For the purposes of these Terms, the following definitions shall apply:
1.1. Account: means the unique user profile created and maintained by the Customer with YabandPay, enabling access to the Services, management of personal information, and execution of Payment Instructions.
1.2. Agreement: means the agreement between YabandPay and the Customer as defined in clause 2.1 of this Agreement.
1.3. Beneficiary: means the natural person designated by the Customer to receive a Payout.
1.4. Channels: means the various platforms, interfaces, or methods (including but not limited to the Remittance App, APIs, or other electronic means) through which Customers may access and use the Services.
1.5. Business Day: means a day other than a Saturday, Sunday, or public holiday in the Netherlands on which banks are generally open for business.
1.6. Customer or you: means the end-user of the Services who initiates a Payment Instruction.
1.7. Customer Funding: means the funds you provide for the purpose of initiating a Remittance Transaction, which are received into the safeguarding account of Stichting Derdengelden YabandPay.
1.8. DNB: means De Nederlandsche Bank N.V., the Dutch Central Bank and competent supervisory authority of YabandPay in the Netherlands.
1.9. Force Majeure: eans any event beyond the reasonable control of YabandPay, including but not limited to natural disasters, strikes, acts of government, system or network outages.
1.10. Payment Instruction: means any instruction issued by you to transfer funds to a designated Beneficiary via the Services.
1.11. Payment Services Provider or PSP: means a duly licensed payment services provider authorised under applicable laws, including but not limited to credit institutions, electronic money institutions, and payment institutions, which YabandPay engages to process, transfer, or disburse funds to Beneficiaries.
1.12. Payout: means the disbursement of funds to the Beneficiary by a duly licensed PSP, as instructed in the Payment Instruction.
1.13. Remittance App: means the official mobile application made available to Customers under this Agreement that enables them to securely access, manage, and utilise the Services on smartphones or tablets, including initiating Payment Instructions, viewing transaction history, and managing Account details.
1.14. Remittance Transaction: means any transfer of funds initiated by a Customer through YabandPay pursuant to these Terms for the purpose of sending money to a designated Beneficiary, including all associated processes such as Customer Funding, Payment Instructions, Settlement, and Payout, as governed by these Terms.
1.15. Safeguarding of Customer Funds: means holding Customer Funding exclusively in the safeguarding account of Stichting Derdengelden YabandPay, fully segregated from YabandPay’s own funds, in accordance with applicable laws.
1.16. Settlement: means the transfer of Customer Funding by YabandPay, after receipt and safeguarding in accordance with applicable laws, to a duly licensed Payment Services Provider (PSP) for onward delivery to the Beneficiary, in full discharge of YabandPay’s safeguarding obligations.
1.17. Stichting Derdengelden YabandPay: means the independent third-party foundation established under Dutch law to hold and safeguard Customer Funding on behalf of YabandPay. The foundation ensures that Customer Funding is fully segregated from YabandPay’s own corporate funds and is used exclusively for the purpose of executing Remittance Transactions in accordance with applicable laws.
2.1 By accepting these Terms, you enter into an agreement (the “Agreement”) with us for the use of the Services subject to the conditions set out in these Terms.
2.2 You may transfer funds by way of Customer Funding from the European Economic Area (EEA) for a Payout to designated Beneficiaries by submitting a Payment Instruction to us via our Channels.
2.3 All Customer Funding is received into the safeguarding account of Stichting Derdengelden YabandPay.
2.4 We ensure onward delivery through duly licensed PSPs to the Beneficiary’s account or wallet.
2.5 Our safeguarding obligations are subject to the limitations set out in Article 11 (Liability).
3.1 You may provide funds to us for a Remittance Transaction using payment cards (Visa/MasterCard), iDEAL, or other payment methods supported by us. We are required by law to conduct a customer due diligence check before accepting you as a customer. If we decide not to accept you as a customer, we will inform you as soon as possible.
3.2 You can initiate a Remittance Transaction by giving us a Payment Instruction through our Channels, which may include the Remittance App, API, or any other method we make available. We may restrict the functionality of our Channels.
3.3 You confirm a Payment Instruction through our Channels by authenticating yourself, entering the required transaction details, verifying the information displayed, and approving the Payment Instruction. Once confirmed, the Payment Instruction is deemed authorised by you and will be processed accordingly. Unless otherwise required by applicable law, a Payment Instruction, once authorised, cannot be revoked.
3.4 You must ensure that the Payment Instructions you give are clear and contain the correct information. We are not obliged to check whether your Payment Instructions are correct.
3.5 Once a Payment Instruction is submitted, we will process it in accordance with regulatory requirements, anti-money laundering and combating the financing of terrorism (AML/CFT) and sanction checks, and clearing rules.
