1. Introduction to FBS Money, information on how to contact FBS Money and on how FBS Money will contact you

1.1 When the word “FBS Money” is used in these terms, this means Frugal Business Services (FBS) Ltd., being a private limited company in England and Wales (company number: 09163262) with its trading address at 1c Woolwich New Road, Woolwich, SE18 6EX, London, United Kingdom. FBS Money operates the website at https://fbsmoney.co.uk/.

1.2 How you can contact FBS Money:

· Email: info@fbsmoney.co.uk
· Messaging: You can send FBS Money a message via the customer support function on the app.
· Telephone: +44 208 316 0704. You can call us between the hours of 10am – 7:30pm Monday to Friday UK time and 11am to 7:00pm on Saturdays.
You can contact us via email or via the customer support function on the app at any time.

1.3 FBS Money is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 (register reference 756523) for the issuing of electronic money.

1.4 “you” and “your” in these terms means you, being the individual that wishes to use FBS Money’s services and has therefore agreed to these terms and satisfied FBS Money’s onboarding requirements. Please note that you must be over 18 to use FBS Money’s services.

1.5 How FBS Money can contact you:
FBS Money shall contact you using the methods set out below. It is your sole responsibility to keep your contact details up to date with FBS Money. You can update your details by sending customer support a message via the app or by telephone or email.

· Post using the address which FBS Money holds for you which is set out on the profile section of the app.
· Call you or send a message to you using the telephone number FBS Money holds for you which is set out on the profile section of the app.
· Email using the email address FBS Money holds for you which is set out on the profile section of the app.
· Messaging using a secure messaging app as designated by FBS Money.
In the event of security threats or fraud, We will contact you (provided FBS Money is not prohibited from doing so by law) via one or a combination of the communication methods set out in this section.

2. Main characteristics of FBS Money’s service

2.1 FBS Money’s services allow you to:
(a) upload money into your wallet;
(b) receive money from your family / friends into your wallet;
(c) exchange money in your wallet for money in other currencies;
(d) send money, in various currencies, to wallets belonging to other persons (for example your friends and family);
(e) send money, in various currencies, to payment accounts which are not wallets (for example payment accounts belonging to your friends and family which live overseas);
(f) view the balance of your wallets on the FBS Money app;
(g) see foreign exchange transactions that you have entered into with FBS Money via the app;
(h) see payments that you have executed from your wallet(s) via the app.
(i) send and receive payments within United Kingdom.

3. Information on these terms

We have drafted these terms in a question and answer format so that they are easy to read and understand. However, if you have any queries at all, please do not hesitate to get in touch with customer support.

3.1 Why should you read these terms?
These terms set out the services FBS Money can provide to you. They explain your responsibilities to FBS Money and FBS Money’s responsibilities to you, how and when these terms can be terminated and the extent of FBS Money’s liability to you.

3.2 How do you accept these terms?
You can accept these terms by ticking the relevant box online when you register with FBS Money, or by otherwise agreeing to these terms on the app.

3.3 When do these terms come into force and when do they end?
These terms come into force when you have accepted them and we have onboarded you as our client, or as otherwise advised, and shall remain in force until terminated.

3.4 How can these terms be terminated?
You can terminate these terms immediately at any time by contacting FBS Money’s support team using one of the methods set out in section 1.2. We can terminate these terms at any time by providing you with 2 months’ notice using one of the methods set out in section 1.5. FBS Money can also close or suspend your access to the app in accordance with section 9.

3.5 What happens when these terms are terminated?
Among other things, you will no longer be a client of FBS Money and will therefore be unable to use the app. Accordingly, it is your sole responsibility to ensure that there is no money in any of your wallets prior to terminating these terms and closing your account. For 6 years after these terms are terminated, you will be able to contact FBS Money by email to ask FBS Money to send money in your wallets to a payment account belonging to you. During this period, FBS Money may deduct money from your wallet to pay money you owe to FBS Money.

3.6 On agreeing to these terms and onboarding you as a client, what are FBS Money’s obligations to you?
FBS Money will:
(a) provide you with access to the app;
(b) provide you with one or more wallets for you to store money in; and
(c) make FBS Money’s customer service team available to you.

3.7 On agreeing to these terms, what are your obligations to FBS Money?
By accepting these terms, you agree to abide by these terms and pay FBS Money the fees.

