TERMS OF USE

FRAMEWORK CONTRACT FOR THE PROVISION OF SERVICES

  1. Introduction

    1. Caspero is a trade name of Caspero UAB (Registration No. 304541102, registered address at Jogailos str. 4, Vilnius, Lithuania, e-mail [email protected], tel. +370 694 00234, a company incorporated under the laws of Lithuania, data about the company is stored and kept with the Register of Legal Entities of the Republic of Lithuania, supervised by the Bank of Lithuania, included in the list (category) of persons distributing e-money of an electronic money institution established in the Member State of the European Union managed by the Bank of Lithuania ("Caspero"). We are an authorized agent of International Fintech UAB (registration number: 304409766, registered address at Jogailos str. 4, Vilnius, Lithuania, office address at 4 Jogailos Street, LT-01116 Vilnius, Lithuania, website www.caspero.com., e-mail [email protected], tel. +370 694 00234), data about the company is stored and kept with the Register of Legal Entities of the Republic of Lithuania, supervised by the Bank of Lithuania, licensed by the Bank of Lithuania for the issuing of electronic money and payment instruments and other related services indicated in the license (electronic money license No 6 issued on 29 November 2016).
  2. Definitions

    Terms indicated herein have the following meaning:

    1. “We”, “us”, “our” and “Company” shall mean Caspero.
    2. “You”, “your” and “User” shall mean you, the natural person or legal entity in whose name the Caspero Account is opened and maintained as a customer for non-commercial purposes.
    3. “Account” shall mean the account you have opened or are about to open and maintain through our website.
    4. “Business Day” shall mean any day (except Saturday and Sunday) on which banks in Lithuania carry out banking operations.
    5. "Business Hours" shall mean our business hours, 09:00am to 17:30pm (Lithuania's time zone).
    6. “Customer Service” shall mean our customer service, which you can reach by sending a message through the “Contact Us” facility on the website or by emailing us at [email protected], by calling +370 694 00234 or via any other means of communication provided by us. All communications with us shall be subjected to our Business Hours.
    7. “Fees” means the charges payable by you to us for using our services.
    8. “Parties” shall mean Caspero and the User.
    9. “Privacy Policy” is our policy governing the processing of personal data which is available on the website, as may be amended from time to time.
    10. "Services" shall mean any one and all of the services provided by us to you and that are in the scope of this agreement, including payment services.
    11. “Terms of Use” shall mean this Agreement for Provision of Services (Framework Contract), published on the website and as may be amended from time to time.
    12. “Website” shall mean the website available at www.caspero.com.
  3. Scope of these Terms of Use

    1. These Terms of Use have been drawn up taking into consideration the requirements for providing services set by the Law on Payments of the Republic of Lithuania, Law on Electronic Money and Electronic Money Institutions of the Republic of Lithuania, Law on Payment Institutions of the Republic of Lithuania and other applicable laws. These Terms of Use incorporate the conditions for provision of payment services as required under the Law on Payments of the Republic of Lithuania.
    2. These Terms of Use govern the opening, use and closure of your Account and other related payment services as referred to herein. Together with our Privacy Policy, and any other terms and conditions referred to therein, they constitute the legal relationship between You and us. For the use of additional services, You may have to accept additional terms and conditions as notified to You when You are ordering or using such services. You are advised to copy and print a copy of these Terms of Use for future reference. You can always view the current Terms of Use on our Website.
    3. The User shall be acquainted with the Terms of Use and their conditions prior to execution of the Terms of Use by being presented on a durable medium as established under section 19.2. At the User's request, these Terms of Use shall always be made available on a durable medium, for instance by downloading them or obtaining them further to an e-mail request. These Terms of Use shall be set forth in Lithuanian and English.
    4. You are also advised to read the answers to the “Frequently Asked Questions” which are published on our Website www.caspero.com.
  4. Main Characteristics of Payment Service. Your Account.

    1. Your Account is an electronic money account which enables You to send and receive electronic payments.
    2. The electronic money on your Account is issued in accordance with the Law on Electronic Money and Electronic Money Institutions of the Republic of Lithuania, Law on Payments of the Republic of Lithuania and other applicable laws.
    3. Your Account is denominated in the currency of your choice, per your selection from the available currencies. You cannot change the currency of your Account once You have chosen a type of currency.
    4. Subject to section ‎8 below, the electronic money held on your Account does not expire but it will not earn any interest.
    5. You have the right to withdraw funds from your Account at any time. However, You may be required to confirm your identity beforehand. There is no minimum withdrawal amount but the funds on your Account must be sufficient to cover any applicable withdrawal or any other type of fee (including without limitation any minimum fees). You can choose the method of withdrawal when submitting your withdrawal request. Some methods of withdrawal (e.g. withdrawal of funds received from a third party) may be subject to a delay in its enablement under the Company's sole discretion and policies.
    6. Electronic money accounts are not bank accounts. In the unlikely event that We become insolvent, You may lose the electronic money held in your Account. However, We adhere to the legal requirements under the European Electronic Money Directive 2009/110/EC and Lithuanian national legislation which are designed to ensure the safety and liquidity of funds deposited in electronic money accounts.
    7. The electronic money on an Account belongs to the person or legal entity which is registered as the Account holder. No person other than the Account holder has any rights in relation to the funds held in an Account, except in cases of succession or where a court order or judgment has granted the benefit of the funds to another person. You may not assign or transfer your Account to a third party or otherwise grant any third party a legal or equitable interest over it.
    8. Your Account may be subject to upload, payment and withdrawal limits, depending on your country of residence, the verification status of your Account and other factors used by us to determine such limits from time to time at our sole discretion. 
  5. Opening Your Account

