. The balance on your card remains the property of your employer and only they can request a refund.
  9. The fees



    Card Issue Fee £10.00 +VAT per card
    Maintenance & Support £50.00 +VAT annual platform fee per account
    Card to Card Transfer FREE
    UK Point of Sale Transaction Fee
    Cards starting 5116

    Sterling card - Free when spending in currency
    US Dollar card - 1.75% when spending out of currency
    Euro card - 1.75% when spending out of currency
    Cards starting 5339
    Free when spending in currency
    International Point of Sale Transaction Fee
    Cards starting 5116

    Sterling card - 1.5% of transaction value
    US Dollar card - Free when spending in currency and 1.75% of transaction value when spending out of currency
    Euro card - Free when spending in currency and 1.75% of transaction value when spending out of currency
    Cards starting 5339
    Free when spending in currency
    UK ATM Transaction Fee
    Cards starting 5116 

    Sterling card - £1.50
    US Dollar card - $2.50 and 1.75% of transaction value
    Euro card - €2.00 and 1.75% transaction value
    Cards starting 5339 
    £1.50
    Please note that some ATMs may apply an additional surcharge. This is outside of the control of Equals and you will be notified before authorising the transaction
    International ATM Transaction Fee
    Cards starting 5116

    Sterling card - £1.50 and 1.5% of the transaction value
    US Dollar card - $2.50 when charged in currency. $2.50 and 1.75% of transaction value when spending out of currency
    Euro card - €2.00 when charged in currency.
    €2.00 and 1.75% transaction value when spending out of currency
    Cards starting 5339
    £1.50 - An out-of-currency fee might apply.

    Over the Counter Bank Branch Withdrawal Fee

    1.5% of the transaction value.
    Subject to a minimum fee of £5.00 / €6.25 / $7.50
    Loading fee
    Cards starting 5116

    Sterling card - Free
    US Dollar card - Free to load using sterling, subject to Equals exchange rate.
    1% load fee when loaded with US Dollars
    Euro card - Free to load using sterling, subject to Equals exchange rate.
    1% load fee when loaded with Euros
    Cards starting 5339
    Sterling card - Free
    US Dollar card - Free to load using sterling, subject to Equals exchange rate.
    1% load fee when loaded with US DollarsEuro card - Free to load using sterling, subject to Equals exchange rate. 1% load fee when loaded with Euros
    Customer Service Telephone Enquiries Standard call charges apply.
    Lost and Stolen Card Replacement Fee FREE
    Dispute Administration Fee £10.00 per disputed transaction (this may be refunded in certain circumstances).
    Refund Fee on Active cards €10.00 for the Euro card
    $10.00 for the US Dollar card
    £10.00 for the Everywhere card
    Currency is exchanged at the prevailing rate at the time of the refund.
    Out-of-currency fee
    Cards starting 5339 

    A 1.5% currency fee applies when a transaction is made in a currency other than
    GBP, EUR, USD, CAD, AUD, NZD, DKK,
    HKD, NOK, PLN, ZAR, SEK, CHF, HUF, JPY
    If we decide to increase or impose any new fees, we will tell your employer by email or post, at least 60 days before any changes take effect. In the unlikely event, for any reason whatsoever, a transaction is authorised when there are insufficient funds on the card for that transaction (a shortfall), the shortfall shall be reimbursed by your employer. If it is due to an error on the part of the retailer we may seek the shortfall from the retailer. You agree that once we make this shortfall known to you, we may charge for the shortfall amount. Until the employer reimburses the shortfall amount, we may suspend your card.
  10. Your details

    1. You must let your employer know as soon as possible by email, or in writing if you change your name, address, phone number or email address who will advise Equals. Please be aware that you may have to provide supporting documentation before we are able to make the change. If we contact you in relation to your card, for example, to notify you that we have cancelled your card, we will use the most recent contact details provided to us. Any email to you will be treated as being received as soon as it is sent by us. We will not be liable to you if your contact details have changed and you have not told us.
  11. Data protection

    1. Equals processes information about you in accordance with its privacy policy. By using the website, you consent to such processing and you confirm that all data you provide is accurate.
  12. Disputes with retailers

    1. If you have any disputes about purchases or the amount you have been charged by the company or person you bought goods or services from you should settle these with the company or person involved. We are not responsible for the quality, safety, legality or any other aspect for any goods or services purchased with your card.
    2. Once you have used your card to make a purchase we cannot stop that transaction.
    3. If you suspect that your card has been compromised or used fraudulently we may be able to dispute the items on your behalf. We will under no circumstances be liable for transactions if your card has been knowingly used by another person or you have disclosed your PIN to anyone.
    4. Equals will not be liable for any transactions made when a card has been reloaded during ongoing disputed transactions. All expenditure should be accounted for before a card is re-charged with funds.
    5. Should you wish to dispute a transaction you need to inform Equals as soon as possible. Equals will not be able to assist with a dispute should the transaction be greater than 120 days old.
    6. Only the named cardholder should use the Equals Spend card provided to them. If you have been issued with a card that is not in your name you will not able to raise a chargeback to claim back funds in the event of a dispute with a merchant or fraudulent transaction.
  13. Communication

