Question 1

Is Amaiz a bank?

Accepted Answer

Amaiz Ltd is not a bank, it's an e-money institution under UK Electronic Money Regulations 2011, supported internationally. Amaiz provides banking-like service for businesses and individuals through a mobile and web interface. Amaiz was incorporated in September 2017 London, United Kingdom, company number 10977384. Amaiz Ltd is regulated by the Financial Conduct Authority (No. 900857).

Question 2

Are my funds protected?

Accepted Answer

As an EMI we hold your funds in a safeguarding account, which means that your funds are kept separate from Amaiz's Balance Sheet and are never lent, reinvested or put at risk otherwise. 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.

Question 3

Does Amaiz have branches?

Accepted Answer

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.

Question 4

How can I apply for an Amaiz account?

Accepted Answer

Once you’ve familiarised yourself with Amaiz’s features and checked your company is eligible, you can apply for an account on our website. To set up your account, you’ll need to complete a set of questions about you and/or your business and provide the required documents.

Question 5

Who can use Amaiz business account?

Accepted Answer

Amaiz provides business accounts for companies of all sizes, all risk categories and from a variety of industries. You must be over 18 and agree to our terms and conditions to apply for an account. For full eligibility, check here.

Question 6

Can I open Free Business Bank Account?

Accepted Answer

We offer simple but sophisticated pricing for e-money accounts that starts as low as £0 per month and your fees depend on your business. The final decision is made based on your risk profile, for low-risk businesses, we offer zero monthly fee business accounts. See our pricing.

Question 7

How long does it take to review my application?

Accepted Answer

The verification process varies according to the complexity of your entity and the documents you've submitted. If you haven't received a response within 48 working hours, we kindly suggest reaching out to our Customer Support team or your dedicated personal manager (if applicable) to check the status.

Question 8

How do you take payment for account charges?

Accepted Answer

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.

Question 9

Does Amaiz provide credit or overdraft?

Accepted Answer

Currently, we do not provide any facilities for overdrafts or loans.

Question 10

Why has my Amaiz account application been declined

Accepted Answer

The decision could be influenced by various factors, such as incomplete information. Rest assured, we'll promptly inform about the decision. As a regulated institution, Amaiz is dedicated to upholding the highest standards to protect both our business, the industry, and our valued customers.

Question 11

Does applying for an Amaiz account affect my credit rating?

Accepted Answer

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.

Question 12

What is the maximum amount I can receive/send per transaction?

Accepted Answer

The daily amount you can send and receive is up to £230,000 on a daily basis.

Question 13

What are Faster Payments?

Accepted Answer

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

Question 14

What are SEPA transfers?

Accepted Answer

Thanks to the Single Euro Payments Area (SEPA), customers can make cashless euro payments – via credit transfer and direct debit – to anywhere in the European Union, as well as a number of non-EU countries, in a fast, safe and efficient way, just like national payments.

Question 15

Will I be charged for declined payments?

Accepted Answer

No, we won't charge you for declined payments. Your financial well-being is our priority.

Question 16

Why was my payment declined?

Accepted Answer

Payments may be declined for a variety of reasons. This can include declining payments to specific merchants, particularly those in high-risk industries, or in accordance with our regulatory obligations. It's always a good practice to ensure you have sufficient funds in your account and that the payment does not exceed account limits (in total or in part).

Question 17

What happens if my payment is declined?

Accepted Answer

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

Question 18

How soon will my payment go through?

Accepted Answer

The timing of your payment processing depends on both the time you initiated the transaction and the specific type of transfer you've chosen (FPS, SEPA, SWIFT).

Question 19

What are the limits for withdrawal from ATM per day/month?

Accepted Answer

The daily ATM withdrawal limit for your account is set at £850/€1000 per day or £4250/€5000 per month. This limit ensures security and helps manage your finances effectively using ATM.

Question 20

How do I close my card?

Accepted Answer

In order to close your card, please contact Customer Support.

Question 21

What happens if I get a refund to a deactivated card?

Accepted Answer

In most cases, we will reroute the refund to your new or replacement card. If you don't have a new card, we will send the refund directly to your current account.If you have any concerns, you can contact Customer Support.

Question 22

When will my account be unblocked?

Accepted Answer

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.

Question 23

Can I share my credentials with my accountant?

Accepted Answer

To enhance your security, we recommend not sharing your bank credentials, even with your accountant.

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