    1. In order to use the Services, You must first open an Account by registering your details on our Website. As part of the signup process You will need to accept these Terms of Use and our Privacy Policy and You must have the legal capacity to accept. If You order additional services, You may be asked to accept additional terms and conditions.
    2. If You are an individual, You must be 18 years or older to use the Services and by opening an Account You declare that You are 18 years or older. This does not apply to products for which we set a different age limit. We may require at any time that You provide evidence of your age (a "Request for Additional Proof") and We may determine at our sole discretion what such evidence might be. For the avoidance of doubt, due to the need for authenticity and efficiency of process, a Request for Additional Proof sent to one User will not set any precedent with respect to the nature of the evidence required from any other User, and the Company will not be obliged under any circumstances to reveal the reason for the differentiation between requests made to different Users.
    3. You may only open one Account per person unless We explicitly approve the opening of additional Accounts to the benefit of the same person.
    4. You may only open an Account if it is legal to do so in your country of residence. By opening an Account, You represent and warrant to us that your opening of an Account does not violate any laws or regulations applicable to You. You shall indemnify us against any losses We incur in connection with your breach of this section.
    5. Any and all information You provide during the signup process or any time thereafter must be accurate and truthful.
    6. You may only add payment instruments (such as bank accounts, credit cards or debit cards) to your Account if You are the named holder of that payment instrument. We take any violation of this requirement very seriously and will treat any attempt to add a payment instrument of which You are not the named holder as a fraudulent act.
    7. Upon signing up for your Account, You will be asked whether You intend to use your Account for private or commercial purposes. If You have stated that You will use your Account for private purposes only, You must notify us immediately before, at any point in the future, You use it for commercial purposes, or you intend to do so, by contacting Customer Service. For the avoidance of doubt, You are using your Account for commercial purposes if You are receiving at least one payment for or in connection with any business activity. We reserve the right to determine whether, in our reasonable opinion, You are using your Account for commercial purposes. For the sake of clarity, one same Account cannot be used for both private and commercial purposes. If You are using your Account for commercial purposes, in addition to these Terms of Use, You shall be bound by our Merchant Agreement.  If You are in any doubt about whether or not an activity amounts to a commercial activity, You should contact Customer Service.
    8. Within fourteen (14) days of the date of opening your Account, You may close your Account at no cost by contacting Customer Service, however, if You have uploaded funds into your Account, You may be required to provide identification documents before being able to withdraw funds. Transaction amounts and fees for transactions undertaken before You close your Account (including those transactions that are irrevocable and have been initiated but not completed before closure of your Account) will not be refunded.
    9. We reserve the right to carry out any necessary money laundering, terrorism financing, fraud or other illegal activity checks before authorizing any other action performed by the User, including User's registration to the Services. In compliance with anti-money laundering and counter-terrorist financing rules, You might be requested to provide certain information and fill-in certain forms provided by us.
  6. Maintaining Your Account

    1. You must ensure that the information recorded on your Account is always accurate and up to date and We may not be liable for any loss arising out of your failure to do so. We may ask You at any time to confirm the accuracy of your information or to provide documents or other evidence.
    2. We may contact You by e-mail or in other ways described in section ‎19 with information or notices regarding your Account. It is your responsibility to regularly check the proper functioning of your e-mail account or other methods of communication that You have registered with us and to retrieve and read messages relating to your Account promptly. We shall not be liable for any loss arising out of your failure to do so.
    3. Fund uploads, payments received, payments sent and fund withdrawals are displayed together with the Fees charged in the overview board. Each transaction is given a unique transaction ID and shown in the transaction history. You should quote this transaction ID when communicating with us about a particular transaction. You should check your Account balance and transaction history regularly. You should report any irregularities or clarify any questions You have as soon as possible by contacting our Customer Service.
    4. Subject to the provisions of section ‎9 below and without prejudice to the provisions of section 10.7, in order to claim a refund for an unauthorized or incorrectly executed payment transaction on your Account You must immediately notify us after becoming aware of the unauthorized or incorrect transaction, and no later than 13 months after the debit date of the Transaction.
  7. Keeping Your Account Safe (Security and Rectifying Measures)

