Terms & Conditions
Legal agreement governing your use of Paymit's money transfer services
Paymit Limited
You agree to be bound by these terms and conditions if you use our services. You consent to the implementation of the money transfer and acceptance of the terms and conditions by initiating a send or receive transaction either through an agent location or through our mobile app or online through our web portal.
Last Updated: December 2024 | Effective Date: Upon first use of services
Important Legal Notice
| Term | Definition |
|---|---|
| "You", "Your", or "Yours" | Refers to every and any person using the Paymit Website as a Sender. |
| "Paymit Website" | Refers to the Website which we operate to provide money transfer services and to the Paymit Mobile Application. |
| "Paymit Online Service" | Refers to money transfer services provided through the Paymit Website or its mobile application. This includes but is not limited to all the money remittance services we offer at all times. |
| "We", "Our", or "Us" | Refers to Paymit Ltd., its affiliates, agents, and partners. |
| "Transaction" | The execution of the instructions provided by the Remitter, by any electronic means, for the Services. |
| "Sender" | Refers to the person who initiates a money transfer through the Paymit Online Service. |
| "Receiver" | Refers to the person named as the beneficiary of a money transfer. |
| "EEA" | Refers to the European Economic Area. |
| "Card Issuer" | Refers to the issuer and the owner of a Bank Card. |
| "Business Day" | A day that is not a Saturday or Sunday and on which banks are open for general business in England. |
| "Fee/Charges" | This includes but is not limited to our service charge for Transactions, bank charges, delivery charges, payment gateway charges, cancellation & refund charges, administration charges. |
Paymit Ltd. is a payment services firm incorporated in England, providing secure and efficient international money transfer solutions. We are committed to helping individuals send funds to their family and friends quickly and reliably, whether through our mobile app or online platform utilizing our network of trusted partners. Our services are designed to offer convenience, transparency, and security in every transaction.
FCA Authorization
Authorized and regulated by the Financial Conduct Authority (FCA) under FCA FRN No. 945293
HMRC Registration
Registered with HM Revenue & Customs (HMRC) as a Money Service Business (MSB) under Registration No. XFML00000159053
Registered Office
Service Scope
Agreement Formation
Each money transfer constitutes a separate agreement between Paymit Ltd. and the sender. By sending money through Paymit, you agree that we may use our partners to process your transaction and share relevant details with them.
These Terms and Conditions, along with other documentation related to the service, form the entire agreement between Paymit Ltd., its partners, and you.
We reserve the right to modify these terms and conditions as per legal or regulatory requirements. Changes will not apply retroactively to transactions already completed.
The service allows you to send money to a recipient designated by you, who can collect it in cash, receive it into their bank account, or via mobile app/web portal.
Cash Collection
Recipients can collect cash at agent locations
Bank Transfer
Direct transfer to recipient's bank account
Digital Wallet
Via mobile app or web portal
Delivery Timeframes
Our Security Commitments
- Paymit Ltd will never ask for your passwords, OTPs, or CVC codes
- We do not store your card details
- All transactions are encrypted and secure
Your Responsibilities
- Keep your login details safe and secure
- Ensure you have sufficient funds before initiating a transaction
- Update log-in details regularly
- Any unauthorized use due to negligence will be your liability
Requirements:
- You must be at least 18 years old to use our services
- The service is for personal use only and must not be used for gambling, escrow, or trust purposes
- Paymit will require identification details to meet regulatory compliance requirements
Important Notes:
- A control number/PIN is provided upon completion of a transaction, which should only be shared with the recipient
- Transactions may be subject to additional local regulatory requirements
We may need to contact you to provide additional details about your transaction, request further information, or respond to inquiries. By using Paymit Ltd.'s services, you consent to receiving communications and notices electronically (to the extent permitted by law).
Withdrawal of Consent
Paymit Ltd. will take reasonable care in processing your transactions while adhering to the terms outlined in this document. However, we do not accept liability for transactions that are declined, delayed, terminated, or restricted due to regulatory or operational reasons.
