24/7 Customer Service: +356 203 415 33


Below you will find answers to our most commonly asked questions. Still got questions? Feel free to contact our customer service team, anytime 24/7.

It is not possible to open new mobile bank account at the moment as the account opening service is temporarily unavailable. For more information please contact our customer support +356 203 415 33.

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How do I open an account?

Download the FerratumBank app from the App Store or Google Play and it will guide you through setting up your account in just minutes! You’ll need to have a few things ready such as your personal identification number, mobile phone number, email and your ID (or passport, depending on your country). We’ll ask you to take a selfie which we’ll use to verify against a photo of your ID.

You can also sign up on our website by clicking SIGN UP. You’ll need all the same information at hand and we’ll verify your ID using your webcam.

How soon after opening an account can I use it?

Your account will be ready to use as soon as it’s created. The only thing you’ll have to wait for is your new debit MasterCard, which will arrive in an approximately ten days.

How can I find out if FerratumBank is available in my country?

When creating your user account, you will first need to select your country. You can see a list of countries where FerratumBank is currently available by scrolling through the list on screen.

If you do not see your country listed, select "Other". When selecting "Other", you may still be able to become a FerratumBank customer but your country´s native language might not be supported and some of the product features may be modified.

What are the fees for opening and maintaining an account?

We don’t believe in charging our customers for basic, everyday account services, so we won’t.

The few exceptions are for things like optional paper statements and replacement cards. You can find a full list on the pricing page of our website.

How do you verify a customer´s identification and why?

We use a clever verification program that allows us to verify your identity by scanning your ID or Passport.

Can I open an account if my passport is different to the country I live in?

Absolutely. Contact our customer service team to see which passports are currently accepted.

How do I close my account?

To close your account, simply contact our Customer Support team who will be happy to help you.

With FerratumBank, you have the option of three different account types: Current Account, Savings Account and Term Deposit Account:

1. The Current Account is your regular, daily-use account. You can transfer money from your current account to any other bank for free, and your MasterCard is linked to this account. You can have multiple current accounts – one for each currency supported by our bank. Money deposited into current accounts does not earn interest.

2. The Savings Account is designed to help you earn interest on your deposits and is based on the interest rate offered at the time. Simply transfer money from your Current Account into your Savings Account and start saving right away! See pricing list for full details.

3. A Term Deposit Account is for long-term savings, starting with a minimum term of 3 months. Term deposit accounts let your savings work for you with a generous interest rate, based on the current offer at the time. You can start saving with a minimum amount of 50 EUR (or equivalent in other currencies), and funds will be available to you at the end of the term.

Do you offer business accounts or joint accounts?

No. Currently, FerratumBank offers a personal account for individuals only.

How many accounts can I have?

Once you become a FerratumBank customer, you can open one current account for each currency we have available. The same applies to our savings accounts.

What are boosters?

Boosters are tools designed to help you reach or exceed your savings targets faster.

The specifics of the booster, such as the transaction threshold for the booster to be applied and the amount of money to be saved, are set by you.

Once the parameters are set, savings boosters are automated making saving money and reaching goals easier.

What boosters are available?

We currently have two different types of boosters available:

  • Round it up
  • Purchase & Boost

What is the Round It Up booster?

The Round It Up booster applies to card transactions.

When making a card purchase, our system checks to see if the transaction meets the booster parameters you´ve set. If so, the booster is then activated.

For example, if you make a card transaction for 10.30 € and you´ve set the booster to be applied to any transactions between 1 € - 49.99 € and a rounding-up amount of 1 € to be applied, the transaction will be automatically rounded up from €10.30 to 11 €.

The rounded-up amount (in this case, 0.70 €) will be transferred to your savings account.

What Is the Purchase & Boost booster?

The Purchase & Boost is connected to both card transactions and electronic transactions.