    1. By phone on 020 7778 9302 between 09:00 and 17:30 from Monday to Friday (excluding bank holidays). Calls are charged at your standard network rate.
    2. By email on business@equals.co
    3. By post at Equals, Vintners’ Place, 68 Upper Thames Street, London, EC4V 3BJ.
  14. Complaints

    1. If you are unhappy in any way with your Equals account, please tell us so we can try to resolve the situation. You can complain via email, post or by calling 020 7778 9302 between 09:00 and 17:30 from Monday to Friday (excluding bank holidays). Calls are charged at your standard network rate.
    2. We will try to resolve any complaints you have about your payment instrument or the service we provide to you within 15 business days of receiving your complaint and in exceptional circumstances, within 35 business days (and we will let you know if this is the case).
    3. You can request our Complaints Procedure via email, phone or by visiting our Website.
    4. If we are not able to resolve the complaint to your satisfaction and you are eligible, you may be able to refer it to the Financial Ombudsman Service.
    5. The Financial Ombudsman Service is a free, independent service which might be able to settle a complaint between you and us. Their contact details are: The Financial Ombudsman Service, Exchange Tower, London, E14 9SR; phone 0300 123 9 123, website www.financial-ombudsman.org.uk.
  15. Compensation

    1. Although the product is regulated by the Financial Conduct Authority (FCA), the Financial Services Compensation Scheme (FSCS) does not apply to this product. No other compensation scheme exists to cover losses with this product. This means that in the event that your issuer becomes insolvent, the card may become valueless and unusable, and you may lose your money. By using this product, you confirm that understand and accept these risks.
  16. Assignment

    1. We may assign the benefit and burden of these terms and conditions to another company at any time, on giving you at least 60 days prior notice of this. If we do this, your rights will not be affected.
  17. Fund protection

    1. As a responsible e-money issuer, your issuer ensures that once it has received funds they are deposited in a secure account, specifically for the purpose of redeeming transactions made by your card. In the unlikely event that your issuer becomes insolvent, funds that your employer has loaded which have arrived and been deposited by your issuer are protected against the claims made by creditors.

Equals Pay Personal Terms & Conditions

1. Scope of this Agreement

We will deal with you on:

1.1 These Terms of Business.

1.2 The General Terms and Conditions and any other additional terms issued by us.

1.3 Together referred to as this 'Agreement'. These terms are the only ones on which we will deal with you & govern the conduct of the parties in relation to any order you may place to the exclusion of all other terms and conditions.

2. The Service

2.1 Equals and you, subject to these terms and conditions, will from time to time enter into transactions regarding foreign exchange and payments via the Dealing Desk or via your online Equals account, in accordance with either your or an authorised person's, written or (at the discretion of the Company) verbal instructions.

2.2 Equals may, at its discretion, provide information to you on practical aspects of dealing in the foreign exchange markets. Nevertheless, you enter into a transaction at your own discretion and risk. You should not be, and are not entitled to be, reliant on Equals for advice on the timing or terms of any transaction nor on the current state of the foreign exchange or other market conditions or future direction of exchange rate movements.

2.3 Each transaction will be evidenced by the issue of a written confirmation sent by Equals to you by email, facsimile or post.

3. Client Instructions

3.1 You, or an authorised person, will from time to time, subject to these terms and conditions, use the Equals secure website, email or give written or verbal instructions to Equals for the purchase and/or sale and delivery of foreign currency which will form a binding and irrevocable commitment on your behalf.

3.2 Equals will email a confirmation in respect of each transaction which will be delivered to you in a timely fashion.

3.3 New and amended beneficiary details will require extra security checks before the completion of a transaction. Equals will not be liable for any delay or costs incurred by you through such a delay in completing this security check.

3.4 Instructions received via email are received by Equals in good faith. Equals accepts no responsibility for the placement of orders or transfer of funds through the malicious use of your email.

3.5 In the case of discrepancies, errors or omissions in a confirmation you must notify Equals immediately by telephone or email but in any event no later than one working day of the date of the transaction. You acknowledge and agree that any failure to notify Equals of any such discrepancies, errors or omissions shall prevent you doing so at a later time.

3.6 Instructions given by you, or an authorised person, may not be amended or altered or cancelled without the written consent from Equals (and which, consent will not, without limitation be given where Equals has acted on such instructions to its detriment).

