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FAQ

We’ve put together a list of commonly asked questions to help new account holders.

If you have an Amaiz account, you can also contact our customer team for help in-app.

What’s changing for existing Amaiz customers in 2021?

If you registered an Amaiz account before 20 April 2021, you will have received notification of some changes to your account, including a change of Issuer. From 21 June, all Amaiz accounts will transfer from registered Electronic Money Institution (EMI) Prepay Technologies Ltd to registered EMI Amaiz Limited. No funds will be affected, but every customer must note the changes to our terms and conditions that come into effect on the transfer date.

What does a Change of Issuer mean?

As of 21st June, Amaiz will replace PPS as the Issuer of your Amaiz account. All funds relating to customer accounts (electronic money), and related transaction history, will be transferred from PPS to Amaiz.

What does the change affect?

No funds will be affected, but the change does mean all customers will receive a new account. This includes:

  1. A new Amaiz card (the current Amaiz Mastercard, as issued by PPS, will not be valid after 21 June).
  2. A new sort code and account number

Amaiz will contact all current customers to confirm new card details and issue a new card to ensure continuity for accounts. Customers retain their rights of cancellation throughout the notice period.

Do I need to agree to the new changes?

After familiarising yourself with our new terms, you do not have to do anything if you wish to stay with Amaiz. We will automatically transfer your account under the new terms and conditions as of 21 June.

If you do wish to terminate your agreement, please contact Customer Support:

Email: support@amaiz.com

Telephone: +44(0)020 3987 3173

In writing: Amaiz, St Clare House, 33 Minories, London EC3N 1DD

If we do not hear from you by the Transfer Date, we will proceed on the basis that you have agreed to the transfer and you have accepted the new terms and conditions.

Will my money be affected in any way?

Your funds will not be affected by the transfer from PPS to Amaiz. As an EMI, your funds continue to be held in a safeguarding account.

What is Amaiz?

Amaiz Ltd is a UK-based financial institution, supported internationally. We are registered as a company in the United Kingdom as no. 10977384. We are authorised by the Financial Conduct Authority for issuing electronic money and payment instruments as FRN: 900857. Amaiz is not a bank, but provides banking-like service for businesses and individuals through a mobile and web app.

What does Amaiz do?

Amaiz helps individuals and businesses manage their money and payments nationally and internationally. This means access to easy international payments and smart tools for monitoring and managing money through the Amaiz app, on a payment plan that suits their use. Whether using a personal or business account or both, our customers can focus their time on what matters and not mountains of paperwork or admin. We’re constantly developing new features, keep an eye on the latest at amaiz.com/features.

Who can use Amaiz?

Amaiz provides personal accounts for individuals and business accounts for freelancers, SMEs and larger companies. You must be over 18 and agree to our terms and conditions to apply for an account. For full eligibility, see our terms. We support companies with single or multiple directors.

How much does Amaiz cost?

We offer simple but sophisticated pricing to respond to our customers’ needs and their account usage. See our pricing.

Why should I open an Amaiz account?

You may already have a current account, one you set up in a branch or an app you downloaded. Whether you’re new to mobile accounts or already have one, Amaiz offers a unique set of features, aimed at business owners and individuals, targeting efficient payments, and looking to the future. We plan to expand our services quickly and want you to join us on an international journey. See our features for the ways we help you budget your personal finances and grow your business.

How do you take payment for account charges?

Payment is taken directly from your account at a designated date every month. You should make sure you have sufficient funds to cover these fees. If you do not have enough in your account, we will not apply a penalty or decline payment, but take payment when your account is next topped up.

Which devices and software support Amaiz?

Our app is for iPhones running iOS 11.3 (or higher) and smartphones with Android 5.0 (or above).

Can I use Amaiz on a PC or Mac?

Yes you can. Your mobile account can be opened on desktop when you need, on PC and Mac. Our Web app is geared towards easy administration, with transactions, statements, invoices, syncing with accounting software and general account management accessible in a web format.

