The Virtual Prepaid MasterCard is issued by IDT Financial Services Limited pursuant to a license from Visa Europe. IDT Financial Services Limited is a regulated bank, licensed by the Financial Services Commission, Gibraltar. Registered Office: 57-63 Line Wall Road, Gibraltar. Registered No. 95716. All communications should be sent to WEX Europe, PO Box 60826, London, W6 6GB.
Virtual Prepaid MasterCard Card Terms and Conditions
These terms and conditions apply to your virtual Prepaid Card. You must read them carefully.
In these terms and conditions “Prepaid Card” means the WEX Europe Prepaid MasterCard Virtual Card which has been issued to you, to your Organisation, or to your Organisation for your use, and any additional, secondary or companion cards issued to you or your Organisation.
“Business Day” means a day other than a Saturday or Sunday on which banks are open for business in the UK.
“WEX Europe Account” means an account record created by the WEX Europe online portal for the Organisation. Such record shows the funds received from the Organisation to be available for loading onto Prepaid Cards, but which are not already available to spend using a Prepaid Card. When a Prepaid Card is created using the WEX Europe online portal and loaded from a WEX Europe Account, the balance of the WEX Europe Account is reduced and the balance of the Prepaid Card increases by the corresponding amount.
“Denominated Currency” means pounds sterling, Euros, or US Dollars, depending on the denomination of the Prepaid Card.
“Organisation” means your organisation or employer as applicable where they have applied for a Prepaid Card for use by you or by the Organisation themselves.
“Lost or Stolen Card Contact Number” means our standard telephone numbers below, or for our text service 60777 from your registered mobile or +44 7786 200 690 from outside the UK.
“You” means the named Prepaid Cardholder and the authorised user of the Prepaid Card and any additional, secondary or companion Prepaid Cardholders.
“Virtual Card”, when used with reference to a Prepaid Card means the following information; PAN, CV2 code, Expiry Date.
“We”, “us” or “our” means IDT Financial Services Ltd or WEX Europe acting on its behalf in its capacity as Programme Manager.
“Website” means our website at www.wexeurope.com
“Contact Details”: if there is anything you do not understand or agree with please contact us using our Contact Details:
- Telephone: 0845 200 3778 or + 44 203 059 1207 from outside the UK;
- Mailing address: WEX Europe, PO Box 60826, London W6 6GB, United Kingdom;
- Email: firstname.lastname@example.org
1. YOUR WEXEUROPE PREPAID MASTERCARD CARD
1.1 You can use the Prepaid Card to make online or telephone payments to merchants who accept MasterCard. The Prepaid Card will be restricted to only work with certain merchants; these have been notified by us to the Organisation separately. This list may change from time to time and the Organisation will be notified accordingly.
1.2 Before using the Prepaid Card you need to make sure there are enough funds loaded on it for the payment you wish to make with it. Any balance of funds on the Card can be returned to the WEX Europe Account held on behalf of the Organisation for the Organisation to use for loading new Prepaid Cards.
1.3 Your Prepaid Card is not a credit card and is not in any way connected to your bank account. You will not earn any interest on any funds loaded on your Prepaid Card or held in the WEX Europe Account.
2. APPLYING FOR AND ACTIVATING YOUR PREPAID CARD
2.1 To apply for a Prepaid Card you must be at least 18 years old and a UK resident. We may ask to see the evidence you or your Organisation hold to evidence who you are and your address. For Organisations we may ask to see evidence of the identity of Directors, major Shareholders and/or contract signatories. We may ask for documentary evidence to prove this and/or we may carry out checks on you and your Organisation electronically. Such evidence may be provided on your behalf by your Organisation.
2.2 In performing these checks personal information provided by you may be disclosed to a registered Credit Reference Agency who may keep a record of that information. You can rest assured that this is done only to confirm your identity, that a credit check is not performed and that your credit rating will be unaffected.
2.3 The card can only be used by you. It is not transferable and you are not permitted to allow any other person to use the card.
2.4 By using the Prepaid Card you are agreeing to these terms and conditions.
3. LOADING YOUR PREPAID CARD
3.1 Funds can be loaded from your WEX Europe Account to your Prepaid Card by you or your Organisation as applicable. Minimum and maximum load limits apply and have been notified to you or the Organisation (as the case may be) separately. We reserve the right to refuse to accept any particular loading transaction.