3.7 Equals retains the right to refuse to accept your instruction and is under no obligation to enter into a transaction should it choose not to do so.

4. Authorised Persons & Joint Account Holders

4.1 An authorised person shall mean any individuals, as listed on the registration form or at a later date, that are approved by you to conduct transactions on your behalf. Authorised persons may be amended in writing by you, addressed to Equals, at any time.

4.2 Authorised persons will be living individuals. Equals will treat transaction instructions from an authorised person as if they came from you.

4.3 When an account is created with two or more named persons, the account and any subsequent transactions entered will be treated as a joint account. In such a case all named persons will be liable to adhere to these terms and conditions, both together and individually, referred to as 'you' or 'the client.'

5. Representation

5.1 You represent as at the date of each transaction and its settlement date that:

5.1.1 You are acting as the principal in the transaction, have full power and authority to enter into the transaction and are the beneficial owner of all monies paid or to be paid at the settlement date or by way of initial margin or a margin call (in each case) free from any charge or encumbrance;

5.1.2 The information provided by you in relation to the transaction is accurate and current and that any further information required by the Company, relevant to a transaction, will be accurate and complete in all material respects;

5.1.3 The transaction is for your personal requirements only and not investment purposes (as referenced by the Financial Services and Markets Act (Regulated Activities) Order 2001); and you have relied upon your own judgement in entering into the transaction, not placing any reliance on the Company in respect thereof.

5.2 You will provide Equals, forthwith upon its request, with any information that may be required, or is considered necessary or desirable, to adhere to any applicable governmental or regulatory authority in relation to anti-money laundering laws and regulations.

5.3 It is your responsibility to ensure that you and all authorised persons keep safe any password which may at any time be required to access any part of Equals services. Should you become aware of, or suspect that, an unauthorised person or third party has knowledge or access to your password, you must inform Equals immediately.

6. Advice

6.1 Equals is happy to provide you with ad hoc market information on request. Equals does not provide advice in respect of when to trade. You should not treat any information provided as advice. It is up to you when to provide Equals with instructions and up to you to ensure that your instructions are suitable for your requirements and circumstances.

7. Financial Obligations

7.1 For each transaction, you agree to pay cleared funds to the full amount specified in the confirmation, together with any commissions or transfer charges that may apply, into the bank account specified by Equals on or before the relevant settlement date. In some cases where currency settlement instructions need to be given one working day in advance (by way of example only, Japan, New Zealand, Australia etc.), cleared funds must be paid into the specified account at least one working day prior to the settlement date.

7.2 The settlement date is the agreed date on which you will ensure cleared funds have been paid to Equals and the day on which, having received cleared funds, Equals will arrange to pay foreign currency to you or a designated account instructed by you.

7.3 On confirmed receipt of cleared funds Equals will pay to you or to a party as per your instructions the amount due and agreed in the relevant confirmation.

7.4 Equals will not make any payment on your behalf until cleared funds have been received and cannot accept responsibility for a delay in onward payment due to the late arrival of such funds. You expressly agree and acknowledge that banks have cut-off times, after which they will not accept same-day payment instructions, and that it is the responsibility of you to be aware of, and where necessary comply with, these cut off times.

7.5 Equals will ensure all orders received before such cut off times are executed immediately where practical.

7.6 All payments made to Equals in respect of foreign exchange transactions and under these terms and conditions are to be made in full without set-off, counterclaim or deduction whatsoever.

7.7 Equals will make payments to you in full in respect of a transaction unless:

7.7.1 Where required by law to deduct sums in respect of taxation;

7.7.2 It is or will be owed amounts which are incurred in respect of transfer charges that may be levied;

7.7.3 Where you owe Equals amounts in respect of other transactions and which have not been settled in accordance with these terms and conditions.

7.8 Where you do not pay cleared funds to Equals by the settlement date (as specified in 7.2), the Company will charge you a daily penalty unless it agrees not to in writing. This penalty will reflect the cost of rolling forward any transactions to a newly agreed settlement date.

8. Orders

8.1 Equals Order services are only available if Equals has agreed that it will provide these services to you.

8.2 Equals Order services include 'Limit Order', 'Stop Loss Order', and 'OCO Order' (One Cancels the Other) products;

8.2.1 A Limit Order is an instruction to buy or sell a currency at a specific rate, or better.

8.2.2 A Stop Loss Order is an instruction to buy or sell a currency when the market reaches a specific rate, in order to protect from losses due to adverse currency rate movement.