With this booster, you have the choice of how you wish to save money:

1) A fixed amount per range set

2) A percentage of the amount spent

When making a transaction, our system checks to see if it meets the booster parameters you´ve set. If so, the booster is then activated.

For example, if you make a card transaction for 10.30 € and you set up the booster to be applied to any transactions between 0 € - 49.99 € and a savings rule of 1 €, the system will automatically transfer 1 € to your savings account for any transactions in the range of 0 € - 49.99 €.

Alternatively, instead of a fixed amount, in this example 1 €, you can choose to have a percentage of any transaction sent to your savings account instead.

What products can boosters be applied to?

Boosters are applied to your savings account.

Who can apply for a booster?

Boosters are available for all FerratumBank customers.

How do I activate a booster?

Boosters can be activated from the “Goal Details” screen, from the “Booster Management” screen and from the “Product Management” screen.

Where does the money from the booster go and how can I access they money saved?

The booster sends the money from your current account to your saving account. The money is always available and can be moved back to your current account in real time.

Does it cost anything to use a booster?

To add a booster, there is a small monthly cost. Please check our pricing page. You can deactivate boosters and the associated costs at any time.

Why should I use boosters?

Boosters are designed to help you save money. A specific amount of money from each transaction made is automatically transferred into your savings account. Think of it like putting spare change into a piggy bank.

What transaction types apply to boosters?

  • For Round It Up boosters, only card transactions including ATM withdrawals apply
  • For Purchase & Boost boosters, all the debit transactions, including the cards, apply

If you activate both the Purchase & Boost and Round It Up boosters, where card transactions are made, the Round It Up booster will round up the transaction and the Purchase & Boost will apply its own rules based on the parameters you have set.

For example, the Round It Up booster may be rounded up 0.50 € for the transaction and the Purchase & Boost rule may be set to 1.00 € meaning a total of 1.50 € will be sent to your savings account.

Where can I see all my booster transactions?

There is an activity list for each booster where you see all the booster transaction information.

How do I use another currency with my Ferratum Bank account?

When you make a payment abroad, the money is taken from your primary account. If the payment currency is different than the currency of your primary account, Ferratum Bank will automatically perform currency exchange and deduct your balance in the currency of your primary account. The automatic currency exchange uses the exchange rate applicable at the time the payment is cleared by MasterCard and there are no additional fees. Example: if you have a Euro account and purchase something in British pounds, the currency exchange is done automatically and the purchase will show on your account in Euros.

How do I create a new account for another currency?

You can open an account in another currency through the FerratumBank app.

To open a new account in another currency, access the Account menu and select Open New Account. Then choose the type of account (current or savings) and the currency you want to use.

Can I open an account in EUR and make payments and withdraw cash in another currency, for example GBP?

Yes, you can make payments or withdraw cash in another currency.

What is the exchange rate applied for international transfers?

To view our exchange rates, please use the FerratumBank mobile app and go to the currency exchange function.

How do I deposit money into my accounts?

Anyone can send money from their bank account to your FerratumBank account.

Senders will need your IBAN number which can be found in the Accounts and Cards section. For transfers from another bank, you may also need the FerratumBank BIC number, which is FEMAMTMTXXX.

If you’re expecting to receive money from another bank, please note it can take a day or two for it to show up in your FerratumBank account depending on the transaction date that bank provides us with.

Once you have received the funds into your FerratumBank account, you can transfer the money into any of your accounts by selecting “Send Money” within the app and then “Transfer to Own account”.

Do you accept cheques?

As a dedicated mobile bank, we currently only accept electronic transactions. We will, of course, notify you if, in the future, other forms of deposit are accepted.

Can I save account details which I often make payments to?

Of course! You can save any account details to your Partners list to use again in the future.

Can I see upcoming payments?

Yes, you can view any planned payments in the Activity section of the Accounts and Cards menu. You can also see details such as the source account, payment status and amount.

Can I make payments over weekends, bank holidays and during the night?

You can make payments any time you want. You can access all of your accounts 24/7.

