Cash Plus is a registered trademark of TRANSFERZERO MONEY TRANSFER ENTIDAD DE PAGO, S.A.
This document provides information that payment institutions should provide users of payment services, prior to the issuance of a payment order basis, in accordance with the provisions of the ministerial order EHA / 1608/2010 of 14 June, on transparency of conditions and information requirements for payment services and EHA / 2899/2011 of 28 October on transparency and customer protection in banking services. Also in this document the essential rights and obligations of users of money transfer service in accordance with the provisions of Law 16/2009 of 13 November, payment services are also regulated.
TRANSFERZERO MONEY TRANSFER ENTIDAD DE PAGO, S.A. (hereinafter referred to as "TransferZero") is a Spanish payment institution with registered office in Calle Chile nº 4, 28290 Las Rozas, Madrid (Spain), authorised by the Ministry of Economy and Competitiveness for the provision of services of money transfer in conformity with letter f) paragraph 2 section 1 of the Law 16/2009 and supervised by the Bank of Spain and the Executive Service of the Commission for the Prevention of Money Laundering and Monetary Offences (SEPBLAC). It is incorporated in the Register of Payment Institutions of the Bank of Spain under number 6854.
1. INFORMATION TO BE PROVIDED BY THE CUSTOMER TO TRANSFERZERO
1.1. Operations through cashplusweb.com
TransferZero shall accept requests for money transfer issued by the client through the web page www.transferzero.com, which shall be governed by the provisions of these proceedings::
Should the customer be requesting a money transfer with TransferZero for the first time, they should be previously registered providing for such purpose all the information required during the registration process in the required fields and a password chosen by the customer itself. In addition, they should attach their identification card, which must be one of the indicated in section "1.1.1 Details concerning the payer". Upon the reception of the mentioned document, TransferZero shall activate the customer's password and shall send the confirmation of registration to the email address provided by the customer.
Prior to the issuance of the money transfer request, the customer must enter into the calculator the amount of the operation for the money transfer they wish to order, so as to know the exchange rate applicable to the operation and, for operations where no currency conversions are involved (payment to the beneficiary in Euro or the currency in parity with the Euro) the applied commission.
Should the customer agree with the exchange rate or, where appropriate, the applied commission, they should enter their personal details and password. The document of general terms and conditions applicable to the service or money transfer offered by TransferZero is hereby made available, as well as the privacy document. The customer must expressly accept these general terms and conditions as well as assent with all the terms specified in the privacy document by selecting the "Accept" option. TransferZero shall send to the email address provided by the customer a reminder of the acceptance of the general terms and conditions.
After, the customer shall introduce the beneficiary details specified in section “1.1.2. Beneficiary Details”, as well as the amount of the operation and the concept thereof. In this moment, the customer has the option of making a voluntary donation to TransferZero, for a maximum amount of three (€3) Euro, which TransferZero shall allocate to improve the quality of the offered service. This donation has a voluntary nature and failing to do so shall not affect the terms and conditions of the service offered by TransferZero.
In addition, the customer shall send TransferZero the supporting documentation of their professional or business activity, should this be required by the company.
The system shall display the operation summary with all the details given by the payer and the beneficiary, amount of the money transfer request, exchange rate or applied commission, amount of the donation, if any, total amount to be delivered to TransferZero by the customer, amount to be delivered to the beneficiary in the currency chosen by the payer, means of payment to the beneficiary chosen by the payer and concept of the operation.
The customer shall then select the means by which they will pay TransferZero the relevant total amount among the three following possibilities offered by TransferZero: (i) debit or credit card, with the customer as the holder thereof, issued by a financial institution authorised to operate in Spain, (ii) bank transfer to the bank account provided by TransferZero from a customer's bank account opened in Spain, or (iii) deferred payment financed by the institution granting the consumer credit which is made available by TransferZero to the customer.
