This document is a legally binding agreement that sets out the terms and conditions governing your use of your electronic money account/Param account through website and/or App (“Services”) and your relationship with Param@ UK Limited. As used herein, the terms “we,” “us,” “our” mean Param@ UK Limited (herein referred as “Param UK”) company incorporated under the laws of England & Wales, with company number 11388172 and its registered address located at 27 Old Gloucester Street, London, England, WC1N 3AX as service provider. As used herein, the terms “you” and/or “your”, “and/or “customer” means the person who is at least 18 and using the Services to transfer funds or hold a e-money balance on his/her personal Param account. As used herein, “Agreement” means these terms and conditions, along with the Privacy Policy any personal data we collect from you, or that you provide to us, will be processed by us and Fees Page and any other terms and conditions that apply to our services for your designated jurisdiction, form a legal agreement between You, as the Customer and Us, as Param UK. If this Agreement is translated into another language, the translation is for reference only and the English version applies. This Agreement is subject to Laws of England and Wales and any disputes will be settled by Courts of England and Wales. By signing up or by using our services, you agree that you have read, understood, and given consent to the terms and conditions of this Agreement.


You can use our services for your own account only. If you use a Param personal account, you must not use it for business purposes. Where you hold a balance with us (Electronic money account/ Param account), this Agreement applies as a Framework Contract to your Param account and any payment services involving your Param account. If you do not hold a Param account but would like to use our services, you have to register and create an account to use our services.

1. Who we are and how to contact us:

Param@ UK Limited is an authorised Electronic Money Institution under the prudential supervision of the United Kingdom Financial Conduct Authority (“FCA”) under the Electronic Money Regulations 2011. Our reference number is 926987. You can contact us through Our App and also: Email us at:>[email protected] If you would like to write a letter, our registered located address is: 27 Old Gloucester Street, London, England, WC1N 3AX.

2. Prior to Registration:

Before registering for the Services and our App, you must read, agree with, and accept all of the terms and conditions contained in this Agreement. We notify you that once you read and agree all the terms and provisions of this Agreement you will be bound with the terms and provisions of the Agreement, therefore, we recommend you to look through the latest version or other versions via Our App or our website. Furthermore, you agree that any use by yourself of the Services shall constitute your acceptance of the Agreement. Please read this Agreement carefully and make sure that you understand it fully before using the Services. In this respect, you represent and warrant that if you do not accept this Agreement, you will not be able to use the Services. You can always find the previous versions and the most current version of this Agreement on our Website and also Our App.

3. Information in regard to Our App:

As used herein, “Our App” means Param App mobile application software (App) available on our site OR hosted on Apple AppStore or Google Play (App Site) once you have downloaded or streamed a copy of the App onto your mobile telephone or handheld device (Device). We licence the use of the app to you on the basis of this Agreement and subject to any rules and policies applied by any app store provider or operator whose sites are located at App Store and Google Play. We remain the owners of Our App at all times and do not sell it to you. We grant you a non-transferable, non-exclusive licence to use Our App on your device and the API (Application Programming Interface) subject to this Agreement. We may need to make updates on Our App in App Store and Google Play and you may need to download the latest version of the app and accept the latest version of the Agreement to be able to keep on using our services. We will inform you at least 2 months prior to a change or an amendment of this Agreement and request for you to download the latest version and accept the Agreement to use our services.

4. Eligibility and Registration to Param Account:

“Account” means a payment instrument that stores funds electronically in exchange for funds paid to the issuer of Param UK and is able to be used a means of making payment to any person other than the issuer of e-money from the customer’s download of Our App. By downloading the Param App and accepting our Agreement and working with us (either by opening an account or sending money), you acknowledge and give your fully consent that you will not violate any applicable laws and also you admit taking the responsibility of the consequences if you breach any laws and/or this Agreement. In order to use the Services, you first must download Param App and create your own account, as instructed by Param UK. As part of your registration and use of the Service and Our App, you fully represent and warrant that:

