Terms and Conditions

Updated: 08 August 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). Payrnet also provides you with the e-money account (the "Account") where the funds, which can be spent using the Card, are held. The services provided by PayrNet are governed by a separate set of terms and conditions between you and PayrNet which are set out at here.

A Tally Everyday Account with IBAN (International Bank Account Number) (“Tally Account”) 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 Tally Account 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 so the FSCS does not apply.

When fiat money is sent to a Tally Account 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 Central Ltd, as a custodial service, with the added protection of a security trust structure with FCA-licensed trustee Woodside Corporate Services Ltd (FCA No. 467652 ). In the unlikely event TML or Tally Central 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. tally® balances are protected to their full value (with no limits), and customers would receive all of their funds less a 1% fee if TML or Tally Central Ltd ceased trading.

The Tally Debit Mastercard® (“Tally Card”) linked to the Tally Account 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 Everyday Account
Date:18th May 2022
This document informs you about the fees, charges and limits related to using the Tally Platform.

Service Fee, Charge or Limit
Accessing the Tally Platform
Account Activation Fee
  • £19 upfront
  • Using the Tally Everyday Account and Easy Access Safes
    Account Keeping Fee 0.9% p.a. of the Account balance calculated daily and charged monthly, which covers all ongoing account transactions and transfer activity, security, storage, insurance and operational costs.
    Payments In
    Paying into Tally Account
  • No transaction fees.
  • The number of tally® acquired is calculated using the global gold market wholesale buy price of LBMA-certified one kilo bars of physical gold, irrespective of the amount of fiat currency deposited.
  • There are no added FX margins or mark-ups.
  • Tally Debit Mastercard®
    Ordering Tally Debit Mastercard® Tally Debit Mastercard® included in Account Activation Fee.
    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.
  • The fiat currency value of tally® is calculated using the global gold market wholesale sell price of LBMA-certified one kilo bars of physical gold.
  • Daily spend limit
  • You can spend up to the equivalent of £10,000 in tally® per day (or more by prior arrangement)
  • No transaction fees.
  • No transaction fees.
  • No added FX margins or mark-ups.
  • ATM withdrawals
  • No charges for ATM withdrawals
  • Limited to 3 per day
  • Daily maximum equivalent of £250 in tally®
  • Sending tally® from Tally Account to Tally Account Sending tally® from your Tally Account to another customer's Tally Account is free.
    Using tally® outside of the UK.
    FX fees
  • tally® to local currency converted using the global gold wholesale buy and sell price and the Mastercard® global FX rate.
  • ATM withdrawals
  • No charges for ATM withdrawals
  • Limited to 3 per day
  • Daily maximum equivalent of £250 in tally®