3.2 Funds will be made available to you or your Organisation in your WEX Europe Account by 8:00pm on the Business Day they are received in to the relevant bank account (as notified to the Organisation separately) as cleared funds, provided they are received by 5:00pm on that Business Day. Funds received after 5:00pm will be loaded in to your WEX Europe Account the next Business Day by 8:00pm.
3.3 Your Prepaid Card can be created and loaded at any time using funds which are available within your WEX Europe Account. A Prepaid Card cannot be loaded with more than the amount of funds available within your WEX Europe Account.
4. USING YOUR PREPAID CARD
4.1 You can use the Prepaid Card to make online or telephone payments to merchants who accept MasterCard. The Prepaid Card will be restricted to only work with certain merchants; these have been notified by us to the Organisation separately. This list may change from time to time and you or the Organisation will be notified accordingly.
4.2 A Limit may be applied to the amount of the payment which can be made with your Prepaid Card for your protection. Such limit (if any) has been notified to you or the Organisation (as the case may be) separately.
4.3 A Prepaid Card can be requested by you on behalf of your Organisation through the WEX Europe online portal, provided you have been granted the relevant access rights. Prepaid Cards can also be automatically requested and used by your Organisation’s business systems to automate the payment of suppliers, provided your Organisation has carried out the relevant technical integration with us and been provided with the relevant security information by us.
4.4 Detailed instructions on how to use your Prepaid Card have been notified by us to you or the Organisation separately.
4.5 The payment made using your or your Organisation’s Prepaid Card shall be in the Denominated Currency of the Prepaid Card. If the amount payable is in another currency, the amount payable shall be converted at the MasterCard conversion rate at the time they process the payment, and a Foreign Currency Fee will apply. Details of fees have been notified to you or your Organisation (as the case may be) separately.
4.6 We will deduct the value of your payment from the balance on your Prepaid Card as soon as it is made. We will also deduct any applicable fees as soon as they become payable by you. These may be deducted from the Prepaid Card or the WEX Europe Account balance. See Section 12 for information about fees.
4.7 The Prepaid Card belongs to us. We may ask you not to use your Prepaid Card and to destroy the information which your Prepaid Card consists of. We may at any time suspend, restrict or cancel your Prepaid Card or refuse to issue or replace a Prepaid Card for reasons relating to the following:
- we are concerned about security of your account or Prepaid Cards we have issued to you;
- we suspect your account is being used in an unauthorised or fraudulent manner;
- or we need to do so to comply with the law.
If we do this, we will tell you as soon as we can or are permitted to do so after we have taken these steps. We will issue you with a replacement Prepaid Card if after further investigations we believe that such circumstances no longer apply.
4.8 Like other payment cards, we cannot guarantee a payee will accept your Prepaid Card.
4.9 We may refuse to effect a payment:
- if we are concerned about security of your Prepaid Card or we suspect your Prepaid Card is being used in an unauthorised or fraudulent manner;
- if sufficient funds are not loaded on your Prepaid Card at the time of a transaction to cover the amount of the payment and any applicable fees;
- if we have reasonable grounds to believe that you are acting in breach of this agreement;
- if we believe that a payment is potentially suspicious or illegal (for example, if we believe that a payment is being made fraudulently);
- or because of errors, failures (whether mechanical or otherwise) or refusals by merchants, payment processors or payment schemes processing payments.
- If it would result in the Organisation, WEX Europe or MasterCard breaching national or European Law
If we refuse to authorise a payment, we will, if practicable, tell you why immediately unless it would be unlawful for us to do so. You may correct any information we hold and which may have caused us to refuse a payment by contacting us on 0845 200 37786 or +44 203 059 1207 from outside the UK.
5. AUTHORISING TRANSACTIONS
5.1 A Prepaid Card payment will be regarded as authorised by you where you authorise the payment at the point of sale by following the instructions provided by the supplier to authorise the payment, which includes: providing the Prepaid Card Virtual Card details and/or providing any other details as requested.
5.2 Authorisation for a payment may not be withdrawn (or revoked) by you after the time we have received it. However, the following payments may be withdrawn if you give notice to the supplier (providing a copy of the notice to us): any payment 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. We may charge you a fee if a payment is revoked by you under this condition.
5.3 We will pay the funds required by the supplier to cover the payment authorised by you within 3 days of us receiving their request. A payment request will be received as follows: for purchases, at the time we receive the payment settlement instruction from the merchant acquirer; for other transactions which are communicated directly to us, at the time you ask us to complete the transaction.
