Virtual Bank Accounts Terms
Welcome to Eversend! Please carefully review these Terms and Conditions before applying for a virtual bank account. By applying for and using our virtual bank account services, you acknowledge that you have read, understood, and agree to be bound by these Terms. If you do not agree to these Terms, your application for a virtual bank account will not be processed.
Our virtual bank account service is provided in collaboration with various banking partners, depending on the jurisdiction and currency of your account. These Terms are to be read in conjunction with the Terms of Service for the Eversend App and website (accessible at /terms-of-service), including our Privacy Policy, all of which are incorporated herein by reference. Together, these documents govern your use of the Eversend virtual bank account and associated services.
1. User Agreement
This User Agreement (“Agreement”) is a legal contract between you, the customer (“you” or “your”), and Eversend Tech Limited (“Eversend,” “we,” “us,” or “our”). This Agreement governs your access to, interaction with, and use of the Virtual Bank Accounts provided by Eversend via our apps and technology platform. It also encompasses your use of all Eversend products and services, including, but not limited to, deposit, transaction banking, and other related financial products (collectively, “Eversend Products” or “Eversend Virtual Bank Accounts”).
By applying for, accessing, or interacting with the Eversend Virtual Bank Accounts, you acknowledge and agree to be bound by this Agreement from the date you first sign up, access, or use any Eversend Product or service.
Some Eversend Products and Services may include additional fees, terms, conditions, and disclaimers specific to those products (“Product/Service Terms”). In case of any inconsistency between these Product/Service Terms and this Agreement, the Product/Service Terms shall prevail.2.
2. Acceptance of Agreement
By accessing or using our Virtual Bank Account Products including obtaining an account number, receiving funds, or sending money you confirm that you have read, understood, and agree to be bound by these Terms. If you do not agree with these Terms, you are not authorised to access or use our Virtual Bank Account Products.
3. Use of the Virtual Bank Account
Upon successfully activating your Eversend Account through the Eversend App or Web Portal, and after completing our mandatory compliance checks, you will become eligible to access and use the Virtual Bank Account services. To qualify for a Virtual Bank Account, you must have completed at least ten transactions within your Eversend Wallet. However, this requirement may be waived upon request at Eversend’s sole discretion.
Once your account setup is complete, you may receive funds from external sources, including other bank accounts you own or third-party payers, directly into your Eversend Wallet. Supported Currencies refer to the list of currencies approved by Eversend for receiving, holding, and transacting through the Virtual Bank Account. Eversend reserves the right to amend this list based on regulatory and operational requirements, and you will be notified of any changes to the Supported Currencies applicable to your account.
All applicable fees for using the Virtual Bank Account, including but not limited to transaction fees, currency conversion fees, and account maintenance fees, will be clearly displayed within the Eversend App or Web Portal. These fees are also available on our website under the fees section. Fees are applied at the time a payment instruction is initiated and are subject to change as outlined in our Terms of Service. Eversend will notify you of any updates to fee structures or additional charges related to your account usage.
You may receive funds into your Virtual Bank Account in accordance with these Virtual Bank Account Product Terms. Any incoming payments or transfers are subject to applicable limits, compliance with regulatory requirements, and adherence to Eversend’s internal policies. You are responsible for ensuring that incoming funds comply with all applicable laws and regulations.
4. Source of Funds
The Virtual Bank Accounts provided by Eversend allow you to fund your account by collecting payments from your own external bank accounts through bank transfers in one of our Supported Currencies, or by topping up directly from an account under your name to enable permitted payouts. You may also receive funds from third-party payers’ bank accounts, provided these transactions comply with Eversend’s policies and regulatory requirements.
Before a payment is processed to your Virtual Bank Account, we may require specific information about the transaction, including details of the payer, the purpose of the payment, and the relationship between you and the payer. It is your responsibility to ensure that this information is accurately provided by the payer, especially at the time of initiating the payment. Prompt and complete information is essential for ensuring timely crediting of funds to your account.
If the payer fails to provide the required information or if the information provided is incomplete or insufficient, Eversend reserves the right to reverse the transaction. Any fees associated with such reversals will be deducted from your Eversend Wallet. In cases where your wallet balance is insufficient to cover these fees, you authorise Eversend to charge the associated costs to any payment method linked to your wallet.
There may be restrictions on the types or sources of funds permitted based on your location, regulatory considerations, or Eversend’s internal policies. While we strive to support seamless transactions, we are under no mandatory obligation to process payments from all sources. Acceptance and effecting of a payment into your wallet are at Eversend’s reasonable discretion, in alignment with our Terms of Service and these Product Terms.
5. Wallet Balance
Once we confirm receipt of your funds and complete all required compliance checks, we will update the balance of your Eversend Wallet. This process typically occurs within one (1) Business Day from the time we receive the funds.
Funds received into your Eversend Wallet will be held in one or more underlying bank accounts in Eversend’s name, solely for the purpose of facilitating the Virtual Bank Account Services. Please note that these funds will be pooled with the balances of other Eversend users within the same underlying account(s).
6. Foreign Exchange
You are responsible for ensuring that all payments into your Eversend Wallet are made in one of our Supported Currencies. If a payment is received in a currency that is not supported, Eversend reserves the right to convert the funds into the Supported Currency of your Eversend Wallet using our applicable Foreign Exchange Rate at the time of conversion.
Please note that currency conversions may incur additional fees or margins, which will be disclosed within the Eversend App or Web Portal at the time of conversion.
7. Limits
Eversend may impose limits on the amount of funds you can receive and hold in your Virtual Bank Account. These limits are set to ensure compliance with regulatory requirements and to manage potential risks.
If you wish to increase these limits, you may submit a request through the Eversend App or Web Portal. Eversend may require you to provide additional information or documentation to assess the request, which may include verifying your identity, evaluating potential fraud risks, and conducting credit risk assessments. Approval of any limit increase is at Eversend’s sole discretion and may be subject to additional terms or conditions.
8. Right of Refusal
Eversend reserves the right, at any time and in its sole discretion, to reject or limit payments made to your Virtual Bank Account by any payer. Payments may be rejected or limited for various reasons, including but not limited to compliance with applicable laws and regulations (such as anti-money laundering and counter-terrorism financing laws) or in alignment with Eversend’s internal risk management policies and procedures.
Please note that Eversend is under no obligation to disclose the reason for any rejection or limitation of a payment.
9. Reversals
If a payer is entitled to a refund due to a chargeback or other dispute, Eversend will attempt to reverse the payment by debiting the refunded amount, along with any applicable fees, from your Eversend Wallet. If there are insufficient funds in your Eversend Wallet to cover the reversal, you are required to reimburse Eversend fully and promptly for the outstanding balance.
Eversend reserves the right to set off any amounts owed under this clause in accordance with these Terms and our Terms of Service.