Terms and conditions
Prepaid Card Terms and Conditions
These Terms and Conditions apply to Your Prepaid Card.
Definitions
In these Terms and Conditions, the following expressions shall have the following meanings:
“Account” means the electronic account which is linked to the use of Your Card and is maintained for Your Card.
“Agreement” means the agreement with Us in relation to the Card and which is made up of these Terms and Conditions, any amendments to them as notified to You and any other document which You are required to sign for the provision of the Card.
“ATM” means an automated teller machine or cash dispenser bearing the Visa logo.
“Available Balance” means the value of funds loaded onto Your Card and available for You to spend from time to time.
“Business Day” means any day (other than a Saturday or Sunday) on which banks are open for business in the United Kingdom.
“Card” or “Prepaid Card” means the plastic prepaid card issued to You under this Agreement which You may use in accordance with these Terms and Conditions.
"Card Carrier" means the documentation that is enclosed with Your Card and is sent to You in relation to Your Card, when it is delivered to You including any specific functionality that Your Card may have.
“Card Distributor” means the entity that has requested that a Card is issued to You, and in this Agreement means The Caxton FX Limited (registered number: 04610337) whose registered office is at Portland House, Bressenden Place, London SW1E 5BH.
“PAN” means the 16 digit number on the front of Your Card.
“Cardholder” means You, the authorised user issued with a Card who enters into the Agreement.
“Customer Services” means the website or helpline operated by Us or on Our behalf which deals with queries and requests from Cardholders in relation to the activation and use of a Card under these Terms and Conditions. The contact details for Customer Services are set out in section 19.
“CAT Terminals” means any Customer Activated Terminals such as but not limited to Pay@pump, Toll Roads, Car Parks or Train Ticket Terminals.
“Fees” means the charges for the use of Your Card as set out or described in section 14 of these Terms & Conditions.
“e-money” means the money issued by Raphaels which is held electronically on the Card and is available for You to spend.
"FSA" means the Financial Services Authority.
“Merchant” means a retailer, or any other person, firm or company that displays the Visa logo and can accept Visa debit cards using an electronic terminal.
“PIN” means the personal identification number given to You (or which You have chosen) for use with the Card (where applicable).
"Raphaels" or “Raphaels Bank” means R. Raphael & Sons plc (registered number 01288938) whose head office and registered office is at Albany Court Yard, 47-48 Piccadilly, London W1J 0LR. Raphaels Bank is a bank regulated and authorised by the Financial Services Authority under registration number 161302 and is permitted to issue e-money
“Reload” or “Load” means to add further money to Your Account which will be shown in Your Available Balance.
“Secondary Cards” means cards issued to Additional Cardholders as requested by You.
“Spend” means spending by You using Your Prepaid Card either through retail outlets and over the internet or withdrawing funds from an ATM or over the counter in a bank.
“Terms and Conditions” means these Terms and Conditions and those set out in any product leaflet, website or Card Carrier.
“Transaction” means any retail sale or ATM withdrawal completed by You using Your Prepaid Card.
“Visa” means Visa Europe who operate the Visa programme subject to the Visa Europe Operating Regulations (and all other rules referred to therein).
“We”, “Us”, “Our” or “Ourselves” (or any other variations thereof) means Raphaels, and/or where context so admits, the Card Distributor and/or any other person or entity to whom We may transfer or assign Our rights and obligations in the future.
“Website” means Our website at www.ultratravelcard.com
“You” or “Your” means the Cardholder.
1. Your Prepaid Visa® Card
You can use the Prepaid Card at any location that displays the Visa® acceptance mark, including shops, restaurants, online, or on the telephone. You can also use Your Prepaid Card overseas. Before using the Prepaid Card You need to make sure there are enough funds loaded on it. You will not be able to use Your Prepaid Card after its expiry date. However We will invite You to renew Your Card approximately one month prior to expiry.