3.8 Are there any words used in these terms which might need further explanation?
Yes. The following words have the following meaning:
(a) ‘app’ means the “FBS Money” mobile application, which is available on Google Play and the App Store;
(b) “APP Fraud” means Authorised Push Payment Fraud, which might arise if you are tricked into sending money to a fraudster or a fraudulent business unbeknown to you at the time of initiating a transaction.
(c) ‘beneficiary’ means the person who will receive money, if you execute a payment using the app;
(d) ‘beneficiary account’ is the wallet or payment account belonging to the beneficiary;
(e) ‘electronic money’ means an electronic alternative to money. By way of explanation, when you send FBS Money money, FBS Money will credit your wallet. The balance of your wallet(s) will be backed by an equivalent amount of money which FBS Money holds in its safeguarded accounts. The value in your wallet(s) is technically referred to as “electronic money”;
(f) ‘money’ – when ‘money’ is referred to in these terms, this refers to money (as you would normally understand it) and electronic money stored in your wallet;
(g) “payment” means us sending money from your wallet to another wallet or to a non-wallet payment account;
(h) ‘payment account’ means any type of account that can hold money, including a bank account and an electronic money account;
(i) ‘wallet’ means an electronic money account with FBS Money.

3.9 Is there anything else you should be aware of when reading these terms?
Yes:
(a) these terms are concluded in English. If you are reading a non-English version, please note that this is provided for reference only and that the English version is the version which applies;
(b) when reference is made to a business day, this means a day other than a Saturday, Sunday or a bank holiday in England.

4. Information on wallets

4.1 What are wallets?
Your wallets are your electronic money accounts with FBS Money within which you can hold money. A reference to wallets in these terms means your wallets, held with FBS Money.

BEGIN INTEGRATION: Wallet Minimum Balance Policy
4.2 Wallet Minimum Balance Policy
To ensure the smooth operation of your wallet account, a minimum balance is required. You will not be able to make withdrawals that reduce your wallet balance below the required minimum. This policy helps us keep your wallet active and functioning properly for your convenience. The current minimum balances are:

· Naira (₦) Wallet: A minimum balance of ₦500 must remain in your account.
· GBP (£) Wallet: A minimum balance of £5 must remain in your account.
· USD ($) Wallet: A minimum balance of $5 must remain in your account.
•The same applies to other wallets
FBS Money reserves the right to change these minimum balance requirements by providing you with notice in accordance with section 10.13.
— END INTEGRATION —

4.3 What can you use the money in your wallet for?
Once you have money in one of your wallets, you will be able to:
(a) exchange money from one currency to another by transferring money from a wallet you hold in one currency to a wallet you hold in a different currency;
(b) send money to persons, other than you, which hold a wallet with FBS Money;
(c) send money in various currencies to payment accounts located in the UK and other countries that FBS Money allows you to send money to, the details of which are specified on the app (and are subject to change from time to time).

4.4 How does your wallet differ from a bank account?
Your wallet differs from a bank account in that money in your wallet:
(a) will not be invested or lent to third parties;
(b) will not accrue interest; and
(c) will be safeguarded in accordance with section 5, but will not be covered by the Financial Services Compensation Scheme.

4.5 How do you add money to your wallet?
You can add money to your wallet:
(a) by utilising instant bank transfer, from within the app, whereby the app connects to your own bank (using a third party payment initiation service provider) and allows you to instruct your bank to send money directly to your desired wallet;
(b) by sending money from your bank account (by placing a payment order with your bank using a method otherwise than through the app) to your wallet using the IBAN linked to your wallet;
(c) by sending money from your bank account using FBS Money’s sort code, account number and your reference number;
(d) via debit card, by entering your card details on the app; or
(e) by using Apple Pay, Google Pay and Samsung Pay on the app.
You cannot add money to your wallet by using cash.

4.6 Are there limits on how much money you can send and exchange using the app?
Yes, these limits are set out in the app. If you have any queries on these limits or would like to ask to change them, please contact customer support.

4.7 Are you able to set spending limits on the app?
No, only FBS Money is able to set spending limits.

4.8 How long will it take for the money to be added to your wallet?
This depends on the payment method used. If you pay by:
(a) bank transfer: FBS Money will add money your wallet at the time your money has arrived with FBS Money in cleared funds; and
(b) debit card: FBS Money will put money in your wallet at the time your bank (card issuer) authorises the payment.