How long does it take to transfer money?

When you transfer money to another FerratumBank account, it happens in real-time even if the sender and receiver are in different countries.

If you make a transfer to any other bank, the money usually appears the next business day.

Do you offer direct debit?

While direct debit is not currently available, we have plans to introduce this feature in the near future.

How long does it take to process a bank transfer?

Bank transfers usually take 1-2 working days. However, when sending money from one FerratumBank account to another FerratumBank account, it happens in real-time regardless of where the sender and receiver are located.

I´m having issues with performing a transaction. Can you help me?

Please ensure the account you want to make a transfer from has sufficient funds and the recipient´s information has been entered correctly.

If you continue to experience issues, please reach out to our customer service team.

How do I change my password / PIN Code?

Your FerratumBank app PIN Code, FerratumBank activation password, and your card PIN can all be changed from the FerratumBank app.

If you’ve forgotten your activation password, please contact us and we’ll verify your ID before resetting it for you.

What if I forget the PIN for my debit card?

You can set a new PIN easily via the mobile app.

Once you’ve changed the PIN, you’ll need to activate it at an ATM. Your new PIN will be set as soon as you insert your card into an ATM to either check your balance or withdrawn money.

How do I log in if I have forgotten my login PIN?

If you run into any issues signing in, simply follow these 3 steps:

  1. From the app menu, select settings, and unlink device
  2. Log in again using the password you set earlier
  3. Set your new login PIN

What type of debit card will I get when I open a FerratumBank account?

You will receive a free, contactless MasterCard Debit Card, which you can use anywhere MasterCard is accepted.

When will I receive my debit card?

Your debit card should arrive within 10-12 business days.

Where can I use my card?

You can use your FerratumBank debit card to withdraw cash from any ATM in the world and pay anywhere that accepts MasterCard both online and offline.

For smaller purchases, you can even pay contactless by simply tapping your card against the electronic reader - just look for the contactless symbol.

Will I receive a debit card for each of my accounts?

No. One card links all of your accounts so there’s no need for additional cards.

How long is my card valid for?

Your card is valid for two years from the date of issue, and when the two years are up we’ll send you a new one.

Be sure to destroy the old card and put the new one into your wallet. You will then need to activate your new card via an ATM.

You can activate your card by making an ATM withdrawal or making a purchase with your PIN code.

Why doesn’t my debit card work?

Before you can use your FerratumBank debit card, it must be activated. You can activate your card by making an ATM withdrawal or making a purchase with your PIN code.

If you have forgotten your PIN code, you can change it at any time in the mobile app.

Should you need further assistance, our customer support team is more than happy to help you.

Will I be charged any fees if I withdraw cash from an ATM?

With a FerratumBank current account, you receive four free withdrawals per month.

Please note that while FerratumBank does not charge fees for these transactions, you may be charged a fee by the ATM operator for the use of their machine.

In most cases, the fee will be displayed on screen before you confirm your transaction.

My card isn’t working. What do I do?

First, check that you’ve got sufficient funds in your account to complete the transaction you´re trying to make trying to do.

If your card is still not working, please contact our Customer Support team.

The ATM took my card. What do I do now?

Don’t worry. Get in touch with our Customer Support team 24/7 and we’ll sort it out.

My card is damaged or destroyed. What now?

Contact our 24/7 Customer Support team and we’ll send a replacement out to you.

Please note that there is a replacement fee.

Help! My card is lost or stolen

The first thing you should do is to block the card. You can do that directly in the FerratumBank app and change the card status to Suspended or Temporarily Suspended.

If you cancelled a card only to then find it before the replacement card arrives, there is a feature in the app that allows you to temporarily suspend your card. You can then unblock the card without having to wait for your new card to arrive.

If you are certain your card is lost, you can block it permanently and order a replacement.

If your phone is stolen along with your card, call our Customer Support team who can block the card for you.

My account has been locked? What do I do?