8.2.3 An OCO Order allows you to place simultaneously a Limit Order and a Stop Loss Order. This is done so that in the event of an upturn in foreign exchange rates, or conversely in the event of a downturn in foreign exchange rates, an Order will be activated. Should either the Limit Order or the relating Stop Loss Order be triggered then the other is cancelled immediately.

8.3 An Order is open from the point that it is agreed verbally with an appropriate representative of Equals, or, if you have the appropriate permissions when it is booked online via your Equals account.

8.4 Equals may, at its discretion, decline requests to place Orders, and place transactional limits on the volume and frequency, and restrict the currencies for which Orders are available.

8.5 No guarantee exists that a target rate will be achieved for any Order, and the subsequent transaction fulfilled.

8.6 Extreme or temporary fluctuations in foreign exchange rate that cause a target rate to be hit may be discounted by Equals at its discretion.

8.7 Equals will communicate to you when the target rate placed through a Stop Loss Order, a Limit Order, or an OCO Order has been reached.

8.8 Should the target rate for an Order be achieved by Equals the settlement date will be set at two working days from the point that the target rate was achieved unless otherwise agreed.

8.9 An Order will remain open for a maximum of three months and is cancellable by you only prior to the target rate being achieved and the Order being fulfilled and only cancelled once acknowledged by Equals. No further requirements are placed upon Equals unless funds are held and are to be returned to you upon cancellation.

8.10 Equals reserves the right to cancel an Order at any time.

9. Forward Contracts

9.1 Equals Forward Contracts are only available if Equals has agreed it will provide a forward contract service to you.

9.2 Forward Contracts may be entered into either orally or in writing between yourself and Equals.

9.3 Equals Forward Contracts include 'Fixed Date Forwards' , 'Open Date Forwards' , 'Window Forwards.'

9.3.1 Fixed Date Forwards is an agreement between Equals and you to exchange a predefined sum of currencies at a predefined exchange rate and future date. The purchased currency can only be used in full on the agreed settlement date and not before.

9.3.2 Open Date Forwards is an agreement between Equals and you to exchange a predefined sum of currencies on or before an agreed future settlement date. The can be done in one transaction or in partial settlements over this period.

9.3.3 Window Forwards is an agreement between Equals and you to exchange a predefined sum of currencies, at a predefined exchange rate to be used between a range of dates made up of start data and future settlement date.

9.4 The settlement date of any Forward Contract, placed with Equals shall not exceed 12 months from the date the Forward Contract was booked. This is referred to as the 'Term.'

9.5 Due to the volatile nature of foreign currency markets a deposit is immediately required when a Forward Contract is agreed between you and Equals.

9.5.1 This deposit is valued at 10% of the total value of the Forward Contract.

9.5.2 A deposit that is greater or less than 10% of the value of the Forward Contract would be subject to a separate contract ("non-standard Equals Forward Contract terms").

9.6 You acknowledge that the Mark-to-Market value of a Forward Contract may fluctuate during the Term.

9.6.1 Mark-to-Market means the system by which Forward Contracts are revalued using current currency markets.

9.6.2 Should the Forward Contract depreciate by 7% relative to the current Mark-to Market value of the Forward Contract you would be subject to a Margin Call.

9.6.3 On receipt of a Margin Call you will be required to provide additional funds (variation margin) equal to the decline in the value of the Forward Contract, as calculated using the Mark-to-Market system.

9.7 You undertake to pay Equals for the currencies purchased on the settlement data. Provided you have made payment in full Equals will deliver the purchased currencies as per your instructions.

9.8 If it is determined by Equals that you are unable or unwilling to pay for the currencies purchased then Equals may set off your deposit against all losses, costs, expenses and damages and you agree to indemnify Equals for all losses, costs, expenses and damages arising from your failure to pay.

9.9 Should you have placed multiple Forward Contracts with Equals, each contract will be valued, and the net position will be valued. If by settling one Forward Contract the net position of the remaining Forward Contracts fails into a Margin Call position, Equals will reverse the right to withhold sufficient currencies to be onward paid until such time that the Margin Call has been paid by you.

9.9.1 This netting authorisation shall remain in effect for so long as any Margin Calls are outstanding and may not be amended or rescinded except without the express written consent of Equals.

10. Safeguarding

10.1 Funds held with Equals are treated as safeguarded at the end of the business day and moved to designated client trust accounts in line with the Payment Services Regulations 2017. These accounts are separate from which Equals' own funds are held.

10.2 Equals cannot use such funds for any reason but for the express execution of your transaction as per your instructions.

10.3 You will not gain interest or receive payments relating to funds held in safeguarded accounts with Equals.

10.4 Equals may only hold funds for a reasonable period in relation to the transaction. Equals may not hold funds indefinitely. If funds are held for a period that is considered unreasonable, more than three months, Equals will return the funds back to the bank account they derived from less any fees accrued.