5. Your Param Account:

I. You are an individual person (not a business or legal entity); II. You are at least 18 years old and have mental competence to execute agreements and legally bind myself with them; III. You are not acting on behalf of an undisclosed principal or a third party beneficiary; IV. You have full authority to enter into this Agreement; V. You are not an agent acting for an undisclosed principal or third party beneficiary; VI. You are not violating any laws or regulations by registering with us, entering into and/or by performing any part of this Agreement, or by otherwise using the Service; VII. All information provided by you as part of my registration and use of the Service is accurate and complete, and you undertake to promptly notify Param UK in writing of any changes to such information; In order for us to ensure about your identity, we will carry out an online identity check as a part of the sign up process, in some cases we may ask for additional documents to support these. We may in addition ask you related questions about the source of the money you will put into your account. When we are satisfied with the information and the documents, we will give permission to open your account in Our App. The information you provide to us must be complete, accurate and truthful at all times. You have to let us know if there is a change with any information you have given to us previously. (see “Who we are and how to contact us” section) You cannot have more than one Param account and also open a new account if we have closed your account for breaching this Agreement.

In order for us to ensure about your identity, we will carry out an online identity check as a part of the sign up process, in some cases we may ask for additional documents to support these. We may in addition ask you related questions about the source of the money you will put into your account. When we are satisfied with the information and the documents, we will give permission to open your account in Our App. The information you provide to us must be complete, accurate and truthful at all times. You have to let us know if there is a change with any information you have given to us previously. (see “Who we are and how to contact us” section) You cannot have more than one Param account and also open a new account if we have closed your account for breaching this Agreement.

6. Giving consent to third-party for accessing to your Param account:

You may allow other providers to access your Param account information and make payments form your Param account on your behalf. These providers are known as “open banking providers” or “third party providers”. In order to provide you with their services, they have to be authorised by a regulator (such as FCA in the UK). We advise you to ask for the details of these providers and check it by yourself (from the regulators’ online web page: before using their services. Our terms and conditions still apply even though you use such services. If we are concerned about fraud or suspect these providers do not have an authorisation or any other suspected behaviour, we may block their access to your Param account. However, we will inform you either beforehand (if possible) or as soon as possible afterwards. You acknowledge that if you authorise a third party to access your Param Account, we may disclose certain information about your Param Account to the third party. We are not responsible for any such third party’s use of your Param Account or any information in your Param Account. Granting permission to a third party does not relieve you of your responsibilities under this Agreement, including notifying us if your Param Account has been compromised or if a transaction is incorrect or unauthorised. Contact us immediately if you think someone is acting without your consent.

7. Adding money to your Param account:

You may add money to your Param account by bank transfer or by using UK debit or credit card. You can add money to your account in the same currency (if you will add £, you may add it to your £ account). Any payment instrument (for example, the credit card or debit card) you use for adding money to your Param account must be in your name. If you select a payment method to add money to your or our account which gives you the right to chargeback (such as a credit card), you promise us that you will not use your chargeback right unless we have breached this Agreement or there was an unauthorised use of your payment instrument. By accepting this Agreement, you promise that you will not exercise your chargeback right for reasons which we are not responsible for. In case we need to make an investigation or take an action in connection with a chargeback raised by you, we may charge you costs in doing so and collect that amount from your Param account.

8. Crediting your Param Account:

We will credit your Param account when we receive your money. For some payment instruments such as a credit or debit card, we will credit the amount to your Param account as soon as possible subject to our right of reversal. What we mean is that, if the actual amount you intend to upload does not reach in a reasonable amount of time, we may deduct this amount from your Param account. If you do not have enough money in your Param account for this purpose, we can request repayment from you using other payment methods.

9. Receiving Money to your Param Account:

You can receive money into your Param Account. The money received is shown in your Param Account. Any money you receive into your Param Account will be recorded in the transaction history section of your Param Account. You should check the incoming funds in your Param Account against your own records regularly and let us know if there are any irregularities. If someone pays you mistakenly in your Param account, we may reverse the payment or put hold on it. If the person who has paid you by mistake chooses to make a legal claim, we may have to share your information with them.

10. Making Transfer and Payments from your Param Account:

You may transfer money from your Param Account to other Param Accounts and we call this a Transfer. When you send money to your or someone else’s accounts with other providers, we call this a Payment. You can currently make real time, one-off payments.

