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Terms of Service Agreement

Last updated Aug 17, 2018

Worldclearing Ltd, including Worldclearing Ltd’s subsidiaries, affiliates, divisions, contractors and all data sources and suppliers, (collectively “Worldclearing”, “we”, “us”, or “our”) welcome you to www.worldclearing.org (the “Website”). These terms of service conditions (collectively, with Worldclearing’s Privacy Policy, located at www.worldclearing.org/about/privacy-policy and Worldclearing Prepaid Mastercard® terms and conditions located at https://www.worldclearing.org/about/terms-conditions-prepaid-mastercard/, the “Terms of Service” or “Agreement”) govern your use of the Website and the services, features, content or applications operated by Worldclearing (together with the Website, the “Services”), and provided to the Customer (the “Customer”, “User”, “you” or “your”). Our Data Processing Agreement under the General Data Protection Regulation (GDPR) form parts of these Terms of Service.

1. Definition and Interpretation

“Account” A non-deposit non-interest bearing pre-paid electronic account which is maintained for the sole purpose of enabling, monitoring and managing Transactions.

“Available Balance” The value of unspent funds loaded onto your E-wallet and available to use.

“BIC code(s)” Bank Identifier Code means a standard format code managed by SWIFT now called Business Identifier Codes (BIC) which is used to uniquely identify banks and financial institutions globally – it who and where they are. This code is used when transferring money between banks, in particular for international wire transfers or SEPA payments.

”Business Day” Monday to Friday, 0900hrs to 1800hrs CET, excluding bank and public holidays in the UK.

“Client” A person who has applied successfully for a Payment Service and who has been given an account with one or several E-wallets at Worldclearing Ltd. The Client is the legally and financially responsible person to whom we provide the Payment Services.

“E-wallet” A digital wallet, which allows any business or individual to securely, conveniently and cost-effectively send and receive direct payments online, as well as conduct online money transfers.

“Fee” The price paid by the Client for the Payment Services.

“IBAN” An IBAN, or International Bank Account Number, is part of a new international standard that has been adopted as part of the SEPA (Single Euro Payments Area) agreement. IBAN is an internationally agreed system of identifying bank accounts across national borders to facilitate the communication and processing of cross border transactions with a reduced risk of transcription errors. It has been implemented by most European countries and many countries in the other parts of the world.

“Know Your Business” Due diligence checks on corporate entities, their directors and beneficial owners as per Anti-Money Laundering regulatory requirements (hereinafter “KYB”).

“Know Your Client” Personal due diligence checks as per Anti-Money Laundering regulatory requirements (hereinafter “KYC”).

“Limitation Period” Where applicable means the period of 6 years following termination of this Agreement.

“Payment Services” All payment and e-money services and any related services available to the Customer through the use of the E-wallet.

“SEPA” The Single Euro Payments Area (SEPA) is a payment integration initiative of the European Union to help simplify the process of bank transfers.

“Transaction” Realizing or attempting to make a payment by use of the Payment Services, including where payment is made over the internet, by phone or mail order. Transactions also include receiving incoming payments onto E-wallets.

“we”, “us” or “our” Worldclearing Ltd as the provider of e-wallets.

“you” or “your” The Customer and/or any person who has been provided with an e-wallet for use in accordance with these Terms and Conditions.

2. Contact us

E-wallet can be managed online at www.worldclearing.org. At any time during the contractual relationship you shall have the right to receive, on request, these terms and conditions free of charge.

3. Your agreement with us

3.1. The provider of e-wallets is Worldclearing Ltd (hereinafter “Worldclearing”), a private limited company registered in the United Kingdom with the registration number 08251606. The registered office address of Worldclearing: S1b Abbey Manor Business Centre, Preston Road, Yeovil, Somerset, United Kingdom, BA20 2EN.

3.2. Worldclearing is authorized and regulated by the Financial Conduct Authority registration, reference number 900630.

3.3. Details of the Worldclearing authorization license by the Financial Conduct Authority is available on the public register at https://register.fca.org.uk/.

3.4. Worldclearing acts as the e-wallet issuer and manager.

3.5. These terms and conditions govern the relationship between us and you for the provision of the Payment Services by us to you. This Agreement also contains important warnings 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 E-wallet and/or by indicating your acceptance.

3.6. Your Payment Services may not be activated unless we have been provided with the required information so that we may identify you and can comply with all applicable KYC and anti-money laundering requirements. We shall keep records of such information and documents in accordance with all applicable legal and regulatory requirements.

3.7. You may have E-wallets in multiple currencies. The list of available currencies includes the following currencies: euro, dollar, British pound, Swedish Krona, Norwegian krona, Danish krona. Worldclearing has the right to apply changes to this list by adding or removing available currencies.

