Why this information is important

This document sets out the terms and conditions for your mytalu personal account (your account) and its related services. It also sets out important details and information that you need to know.

These terms and conditions, along with the “Fees Page,” “Privacy Policy” and other terms and conditions that apply to our services, form a legal agreement (the “agreement”) between:

You, the account holder; and



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.

mytalu is an electronic money agent of Payrnet Limited firm reference number 900594. The following terms and conditions in relation to electronic money issuance and usage apply to any person who obtains a mytalu Account. You can find out more about our relationship with Payrnet and how Payrnet will use your data – Payrnet Terms and Conditions

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

The overarching aim of a mytalu account is to effectively manage your remittances, maximizing their value and creating a global family budgeting system complete with the necessary tools required.

We intend to add new features on a regular basis, which we will update you on through the mytalu app and dedicated social media channels.


Opening a mytalu account

To open a mytalu account you must be 18 years or older.

When you ask to open an account, we or someone acting for us will ask for information about you. This is done in order to check and validate your identity and in order to meet certain legal and regulatory requirements. Our Privacy Policy explains more about how we use your information for these and other purposes. When we have the information we need and it has been verified, we will open your account.

You are not permitted to open more than one mytalu account.

You are not permitted to open a new mytalu account if we have previously closed a mytalu account.

A mytalu account is designed to be opened by an individual and not for business purposes.

Please keep your details up to date and let us know immediately if any information you’ve given to us changes. We will also actively update information if we believe it to be incorrect. From time to time, you may be required to provide additional information when using the mytalu application. This is so that we can meet our legal and regulatory requirements. Please provide the further information quickly to prevent disruption to your account and services.


The Transaction Feed

Within the mytalu application, you will be able to see fund movements both into (top-ups) and out of (payments) your mytalu account. We will use a notification-based system to inform you of fund movements into and out of your mytalu account. If you decide to turn off notifications, then you are strongly encouraged to routinely check your mytalu account for detailed information on fund movements.


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.


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)


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 support@mytalu.io or send us a message through the mytalu app.


Are there restrictions on using the mytalu app?

Please act reasonably and responsibly when using the mytalu app.

For example, the mytalu app should not be used for any of the following purposes;

  • For illegal purposes e.g. Committing Fraud
  • In a way that we reasonably believe might harm our ability to provide our services
  • To control or use a mytalu account that is not yours
  • To allow anyone else to access your mytalu account
  • To abuse, exploit or get around any usage restrictions


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.


Creating sub-wallets

In order to create a sub-wallet, it is necessary to know key details about the person for who you intend to create the sub-wallet, 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.


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.


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.


When we will refuse or delay a payment

We must refuse to make a payment, or delay a payment, in the following circumstances:

  • If legal or regulatory requirements prevent us from making the payment or mean that we need to carry out further checks
  • If you have broken these terms and conditions in a way that we reasonably believe justifies us refusing or delaying a payment
  • If we believe that processing your instruction would break these terms and conditions
  • If the amount you are trying to use exceeds that total balance in your mytalu account
  • If there is a failure with a third party involved in the process
  • If your account has been suspended
  • If we require further information from you

If we are refusing or delaying a payment, we will make every effort to be transparent about the reasoning behind this decision.


Fees for using this service

Fees incurred for using this service will be transparent and readily available. For a full list of applicable fees, please look at our “Fees Page”.


What happens if someone else sends money

If we have reason to believe that you’ve acted fraudulently, or you intentionally or carelessly failed to keep your security details safe, we won’t refund any money.


When could you suspend or close my account?

  • If we believe you have acted fraudulently
  • If you fail to provide information when requested or have provided incorrect information
  • If you’ve broken the terms and conditions
  • If we believe that your use of the mytalu app is for harmful purposes
  • If your continued use of a mytalu account could cause damage to our reputation


We can change these terms

We can change these terms and conditions as required. Predominant reasons for changing the terms and conditions are:

  • To make them easier to understand
  • To reflect the way the business is run
  • To reflect legal or regulatory requirements
  • To reflect changes to the cost of running our business
  • We are introducing new products or services


Final Legal Terms and Conditions

To provide services under the agreement we need to collect information about you. Under data protection law, we are what is known as the ‘data controller’ of your personal information. For more information about how we use your personal information, see our Privacy Policy.

By entering into this agreement you are giving us permission to gather, process and store your personal information for the purpose of providing our services to you. This doesn’t affect any rights and obligations you or we have under data protection law.

You can withdraw your permission by closing your account, which will end the agreement between you and us. If you do this, we’ll stop using your information for the purpose of providing our services, but we may need to keep your information for other legal reasons.


Except as we have set out in the section below, we own all the intellectual property in our products (for example, the content in our app and on our website and our logo). You must not use our intellectual property as your own, except to enjoy our products. You also must not reverse-engineer any of our products.


Our Contract with You

Only you and we have any rights under this agreement. The agreement is personal to you and you cannot transfer any rights or obligations under it to anyone else.


Our Right to Transfer

We will only transfer any of your and our rights or obligations under this agreement if we reasonably think that this won’t have a significant negative effect on your rights under these terms and conditions or we need to do so to keep to any legal or regulatory requirement. When we transfer rights and obligations we call this ‘novation.’ When we only transfer rights, we call this ‘assignment’.


English Law Applies

The Laws of England and Wales apply to these terms and conditions.


The English version of the agreement applies

If these terms and conditions are translated into another language, the translation is for reference only and the English version will apply.


Our right to enforce this agreement

If you have broken the agreement between you and us and we don’t enforce our rights, or we delay in enforcing them, this will not prevent us from enforcing those or any other rights at a later date.


Taking legal action against us

If you want to take legal action against us in the courts, only the courts of England and Wales can deal with any matter relating to these terms and conditions.


Reaching out to us

Please feel free to contact us at support@mytalu.io if you have any questions, complaints or queries about our terms & conditions.