11. Sending Money:

You may use Param to send money from the UK to Turkey. You can send money only if there is adequate money and fees to complete the transaction. (See Fee List) We will ask you to provide us the following information; I. The Recipient’s name and surname II. The Recipient’s bank account details III. The Recipient’s IBAN number and/or Turkpara Param Card Number IV. The amount you would like to send to the Recipient When you send money, the person you are sending the money to, will receive the money in his/her local jurisdiction currency in which we will use foreign exchange rates for the transaction to other jurisdictions. Before ordering a payment transaction, you will see the foreign exchange rate and also the fees, commissions (total cost of the transaction) we will charge you. You can also find the current exchange rate on the Param App. We will make the payment only when we receive the money. If you do have a Param account, the account should have sufficient funds for the transaction amount as well as the fees and commission. Domestic Faster Payments and standing orders to other banks will normally arrive on the same day, but some organisations may take longer to credit their customers' accounts. We may need additional time to complete our verification checks and we may also have to ask you for additional information before sending the money. You can follow up the status of the transaction from the Param app.

12. Before making any payments:

Before making any payments, always check you have entered the correct details of the recipient you would like to make payment prior to finalising the payment transactions. Otherwise, your payment may be delayed or cause a loss of money if it is sent to a wrong account. Never make payment to a person you do not know. Make sure you add the correct names and correct details before making any payment. We will not be responsible if you make a payment to a wrong account. However, we will try to help you if you inform us accordingly and in an efficient time. Furthermore, please be aware that we cannot guarantee you that you will get your money back. We will accept the responsibility only if we make a mistake while you have given us the correct details and we will refund you accordingly. You'll need to enter your Passcode or prove it is you that is using the Application by your fingerprint or facial recognition to access Param App and to add a new payee.

13. How to cancel a payment?

You cannot currently cancel a transaction after you complete and give your consent for the transaction through our App.

14. If we refuse or delay your payments:

We may refuse or delay your payments if; - There is a regulatory requirement behind it which disables us to make the payment - We need to make additional checks before finalising the transaction - You have breached the T&C in this agreement or there is a risk that you may breach when the transaction is completed - We are not provided with the information we need or require from you - Your account balance is lower than the payment and the cost related to transaction - The amount is above the limits we have informed you (Limits Link) - There is a bankruptcy order against you - You owe us any money, we may prefer to use our set off right instead of making the payment - You have suspended your Param account. We will inform you under such a circumstance by explaining the reason unless it causes us a breach in regulations.

15. If you want to close your Param account:

You can close your Param account and end the agreement anytime by informing us accordingly. You have to send your request to [email protected] When you inform us that you would like to close your Param account, we will provide you the opportunity to withdraw the money we hold for you. For regulatory purposes, we have to keep your information and details within our company for the duration of six (6) years after the account has been closed. If you would like to know or request any information regarding your account, you will be able to contact us by sending an email to [email protected] and we will help you to access the information about your account. We will have to verify your identity before closing your account or providing an information to you in relation to your closed account.

16. If we have to freeze a transaction or close your account:

We may, at our own discretion, refuse to complete a transaction authorised by you, if: I. We are concerned about the security of your Param Account II. We suspect your Param Account is being used in a fraudulent or suspicious manner III. There is not sufficient money in your Param Account to cover the transaction and all associated fees at the time we receive notification of the transaction IV. We think you are in breach of this Agreement V. There are errors, failures or refusals by the merchants, payment processors or payment schemes processing transactions VI. We are required by the law Under some circumstances, we may be in a position to close your Param Account by giving you four (4) weeks’ notice or by immediate effect. We will have to do this if you; I. Put us in a position where we might break the law II. Break the law or attempt to break the law III. Break the terms of this agreement IV. Give us false information at anytime V. Be abusive to our colleagues

17. Contacting You:

We will mainly contact you via Param App by sending push notification to you in Param App. We may also contact you by sending an email to your registered email address or SMS to your phone number, by writing a letter to your address. You should regularly check your text messages and emails. We may need to ask you additional questions regarding your payments (as an example: if your spending increases), please provide the answers quickly in such cases. We may also contact you for other issues such as fraud, suspected fraud or if we realise there is a security threat to your account or card. Keeping your contact information with us up to date is very important. Let us know immediately if anything with your contact information changes. We will usually communicate with you in English but also provide services and support in Turkish if you would like to communicate in Turkish with us.

