Payment Services Agreement for Private Clients

This Payment Services Agreement for Private Clients (the Payment Services Agreement) is a Supplement to the General Agreement for Private Clients (the General Agreement). This Payment Services Agreement and its terms apply to you only after you have expressly agreed to them. By agreeing, you are bound by its terms. The General Agreement applies to all matters not specifically covered here. If there is a conflict between this Payment Services Agreement and the General Agreement regarding Payment Services, the terms of this Payment Services Agreement will take precedence.

1. General provisions

1.1. Purpose of this Payment Services Agreement: This Payment Services Agreement sets out the main terms between you and the Partner when you open a Paysera Account and use the Partner's other Payment Services.

1.2. This Payment Services Agreement is an important document that you must review carefully before opening a Paysera Account or using the Payment Services. Please read these terms carefully before agreeing to them. This Payment Services Agreement and its Supplements explain the specific risks that may arise and provide guidelines for safe use of the System.

1.3. The Supplements to this Payment Services Agreement are agreements that govern your use of specific services. The terms in these Supplements are special provisions that override the terms of this Payment Services Agreement if there is a conflict. When you start using a new service, the relevant additional Supplement will apply. If the Partner requires additional verification or documents for a new service, that service will only be activated after you have completed all the required steps.

1.4. Basic concepts of the Payment Services Agreement:

API Access Token (Personal Access Token) – A personalised instrument (a unique code), together with the related procedures, that you create in your Profile to give software access to the Paysera Accounts you specify and to the actions you permit. An API Access Token that has the right to create or cancel Payment Transfers is a Payment Instrument. In all cases, the code of an API Access Token is a personalised security feature, and the rules of this Payment Services Agreement on keeping Passwords safe and on reporting their loss or disclosure apply to it.

Business Day – A day when the Partner provides its services. The Partner may set different Business Days for different services, which will be specified in the Pricing.

Electronic Money – The money credited to and held in your Paysera Account for making Payment Transactions.

Client Identification – The process of verifying your identity as described in the System.

Commission Fee – A fee the Partner charges for a Payment Transaction or related service.

Consent – Your permission to perform a Payment Transaction, given as described in Article 9 of this Payment Services Agreement.

Payment Instrument – Any payment tool, such as a payment card, that the System allows you to link to your Paysera Account to make Payment Transfers.

Payment Order – An instruction from you (as the Payer) or the Recipient for the Partner to execute a Payment Transaction.

Payment Service – Services that allow you to deposit and withdraw cash from your payment account and manage all related transactions. This includes money transfers, transactions with a payment card or credit line, issuing payment instruments, money remittances, and payment initiation services.

Payment Transaction – A money transfer or cash-in/out operation initiated by you, on your behalf, or by the Recipient.

Payment Transfer – A transaction where funds are transferred to a Recipient's payment account at your initiative.

Payer – A person who has a payment account and gives a payment order from that account, or, if there is no account, a person who gives a payment order.

Paysera – Refers to the specific Paysera Network Partner providing the regulated Payment Services to you under this Payment Services Agreement. Your specific Partner is determined based on your country of residence in accordance with the Partner Assignment List, which is published on the Partner’s website and in your Profile. This Partner is a separate legal entity from the Paysera Network and is solely liable for your funds and payment transactions.

Paysera Account – An account opened in your name in the System for payments and other Payment Transactions, which you may use for Payment Transactions only after your identity has been verified.

Paysera Account Transfer – The transfer of your Paysera Account to another payment service provider or another licensed Paysera Network Partner, initiated by you or the Partner.

Pricing – The prices for services and transactions as confirmed by the Partner in accordance with its regulations.

Recipient – The person or entity specified in the Payment Order as the receiver of the funds.

Statement – A document the Partner prepares and provides that lists the Payment Transactions executed during a specific period.

Strong Customer Authentication – A security procedure to verify your identity using two or more of the following elements: something you know (like a password), something you have (like a phone or token), and something you are (like a fingerprint).

Unique Identifier – A combination of letters, numbers, or symbols the Partner provides to identify you or your account in a Payment Transaction.

Verification of Payee (VoP) – A service that allows you to confirm if an IBAN you entered matches the recipient's name before you make an instant, SEPA, or internal Paysera payment. This service is available for payments to accounts within Paysera and to other payment service providers in the EU and other countries that offer VoP.

2. Client Identification

2.1. When you register in the System, a Profile is created for you. Your Paysera Account is opened once you have agreed to this Payment Services Agreement and completed the client identification procedure. This account functions according to Articles 4 and 5 of this Payment Services Agreement.

2.2. For the Partner to start or continue providing Payment Services, you must fill in and confirm your Profile and KYC questionnaire, and complete the client identification procedure as required by this Payment Services Agreement or the System. This is done to protect both your and the Partner’s interests.

2.3. The Partner has the right, at any time, to request data or documents to identify you and get the information needed to provide its services properly. The Partner will specify what you need to submit.

2.4. During identification, the Partner has the right to require you to submit original documents, certified copies, or copies certified by a notary or other authorised person.

2.5. The terms, locations, procedures, and prices for client identification are specified on the Partner's website.

2.6. In some cases, as required by law or the type of document, the Partner has the right to require you to complete the identification process using a specific method, such as visiting a Client Support branch, or performing a video identification.

2.7. The Partner has the right at any time to request additional information or documents related to you or your transactions and to suspend a transaction until you provide them. The Partner may also ask you to fill in and periodically update a client questionnaire. If you do not provide the requested information or documents within a reasonable time, the Partner can suspend some or all of your Services. The Partner can also require that document copies be certified by a notary and translated into an Acceptable Language. You are responsible for all costs associated with preparing and providing these documents.