Your Prepaid Card is not a credit card and can only be connected to Your bank account for the purposes of loading the card. You will not earn any interest on any funds loaded on Your Prepaid Card.
Where You have requested a Secondary Card, You authorise Us to issue Prepaid Card and a PIN to the Additional Cardholder and You authorise each Additional Cardholder to authorise Transactions on Your behalf. Additional Cardholders must be 13 years of age or over.
2. Applying for and activating Your Prepaid Card
To apply for Our Prepaid Card You must be at least 18 years old and a UK resident. We will require evidence of who You are and Your address. We may ask You to provide some documentary evidence to prove this and/or We may carry out checks on You electronically.
We do not charge a Fee for the first Card being applied for but We do take a £10 deposit on application which will be added to Your Available Balance when You activate Your Card.
You must sign the signature strip on the back of the Prepaid Card as soon as it is received. Please refer to Our Website (www.ultratravelcard.com) for all Prepaid Card loading options, or refer to the “Loading Your Prepaid Card” section below.
To activate Your new Prepaid Card You will need to know the PIN number. This can be retrieved by calling 0845 520 0503 or +44 207 281 0712 when calling internationally, and following the steps in the automated process. You will also need to set up Your online account before You can start using Your card. To do this, please visit Our Website www.ultratravelcard.com and follow the simple steps to set up an account ID and password.
By using the Prepaid Card You are agreeing to these Terms and Conditions.
3. Loading Your Prepaid Card
Funds can be loaded to Your Prepaid Card in a number of ways: Internet top up, phone top up, or via SMS, however Your first load must be made online. Simply follow the instructions on the Website www.ultratravelcard.com.
The maximum initial load on Your Prepaid Card is £500/€750/$1000 depending on the currency of the card. The minimum load value for both the initial load and subsequent reloads is £100/€150/$200 depending on the currency of the card. Your Prepaid Card cannot be loaded more than twice in any one day. The Available Balance on Your Prepaid Card can never exceed £5,000 or €7,500 or $10,000 at any time. We reserve the right to refuse to accept any particular loading Transaction.
Once loaded, funds will usually be available for use on the Prepaid Card within minutes.
4. Using Your Prepaid Card
Detailed instructions on how to use Your Prepaid Card are found on the Website. You will need to follow these instructions when using Your Prepaid Card.
We will deduct the value of Your Transactions from the Available Balance on Your Prepaid Card as soon as they are made. We will also deduct any applicable Fees as soon as they become payable by You. Please see section 14 below for details of Our Fees.
The Prepaid Card belongs to Us. We may ask You to stop using Your Prepaid Card and return it to Us or destroy it. 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 the Prepaid Cards We have issued to You;
• We suspect Your Prepaid Card is being used in an unauthorised or fraudulent manner;
• 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.
Like other payment cards, We cannot guarantee a retailer will accept Your Prepaid Card.
We may also refuse to authorise a Transaction:
• 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 Transaction and any applicable Fees;
• if there is an outstanding Shortfall on the Prepaid Card in accordance with section 15;
• if We have reasonable grounds to believe that You are acting in breach of this Agreement;
• if We believe that a Transaction is potentially suspicious or illegal (for example, if We believe that a Transaction is being made fraudulently); or because of errors, failures (whether mechanical or otherwise) or refusals by merchants, payment processors or payment schemes processing transactions.
If We refuse to authorise a Transaction, 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 Transaction by contacting Us (see section 19).
5. Authorising Transactions
Subject to the features of the particular Prepaid Card, the authorisation of a Transaction can include authorising any single Transaction, a series of recurring Transactions (including Transactions for an indefinite period) or pre-authorising future Transactions of a certain or uncertain amount.
Where You have requested Additional Cardholders, You authorise each Additional Cardholder to authorise Transactions on Your behalf.
