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Terms and Conditions


In these terms and conditions: "you" means the named cardholder being the authorized user of the Prepaid Card. "We" refers to Cufcards (UK) Limited. "Website" means our website at

Account Closure - means the date on which your card will cease to work.

Calculation period — the period of time, for which the Company summarizes the Transactions and fees carried out by using the Card. The duration of the Calculation period is one calendar month.

Card - means an electronic money account issued by us to you including the Prepaid Card linked to your account.

Card replacement — production of a new Card in the event of loss, theft, mechanical damage or fraudulent action, by assigning a new Card number.

Card renewal — production of a new Card following its expiration, by retaining the Card number.

Card data — the type of Card, the Card user information indicated on the Card, Card number, expiration date and other data present on the Card.

Card user — the Customer or a natural person authorized by the Customer, to whom the Company issued the Card on the basis of the Application.

Customer — a person who has concluded the Contract with the Company according to these Terms and Conditions.

Cash machine (ATM) — a device for withdrawing cash from the Account..

Company — Cufcards LTD; registration number 08147789; Office 103 Regent Home Business Centre,

291 Kirkdale, London, SE26 4QD.

Contracting parties — the Company and the Customer.

Contract — a contract between the Company and the Customer about the issuing and use of the Cards.

Business Day - Monday to Friday, 10:00 hrs to 18:00 hrs GMT, excluding bank and public holidays in the UK.

Fees & Limits Schedule - the schedule contained herein.

Fee - any fee payable by the Customer, as referenced in the Fees & Limits Schedule.

KYC - Know Your Customer, requirements for knowledge of and information on customers in accordance with Money Laundering Regulations.

KYB - Know Your Business requirement for knowledge of and information on the business in accordance with Money Laundering Regulations.

SDD Card - Standard Due Diligence prepaid Card / Instant Issue Prepaid Cards.

Limitation Period - the period of 5 years following termination of this Agreement.

E-money - is electronically (including magnetically) stored monetary value, represented by a claim on the issuer, which is issued on receipt of funds for the purpose of making payment transactions, and which is accepted by a person other than the electronic money issuer.

Merchant - a retailer or any other person that accepts e-money.

Payment amount — the amount of a Transaction in the currency as sent to the Company by international payment data processing organizations (e.g., MasterCard). The currency of the Payment amount can be different from that of the Transaction amount. If the currency of the Payment amount differs from the Account currency, the PFS shall convert the currency to the Account currency.

Payment Services - means all payment and e-money services and any related services available to the Customer and/or Additional Cardholder(s) where applicable through the use of the Account and/or Card.

PFS —Prepaid Financial Services Card and Transaction processing center providing services to the Company. Prepaid Financial Services, registration number 06337638; 4th Floor, 36 Carnaby Street, London, England.

PFS Application — the Companies online information and payment system

Reload - to add money to Your Account.

Reserved amount — the amount of a completed Transaction, which has not been debited from the Account due to being in processing stage. The maximum reservation duration of such Transaction amounts is 14 (fourteen) calendar days from the date of Transaction. If the Transaction date is not a business day, the reservation duration shall be calculated from the next business day.

Virtual Card - a non-physical pre-paid electronic payment card, the use of which is limited to on-line purchases or on the phone or mail order.

We, us or our - Prepaid Financial Services Limited are the e-money issuer: Cufcards operate the prepaid program.

You or Your - the Customer and/or any person who has been provided with a Card by the Customer for use as an Additional Cardholder where applicable in accordance with these Terms and Conditions.

Additional Card holder(s) - Where applicable you may apply for up to 3 additional Prepaid Cards.

Schemes or Associations - As shown on your card.

The Contract consists of Terms and Conditions

About us:

1.1 Prepaid Financial Services is a licensed principal scheme member of MasterCard. MasterCard is a registered trademark of MasterCard International Incorporated.

1.2. Cufcards LTD (CUF) registered in England and Wales number 8147789,operate the Program on behalf of Prepaid Financial Services Limited. The Cufcards Prepaid MasterCard is issued by Prepaid Financial Services Limited pursuant to a license from MasterCard International Incorporated. Prepaid Financial Services Limited is regulated and authorised by the Financial Conduct Authority, registration number 900036. Registered Office: 36 Carnaby Street, London, W1F 7DR.

