Multicurrency Account Terms

These terms apply to your use of the traditional multicurrency account which is accessible through the Wirex Service (your "Wirex Multicurrency Account").

It is important that you read this document and any documents referred to within it (the "Multicurrency Account Terms") alongside our general Terms, as they set out additional terms that apply to your relationship with us when you access and use your Wirex Multicurrency Account and form the legal agreement between:

You, as the Wirex user; and

The Wirex company identified in paragraph 3 of the General Terms (or “we”, “our”, or “us”).

Please ensure that you have read and understand these Multicurrency Account Terms before using or accessing your Wirex Multicurrency Account.

Capitalised terms defined in the Terms shall have the same meanings when they are used in these Multicurrency Account Terms.

When you first make a transaction through the Wirex Service, we will set up your Wirex Multicurrency Account for you. You can view and manage your Wirex Multicurrency Account through the Wirex Service.

Your traditional currencies held in your Wirex Multicurrency Account are e-money, issued and safeguarded in segregated bank accounts by us in accordance with our obligations as an e-money institution. In the event of Wirex insolvency, all of your traditional currencies will be returned to you.

To redeem your e-money, you can send traditional currency to others, spend funds on your Wirex Card or you can exchange your traditional currency for cryptoassets.  

Wirex Limited is authorised with the Financial Conduct Authority as an e-money institution with registration number 902025. Be sure to check our General Terms and other applicable terms for relevant information about your Wirex Services.  

Your cryptoassets are not covered by our e-money authorisation and are governed by our separate Cryptoasset Terms. 

You can top up your Wirex Multicurrency Account using the applicable functionality on the Wirex Service. You can view the ways available to you to top up your Wirex Multicurrency Account on your Wirex Profile. Usually you can top up by bank transfer and with payment cards, or by selling cryptoassets up to the value that you would like to deposit into your Wirex Multicurrency Account. Any transactions involving cryptoassets are subject to the Cryptoasset Terms.

We may refuse to process any payment that you make from a card or bank account that is not in your name.

You are responsible for ensuring that you enter the details of the bank account that we provide to you for topping up your Wirex Multicurrency Account correctly when you initiate a transfer. You will also be responsible for any charges imposed by your bank for making the transfer.

You will be asked to select the currency with which you would like to top up your Wirex Multicurrency Account. You should ensure that the currency you send to us is the same as the currency you have selected. If you send a different currency than the one you selected, your bank or payment card issuer may apply additional fees to your transaction. If you send us funds in a currency that is not supported by the Wirex Service, you may incur additional exchange fees.

Your ability to top up your Wirex Multicurrency Account may be subject to daily limits as set out on your Wirex Profile.

When you make a transaction through your Wirex Multicurrency Account, for instance by making a purchase, we will provide you with an electronic record of your transactions which you can view on the Wirex Service. We do not issue paper statements.

Any payments you make using your Wirex Multicurrency Account are subject to transaction limits. You can see these limits on our Pricing page.

You can exchange the currencies in your Wirex Multicurrency Account into other supported currencies. The available currencies and exchange rates may vary from time to time but the current supported currencies and prevailing exchange rate will be displayed to you on your Wirex Profile when you initiate the transaction.

Exchange rates can change rapidly, particularly with more volatile currencies. There is no guarantee that the value of a currency will not fall significantly. You accept any risk associated with currency conversions and we will not be responsible to you for any losses you suffer. Where we are unable to make an exchange for you, we will not be responsible for the loss of any gain you may have enjoyed if that exchange had been completed.

It's free to open to open up a Wirex Multicurrency Account. However, certain transactions that you make through the Wirex Service will incur fees as set out here, which will be deducted from the balance of your Wirex Multicurrency Account. Where your balance lacks sufficient funds and the corresponding fees to carry out a transaction, the transaction may be declined.

We will notify you of any changes to the fees we charge you for making transactions through the Wirex Service; however, any changes will not apply to transactions that you have already executed or initiated.

For more information on our X-tras program and corresponding fee rates, see our Wirex X-tras Terms.

Your balances are not used for investment or lending purposes and will not accrue interest. Your balances are not covered by any banking protections, such as the UK Financial Services Compensation Scheme or the FDIC Deposit Insurance Scheme. We do not take deposits, lend your funds, or grant any interest on traditional currencies held with us.  

All funds you send to us will be safeguarded by us.

Where any transaction or action has been taken through your Wirex Multicurrency Account but not authorised by you, or where an error has occurred, you must inform us as soon as possible. If you fail to notify us promptly upon noticing that an error or unauthorised transaction has occurred, or notify us after 13 months of the date of the unauthorised transaction or error, you will lose your entitlement to a refund in connection with the unauthorised transaction or error.

You will, however, be responsible for any losses you suffer as a result of unauthorised use of your Wirex Multicurrency Account where this has happened because you have failed to comply with these Multicurrency Account Terms, and particularly where you have shared your password or otherwise granted a third party access to your Wirex Multicurrency Account. 