We do not accept liability for:
- Any issues related to card issuer services beyond our control
- Transaction delays or cancellations resulting from incorrect or incomplete information provided by you
- Service disruptions due to system failures, internet connectivity issues, or force majeure events
- Losses incurred due to unauthorized use of your credentials unless caused by our negligence
- Delays in pay-outs due to agent location hours, currency availability, recipient verification, or compliance-related requirements
- Transactions impacted by external factors, such as exchange rate fluctuations or third-party banking restrictions
Service Suspension
Compliance Issues:
- You provide inaccurate, incomplete, or fraudulent details
- We are unable to verify your identity or complete regulatory checks
- Your transaction raises concerns related to money laundering, fraud, terrorist financing, or other financial crimes
Regulatory & Legal:
- A regulatory body or government authority requires us to suspend or block a transaction
- A court order is issued that impacts your transaction or account
- You fail to comply with the terms and conditions, including fee payment obligations
Security Violations:
- You attempt to process payments using a card or bank account that does not belong to you
- Your profile remains inactive for an extended period
As a Paymit Ltd. customer, you agree:
Information & Compliance:
- To provide accurate and complete information when using our services
- To not use our services for illegal activities or transactions involving high-risk or sanctioned entities
- To comply with additional verification requests for KYC and AML purposes
Security & Authorization:
- To ensure that your payments are properly authorized by your bank or card issuer
- To keep your account details secure and not share login credentials with anyone
- To only share transaction details with the intended recipient and not any third party
Regulatory Cooperation:
- To allow Paymit Ltd. to report transactions to relevant authorities if they appear suspicious or non-compliant with regulations
Refund Policy
Refund Conditions:
- Refunds are only possible if the recipient has not yet collected or received the funds in 30 business days
- Requests must be submitted in writing
- Processing may take 4-5 business days
Limitations:
- Paymit Ltd. is not liable for delays caused by incorrect recipient details
- Incorrect recipient details may cause delays or refund rejection
Paymit Ltd collects and processes customer information per UK GDPR and Data Protection Act 2018. We may share your data with regulators, law enforcement agencies, and financial institutions when required by law.
As per financial regulations, Paymit Ltd. will disclose applicable fees and exchange rates before processing a transaction. By proceeding with a transaction, you agree to the charges and exchange rate applied.
Transaction Fees
Fees vary depending on the transfer amount, destination country, and payment method.
Exchange Rates
The rates are based on interbank rates plus a margin. Exchange rates may fluctuate based on financial market conditions.
Additional Charges
- Some receiving banks may impose additional fees on inbound transfers
- Certain destination countries may impose local taxes or charges at the time of collection
- Mobile network providers may charge fees for using the Paymit mobile app
Uncollected Transactions
Paymit Ltd. complies with the UK Money Laundering Regulations 2017 (as amended), Proceeds of Crime Act 2002, Counter-Terrorism Act 2008, and all applicable FCA and HMRC requirements. We conduct identity verification (KYC) and transaction monitoring (AML) to prevent financial crime.
Transaction Screening
All transactions are screened against financial sanctions lists. If a potential match is found, Paymit Ltd. may be required to:
- Delay the transaction while further verification is conducted
- Request additional information from the sender or recipient
- Report the matter to regulatory bodies
Fraud Prevention
If fraud or suspicious activity is detected, we may:
- Suspend transactions
- Request additional documentation
- Report the matter to regulatory bodies
Customers are advised to send money only to individuals they know and trust.
Contact Us First
If you have a complaint regarding our service, please contact us at: support@paymit.co.uk
Initial Response
We aim to resolve complaints within 15 business days or send a holding response
Final Response
The final response to your complaint will be made within 35 days
Financial Ombudsman
If unsatisfied, you can refer to the financial ombudsman
Financial Ombudsman Service
Legal Framework
These Terms & Conditions are governed by the laws of England and Wales.
Any disputes shall be subject to the exclusive jurisdiction of the courts of England and Wales.
Third Party Rights
Severability Clause
Fraud Warning
Send funds only to individuals you know or can verify as trustworthy. The service must only be used to send funds to family or friends and not for business purposes. If you suspect fraud, please contact support@paymit.co.uk.
Contact Information
For any inquiries related to your transactions, personal data, or fees, please contact Paymit Ltd. Customer Support
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Download or print this terms of service for your records.