What is Brexit and will it affect me as a customer?

  1. What is Brexit?

The United Kingdom is expected to leave the European Union (“EU”) on 31 October 2019. This is commonly known as “Brexit”.

  1. How will Brexit affect the way in which NETELLER operates?

Our services are currently provided to customers in the European Economic Area (”EEA”) through Paysafe Financial Services Limited (company number 04478861), a UK Financial Conduct Authority authorised and regulated electronic money institution (FRN: 900015).

After Brexit, we will now be providing services to our customers in the EEA through a Paysafe group company based in Ireland, Paysafe Payment Solutions Limited (“PPSL”). PPSL is authorised and regulated by the Central Bank of Ireland as an electronic money institution (register number C184986).

  1. How will Brexit impact NETELLER customers in the EEA?

You will be able to continue to use your NETELLER account and all associated NETELLER services as normal. All funds stored on your account(s) will continue to be available to you and any Net+ Prepaid Mastercard you may hold at the time of Brexit will continue to function as before.

After Brexit, your NETELLER Account and the services you receive from NETELLER will be provided by PPSL and will be governed by new terms of use between you and PPSL. The new terms of use will be substantially the same as your current terms of use with Paysafe Financial Services Limited. Minor changes to the current terms of use are required to reflect the transfer of your NETELLER Account to PPSL, including:

  • changing the details of the NETELLER service provider to PPSL;
  • changing the governing law and jurisdiction to Ireland; and
  • changing the details of the applicable point of contact if you have a complaint.

 

You can view each of the new terms of use with PPSL here.

The new terms of use will apply to your NETELLER Account from 31 October 2019. Until 31 October 2019, your NETELLER Account will continue to be governed by the current terms of use, which can still be viewed and downloaded here.

Do I need to take any action if I’m an EEA customer?

You do not need to do anything if you agree to the changes described in these FAQs. These changes will come into effect on 31 October 2019 and will automatically apply to the services we provide to customers in the EEA from that date. Any existing balance with Paysafe Financial Services Limited will automatically be transferred to PPSL and will remain available to you as normal.

If you do not agree with the changes, you may close your NETELLER Account and terminate any other services you receive from us with immediate effect prior to 31 October 2019. For further information regarding your termination rights please see the relevant section(s) of your current terms of use, for example section 16 (Suspending or Closing Your Account and Cancelling Your Card) in the current NETELLER Account Terms of Use.

  1. Do I need to take any action if I’m a customer outside of the EEA?

No. After Brexit you will continue to receive services from Paysafe Financial Services Limited, just as you did prior to Brexit.