Terms and Conditions

Updated: 24 Jan 2022

Version 3.1.3

tally® relative to GBP (£) can rise or fall due to fluctuations in the global gold price.

TallyMoney Ltd (“TML”) is listed with the Financial Conduct Authority (“FCA”) as an E-Money Directive (“EMD”) Agent (FCA Ref No. 902059) under E-Money Institution (“EMI”), PayrNet Limited (“PayrNet”). PayrNet is authorised and regulated by the Financial Conduct Authority to conduct electronic money and payment services activities under the Electronic Money Regulation 2011 (FCA Ref No. 900594).

A Tally Everyday Account with IBAN (International Bank Account Number) (“TallyAccount”) is issued under PayrNet’s EMI licence. Deposits into E-Money accounts are protected through “safeguarding” and are not covered under the Financial Services Compensation Scheme (“FSCS”). The FSCS exists to fulfil the fiat currency obligations of a bank to its depositors, up to an individual limit of £85,000, in the event that a bank goes into administration/liquidation. When fiat currency (such as pounds and euros) is transferred into a TallyAccount it arrives via PayrNet. During this brief period your fiat money is protected by PayrNet under the process known as “safeguarding” – a regulatory requirement for all Electronic Money Institutions. Unlike a bank, E-Money account balances must be segregated from all other cash balances of the E-Money Institution and PayrNet cannot use your fiat funds for its own purposes or lend your funds to other customers. In the unlikely event PayrNet ceases trading, any money deposited that hasn’t yet converted to tally® will be available to the customer, subject to charges by an insolvency practitioner/administrator, and the process for distributing safeguarded funds may take longer than a claim under the FSCS. However, this would only affect you if PayrNet went into administration/liquidation during the brief period before your fiat money (pounds) is converted to tally®. Once you hold tally® you are no longer holding fiat currency and the FSCS is of no relevance.

When fiat money is sent to a TallyAccount it is automatically converted to tally® and each unit of tally® is an electronic record of ownership and right to the value of 1 milligram of physical gold stored in a Brink’s vault in Switzerland, operated by TML’s parent entity, Tally Ltd, as a custodial service with the added protection of a security trust structure. In the unlikely event TML or Tally Ltd ceases trading all of the gold a customer’s tally® represents will promptly be sold and the fiat value less a 1% fee for the legal mechanism and process, will be deposited to the customer’s designated bank account. Therefore tally® in your TallyAccount is not covered by the FSCS, but it is not limited by it either, meaning tally® balances up to and in excess of the equivalent of £85,000 are protected to their full value, which value customers would receive less a 1% fee if TML or Tally Ltd ceased trading.

The Tally debit card (“TallyCard”) linked to the TallyAccount is issued by PayrNet pursuant to licence by Mastercard International. Mastercard® is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

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: 24th January 2021
This document informs you about the fees, charges and limits related to using the Tally Platform.

Service Fee, Charge or Limit
Accessing the TallyPlatform
Joining Fee
  • £20 upfront
  • Using the Tally Everyday Account and Easy Access Safes
    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.
    Payments In
    Making payments into Tally
  • No transaction fees
  • Global wholesale gold buy and sell 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 year
  • Spending and sending
    Paying with tally® No transaction fees or charges for sending, spending or paying with tally®.
    Daily purchase limit You can spend up to the equivalent of £10,000 in tally® per day (or more by prior arrangement)
    ATM withdrawals
  • No charges for ATM withdrawals
  • Limited to 3 per day
  • Daily maximum equivalent of £250 in tally®
  • Sending tally® from TallyAccount to TallyAccount Sending tally® from your TallyAccount to another customer’s TallyAccount is free.
    Using tally® abroad
    Using tally® outside of the UK
  • tally® to local currency converted using the Mastercard® global FX rate and the global gold wholesale buy and sell price.
  • ATM withdrawals
  • No charges for ATM withdrawals
  • Limited to 3 per day
  • Daily maximum equivalent of £250 in tally®