2.8. You must, on your own initiative and without delay, inform the Partner of any essential change in the nature of your activity or the purpose of using the Services. Upon such a change, you must promptly submit an updated Client (KYC) questionnaire and any other information the Partner reasonably requests. If you fail to comply with this obligation, the Partner has the right to apply the measures specified in Clause 2.7, including the suspension of Services.

2.9. Where you are unable to complete a standard identification procedure (for example, a video call) due to objective reasons, such as a confirmed disability, or due to other significant obstacles, you must provide the Partner with documents proving such circumstances. In such an event, the Partner, at its sole discretion and considering the applicable anti-money laundering requirements and the risk level of the specific situation, has the right to offer an alternative identification method. Alternative methods may include, but are not limited to, visiting a Paysera branch or identification through notarised or apostilled documents. The Partner is not obliged to offer an alternative method if there are reasonable suspicions of fraud, illegal acquisition of funds, or use of the account by third parties. All costs related to the alternative identification shall be covered by you.

3. Prices of Paysera Services and the Payment Procedure

3.1. The prices and terms for the Partner's services are stated in this Payment Services Agreement, on the Pricing page, or in the relevant Supplement for a specific service.

3.2. If the Partner reduces its general prices, the new prices apply immediately upon publication, even if you have not been personally informed, unless the price change is handled differently under the General Agreement.

3.3. Paysera Commission Fees are deducted:

3.3.1. at the time of the Payment Transaction;

3.3.2. if a Commission Fee was not deducted during a transaction, the Partner has the right to deduct it later, but no more than 2 years after the transaction. The Partner will inform you about this deduction in the commission fees report for that period;

3.3.3. the Commission Fee for the transaction is shown to you before you complete it, unless the rules for that specific Payment Instrument or Service state otherwise.

3.4. You confirm that you have carefully reviewed the Prices and Terms of Payment Transfers and other services that apply to you.

3.5. The Partner has the right to deduct the Commission Fee from the Account used for the transaction or from any other accounts you have opened with the Partner.

3.6. The Commission Fee must be paid in the currency specified in this Payment Services Agreement, its Supplement, or on the Partner's websites.

3.7. You must ensure you have enough money in your account to cover the Commission Fee. If you don't have enough in the required currency, the Partner has the right (but not the obligation) to deduct the fee from funds held in another currency by converting it at the Partner’s standard exchange rate, which is published on the Partner’s website. If you have funds in multiple currencies, the Partner may perform the conversion in the alphabetical order of the currency codes.

3.8. If you request to close your Paysera Account, an account closing fee may be applied as specified in the Pricing, where permitted by applicable law. No closing fee applies where at least 6 months have passed since your payment services agreement with the Partner first took effect (including the period under any earlier agreement that this Payment Services Agreement replaces), where you withdraw from this Payment Services Agreement or the General Agreement under Clause 7.8 of the General Agreement, or where you terminate this Payment Services Agreement or the General Agreement because you do not agree with amendments under Clause 6.3 of the General Agreement or with the transfer of your Paysera Account under Clause 12.2 of this Payment Services Agreement. If the balance in your Paysera Account at the time of closure does not exceed the applicable closing fee, the Partner has the right to deduct the remaining balance as the closing fee, unless mandatory law provides that the redemption of funds must be free of charge in the specific case.

4. Opening a Paysera Account, methods of holding funds, and conditions for depositing, transferring, and withdrawing funds

4.1. Under this Payment Services Agreement, a Paysera Account is opened for you for an indefinite period.

4.2. The Paysera Account allows you to deposit, transfer, and hold funds for transfers, make local and international payments, receive money, pay for goods and services, and perform other transactions related to money transfers.

4.3. Depending on the licence of the Paysera Network Partner that registered you, your funds in the Paysera Account may be held in one of the following ways:

4.3.1. As Electronic Money, which the Partner issues after you transfer or deposit funds into your Account. When the Partner receives your funds, it credits them to your Account, issuing Electronic Money of the same value. This Electronic Money is yours and is kept in accordance with legal requirements.

4.3.2. As funds whose value corresponds to the amount of money you deposited, received, or transferred.

4.4. The way your funds are held under Clause 4.3 is indicated to you when you select a top-up method in your Profile. The deposit instructions and the data they contain are considered Unique Identifiers necessary for the correct execution of the transaction.

4.5. The value of the funds in your account is equal to the value of the money you deposited or transferred.

4.6. Funds kept in your Account, except for Electronic Money, may be considered a deposit (subject to the specific licence of the Partner providing the services), for which the Partner may pay interest under a separate Supplement. Electronic Money is not a deposit, and the Partner does not pay interest or provide any other benefits for holding it.

4.7. You can create and use several Paysera Accounts in the same Profile.

4.8. You can withdraw (redeem) the funds in your Paysera Account at their nominal value at any time, upon your request, unless restrictions apply as specified in this Payment Services Agreement.

4.9. To withdraw (redeem) funds, you create a Payment Order to transfer them to another account you specify (a list of supported banks and payment systems is available on the Partner's website) or use other withdrawal methods the Partner supports. The Partner has the right to apply withdrawal restrictions, which are provided on the Partner's website.

4.10. No special conditions apply to the withdrawal (redemption) of funds that differ from the Partner's standard payment transfers. You choose the amount to withdraw or transfer.

4.11. Except as provided in Clause 3.8 of this Payment Services Agreement, there is no additional fee for withdrawing (redeeming) funds. You will pay the standard Commission Fee for the payment transfer or payout, which depends on the transaction type. Standard transfer or withdrawal fees apply.