3.6 Delivery times vary depending on the destination country, the payout channel, and the Beneficiary’s receiving institution. Separately, we may delay, decline, or reverse a Payment Instruction in the following situations:
3.7 If we decide not to execute your Payment Instruction, we will notify you as soon as possible via our Channels or by email.
3.8 The execution of your Payment Instruction may take longer – or may not take place at all – if we are experiencing a technical malfunction. This may also be the case if maintenance work is being carried out on our systems or one of the PSP partners we are using for a Payout.
4.1 You must pay a service fee for each Remittance Transaction, which will be disclosed prior to confirming the Remittance Transaction.
4.2 If currency conversion is involved, the real‑time exchange rate will be displayed to you prior to confirmation together with the exact amount payable by you and receivable by the Beneficiary.
4.3 Your card issuer or bank may charge additional fees, which are your own responsibility.
5.1 The Beneficiary may receive a Payout via bank deposit, e-wallet, or cash pickup, depending on arrangements in the destination country with the relevant PSP.
5.2 The Beneficiary’s PSP may require the Beneficiary to provide certain documentation (such as valid identification) and collect the funds from a Payout within a specified period. If those funds are not collected within such period, the Remittance Transaction may be cancelled and the Customer Funding refunded to your original payment method.
6.1 If you identify an unauthorised or incorrect Payment Instruction or Remittance Transaction, you must notify us without undue delay and in any event no later than thirteen (13) months from the date of the transaction. If you have not informed us within thirteen (13) months from the date of the Remittance Transaction, we may assume that you have approved the Payment Instruction. This means that the Remittance Transaction cannot be reversed anymore, and we are not liable for any indirect or consequential damages, losses and/or costs you incur as a result thereof.
6.2 If we notice that we have made a mistake, we will correct it as soon as possible. We will let you know as soon as possible if we have made a mistake. We may correct a mistake or transfer an incorrectly transferred amount back to your original payment method without your permission.
6.3 A Payment Instruction may be cancelled and refunded if it has not yet been executed by us. We may deduct reasonable, demonstrable costs already incurred. Once execution has begun, the Payment Instruction cannot be revoked or changed.
6.4 Once a Payout to the Beneficiary has taken place, the Payment Instruction cannot be cancelled or reversed.
7.1 You must provide complete, accurate, and up-to-date information when setting up your Account with us and using the Services.
7.2 You must provide accurate Beneficiary information and safeguard your Account credentials. You are responsible for any losses resulting from errors or negligence.
7.3 You must not use the Services for unlawful or prohibited purposes, including but not limited to fraud, money laundering, terrorist financing, gambling, pornography, narcotics, weapons, or other restricted industries. Your behaviour may not be detrimental to us or to the integrity of the payment sector in general.
7.4 You must promptly report any unauthorised or erroneous Payment Instruction in accordance with Clause 6.1. Please also contact us immediately if you encounter anything strange or unusual when initiating a Remittance Transaction or if you know or suspect that someone else knows or has used your security code(s). Following such notification, you must cooperate with additional KYC/AML and sanctions checks and we reserve the right to block your access to our Channels.
7.5 If the access to one of our Channels has been temporarily blocked and you want to unblock it, please contact us.
7.6 If we give you instructions – for example, to prevent new incidents from occurring – you must follow these instructions as soon as possible. We will not ask you for security codes.
7.7 You must use the Services solely on your own behalf and not on behalf of any third party.
7.8 You are obliged to:
7.9 If the information changes or if there are changes to other information you have provided to us, you must notify us immediately via our Channels. If you fail to do so, or do so too late, we are not responsible for the consequences.
7.10 If there is a change in your situation that is important for our Services, you must notify us immediately. For example, if you are declared bankrupt, granted a moratorium, placed under administration, placed under guardianship or declared subject to statutory debt restructuring.
7.11 If you have committed fraud or deliberately or with gross negligence failed to comply with the Agreement, we are never responsible for any losses that you incurred as a result thereof.
8.1 You are obliged to use your Account and our Services safely and carefully. You must take all precautions to prevent unauthorized, unlawful, or fraudulent use of your Account. You must always keep your personal security codes secret and never share them with others, and you must not record them in a way that could be discovered by third parties.
8.2 You are obliged to report the loss, theft, or misuse of your personal security codes or mobile phone to us immediately via the contact details set out in Article 14 (Contact). In any case, please contact us immediately if:
After your report, we will immediately block your Account. It is also possible to block your Account yourself in the Remittance App.
8.3 You are responsible for securing your mobile device with which you access the Remittance App and your Account:
8.4 We will never ask you for your personal security codes by phone, email, or any other channel. If you receive a suspicious message that appears to be from us, please contact us immediately via the contact details set out in Article 14 (Contact) and do not click on anything.