    1. You must take all reasonable steps to keep your Account password safe at all times and never disclose it to anyone. Our personnel will never ask You to provide your password or to a third party. Any message You receive or website You visit that asks for your password, other than our Website or a payment gateway on a merchant website, should be reported to us. If You are in doubt whether a website is genuine, You should contact Customer Service. It is advisable to change your password regularly (at least every two (2) to five (5) months) in order to reduce the risk of a security breach with respect to your Account. We also advise You not to choose a password that is easily guessed from information someone might know or gather about You or a password that has a meaning. You must never allow anyone to access your Account or watch You accessing your Account.
    2. If You have any indication or suspicion of your Account, login details, password or other security feature being lost, stolen, misappropriated, used without authorization or otherwise compromised, You are advised to change your password. You must immediately contact Customer Service when becoming aware of any loss, theft, misappropriation or unauthorized use of your Account, login details, password or other security features. Any undue delay in notifying us may not only affect the security of your Account but may result in You being liable for any losses as a result. If You suspect that your Account was accessed by someone else, You should also contact the police or any other relevant authority or third party and report the incident. You can contact Customer Service by emailing us at [email protected], by calling +370 694 00234 or via any other means of communication provided by us. All communications with us shall be subject to our Business Hours.
    3. We may suspend your Account or otherwise restrict its functionality for issues relating to the security of the Account or any of its security features or if We reasonably suspect that an unauthorized or fraudulent use of your Account has occurred or that any of its security features have been compromised or that any use was made that is possibly illegal or not in accordance with any law or regulation. We will notify You of any suspension or restriction and of the reasons for such suspension or restriction either in advance or immediately after the suspension or restriction has been imposed, unless notifying You or providing You with the reasons for the suspension or restriction is technically impossible or prohibited by the applicable laws. We will lift the suspension and/or the restriction as soon as practicable after the grounds for the suspension and/or restriction have ceased to exist.
    4. You must take all reasonable care to ensure that your e-mail account(s) are secure and only accessed by You, as your e-mail address may be used to reset passwords or to communicate with You about the security of your Account. In case any of the e-mail addresses registered with your Account are compromised, You should, without undue delay after becoming aware of this, contact Customer Service and also contact your e-mail service provider.
    5. Irrespective of whether You are using a public, a shared or your own computer to access your Account, you must always ensure that your login details are not stored by the browser or cached or otherwise recorded. You should never use any functionality that allows login details or passwords to be stored by the computer You are using.
    6. Additional products or services You use may have additional security requirements and You must familiarize yourself with those as notified to You. 
  8. Closing Your Account

    1. You may close your Account at any time by contacting Customer Service.
    2. If your Account holds a balance at the time of its closure, we will ask You to withdraw your funds within a reasonable period of time, during which your Account will be accessible for the purpose of withdrawing the remaining balance only. After the expiry of this period You will not be able to access your Account but You may withdraw any remaining funds by contacting Customer Service and requesting that the funds are sent to You in a manner that is reasonably acceptable for us. You may do so for a period of 10 years from the date of closure of your Account (in this section ‎8 "Withdrawal Period") but we suggest that You withdraw your remaining funds as soon as possible as they will not earn any interest while being deposited in your Account and Your funds may still be subject to recurring monthly Fees as set forth below. Your obligations with regards to keeping your Account safe as set forth in section ‎7 shall continue to apply.
    3. We reserve the right to carry out any necessary money laundering, terrorism financing, fraud or other illegal activity checks before authorizing any withdrawal of your funds, including in relation to returning any funds to you after you have closed your Account. For more information about the mandatory checks that are performed by us can be found in our Privacy Policy [link].
  9. Uploading Funds

    1. You can upload funds by visiting the Website, logging into your Account and following the relevant upload instructions. You may be presented with a number of different upload methods, depending on which payment instruments you have added to your Account and which payment methods are available in your country of residence. Upload methods are payment services provided by third party financial institutions (for example, the issuer of the payment card you use to upload funds or third party direct banking service providers) and are not part of our service. We do not guarantee the availability to use any particular upload method and may make changes to or discontinue the acceptance of any particular upload method at any time without following the procedure set out in section ‎18. Notwithstanding section ‎5 below, we shall not be responsible for the upload payment (or any failure of it) until the uploaded funds are received by us.
    2. You may be asked to answer security questions or to complete other activities that We may reasonably require to ensure proper authorization of an upload transaction.
    3. If you choose an upload method using a payment instrument that may be subject to chargeback rights such as (but not limited to) credit or debit card or direct debit, you declare that you will not exercise such chargeback right other than for unauthorized use of the payment instrument or for a breach by us of these Terms of Use which would result in you having a right to a refund of the uploaded amount. Otherwise, you may not charge back any upload transaction or allow a chargeback of any upload transaction for reasons for which we are not responsible including (but not limited to) insufficient balance on the payment instrument account. We reserve the right to charge you fees and expenses we incur in connection with such chargeback and any action undertaken to challenge the same. We may also charge you a chargebacks fee of 40 EUR.
    4. If a chargeback or reversal of an upload transaction results in a negative balance in your Account, you will be required to repay such negative balance by uploading sufficient funds into your Account. Failure to do so is a breach of these Terms of Use. Repayment of the negative balance is due immediately without notice. We reserve the right, at any time, to send you reminders or to take other debt collection measures including but not limited to mandating a debt collection agency or solicitors or to pursue the claim in court. We reserve the right to charge you the expenses we reasonably incur in connection with any debt collection or enforcement efforts.
    5. Uploaded funds will be credited to your Account after the funds have been received by us. Some upload transactions, such as those by credit or debit card, direct debit or direct banking will appear as credited to your Account immediately but the balance may take some time to become available for use and the upload transactions are subject to reversal in case the actual funds do not reach us within a reasonable time in which case we will deduct such reversed upload transactions from the balance of your Account. If your Account balance is insufficient, we reserve the right to require repayment from You.
    6. You must not make an upload through a payment instrument if You are not the named holder of that payment instrument. We take any violation of this requirement very seriously and will treat any attempt to use a payment instrument of which You are not the named holder as a fraudulent act. Without prejudice to claiming further damages, if we are required to return funds uploaded from a payment instrument that is not in your name, or joint name in case of a payment instrument related to a joint account, we may charge an administration fee of 50 EUR per upload return.
    7. Uploads may be subject to upload limits due to security and legal requirements. These limits are set dynamically depending on applicable law, your verification status and the upload method You want to use. You should be aware that depending on your verification status your upload limits may be higher than your withdrawal or spending limits. You can view these limits at any time in the relevant section of your Account profile.
    8. Uploads are subject to upload fees and currency conversion fees that may depend on which upload method and payment instrument is chosen.
  10. Sending Payments