4.12. If you terminate the General Agreement or this Payment Services Agreement and close your Paysera Account, or if the Partner terminates the service, the money in your Account will be transferred to a bank account you specify or to another electronic payment account. The Partner has the right to deduct any amounts you owe the Partner (fees, fines, damages) from these funds.

4.13. If the Partner cannot repay the money to you for reasons beyond the Partner’s control, the Partner will notify you immediately. You must then provide another account or the necessary information for the Partner to make the payment. If you fail to do so within 30 calendar days, the Partner has the right to transfer your funds to a designated Paysera account, where they will be held until you provide proper instructions. Fees specified in the Pricing may apply for holding funds in this account for more than 3 months.

4.14. After termination of the General Agreement or this Payment Services Agreement, you must choose how to redeem your Electronic Money. If your identification level is not sufficient to redeem the full amount, you must complete the necessary actions to upgrade it. You understand that this is to reduce fraud risk and comply with legal requirements.

4.15. If, after termination, you do not choose a redemption method or complete the required identification, the Partner may (but is not obligated to) redeem your Electronic Money using the method available at that time.

5. The Use of the Paysera Account

5.1. You can manage your Paysera Account online by logging into your Profile with your username and Password through a web browser or the Paysera Application. Access requires additional authentication (Strong Customer Authentication), such as entering a one-time code sent via SMS or using the Application's confirmation function.

5.2. The Partner will send you a one-time security code or provide a confirmation prompt in the Paysera Application in the following cases:

5.2.1. when you log in to your Profile;

5.2.2. when you change your Password;

5.2.3. when you change the email address in your Profile;

5.2.4. when you change the phone number in your Profile;

5.2.5. in cases required by law in your country or the EU, when Strong Customer Authentication is mandatory;

5.2.6. when you log in from a device after having previously logged out;

5.2.7. when you confirm your phone number.

5.3. You must take all possible security measures, including checking that you are on the official bank.paysera.com website or in the official Paysera Application, and using the one-time security code or verification function correctly. The Partner is not responsible for your losses if you use the security code or verification function on fake websites or applications, disclose it to unauthorised third parties, or otherwise fail to comply with your security obligations.

5.4. You can make Payment Transfers from your Paysera Account:

5.4.1. to another user's account in the System;

5.4.2. to domestic, EU, and foreign bank accounts (the Partner will inform you of any countries where transfers are forbidden);

5.4.3. to accounts in other electronic payment systems specified in the System.

5.5. When you submit a Payment Order for an international transfer, the Supplement "Conditions for Execution of International Payment Transfers" also applies.

5.6. Currency exchange is based on the Partner’s exchange rate at the moment of conversion. The rates, as well as any specific conditions or limits for currency exchange operations, are constantly updated and published on the Partner’s website and apply immediately without separate notice.

5.7. The prices for opening and maintaining a Paysera Account are on the Pricing page. If you have not logged into your Profile or performed any transactions for more than a year, the Partner will consider the Paysera Account(s) inactive. The Partner has the right to close inactive Paysera Accounts with no funds by giving you 30 calendar days' notice without terminating the General Agreement or closing your Profile. If an inactive Account has funds, the Partner may close that specific Account after giving you 30 calendar days’ notice, and will transfer the remaining funds applying Clause 4.12 of this Payment Services Agreement accordingly. If your Profile and/or Account(s) with funds remain inactive for two years, the Partner may start charging the Commission Fee for inactive account maintenance, as provided in the Pricing.

5.8. A bank or another payment service provider may charge its own fees for transfers to or from your Paysera Account. Such fees are determined by third parties, are outside the Partner’s control, and are separate from the fees charged by the Partner.

5.9. The list of banks and electronic payment systems to which you can make transfers, as well as the fees and terms, are specified on the Partner’s website.

5.10. Fees for the services are deducted from your Paysera Account by the Partner. If the funds in your Account are less than the transfer amount plus the Partner’s fee, the transfer will not be executed.

5.11. For transfers other than SEPA, TARGET2, or SEPA Instant, the Partner may be indicated in the payment message as the sending institution, while you remain the Payer. The Recipient will receive the following information with the transfer, depending on technical capabilities:

5.11.1. detailed information about you (the Payer) in the primary payer field, if the receiving system supports it;

5.11.2. detailed information about you in the payment purpose field;

5.11.3. a unique link that redirects to a webpage with detailed information about the payment and you.

5.12. When you execute payment transfers, the process for verifying the Recipient's data (Unique Identifier and name) is governed by section 6 of this Payment Services Agreement ("Verification of Payee (VoP)"). You confirm you have read these rules and accept full responsibility for any decisions you make based on the VoP results.

5.13. You must provide a Payment Order according to the instructions in the System. If you are the Recipient, you must provide the Payer with precise information so that the Payment Order is correct. Before submitting a Payment Order or sending information to a Payer, you must check and update the account top-up instructions. These instructions are considered Unique Identifiers.

5.14. If you submit an incorrect Payment Order that has not yet been executed, you may request to correct it. A fee for this correction, as indicated in the System, will apply.

5.15. If the Partner receives funds but cannot credit them to the Recipient's account (e.g., the account is closed or the IBAN is wrong), the Partner will return the funds to the sender without undue delay, and in any event within three Business Days. The Partner may apply charges for returning the payment. If the Partner cannot credit the funds due to your error, but you request their return, the Partner may cancel the Payment Order and return the funds only with your written request and the Recipient's agreement (if they can be identified). The cancellation fees indicated in the System will apply.