6. CANCELLATION AND EXPIRY OF YOUR PREPAID CARD
6.1 You have a legal right to cancel your Prepaid Card up to 14 days after you receive the Prepaid Card without being charged the Redemption Fee – this 14 day period is known as the “Cooling-Off Period”. Under these terms and conditions, you also have the right to cancel your Prepaid Card at any time after the 14 day Cooling-Off Period without notice and any funds remaining on your Prepaid Card will be returned to you or your Organisation within 5 working days subject to satisfactory checks being completed.
6.2 We may also cancel your agreement for any reason by giving you at least 2 month’s notice:
– 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;
– in the event your Organisation becomes insolvent , has suffered the appointment of a receiver, an administrator or administrative receiver to manage its business affairs and property, or has ceased to be able to pay its debts as they fall due.
6.3 We may also cancel this agreement or suspend your Prepaid Card or account immediately if we believe your Prepaid 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.
6.4 If we cancel your Prepaid Card you must tell us what you want us to do with any unused funds as soon as is reasonably practicable. We can return the funds to the loading source, to the bank account in the same name as the Prepaid Card account. Please note we will need to verify your identity in order to satisfy Anti-Money Laundering requirements.
6.5 If your Prepaid Card is linked to your Organisation, it will be cancelled if you leave your current employment and you must ensure that the Prepaid Card is returned to your Organisation or destroyed. You must not use the Prepaid Card after you leave your Organisation and you will be liable for any funds spent on the Prepaid Card after this time and you agree to pay us for any amount outstanding.
6.6 If your Prepaid Card is cancelled, we will immediately block your Prepaid Card so it cannot be used. You will not be entitled to a refund of money you have already spent on a payment or pending payment or any fees for use of the Prepaid Card before the Prepaid Card is cancelled. You can cancel your Prepaid Card by sending an email to us using the “contact us” function on the Website, and confirming that you have destroyed your Prepaid Card.
6.7 If you cancel your Prepaid Card, once any payment and all fees have been deducted, we will arrange for any unused funds to be refunded to you, see “Your Rights to Redemption of Funds and Refunding of Transactions on your Prepaid card” section below for further information. A Redemption Fee may be charged (see section 12 below for information about fees) unless you cancel your Prepaid Card within 14 days of receiving it.
6.8 Your Prepaid Card will be valid for the period ending on the expiry date set out on your Prepaid Card. This agreement will terminate when your Prepaid Card issued under this agreement expires.
7. KEEPING YOUR PREPAID CARD SECURE
7.1 You should treat your Prepaid Card like cash. If it is lost or stolen, you may lose some or all of your money on your Prepaid Card, in the same way as if you lost cash in your wallet or purse. As a result, you must keep your Prepaid Card safe and not let anyone else use it.
7.2 We will provide you with your Prepaid Card balance and a statement of payment made either by electronic means or on a secure webpage on our Website. Your statement will show:
– information relating to the Prepaid Card payment which will enable it to be identified;
– the amount of the Prepaid Card payment shown in the currency in which the payment was paid or debited to the account;
– the amount of charges for the transaction;
– the date the transaction is authorised or posted on to the account
7.3 Your Passcode / Access code is needed to access your Prepaid Card details on the Website. You must keep this secret at all times. When you are issued with your Passcode/Access code you must immediately memorise it and delete the text or email notification. Do not write it down or share it with anyone. If you suspect that someone else knows your Passcode / Access code, you should change it as soon as possible.
8. LOST AND STOLEN PREPAID CARD AND UNAUTHORISED OR INCORRECTLY EXECUTED PAYMENTS
8.1 If you know or suspect that your Prepaid Card Virtual Card is lost or stolen, or that the Passcode / Access Code is known to an unauthorised person, or if you think a transaction has been incorrectly executed you must tell us without undue delay (but in respect of unauthorised incorrectly executed transactions not later than 13 months of the date of the debit) by calling us on 0845 200 3778 or +44 203 059 1207 from outside the UK.
8.2 You can also report your Prepaid Card lost or stolen via our Website or via text message 24 hours a day from the registered mobile (provided there is one), simply text CARD STOP STOLEN or CARD STOP LOST to our Lost or Stolen Card Contact Number. In addition, you can ask your Organisation to block your Prepaid Card.