1.3.. Details of Our authorization license by the Financial Services Authority is available on the public register at

1.4. Cufcards LTD (CUF) operate the Program on behalf of Prepaid Financial Services Limited.

1.5. At all times your prepaid card will remain the property of Prepaid Financial Services Limited.

2. Prepaid Card Management:

2.1. This Contract regulates the rights and obligations for using a Card issued by Company.

2.2. The Card is a payment instrument in the agreed currency used by the Customer to carry out Transactions using the funds available in the current account and owned by Company. The Customer shall pay the fee stated in the Price List for the issuing, use and servicing of the Card.

2.3 The issue and the use of Cards at the Company shall be performed in accordance with the applicable Terms and Conditions approved by the Company.

2.4. Terms and conditions of the Current account, and terms and conditions of international payment cards (MasterCard) shall apply to the legal relationship between the Parties, which are not set out in the present Terms and Conditions.

2.5. Permitted transactions and Limits shall be agreed on with the Terms and Conditions. If the Limits are not agreed with the Terms and Conditions, the default limits established by the Company shall apply.

2.6. The Customer can receive information and/or consultations on the use of the Card and Transactions at any of the Company. Customer service centers or by calling the Company Customer Centre on the business days of the Company on the English speaking telephone +442071278099 (toll number) or Russian speaking telephone +44 (0) 74 9855 3398.

2.7. The provisions of the law of the United Kingdom shall apply for this Contract

3. Conclusion of the Contract

3.1. The Customer shall submit to the Company a filled and signed Application and other documents requested by the Company.

3.2. The Customer's Application is regarded as an irrevocable offer by the Customer to the Company to conclude the Contract and issue the Card. It also means the Customer's approval.

of application of the Price List and Terms and Conditions to the legal relations of the Contracting parties.

3.3. The Company has the right to refuse concluding the Contract and issuing the Card without giving reason for it.

3.4. The Contract shall take effect at the moment, when the Customer has submitted a filled and signed Application to the Company and activated the Card.

4. Your Card and Account with Us:

4.1 You may reload your prepaid card subject to the limits provided by the Fees & Limits Schedule. We reserve the Right to vary these limits and to decline any reload at any time. A Reloading Fee may apply.

4.1. These terms and conditions administer the relationship between Us and You for the providing of the Payment Services by Prepaid Financial Services to you. This Agreement also contains important notices and information that may affect your rights and your ability to recover your money. By activating your account, you shall be deemed to have accepted and fully understood the terms and conditions set out in this agreement and you agree to comply with these by your use of the card and or by indicating your acceptance.

4.2. Your card is not a credit card and is not issued by a bank. You will not earn any interest on the balance of your card.

4.3. The Payment Services are prepaid payment services and not a credit or bank product. You must therefore ensure that you have a sufficient Available Balance to pay for each purchase you make for all payments or cash withdrawals that you make using the Payment Services.

4.4 When you receive your card, You will need to activate it and then retrieve your PIN by calling Our IVR system on +44 (0) 203 327 1991, prior to use or using card activating service on the website The card will normally be ready for use immediately or on completion of the steps as outlined on the IVR. If you don't activate your card, then any transactions that you attempt to carry out may be declined.

4.5 Where applicable Corporate Customers, where you have requested us to issue Prepaid Cards and a PIN to your employee(s) you agree to authorize each employee to undertake transactions on your behalf.

As the account holder you are responsible for the use of the cards and for any applicable fees or charges that your employees may incur. The use of Your Prepaid Card by Your employees will be regarded as confirmation to us that you have communicated these terms and conditions to them and that they accepted them prior to use. You accept that it is your duty to serve all cardholders with a copy of these terms.

4.6 Prepaid Financial Services Prepaid Cards cannot be shared with second parties.

5. KYC / Know Your Customer requirements:

5.1 In order to purchase a Card, You must be at least 18 years old. We may require evidence of who you say you are and of your current address. You must assist us to comply with our regulatory requirements, applicable to KYC and anti-money laundering requirements on our business. Our regulatory requirements require us to keep records of provided information and documents by which you also agree to. To satisfy and meet our regulatory and local requirements cardholder KYC documents may be requested and verified prior to the prepaid card being activated and ready for use.