A Prepaid Card Transaction will be regarded as authorised by You where You:
• authorise the Transaction at the point of sale by following the instructions provided by the merchant or retailer to authorise the Transaction, which may include:
a) entering Your PIN or providing any other security code;
b) signing a sales voucher;
c) providing the Prepaid Card details and/ or providing any other details as requested;
d) waving or swiping the Prepaid Card over a card reader or inserting Your Prepaid Card into a card reading device for the purpose of making a payment;
• insert a Prepaid Card and enter Your PIN to request a cash withdrawal at an ATM;
• make a request for a cash withdrawal at any bank counter.
Authorisation for a Transaction may not be withdrawn (or revoked) by You after the time it is received. However, We may withdraw a Transaction which is agreed to take place on a date later than the date it was authorised if You or an Additional Cardholder gives notice to the supplier and provide a copy of the notice to Us no later than the close of business on the business day before the Transaction was due to take place.
6. Expiry of Your Prepaid Card
Your card will be valid for 3 years. When it expires We will normally issue You with a replacement card if You let Us know one is required. You will be contacted by email at Your registered email address one month before expiry where You will be required to re-confirm Your details and which replacement card You require. On issuing a replacement card on expiry the Available Balance held on Your Prepaid Card will be automatically transferred to Your replacement card.
If You do not require a replacement card on expiry You are entitled to a redemption of any Available Balance held on the card as set out in the “Your Right to a Redemption of the Funds on Your Prepaid Card” section below.
Where balances are not redeemed and where You have not contacted Us to request a replacement card any Available Balance will remain on the expired Card.
7. Cancellation of Your Prepaid Card and Termination of this Agreement
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. 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.
You can cancel this Agreement at any time by telling Us to do so by post, email or Secure Message.
If You cancel Your Prepaid Card, once all Transactions and Fees have been deducted, We will arrange for any unused funds remaining on your Prepaid Card to be returned to the original loading source within 5 days subject to satisfactory checks being completed. You will not be entitled to a refund of money You have already spent on authorised Transactions, or pending Transactions or any Fees for use of the Prepaid Card before the Prepaid Card is cancelled or expires, see section 11 for further information.
A Redemption Processing Fee will be charged (see section 14) unless:
• You cancel Your Prepaid Card within 14 days of receiving it; or
• You have arranged to transfer Your Available Balance to another Prepaid Card managed by Us; or
• You request a redemption within 12 months from expiry of the last Card connected to your account; or
• You cancel Your Prepaid Card due to changes initiated by Us as indicated in section 13 and section 23 below.
We can end this Agreement at any time.
We will normally give You 60 days' advance notice by post, email or Secure Message. However, if there are exceptional circumstances, We may end this Agreement immediately and tell You about it afterwards, unless We are required by law to give You notice first.
We may also terminate Your Agreement for any reason and in case of the following:
• 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.
We may cancel, restrict or suspend the use of the Card immediately if We suspect any crime, fraud or misuse in relation to the Card or PIN or any breach of this Agreement by You or a third party or where We are required to do so by law. If We do this We will tell You as soon as We are legally permitted to do so.
If We cancel Your Prepaid Card You must tell Us what You want Us to do with any unused funds within 3 months of the date We tell You Your Prepaid Card is cancelled. If We receive no contact within three months, We will attempt to return the funds to the loading source.
If We or You cancel Your Card You should where possible cut the Card in half through the magnetic stripe and chip and then dispose of the Card and any other materials that belong to Us carefully.
If Your Prepaid Card is cancelled, We will immediately block Your Prepaid Card so it cannot be used.
8. Keeping Your Prepaid Card secure
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.
You should not keep Your PIN with the Card, or disclose Your PIN to, or otherwise make it available to, any other person. You can change Your PIN to something more memorable at most ATM machines in the UK by following the on screen instructions.
If You change Your PIN, You should not choose a PIN that can be easily guessed such as Your telephone number or date of birth. You must notify Customer Services as soon as possible if You believe that Your PIN has been obtained or changed without Your consent.