10.5 Funds held as safeguarded in this manner are not covered by the Financial Services Compensation Scheme.

11. Default

11.1 Equals has the right to terminate, close out or reverse a transaction without notice to the client if:

11.1.1 You fail to make any payment in respect to a transaction, when due and in accordance with these terms and conditions; or

11.1.2 You materially breach any of these terms and conditions or fail to comply with its obligations to Equals or are in breach of any statute or regulation; or

11.1.3 It becomes or may become unlawful for Equals to maintain or give effect to all or any of the obligations under these terms or conditions or otherwise to carry on its business; or

11.1.4 If Equals is requested to close out a transaction (or any part thereof) by any regulatory authority whether or not the request is legally binding; or

11.1.5 Equals in its absolute discretion considers it desirable or necessary to do so for its own protection

11.1.6 In the event that you become unable to meet your obligations as they become due or have a bankruptcy petition presented against you; or

11.1.7 You propose a form of composition or arrangement to your creditors; or

11.1.8 If you cease or threaten to cease all or part of your business; or

11.1.9 Any of the events specified above or anything comparable thereto occurs under the laws of any applicable jurisdiction.

11.2 If you become aware of the occurrence of any event referred to in Clause 11.1 above, you shall give Equals notice of such event forthwith.

11.3 If you fail to make a payment due to Equals in respect of any transaction, Equals shall be entitled to collect interest on such unpaid items at a rate of the UK Statutory rate plus the Bank of England base rate calculated on a monthly basis from the date payment was due to the date payment is received.

11.4 If for any reason whatsoever you fail to meet your obligations to Equals hereunder and or under any transaction, Equals may at its discretion terminate any transaction without notice and without liability for any loss. In addition to charging interest as described in 11.3 above Equals shall be entitled to make a charge of up to £250.00 in respect of administration fees regardless of whether any transaction is terminated or not.

12. Indemnity

12.1 You shall indemnify and keep Equals indemnified during the proper performance of your obligations against all liabilities, claims, losses and costs incurred by Equals arising out of a breach by you, or any authorised person, of all or any of these terms and conditions.

13. Disputes

13.1 If a dispute arises between Equals and you in respect to a transaction, Equals reserves the right to take, without prior notice, whatever action it deems necessary and appropriate with respect to the disputed transaction.

13.2 The amount of liability incurred either by Equals or you at fault under the disputed transaction shall be equal to the direct loss plus any interest calculated under clause 11.3 of these terms & conditions.

13.3 Electronically recorded conversations, transcripts of such or other relevant material reflecting conversations between Equals and you may be used in resolving disputes. You accept that these may be referred to in the resolution of any dispute. For further information as to how Equals manages, protects and safeguards your data please refer to the privacy policy.

14. Complex Jurisdictions

14.1 Certain jurisdictions may be deemed overly complex or a higher risk. Equals reserves the right not to accept transactions to or from such jurisdictions at its discretion.

15. General

15.1 You accept that foreign exchange markets are subject to volatility and that any transaction between Equals and you are time critical. Time shall be of the essence in respect of any of your obligations.

15.2 You agree that Equals may, at its discretion, carry out a check on your financial status as Equals believes it is necessary to do so.

15.3 No failure or omission by Equals to carry out its obligations under these terms and conditions or a transaction shall give any rise to any claim against Equals if such failure or omission is, from any cause, reasonably beyond the control of Equals. Equals shall give notice to you that it is unable to fulfil its obligations and shall resume the performance of such obligations as soon as possible after the removal of the cause and shall notify you accordingly.

15.4 You agree that nothing in this agreement shall be deemed a partnership, joint venture or agency relationship between the parties.

Equals Pay Business Terms & Conditions

1. Scope of this Agreement

We will deal with you on:

1.1 These Terms of Business.

1.2 The General Terms and Conditions and any other additional terms issued by us.

1.3 Together referred to as this 'Agreement'. These terms are the only ones on which we will deal with you & govern the conduct of the parties in relation to any order you may place to the exclusion of all other terms and conditions.

2. The Service

2.1 Equals and you, subject to these terms and conditions, will from time to time enter into transactions regarding foreign exchange and payments via the Dealing Desk or via your online Equals account, in accordance with either your or written or (at the discretion of the Company) verbal instructions.

2.2 You are authorised to commit your Employer to foreign exchange and payment services by placing orders on your Employer's behalf, known as 'the Client.'

2.3 Equals may, at its discretion, provide information to you on practical aspects of dealing in the foreign exchange markets. Nevertheless, you enter into a transaction at your own discretion and risk. You should not be, and are not entitled to be, reliant on Equals for advice on the timing or terms of any transaction nor on the current state of the foreign exchange or other market conditions or future direction of exchange rate movements.