If your account has been locked due to more than six invalid login attempts, you will need to contact our Customer Support team.

How many attempts do I have when trying to login to the mobile app?

If you enter your username and/or password/PIN incorrectly three times consecutively, you will be temporarily blocked for the next 60 minutes. You may try again after this time, however, if you fail the next three login attempts, your account will be permanently blocked until you contact our Customer Support team who will need to reset your password.

Can I change my personal information?

You can change your personal information such as address, phone number and email in the Settings menu of the FerratumBank app.

Some personal details cannot be changed within the app, however, you can send us a request and we´ll be happy to change it for you.

Tell me more about the FerratumBank app

The FerratumBank app is at the heart of everything we do. We designed it with your needs in mind and put an entire banks-worth of financial tools in there:

  • Real-time account balance
  • Multi-currency accounts – with zero exchange fees, you can shop like a tourist but pay like a local
  • Built-in and real-time currency converter
  • Transfer money between accounts or to other banks and recipients
  • Pay any contact via SMS
  • Push notifications for card purchases
  • Card security – block or temporarily block your card
  • Language choice
  • 24/7 customer support with live chat

Which devices are supported?

The FerratumBank app is available for both iOS and Android via the App Store and Google Play.

The minimum versions currently supported are:

  • iOS 9.0
  • Android 5.0.

Please note the app is not supported on tablet devices.

Is the FerratumBank App free?

Yes! We don’t believe in charging you for basic account services - our app is free to download.

Can I use the FerratumBank app on multiple devices?

Absolutely! For example, you could be transferring money on your iPhone at home, then checking your balance on your Androind phone at work. With FerratumBank, you have complete mobility. The app will need to be activated on each device, which only takes a few seconds.

What is FerratumBank and what makes you different to other banks?

FerratumBank is a dedicated mobile bank that puts all your everyday banking needs in the palm of your hand.

The truth is, we don´t believe in banks. At least not in the traditional sense. We believe in financial technology that is mobile, user-friendly, international and highly secure.

Working across the whole of Europe, customers can access their money wherever they are without borders, which makes us perfect for travellers, or people living abroad.

We also pride ourselves on transparency, simplicity of use, delivering outstanding customer service available 24/7.

Where is FerratumBank?

We go wherever you go. Since we’re a mobile bank our entire banking system is contained in our app. Your nearest FerratumBank branch is your mobile phone – and you´re the bank manager!

Since we don’t have branches, that means no delays and no standing in line. It´s banking made easy.

Where are your headquarters?

Though we have offices throughout Europe, Ferratum Bank p.l.c. is a public limited company, registered under the laws of Malta with number C56251, with its registered address at ST Business Centre 120, The Strand, Gzira, GZR 1027, Malta. Ferratum Bank p.l.c. is licensed as a credit institution by the Malta Financial Services Authority. Ferratum Bank is also regulated by the European Central Bank.

Who owns FerratumBank?

We are a subsidiary of the international Ferratum Group, which operates in 26 countries across Europe, the Asia-Pacific region, Mexico, Nigeria, and Canada.

What is a TIN?

A TIN is your unique Tax Identification Number.

Where can I find my TIN?

You can find your TIN on your tax reports, payslip or on ID document. Your TIN is provided to you by your national tax authority.

Why I need to provide my TIN number?

Governments around the world are adopting a new Automatic Exchange of Information (AEoI) standard between tax authorities in certain countries. This legislation is known as the Common Reporting Standard (CRS) and is viewed a worldwide tool to fight against tax evasion. To date, more than 100 countries, including Malta, have committed to adopting the CRS. As a Maltese bank, FerratumBank, like all European banks, is obligated to report to tax authorities under this reporting standard.

To comply with the CRS, participating jurisdictions must obtain certain customer information from their Financial Institutions and exchange the information on an annual basis with other participating jurisdictions. This information is required to evaluate customers´ tax statuses in other countries, under the CRS framework.