How do I open an Amaiz account?

Once you’ve familiarised yourself with Amiz’s features and checked your are eligible, you can download the app from Appstore or Google Play. To set up your account, you’ll need to complete a short, guided set of questions about you and/or your business and provide some documentation to prove your identity.

How do I change my app security code?

If you forget your security code number, you can change it in the Amaiz app:

  • On the Home screen, tap on More in the lower menu
  • Select "Settings / Credential Settings"

How do I change my card PIN?

You can change your card PIN in most cash machines, although the exact steps may vary depending on the machine you use. You usually need to insert the card, enter your current PIN, select "PIN services" or any other similar item from the menu and enter a new PIN code twice. Your new PIN should be valid immediately. To make sure your funds are secure, choose a PIN that can't easily be guessed by anyone else—for example, don't use 1111, 1234 or your date of birth.

How do I add funds to my Amaiz account?

You can add funds to your Amaiz Account through Faster Payments, BACS Credit and CHAPS payments (subject to limits). You will need your account details to add funds, which you can find in the app.

You can also add funds to your account by depositing cash at a UK Post Office or via another financial institution. Depending on how funds are added to your Amaiz Account, fees may apply.

Remember that Faster Payments may take a few hours to complete, even up to one business day, depending on the other bank. Once the funds are credited to your balance, you'll receive a push notification.

Top-up at a post office branch

You can top up your account with cash at any post office branch in the UK.

  • Go to the nearest branch, hand over your Amaiz card and the money, and request a top-up.
  • The funds will be credited to your account within one business day.

In an unlikely event anything goes wrong, we recommend keeping the receipt until the funds arrive. You’ll receive a push notification when the funds are credited.

Why have funds not arrived in my account?

If an expected payment doesn’t appear in your account, check the payment details. Although this is unusual, it could be due to the following:

  • You’ve reached your Maximum Balance or Amaiz Account Limits
  • Your Account is inactive, has been suspended or blocked
  • Your sender provided incorrect or invalid details for your account (make sure you check these).
  • We suspect fraudulent activity on your Amaiz Account or the transfer is prohibited by law.

Why have I been turned down for an Amaiz account?

There could be a number of reasons why your account application has been turned down, starting with some missing details. We’ll let you know. As you’ve seen, Amaiz is a regulated institution and has a duty to provide a service that protects us, the industry and our customers. We’lIt could be a number of reasons.

Does applying for an Amaiz account affect my credit rating?

Not as a rule. As a pre-paid account, we don’t require credit information as part of a successful application. However, any financial application may leave a ‘soft footprint’ on credit files. This should not affect your credit rating, but is beyond our control.

Why has my payment been blocked?

It’s rare we block a payment, and it usually only occurs where there are fraud concerns or in order to meet our regulatory requirements.

We will release any blocked funds without undue delay after becoming aware of the amount of the payment transaction, and in any event immediately after receipt of the payment order.

Does Amaiz provide overdraft or loan facilities?

No, we don’t offer any facilities for overdraft or loans at the present time.

Does Amaiz provide credit?

We do not provide credit facilities at the moment. Your account card will be prepaid and only possible to use when your account is topped up.

What are Faster Payments?

Faster payments is a process that allows our customers to make payments quickly and securely between UK accounts, 24 hours a day. Find out more.

How do I request a refund on a payment?

Where you have agreed that another person can make a payment from your Amaiz Account (e.g. if you have given your Amaiz Card details to a Merchant for the purpose of making a payment for renting a car or booking a hotel room), you can ask us to refund a payment if all the following conditions are satisfied:

  • the authorisation given did not specify the exact amount to be paid;
  • the amount that has been charged to your Amaiz Account was more than you could reasonably have expected to pay, based on the circumstances, including previous spending patterns; and
  • you make the refund request within eight weeks of the date when the payment was taken from your Amaiz Account.
  • (We may ask you to provide information and/or documentation as is reasonably necessary to verify that conditions are met.