2.4 Each transaction will be evidenced by the issue of a written confirmation sent by Equals to you by email, facsimile or post.

3. Client Instructions

3.1 You will from time to time, subject to these terms and conditions, use the Equals secure website, email or give written or verbal instructions to Equals for the purchase and/or sale and delivery of foreign currency which will form a binding and irrevocable commitment on your behalf.

3.2 Equals will email a confirmation in respect of each transaction which will be delivered to you in a timely fashion.

3.3 New and amended beneficiary details will require extra security checks before the completion of a transaction. Equals will not be liable for any delay or costs incurred by you through such a delay in completing this security check.

3.4 Instructions received via email are received by Equals in good faith. Equals accepts no responsibility for the placement of orders or transfer of funds through the malicious use of your email.

3.5 In the case of discrepancies, errors or omissions in a confirmation you must notify Equals immediately by telephone or email but in any event no later than one working day of the date of the transaction. You acknowledge and agree that any failure to notify Equals of any such discrepancies, errors or omissions shall prevent you doing so at a later time.

3.6 Instructions given by you may not be amended or altered or cancelled without the written consent from Equals (and which, consent will not, without limitation be given where Equals has acted on such instructions to its detriment).

3.7 Equals retains the right to refuse to accept your instruction and is under no obligation to enter into a transaction should it choose not to do so.

4. Authorised Persons & Joint Account Holders

4.1 An authorised person shall mean any individuals, as listed on the registration form or at a later date, that are approved by you to conduct transactions on your behalf. Authorised persons may be amended in writing by you, addressed to Equals, at any time.

4.2 Authorised persons will be living individuals. Equals will treat transaction instructions from an authorised person as if they came from you.

4.3 All named persons will be liable to adhering to these terms and conditions, both together and individually, referred to as 'you' or 'the Client.'

5. Representation

5.1 You represent as at the date of each transaction and its settlement date that:

5.1.1 You are acting as the principal in the transaction, have full power and authority to enter into the transaction and are the beneficial owner of all monies paid or to be paid at the settlement date or by way of initial margin or a margin call (in each case) free from any charge or encumbrance;

5.1.2 The information provided by you in relation to the transaction is accurate and current and that any further information required by the Company, relevant to a transaction, will be accurate and complete in all material respects;

5.1.3 The transaction is for your personal requirements only and not investment purposes (as referenced by the Financial Services and Markets Act (Regulated Activities) Order 2001); and you have relied upon your own judgement in entering into the transaction, not placing any reliance on the Company in respect thereof.

5.2 You will provide Equals, forthwith upon its request, with any information that may be required, or is considered necessary or desirable, to adhere to any applicable governmental or regulatory authority in relation to anti-money laundering laws and regulations.

5.3 It is your responsibility to ensure that you and all authorised persons keep safe any password which may at any time be required to access any part of Equals' services. Should you become aware of, or suspect that, an unauthorised person or third party has knowledge or access to your password, you must inform Equals immediately.

6. Advice

6.1 Equals is happy to provide you with ad hoc market information on request. Equals does not provide advice in respect of when to trade. You should not treat any information provided as advice. It is up to you when to provide Equals with instructions and up to you to ensure that your instructions are suitable for your requirements and circumstances.

7. Financial Obligations

7.1 For each transaction, you agree to pay cleared funds to the full amount specified in the confirmation, together with any commissions or transfer charges that may apply, into the bank account specified by Equals on or before the relevant settlement date. In some cases where currency settlement instructions need to be given one working day in advance (by way of example only, Japan, New Zealand, Australia etc.), cleared funds must be paid into the specified account at least one working day prior to the settlement date.

7.2 The settlement date is the agreed date on which you will ensure cleared funds have been paid to Equals and the day on which, having received cleared funds, Equals will arrange to pay foreign currency to you or a designated account instructed by you.

7.3 On confirmed receipt of cleared funds Equals will pay to you or to a party as per your instructions the amount due and agreed in the relevant confirmation.

7.4 Equals will not make any payment on your behalf until cleared funds have been received and cannot accept responsibility for a delay in onward payment due to the late arrival of such funds. You expressly agree and acknowledge that banks have cut-off times, after which they will not accept same-day payment instructions, and that it is the responsibility of you to be aware of, and where necessary comply with, these cut off times.

7.5 Equals will ensure all orders received before such cut off times are executed immediately where practical.

7.6 All payments made to Equals in respect of foreign exchange transactions and under these terms and conditions are to be made in full without set-off, counterclaim or deduction whatsoever.