3.8. The Available Balance on your E-wallet will not earn any interest.

3.9. 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, payment that you make using the Payment Services. If for any reason a Transaction is processed and the Transaction amount exceeds the Available Balance, you must repay us the amount of such excess immediately and we shall be entitled to stop any existing or subsequent Transactions from proceeding.

3.10. Only persons over 18 years of age are entitled to register for the Payment Services.

4. Service Limits

4.1. Transactions may be restricted by a type of payment, individual usage patterns and payment risk profiles. For anti-money laundering and anti-fraud reasons we reserve our rights to change particular payment restrictions (including from those published or included herein) without notice and to the extent required to meet our regulatory obligations.

4.2. When sending funds to your E-wallet from an external source, please use the bank details at the link “Deposit” when you are logged in to our online service. You are responsible for checking all of the details and references when sending funds as we will not be responsible to do so.

4.3. We cannot be held liable for the payment process or fees associated with bank(s) and or intermediary bank(s) to process payments from you to us. Any fee(s) charged to us, not limited to receiving, processing or crediting a payment for you will be deducted by us before crediting the remaining balance to you.

4.4. You are responsible for checking and confirming payment details and fees before making a payment to us.

4.5. Worldclearing will credit payments received to your account at least once a day and before the end of the business day (Monday – Friday only). Worldclearing will process payments, received after the cut off period, the next working day and you will hold Worldclearing free and clear from any responsibility is this regard.

4.6. E-Wallets accounts that are allocated to corporate clients are subject to KYB approval.  Funds will be received and automatically credited to the E-Wallet corporate account.

4.7. E-Wallets accounts that are allocated to private clients, who have also requested a Prepaid Debit MasterCard, are subject to KYC approval. Private clients who have not requested a Prepaid Debit MasterCard do not need to submit KYC documentation.

4.8. Worldclearing reserves the right to suspend the E-Wallet service for misuse.

4.9. Worldclearing reserves the right to hold funds on the client’s account in cases:

  • when Worldclearing suspects that the funds have been obtained illegally;
  • when there is an ongoing investigation on the client’s business, performed either by Worldclearing, or by a third party;
  • when there is an ongoing investigation of client’s transactions at Worldclearing.

5. Use of the Services

5.1. You can use the Payment Services up to the amount of the Available Balance for Transactions. If the Available Balance is insufficient to pay for a Transaction, you will not be able to complete the Transaction.

5.2. The value of each Transaction and the amount of any fees or charges payable by you under this Agreement will be deducted from the Available Balance.

5.3. Once a Transaction is processed it cannot be withdrawn.

5.4. We may refuse to authorize any use of the Payment Services which could breach these terms and conditions or if we have reasonable grounds for suspecting that you or a third party have committed or are planning to commit fraud or any other illegal or un-permitted use of the Payment Services.

5.5. Your ability to use or access the Payment Services may occasionally be interrupted, for example if we need to carry out maintenance on our Schemes. Please contact Customer Services via our website to notify us of any problems you are experiencing using your E-wallet and we will endeavor to resolve any problem.

6. Managing & Protecting Your E-wallet

6.1. You are responsible for your Username and Account passwords. Do not share your Account security details with anyone.

6.2. You must keep your Account, Username and Password safe, and not disclose it to anyone else. This includes:

  • memorizing your password as you receive it and destroying the authorized communication used to transmit it to you;
  • never storing your password in places of public access;
  • keeping your password secret at all times, including by not using your password if anyone else is watching;
  • not disclosing your password to any person.

6.3. If you forget your password, you should contact the Worldclearing support team. We will arrange delivery of a new temporary password to your mobile phone.

6.4. The Payment Services may only be used by the Client. Payments from your e-wallet, issued from other part needs to be approved by you.

6.5. You must not allow any other person to use the Payment Services.

6.6. Failure to comply with clause 6.2 may affect your ability to claim any losses in the event that we can show that you have intentionally failed to keep the information safe or you have acted fraudulently, with undue delay or with gross negligence. In all other circumstances your maximum liability shall be as set out below at clause 11.

6.7. If you believe that someone else knows your Account security details, you should contact us immediately.

7. Identity Verification

7.1. Upon creating of your Account, you will be asked to enter your contact details, such as a mobile phone number and address. You should supply the most recent address as the Account address. The Account address is also the address to which we will send any correspondence.

7.2. You must notify us within 7 days of any change in the Account address or your other contact details. You can notify us by contacting Customer Services who may require you to confirm such notification in writing. You will be liable for any loss that directly results from any failure to notify us of such a change as a result of undue delay, your gross negligence or fraud. We will need to verify your new Account address and shall request the relevant proofs from you.

7.3. We reserve the right at any time to satisfy ourselves as to your identity and home address (for example, by requesting relevant original documents) including for the purposes of preventing fraud and/or money laundering. In addition, at the time of your application or at any time in the future, in connection with your Account, you authorize us to perform electronic identity verification checks directly or using relevant third parties.