If you ask us to make a refund, within 10 Working Days of the receiving your request (or if requesting additional information) we will either:

  • refund the payment in full; or
  • tell you the reasons why we do not agree to the refund.

Will I be charged for declined payments?

No.

Why has my payment not been refunded?

You may not be entitled to a refund for several reasons, including but not limited to:

  • you providing consent for the payment;
  • where applicable, we (or the person or a Merchant you agreed to pay) provided information on the payment in question at least four weeks before the due date;
  • the payment in question is higher than you expected to pay due to a change in the currency exchange rate.

How do I make a new payment from my Amaiz account?

You just need to set up the recipient as a new payee, providing their name, account number and sort code. You will then SMS verification and authorisation to verify the request. After that you can make payment. To ensure the payment can be set up and transfer made, ensure that you have not changed your phone number for 24 hours before setting up the recipient and that you have sufficient funds.

Why has my payment been declined?

Payment could be declined for a number of reasons. We may decline payments to certain merchants, such as high risk industries, or in order to meet our regulatory requirements. Always check that you have sufficient funds in your account and that the payment does not exceed account limits (in total or in part).

What happens if my payment is declined?

If a payment you make is rejected by a recipient, the refund will be automatically credited to your Amaiz Account when we receive the funds.

How soon will my payment go through?

Your Amaiz Account can be used for setting up Direct Debits, for receiving and sending Faster Payments, BACS and CHAPS payments or making international payments. Please check our fees for applicable charges for international payments.

Transactions will be completed within the following timescales:

Type of TransactionTimescale
Pound sterling transactions (incoming and outgoing)Incoming payment - same working day
UK Faster Payments out - 2 hours
An outgoing transaction from pound sterling to euro or an incoming transaction from euro to pound sterlingIf your payment order is received by us by 2pm on a Working Day the payment will be made by the end of the next Working Day
Any other outgoing currency transactionIf your payment order is received by us by 2pm on a Working Day the payment will be made by the end of the fourth Working Day
Any other incoming currency transactionFunds will be added to your Amaiz Account the same Working Day we receive the funds

Does Amaiz have branches?

The only Amaiz branch is in our app - everything you may have needed a branch for in the past you can do on the move, 24 hours a day, 7 days a week.

How can I contact you?

That big support button in the menu bar of your app is the fastest way to get in touch. You can also give us a call on 020 3987 3173, ping a message via our socials (Facebook, Twitter or Instagram) or drop us a line at support@amaiz.com. If you already have an Amaiz account, our in-app chat is at your service 8 am to 7 pm every week day.

How can I complain?

Send us an email at complaints@amaiz.com. Make sure to include your full name and describe the subject matter. We’ll get back to you within three business days. Should we require more time to investigate the situation, we’ll let you know via email as well. We’ll try to resolve the issue as fast as we can, however, please be informed that we have up to eight weeks to provide you with the final response. If we haven’t given you a resolution within eight weeks, or you’re unhappy with our decision to close your complaint, the Financial Ombudsman Service is at hand. You can find all their contact details on this page.

Why has my account been suspended?

Amaiz is regulated by the FCA as an Electronic Money Institution. In order to meet our regulatory requirements and provide the best service, we are obligated to review accounts and specific transactions. We want to keep your money safe and ensure that we are keeping Amaiz free from facilitating any proceeds of crime.

This means that from time to time we may be required to temporarily suspend an account while we carry out some further checks or liaise with any relevant parties. We only do this where required and always adhere to data protection regulations.

We want you to be able to use your Amaiz account with minimal disruption or delays. We also want to be as transparent as possible. However, as a regulated entity, we may occasionally have to suspend accounts while we carry out an investigation. We only do this if we feel we have no alternative.

We know it can be frustrating if your account is suspended or you cannot access your funds. We cannot always share the reasons for suspending your account during an enquiry, but hope the below information helps:

Why would Amaiz suspend or block my account?