5.16. If the Partner receives a Payment Order but cannot credit the funds due to errors or missing information, and neither the Payer nor the Recipient contacts the Partner, the Partner will take all possible measures to track the transaction. This may include:

5.16.1. Contacting the Payer for clarification, if the Partner has their contact details.

5.16.2. Contacting the Payer's payment service provider to request they get the correct information from the Payer.

5.16.3. If the above methods fail, the Partner may make a minimum payment transfer (e.g., 0.01 EUR) back to the Payer with a request to contact the Partner, provided their account is known and the cost is reasonable.

5.17. In all cases listed in Clause 5.16, the payment order adjustment fee specified in the System is deducted from the transferred amount before it is credited to the Recipient's account.

5.18. If the Partner cannot track the transaction using the methods in Clause 5.16, the funds will be stored in the Partner’s system until the Payer or the Recipient provides the necessary information. The funds can then be credited (after deducting the adjustment fee) or returned to the Payer upon written request (after deducting the return fee).

5.19. Erroneous Transactions and Return of Funds in Fraud Cases

5.19.1. If you notice that money has been credited to or deducted from your Account by mistake, you must notify the Partner immediately. You have no right to use money that does not belong to you. In such cases, you give the Partner your irrevocable consent to correct the error and deduct the mistakenly credited amount from your Account without a separate order from you. If the funds in your Account are insufficient to cover these amounts, you must repay the remaining balance to the Partner within 3 Business Days of the Partner’s request.

5.19.2. Advance Consent to Debit Funds due to Fraud. In order to prevent fraud and in accordance with the guidelines of the supervisory authority, you (as the Recipient) grant the Partner advance consent to debit funds from your Account and return them to the payer in the following cases: (a) the Partner receives a request from the payer’s payment service provider (PSP) to return the funds, based on the circumstance that the disputed payment transaction was executed due to fraud or the funds were obtained due to possible fraud; and (b) the Partner, having evaluated the received information, possesses documented and objective evidence or data (including but not limited to data provided by the payer's PSP) to believe that the funds entered your Account due to fraudulent activity.

5.19.3. In the presence of the circumstances specified in Clause 5.19.2, the Partner has the right to debit the disputed amount and/or hold it without requesting your repeated consent.

5.19.4. Liability. If it is later determined that the decision to debit funds under Clause 5.19.2 was made without valid grounds, or if new circumstances emerge proving the legitimacy of the transaction, the Partner undertakes to: (a) Immediately return the unfounded debit to your Account; (b) Compensate you for direct losses incurred due to the unfounded decision to debit funds, except in cases where such a decision was made due to false information provided by you or your dishonest actions.

5.20. You can change your payment transfer limits by completing an additional verification procedure in the System. New limits take effect 12 hours later. You can check your current limits in your Profile. The Partner has the right to limit your transfer amounts and require additional identification. The Partner will notify you of such limits by email. This clause may be restricted for minors or certain client categories, subject to the Partner’s internal policies and applicable local laws.

5.21. You can check your Account balance and transaction history by logging into your Profile. This information includes all Commission Fees and other charges deducted from your Account.

5.22. You confirm that:

5.22.1. the funds in your Paysera Account are not from illegal activities;

5.22.2. you will not use the Partner’s services for any illegal purposes, including money laundering.

5.23. You can manage your Paysera Account and perform transactions in the following ways:

5.23.1. online by logging into your Profile;

5.23.2. through the Paysera App, after agreeing to its specific Supplement;

5.23.3. with a Payment Instrument linked to your Account, after agreeing to its specific Supplement;

5.23.4. by other means the Partner offers, after you agree to their terms of use.

5.24. Your confirmations, orders, requests, and other actions performed by logging into your Paysera Account are treated as legally binding agreements confirmed with your electronic signature.

5.25. Executing online payment instructions:

5.25.1. To make a payment online, you must fill in a Payment Order in the System and submit it, electronically confirming your Consent.

5.25.2. Submitting a Payment Order is your binding agreement to the transaction. It can only be cancelled before its execution has started. You can see the status of a Payment Order in your Profile.

5.25.3. When sending money to another Paysera user, you can choose to make it a password-protected transfer. The transfer is complete only when the Recipient enters the password you set. If they do not enter it within 30 calendar days, the funds are returned to your account. The transaction is authorised the moment the Recipient enters the password and cannot be cancelled after that. You are responsible for safely sharing the password with the Recipient.

5.25.4. You can set a future payment date for a Payment Order, up to 2 years in advance. The order will be executed on that day if you have sufficient funds. A transfer to another Paysera Account will execute at 00:00 in the Partner’s time zone. A transfer to a bank account will execute within the standard timeframes.

5.25.5. If a Payment Order is filled in incorrectly, it will not be executed. However, in exceptional cases, the Partner may, at its own initiative, correct it or execute it if the Partner has enough information to determine the correct details.

5.25.6. If you have insufficient funds, the Payment Transfer will not be executed. The Partner will try to execute it for 5 more calendar days. If your balance is still insufficient after that, the order will be cancelled. If you have enough funds but in a different currency, the transfer will not be executed until you convert the funds, unless you have an automatic currency exchange function enabled or the payment is for goods or services via the System.

5.26. The terms for using other account management methods are set out in separate Supplements. A Supplement applies once you have read its terms and electronically confirmed your consent to use that service.

5.27. Information on your transactions is provided in your Statement. You can view this information for free by logging into your Profile or have it printed at a selected frequency.

6. Verification of Payee (VoP)

6.1. Before you finalise a Payment Order, the Partner will show you the result of the Verification of Payee (VoP). This will tell you if the Recipient's name you entered fully matches, partially matches (e.g., differs by a few letters), or does not match the name associated with the account number. If it is a partial match, the Partner will show you the correct Recipient name. If VoP is temporarily unavailable, the Partner will inform you, and you will assume all risks if you proceed with the payment.