The TIN number informs us whether a customer may be tax liable in a country participating in CRS.

What information of mine is shared with tax authorities?

Under the CRS, FerratumBank is required to identify customers who are a tax resident in one country but has financial accounts held in another country for inter-jurisdiction reporting purposes.

To do this, we need to collect and report certain information on the ‘reportable person’ and their financial account(s) to the local tax authorities. We can collect TIN after the onboarding, however it is compulsory information customers have to deliver.

Do you apply withholding tax on interest generated with my savings account?

Currently, we do not withhold any taxes from your saving accounts or fixed term deposit accounts.

Do I need to pay local authorities at the time of my declaration of income?

Depending on your country of residence, you may be required to inform your local tax authorities about interests generated from your FerratumBank accounts.

Please note, FerratumBank is unable to provide customers with advice concerning taxation matters. To check your taxation obligations, please consult a tax consultant.

How secure is your Mobile Banking service?

We’re committed to providing you with a secure Mobile Banking experience. We use industry-accepted security practices to safeguard your personal financial information, and we’re constantly assessing our website and mobile app security.

We use a multi-layered security approach (defence-in-depth) to protect all personal data including security controls at the network level (firewalls, intrusion detection services, and network segregation), operating system level (operating systems are patched and kept up-to-date, systems are hardened to reduce vulnerability exposure), and database level (data access is restricted and the principle of least privilege is applied).

How is the communication with your Mobile service secured?

Communication between your computer/phone and the Mobile Banking service is encrypted using a secure Extended Validation (EV) SSL/TLS connection (using 256-bit AES and 2048-bit RSA).

All our servers are monitored by our internal security team and periodically audited by reputable security providers to ensure that any identified risks are dealt with immediately.

How secure is your Mobile Banking server infrastructure?

Our server infrastructure is hosted with an ISO27001-certified reputable third-party co-location provider and access to this infrastructure (e.g. application servers, database servers, networking equipment) is tightly controlled to ensure that access is only granted on a need-to-know basis and separation-of-privilege is implemented. Our server infrastructure is protected by industry-grade firewall services and intrusion detection services to detect and identify any potential intruders and incoming attack attempts.

We back up regularly and these backups are securely stored and protected. All systems accessing your data are also adequately protected using end-point security controls (e.g. anti-virus/malware, firewall, etc.).

What security measures protect my user account?

To access the FerratumBank app, you will need to choose a 6-digit PIN Code for each mobile device. Each PIN Code is linked to that specific device for increased security. Your PIN isn’t saved on our servers or on your device.

How secure are my accounts and transactions?

The FerratumBank app services provide end-to-end encryption to secure transactions while in transit. Your user accountis also protected with a device PIN Code for the App. This PIN code e is known only to you, and only you can access your account and authorise payments. A second level of authentication is required to sign transactions and/or instructions before they are submitted to the Bank.

What can I do to protect my information when using the FerratumBank App?

  • If you haven’t already, make sure your device is protected with a PIN or password – this gives you an additional security layer in case your device falls into the wrong hands.
  • Log out of your FerratumBank app session via the ‘Logout’ menu option when you’re finished.
  • Don’t share your device PIN Code with anyone, and don’t write it down anywhere.
  • Make sure nobody is watching when you enter your PIN Code.
  • If you think someone may know your PIN Code, change it immediately:
    • Use the ‘Change PIN’ option in the ‘My Card’ option of the FerratumBank App menu, or
    • Call Customer Support and request your device to be unlinked.
  • Don’t log into your account on anyone else’s device.

Will customer service ever ask me to provide my Access Code or PIN Code?

No – our Customer Support team will never ask you for your FerratumBank app PIN. You should never give that information to anyone – including us!

Can I send payment instructions via email?

No. Email is not a secure channel and, therefore, you should never use it to send payment instructions.

Are my account details stored on my device?

No. FerratumBank does not store any account details or customer data on your device or within the App.