We may in our sole discretion terminate access to and/or confiscate any funds held in your Wirex Multicurrency Account immediately and indefinitely where we are required to do so by law. Where required under applicable law we may need to do this without prior notice.

We may need to convert any balance of currency in your account, for instance for crediting a third party to which you owe money as a result of your use of our services or your transactions. We may monitor transactions made through your Wirex Multicurrency Account for suspicious activity and fraud.

You are solely responsible for any tax liability incurred from using the Wirex Service. We are not responsible for keeping track of your tax liability or paying taxes on your behalf.

While we do our best to ensure that the Wirex Multicurrency Account is of a reasonably satisfactory standard, due to the nature of the Internet and technology, we are unable to promise that your use of the Wirex Multicurrency Account will be uninterrupted, without delays, error-free or meet your expectations. We do not give any commitment relating to the performance or availability of the Wirex Multicurrency Account in these Multicurrency Account Terms and, to the extent we are able to do so, we exclude any commitments that may be implied by law.

For any claim, our responsibility to you will be limited to any amounts you have paid us in the 12 months preceding your claim. If you have not paid us anything, we shall not be responsible to you for any claim arising out of the provision of the Wirex Multicurrency Account.

In every case, we will never be responsible for any loss or damage that is not reasonably foreseeable, or that is caused by a failure by you to comply with these Multicurrency Account Terms or the Terms.

We will be responsible to you if we fail to execute your transactions correctly (subject to the next paragraph), or if we fail to execute your transactions in the timeframes set out below: 

Wirex Card Top-Ups: Near instant to 24 hours 

Peer to Peer Transfers: Near instant to 24 hours 

Exchanges: Near instant to 24 hours 

We will not be responsible to you for any transactions where you have provided us with incorrect details, and we have executed the transaction correctly using those details. In cases where you have provided us with incorrect details of the recipient, we may make reasonable efforts to recover funds, although we may charge you for any fees related to such recovery. We will not be responsible for failed exchange transactions, which may be unavailable from time to time. Transactions may also be delayed if further reviews of the transactions are needed, in accordance with our terms and conditions. 

If you or we terminate your right to access the Wirex Service, your right to initiate transactions through your Wirex Multicurrency Account will terminate as well.  

If you or we end your use of the Wirex Service and close your Wirex Profile, we will ask you, within a reasonable time frame, to withdraw any balance held in your Wirex Multicurrency Account at the time of account closure. If you do not, you will be able to withdraw this balance for six years from the time you end your use of the Wirex Service, but you cannot close your Wirex Profile until you have withdrawn all existing balances. Note your balances with us will incur a storage fee after 9 months of inactivity – see the General Terms for more information. You can also request data pertaining to your Wirex Multicurrency Account for up to six years after you close your Wirex Multicurrency Account, subject to applicable Data Protection regulations. 

All intellectual property rights in the Wirex Multicurrency Account are owned by or licensed to Wirex. You may not copy, imitate, or use any of this intellectual property without our prior written consent. Nothing in these Multicurrency Account Terms grants you any intellectual property rights in the Wirex Multicurrency Account, other than the right to use the Wirex Multicurrency Account through the Wirex Service in accordance with these Multicurrency Account Terms.

Your right to use the Wirex Multicurrency Account is personal to you and you are not allowed to give this right to any other person.

We may make changes to these Multicurrency Account Terms and policies from time to time. Where possible, we will notify you at least 2 months in advance of the date of these changes. If you do not agree to the changes, you must stop using the Wirex Multicurrency Account before the planned commencement date of the new changes. Continuing to use your Wirex Multicurrency Account after that date means that you accept our new changes.

Certain changes may occur immediately and without notice. This may happen when we are required to make changes by law, or where we make minor changes to these Terms that do not impact your rights and remedies or our obligations. When such changes occur, we will notify you as soon as reasonably practicable.

English law will apply to all disputes and the interpretation of these Terms. The English courts will have exclusive jurisdiction over any dispute arising from or related to your use of the Wirex Service. You agree to raise a complaint with us and follow the steps outlined in Section 21 of the General Terms before any dispute may be raised in a court of law.

No third-party rights are created in these Multicurrency Account Terms. Only you, as the holder of the Wirex Multicurrency Account will have any rights to enforce these Multicurrency Account Terms. You cannot assign or transfer any of your rights under these Multicurrency Account Terms to someone else.

Where we do not enforce our rights under these Multicurrency Account Terms, we do not waive our rights. We may transfer or assign our rights under these Multicurrency Account Terms at any time.

Unless stated otherwise in these Multicurrency Account Terms, if any provision of these Multicurrency Account Terms is held to be invalid or unenforceable, such provision shall be struck and the remaining provisions shall be enforced to the extent possible.