    1. You may give consent to a payment transaction in the form and manner set by the Company or agreed between the Company and You. In order to send a payment, You may be required to authorize the payment with your login details and password or by any other means according to the Company's sole discretion. We may also ask You additional security questions relating to You or your Account. If your Account is protected by additional security measures such as password tokens, You need to follow the instructions provided to You with such additional security measures. The payment order submission for execution in the Account in any of the ways specified in this paragraph constitutes the User’s consent to perform the payment operation and have the same legal effect as paper documents signed by the User. A payment order shall be considered received by the Company when the payment order is placed in the Account and authorized by the User as indicated herein. A payment order may not be revoked or cancelled by the User after its receipt by the Company, unless otherwise described by these Terms of Use or decided by the Company. If the payment order has been received on a day other than a Business Day or after Business Hours, the payment order shall be deemed to have been received on the following Business Day.
    2. The User initiating a payment order and the Company may agree that execution of the payment order shall start on a specific later day or at the end of a certain period or on the day on which the User has set funds in its Account. In this case, the payment order shall be deemed to have been received on the agreed day. If the agreed day is not a Business Day, the payment order shall be deemed to have been received on the following Business Day. In this case, the User may revoke a payment order at the latest by the end of the Business Day preceding the agreed day.
    3. Each recipient of a payment You wish to send through us must have a registered Account with us and a valid means that We can use for their identification. That means of identification may be a valid e-mail address but other means of identification may be required in the Company's sole discretion. If the intended recipient has no Account and/or e-mail address registered with us, the procedure of section10.6 will apply.
    4. If you are asked to provide details of the recipient’s e-mail address or other means of identification, where applicable, you must take great care to properly type the exact details of who you wish to send money to. We use those details as the unique identifier to determine the intended recipient of the payment which you instruct us to process, at least for the small amounts, and reserve the right to request further means of identification beyond certain amounts. Other information You provide along with the recipient’s means of identification may be disregarded and we shall not be liable for any error you make when entering the recipient’s means of identification. In an event where a transfer made by You contains mistaken details, You need to immediately contact our Customer Service. Had the payee a registered Account and had the transfer been executed, We will ask the payee to authorize and execute the reverse transfer of the funds back to You. Please note that this service is solely intended for your benefit and it shall not be construed as making the Company liable to you in any way in such an event. Upon calling our Customer Service with a request to retrieve funds that were mistakenly transferred by You, You wave any and all claims You might have against the Company with respect to any damages or losses caused to You.
    5. If the e-mail address of the intended recipient is registered with us, the funds will be instantly credited to the Account associated with that e-mail address. Once funds are credited to the recipient’s Account, the transaction becomes irreversible. Without derogating from the above, the Company reserves the right to provide you with a means of notification to be used by You in order to notify the Company's Customer Service of an erroneous transfer of funds by You and the Company may try to assist You in the retrieval of your funds. For the avoidance of doubt, the Company may, according to its sole discretion, refuse to provide You with such a service as described above and You will not hold the Company liable for any loss or damages caused by the Company's actions or omissions.
    6. If the intended recipient’s e-mail address is not registered with us, We will send an e-mail notification to that e-mail address with instructions on how to claim and receive the payment. This notification will inform the intended recipient that We received their personal data from the User. If the recipient does not claim the payment within 14 days, the transaction will be automatically cancelled and the funds will be recredited to your Account.
    7. You may also cancel the transaction at any time before the funds have been credited to the recipient’s Account. To cancel a transaction, you should log into your Account, locate the relevant transaction in your transactions history and select “Cancel”.
    8. We may use third party intermediaries to complete the money transfer to a recipient if the recipient does not have an Account with us. You will be notified about the identity of the third party and about the transfer made to such third party. Therefore, when providing this service, the funds will be instantly credited to the Account of the relevant intermediary. That intermediary shall then be responsible for ensuring the onward transmission of the payment to the recipient. As a consequence, sections ‎5 and ‎10.6 shall not apply in such case.
    9. Payments are subject to payment limits due to security and legal requirements. These limits are set dynamically depending on your verification status. You can view these limits at any time in your Account profile. You should ensure that your limits are sufficient to cover the payment You intend to make as well as any applicable fees including service fees and currency conversion fees. You should be aware that the recipient of a payment may also be subject to spending and withdrawal limits and that this may affect the recipient’s use of the funds you intend to send.
    10. The payment operations initiated by the User shall be completed by the Company within 1 Business Day or sooner (if possible), unless the intended recipient had no Account or the operation is carried out through an intermediary (as explained in section 10.8) or is suspended in accordance with the requirements of the applicable laws.
    11. Sending payments are subject to fees and currency conversion fees depending on the type of payment You make and the type of Account You hold. Please see section ‎14 for details.
    12. In case of payment transactions initiated by or through a payee:
      1. The User shall be entitled to a refund from the Company of an authorised payment transaction initiated by or through a payee which has already been executed, if the authorisation of the payment transaction did not specify the exact amount of the payment transaction when the authorisation was made.
      2. At the Company’s request, the User shall provide factual data relating to the conditions referred to in section 10.12.1.
      3. The User has no right to a refund of the amounts of payment transactions initiated by the payee or through the payee where the User has given his consent to execute the payment transaction directly to the Company and information on the future payment transaction was provided or made available in an agreed manner to the User for at least four weeks before the due date by the Company or by the payee.
      4. The User shall have the right to request the refund of an authorised payment transaction initiated by or through a payee for a period of eight weeks from the date on which the funds were debited.
      5. Within 10 Business Days of receiving a request for a refund, the Company shall either refund the full amount of the payment transaction or provide justification for refusing the refund, and where the User is the customer – the procedure for appealing against such a refusal.
  11. Receiving Funds

