Terms of service

These terms form the agreement between you and GBF Payment Services for the use of your account, the payment services made available through it, and any developer interface issued to you. By opening an account or using any service, you accept these terms. If you do not accept them, do not use the service.

Additional terms apply to specific services, including business accounts, developer interfaces and currency conversion. Where an additional term conflicts with these general terms, the additional term applies to that service only.

These terms are provided in English. Where a translation is made available, the English version governs in the event of a discrepancy.

To open a personal account you must be at least 18 years old, resident in a country we support, and able to complete identity verification. To open a business account the entity must be registered in a supported jurisdiction and able to complete business verification, and the person applying must be authorised to act for it.

We may decline an application. Where we decline, we tell you the outcome. We are not always able to tell you the reason, because in some circumstances the law prohibits disclosure.

You must provide accurate information and keep it current. You must tell us without undue delay if your name, address, contact details, ownership, control or tax residency change.

Your account is for your own use. A personal account may not be used to accept payments in the course of a business. A business account may be used only by named users authorised by the entity.

You are responsible for the instructions submitted from your account and for keeping your access credentials and bound device secure. You must not share credentials, and you must tell us without delay if you believe your account or device has been compromised.

You must not use the service for any unlawful purpose, to evade sanctions, to facilitate financial crime, or for any activity we have told you is not permitted.

Amounts recorded in your account are positions in the relevant currency. They are shown as four separate figures: available, pending, held and restricted. Only the available figure can be used for a new instruction. We do not add these figures together and neither should you.

Positions are not a credit facility. We do not pay a return on a position, and no return accrues to you from any arrangement we hold with a partner. Positions are not a guarantee of funds and are not described as protected.

Before an outbound instruction is executed you are shown a review step stating the amount, currency, fee, recipient and total. An instruction is submitted only when you confirm it at that step.

Once submitted, an instruction cannot generally be recalled. Where a recall is technically possible we will attempt it on request, but we cannot guarantee the outcome and a recall may not be possible after the receiving institution has credited the recipient.

You are responsible for the accuracy of recipient details. Payments are commonly executed on the account identifier you provide. Where a payment is executed on an incorrect identifier supplied by you, we will make reasonable efforts to assist recovery and may charge a reasonable cost for doing so.

We may refuse, suspend or delay an instruction where we are required to do so by law, where it would breach a limit, where a verification or screening matter is outstanding, or where we reasonably suspect fraud or unauthorised use. Where we refuse an instruction we tell you, and we tell you the reason unless the law prevents us.

Conversion is performed at the rate stated in the quote issued to you. A quote is valid for the short period stated on it and may be used once. If it expires, a new quote must be issued. The rate applied includes a stated spread, which is disclosed before you confirm.

Indicative figures published on our website are for information only and do not constitute a quote.

Fees applicable to an instruction are shown before you confirm it and are recorded against the completed instruction. We do not apply a fee that was not disclosed at the review step. Third parties in the payment chain, including a receiving institution, may apply their own charges, which are outside our control and are not paid to us.

We may change our fees. Where a change is to your disadvantage, we give you advance notice of at least two months, and you may close your account without charge before the change takes effect.

You must take reasonable steps to keep your account secure, including protecting your credentials and your bound device, and not disclosing a one-time code to anyone. We will never ask you for a one-time code.

Tell us without undue delay when you become aware of an unauthorised or incorrectly executed transaction. Where the applicable law provides for a refund of an unauthorised transaction, we will apply it. You may be liable for losses arising from your own fraud or from intentional or grossly negligent failure to meet your security obligations, to the extent permitted by the applicable law.

We may suspend or restrict all or part of your account where we are required to do so by law, where verification or screening is outstanding, where we reasonably suspect fraud, unauthorised use or a breach of these terms, or where continuing to provide the service would expose us to unacceptable legal or regulatory risk.

Where we suspend or restrict an account we tell you as soon as we are able to, unless the law prevents us. We lift a restriction as soon as the reason for it no longer applies.

You may close your account at any time once your positions are zero and no instruction is in flight. We may close your account by giving you at least two months notice, or immediately where the law requires it or where you have seriously breached these terms.

We are liable to you for loss caused by our own failure to provide the service with reasonable care and skill, and for any liability that cannot lawfully be excluded. We are not liable for loss that was not reasonably foreseeable, for loss of profit, business or opportunity, or for failure caused by an event outside our reasonable control, including the failure of a third party in the payment chain.

Nothing in these terms limits your rights under mandatory consumer protection or payment services law in your market.

If something goes wrong, raise it with us using the complaints procedure. Our final response explains our conclusion and the external referral route available to you, including any applicable ombudsman or supervisory authority and the deadline for referral.

We may change these terms. Where a change is to your disadvantage we give at least two months notice before it takes effect, and you may end the agreement without charge before that date. Changes that are neutral or in your favour, and changes required immediately by law, may take effect sooner and are notified to you.

The governing law and the courts having jurisdiction depend on the market in which your account is held, and are stated in the market-specific schedule provided at account opening. Nothing in this clause deprives a consumer of the protection of the mandatory law of their country of residence.