9.1 Your relationship with us is for an indefinite period of time, unless we have agreed otherwise.
9.2 We may suspend, restrict, or temporarily block your Account if required by law, by a regulator, or where we reasonably suspect any of the following:
If we decide to close your Account, we will notify you in advance where legally permitted. However, we may act immediately without prior notice if necessary to protect you, us, or to comply with applicable law.
9.4 You may terminate your relationship with us at any time, free of charge, for any reason. If you wish to terminate your relationship with us, you must give us at least one month’s prior written notice. You must ensure that any overdraft on your Account is cleared before termination.
9.5 We may also terminate the relationship with you. If we do so, we will notify you at least one month in advance. In certain cases, we may also terminate the relationship with you with immediate effect. This is if we are required to do so by law or by our regulators, or if it follows from a court decision.
9.6 Termination means that the relationship and the Agreement will be terminated, and your Account will be closed. During the settlement of the relationship and the terminated Agreement, these Terms will remain in force.
9.7 We are not liable to pay you any compensation (or reimburse any costs) in connection with the termination.
10.1 We are the sole Data Controller of your personal data. All personal data is processed in full compliance with the General Data Protection Regulation (GDPR) and applicable laws. Data is processed strictly for the purposes of transaction processing, fraud prevention, AML/CTF compliance, sanctions screening, and regulatory requirements. We do not sell or use personal data for marketing without your explicit consent.
10.2 Your information will only be disclosed to third parties where strictly necessary for the provision of Services or compliance with legal, regulatory, or supervisory requirements. All disclosures will comply with the GDPR.
10.3 You have GDPR rights including access, rectification, update, restriction, deletion, and data portability. You may exercise these rights by contacting us via the contact details set out in Article 14 (Contact).
10.4 If you want to know what data we process about you, why and for what purpose, please read our “Privacy Policy”.
11.1 We are only liable for direct losses (excluding consequential losses, such as loss of profit or goodwill) resulting from our gross negligence or wilful misconduct, or if we fail to execute a Payment Instruction or execute it incorrectly. Our aggregate liability for any single Remittance Transaction is limited to the amount of that transaction, unless otherwise required by law.
11.2 If we failed to execute a Payment Instruction or executed it incorrectly, you must notify us of this as soon as possible. You must also ensure that you limit the damage. If you do not limit the damage, we are not liable. We will refund the amount of the Remittance Transaction via your payment method, together with the interest and costs incurred.
11.3 Once Customer Funding has been transferred to a duly licensed PSP, YabandPay’s safeguarding obligations are deemed fulfilled. From that moment, funds are no longer held with Stichting Derdengelden YabandPay and will be processed by the PSP for onward delivery to the Beneficiary.
11.4 We are not liable for delays or losses caused by Force Majeure.
11.5 Nothing in these Terms excludes liability for fraud, gross negligence, wilful misconduct or any liability that cannot be excluded by law.
12.1 These Terms are governed by Dutch law.
12.2 If you have any complaint, you must first submit it to us in writing in accordance with our Complaint Policy, available on our website.
12.3 If you are a consumer and your complaint cannot be resolved with us, you have the right to escalate it to the Dutch Financial Services Complaints Tribunal (Klachteninstituut Financiële Dienstverlening, “Kifid”).
12.4 If your complaint remains unresolved, or if you are not eligible to submit your complaint to Kifid, any dispute arising out of or in connection with these Terms shall be submitted to the exclusive jurisdiction of the courts of The Hague.
13.1 This Agreement shall be executed in the English language only. Any translation is provided for reference purposes only and the English version of these Terms shall be binding.
13.2 If any provision of this Agreement is held invalid, the remaining provisions shall remain in full force and effect.
13.3 We reserve the right to amend these Terms at any time and will notify you through the application or by electronic means. We will notify you at least two months in advance if we do so, unless the change in the terms and conditions is to your advantage, is the result of changes in legislation and regulations, a judgment of a court (or similar authority), measures taken by supervisory authorities, or if the change concerns a clarification or response to new user functionalities (features). In that case, we will inform you as soon as possible and the change will take effect immediately. If you do not submit a written objection within the term indicated by us in our notification of the change, you shall be deemed to have accepted the amended Terms. If you reject the amended Terms, you may terminate the Services without penalty before the amendments take effect, and any pending transactions will be settled in accordance with these Terms, with funds refunded to your designated account where applicable.
14.1 We want you to be satisfied with our services. Do you have a complaint, question or suggestion about our services? Please let us know. This will help us improve our services. We therefore greatly appreciate your feedback. Our staff are available via the contact details below.
YabandPay B.V.
Address: Laan van Vredenoord 33, 2289 DA Rijswijk, The Netherlands
Email: [email protected]
Phone: +31 70 221 0808 (Business hours: 09:30 – 16:30 CET, Monday to Friday, excluding Dutch public holidays)
Chamber of Commerce registration: 85678988
Licensed and supervised by De Nederlandsche Bank (DNB), license no. R188633