When you log in, a secure encrypted connection is made to our servers and your data is downloaded to your App. When you log out, this data is automatically wiped from your version of the App and your device. That’s why it’s important to log out when you’re finished – your log in will timeout eventually, but it’s best to be safe.

How do I know if I am downloading the real FerratumBank app?

Only download mobile apps from the official App Store or Google Play, and make sure the official publisher of the app is Ferratum.

The official FerratumBank app can be found here: https://app.adjust.com/z3ceaq?mt=8 on the App Store and here: https://play.google.com/store/apps/details?id=com.ferratumbank.mobilebank on Google Play.

If you think an app claiming to be ours is suspicious, please get in touch.

What is an Extended Validation (EV) SSL/TLS certificate?

This is a security tool which provides the strongest encryption level available and identifies a website as genuine. It’s what the little green padlock in your browser address bar means – if you see the green padlock, and the ‘Ferratum Bank plc. [MT]’ text before the URL, you’re in the right place!

An EV SSL/TLS Certificate means that the owner of the website (in this case, FerratumBank) has passed a thorough, and globally standardised, verification process. To get this certificate, a website needs to prove it has exclusive rights to use a domain, confirm its legal, operational and physical existence, and prove the entity has authorised the issuance of the Certificate.

What is encryption and how does it protect my information?

Encryption scrambles information being sent across the Internet. It makes sensitive information unreadable while its being sent, then when it arrives at the other end, it is decrypted back into a readable form. It stops malicious hackers reading that information if they can intercept it. It’s pretty cool James Bond-type technology actually!

What is phishing?

Phishing is an email scam that tries to get customers to disclose their sensitive information such as account numbers, passwords, PIN numbers, Social Security Numbers (SSN), etc. An email asking for this information may look authentic but it’s not from your bank. We will never ask you for sensitive information such as this in any emails.

What can I do to protect myself against phishing?

You should always be cautious about suspicious emails. If you don’t like the look of an email don’t follow any links it may contain. If you suspect an email from FerratumBank isn’t genuine, please let us know and we’ll be able to check if it came from us or not.

What is the Depositor Compensation Scheme?

Important information about the Depositor Compensation Scheme :

FerratumBank is a member of the Depositor Compensation Scheme (‘the Scheme’) established under the Depositor Compensation Scheme Regulations, 2015 (‘the Regulations’). The Scheme is managed and administered by a Management Committee, which is composed and regulated by the provisions of regulations 3 and 5 of the Investor Compensation Scheme Regulations, 2015. In case we are unable to meet our obligations towards you or have otherwise suspended payment, the Scheme pays compensation up to a maximum amount established by law (currently set at a maximum of euro 100,000 or its equivalent in any currency of a depositor’s total deposits held with us), subject to the limitations imposed by the Scheme. In any such event, our net liability towards you is the aggregate of all accounts in your name in euro or other currency, less any amounts due to us (such as loans).

In addition to the protection described above, deposits may be protected in some cases up to a maximum of €500,000 for six months after the amount has been credited or from the moment when such deposits become legally transferable. In order to qualify for such higher protection, a deposit in excess of €100,000 must meet any one of the following additional criteria:

(A) it comprises: (i) monies deposited in preparation for the purchase of a private residential property by the depositor; or (ii) monies which represent the proceeds of sale of a private residential property of the depositor; or

(B) it comprises sums paid to the depositor in respect of: (i) a separation, divorce or dissolution of their civil union; or (ii) benefits payable on retirement; or (iii) a claim for compensation for unfair dismissal; or (iv) a claim for compensation for redundancy; or (v) benefits payable for death or bodily injury; or (vi) a claim for compensation for wrongful conviction.

For further information about the Scheme (including the amounts covered and eligibility to claim) please call us or refer to the:

Compensation Schemes Management Committee

c/o Malta Financial Services Authority, Notabile Road, Attard BKR 3000, Malta. Tel: (+)356 2144 1155; E-mail: info@compensationschemes.org.mt

What advice can you give customers to avoid bank account fraud and scams?