8.3 Your maximum liability for any unauthorised transactions on your Prepaid Card is �50, unless 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 Prepaid Card or PIN secure or by failing to notify us and without delay on becoming aware of the loss, theft, misappropriation or unauthorised use of the payment instrument), in which case you may be liable for any loss we suffer because of the use of the Prepaid Card.
8.4 Provided you have not acted fraudulently we will refund the amount of any transactions which our investigations show are not authorised by you arising after you notify us of the loss, theft, misappropriation or unauthorised use of your Prepaid Card.
9.1 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; or
– a supplier refusing to accept your Prepaid Card; or
– our compliance with legal and regulatory requirements;
– us suspending, restricting or cancelling your Prepaid Card or refusing to issue or replace it in accordance with Clause 4 above;
– loss or corruption of data unless caused by our wilful default.
9.2 We shall not be liable:
– If a Merchant refuses to honour a transaction or fails to cancel an authorization
– For goods and services that you purchase with your PrePaid Card.
9.3 Where your card is faulty due to our fault, our liability shall be limited to replacement of the Card, or, at our choice, repayment to you of the Available Funds.
9.4 Where sums are incorrectly deducted from your Available Funds due to our fault, our liability shall be limited to payment to you of an equivalent amount.
9.5 In all other circumstances of our default, our liability will be limited to repayment of the amount of the Available Funds.
9.6 Nothing in this Agreement shall exclude or limit our liability for death or personal injury.
9.7 In the unlikely event that we become insolvent, your Card and the Available Funds on your Account may lose their value and become unusable, and accordingly you may lose any e-money loaded onto your Account
9.8 From time to time, your ability to use your Prepaid Card may be interrupted, e.g. when we carry out maintenance. If this happens, you or your Organisation may be unable to load your
Prepaid Card, you may be unable
(a) to use your Prepaid Card to make a payment and/or
(b) to obtain information about the funds available on your Prepaid Card and/or about your recent Prepaid Card transactions.
We will not be liable for any loss arising from such interruptions.
9.9 We are also not liable for: business interruption, loss of revenue, goodwill, opportunity or anticipated savings; any indirect or consequential loss arising from your total or partial use or inability to use your Prepaid Card, or the use of your Prepaid Card by any third party.
9.10 You will not be liable for any financial consequences resulting from the use of a lost, stolen or misappropriated Card after notification or if we do not provide appropriate means for such notification, except where you have acted fraudulently.
9.11 Where you act fraudulently, you agree to indemnify us against your fraudulent use.
9.12 You will be liable for all Transactions that take place as a result of you acting fraudulently or failing to comply with these Consumer Terms and Conditions with intent or gross negligence. Any such Transactions and any fees and charges relating to such Transactions will be deducted from the Available Funds on your Account.
9.13 We will refund to the Account immediately any Available Funds used in any unauthorised Transactions (and – without any undue delay – any Available Funds used in any incorrectly executed Transactions) provided you notify us without any undue delay on becoming aware of any such Transactions and no later than 13 months after the corresponding funds have been deducted from the Account and, where applicable, we will restore your Account to the state in which it would have been had the unauthorised or incorrectly executed Transaction not taken place. Any such refund will not be subject to any fee.
10. YOUR RIGHTS TO REDEMPTION OF FUNDS AND REFUNDING OF TRANSACTIONS ON YOUR PREPAID CARD
Redeeming the Funds on your Prepaid Card
10.1 You or Your Organisation have the right to redeem the funds on your Prepaid Card or in your WEX Europe Account at any time in whole or in part. To do so, you or your Organisation must send us an e-mail to your WEX Europe Account Manager requesting redemption and indicating the amount to be redeemed. You can move unspent funds back from your Prepaid Card to your WEX Europe Account, instructions to do this have been notified by us to you or the Organisation separately.
10.2 All refunds will be returned to your Organisation or you on the payment instrument that you used to fund the WEX Europe Account. We reserve the right to see proof of your ownership of the payment instrument before transferring the funds to it. 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.
10.3 We may also charge a redemption fee if one of the following circumstances applies:
– You are requesting redemption before termination or expiry of this agreement; or
– You cancel this agreement before any agreed termination or expiry date. Please see section 12 for further details on fees.