8. Cancelling Services

8.1. 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 by emailing us as specified in section 2 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.

8.2. 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 you (Customer) any Available Balance, 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.

8.3. If, following reimbursement of your Available Balance, any further Transactions are found to have been made or charges or fees incurred 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.

9. Right to Cancel

9.1. You have a right to withdraw from this Agreement under the following conditions:

  • where you purchased the Payment Services by mail order, internet, fax, digitally or by email then you have a “Cooling Off” period of 14 days beginning on the date of the successful registration of your Account to withdraw from this Agreement and cancel the Payment Services, without any penalty but subject to deduction of any reasonable costs incurred by us in the performance of any part of the provision of services before you cancel.
  • you must contact us within this 14 day period and inform us that you wish to withdraw from this Agreement and you must not use the Payment Services. We will then cancel the Payment Services and reimburse the amount of Available Balance on the Account to the Customer. However, we reserve the right to hold Available Balance for up to 30 business days from receipt of your instructions before returning the balance, to ensure that details of all transactions have been received.

9.2. After the Cooling Off period you may only cancel the Payment Services as described in clause 8 above.

10. Termination or Suspension of Your Account

10.1. We may terminate your use of the Payment Services with prior notice of at least 2 months.

10.2. We may terminate or suspend, for such period as may reasonably be required, your use of the Payment Services at any time, without prior notice:

  • in the event of any fault or failure in the data information processing system;
  • if we reasonably believe that you have used or are likely to use the Payment Services, or allow them to be used, in breach of this Agreement or to commit an offence;
  • if any Available Balance may be at risk of fraud or misuse;
  • if we suspect that you have provided false or misleading information;
  • by order or recommendation of the police or any relevant governmental or regulatory authority.

11. Our Liability

11.1. Subject to clause 11.1;

  • neither party shall be liable to the other for indirect or consequential loss or damage (including without limitation loss of business, profits or revenues), incurred in connection with this Agreement, whether arising in contract, tort (including negligence), breach of statutory duty or otherwise;
  • we shall not be liable:
    • if you are unable to use the Payment Services as set out or for any reason stated in clauses 4 and 8;
    • for any fault or failure beyond our reasonable control relating to the use of the Payment Services, including but not limited to, a lack of Available Balance or fault in or failure of data processing Schemes;
    • if a recipient’s bank refuses to accept a Transaction;
    • for any loss, fraud or theft that is reported more than 8 weeks following the event;
    • where you acted with:
      • undue delay
      • fraudulently; or
      • with gross negligence (including where losses arise due to your failure to keep us notified of your correct personal details).

11.2. To the fullest extent permitted by relevant law, our total liability under or arising from this Agreement shall be limited as follows:

  • where sums are incorrectly deducted from your Available Balance due to our fault, our liability shall be limited to payment to you of an equivalent amount; and
  • In all other circumstances of our default, our liability will be limited to repayment of the amount of the Available Balance.

11.3. Nothing in this Agreement shall exclude or limit either Party’s liability in respect of death or personal injury arising from that party’s negligence or fraudulent misrepresentation.

11.4. No party shall be liable for, or be considered in breach of this Agreement on account of, any delay or failure to perform as required by this Agreement as a result of any causes or conditions which are beyond such Party’s reasonable control and which such Party is unable to overcome by the exercise of reasonable diligence.

12. Refunds for Transactions

12.1. A Transaction shall be considered to be unauthorized if you have not given your consent for the Transaction to be made. If you believe that a Transaction has been made without your consent you should contact us in accordance with clause 2.

12.2. Where any request, transaction, disputed transaction, arbitration or reversed transaction involves third party costs you remain liable for these and they will be deducted from your account or otherwise charged to you.

13. Payment Disputes

13.1. We aim to provide customers with easy access to our customer services team who receive record, investigate and respond to complaints.

13.2. 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. 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 within five working days. You can contact our Customer Care Team using the details in clause 2.  Primary contact via our internal message system, secondly via email to support@worldclearing.org or by phone to +44 (0)20 3808 7800.

13.3. If the Customer Care Team is unable to respond to your complaint immediately, you will receive confirmation that your complaint has been received and a formal investigation will be conducted. It is anticipated that you will receive a formal response of their findings within four weeks.

13.4. If the Customer Care Team is unable to resolve your complaint and you wish to escalate your complaint further, please contact the Financial Ombudsman Service at South Key Plaza, 183 Marsh Wall, London, E14 9SR. Details of the service offered by the Financial Ombudsman Service are available at www.financialombudsman.org.uk.