Once the customer has completed the authorisation process for the payment to TransferZero of the total amount of the operation, in accordance with the means of payment chosen by the customer, and TransferZero receives confirmation of such operation, the customer shall authorise the money transfer operation by selecting the 'Accept' option.
TransferZero shall issue the settlement document by making it available to the customer, unless the means of payment chosen by the customer is bank transfer, then TransferZero shall issue the settlement document of the operation and send it to the email address provided by the customer once TransferZero has received the payment in their bank account.
1.1.1. Payer Details:
All customers acting as a 'natural person' shall provide the following information: name, surnames, valid Identification Document number, address, telephone, concept of the money transfer and amount to be sent in Euro or, where appropriate, in currency. Valid Identification Documents numbers are as follows:
Foreign Identity Card.
Passport (Exclusively for foreigners).
Official letter or card of personal identity issued by origin authorities (exclusively for citizens of the European Union or European Economic Area).
Identity Document issued by the Spanish Ministry of Foreign Affairs and Cooperation (exclusively for the staff of diplomatic representations or consular offices of Spain abroad).
Besides, the customer shall provide, when required by TransferZero, the supporting documentation of their professional or business activity, as well as, if appropriate the source of funds.
All customers acting as a 'body corporate' shall provide the public instruments supporting their existence and containing their registered name, address, legal form, identity of the Administrators, bylaws and Tax Identification Number (NIF).
The documents that could be provided are::
Articles of Association and, where appropriate, subsequent amendments
Card with the Tax Identification Number
Notarial deed of the Appointment of Administrators
Supporting documents of the identity of the representing "natural persons" (in accordance with the provisions for the identification of "natural persons")
Concerning the identification of the representative of the "body corporate", should this person not be an Administrator of the company, they should provide public deed of power of attorney and the document supporting their identity (in accordance with the provisions for the identification of 'natural persons').
In case of a Spanish body corporate, a certification from the Commercial Registry Office shall be valid for identification purposes.
1.1.2. Datos relativos al Beneficiario:
The payer shall provide the following information to the beneficiary: name, surname or registered name, telephone number, complete address, city, country of destination and name of the bank, branch office, account type and account number.
In no event shall TransferZero be held liable for any damaged implementation or non-implementation of a payment operation should the information provided by the customer as for the beneficiary details not be correct.
1.2. Body corporate B2b operations for payment in value date indicated by the customer
TransferZero shall accept payment requests issued by body corporate customers though the link http://b2b.transferzero.com, as commercial payments, for the payment of the benefits in the bank account on the value date and currency indicated by the customer. TransferZero shall provide these services exclusively with respect to payment operations which country of destination and currency are included in the "Guide of Countries" indicated in Annex 1. The operations where the payment to the beneficiary is done in the same currency as the one used in the transfer request by the customer shall not be requested through the link http://b2b.transferzero.com. The implementation of these operations shall be performed in accordance with the provisions in the following procedure:
Should the customer be requesting a money transfer with TransferZero for the first time, they should be previously registered providing for such purpose all the information required during the registration process in the required fields and a password chosen by the customer itself. In addition, they should attach their identification documents which should be included among the ones indicated in the previous section “1.1.1 Payer Details”. As of the receipt of the mentioned documents, TransferZero shall activate the customer's password and send the registration confirmation to the email address provided by the customer.
Prior to the payment request, the customer shall enter into the calculator the amount of the money transfer operation in the currency they want to issue the request, the currency in which they want to make the payment to the beneficiary and the date they want TransferZero to execute the operation ("value date"). The calculator shall inform the customer about the exchange rate to be applied to the operation. In addition, the customer shall contact their TransferZero personal advisor through TransferZero's telephone number (+34) 915347233, in order to provide the mentioned information and be aware of the exchange rate that shall be applied to the operation.
The customer shall show conformity with the exchange rate by selecting the "accept" option, for which they shall be given 30 seconds. TransferZero shall maintain the same exchange rate for all the payment operations that the customer requests with the same "value date". In case the customer is aware of the exchange rate to be applied to the operation by their personal advisor, they should indicate conformity by providing their user and password to their personal advisor.