    1. If You receive funds into your Account, We will send you a notification email and display the payment as a “Receive Money” transaction in your transactions history. You should regularly reconcile incoming payments with your own records.
    2. You should be aware that receipt of funds to your Account does not necessarily mean that these transactions cannot be reversed. We reserve the right to reverse a payment in case the payer or the payer’s bank or payment service provider has charged back or otherwise reversed (or is reasonably likely to charge back or otherwise reverse) an upload or other payment which was used to fund the payment to You.
    3. If a person received a payment notification from us indicating that someone has sent them funds to an email address that is not registered, they will not be credited with the payment until it has been claimed in accordance with the instructions laid out in the notification email. Until then, there will be no contractual or fiduciary relationship between us and the intended recipient. The funds remain those of the sender.
    4. You can request a payment from someone by using the “Receive Money” service within your Account. You must only use this service for undisputed amounts that a person owes You and that are immediately due for payment in full, excluding any future or conditional claim. You may not use this service more than once for the same payment you request. This service may not be used as a debt collection or enforcement tool. If the person that owes You the payment asks You not to use “Receive Money” service to request payment from them, You must comply with this request regardless of the merits of your claim. When using this service, You must ensure that You have the right to contact the person You are claiming from. You are strictly prohibited from requesting money by using the “Request Money” service within your Account from someone that:
      1. Does not owe you the amount requested;
      2. Would be ineligible to open an Account (for example, minors); or
      3. Has not given or has withdrawn his or her consent to receive a request for payment via the “Request Money” service.

      Without derogating from any other section to this Agreement, we shall have the right to claim any damages or losses arising out of your breach of this section.

    5. The receipt of payments is subject to fees and currency conversion fees (if applicable), depending on the type of payment You receive and the type of Account You have. Please see section ‎14 for details.
  12. Prohibited transactions

    1. It is strictly forbidden to send or receive payments as consideration for the sale or supply of: tobacco products, prescription drugs, drugs and drug paraphernalia, weapons (including without limitation, knives, guns, firearms or ammunition), satellite and cable TV descramblers, pornography, adult material, material which incites violence, hatred, racism or which is considered obscene, government IDs and licenses including replicas and novelty items and any counterfeit products, unlicensed or illegal lotteries or gambling services (including without limitation the use of or participation in illegal gambling houses), unregistered charity services, items which encourage or facilitate illegal activities, third party processing or payment aggregation products or services, multi-level marketing, pyramid selling or ponzi schemes, matrix programs or other “get rich quick” schemes or high yield investment programs, goods or services that infringe on the intellectual property rights of a third party or the sale/purchase of goods or services which is prohibited by the applicable laws, un-coded/miscoded gaming, timeshares or property reservation payments (On and Off Plan). We reserve the right, in our sole discretion, to add categories of prohibited transactions by adding such categories either to these Terms of Use or an acceptable use policy published on the Website.
    2. It is strictly forbidden to make payments to or to receive payments from persons or entities offering illegal gambling services, including (but not limited to) illegal sports betting, casino games and poker games. We may suspend or terminate your Account at any time or refuse to execute or reverse a transaction if we believe that You directly or indirectly use or have used your Account for or in connection with illegal gambling transactions. Countries where online gambling is illegal include the United States of America, Turkey, China, Malaysia and Israel. This list is not exhaustive and it is your responsibility to ensure that You do not use our services for transactions that may be considered illegal in your jurisdiction.
    3. You may not use our services if you are residing in any of the following countries: Afghanistan, Cuba, Eritrea, Iran, Iraq, Kyrgyzstan, Libya, North Korea, South Sudan, Sudan, or Syria. This list is not exhaustive and we may in our sole discretion decide to discontinue or restrict our services in other countries at any time and without prior notice. We reserve the right to suspend or terminate your Account at any time if we reasonably believe to be required to do so in our sole discretion.
    4. If you conduct or attempt to conduct any transaction in violation of the prohibitions contained in this section ‎12, we reserve the right to: reverse the transaction; and/or close or suspend your Account; and/or report the transaction to the relevant law enforcement agency; and/or claim damages from You; and/or charge You an administration fee of up to 150 EUR.
    5. It is your and not our responsibility to ensure that You only send payments to persons or entities for the sale or supply of goods and services that you may receive in compliance with any applicable laws and regulations. The mere fact that a person or entity accepts payments through us is not an indication of the legality of the supply or provision of their goods and services. If you are in doubt as to the legality of a purchase, You should not continue with your payment.
  13. Withdrawing funds