13.5. You must provide us with all receipts and information that are relevant to your claim.

13.6. If our investigation shows that we have incorrectly deducted money from your Available Balance, we shall refund the amount to you. If we subsequently establish that the refunded amount had been correctly deducted, we may deduct it from your Available Balance and may charge you an Investigation Fee. If you do not have sufficient Available Balance, you must repay us the amount immediately on demand.

14. Personal Data

14.1. We are the data controller for your personal data and will process personal data given to us in connection with your Account in order to administer your Account and provide you with services relating to the Account and this Agreement. We may also use your personal data for marketing purposes and for market research purposes, in accordance with applicable legislation and our Privacy Policy.

14.2. We may check your personal data with other organizations, and obtain further information about you in order to verify your identity and comply with applicable money laundering and governmental regulations. A record of our enquiries will be left on your file. In accordance with our Privacy Policy and applicable legislation, we may provide personal data supplied by you to certain named third parties (including data processors) for the purpose of performing our obligations and exercising our rights under this Agreement, including third parties located outside the European Union where different data protection standards may apply. We may also disclose your personal data as required by law or any competent authority.

14.3. By agreeing to these terms and conditions, you acknowledge and agree to our processing of your personal data in this way.

14.4. You have the right to receive certain information concerning the personal data we hold about you and to rectify such data where it is inaccurate or incomplete.

14.5. You have also seen our Privacy Policy document and acknowledge and agree to the provisions thereof (as amended from time to time).

14.6. If you have elected to opt in to receive email and SMS marketing, we may share your information with third parties so they can contact you directly by telephone or email about their products and services.

15. 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 (see clause 8).

16. Miscellaneous

16.1. We may assign our rights, interest or obligations under this Agreement to any third party (including by way of merger, consolidation or the acquisition of all or substantially all of our business and assets relating to the Agreement) upon 2 month’s written notice. This will not adversely affect your rights or obligations under this Agreement.

16.2. We do not intend that any of the terms of this Agreement will be enforceable by a person not a party to it, except that Schemes and their affiliates may enforce any right granted to it under this Agreement.

16.3. Any waiver or concession we may allow you will not affect our strict rights and your obligations under this Agreement.

16.4. You agree that you will not use the Payment Services in an illegal manner and you agree to indemnify us against any claim or proceeding brought about by such illegal use of the Payment Services.

16.5. This Agreement and the documents referred to in it, constitute the entire agreement and understanding of the parties and supersede any previous agreement between the parties relating to the subject matter of this Agreement.

16.6. All changes to the customer will be communicated by us. The most up to date terms and fees can be found on our website and your customer secure login area.

17. Funds Protection

Your funds are safeguarded by law. In the event that Worldclearing became insolvent your e-money funds are protected against claims made by any other creditors.

18. Regulation & Law

18.1. 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.

18.2. To the fullest extent permitted by law and without affecting your legal rights as a consumer, this Agreement and any dispute or claim arising out of or in connection with it or its subject matter or formation (including non-contractual disputes or claims) shall be governed by, and construed in accordance with, the laws of England & Wales and the courts of England & Wales shall have exclusive jurisdiction in relation to the same.

19. Fee & Limits Schedule

Annual fees, monthly fees or other transaction fees based on this Agreement including the Terms & Conditions and Price List shall be automatically debited from the Client’s Account. Possible other forms of automatic billing of charges shall be agreed by the Client separately.

The Client agrees that Worldclearing is entitled to withdraw existing debts of various sorts, accrued interests and fee for receiving returning money through deposits. The Client accepts that money deposited at any given time to Worldclearing is pledged ahead as a collateral for all Client’s obligations against Worldclearing at any given time and of whatever sort they may be.

Fees and limits for Ewallet and/or transactions are set according to actual package. Please take part of actual fees and limits for your package here.

Contact Us

If you have any questions or concerns about our Terms of Service Agreement, please feel free to contact us at privacy@worldclearing.org, or send mail to:

Worldclearing Ltd
24th Floor the Shard
32 London Bridge Street
SE1 9SG London
United Kingdom



Worldclearing Limited is a United Kingdom company.  Main Office: 24th Floor The Shard, 32 London Bridge Street, LONDON SE1 9SG, UNITED KINGDOM. Registered office Address: S1b Abbey Mannor Business Centre, Preston Road, Yeovil, Somerset, BA20 2EN, UNITED KINGDOM.

Worldclearing Limited is authorized and regulated by the Financial Conduct Authority (FCA) as an agent of Prepaid Financial Services Limited.

Registration number at Financial Conduct Authority in United Kingdom 900630.

Swiftcode: WOREGB21

Mastercard and the Mastercard Brand Mark are registered trademarks of Mastercard International Incorporated. Visa is a registered trademark of Visa International.

The WORLDCLEARING Prepaid Mastercards are issued by Prepaid Financial Services Limited pursuant to a license from Mastercard International Incorporated.