10.4 Where the currency of the refund amount is different to the currency of the payment instrument that you used to fund the WEX Europe Account we will convert this before we refund you. Please note that exchange rates vary and also contain a buy / sell spread and therefore the exchange rate on any refund you receive will differ from the rate when you loaded onto your Prepaid Card. We will apply our standard rate on the day and will inform you of the exchange rate at the time of the refund.
10.5 It should be noted that the funds for redemption can be withheld if there are security or legal reasons for doing so. Refunding Transactions
10.6 You may be entitled to claim a refund in relation to a transaction where:
– the transaction was not authorised under this agreement;
– we are responsible for a transaction which was incorrectly executed and notified to us in accordance with section 8 above;
– 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 could reasonably have expected taking into account normal spending patterns on the Prepaid Card or the circumstances of the transaction. A claim for a refund in such pre-authorisation circumstances will not be accepted if the amount of the transaction was made available to you at least 4 weeks before the transaction date or if the claim is made more than 8 weeks after being debited to your account.
11. CHANGES TO THESE TERMS
11.1 We may change these terms by notifying you by e-mail or other agreed means at least 60 days before the change is due to take effect. The notices and up-to-date version of the Prepaid Card terms and conditions will always be available on the Website. You should check the Website regularly for such notices and changes. You will be taken to have accepted the notified change unless you tell us that you do not agree to the change prior to the change being effective. In that event, we will treat that notice as notification that you wish immediately to terminate. In such circumstances we will refund any balance on the Prepaid Card in accordance with section 10 above and you will not be charged a Refund Fee.
11.2 We may make immediate changes to the exchange rate used to convert foreign transactions between two currencies as applicable. For a transaction made in a foreign currency you can find out what the applicable exchange rate was at the time of the transaction via the MasterCard website.
12. THE FEES AND LIMITS
12.1 We do not charge any fees for checking your on-line balance and transactions.
12.2 Fees apply to the use of the Card, these have been notified by us to you or the Organisation (as the case may be) separately.
12.3 Load limits apply to the usage of the card, these have been notified by us to you or the Organisation (as the case may be) separately.
12.4 If we decide to increase or impose any new fees, we will tell you or your Organisation by e-mail, text, or post, at least two months before any changes take effect.
12.5 Authorisation will be requested for a transaction at the time of the transaction. In the unlikely event, for any reason whatsoever, a transaction is completed when there are insufficient funds on the Prepaid Card for that transaction (a “Shortfall”), the Shortfall shall be reimbursed by you unless it is due to an error on the part of the supplier to which the Prepaid Card was provided by you as the means of payment, in this circumstance we may seek the Shortfall from the supplier.
12.6 You agree that once we make this Shortfall known to you, we may charge you for the Shortfall amount. We may charge the amount of the Shortfall from your WEX Europe Account, any other Prepaid Cards that you hold with us, to any other payment method which you may designate at that time, or any payment methods you may have used in the past or have registered with us, or against any funds which you may subsequently load onto your Prepaid Card or on any additional Prepaid Card ordered by you. Until we are reimbursed the Shortfall amount, we may suspend your Prepaid Card and any additional Prepaid Cards connected to you. In addition, we reserve the right to charge you an Administration Fee for each transaction that you make using your Prepaid Card that results in a Shortfall or increases the Shortfall amount on your Prepaid Card. Alternatively, we may seek to recover any Shortfall directly from your Organisation who requested the Prepaid Card on your behalf.
13. YOUR DETAILS
13.1 You must let us know as soon as possible if you change name, address, phone number or e-mail address. If we contact you in relation to your Prepaid Card, for example, to notify you that we have cancelled your Prepaid Card or to send you a refund by cheque, we will use the most recent contact details you have provided to us. Any e-mail 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.
14. DATA PROTECTION
14.2 We may transfer your data outside the EU to our commercial partner for the purposes of providing customer service, account administration, financial reconciliation, or other valid reasons needed to provide our services to you. When we transfer data outside the EU, we will take steps to ensure that your data is afforded the same or equivalent protection as data processed within the EU. Your use of our products and services will indicate to us that you agree to the transfer of your data outside the EU.
15. DISPUTES WITH RETAILERS
15.1 If you have any disputes about purchases made using your Prepaid Card, you should settle these with the person you bought the goods or services from. We are not responsible for the quality, safety, legality or any other aspect of any goods or services purchased with your Prepaid Card. Remember that once you have used your Prepaid Card to make a purchase we cannot stop that transaction.
