About MyGuava

last updated: March 19, 2024

The purpose of this explanatory note is to highlight the key points which are included within your agreement with Guavapay Limited (the “Agreement”). We know that agreements relating to financial services can be complicated so have put together this easy-to-read document with a view to help.  
 
The Agreement may refer to services which you may not necessarily have. If that is the case, then the terms and conditions relating to those services do not apply to you. 
 
Who is Guavapay? 
 
Guavapay Limited, or simply Guavapay or we/us/our, is not a bank.  We are a Small Electronic Money Institution (SEMI) which helps individuals and businesses make and receive payments more easily. We offer electronic money accounts and related payment services both to individuals and businesses. These accounts are connected through various payment schemes enabling fast and cheap (often free!) transfers whether in the United Kingdom, across Europe and globally. 
 
Guavapay carries out several activities which are known as payment services and that means we are required to have a permission from the Financial Conduct Authority (FCA) in the UK. Guavapay’s FCA reference number is 900888. 

Please note that, as Guavapay is not a bank account, funds in the Guavapay electronic money account (“MyGuava Account”): 
    • will not earn any interest; and
    • will not be protected by the Financial Services Compensation Scheme (FSCS), as the FSCS applies only to banks. 

 
So, how does Guavapay Limited protect my money? 
 
As a small electronic money institution registered with the FCA, Guavapay complies with safeguarding obligations under applicable law and regulations by holding an equivalent amount of funds received in exchange for electronic money issued in a separate account with an authorised credit institution. 

Safeguarding means 100% of client funds would be protected from any risk associated with Guavapay’s solvency. For example, if £1 is sent to your MyGuava Account, Guavapay will put £1 into a separate bank account with its safeguarding partner. 

What can my MyGuava Account do?

MyGuava Account will allow you to: 
    • receive payments into MyGuava Account from an external bank or other type of account;
    • make payments from this account to any other account (whether held or not held by Guavapay) or send money abroad;
    • check the balance and transaction history on the MyGuava Account; and
    • lots of other cool features such as sharing bills, requesting money through a link or via mobile to your friends and family, giftcards, insights into your spending, etc. 
 

How can I open a MyGuava Account?

Opening a MyGuava Account is easy. You can open one by downloading the MyGuava application on your device, accepting the account terms and proceeding with the simple application process. You will need to verify your identity and address. 

Once the account is created, you will need to follow the requirements of the Account Terms. For example, we ask you to keep your MyGuava Account and any related cards’ security details safe and not to engage in fraudulent activity.  

Will Guavapay share my information with others? 
 
To provide our regulated services to you, Guavapay will be required to collect and store your personal information. Sometimes we may need to share this information with others so that we can meet our own legal requirements. Further information on the type of information Guavapay collects, why this information is collected and what this information is used for, can be found on our Privacy Policy. 
 

Do I need to pay Guavapay for my account? 

You will not pay any fees for opening your MyGuava account or to maintain an account (such as membership or maintenance fees).  Most services related to the account such as balance enquiries, standing orders and transferring money within the United Kingdom are completely free. However, you may be charged for certain international transfers, ATM withdrawals and for utilising the account or any cards to pay for gambling services. Also, there may be instances where we reserve the right to charge certain administrative fees in accordance with the Account Terms.  

More information can be obtained by consulting our Fees document and the Account Terms. 

How long will I have my MyGuava Account for? 
 
You will have a MyGuava Account for as long as you wish and while you continue to follow the requirements of the Agreement. Of course, if you no longer want to use your MyGuava Account, you can close it any time by contacting our Customer Support. 

How long will it take for me to make/receive a payment to my MyGuava Account? 
 
Once Guavapay receives an instruction to make a payment from one account to another, we will ensure that the payment transaction is carried out according to the timeframe required by the specified payment method. When the payment will be received will depend on the time frame set out by the payment method.  

Can I cancel payments from or to my MyGuava Account? 
 
You can cancel any transaction which is agreed to take place on a future date, but you must notify Guavapay as soon as possible. However, we may not be able to cancel the transaction depending on the type of payment method used. 
 

What if I notice a payment to or from my MyGuava Account which I don’t recognise? 
 
If you notice that a payment is incorrect, please immediately contact our Customer Support. Once Guavapay has completed its investigation, we may refund or reverse a payment transaction depending on our findings. 

Can Guavapay access and make payments from/to my MyGuava Account? 
 
We may suspend, restrict, or refuse to authorise use of your MyGuava Account, or a particular transaction where: 
    • We are concerned about the security of or access to your MyGuava Account. 
    • We know or suspect that your MyGuava Account is being used in an unauthorised or fraudulent manner. 
    • We need to do so to comply with the law and/or regulation, including for crime prevention purposes. 
    • You have breached or repeatedly breach any term of the Agreement, and you fail to resolve the matter in a timely manner. 
 
In this case,  we will let you know, as long as the law allows us to. 
 

Can Guavapay make changes to the Agreement? 
 
Guavapay may make changes to the Agreement, however we will try to make you aware of these changes at least two months before the changes are implemented.  
 
Any changes to be made to the Agreement will be posted on Guavapay’s website. If we are allowed by law, Guavapay may make changes to the Agreement with a shorter notice period.  
 
If you do not agree or accept the changes in the Agreement, you can request to terminate the Agreement and close your MyGuava Account; this means that you will no longer have access to the payment methods provided by Guavapay.  
 
You will not be charged a fee by Guavapay for the closure of your MyGuava Account. The closure of your MyGuava Account will also include the returning of funds from this account to your nominated bank account. 
 
How can I end the Agreement and close my MyGuava Account? 
 
You or Guavapay may decide to end the Agreement.  
 
If you wish to end the Agreement, please contact Customer Support. 

Once the Agreement ends you will no longer have access to MyGuava Account.  Any funds in those accounts will be returned to your nominated bank account. If you have not provided a nominated bank account, we may contact you to ask for these details.  
 
There may be circumstances under law and regulation where we are required to close your MyGuava Account immediately. This may be because:
    • You do not meet our compliance requirements (which are required as a part of our regulated services). 
    • You have not complied with the requirements of the Agreement. 
    • We suspect you have acted fraudulently or have been involved in money laundering, or any other illegal activity. 
    • We are required to end the Agreement by law, regulation or at the request of a regulator. 
 
For any other reason, we may give you at least two months’ notice prior to closure.   

Which laws apply to the Agreement? 
 
English law will decide legal questions about the Agreement. The English Courts will deal with any legal disputes under the Agreement. 
 

I would like to submit a complaint. How can I go about this?

Please take a look at the Guavapay Complaints Policy on our website.  In the alternative please contact our Customer Support. 

Who can I contact if I have problems with the MyGuava Account? 
 
Our Customer Support is open 24 hours a day, 7 days a week.  

    • You can write to us at the address: Customer Support, Guavapay Limited, Salisbury House, 29 Finsbury Circus, London EC2M 5QQ, United Kingdom. 
    • You can chat with us through the app or website. 
    • You can email us at [email protected]. 
    • You can call the Customer Support on +44 204 577 1440. 

If you have any queries or require a copy of any document which comprises the Agreement, please contact our Customer Support on the details above.