7.7 Equals will make payments to you in full in respect of a transaction unless:

7.7.1 Where required by law to deduct sums in respect of taxation;

7.7.2 It is or will be owed amounts which are incurred in respect of transfer charges that may be levied;

7.7.3 Where you owe Equals amounts in respect of other transactions and which have not been settled in accordance with these terms and conditions.

7.8 Where you do not pay cleared funds to Equals by the settlement date (as specified in 7.2), the Company will charge you a daily penalty unless it agrees not to in writing. This penalty will reflect the cost of rolling forward any transactions to a newly agreed settlement date.

8. Orders

8.1 Equals Order services are only available if Equals has agreed that it will provide these services to you.

8.2 Equals Order services include 'Limit Order', 'Stop Loss Order', and 'OCO Order' (One Cancels the Other) products;

8.2.1 A Limit Order is an instruction to buy or sell a currency at a specific rate, or better.

8.2.2 A Stop Loss Order is an instruction to buy or sell a currency when the market reaches a specific rate, in order to protect from losses due to adverse currency rate movement.

8.2.3 An OCO Order allows you to place simultaneously a Limit Order and a Stop Loss Order. This is done so that in the event of an upturn in foreign exchange rates, or conversely in the event of a downturn in foreign exchange rates, an Order will be activated. Should either the Limit Order or the relating Stop Loss Order be triggered then the other is cancelled immediately.

8.3 An Order is open from the point that it is agreed verbally with an appropriate representative of Equals, or, if you have the appropriate permissions when it is booked online via your Equals account.

8.4 Equals may, at its discretion, decline requests to place Orders, and place transactional limits on the volume and frequency, and restrict the currencies for which Orders are available.

8.5 No guarantee exists that a target rate will be achieved for any Order, and the subsequent transaction fulfilled.

8.6 Extreme or temporary fluctuations in foreign exchange rate that cause a target rate to be hit may be discounted by Equals at its discretion.

8.7 Equals will communicate to you when the target rate placed through a Stop Loss Order, a Limit Order, or an OCO Order has been reached.

8.8 Should the target rate for an Order be achieved by Equals the settlement date will be set at two working days from the point that the target rate was achieved unless otherwise agreed.

8.9 An Order will remain open for a maximum of three months and is cancellable by you only prior to the target rate being achieved and the Order being fulfilled and only cancelled once acknowledged by Equals. No further requirements are placed upon Equals unless funds are held and are to be returned to you upon cancellation.

8.10 Equals reserves the right to cancel an Order at any time.

9. Forward Contracts

9.1 Equals Forward Contracts are only available if Equals has agreed it will provide a forward contract service to you.

9.2 Forward Contracts may be entered into either orally or in writing between yourself and Equals.

9.3 Equals Forward Contracts include 'Fixed Date Forwards' , 'Open Date Forwards' , 'Window Forwards.'

9.3.1 Fixed Date Forwards is an agreement between Equals and you to exchange a predefined sum of currencies at a predefined exchange rate and future date. The purchased currency can only be used in full on the agreed settlement date and not before.

9.3.2 Open Date Forwards is an agreement between Equals and you to exchange a predefined sum of currencies on or before an agreed future settlement date. The can be done in one transaction or in partial settlements over this period.

9.3.3 Window Forwards is an agreement between Equals and you to exchange a predefined sum of currencies, at a predefined exchange rate to be used between a range of dates made up of start data and future settlement date.

9.4 The settlement date of any Forward Contract, placed with Equals shall not exceed 12 months from the date the Forward Contract was booked. This is referred to as the 'Term.'

9.5 Due to the volatile nature of foreign currency markets a deposit is immediately required when a Forward Contract is agreed between you and Equals.

9.5.1 This deposit is valued at 10% of the total value of the Forward Contract.

9.5.2 A deposit that is greater or less than 10% of the value of the Forward Contract would be subject to a separate contract ("non-standard Equals Forward Contract terms").

9.6 You acknowledge that the Mark-to-Market value of a Forward Contract may fluctuate during the Term.

9.6.1 Mark-to-Market means the system by which Forward Contracts are revalued using current currency markets.

9.6.2 Should the Forward Contract depreciate by 7% relative to the current Mark-to Market value of the Forward Contract you would be subject to a Margin Call.

9.6.3 On receipt of a Margin Call you will be required to provide additional funds (variation margin) equal to the decline in the value of the Forward Contract, as calculated using the Mark-to-Market system.

9.7 You undertake to pay Equals for the currencies purchased on the settlement data. Provided you have made payment in full Equals will deliver the purchased currencies as per your instructions.

9.8 If it is determined by Equals that you are unable or unwilling to pay for the currencies purchased then Equals may set off your deposit against all losses, costs, expenses and damages and you agree to indemnify Equals for all losses, costs, expenses and damages arising from your failure to pay.