    1. You can request a withdrawal of all or part of the funds held in your Account at any time (subject to withdrawal limits, if established). To do this You must log into your Account and select a withdrawal method and enter the amount to be withdrawn. Withdrawal methods are payment services provided, at least in part, by third party financial institutions (for example, the bank where You hold a bank account). We do not guarantee the availability of any particular withdrawal method and may make changes to or discontinue a particular withdrawal method at any time without following the procedure set out in section ‎18 as long as there is at least one withdrawal method available to You. Where the withdrawal payment is received by You through the involvement of a payment service provider (such as the bank where You hold a bank account), we shall not be responsible for the withdrawal payment once the withdrawn funds are received by your payment service provider.
    2. Your Account is subject to withdrawal limits. These limits are adjusted dynamically depending on the type of identification documentation we hold on You and other factors as determined by us in our sole discretion. You can view your withdrawal limits at any time in your Account profile. Before uploading any funds into your Account, You must ensure that your current withdrawal and spending limits meet your withdrawal and spending requirements as we legally cannot allow you to exceed these limits.
    3. If your withdrawal request exceeds the current limit, we may decline your request and instead require You to send us documents verifying your identity and address prior or any other proof as determined by us and our consultants, at our sole discretion, to allow a withdrawal of funds or to otherwise cooperate with us to verify your identity.
    4. Withdrawals are subject to withdrawal fees and currency conversion fees depending on which withdrawal method and payment instrument is chosen. Please see section ‎14 for details.
    5. You must not make a withdrawal to the benefit a bank account or other payment instrument if You are not its named holder. We take any violation of this requirement very seriously and will treat any such violation as a fraudulent act. Without prejudice to claiming further damages, if we are required to investigate a withdrawal to a payment instrument that is not in your name, we may charge an administration fee of up to 50 EUR.
    6. You must ensure that the payment details You enter when withdrawing funds are correct and complete. We will not be liable for withdrawn funds being sent to the wrong payment instrument where this is due to you providing incorrect payment details. When withdrawing to a bank account, You must ensure that the account number, sort code, IBAN and/or BIC/SWIFT are correct. If You have withdrawn funds to the wrong payment instrument, You may request that we assist You in reclaiming the funds. However, we will charge you an administration fee of up to 50 EUR for doing so and we cannot guarantee that the reclaim efforts will be successful.
  14. Fees

    1. The Company may impose recurring monthly fees which may be denominated in any currency and may be expressed either nominally or as a percentage of the funds deposited in Your account. For more information regarding our fees, please click herecaspero.com. Please note that if You decide to close Your account, the funds still deposited in Your account will be subject to monthly recurring fees after its closure until their withdrawal.
    2. Transaction related fees can be viewed at any time in the "Fees" section of our Website. You should print or download and keep a copy of the "Fees" section together with a copy of these Terms of Use. For the avoidance of any doubt, the "Fees" section forms part of these Terms of Use. Fees are subject to change in accordance with section ‎18. Under certain circumstances we may charge additional fees as set out in sections ‎3, ‎9.6, ‎12.5, 13.5and 13.6.
    3. Your transactions may be subject to currency conversions. If you make a payment from your Account denominated in one currency to an Account denominated in another currency, You may be subject to a currency conversion fee. Furthermore, payments to merchants may entail currency conversion fees as well. For more information regarding our currency conversion fees, please click here [Link].
    4. For every currency conversion, We will apply our then current wholesale exchange rates which are updated regularly. Changes in these exchange rates may be applied immediately. For the purpose of determining the exchange rate and any changes thereof, please check our Website regularly. The currency conversion fee, not included in the transaction fee, is displayed in the "Fees" section of the Website and expressed as a percentage applicable of the transaction or as a fixed amount in the chosen currency during your registration.
    5. In addition to the above, if a currency conversion is required in order to facilitate your requested transaction, an exchange rate based on the wholesale exchange rates applicable at the time will be applied to the transaction.
    6. Fees payable by You will be deducted from your Account balance and by accepting these Terms of Use You hereby authorize us to deduct such fees from Your Account. Transaction fees will be charged when the transaction is executed. If your Account balance is insufficient to cover the fees, We may refuse to execute the transaction. Reversal or chargeback fees will be deducted when incurred.
    7. If the deduction of fees results in a negative Account balance, You will be required to repay such negative balance by uploading sufficient funds into your Account. Failure to do so is a breach of these Terms of Use. Repayment of the negative balance is due immediately without notice. However, We reserve the right at any time to send You reminders that You need to upload funds or to take other debt collection measures including but not limited to instructing a debt collection agency or solicitors or to pursue the claim in court. We reserve the right to charge You the expenses We have reasonably incurred in connection with any debt collection or enforcement efforts.
  15. Your Data

    1. The processing of your data is governed by our Privacy Policy. By accepting these Terms of Use, You also agree to the terms of our Privacy Policy. It is recommended for You to print and keep a copy of the Privacy Policy together with these Terms of Use.
    2. As a default, you will receive e-mail newsletters and other information related to our services that will inform You about new product features, events, promotions, special deals etc. If You do not wish to receive any newsletters from us, You can opt out at any time by logging into your Account and changing the appropriate setting in your Account profile. You can also opt out of receiving newsletters by contacting Customer Service. Any e-mail newsletter You receive will also give You the option to unsubscribe from any future newsletter.
  16. Liability