For issuing a payment request in conformity with the exchange rate and 'value date' already determined, the customer shall enter their personal details and password. The document of general terms and conditions applicable to the service or money transfer offered by TransferZero is hereby made available, as well as the privacy document. The customer must expressly accept these general terms and conditions as well as assent with all the terms specified in the privacy document by selecting the 'Accept' option. TransferZero shall send to the email address provided by the customer a reminder of the acceptance of the general terms and conditions.
Then, the customer shall introduce the beneficiary details indicated in the previous section '1.1.2. Beneficiary Details', as well as the amount in the currency they want the request to be issued in, the currency in which they want to make the payment to the beneficiary, the bank account of the beneficiary where the amount of the operation shall be paid and the 'value date'.
In addition, the customer shall send TransferZero, if so requested, the supporting documentation of their business activity.
The system shall display the operation summary with all the details given of the payer and the beneficiary, the amount and currency of the money transfer request, exchange rate, total amount to be delivered to TransferZero 'operation funds' by the customer, amount to be delivered to the beneficiary in the currency chosen by the payer, bank account of the beneficiary where the payment is to be made and 'value date'.
Should the customer agree with the information of the operation, they shall authorise it by selecting the 'accept' option.
Once the customer has authorised the operation, TransferZero shall send the operation confirmation to the email address provided by the customer, providing in that moment TransferZero bank account details where the 'operation funds' must be transferred from a bank account held by the customer opened in Spain or any Member State of the European Union. This amount cannot be paid into the bank account of TransferZero neither prior to one working day from the day indicated as 'date value', nor later than such 'alue date'.
On the day indicated as 'value date' and provided that TransferZero had received the 'operation funds', TransferZero shall proceed to execute the payment requested by the customer.
TransferZero shall issue the operation settlement document and shall send it to the email address provided by the customer.
2. EXPENSES TO BE PAID BY THE CUSTOMER FOR THE SERVICE OF MONEY TRANSFER
TransferZero shall neither apply any commission for this services nor charge any expense to neither the customer, nor the beneficiary, except for the following cases:
Operation of money transfer which do not involve a currency conversion, that is to say, the payment to the beneficiary is done in Euro or a type of currency in parity with the Euro. In such a case, TransferZero shall apply the maximum commissions indicated in Annex 2.
B2b operations requested through the link http://b2b.transferzero.com, where a commission to the customer of fifteen (€15) Euro is charged in case (i) the customer modifies the "value date" after the authorisation for the operation payment or (ii) if TransferZero receives the 'operation funds' after the day indicated as 'value date'.
Cancellation of currency exchanges after the closure thereof requested through the link http://b2b.transferzero.com, where the customer shall be charged with a commission of fifteen (€15) Euro
3. EXCHANGE RATE APPLIED
In case the amount of the money transfer request must be paid in a currency other than the one used for the funds provision, TransferZero shall inform the customer about the exchange rate used for the conversion before issuing the payment request. In any case, this shall be indicated in the settlement document which shall be made available or sent to the payer. In addition, it shall be available in the web page http://www.transferzero.com/, by means of a link which is clearly and remarkably located in the main screen of the first page.
4. AUTHORISATION BY THE PAYER AND RECEIPT BY TRANSFERZERO OF THE MONEY TRANSFER OPERATION
Money transfer requests issued through the web page www.transferzero.com, are considered as authorised by the payer when they have consented the execution, that is to say, the moment they select the 'accept' option after completing the process of issuing the money transfer request .
The moment of receipt of these payment operations by TransferZero shall be as follows:
In case the customer makes the payment to TransferZero of the amount for the money transfer request by means of (i) credit or debit card or (ii) deferred payment financed by the institution granting the consumer credit, the money transfer request shall be considered as received by TransferZero the moment they select the 'accept' option after completing the process of issuing the money transfer request.
