Terms and Conditions for Local Account Details Service
1. Why this information is important
These terms and conditions (the “Local Account Details Terms”) govern the relationship between you and Revolut Payments Australia Pty Ltd (ABN 21 634 823 180) (“Revolut”, “we”, “our” or “us”) in respect of Local Account Details offered by us. These Terms apply to your use of Local Account Details. The Personal Terms and the Standing Instruction also apply to the use of Local Account Details and you should read those terms carefully.
These Local Account Details Terms apply to the extent of any inconsistency with the Personal Terms.
2. What are Local Account Details?
Local Account Details are a set of local account details for a foreign country and currency which we provide to you. 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 constitute a bank account held by you in your own name. Rather, Local Account Details are unique administrative identifiers linked to an e-money account provided by another Revolut group company in the relevant foreign country. This e-money account is held and operated by us as your agent and you agree to appoint us as your agent to operate this e-money account.
Accordingly, when a third party uses your details to pay funds to you, they are received into a foreign e-money account where they may be pooled with other received funds and held by us in our capacity as your agent, before being swept to 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 not a method for sending funds externally. 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. We are not responsible for errors 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 additional information in relation to payments received by you via Local Account Details, including information as to the identity of any third-party payer or the reason for the payment. You agree that your ability to use Local Account Details is conditional upon you providing us with any requested information promptly when asked. You acknowledge that failure to provide such information may result in us terminating or suspending Local Account Details (and/or your Revolut Account), and 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 Revolut app, or more information can be found on our website. We may add new currencies and countries to the Local Account Details service from time to time and will let you know when we do so. We do not have to provide any specific period of advance written notice to add new currencies and countries to the Local Account Details service. .
Where we change the Local Account Details service to remove access to a currency or country, we will endeavour to give you 30 days prior written notice where possible. However, this may not always be possible due to legal or regulatory requirements. If a legal or regulatory requirement means that we are required to remove access to a currency or country sooner than 30 days, you agree that we may make that change. However, we will endeavour to give you as much notice as reasonably practicable of any such removal.
7. Termination
We may terminate your Local Account Details or suspend them immediately where:
- 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 a serious or persistent way, and you haven’t put the matter right within a reasonable time 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 the whole or part of the Local Account Details service by providing you with 30 days prior 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. To the extent of any inconsistency, these Local Account Details Terms prevail.