    1. In case of an unauthorized transaction or a transaction that was incorrectly executed due to an error by us, We shall, at your request, immediately refund the payment amount including all fees deducted therefrom (in this section ‎16, a "Request"). This shall not apply to, and You shall bear the losses in relation to, the following unauthorized transaction:
      1. Where the losses relating to any unauthorized transaction up to 150 EUR (or equivalent in the currency of your Account) result from (i) the use of a lost or stolen payment instrument; or (ii) the misappropriation of a payment instrument if the payer (User) has failed to keep the personalized security features safe;
      2. Where the losses relating to any unauthorized transaction up to 50 EUR (or equivalent in the currency of your Account) have been incurred if one of the following conditions is met: (i) the transaction is executed using a data secrecy procedure for the authentication of the payment service user, which uses two or more elements distributed into categories of knowledge, ownership and specificity detailed in the applicable laws, where the breach of one of them does not reduce the reliability of other elements; or (ii) the element attributed to the category of ownership used for authenticating the payment service user authentication procedure is protected against unauthorized copying and theft online, and the information it generates can only be used once;
      3. The payer shall bear all the losses relating to any unauthorized transactions if the payer incurred them by acting fraudulently or by failing to fulfil, with gross negligence or intent (willful misconduct), one or more of the following obligations: (i) to use the payment instrument in accordance with the terms and conditions governing the issue and use of the payment instrument; (ii) upon becoming aware of the loss, theft or unauthorized acquisition or unauthorized use of the payment instrument, to immediately notify the Company; or (iii) after receiving the payment instrument, to take steps to protect the personalized security features of the payment instrument;
      4. If You fail to dispute and bring the unauthorized or incorrectly executed transaction to our attention immediately, but in any case, no later than within 13 months after the debit date, we shall bear no liability in that respect. This 13-month period is not applicable where the Company has failed to provide to the User or make available to the User information on the unauthorized or incorrectly executed transaction.
    2. The User shall not bear any losses resulting from use of the lost, stolen or misappropriated payment instrument and incurred after the notification referred to in section 16.1.3(ii), except where the User has acted fraudulently.
    3. If the Company does not provide appropriate means for the notification at all times of a lost, stolen or misappropriated payment instrument (as set forth in section 16.1.3(ii)), the Company shall be liable for the losses resulting from the unauthorized use of that payment instrument, except where the User has acted fraudulently.
    4. Where a transaction is initiated by the User, the Company shall be liable to the User for correct execution of the transaction. Where the Company acting as payer’s (User’s) payment service provider can prove to the payer (User) that the payee’s payment service provider received the amount of the payment transaction, the payee’s payment service provider shall be liable to the payee for the correct execution of the transaction. If the Company is held solely liable for a defective or non-executed transaction under this section, the Company shall without undue delay refund to the User the amount of the non-executed or defective transaction or restore the debited account to the state in which it would have been had the defective transaction not taken place.
    5. In the case of a non-executed or defective transaction, where the order is initiated by the User, the Company shall, at all times, at the User’s request, make immediate efforts to trace the transaction and notify the User of the outcome.
    6. Where an order is initiated by or through the payee, the payee’s payment service provider is in charge of transmitting the payment order to the payment service provider of the payer. The payee’s payment service provider shall be liable to the payee for correct transmission of the payment order to the payment service provider of the payer.
    7. The payee’s payment service provider shall be liable to the payee for handling the payment transaction in accordance with the applicable laws.
    8. Please note that in order to receive any funds (whether by refund or any other means) pursuant to a Request, We may ask you to sign any document and to provide us with any permission necessary in order to make sure that You are entitled to a refund or any other sort of indemnification. Failure to comply with the above shall exempt the Company from any obligation to provide you with a refund or any indemnification.
    9. Without prejudice to the foregoing, You are asked to check the transactions history of your Account regularly and frequently and to contact Customer Service immediately in case you have any questions or concerns.
    10. Subject to the foregoing, we shall not be liable for any disruption or impairment of our service or for disruptions or impairments of intermediary services on which We rely on for the performance of our obligations hereunder, provided that such disruption or impairment is due to abnormal and unforeseeable circumstances beyond our reasonable control or the control of the intermediary affected.
    11. We shall not be liable for any indirect or consequential losses including but not limited to loss of profit, loss of business and loss of reputation. We shall not be liable for any losses arising from our compliance with legal and regulatory requirements.
    12. Nothing in these Terms of Use shall operate to exclude liability for death or personal injury due to negligence or for fraud or fraudulent misrepresentation or for any statutory liability that cannot be excluded or amended by agreement between the parties.
    13. Our obligation under these Terms of Use is limited to providing You with an electronic money account and related payment services and does not make any statement in relation to or endorsement of the quality, safety or legality of any goods or services provided by a customer or intermediary.
    14. We shall not be liable for the assessment or payment of any taxes, duties or other charges that arise from the underlying commercial transaction between you and another customer.
    15. Indemnification/re-imbursement. You agree to defend, reimburse or compensate us and hold us, our employees and directors, and our other companies, employees and directors in our corporate group harmless from any claim, demand, expenses or costs (including legal fees, fines or penalties) that we incur or suffer due to or arising out of your or your agents' breach of these Terms of Use, breach of any applicable law or regulation and/or use of the services. This provision shall survive termination of the relationship between You and us.
  17. Validity and Termination of Terms of Use. Suspension of Account