In case the customer makes the payment to TransferZero of the amount for the money transfer request by means of bank transfer, the money transfer request shall be considered as received by TransferZero the moment the amount has been deposited in the TransferZero bank account.
or all B2B operations requested through the link http://b2b.transferzero.com, the payment request shall be considered as received by TransferZero the moment the "operation funds" have been deposited in TransferZero bank account.
5. REVOCATION AND REJECTION OF MONEY TRANSFER OPERATION
The customer may not revoke a money transfer request after being received by TransferZero unless the customer and TransferZero otherwise agree, in accordance with the provisions of section 37, paragraphs 1 and 5, of Law 16/2009, of 13 November, payment services.
TransferZero may reject the execution of a money transfer request, in accordance with the provisions of section 36 of Law 16/2009, of 13 November, for payment services, by notifying the customer such refusal and, as possible, the reasons therefor, as well as the procedure to rectify all possible factual error that could have caused it , unless otherwise indicated by any other regulation.
6. MAXIMUM EXECUTION TERM FOR THE PAYMENT OPERATION
6.1. Extra-EU payment transactions
Those transactions in which payment to the beneficiary is made from a State which is not a member of the European Union are considered as extra-EU payment operations.
The amount of an extra-EU payment transaction shall be paid to the beneficiary in the shortest possible time from the moment of reception of the money transfer request by TransferZero, depending on the correspondent entities who can intervene in the execution of the payment.
6.2. Intra-community payment transactions
Those transactions in which payment to the beneficiary is made from a State which is a member of the European Union are considered as intra-community payment operations.
The amount of an intra-community payment transaction shall be paid to the beneficiary within a maximum period of one working day from the receipt of the money request.
7. NON-EXECUTION OR DEFECTIVE EXECUTION OF A PAYMENT TRANSACTION
TransferZero shall be responsible before the payer for the correct execution of the payment transaction received until the moment this amount is paid to the beneficiary, unless the information provided by the payer for the execution of the money transfer request referred to in paragraph 1) was incorrect, in which case TransferZero shall not be responsible for non-execution or defective execution of the payment transaction. However, TransferZero will make all reasonable efforts to recover funds from the payment transaction.
No obstante, TransferZero hará esfuerzos razonables por recuperar los fondos de la operación de pago.
En todo caso, TransferZero tratará de averiguar inmediatamente, previa petición y con independencia de su responsabilidad, los datos relativos a la operación de pago y notificará al ordenante los resultados.
En todo caso, TransferZero tratará de averiguar inmediatamente, previa petición y con independencia de su responsabilidad, los datos relativos a la operación de pago y notificará al ordenante los resultados.
8. COMPLAINT PROCEDURES AT THE CUSTOMER'S DISPOSAL
8.1. CUSTOMER SERVICE (CS)
TransferZero offers a customer service in accordance with the obligations set forth in the Order ECO/734/2004, of 11 March, on Customer Service Departments and Ombudsman Services at financial institutions, aimed to address and solve both complaints and claims coming from the entity's customers. CS contact details are as follows:TRANSFERZERO MONEY TRANSFER ENTIDAD DE PAGO, S.A.
Mailing address: Calle Chile nº 4, 28290 Las Rozas, Madrid
Email address: email@example.com
Customer service shall resolve the complaints and claims within a maximum period of two months from their submission. The procedure for the resolution of complaints and claims described in the Regulations for the Customer Service Operation, which is available in all the places where the company operates, and also on the website www.transferzero.com and the Bank of Spain www.bde.es.
