Terms and Conditions

Updated: 08 June 2021

Version 3.1.1

tally® relative to GBP (£) can rise or fall due to fluctuations in the global gold price. The TallyCard is issued by PayrNet Limited pursuant to license by Mastercard International. PayrNet Limited is authorised by the Financial Conduct Authority to conduct electronic money services activities under the Electronic Money Regulation 2011 (Ref: 900594). Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

TallyMoney Ltd Customer Terms and Conditions

What is TallyMoney?

TallyMoney Ltd (‘TML’ or ‘us’ / ‘we’) is the wholly owned subsidiary of Tally Ltd and an Electronic Money Directive (‘EMD’) Agent (Financial Conduct Authority (‘FCA’) Reference Number 902059) of the FCA-licensed E-Money Institution (‘EMI’), PayrNet Limited (FCA Reg. No. 900594). Your (or, ‘he/she’, ‘him/her’, or ‘you’ as the ‘Applicant’ or ‘Customer’) usage of the TML smartphone app (‘TallyApp’) is governed by these terms and conditions (‘Terms’). TML works with multiple partners to deliver its service (‘TallyPartners’). For example, your usage of the corresponding TML Mastercard® (‘TallyCard’) is addressed in this document but is also governed by separate Cardholder Terms and Conditions, which are available in the TallyApp and on website. Please read all of these documents carefully before you use the TallyApp or the TallyCard, as these Terms, along with our Privacy Policy, form the legal relationship between you and us, and govern the opening, usage and closing of your account with TML (‘TallyAccount’) and other payment services relating to same. How can you contact us or learn more about us? If you have comments or questions, please contact [email protected] Additionally, we recommend that you familiarise yourself with our “Frequently Asked Questions” about the tally® product published on our TallyApp and the website (“Website”). If you prefer, you may also call us on 0203 8580373 or write to us at TallyMoney Ltd, 22 NW Works,135 Salusbury Road, London, NW6 6RJ. Our response method and timing will vary depending upon the circumstances, but any response will be in English via the TallyApp, email, phone, text message or letter to your home address. If we communicate with you by telephone, you accept that your call may be recorded and may be used as evidence in any dispute between the parties. If any of your contact information changes, please let us know as soon as possible. Any payments sent to us to purchase tally® will not be covered by Financial Services Compensation Scheme.

General Overview

This Agreement sets out the terms of use that apply to Customers of TML using the TML transactional platform, which includes the TallyApp (’TML Platform’). By creating and using a TallyAccount with TML, the Customer:
  • accepts that these Terms and the documents referred to in them govern the contractual relationship between TML and the Customer. A hard copy of these Terms shall constitute proof and evidence in a Court of Law of the commercial and other terms of this contractual relationship.
  • accepts that in the event of a discrepancy between these Terms and the content of the Website or the TallyApp, these Terms will always hold precedence.
  • represents that he/she has fully read and understood these Terms.
  • consents to be bound by these Terms, and by the rights and obligations created here within.
  • accepts that he/she agrees to use the TML Platform to buy, hold and sell tally® and spend the net proceeds of the sale of tally® using any medium provided by TML and for no other purpose.
  • accepts that a unit of tally® is 1 milligram of physical gold stored by TML and allocated to the Customer, the value of which will fluctuate to reflect the global spot price of gold.
  • accepts that neither TML nor or any its employees, officers or agents (together ‘Tally Parties’) are able to provide any advice on the merits or otherwise of buying, holding and selling any gold and it is up to the Customer to decide whether an investment in gold is suitable to his/her circumstances. If you are in any doubt whether you should use a TallyAccount, you are recommended to seek your own financial advice immediately from an appropriately authorised stockbroker, bank manager, solicitor, accountant or other independent financial adviser who, if you are taking advice in the United Kingdom, is duly authorised under the Financial Services and Markets Act 2000 (‘FSMA’). Nothing contained on the TML Platform or provided to the Customer by any Tally Party shall constitute financial or legal advice.
  • understands that TML will deduct certain fees in accordance with these Terms in respect of the operation of the TML Platform and/or transactions on it from time to time in accordance with its fee table located within the TallyApp (‘Fees, Charges & Limits Information Document’).
  • acknowledges that TML reserves the right to close his/her account, sell his/her tally® and return his/her funds to him/her in cash (at full prevailing current market value, less any and all commissions and fees due), if TML reaches the conclusion that the Customer has breached any of these Terms, without any recourse from the Customer, or future liability for any Tally Parties.
  • accepts that TML may change the TallyApp, or the Website and products or services offered in relation to same, without first notifying the Customer.
  • accepts the material displayed on the Website are provided without any guarantees, conditions or warranties as to its accuracy.
  • gives permission to TML to correct administrative errors in respect of your TallyAccount or if funds or tally® have been incorrectly credited to your TallyAccount.
  • Specific Information

    Fee table - Fees, Charges & Limits Information Document

    Name of the account provider: TallyMoney Ltd, EMD Agent (FCA Ref. No. 902059) under FCA-licensed E-Money Institution, PayrNet Limited (FCA Reg. No. 900594)

    Account name: Tally savings and payment account

    Date: 9th June 2021

    This document informs you about the fees, charges and limits related to using the Tally Platform.

    Service Fee, Charge or Limit
    Registering for the Tally platform
    Joining Fee
  • £20 upfront; or
  • £2 a month in advance for 12 months (cancellable at any time subject to Termination provisions in these Terms).
  • Using the Tally platform
    Account Keeping Fee A monthly account keeping fee of 1% per annum, calculated daily and charged monthly, which covers all ongoing account security, storage, insurance and operational costs.
    Making deposits into Tally
  • No charges for making deposits
  • Global wholesale gold price used for conversion with no FX margins or mark-ups added and no transaction costs.
  • Tally debit Mastercard®
    Ordering Tally debit Mastercard Tally Debit Mastercards are free to Customers.
    Replacement cards
  • One free replacement card per annum
  • 200 Tally for any subsequent replacement cards in the same years
  • Spending and sending
    Paying with tally® No transaction fees or charges for spending tally®
    Daily purchase limit You can spend up to the equivalent of £10,000 in tally® per day (approximately t250,000).
    ATM withdrawals
  • No charges for ATM withdrawals
  • Limited to 3 per day
  • Daily maximum equivalent of £250 in tally® (approximately t6,000)
  • Sending tally® account to tally® account Sending tally® from your TallyAccount to another customer’s TallyAccount is free.
    Using tally® abroad
    FX fees
  • No FX margins added to the global wholesale gold price, no fees, commissions or mark-ups
  • tally® to local currency converted using the Mastercard global FX rate and the global gold wholesale price.
  • ATM withdrawals abroad
  • No charges for ATM withdrawals
  • Limited to 3 per day
  • Daily maximum equivalent of £250 in tally® (approximately t6,000)