16.1 If you have an enquiry relating to your Prepaid Card, you can call our customer service telephone line on 0845 200 3778 or +44 203 059 1207 from outside the UK. Standard BT rates will apply to calls to the 0845 number from a fixed UK BT landline. Call costs from other networks may vary.
17.1 The Prepaid Card programme is managed by WEX Europe as Co-Brand Partner. If You are not satisfied with any element of the service You receive, any complaints should be made to Our customer services team using the contact details in clause 16.1 above. Calls may be monitored or recorded for training purposes.
17.2 We do everything We can to make sure You receive the best possible service. However, if You are not happy with how Your complaint has been managed by our customer care team and You wish to escalate Your complaint, You should contact the card issuer, IDT Financial Services Limited, PO Box 1374, 1 Montarik Building, 3 Bedlam Court, Gibraltar, email address: email@example.com, web www.idtfinance.com in the first instance for further assistance.
17.3 If, IDT Financial Services Limited is unable to resolve Your complaint and You remain unhappy, You may contact the Gibraltar Financial Services Commission, PO Box 940, Suite 3, Ground Floor, Atlantic Suites, Europort Avenue, Gibraltar, e-mail firstname.lastname@example.org, web www.fsc.gi.
18.2 We will not disclose any of your personal information to any third party outside of WEX Europe except:
– to fraud prevention agencies and other organisations who may use the information to prevent fraud and money laundering;
– to our suppliers or service providers that process data on our behalf;
– to the bank that issued your prepaid card (and is a member of the card scheme);
– to persons acting as our agents (and our partners who sell our prepaid cards) under a strict code of confidentiality;
– to anyone to whom we transfer or may transfer our rights and duties under our prepaid card terms and conditions with you;
– as required by law or regulation;
– to your employer, where the card has been provided to you for use in the course of your employment
– for such purposes that you have given us consent to do so
18.3 If you do not want to receive marketing information about our products and services, please update your preferences via our website or contact us through one of the methods listed on this site. You will however still receive operational and administrative messages related to the service you have applied for and any enhancements or changes to this service.
19.1 The Prepaid Card is an electronic money product and although it is a product regulated by the Financial Conduct Authority, it is not covered by the Financial Services Compensation Scheme. No other compensation scheme exists to cover losses claimed in connection with the Prepaid Card. This means that in the unlikely event that IDT Financial Services Ltd becomes insolvent your funds may become valueless and unusable and as a result you may lose your money.
20.1 We may assign the benefit and burden of these terms and conditions to another company at any time, on giving you 2 months prior notice of this. If we do this, your rights will not be affected
21. TRANSFER TO A NEW PREPAID CARD
21.1 We may transfer your unused balance to a new Prepaid Card provided by a Prepaid Card issuer other than IDT Financial Services Ltd at any time. Before we do this, we will give you at least 2 months notice of the new Prepaid Card arrangements and the new Prepaid Card terms and conditions. Unless you advise us within the 2 month period that you do not want a new Prepaid Card from the new Prepaid Card issuer, you agree that we can automatically transfer the unused balance on your Prepaid Card to a new Prepaid Card provided by the new Prepaid Card issuer.
22. GOVERNING LAW
22.1 This Agreement is concluded in English. All communications with you will be in English. These terms and conditions will be governed by English law and English courts will deal with any legal proceedings between us.
23. FUND PROTECTION
23.1 As a responsible e-money issuer, IDT Financial Services Ltd ensures that once it has received your funds they are deposited in a secure account, specifically for the purpose of redeeming transactions made by your Prepaid Card. In the event that IDT Financial Services Ltd becomes insolvent, funds that you have loaded which have arrived with and been deposited by IDT Financial Services Ltd are protected against the claims made by creditors.
24. PREPAID CARD ISSUER
24.1 Your Prepaid Card is issued by IDT Financial Services Ltd whose principal office is IDT Financial Services Ltd, 57/63 Line Wall Road, Gibraltar, which is licensed by the Gibraltar Financial Services Commission under the Banking Act 1992and is permitted to issue e-money. Its Ultimate Holding Company is IDT Corporation, listed on the New York Stock Exchange (NYSE:IDT, IDT.C); a US incorporated Company.
24.2 Your Prepaid Card is the property of IDT Financial Services Ltd and is not transferable to anyone else. For foreign exchange services we use Currencies Direct which is registered with HM Revenue & Customs (Registration number 12132225).