6.2. You are responsible for the final decision to approve a Payment Order after seeing the VoP results. If you confirm the payment despite the Partner’s warning about a full or partial name mismatch, you unconditionally accept all associated risks. You agree that in such cases, the funds will be sent to the account specified by the Unique Identifier, and if the money goes to the wrong recipient, you will have no legal basis to claim a refund from the Partner. You must resolve any issues directly with the actual recipient.

6.3. When you start a transfer through the Paysera App using a phone number, the Partner will show you the Recipient's name and account number associated with it, if available. You are fully responsible for checking that this information is correct before confirming the payment. Once you confirm, the transaction is authorised, and you assume all risk of transferring funds to the wrong person.

6.4. When you create a recurring payment agreement, you will have one opportunity to verify the Recipient's name using the VoP procedure. By confirming the agreement, you are confirming that the Recipient's name is accurate for all future payments under that agreement. The Partner will not re-verify the name for each recurring payment and will not be liable for any losses if the Recipient's name changes or was entered incorrectly.

6.5. If a Payment Order is submitted through a Payment Initiation Service Provider (PISP), it is the PISP's responsibility to verify the Recipient's data and inform you of the results. The Partner is not responsible for how the PISP does this and does not perform a second verification. When you confirm a payment through a PISP, you also confirm the Recipient's data is accurate.

6.6. You must use the VoP service only for its intended purpose: to verify a Recipient's data before authorizing a payment. Using this service for any other reason, such as collecting personal data about third parties or for fraudulent activities, is strictly prohibited.

6.7. A payment service provider whose client wants to send you money may ask the Partner if the account number and name they have for you are correct. If the name they provide partially matches yours, the Partner will disclose your correct name and surname to them, so they can show it to their client. In all other cases, the Partner will not disclose your details.

6.8. If you are not a User, when submitting multiple Payment Orders as a batch, you have the right to instruct the Partner not to apply VoP to all or part of the batch, where the System offers this option.

6.9. You confirm that you understand and assume all risks if you choose not to use VoP. In such cases, the Partner will execute the transfers based only on the Unique Identifiers (IBANs) you provide and will not be liable for any losses if funds go to the wrong recipient. By choosing this option, you give up any right to claim that a payment was executed incorrectly where it was executed in accordance with the Unique Identifier you provided.

6.10. Under no circumstances will the Partner be liable for any losses you incur if you proceed with a payment after the Partner has notified you of a full or partial mismatch in the Recipient's data. In such cases, you are considered to have assumed all risks, and the Partner has fulfilled its obligations.

6.11. Despite any other provisions in this Payment Services Agreement, the Partner will not be liable for losses if funds are credited to an account whose owner's details do not match the information you provided, or when VoP was not provided, in the following cases:

6.11.1. when you voluntarily confirmed the Payment Order after the Partner clearly notified you of a full or partial mismatch;

6.11.2. when VoP was temporarily unavailable for technical reasons beyond the Partner's control, and you, after being informed, proceeded with the payment;

6.11.3. when the payment was initiated through a Payment Initiation Service Provider (PISP);

6.11.4. when the transfer is to a country in the European Economic Area where the mandatory use of VoP has not yet been implemented;

6.11.5. when the transfer is to a recipient whose payment service provider is outside the European Economic Area.

6.12. In all the above cases, you are considered to have acted at your own risk, and the Partner has fulfilled its obligations by executing the transfer according to the Unique Identifier (IBAN) you provided.

7. Depositing and withdrawal of cash

7.1. The Partner provides you with the right to deposit cash into your Paysera Account under the terms specified in the System. The locations, terms, currencies, limits, and prices for cash deposits are provided in the Pricing.

7.2. The Partner provides you with the right to withdraw cash from your Account under the terms specified in the System. The locations, terms, currencies, limits, and prices for cash withdrawals are provided in the Pricing.

7.3. You must count the cash yourself before depositing it or immediately after withdrawing it. You must raise any issues about the amount or quality of banknotes immediately at the time of the transaction.

7.4. After you deposit cash, you can use the Electronic Money immediately after the Partner receives it.

8. Payment Order Receipt, Requirements Applied to the Payment Order, and Refusal to Execute the Payment Order

8.1. A Payment Order from you is considered received on the day the Partner gets it. If the Partner receives it on a non-Business Day, it is considered received on the next Business Day.

8.2. A Payment Order received on a Business Day but outside of the Partner’s business hours is considered received on the next Business Day.

8.3. Payment Orders for transfers within the System are executed immediately (usually within minutes), regardless of the Partner’s business hours, unless the transaction is suspended for legal reasons.

8.4. The Partner has the right to record and store all Payment Orders you submit and information about all transactions you perform. The Partner can use these records as evidence to confirm that a Payment Order was submitted or a transaction was executed.

8.5. Your Payment Orders must be clear, unambiguous, executable, and contain all required information. The Partner is not responsible for errors, discrepancies, or repetitions in your Payment Orders. If an order is incomplete or has errors, the Partner can either refuse to execute it or execute it based on the data provided.

8.6. The Partner has the right to refuse to execute a Payment Order if the Partner has reasonable doubts about its legality, authenticity, or accuracy, or if it does not meet the Partner’s requirements. If the Partner suspects the order was not submitted by you or your representative, the Partner has the right to ask for additional confirmation at your expense. In these cases, the Partner acts to protect your and the Partner’s interests and is not liable for any losses from the refusal.

8.7. You must ensure you have a sufficient amount of money in the relevant currency in your Account for the Payment Order to be executed.