5.2 We do not conduct credit checks on you but at times it may show on your credit file these will be marked by us as a non-credit search

5.3 The purchase of or use of the card will indicate to us that you consent to the checks described in this agreement being undertaken.

5.4 Where applicable you can apply for higher limit cards known as fully KYC cards, these load limits and card benefits are explained further on the company website. To be eligible for these limits you must satisfy clause 5.1

5.5 SDD card load limits are subject to lower limits and available to anyone aged 18 and over. You may upgrade your card (fees may apply) by providing us with your KYC documents. Card holders may be turned down if documents cannot be verified.

5.6 Your prepaid card currency shall be the amount or the local currency equivalent in which your Card is denominated. (E.g. Euros €, $ Dollars or Sterling £)

5.7 Where permitted, you may request additional Cards linked to your primary card or account. You authorized us to issue cards and PINs to the additional cardholders and you authorized each additional cardholder to authorized transactions on your behalf. You remain responsible for any fees, transactions, use or misuse of any card or additional card requested by you.

5.8 You agree this agreement also applies to any additional cards and cardholders that you have arranged. You agree to communicate this agreement to any additional cardholders before they start using the card.

5.9 Corporate Customers — To apply for our Prepaid Card you must be a Public or Private Limited Company or partnership. We will require KYB evidence of who you are and your company address. We may ask you to provide some documentary evidence to prove this and/or we may check all information given by you with credit reference or fraud prevention agencies and other organisations. You will also be asked to meet our KYC requirements as set out in section 5.1. We may perform a search of credit files in order to verify the identity of your owners, directors, partners or employees. The agencies may keep a record of this information and the searches made.

6. Issuing the Card

6.1. The Company issues the Card to the Customer in the case of an approved Application.

6.2. The Customer will delivered by post to the person to whom the card was issued to.

6.4. The Card is property of the Company and the Card user is granted the right to use it.

6.5. The Card user must sign the Card upon receipt.

6.6. The Card activation and PIN obtaining made using website

7. Using the Card

7.1. The Company shall have the right to apply restrictions to Transactions carried out by the Card users.

7.2. The Card can be used only by the person whose name and signature appear on the Card. The Card user is not allowed to hand over the Card or Card data to third parties.

7.3. The Card user may only use the Card for making transactions. Using the Card data for online Transactions also constitutes use of the Card.

7.4. The Card user shall use the Card and approve payments for Vendor goods and services by authorizing a Transaction:

7.4.1. With the Card and a signature, or

7.4.2. With the Card and a PIN

7.4.3. With the Card data and/or password for online Transactions

7.4.4. Forwarding the Card data to the service provider fort transactions with pre-authorization

7.5. The Card user uses the Card and approves cash operations in Cash machines by authorizing the Transaction with the Card and PIN.

7.6. When a Transaction has been duly approved according to Articles 5.4 or 5.5, it becomes irrevocable. However, the Company shall attempt to follow up the Transaction according to the procedure specified in Article 12.3 following a request by the Customer.

7.7. When using the card, the Card user is prohibited from carrying out Transactions or other actions that are forbidden by the law of United Kingdom.

7.8. When carrying out a Transaction with a Vendor, the Card user, upon a request of the service representative, shall present a means of identification — a passport or equal document, or driver's license, and confirm the Transaction amount by signing the receipt.

7.9. The Card user must request that the Transaction with the Card is carried out in his/her presence and must not sign the receipt if the Transaction amount does not appear in it.

7.10. When using the Card in Cash machines or with Vendors who have PIN enabled equipment installed at their business premises, the PIN replaces the signature and is regarded as sufficient for identification and confirmation of the Transaction.

7.11. Before signing a proof of Transaction or entering the PIN, the Card user must verify that the Transaction amount stated in the proof of Transaction document is the same as the actual Transaction amount. The Card user must sign the proof of Transaction document with the same signature as appears on the Card.

7.12. If in the process of Transactions an incorrect PIN is entered 3 (three) consecutive times, the Card is retained by the Cash machine. To prevent illegal use of the Customer's funds, the Card is suspended and it must be replaced with a new Card.