You are responsible for checking the Available Balance on Your Prepaid Card regularly. You can check Your Available Balance online at the Website, via SMS or via phone on 0845 5200503. We will provide You with Your Prepaid Card Available Balance and a statement of recent Transactions either by electronic means or on Our secure webpage at any time. Your statement will show information relating to each Prepaid Card Transaction which will identify:
• the amount of the Prepaid Card Transaction shown in the currency in which the Transaction was paid or debited to the account;
• the amount of Fees for the Transaction;
• the date the Transaction is authorised or posted on to the Account.
9. Lost and Stolen Prepaid Card and unauthorised or incorrectly executed payments
You must tell Us without undue delay by calling Us on Our 24 hour lost and stolen card helpline +44 20 7201 0526 if You know or suspect that Your Prepaid Card is lost or stolen or that the PIN or password is known to an unauthorised person or if You think a Transaction has been incorrectly executed. If You ask Us to do so, We will investigate any disputed Transaction or misuse of Your Prepaid Card and We may need more information and assistance from You.
If You think that any Transactions were not authorised by You or have been posted against Your Account in error (Disputed Transaction), You should contact the Merchant first as this may lead to a quicker resolution of the dispute.
You must contact Us if You cannot resolve the Disputed Transaction with the Merchant and in any event no later than 13 months from the date of the Disputed Transaction. Unless We have reason to suspect fraud or deliberate or grossly negligent behaviour on Your part, We shall immediately process a refund of the amount of the Disputed Transaction.
If We refund a Disputed Transaction to Your Account and subsequently receive information to confirm that the Transaction was authorised by You and correctly posted to Your Account, We shall deduct the amount of the Disputed Transaction from Your Available Balance.
If Our investigations discover that the disputed Transaction was genuine and originated by You directly or indirectly, or that You have acted fraudulently or with gross negligence, We will charge You an Investigation Fee of up to £50.00.
10. Our liability
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 retailer refusing to accept Your Prepaid Card; or
• Our compliance with legal and regulatory requirements;
• loss or corruption of data unless caused by Our wilful default.
We are also not liable for:
• business interruption, loss of revenue, goodwill, opportunity or anticipated savings;
• any indirect or consequential loss.
We reserve the right to charge You for any reasonable costs that We incur in taking action to stop You using Your Prepaid Card and to recover any monies owed as a result of Your activities.
11. Your Right to a Redemption of the Funds on Your Prepaid Card
You have the right to redeem the funds on Your Prepaid Card at any time in whole or in part. To do so, send Us an e-mail using the "contact Us" facility on the Website, or contact Us on 0845 222 2639 requesting a redemption and indicating the amount to be redeemed.
If You request redemption of all funds on Your Prepaid Card, You may keep Your card with a zero Available Balance ready to load for Your next trip. There are no Fees or charges levied for cards with a zero Available Balance.
When We process Your redemption, We will charge a Redemption Processing Fee (see section 14) other than
• during the initial 14 day cooling off period;
• during the 12 months following the expiry of the last Prepaid Card connected to Your account;
• when You are cancelling Your Prepaid Card due to the circumstances explained in section 13 and 23.
Funds will usually be returned in Sterling and where a conversion from a foreign currency to Sterling is required the conversion rate will be calculated using the prevailing buy rate applicable at the time of the redemption and can be confirmed by telephone. We can return the funds to the loading source, to a bank account in the same name as the Prepaid Card Account or We can issue a cheque for the redemption amount. Please note We may need to verify Your identity in order to satisfy Anti Money Laundering requirements.
We will not redeem the value of the funds on Your card to You if Your request for redemption of the funds is received by Us more than six years after expiry of this Agreement.
12. Refunding Transactions
You may be entitled to claim a refund in relation to Transactions 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 or an Additional Cardholder 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 the circumstances set out above will not be accepted if the amount of the Transaction was made known to You at least 4 weeks before the Transaction date.
• We were notified of the unauthorized/incorrectly executed Transaction within 13 months of the debit date.