An account could be suspended for a number of reasons, below are just some of them. While an account is under review, we could be liaising with third parties, such as other banks, law enforcement agencies, or compiling reports, which limits us providing specific information or timescales. We will always be working hard to resolve the issue as quickly as possible. Blocking an account is a last resort, and never a decision taken lightly.

Reasons for suspension can include:

  • There’s unusual activity

Our up-to-date tech monitors transactions and is there to protect customers. If it identifies any unusual or suspicious activity, an account could be suspended while this enquiry is conducted.

  • For your own security and safety.

If we receive information from other banks, we may temporarily block access to your account, to protect you from fraud.

  • We require further information.

We follow a process called ‘Know Your Customer’, this means that we need to understand you and your business. From time to time, we may be required to collect further information to understand your needs and your account activity. If this is required, we will endeavour to unblock your account as soon as we can.

  • Reports from other financial institutions.

We may receive a report from a payee that funds in the account are disputed or have been reported as fraud. If this happens, we must investigate the transaction and liaise with the other party. If the report is upheld we will usually return the funds to the source account.

  • Regulatory requirements.

We are required to take financial crime extremely seriously and may suspend your account if we have any concerns. Regulations we must abide by, include:

The Proceeds of Crime Act

Money Laundering Regulations

Terrorism Act

When these require us to investigate accounts, we may be required to compile a report to meet our regulatory and reporting requirements.

  • Assisting Law Enforcement.

We are occasionally contacted by external bodies, such as the police or government agencies to provide further information regarding accounts. It’s rare, but this could result in an account being suspended while an investigation is carried out.

  • Account Misuse

If we feel that you have been duped by a third party, or breached any of our [terms and conditions], or used the account in an inappropriate manner, we may suspend your account to prevent further use. If there is a breach of our T&Cs, we will contact you to try and resolve the issue. Serious or continued breaches of terms and conditions may result in your account being closed permanently.

When will my account be unblocked?

Due to there being a variety of reasons for an account to be suspended or blocked, there is no definite answer on this. If you are asked for further information, providing this may speed up the process. It is not always possible for us to provide updates on your account, and we thank you for your patience.

Can I complain about my account being blocked?

We hope you never feel the need to complain about the service you have received at Amaiz, however, if you are dissatisfied then we do have a complaints procedure in place.

A complaint regarding account suspension will not speed up the process or prevent our enquiries from continuing.

If you feel that you wish to complain we will address the points raised in your complaint, but may not necessarily be able to provide any further information or resolve the suspension any sooner.

Are my funds protected?

Any money you have in your Amaiz current account or Jar account is kept in a ring-fenced safeguarded account. This is a requirement of the FCA's UK Electronic Money Regulations 2011.

Simply put, it means that your funds are kept separate from Amaiz's Balance Sheet and are never lent, reinvested or put at risk otherwise.

You may have heard of the Financial Services Compensation Scheme, which covers amounts held in banks up to £85,000. Amaiz is not covered by the FSCS because we don't use your money or put it at risk. It is only accessed by you.

Can Amaiz help my financial admin?

Good bookkeeping is essential to keeping track of your finances, and we want our app to help you with that. Included in your account are a number of features that will help you, including the ability to attach receipts and documents to transactions. We aim to expand this and we’d really like you to tell us how to improve this in future.

How can I change my account email?

Although we don't rely on email, this is our preferred channel for essential updates on your Amaiz account and our service Terms and Conditions. Please make sure you keep your email address up-to-date in the app:

  1. Tap Accounts, select your profile picture at the top right.
  2. Select My Profile, and you'll see confirmation of your current contact details.
  3. Selecting Change Email will let you submit a change request.

Can I share my account details?

You must always be careful when sharing your account details.This should only be with a known third party provider or your accountant when essential. Amaiz is not liable for the loss of any shared information.

When sharing the details or topping up your Amaiz current account, make sure that the transfer amount does not exceed your account limits. To check the remaining limits, navigate to Account settings and click Limits and fees.