7.13. If incorrect PIN is entered 3 (three) consecutive times when using the Card at a Vendor's premises, the Card is automatically suspended. In such a case, the Company will restore the Card to operational status following a written request by the Customer.

7.14. The Vendor may, upon demand of the Company, refuse to service the Card or confiscate the Card.

7.15. The Company may disregard the Transaction forwarded by the Card user, if:

7.15.1. The Account is blocked or closed

7.15.2. The Card is blocked or closed

7.15.3. The Transaction amount exceeds the unused part of assigned Limit

7.15.4. The funds in the Account are insufficient for performing the Transaction and paying the commission fees as per the Price list

7.15.5. On any other grounds as provided in legislation

7.16. The Card user undertakes to inform the Company of any malfunctions or disturbances in carrying out the Transaction.

8. Storing the Card

8.1. The Card user has the duty to carefully store the Card and Card data, keep the PIN confidential and prevent third parties from gaining access to them.

8.2. It is forbidden to store the PIN together with the Card. The violation of this rule is considered a gross negligence by the Card user.

8.3. The Card user has the duty to store and use the Card carefully and prevent mechanical or electronic damage to it.

9. Lost Card

9.1. If the Card is lost or stolen or if the PIN has become known to any other person, or if the Card user suspects the unsanctioned use of the Card or Card data, the Card user must immediately report this fact to the PFS on the telephone +4420712780999 or +37124833324

9.2. If the Card has been lost or stolen abroad, the Card user must immediately report it to PFS and notify the nearest police department in writing. The Card user must report a lost or stolen Card to the Company in writing not later than within 14 (fourteen) days after the loss or theft.

9.3. If a Card that has been reported as lost or stolen is found, the Card user must immediately notify the Company thereof and not use the Card until permission from the Company is received.

10. Stopping the Use of the Card

8.1. By a request of the Card user, the Company suspends the Card and includes it in the Stop list.

8.2. The Company has the right to unilaterally stop the operation of the Card and place all Cards linked to the Account in the Stop list by notifying the Customer in advance or immediately afterwards if the Card user violates any other provisions of the Contract.

Following the correction of such violations, the Company may renew the operation of the Cards by removing them from the Stop list.

8.3. The Company has the right to unilaterally stop the usability of the Card by notifying the Customer in advance or immediately afterwards if it, at its own discretion, notices Transactions that are not characteristic to the Card user. If the Card user confirms to the Company that he/she has been conducting the non-typical Transactions, the Company shall renew the operation of the Card.

8.4. The Company has the right to unilaterally stop the usability of the Card by notifying the Customer in advance or immediately afterwards if Card user has not used the Card for at least 6 consecutive months.

8.5 The communication with the Customer described in this section can be effected using the Customer's telephone number listed in the Application.

9. Payment procedure

9.1. The funds available in the Account are used for Transactions and commission fees and other fees as per Price List carried out by using the Card.

9.2. The payments executed in a foreign currency will be converted in euro currency according to the exchange rate determined by the Company.

9.3. International Company settlements shall be made in euro currency. Upon performing the transaction with the Card in other currency than the currency of the funds kept on the Account, the amount of the purchase shall be reserved, by converting it in accordance with the exchange rate of international card organization MasterCard on the respective day to the respective sum in account currency. On the date, when the Transaction record is made in the Account of the Customer, the conversion shall be performed in accordance with the currency purchase/sales rate of the PFS on the respective date.

9.4. If during the performance of the Transactions, the account currency linked to the card is not the same as the currency of the Transaction, or the currency of payment, the currency exchange surcharge shall be applied in accordance with the Price List.

9.5. By approving the Transaction, the Customer accepts the applicable exchange rates of PFS and MasterCard used for posting the Transaction in the account. A Transaction may not be challenged in the basis of currency exchange rate.

9.6. The Customer's representative shall constantly monitor the Account balance and ensure that the total amount of Transactions and commission fees and other fees during one Calculation period does not exceed the funds available in the Account.