At FerratumBank, we take our customers privacy, security, and data seriously, and we work hard to protect our customers from scams and cases of fraud.

Please read the following link to familiarise yourself with some of the typical scams to be aware of and how to avoid becoming a victim of a scam or fraud: https://mymoneybox.mfsa.com.mt/scam-warnings/typical-scams

If you think you may have been involved in a scam or case of fraud, please contact our customer service team immediately.

If at any point you feel dissatisfied with our products and services, please send us your feedback via email at customersupport@ferratumbank.com or by post at Ferratum Bank p.l.c., ST Business Centre 120, The Strand, Gzira, GZR 1027, Malta. We will investigate and address your feedback until we find a solution you're happy with.

If you're still dissatisfied, you can escalate your complaint to an independent third party:

  • The Office of the Arbiter for Financial Services in Malta is one option. Submit your complaint by post at The Office of the Arbiter for Financial Services, First Floor, Pjazza San Kalcidonju Floriana FRN 1530, Malta or visit www.financialarbiter.org.mt.
  • The European Commission also has an online dispute resolution (ODR) platform that allows consumers to submit their complaint through a website which will forward the complaint to the correct Alternative Dispute Resolution (ADR) entity. For more information, please visit: http://ec.europa.eu/odr.

In 2015, the EU adopted a new directive on payment services (PSD2) to improve the existing rules and take new digital payment services into account.

Who does PSD2 affect and when will it be in effect?

The revised Payment Services Directive (PSD2) will be effective as of 13 January 2018 and applies to banks and payment service providers within the European Economic Area (EEA) with the goal of making payments safer for customers, increase consumer protection, and foster innovation and competition.

How does PSD2 affect my security?

Payment Services Directive 2 (PSD2) aims at reducing the risk of fraud for electronic transactions and enhancing the protection of the consumers’ financial data through a more sophisticated means of customer authentication.

Improved security measures will be applied by all market players including newly regulated payment service providers. Some provisions introduced by the PSD2 will not be made effective until after January 2018 including the RTS on stronger customer authentication and securer communication.

How does PSD2 affect customer protection?

Through PSD2, customer protection will be increased. Under PSD2, customer fees will also be reduced. Customers´ liability will be reduced from EUR 150 to EUR 50 for unauthorised transactions related to lost, stolen or misappropriation of a payment instrument, except in situations such as fraud or gross negligence.

At present, banks offer a 13-month refund right for unauthorised transactions, which under PSD2, includes payments originating via a third party.

How long do banks before responding to complaints related to any breach of P2D2?

Banks are obligated to respond within 15 business days to complaints relating to infringement of PSD2. This timeframe may be extended to 35 business days in the case where responding within 15 business days is beyond the control of the bank. Customers may also file their complaint with the Office of the Arbiter for Financial Services for alternative dispute resolution.

How does PSD2 affect surcharges?

PSD2 prohibits surcharging on all electronic payment instruments, which means merchants cannot charge extra for those opting to pay with an electronic instrument such as a card.

Concerning bank transfers, where both the payer and payee are located in an EEA country, a ‘SHA’ (shared) charge type will apply whereby the payer and payee will both pay the fee charged by their respective banks.

What is Third Party Payment (TPP) and when will it be in effect?

Under PSD2 new payment service providers, Third Party Payment (TPP) will be introduced, which, following customer consent, can gain direct access to a customer´s bank account. Although not yet in effect, customers will be informed when TPP is made available and what requirements are needed for implementation.

The task of implementing several of the provisions of the PSD2 has been delegated to the European Banking Authority (EBA). These provisions include developing Regulatory Technical Standards (RTS) and guidelines.

Some provisions introduced by the PSD2 will not be made effective until after January 2018 including the RTS on strong customer authentication and common and secure communication.

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