4.9 What if you add money to your wallet in a currency other than the currency of your wallet?
When you add money to your wallet, it is added in the currency of the wallet you are topping up and not the currency of the money you send. If:
(a) you send FBS Money money by bank transfer in a currency other than the currency of your wallet; or
(b) you use a debit card and the money arrives with FBS Money in a currency other than that of your wallet, this money will be converted into the currency of your wallet using FBS Money’s standard exchange rates. Your statement will show the exchange rate which applied on the date that the money was added to your wallet. Exchange rates may change and the exchange rate which applies when you check may not be the exchange rate that was used to convert your funds. Please see section 6.11 for more information on exchange rates.

4.10 How do you find out the balance of money in your wallets and how will you know when money has been added to your wallets?
You can check the balance of your wallets by viewing the balance and transaction history of your wallet on the app. You can view such information from the app at any time until your account with FBS Money is closed. We will send a notification to your mobile device each time you receive money into one of your wallets. You can turn off these notifications through your device’s settings at any time. If you turn off notifications, you should regularly check your payments on the app. It’s important that you know what payments go into and out of your account, so FBS Money recommends that you do not turn off notifications.

4.11 Will you receive a statement relating to your wallets?
Yes, FBS Money shall issue monthly statements on the app. FBS Money shall email you to let you know when these are available (unless there have been no changes to your wallets during the relevant month in which case FBS Money shall not email you). Please note that once you are no longer a client of FBS Money, you will no longer have access to the app to obtain your online statement history. Accordingly, you may wish to print or download any of your account information before requesting the closure of your account to ensure your records are complete. Alternatively, you may request your account statements from customer support. After verification of your identity, FBS Money shall email the statements to you.

4.12 Can someone other than you add money to your wallet?
A person other than you can add money to your wallet only by:
(a) sending money from their own wallet with FBS Money; or
(b) by sending money from another account they hold and entering the details of the bank details linked to your wallet as the beneficiary details.

4.13 Will FBS Money ever deduct money from your wallet?
Yes, FBS Money will deduct money from your wallet when:
(a) you send money from your wallet to another wallet you or a third party holds or to a payment account which is not a wallet;
(b) you owe FBS Money money in one currency as you are using it to purchase money in another currency (foreign exchange), whether this money in the purchased currency will be credited to another wallet you or a third party holds or sent to a payment account which is not a wallet;
(c) you owe FBS Money fees – please see section 11 (fees and interest) for more information.

4.14 Can you ever have a negative balance in your wallet?
FBS Money will check that you have enough money in your wallet before deducting money from it. However, you may fall into negative balance if you are charged fees in excess of your balance. If this ever happens, you must immediately top up your wallet. Please see section 4.5 for information on how to do this.

4.15 What if money is paid into your wallet by mistake?
if FBS Money reasonably believes that money has been paid into your wallet by mistake, FBS Money:
(a) shall contact you and let you know;
(b) shall be entitled to share your personal information with the paying bank so that you can be contacted directly;
(c) shall be entitled to freeze an amount of money up to the amount received by you; and/or
(d) shall be entitled to deduct the appropriate amount of money from your wallet and send it to the payment service provider of the payer where FBS Money deems that you have been paid by mistake.
You must let FBS Money know if you think that a payment made to you was not a mistake. If you think a payment made to you from a payment service provider based in the UK or in the EEA was not a mistake, FBS Money may share your personal information with the payment service provider of the payer so that you can be contacted directly. This is because FBS Money is required to cooperate with other payment service providers and share all relevant information in order to assist with tracing money sent to the wrong person.

5. Information on how money in your wallet is safeguarded

5.1 When is money safeguarded by FBS Money on your behalf?
When FBS Money receives money for your wallet, FBS Money will add electronic money to your wallet and place the equivalent amount of money in segregated bank accounts. This is commonly known as safeguarding.

5.2 What are segregated bank accounts?
These are bank accounts which FBS Money holds with tier 1 banks and only hold client money and not FBS Money’s own money to keep your money safe.

5.3 What is the point of safeguarding?
Safeguarding your money means that in the unlikely event that FBS Money gets into financial difficulties, the money which FBS Money safeguards on your behalf will be protected from the claims of FBS Money’s creditors and should be returned to you in full.

5.4 When will FBS Money stop safeguarding?
FBS Money will cease safeguarding in accordance with the timelines and conditions set out in the Electronic Money Regulations 2011, typically when the electronic money is redeemed, the payment transaction is executed, or the agreement is terminated.