9.7. If the Card user has carried out a Transaction, but the funds in the Account and, in cases provided for in the Terms and Conditions, in the Additional accounts, are insufficient to pay for it, the Customer shall immediately repay to the Company the overdrawn amount by depositing the required sum to the Account.

9.8. The Customer shall pay the commission fees and other fees for the Company's services in connection with the issue, replacement and renewal of Cards according to the Price List and the Terms and Conditions.

9.9. The Company has the right to deduct payments from the Account according to the following procedure:

9.9.1. Card issue fee shall be collected upon the issue of the Card to the Customer;

9.9.2. Card fee shall be collected monthly

9.9.3. Other payments, which the Customer must cover according to the Terms and Conditions.

9.10. If any of the Contracting parties terminates the Contract, the advance payments shall be proportionally returned.

10. Account Report

10.1. The Company provides the Customer with a report containing all Transactions carried out using the Cards linked to the Account during the Calculation period and Account balance via PFS Application.

10.2. The Customer has a duty to check the Account report at least once a month. The Customer shall inform the Company immediately of any incorrect or erroneous, or Unauthorized Transactions upon discovery of such.

11. Card Validity Period and Card Replacement

11.1. The expiration date of the Card is shown on the Card and the Card is valid until the last day (inclusively) of the month written on the Card. The use of the Card by the Customer after its expiry date is prohibited.

11.2. After the expiry of the validity period of the Card, the Card user must return it to the Company for disposal or dispose it themselves.

11.3. When the Card expires, the Company shall produce a new Card with a new expiry date, except for the cases where:

11.3.1. At least 30 (thirty) days before the Card expiry date, the Customer has submitted a request to the Company not to renew the Card and/or terminate the Contract;

11.3.2. The Customer has not carried out any Transactions with the Card during the last 6 (six) months;

11.3.3. The Company has revealed that the Card user has violated the Terms and Conditions of the Contract.

11.4. The Customer can receive the new Card at the Company not sooner than one week before the expiration date of the previously used Card.

11.5. The Company has the right to destroy and cancel the Card if the Card user has not picked it up within 2 (two) months.

11.6. The parties hereby agree and the Customer fully accepts that, in case of Card replacement or renewal, the Company may issue another type of Card and PIN code instead of the previously used Card.

11.7. The Company shall be entitled to close the Card, if it has been sent to the Customer by post, but the Customer has failed to activate the card within 4 weeks since it was sent to the Customer.

12. Fees and Charges:

12.1 All fees applicable to your prepaid card are set out in the fee table below. If we make changes to these fees at any point you will be given a 2 month notice period. If you do not contact us within this time frame we will assume you wish to accept the changes and continue to use your card.

13. How to use Your Prepaid Card:

13.1 A card may only be used by the person to whom the card was issued.

14. Potential Card Restrictions:

14.1 A Card is not linked to a bank account and is not a cheque guarantee card, or credit card.

14.2 You can use the Payment Services up to the amount of the Available Balance for Transactions at Merchants of the relevant system. If the available balance is insufficient to pay for a transaction, some merchants will not permit you to combine use of a card or account with other payment methods.

14.3 Some transactions such as pay at pump may be restricted by the card program manager.

14.4 Some merchants such as restaurants may pre-authorize up to 20% of the full transaction value prior to processing the final bill.

14.5 Your ability to use or access the Payment Services may occasionally be interrupted, for example if we need to carry out maintenance on our Scheme. Please contact Customer Services via our website to notify us of any problems you face.

15. Cancelling Your Card:

15.1. If you are the customer and you wish to cancel the Payment Services at any time, you must request cancellation online by informing us of your wish to cancel and to claim a refund of your unused funds during the next 12 month by emailing us as specified in section above. You must e-mail us from the e-mail address you provided when registering your Account. Our Customer Services department will then suspend all further use of your Payment Services.

15.2. You may be asked to provide KYC identity documents as in clause 5.1 to enable us to complete the closure and process a refund for any unspent funds for you.

15.3. Once we have received all the necessary information from you (including KYC) and all transactions and applicable fees and charges have been processed, we will refund to the Customer any available balance less any fees and charges payable to us, provided that, you have not acted fraudulently or with gross negligence or in such a way as to give rise to reasonable suspicion of fraud or gross negligence; and we are not required to withhold your Available Balance by law or regulation, or at the request of the police, a court or any regulatory authority.