8.2. CLAIMS BEFORE THE COMPLAINTS DEPARTMENT OF THE BANK OF SPAIN
In case the claim filed with TransferZero Customer Service were dismissed or it took more than two months for the customer service to answer, the customer may submit their claim to the Market Conduct and Claims Department of the Bank of Spain:Banco de España
Market Conduct and Claims Department
Mailing address: C/ Alcalá 48, 28014 Madrid
8.3. CLAIMS BEFORE CONFIANZAONLINE.ES SERVICE
The parts submit, at its option, for the resolution of conflicts and renouncing any other jurisdiction, to the courts of the domicile of the user. Also, as an entity attached to Confianza Online and in terms of its ethical code, disputes relating to recruitment and advertising online, data protection and protection of minors, the user can go to the out-of-court settlement of disputes of trust Online (www.confianzaonline.es) system
9. INFORMATION FOR THE PAYER AFTER RECEIPT OF THE MONEY TRANSFER REQUEST BY TRANSFERZERO
Immediately after the receipt of the payment request, TransferZero shall make available to the payer all the information which is now indicated by sending the settlement document of the money transfer operation to the email address provided by the customer, without prejudice to making it available to the customer also in a digital format for downloading and printing:
A reference number identifying the money transfer request.
The amount of the money transfer request in the currency used in this request.
The total amount for the costs of the money transfer operation to be paid by the payer, with a breakdown thereof, if appropriate.
Should the operation include a currency exchange, the exchange rate used in the operation and the amount of the transaction after the currency conversion.
The date of receipt of the payment request.
10. ADDITIONAL INFORMATION
Working day: Considered as such every day of trade openness for TransferZero to the purposes of payment transaction execution.
Service of Money Transfer: Payment service that allows both receiving funds from a payer with no need of creating any account on behalf of the payer or the beneficiary, for the sole purpose of transferring an equivalent amount to a beneficiary or to another provider of payment services acting on behalf of the beneficiary, or receiving funds by the beneficiary and put them at the their disposal.
Payment Service User: Natural person making use of a payment service, either as a payer, as a beneficiary, or as both.
Customer: User of payment services who issues a money transfer request or receives the payment in Spain of a money transfer request.
10.2. Communication to users of payment services of the information herein contained
This document shall be made available to all customers in the web page www.transferzero.com. However, the customer shall be entitled to receive this information any time in paper form, upon previous request to TransferZero. TransferZero shall send the customer all the information legally applicable in Spanish.
10.3. Guarantee provisions
In compliance with Law 16/2009, of 13th November, on payment services, TransferZero guarantees that funds received from customers for the execution of money transfer requests are safeguarded in accordance with the provisions of section 10 of this Law and in section 17 of Royal Decree 712/2010 of 28th May, concerning the legal framework for payment services and payment institutions.
For this purpose, these funds shall never be mixed with funds from any other natural or legal person who is not a customer of the company.
In addition, in the event that at the end of the working day following the day on which TransferZero received the customer's funds, these have not been paid to the beneficiary or, where appropriate, transferred to the correspondent, they shall be deposited in a bank account separate from TransferZero or deposit on demand in a credit institution domiciled in Member States of the European Union or the Organisation for Economic Cooperation and Development specifically aimed to receive the deposit of the outstanding operations.
10.4. Additional information
Spanish Law 16/2009, of 13th November, on payment services.
Spanish Royal Decree 712/2010, of 28th May, concerning the legal framework for payment services and payment institutions.
Order EHA/1608/2010, of 14th June, on the transparency of information terms and requirements applicable to payment services.
Order EHA/2899/2011, of 28th October, on transparency and protection for banking services customers.
Order EHA/1718/2010, of 11th June, on the regulation and control of advertising for banking services and products.
Order ECO/734/2004, of 11th March, on customer service departments and ombudsman offices at financial institutions.
Circular 5/2012, of 27th June, from the Bank of Spain, to credit institutions and payment service providers on the transparency of banking services and liability for granting loans.
Circular 6/2010, of 28th September, of the Bank of Spain, to credit institutions and payment institutions on advertising for banking services and products.
Spanish Law 7/1998, 13th April on General Conditions of Contract.
Spanish Royal Legislative Decree 1/2007, of 16th November, which approves the modified text of the General Law on Consumer and User Defence and other complementary laws.
Spanish Law 22/2007, of 11th July, on distance marketing of consumer financial services.