FAQ- 23^rd March, 2023

Can I open a Personal account using the Saurus app?

Yes, you can apply for a personal account (EUR and/or GBP current account) in the Saurus App which only takes a few minutes and typically you will receive an account approval, on average, within a minute or less once you have completed the process, so please be patient at the end of the KYC process and wait for a response on the App screen and by email.

Be advised that you must reside in Europe (any EEA country or UK) and be +18 years old, except for UK residents who must be +16 years old.

Can I open a Business account using the Saurus app?

Yes, you can apply for a Business account (EUR and/or GBP current account) in the Saurus App which typically takes a few minutes and you will receive an account approval within a few days or less. Be advised that the company representative must be +18 years old and the company must be registered in Europe (any EEA country or UK). Several risk factors are considered when assessing applications for new businesses, including:

In cases of complex company structures, a company structure chart must be provided, outlining all beneficial owners (over 25%), and this document should also be signed by an authorized person in the company.

A proof of identity and proof of address document must be provided for all shareholders holding 25% or more company shares, as well as 2 company directors, if applicable.

How can I spend and use my money with the Saurus app?

You can spend your Euros (EUR) or Pounds Sterling (GBP) through payment transfer or through your Saurus Prepaid Mastercard and Saurus Debit Mastercard® (hereinafter Card or Saurus Card).

Where can I pay using the Saurus app and Card?

You can pay with the Saurus Card, that is associated with your Saurus App account, in most stores and in online merchants, but be advised that if you pay in a different currency from that of the currency of your card, a FX fee will be applied.

Why I have not yet received my Card?

Please make sure that you have completed your KYC and that your account balance is at least 10 GBP or 10 EURO for Pay as You Go account types or that you have paid your first month’s membership amount (monthly fee) into your current account for any other account type. Standard delivery can take from a few working days to 10 working days in some cases depending on the postal service.

If you have not received your Card past the previous stated average times, then contact us to inquire about your Card delivery status. If more than 10 working days have passed and you are convinced that your Card could be lost, then please report the Card as lost or stolen in the app and then order a replacement Card.

I received my Card but it is not working?

First check the following points:

Make sure that you have activated your card following the instructions given in the card delivery letter.

Make sure that you have not accidentally blocked the use of your Card inside the Saurus App. You can check this in the Cards settings section inside the App.

Check that there are no security settings that are blocking your transactions. For example, ensure that you have entered the correct PIN number and security code CVC or the expiry date. Do not make any payment transaction hastily as you only have 3 chances if you fill in the incorrect data.

If, however, your Card is physically or visibly damaged or is simply worn out by its use, then you can simply order a replacement card from your Saurus App. A fee may be applied and the estimated delivery date will be provided as soon as you confirm the order, depending on the available delivery method.

If none of the previous methods are working for you then you might need to order a replacement Card from the app.

Can I get refunded into my Card?

Yes, you can receive a refund into your Saurus.com Card account as long as the original payment was made with your Card that you received from Saurus. After the merchant issues a refund, it will automatically appear in your account and will be visible on the app typically within 4 to 8 working days for card payments made in person in a retailer, but may take longer for certain online e-commerce transactions.

Why has my identity verification (KYC) not completed?

The identity verification process (KYC) of your passport, EU-residence card or EEA-identity card (no drivers licenses are allowed for EEA residents except for the UK) usually takes anywhere between one to three minutes, but in certain occasions it may take up to 24 hours before you hear back from us with a confirmation that it has been accepted or failed.

If your (KYC) identity verification has failed, please try again but this time with image(s) that are very clear ensuring that the document photo and text are clearly visible and readable without any blur or glare AND that the four corners of the document are well within the image photo area. In most cases, it is the low quality of the image of your passport or identity card or your selfie that is not clear enough causing the failure.

You must be 18 years or older and reside within the European Economic Area (EEA/EU) or be 16 years and older if you reside in the UK to open a current account with us.

We may request you to provide a proof of address. If requested and you do not have this proof of address you will need to contact us by email ([email protected]) for alternative documents and or to authorize an account opening if you believe that you provided all that was requested.

How is the Saurus account different than a bank account?

First of all, Saurus is not a bank.

Your Saurus current account is an electronic money account provided by our financial services providers (PFS Ltd and Payrnet Limited) which are regulated by the Central Bank of Ireland (CBI) and Financial Conduct Authority (FCA) respectively.

The Saurus current account is different than a bank account because:

• You won´t be able to get an overdraft or a loan
• You won´t earn interest on your account
• Although your current account details are unique, they represent an electronic money account or digital money account. You can still use your accounts with Saurus to transfer funds to any regular 3rd party bank account and you can receive funds from any regular 3rd party bank account into your Saurus GBP account number and sort code or into your Saurus EURO IBAN current account
• Your money in a Saurus current account is protected and safeguarded by our financial services provider but it is not guaranteed by the Financial Services Compensation Scheme (FSCS) in the UK or the equivalent in other countries of the EEA, however your monies are safe as they are all deposited in the correspondence bank of our financial services providers.

You can however still spend your money in your Saurus account around the world with your Saurus.com Card, which you can order from the Saurus app.

Is Saurus.com regulated?

Saurus.com acts as a Distributor of PFS Card Services Ireland Limited (PFS), a company authorised by the Central Bank of Ireland (CBI) as an Electronic Money Institution with registration number C175999 and Payrnet Limited, a company registered in England and Wales authorised by the Financial Conduct Authority (FCA) as an Electronic Money Institution with register reference 900594.

What can I do if I have any further question not listed in this FAQ?

Contact us by writing an email to us at [email protected]