15.4. Once the Payment Services have been cancelled, it will be your responsibility to destroy your Card(s).

16. Payment Disputes and Complaints:

16.1. If, following reimbursement of your available balance, any further transactions are found to have been made or charges or fees incurred using the card(s) or we receive a reversal of any prior funding transaction, we will notify you of the amount and you must immediately repay to us such amount on demand as a debt.

16.2. We aim to provide customers with easy access to our customer services team who receive record, investigate and respond to complaints. If you are unhappy with any of the services please email us on

16.3. We take complaints very seriously and value the opportunity they provide to assist us with reviewing the way we do business and helping us meet our customers' expectations. Our primary aim is to resolve any complaints that you may have as quickly and effectively as we can and consequently have documented the steps to be taken below.

16.4. In the first instance, your initial communication will be with Our Customer Care Team. We expect Our Customer Care Team to respond to your complaint in writing within five working days. We will do everything in our power at this stage to resolve this for you.

16.5. You agree to provide us with all receipts and information that we request which are relevant to your claim.

16.6. If our customer service team are unable to resolve your complaint. We will refer to our internal Complaints Officer who will respond to you within 14 working days. You may email them on

16.7. If having done and presented our complaints department with all of the information they request from you including receipts and copies of all communications sent and received and you still feel unhappy with our response you are able to escalate your complaint to the Financial Ombudsman Service; The Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR.

17. Changes to the terms and conditions:

We may update or amend these terms and conditions (including our Fees & Limits Schedule). Notice of any changes will be given on the website or by notification by e-mail or by means of mobile device at least 2 months in advance. By continuing to use the Payment Services after the expiry of the 2 month notice period, you acknowledge that you indicate your acceptance to be bound by the updated or amended terms and conditions. If you do not wish to be bound by them, you should stop using the Payment Services immediately in accordance with our cancellation policy.

18. Cooling off Period and Your Rights to Cancel your Agreement

You have a cooling off period of 14 days starting the date that you have successfully completed registration of your prepaid card with us. You may withdraw from our service without any penalties but subject to deduction of any reasonable costs incurred by us. You may cancel within these 14 days informing us in writing that you wish to withdraw and cancel the agreement you have with us. After the cooling off period you may cancel your agreement with us in accordance with clause 15.

19. Deposit Guarantee Scheme

The Payment Services, card and account are payment products and not deposit, credit or banking products, as such they are not covered by the Financial Services Compensation Scheme.

20. Protecting your money

In the unlikelihood that Prepaid Financial Services was to become insolvent you may lose your funds. However we will do everything that we can lawfully to safeguard your funds for you.

21. Fees & Limits Schedule

The information contained in this fee table summarises the CUF Prepaid Card features in order to explain which fees are applicable. The fees are not intended to replace any of the terms and conditions set out above.

Monthly Fee


Card fee


Monthly Service Charge


Activation Fee


Cardholder Transaction Fees


ATM withdrawal SEPA

2% min 1.40

ATM withdrawal international (non-EUR currency)

2% + FX

ATM Balance inquire (PIN change, ATM decline fee)


POS/Internet purchase below 50 EUR


POS/Internet purchase above 50 EUR


POS transaction decline


ATM transaction decline


FX on Spend


Card to card transfer fee*


Load at Run Pay terminals (Latvia)


Service Fees


Balance check using mobile application


Balance checking using website


Lost/Stolen Replacement Card




Card closure


Initial PIN Enquiry


ATM PIN changing


Subsequent PIN Enquiry


KYC Upgrade fee (Manual)


Inactivity Fee (after 90 days inactivity) charged every 30 days


Card limits


Max Card balance (Consumer)

10 000

Max Card balance (Corporate)

25 000

Max Single Load Value per Day (Consumer)

5 000

Max Single Load Value per Day (Corporate)

5 000

Max Cumalative Yearly Load (Consumer)

15 000

Max Cumalative Yearly Load (Corporate)

150 000

Max Maxium daily spend


Max single transfer amount between cards


Max ATM withdrawal per day


* Money transfers between cards only within Cufcards system.