General FAQs

What type of account is my mytalu Account?

Your account is a ‘virtual’ account that holds your e-money. E-money is defined as an electric alternative to cash. On receipt of money into the mytalu ecosystem, you will be issued with an equivalent value of e-money to undertake operations within the mytalu ecosystem.

Keeping your security details safe

We do everything we can to keep your money safe. We ask you to do the same by keeping your security details safe. We encourage you to disguise or protect them should you write them down. You should not share or disclose your security details with anyone. Please do fully close down the mytalu app when it is not in use and keep your mobile phone and email account secure. Do not let other people use them. If your account has been breached, or your security details have been compromised, let us know immediately.

You can email us at or send us a message through the mytalu app.

How is my money protected?

When you add money to your account, the equivalent value of e-money is credited to your account immediately.

The money that we receive is placed into a dedicated client money bank account that is held with large commercial or central banks (client money accounts keep your money separated from our own money, and the banks that can be used are subject to regulations).

This process is called safeguarding

Funds are safeguarded until the e-money is used to either pay bills or send money to sub-wallets.

With the safeguarding method, you, the mytalu account holder, are protected from an adverse event such as insolvency. In that event, you would receive the full value of your e-money balance from the client money bank account, where the funds were being safeguarded.

The money in your account isn’t covered by the Financial Services Compensation Scheme (because it is safeguarded instead)

How to use mytalu

Adding Money

Money is added to your mytalu account through a bank transfer. Your mytalu account has account details that you must use to make a successful bank transfer. Upon arrival, your mytalu account will be credited with the corresponding value of e-money. As the mytalu account is denominated in British Pound Sterling, the bank transfer must also be in GBP.

Using your balance

Once you have e-money in your account you’ll be able to use our services. Examples of the operations that can be undertaken primarily revolve around two functionalities, both of which involve the conversion of funds through FX capabilities (Currency Conversion);

  • Sending money to designated mytalu sub-wallets in our ecosystem belonging to pre-established persons
  • Paying for bills directly in overseas countries

Creating sub-wallets

In order to create a sub-wallet, it is necessary to know key details about the person who you intend to create the sub-wallet for, specifically their mobile phone number. The sub-wallet owner will be required to download the corresponding mytalu app in their respective territory and complete the required onboarding process as dictated by the local legal and regulatory requirements. You will be kept informed during this process to ensure you are aware when a sub-wallet has been fully onboarded and created.

Sending Money to a Sub-Wallet

In order to send money to a sub-wallet, simply select the sub-wallet you wish to make a transfer to, input the required volume of transaction, observe the corresponding fx rate and identify any labels you wish to attach to the transfer. Once the transfer has been confirmed, the funds will be instantly available to the recipient sub-wallet owner.

What exchange rate do you use?

We work with a dedicated third-party FX provider in order to provide competitive FX rates. The exchange rate may fluctuate from time to time due to the nature of the currencies that we operate with.

Paying Bills

In order to pay for a bill (Utility, Water, Electricity) in one of the supported foreign countries, simply select the appropriate functionality from within the app and submit details regarding which type of bill you would like to pay for and provide key account details.

Account Deactivation

Closing your account

You can close your account at any time through the mytalu mobile application. Please follow on-screen instructions to complete this. The primary requirement will be to ensure that there are no funds within your account or any sub-wallets that have been set up.