9.9 Should you have placed multiple Forward Contracts with Equals, each contract will be valued, and the net position will be valued. If by settling one Forward Contract the net position of the remaining Forward Contracts fails into a Margin Call position, Equals will reverse the right to withhold sufficient currencies to be onward paid until such time that the Margin Call has been paid by you.

9.9.1 This netting authorisation shall remain in effect for so long as any Margin Calls are outstanding and may not be amended or rescinded except without the express written consent of Equals.

10. Safeguarding

10.1 Funds held with Equals are treated as safeguarded at the end of the business day and moved to designated client trust accounts in line with the Payment Services Regulations 2017. These accounts are separate from which Equals' own funds are held.

10.2 Equals cannot use such funds for any reason but for the express execution of your transaction as per your instructions.

10.3 You will not gain interest or receive payments relating to funds held in safeguarded accounts with Equals.

10.4 Equals may only hold funds for a reasonable period in relation to the transaction. Equals may not hold funds indefinitely. If funds are held for a period that is considered unreasonable, more than three months, Equals will return the funds back to the bank account they derived from less any fees accrued.

10.5 Funds held as safeguarded in this manner are not covered by the Financial Services Compensation Scheme.

11. Default

11.1 Equals has the right to terminate, close out or reverse a transaction without notice to the client if:

11.1.1 You fail to make any payment in respect to a transaction, when due and in accordance with these terms and conditions; or

11.1.2 You materially breach any of these terms and conditions or fail to comply with its obligations to Equals or are in breach of any statute or regulation; or

11.1.3 It becomes or may become unlawful for Equals to maintain or give effect to all or any of the obligations under these terms or conditions or otherwise to carry on its business; or

11.1.4 If Equals is requested to close out a transaction (or any part thereof) by any regulatory authority whether or not the request is legally binding; or

11.1.5 Equals in its absolute discretion considers it desirable or necessary to do so for its own protection

11.1.6 In the event that you become unable to meet your obligations as they become due or have a bankruptcy petition presented against you; or

11.1.7 You propose a form of composition or arrangement to your creditors; or

11.1.8 If you cease or threaten to cease all or part of your business; or

11.1.9 Any of the events specified above or anything comparable thereto occurs under the laws of any applicable jurisdiction.

11.2 If you become aware of the occurrence of any event referred to in Clause 11.1 above, you shall give Equals notice of such event forthwith.

11.3 If you fail to make a payment due to Equals in respect of any transaction, Equals shall be entitled to collect interest on such unpaid items at a rate of the UK Statutory rate plus the Bank of England base rate calculated on a monthly basis from the date payment was due to the date payment is received.

11.4 If for any reason whatsoever you fail to meet your obligations to Equals hereunder and or under any transaction, Equals may at its discretion terminate any transaction without notice and without liability for any loss. In addition to charging interest as described in 11.3 above Equals shall be entitled to make a charge of up to £250.00 in respect of administration fees regardless of whether any transaction is terminated or not.

12. Indemnity

12.1 You shall indemnify and keep Equals indemnified during the proper performance of your obligations against all liabilities, claims, losses and costs incurred by Equals arising out of a breach by you, or any authorised person, of all or any of these terms and conditions.

13. Disputes

13.1 If a dispute arises between Equals and you in respect to a transaction, Equals reserves the right to take, without prior notice, whatever action it deems necessary and appropriate with respect to the disputed transaction.

13.2 The amount of liability incurred either by Equals or you at fault under the disputed transaction shall be equal to the direct loss plus any interest calculated under clause 11.3 of these terms & conditions.

13.3 Electronically recorded conversations, transcripts of such or other relevant material reflecting conversations between Equals and you may be used in resolving disputes. You accept that these may be referred to in the resolution of any dispute. For further information as to how Equals manages, protects and safeguards your data please refer to the privacy policy.

14. Complex Jurisdictions

14.1 Certain jurisdictions may be deemed overly complex or a higher risk. Equals reserves the right not to accept transactions to or from such jurisdictions at its discretion.

15. General

15.1 You accept that foreign exchange markets are subject to volatility and that any transaction between Equals and you are time critical. Time shall be of the essence in respect of any of your obligations.

15.2 You agree that Equals may, at its discretion, carry out a check on your financial status as Equals believes it is necessary to do so.

15.3 No failure or omission by Equals to carry out its obligations under these terms and conditions or a transaction shall give any rise to any claim against Equals if such failure or omission is, from any cause, reasonably beyond the control of Equals. Equals shall give notice to you that it is unable to fulfil its obligations and shall resume the performance of such obligations as soon as possible after the removal of the cause and shall notify you accordingly.

15.4 You agree that nothing in this agreement shall be deemed a partnership, joint venture or agency relationship between the parties.