8.8. Before executing a Payment Order, the Partner has the right to require you to provide documents proving the legal origin of the funds. If you fail to do so, the Partner has the right to refuse to execute the order.

8.9. The Partner has the right to involve third parties to execute your Payment Order if it is in your interest. If another financial institution is involved and suspends your payment, the Partner is not responsible for their actions but the Partner will try to find out the reason for the suspension. The Partner can suspend or terminate the execution of your Payment Order if required by law or for other reasons beyond the Partner’s control.

8.10. If the Partner refuses to execute your Payment Order, the Partner will notify you immediately, unless it is technically impossible or forbidden by law.

8.11. The Partner will not accept or execute your Payment Orders if the funds in your Account are frozen, your right to manage the funds is legally restricted, or your transactions are suspended by law.

8.12. If money from a Payment Order is returned for reasons beyond the Partner’s control (e.g., incorrect details, closed recipient account), the returned amount will be credited to your Account. The fees you paid for the transfer are not returned, and any fees related to the return of funds will be deducted from your Account.

8.13. You can choose to make a standard (non-urgent) or urgent transfer if the option is available. If you do not choose, the Partner will automatically select the most favourable option for you.

8.14. The Partner has the right to suspend, refuse, or delay the execution of a Payment Order where this is required by applicable laws and regulations, including obligations related to the prevention of money laundering and terrorist financing, the implementation of international restrictive measures and sanctions, requests from competent authorities, or internal control procedures.

9. Submission and Cancellation of the Consent, Cancellation of the Payment Order, Execution of the Payment Order

9.1. A Payment Transaction is authorised only if you (the Payer) give your Consent. You can give Consent in the manner the Partner specifies, such as in writing, or by using an electronic signature, password, or other identity verification method. Consent given through a Recipient or payment initiation service provider is also valid. Your Consent, given by any of these methods, has the same legal force as a signed paper document and can be used as proof in any dispute. You cannot contest a transaction that was authorised with your Consent, except where applicable law grants you the right to a refund.

9.2. You must give your Consent before the transaction is executed, unless the Partner has agreed that you can give it afterward.

9.3. You agree that when the Partner executes your Payment Orders, the Partner will share the necessary information (including your Personal Data) with parties involved in the transaction, such as payment card organizations, payment processors, and the Recipient's payment service provider.

9.4. Payment Order cancellation procedure:

9.4.1. A Payment Order cannot be cancelled after the Partner has received it, except in the cases described below.

9.4.2. If a transaction was initiated by or through a Recipient (e.g., a card payment) or a payment initiation service provider, you cannot cancel the order after you have given your consent.

9.4.3. A future-dated Payment Order (as described in Clause 5.25.4) can be cancelled up to the end of the Business Day before the payment is scheduled.

9.4.4. A Payment Order can be cancelled after the deadlines above only if you and the Partner agree. If the transaction was initiated by a Recipient, their consent is also required.

9.4.5. For card payments where the exact amount is unknown at the time of authorisation, the Partner may reserve funds in your Account only if you have consented to the specific amount being reserved. The Partner will release the reservation as soon as the Partner knows the exact transaction amount.

9.5. The Partner will credit and debit funds based on the Unique Identifier (e.g., IBAN) you provide in the Payment Order. Apart from the Verification of Payee described in Section 6, the Partner has the right, but not the obligation, to check if the name you provide matches the Unique Identifier. If it does not, the Partner may refuse the payment. However, if a payment is executed based on the Unique Identifier you provided, it is considered correctly executed.

9.6. For transfers to another payment provider, the Partner will execute the payment based on the Unique Identifier (IBAN) you provide. The Partner is not responsible if you provide an incorrect Unique Identifier or if the recipient's provider uses a different identifier.

9.7. If required by institutions in other countries, the Partner has the right to request additional information (like the Recipient's full name or a payment code) to execute the payment correctly.

9.8. A Payment Order is considered executed when the Partner transfers the funds to the Recipient's payment service provider. It is then their responsibility to credit the funds to the Recipient's account.

9.9. Consent (authorisation) to execute a Payment Transaction is given depending on the type of the transaction: (a) transfers and Payment Orders - by logging in and confirming with your personalised security credentials (PIN, biometrics, or a one-time code) using Strong Customer Authentication (SCA); (b) card payments at a physical location - by using the card and entering the PIN; (c) card payments online - via 3D Secure or another applicable SCA method; (d) payments via digital wallets (Apple Pay, Google Pay, etc.) - by using device recognition (fingerprint, face, or device code); (e) contactless payments not exceeding the set limit - by tapping the card or device. By confirming a Payment Order in any of these forms using your personalised security credentials, you give clear and unambiguous Consent to execute the Payment Transaction to the Partner and assume responsibility for all transactions authorised in this way.

10. Prohibited Activities Related to Payment Services

10.1. When using Paysera services, you are prohibited from:

10.1.1. failing to comply with this Payment Services Agreement, the General Agreement, or laws related to anti-money laundering and counter-terrorist financing;

10.1.2. making or receiving transfers of illegally acquired funds if you know or should know they are illegal;

10.1.3. using the Partner's services if you, your representative, or the transaction matches any of the criteria on the Partner's list of limitations (available on the Partner's website);

10.1.4. organising illegal gambling or illegal trading in stocks, currencies (Forex), options, or other prohibited items like illegal tobacco, alcohol, prescription drugs, weapons, or narcotics;

10.1.5. using the Partner's services for payments involving unregulated or unsupervised virtual currencies. This includes buying, selling, or managing them, and also making or receiving transfers from virtual currency exchanges, except as permitted under Clause 10.2 of this Payment Services Agreement;

10.1.6. providing financial services (like trading in shares, currencies, etc.) without the Partner's prior written consent or without a valid licence from a competent EU or equivalent authority;

10.1.7. organising legal gambling, lotteries, or other licensed activities without the Partner's prior written consent or without a valid licence from a competent EU or equivalent authority;

10.1.8. disclosing your Passwords used for Strong Customer Authentication or other personalised security features to third parties, or allowing others to use the Payment Services in your name;

10.1.9. using your Account or the Services for systematic or commercial currency exchange, including currency exchange carried out on behalf of, between, or for the benefit of third parties.