13. Changes to these Terms
We may change these Terms at any time and will notify You by e-mail or other agreed means at least 60 days before the change is due to take effect unless we are required to change these Terms immediately by law or if We reasonably consider this is to Your advantage and there is no increased cost to You.
The up-to-date version of the Prepaid Card Terms and Conditions will always be available on the Website. The change will automatically take effect and it will be taken that You have accepted the notified change unless You tell Us that You do not agree to the change. In that event, We will treat that notice as notification that You wish to immediately terminate this Agreement. In such circumstances We will return to You any Available Balance on the Card in accordance with section 11 above and You will not be charged a Redemption Fee.
14. Fees, Charges and Limits
We do not charge any Fees for checking Your on-line Available Balance and Transactions. However the following Fees do apply:
FEES and CHARGES |
Global Traveller |
Europe Traveller |
Dollar Traveller |
| Card purchase | Free | Free | Free |
| Secondary Card purchase (applied to the card balance) | £5.00 | €7.50 | $10.00 |
| Load and reload | Free | Free | Free |
| Point of sale Transaction- International | Free | Free | Free |
| Point of sale Transaction - Domestic | £1.50 | €1.75 | $2.00 |
| ATM Transaction- International | £1.50 | €1.75 | $2.00 |
| ATM Transaction- Domestic | £1.50 | €1.75 | $2.00 |
| Over the counter cash – International | £4.50 plus 2% of withdrawal amount | €6.50 plus 2% of withdrawal amount | $8.00 plus 2% of withdrawal amount |
| Over the counter cash - Domestic | £4.50 | €6.50 | $8.00 |
| FX mark-up where a Transaction is performed in a currency different from the currency of the Card | 2.50% | 2.50% | 2.50% |
| Available Balance enquiry - online | Free | Free | Free |
| Available Balance enquiry - via SMS | Free | Free | Free |
| PIN Reminder * | Free | Free | Free |
| Card renewal | Free | Free | Free |
| Card replacement Fee – damaged/lost/stolen | £5.00 | €7.50 | $10.00 |
| Redemption Processing Fee | £1.50 | €2.00 | $3.00 |
| Investigation Fee | Up to £50 (see section 9) | ||
* Calls cost £0.0336 per minute from a BT landline. Calls from mobiles and other networks may vary.
LIMITS |
Global Traveller |
Europe Traveller |
Dollar Traveller |
| Minimum load | £100 | €150 | $200 |
| Maximum initial load | £500 | €750 | $1,000 |
| Maximum single load | £5,000 | €7,500 | $10,000 |
| Maximum total Available Balance | £5,000 | €7,500 | $10,000 |
| Maximum number of loads per day | 2 | 2 | 2 |
| Maximum load amount per year | £40,000 | €50,000 | $60,000 |
| Maximum number of point of sale Transactions per 24 hour period | 20 | 20 | 20 |
| Maximum value of point of sale Transactions per 24 hour period | £5,000 | €7,500 | $10,000 |
| Maximum number of ATM withdrawals per 24 hours period | 2 | 2 | 2 |
| Maximum value of ATM withdrawal per 24 hours period | £300 | €500 | $750 |
| Maximum point of sale limit over 4 days | £15,000 | €18,000 | $30,000 |
| Maximum value of single ATM withdrawal | £300 | €500 | $750 |
| Maximum number of ATM withdrawals over 4 days | 5 | 5 | 5 |
| Maximum value of ATM withdrawal over 4 days | £1,200 | €2,000 | $3,000 |
When You use Your Prepaid Card at an ATM, You may also be subject to applicable Fees, surcharge rules and regulations of the relevant ATM, or other financial institution or association.
If We decide to increase or impose any new Fees, We will tell You by e-mail, SMS, or post, at least 60 days before any changes take effect unless we are required to change these Terms immediately by law.
15. Shortfall
Authorisation will usually be requested for all Transactions. However in the unlikely event that a Transaction is completed when there are insufficient funds for that Transaction on the Prepaid Card (a "Shortfall"), the Shortfall shall be reimbursed by You. 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 to any other Prepaid Cards that You hold with Us, to any other payment method which You may designate at that time, 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.
