1. Why this information is important
These terms and conditions (the “Local Account Details Terms”) govern the relationship between you and Revolut Technologies Singapore Pte. Ltd. (“Revolut”, “we”, “our” or “us”) in respect of the Local Account Details product (as defined below) offered by us. These Local Account Details Terms apply to your use of Local Account Details. The Personal Terms and the Standing Instruction also apply to Local Account Details and you should read those terms carefully. Capitalised terms used but not defined in these Local Account Details Terms will have the meaning(s) ascribed thereto in the Personal Terms.
These Local Account Details Terms apply to the extent of any inconsistency with the Personal Terms.
2. What is the Local Account Details product?
Local Account Details is a product where we provide you with a set of local account details for a foreign country and currency (“Local Account Details” or the “Product”). You can provide these account details to third parties so they can send foreign currency directly to you via a local transfer in their respective countries.
Local Account Details do not provide you with a bank account held by you in your own name. Instead, Local Account Details are unique administrative identifiers linked to an e-money account provided by the relevant Revolut affiliate in the relevant foreign country. This e-money account is held and operated by us, and you hereby agree to appoint us as your true and lawful agent in respect of operating such e-money account to provide you with the Product.
Accordingly, when a third party uses your Local Account Details to transfer funds to you, they are received in a foreign e-money account where the funds may be pooled (and commingled) with other received funds and held by us in our capacity as your agent, before being swept into a local account held by us. We collect and sweep funds on your behalf in accordance with the Standing Instruction. We will credit funds received on your behalf in this manner to your Revolut Account.
Local Account Details are only a means of receiving funds and cannot be used for sending funds. Your Local Account Details may only be disclosed to third party payers for the sole purpose of receiving payments and you are not permitted to use Local Account Details for any other purpose.
3. When will I receive funds paid through Local Account Details?
When we have received cleared funds in the relevant foreign currency, we will credit the corresponding currency pocket of your Revolut Account. It is your responsibility to provide your Local Account Details to any third party payers completely and accurately. You acknowledge and agree that we are not responsible for errors, failures or delays in funding caused by third parties or your failure to provide correct details.
4. How do I obtain Local Account Details?
You can request Local Account Details for a supported country and currency by following the instructions in the Revolut App.
5. Additional verification and information
In addition to the matters set out in the Personal Terms, we may require you to provide such additional information in relation to payments received by you via Local Account Details as we may in our sole discretion decide on a case-by-case basis (including information as to the identity of any third-party payer or the reason for the payment). You acknowledge and agree that your ability to use Local Account Details is conditional upon you providing us with any requested information promptly when asked and that failure to provide such information may result in us terminating or suspending Local Account Details (and/or your Revolut Account). You further acknowledge and agree that we will not be liable for any costs, losses or other liabilities that may arise out of that closure or your delay or failure to provide such requested information.
6. Changes to the service and currencies
The countries and currencies for which Local Account Details are available may change from time to time. You will be able to see the supported countries and currencies via the Mobile App, or more information can be found on our website. We may add or remove new currencies and countries to the Product from time to time. While we will endeavour to provide you with 14 days’ prior written notice in respect of such removal of currencies and/or countries from the Product, you acknowledge and agree that we are not obligated to provide any such written notice.
7. Terminating your Local Account Details
Termination by us
We may immediately terminate or suspend your access to all or part of the Product if:
- we suspect that you are behaving fraudulently or criminally;
- you haven’t given us information we need, or we believe that information you have provided is incorrect;
- you’ve breached these Local Account Details Terms (or any other applicable terms) in serious or persistent way, and you haven’t corrected such breach within a reasonable time (as may be decided by us in our sole discretion) of us asking you to;
- you’ve been declared bankrupt (or the equivalent);
- we have good reason to believe that your use of our Local Account Details service could damage our reputation or business, or badly affect us or any of our services;
- we have to do so by law, regulation, court order, instructions of a regulator or as required by one of our banking partners; or
- if any of the circumstances permitting us to terminate set out in the Personal Terms apply at any time.
We may also terminate, at our sole discretion, the Local Account Details Terms and/or your access to all or part of the Product by providing you with 14 days’ written notice.
8. Complaints
You have the same rights to make a complaint in relation to your Local Account Details as you do under the Personal Terms. Please see the Personal Terms for more information.
9. Everything else
Remember, except as additional to, or expressly modified by these Local Account Details Terms, our Personal Terms apply to your use of your Local Account Details. This means that those rights and obligations contained in the Personal Terms also apply to the use of your Local Account Details. For this reason, you should read these Local Account Details Terms and our Personal Terms together.