How does the redemption process work?

Modified on Thu, 8 Aug at 9:17 AM

Once your account is closed, Paynetics will pay out any remaining balance to an external account in your name. This may require identity verification. Redemption must be requested within a specified time frame, and only one redemption payment can be made.
All redemptions will be paid out in the currency of the account you want your money to be sent to. Accordingly, if this is different to the currency of the Account being redeemed, your money will be exchanged at the exchange rate (if applicable) ‎prevailing at the time of processing the redemption. ‎
You can only request a single redemption payment.
Paynetics will not refund the remaining value of money in your account(s) relating to this closed programme if you make the request for ‎redemption more than 6 ‎years after the date of termination of the agreement.‎
At all times that you have a positive balance in your account(s), your money is protected by the regulated “safeguarding” procedure whereby customer money is kept separate from operating money of any of the businesses running the payments programme.