Our terms and conditions for UK customers are being updated from 17th July 2019. Here we answer some questions about the new terms and conditions.
- What’s different in the terms and conditions?
- Who does the new terms and conditions apply to?
- When do they take effect?
- What impact will this have on the existing service I use?
- Where can I find the terms and conditions?
What’s different in the terms and conditions?
Some of the changes in our new terms and conditions are necessary to cover the introduction of a digital money account, a new service which allows customers to receive, store, send and withdraw money.
These provisions include wording required by European legislation in relation to how we store e-money (the funds in your account), how we protect the funds, and how you can access and transfer the funds.
Our new Terms and Conditions also contain updates on the following key topics:
- Clarification regarding when we must process an instruction. This will help you understand how we operate and the circumstances in which we may refuse to process an instruction (clause 7).
- Limitations on when we can vary the Terms and Conditions. This will provide you with greater comfort and certainty regarding the terms you are subject to (clause 17).
- We have included more detail in relation to the execution times for transactions. These timeframes are a legal requirement, but it will make useful for you to be aware (clause 5.9).
- There is a now a security obligation for you to keep your security details safe and to report to us any unauthorised access, loss of theft of your details. Most of you will have been doing this already, but it is a legal requirement for us to include the provision in the Terms and Conditions (clauses 3.6-3.7).
- We have added some provisions regarding repayment circumstances. If a payment service provider has made a payment to your account by mistake or makes a payment to the wrong recipient, we are obliged to co-operate and help the provider recover the wrongful payment. We may have to send the sender’s payment service provider the name and contact address of the actual recipient to assist with this process (clauses 4.4-4.6).
- In terms of customer’s liability where unauthorised transactions are made, we have clarified the different scenarios: this will give you more clarity (clause 13).
- There are some situations in which we will have to block your access to our services. Generally, this is where we believe your account has been compromised or used fraudulently or we are obliged to do so by law (clause 15).
- We have reworded the termination wording to make it clearer, and the scenarios more specific for both parties (clause 18).
- We have made important changes to the provisions regarding assignment of rights under the Terms and Conditions (clauses 20.3-20.4).
Who does the new terms and conditions apply to?
The updated terms and conditions apply to customers using WorldRemit from the UK.
When do they take effect?
These take effect and supersede the current terms and conditions from 17th July 2019.
What impact will this have on the existing service I use?
Customers who use our service under the existing terms and conditions will see no interruption or change to the existing way in how they can send money. The above changes in reference to our digital money account relates to new functionality which will be available in addition to our existing services.
Where can I find the terms and conditions?
Head to the bottom of this page under the Legal section and select the Terms and conditions link.