10.2. Specific terms and conditions for services related to virtual currencies and crypto-assets (including those regulated under Regulation (EU) 2023/1114 - MiCA) are set out in a separate Crypto Assets Supplement.

11. Suspension of Services

11.1. At the Partner's own discretion, considering the specific situation and legal requirements, the Partner has the right to unilaterally and without prior notice take one or more of the following measures:

11.1.1. suspend one or more Payment Transfers;

11.1.2. suspend providing all or part of the services to you;

11.1.3. limit your access to your Profile;

11.1.4. hold your funds that are part of a dispute;

11.1.5. block your Account (fully or partially suspending transactions) or your Payment Instrument;

11.1.6. refuse to provide services;

11.1.7. return held funds from your Account to the original sender.

11.2. The Partner may apply the measures in Clauses 11.1.1 – 11.1.7 only in the following exceptional cases:

11.2.1. if you seriously violate this Payment Services Agreement or the General Agreement, or if there is a real threat that you will;

11.2.2. if your activities raise suspicions of money laundering or terrorist financing, or could harm the Partner's business reputation;

11.2.3. if you do not complete the required identification, provide the requested information, or submit documents that do not meet legal or the Partner's requirements, or if the Partner has reasonable doubts about their authenticity;

11.2.4. if continuing to provide services could harm the justified interests of third parties;

11.2.5. if there are objectively justified reasons related to the security of your funds or Payment Instrument, or if the Partner suspects unauthorised or fraudulent use;

11.2.6. if the Partner learns that your Payment Instrument has been stolen or lost, or if the Partner suspects its personalised security data has been compromised or that it is being used for illegal activity;

11.2.7. if the Partner receives substantiated information about your death or bankruptcy;

11.2.8. in cases specified by law;

11.2.9. in other cases stated in this Payment Services Agreement or its Supplements.

11.3. The measure in Clause 11.1.7 (returning funds to the sender) applies if the Partner reasonably suspects you are engaged in fraud. In this case, the Partner will withhold the funds in your account. If you do not perform the requested actions (like additional identification) or provide a reasonable explanation within the specified time, the Partner may return the funds to the original sender. This also applies if the Partner is instructed to do so by law enforcement.

11.4. The Partner will inform you without undue delay about any of the measures the Partner takes under Clause 11.1 and, within 2 Business Days of taking the measure, about the possibility of recovering your money, unless providing this information would compromise security or be prohibited by law. If the Partner blocks your Payment Instrument, the Partner will inform you of the block and the reasons for it, where possible before it is blocked and at the latest immediately afterwards, unless giving this information would weaken security measures or is prohibited by law.

11.5. If the Partner has a reasonable suspicion of money laundering, terrorist financing, or other criminal activity, the Partner has the right to suspend your services, partially or completely, without warning, for 30 calendar days. The Partner may extend this period indefinitely until the suspicion is cleared.

11.6. If the Partner reasonably suspects that your Account or Profile has been hacked, the Partner has the right to suspend your services, partially or completely, without prior notice. The Partner will then inform you about the suspension and what you need to do to resume the services.

11.7. The Partner will unblock your Account or Payment Instrument (or replace it with a new one) once the reasons for the block no longer exist.

11.8. The Partner may block your Account or Payment Instrument at your request if you inform the Partner that it has been lost or stolen or is being used illegally. The Partner has the right to ask for written confirmation of an oral request. The Partner will unblock it only after receiving your written request or completing other identification procedures, unless this Payment Services Agreement states otherwise. The Partner has the right to replace a blocked Payment Instrument with a new one.

11.9. The Partner is not liable for your losses caused by the suspension of services or blocking of your Account or Payment Instrument, if the Partner acted in accordance with the procedures and reasons specified in this Payment Services Agreement.

11.10. The Partner has the right to withhold money from a transaction for up to 10 Business Days, or longer if permitted by law or this Payment Services Agreement.

11.11. Where this Payment Services Agreement is terminated or the Account is closed and you have not indicated another account to which your funds should be transferred, or the return is not possible for reasons beyond the Partner’s control (including AML/KYC decisions), the Partner has the right to transfer the remaining funds to the Partner’s internal (technical/transit) account and to hold them there in accordance with Clause 4.13 of this Payment Services Agreement.

11.12. Upon receiving substantiated information about your death or incapacity, the Partner has the right to suspend access to the Account and to hold the funds until a person entitled under applicable law (for example, an heir or a court-appointed representative) provides documents proving their right to the funds. The funds are then paid out or transferred in accordance with applicable law.

12. Paysera Account Transfer

12.1. If you wish to transfer your Account to another Paysera Network Partner, you must submit a request that meets the legal requirements of the country where that Partner is licensed and/or EU law. Please note that the Partner reviews each request and reserves the right not to grant (refuse) such transfer if the applicable requirements are not met, if there are outstanding obligations on your Account, or due to other significant reasons.