18. Keeping your account safe:

We Keep your account safe
We use safeguarding method to keep your account safe. That means when we receive a payment for your account, or whenever you make an addition to it, we place the equivalent value of the e-money in your account, and we immediately place the money in a segregated account. That account is held with one of the licensed banks in the United Kingdom and/ or European Economic Area (“EEA”). Safeguarding protects you against us being insolvent. The regulations regarding safeguarding make sure that you will be repaid from our segregated accounts after any costs related to an administrator or liquidator are paid. As the law does not allow us to give you interest, the money in your account is not covered by the Financial Services Compensation Scheme. If we discover any security issues affecting your account, we will contact you as we mentioned in the section of “Contacting You”. Keeping Your Account Safe by You: We will assume that all transactions entered into by you with your Param Account details are made by yourself unless you notify us otherwise. You are responsible for keeping your mobile, Param Account, and its security details safe at all times. That means you must take all steps to avoid loss, theft, or misuse of your device and app. Do not keep your security details close to your Param Account, you should find a way to encrypt it if you want to write it down or store it. Do not share your security details with anyone other than an open-banking provider or third-party provider who is acting in line with regulatory requirements. You may find more information about this in Section 9. Close your Param App when you are not using it (you have log-out time option in Our App) Contact us immediately if you realise anything suspicious. We will suspend your Param Account if you ask us to do or if we realise anything suspicious. In order for us to correct the error, you need to notify us within thirteen (13) months from the payment date at the latest. When you want to make a payment, make sure you enter all the details correctly. Otherwise, your payment might be delayed or cause loss of money if it is sent to a wrong account. Please see our Fraud Advice for further information

19. Our fees:

Here is our Fees link for our services. Keep in mind there may be additional taxes, costs or charges that are not related to us and out of our control. (For example, some banks charge you when you transfer money.)

20. You allow us to use your information:

To be able to provide services to you, we need to receive and collect information about you. By accepting this agreement, you give us permission to gather and store your personal information to be able to give you services. This does not affect any rights or obligations you or we have under UK GDPR, Data Protection Act 2018, or EU GDPR. We will never pass your details to a third party for marketing purposes without your explicit permission. Please see our Privacy Policy for more details. If you are not happy with providing personal information, unfortunately you will have to close your account and end this Agreement accordingly. Once you do this, we will not use your information to provide a service, however we may need to keep your data for other legal reasons.

21. Our responsibilities// Refunding

Contact us immediately if you believe you did not authorise a payment or that a payment was incorrectly carried out. We will usually refund you money in case: ? Money is taken from your Param Account after you freeze it, unless you acted fraudulently. ? In case you lose money due to our mistakes or inaccuracies with your payments. We won’t be able to pay you back if: ? You provide us incorrect details for a transaction. (We will make reasonable effort and try to help you in getting your money back but keep in mind this may not always be very easy. We may charge you a reasonable fee to cover our administrative costs, but we will notify you about the costs beforehand.) ? You acted fraudulently ? You purposefully did not keep your mobile, Param Account and its details safe. We are not responsible for the safety, legality, quality or any other aspects of the goods and services purchased by your Param Account. If someone pays money to your account by mistake, you give us permission to return it.

22. How to make a complaint:

We are very customer oriented, and we will do our best to make you satisfied with our services. Still, sometimes some things may go wrong. If you have any complaints, email us at complaints and we will try to sort it. If you are unhappy with our approach and you want to escalate it, you can refer to the Financial Ombudsman Service. The contact details are as below: Address: Exchange Tower London E14 9SR Phone from UK: 0800 023 4567 Phone from outside UK: +44 20 7964 0500 You may find more information on their website:

23. Changes to this agreement:

You may always find this agreement in Our App or our website. We may need to make amendments to this agreement, if: ? We have changes in our business (such as offering new products) ? Any amendments occur in laws, regulations, codes that we have to reflect ? New laws, regulations are put in force that we have to comply with ? We have to make changes in our fees The amendments will be immediately reflected if it’s in your favour. Otherwise, we will let you know about what is being changed and give you a two month to decide if you are happy with these and continue with us. If you are not, you have the option to close your Param account.

24. Intellectual Property:

We own all the intellectual property in our products (our logo, card designs, app, website…), You must not use our intellectual property as your own, no right in this will vest in you at any time.