    1. The Terms of Use come into effect after the User gets acquainted with its conditions, registers on the Website and electronically expresses its consent to comply with them, and it shall remain in effect for an indefinite period until termination thereof, except specific provisions that shall survive the termination of our relationship.
    2. The User shall have the right to unilaterally, without going to the court, close its Account and terminate the Terms of Use by notifying the Company at least 30 calendar days prior to the termination date.
    3. We may unilaterally, without going to court, terminate the Terms of Use and close your Account by giving you a notice of 60 calendar days prior to the termination date, unless otherwise established by law. Different termination provisions may apply if you use your Account for commercial purposes. 
    4. Together with a termination notice or at any time thereafter We may give you reasonable instructions on how to withdraw remaining funds as mentioned in section 8.
    5. We may at any time suspend your Account (which implies also the suspension of transactions in the Account, in full or in part) and/or the payment instrument (if such has been issued by the Company to the User) (i.e. to prohibit using it, in full or in part) in the following cases:
      1. For reasons relating to the security of the Account or any of its security features or if we reasonably suspect that an unauthorized or fraudulent use of your Account has occurred or that any of its security features have been compromised;
      2. if You breach any material condition of these Terms of Use;
      3. if We suspect illegal use of funds in the Account or of the payment instrument or due to highly increased risk related to the User’s potential inability to duly meet his payment obligation;
      4. if We have reasonable suspicion that any third parties may use or have used the funds from the Account for illegal activity;
      5. if we have reason to believe that you are in any way involved in any fraudulent activity, money laundering, terrorism financing or other criminal activity; or
      6. in cases stipulated by laws or any other legal acts of the Republic of Lithuania or under the Terms of Use or any other agreements made between You and the Company.

    In the above cases the Company shall notify You by e-mail the blocking of the Account and the related grounds, no later than immediately upon its blocking, except in cases when providing of such information would impair the security measures or would be prohibited under any other legal provision. The Company shall unblock the Account when the grounds for blocking it cease to exist.

    The Company shall not be liable for your losses incurred as a result of blocking the Account, if such blocking was made pursuant to and in compliance with the procedure established by these Terms of Use.

  18. Changes to these Terms of Use

    1. These Terms of Use and any additional terms and conditions that may apply (including the Fees) are subject to change. Changes will be implemented with prior notice from us under the procedure set forth in this section.
    2. We shall give notice to you of any change by sending an email to the primary email address registered with your Account. The changes will be also announced publicly on our Website.
    3. Such Notification shall occur not later than 60 calendar days prior to the effective date of the amendments.
    4. You are deemed to agree with the amendments, unless You notify us your refusal before the effective date of the amendments. In case of changes, you are entitled to immediately close your Account and, without paying any commission, terminate the Terms of Use. Should you not do so before the entry into force of the amended Terms of Use, you are deemed to agree with and be bound by them.
  19. Communication

    1. We usually contact You via email. For this purpose, You must at all times maintain at least one valid email address in your Account profile. You are required to check for incoming messages regularly and frequently. Emails may contain links to further communication on our Website. Any communication or notice sent by email will be deemed received by you on the same day if it is received in your email inbox before 17:30 on a Business Day. If it is received in your email inbox after 17:30 on a Business Day or at any other time, it will be deemed received on the next Business Day.
    2. Where legislation requires us to provide information to You on a durable medium, we will either send you an email (with or without attachment) or send you a notification pointing you to information on our website in a way that enables you to retain the information in a format that can be retained by you permanently for future reference. You are required to keep copies of all communications we send or make available to You.
    3. You can request a copy of the current Terms of Use or any other contractual document relevant to You by contacting Customer Service.
    4. We will never send You any emails with executable files attached or with links to any executable files. If you receive any email with such attachments, You should delete the message without clicking on the attachment. If You are unsure whether a communication is originating from us, please contact Customer Service.
    5. We will communicate to you in Lithuanian or in English, per your choice.
    6. Apart from communicating via email, We may contact you via letter or telephone, where appropriate. If You use any mobile services, we may communicate with you via SMS. Any communication or notice sent by SMS will be deemed received the same day.
    7. You may contact us at any time by sending a message to Customer Service via the “Email Support” facility on our Website or by calling +370 694 59847 Please note that all communications with us shall be subjected to our Business Hours.
  20. Complaints

    1. Any complaints about us or the services We provide should be addressed to us in the first instance by contacting Customer Service. You should clearly indicate that You are wishing to make a complaint to us. This helps us to distinguish a complaint from a mere query. We shall send You a complaint acknowledgement by post or by email within 48 hours of receiving your complaint in accordance with our complaints procedure. You may request a copy of our complaints procedure at any time by contacting Customer Service.
    2. Your requests / complaints regarding our actions whereby We may have infringed the requirements of laws or agreements that regulate providing of services and / or Your legitimate interests shall be considered by us. We will consider your written request (complaint) and respond to You in writing within 14 calendar days since the day of receipt of a relevant request.
    3. Your requests (complaints) shall be analyzed by us free of charge.
    4. If our response to Your request (complaint) does not satisfy You or no answer has been provided thereto, You shall have the right to turn to the courts in accordance with the procedures established by law. You shall also have the right to apply to the Bank of Lithuania in writing or electronically (Žirmūnų str. 151, LT-01121 Vilnius, Lithuania, [email protected], website available at lb.lt), which deals with disputes between consumers and financial market participants out of court.
  21. Miscellaneous

    1. No person other than You shall have any rights under these Terms of Use.
    2. Your Account is personal to You and You may not assign any rights under the Terms of Use to any third party.
    3. Your Account is operated in the state of Lithuania and these Terms of Use shall be governed by and interpreted in accordance with the laws of Lithuania. Any dispute under these Terms of Use or otherwise in connection with your Account shall be brought exclusively in the courts of Lithuania except where prohibited by the applicable laws.
    4. If any part of these Terms of Use is found by a court of competent jurisdiction to be invalid, unlawful or unenforceable then such part shall be severed from the remainder of the Terms of Use, which shall continue to be valid and enforceable to the fullest extent permitted by law.