12.2. By accepting this Payment Services Agreement, you grant your consent for the Partner to transfer your Account (including all funds, rights, and obligations) from one licensed Paysera Network Partner to another. The Partner will notify you of any such transfer at least 2 months in advance. If you do not agree with the transfer, you have the right to terminate this Payment Services Agreement free of charge before the transfer takes effect. No separate written consent beyond this Payment Services Agreement is required for such a transfer.

12.3. Account Transfers in the cases specified in Clauses 12.1 – 12.2 are free of charge.

13. Security of Payment Service Credentials

13.1. You must protect your Passwords used for Strong Customer Authentication and other personalised security features of your Payment Instruments. You must not disclose them to third parties and must prevent others from using the services on your behalf. If you fail to do so, whether intentionally or through gross negligence, you acknowledge that any access to your Account and use of services will be considered as done by you. In such cases, you are fully responsible for any resulting losses and must compensate others for their losses.

13.2. If you lose your Passwords or Payment Instrument, or if they are exposed to others without your or the Partner's fault, or if a real threat to your Account security arises, you must change your Passwords immediately. If you cannot, you must inform the Partner immediately (within one calendar day) as specified in the General Agreement. The Partner is not responsible for the consequences if you fail to inform the Partner.

13.3. Upon receiving your notification, the Partner will immediately suspend access to your Account and the provision of services until a new Password is created.

13.4. The Partner reminds you that instruments linked to your Account are used for Strong Customer Authentication. You must protect them and their login credentials. You are fully responsible for the security of all instruments and Passwords. Passwords are secret, and you are responsible for their disclosure and for all operations performed after they are used. The Partner recommends memorising Passwords and not writing them down where others can see them.

13.5. You agree that your account number and personal data may be displayed to another Paysera user who enters a confirmed identifier of yours (e.g., name, email) to make a payment to you.

13.6. With your consent, your data may also be shared with payment initiation or account information service providers. The Partner may refuse to give such a provider access to your Account for objectively justified and duly evidenced reasons relating to unauthorised or fraudulent access to your Account by that provider, including unauthorised or fraudulent initiation of a payment transaction. In such cases, the Partner will inform you of the refusal and the reasons, unless doing so would compromise security or be illegal.

13.7. The Partner has the right to block an API Access Token for objectively justified reasons related to the security of the token or to its suspected unauthorised or fraudulent use. The Partner will inform you about the block and the reasons for it, where possible before the token is blocked and at the latest immediately afterwards, unless giving this information would weaken security measures or is prohibited by law.

14. Liability for Payment Services

14.1. The Partner is not responsible for:

14.1.1. any money debited or transferred from your Account, or other payment operations, if you have not protected your Passwords or the personalised security features of your Payment Instrument;

14.1.2. errors and late or missed transactions made by banks, billing systems, or other third parties.

14.2. If the Partner becomes aware of an unauthorised Payment Transaction, the Partner will refund the amount to you and restore your Account balance to what it was before the transaction immediately, and in any event no later than by the end of the next Business Day, unless the Partner has reasonable grounds to suspect fraud and notifies the competent authority in writing.

14.3. If a User claims a transaction was unauthorised or improperly executed, the Partner is responsible for proving that it was authenticated, accurately recorded, and not affected by a technical failure.

14.4. A User may be liable for losses up to 50 EUR (or the equivalent in another currency) resulting from unauthorised transactions if they were due to a lost or stolen Payment Instrument or its misappropriation.

14.5. If you are not a User, you are responsible for all losses for the reasons specified in Clause 14.4.

14.6. You are responsible for all losses from unauthorised transactions if you acted fraudulently or, with gross negligence or intent, failed to fulfil one of the duties below:

14.6.1. to comply with the rules for the issuance and use of the Payment Instrument as stated in this Payment Services Agreement or its Supplements;

14.6.2. to notify the Partner immediately if you discover the loss, theft, or unauthorised use of your Payment Instrument, or that its security features have been compromised;

14.6.3. to take all possible measures to protect the personalised security data of your Payment Instrument after you receive it.

14.7. After you notify the Partner to block a Payment Instrument, the Partner will be responsible for any losses from its use, unless you acted fraudulently. This clause only applies to Users.

14.8. If the Partner does not provide a way for you to immediately report a lost, stolen, or misappropriated Payment Instrument, or if the Partner does not require Strong Customer Authentication, the Partner will be responsible for losses from its unauthorised use, unless you acted fraudulently. This clause only applies to Users.

14.9. You must check your transaction information at least once a month and notify the Partner of any unauthorised or improperly executed transactions, or any other errors in your Statement. If you are a User, you must notify the Partner within 13 months of the debit date. If you are not a User, you must notify the Partner within 60 calendar days of the transaction date. If you do not notify the Partner within the applicable timeframe, you are considered to have accepted the transactions. You must provide the Partner with any information about illegal logins or other illegal actions and take all reasonable measures to help the Partner's investigation.

14.10. If you are not satisfied with the Partner's decision, you have the right to use other legal remedies, including:

14.10.1. submitting a claim to the supervisory authority as per their procedures;

14.10.2. protecting your consumer rights by contacting the supervisory authority as an out-of-court dispute resolution body.

15. Final Provisions

15.1. This Payment Services Agreement takes effect when you accept it as described in its introductory part and is valid for an indefinite period.

15.2. You may terminate this Payment Services Agreement separately from the General Agreement by notifying the Partner at least 30 calendar days in advance or by closing all your Paysera Accounts. The Partner may terminate this Payment Services Agreement on the grounds and with the notice periods set out in Clause 7.3 of the General Agreement. Clauses 4.12 – 4.15 of this Payment Services Agreement apply to the settlement of your funds.

15.3. Matters not covered by this Payment Services Agreement, including amendments, notifications, liability, disputes and applicable law, are governed by the General Agreement.