You are responsible for checking the Available Balance on Your Prepaid Card regularly.
You can check Your Available Balance online at the Website, via SMS or via phone on
0845 520 0503.
16. Your Details
You must let Us know as soon as possible if You change name, address, phone number or email 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.
17. Data Protection
In purchasing the Prepaid Card on the Website and using it, You agree that We can use Your personal information in accordance with Our Privacy Policy. Our Privacy Policy is set out on Our Website, it includes details of the personal information that We collect, how it will be used, and who We pass it to. You can tell Us if You don't want to receive any marketing materials from Us.
18. Goods and Services Disputes with Retailers
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.
19. Communication
If You have an enquiry relating to Your Prepaid Card, You can use the "Contact Us" facility on the Website. We will deal with Your enquiry promptly. If You do not wish to enquire in this way You can alternatively call Our Customer Services telephone line on 0845 222 2639. Lines are open Monday - Friday 08:00 - 18:00 and on Saturday - Sunday 09:00 - 17.00 UK time.
The Customer Services telephone line is a chargeable service. Calls to Customer Services telephone enquiries cost £0.0336 per minute during opening hours and £0.0085 per minute at all other times from a BT landline. Call costs from other networks may vary.
20. Complaints
The Prepaid Card programme is managed by Caxton FX Ltd, Portland House, Bressenden Place, London SW1E 5BH. If You are unhappy in any way with Your Prepaid Card or the way it is managed, tell Us by using the e-mail enquiry facility on the Website so We can investigate the circumstances for You. Any complaints You have will be dealt with quickly and fairly. You may be able to take unresolved complaints to the Financial Ombudsman Service at South Quay Plaza, 183 Marsh Wall, London E14 9SR. Telephone: 0845 080 1800 and e-mail: enquiries@financial-ombudsman.org.uk
21. Compensation
The Prepaid Card is an electronic money product and although it is a product regulated by the Financial Services 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 Raphaels Bank becomes insolvent Your funds may become valueless and unusable and as a result You may lose Your money.
22. Assignment
We may assign the benefit and burden of these Terms and Conditions to another company at any time, on giving You 60 days prior notice of this. If We do this, Your rights will not be affected.
23. Transfer to a new Prepaid Card
We may transfer Your unused Available Balance to a new Prepaid Card provided by a Prepaid Card issuer other than Raphaels Bank at any time. Before We do this, We will give You 60 days’ notice of the new Prepaid Card arrangements and the new Prepaid Card Terms and Conditions. Unless You advise Us within the 60 days 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 Available Balance on Your Prepaid Card to a new Prepaid Card provided by the new Prepaid Card issuer. If You do not want to transfer to the new Prepaid Card issuer You may redeem Your funds as set out in the section “Your Right to a Redemption of the Funds on Your Prepaid Card” above and the redemption Fee will be waived.
24. Governing Law
This Agreement is concluded in English. All communications with You will be in English. These Terms and Conditions will be construed in accordance with English law.
25. Fund Protection
As a responsible Credit Institution, Raphaels Bank ensures that Your Available Balance is held in a ring fenced trust account in Raphaels’ name at a major international bank (with a high long-term credit rating) under a Trust Deed, the terms of which are intended to provide protection against a successful claim being made on the funds by any creditor (including any Liquidator or Administrator) of Raphaels other than You as the Cardholder.
26. Prepaid Card Issuer
Your Prepaid Card is issued by R. Raphael & Sons plc (trading as Raphaels Bank) under Company Registration No: 1288938 with its head office and registered office at Albany Court Yard, 47/48 Piccadilly, London, W1J 0LR. Raphaels Bank is a bank regulated and authorised by the Financial Services Authority under registration number 161302 and is permitted to issue e-money. Your Prepaid Card is the property of Raphaels Bank and is not transferable to anyone else.