1 tally® = 1 milligram of physical gold vaulted in Switzerland for and on behalf of the customer. Gold is proven to increase in price in GBP (£) over time although it fluctuates up and down in the short term as tally® rises or falls due to fluctuations in the global gold price.
UK-incorporated TallyMoney UK Ltd (“TML”) and it’s Guernsey-incorporated parent entity, Tally Central Ltd “TAL”) (together “Tally” spelt with a capital “T”) is the provider of the currency tally® (spelt with a small “t”). Each tally represents 1 milligram of physical gold and the tally shown in a TallyMoney Account is held on behalf of and for the benefit of the holder of the TallyMoney Account i.e. the customer. Tally is responsible for all services relating to the currency tally.
A Transact Payments Account is a payment account able to make and receive electronic funds transfers through an IBAN (International Bank Account Number) issued under Gibraltar Financial Services Commission (“GFSC”)-licenced payment institution (“PI”) Transact Payments Limited (“TPL”).
TPL is authorised and regulated by the GFSC to issue electronic money and to conduct payment services activities under the Gibraltar Financial Services (Payment Services) Regulations 2020 and is also authorised to provide such services in the United Kingdom (FCA Ref No. 900864594). The services of TPL are governed between a separate set of terms and conditions between you and TPL which are set out here.
Funds that you transfer into e-money accounts are protected through “safeguarding” and are not covered under the Deposit Security Scheme of Gibraltar (“DSSG”). The DSSG exists to fulfil the fiat currency obligations of a bank to its depositors, up to an individual limit of 100,000 Euros (or equivalent in GBP), in the event that a bank goes into administration/liquidation. When you send fiat currency (such as pounds and euros) to a Transact Payments Account, your fiat money is protected by TPL under the process known as “safeguarding” – a regulatory requirement for all payment accounts. Unlike a bank, payment account balances must be segregated from all other cash balances of the payment Institution and TPL cannot use your fiat funds for its own purposes or lend your funds to other customers. In the unlikely event TPL ceases trading, any money placed into the payment account 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 DSSG. However, this would only affect you if TPL 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 safeguarding requirements for fiat currency no longer apply. Funds are only held by TPL for a brief period until they are converted to tally®. The tally® is held in a separate account provided by TML (“TallyMoney Account”). The UK Financial Services Compensation Scheme does apply to the funds held in a TallyMoney Account as there is no GBP being held, only milligram of gold shown as tally®, which is insured under the vaulting service.
When fiat money is sent to a Transact Payments Account, it is used to purchase tally® which is held in a TallyMoney Account. 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 and its 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 TAL ceases trading, all of the gold represented as tally® in customer accounts will promptly be sold, and the corresponding proceeds returned to each customer’s designated bank account, less a 1% charge to carry out the legal mechanism and this process at the time. tally® balances are protected to their full value (with no upper limits).
The Tally Mastercard® Debit Card (“TallyMoney Card”) is issued by Transact Payments Limited pursuant to licence by Mastercard International. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.
Designed and built by Tally Central Ltd (“TAL”), a Guernsey-incorporated Non-Bank Financial Institution (“NBFI”) that is the monetary authority of tally®, and its UK-incorporated wholly-owned subsidiary, TallyMoney UK Ltd (TML or “us” / “we”), the TallyMoney platform technology and ecosystem (“TallyMoney Platform”) is a full-reserve non-fiat monetary system and platform that enables customers to use the value of London Bullion Market Association (“LBMA”)-certified, ethically-sourced physical gold as digital money, called tally® (spelt with a lowercase “t”), that seamlessly operates with the incumbent fiat currency fractional-reserve banking system.
Your (or, “he/she”, “him/her”, or “you” as the “Applicant” or “Customer”) use of the TML smartphone app (“TallyMoney App”) and tallymoney.com website (“Website”) is governed by these terms and conditions (“Terms”). TML works with multiple entities, including TAL and TPL, to deliver its service. For example, your usage of the corresponding TallyMoney Card that is referred to in this document but both the Transact Payments Account and the TallyMoney Card are exclusively governed by separate terms and conditions (the “Transact Payments Account and Tally Debit Mastercard Terms and Conditions”), which are available in the TallyMoney App and on the Website. You should read all of these documents carefully, and you must tick to accept them, before you use the TallyMoney App or the TallyMoney Card, as the Transact Payments Account and Tally Debit Mastercard Terms and Conditions, along with the TPL Privacy Policy, form the legal relationship between you and TPL, and govern the opening, usage and closing of your Transact Payments Account with TPL. For the avoidance of doubt, TPL does not provide any services which are governed by these TallyMoney Customer Terms and Conditions. All services provided by TPL are governed exclusively by the Transact Payments Account and Tally Debit Mastercard Terms and Conditions.
The TallyMoney Account which holds your tally® and TallyMoney App, which are provided to you by TML, are governed by these TallyMoney UK Ltd Customer Terms and Conditions, along with the TML Privacy Policy and you should read them carefully before you use the TallyMoney App.
If you have comments or questions, please contact [email protected]. Additionally, we recommend that you familiarise yourself with the “Frequently Asked Questions“ (including questions about the TallyMoney Account, TallyMoney Card, TallyMoney App and tally®) published within the TallyMoney App and the Website. If you prefer, you may also call us on 0203 858 0373 or write to us at TallyMoney UK Ltd, 22 NW Works, 135 Salusbury Road, London, NW6 6RJ. Our response method and timing will vary depending upon the circumstances, but any response via the TallyMoney App, email, phone, text message or letter to your home address will be in English. 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.
The below terms (which includes the Specific Information) apply to Customers of TML and TAL using the TallyMoney Platform, which includes the TallyMoney App and Website. By creating and using a TallyMoney Account with TML, the Customer:
Such restrictions can prevent the Customer from accessing his/her/their TallyMoney Account or the TallyMoney App. If TML terminates your TallyMoney Account the Termination provisions under clause 17 shall apply.
Payments
Accepted Currencies
Peer to Peer transfers of tally®
Offers or promotions
Additional Services
Using the TallyMoney App
TML backs up its databases to location independent cloud storage facilities and in accordance with applicable data protection regulations to endeavour to mitigate the risk of data loss.
In the event that any of the provisions of these Terms are found by a court of a competent jurisdiction to be invalid or unenforceable, such part will be severed from the remainder of the Terms and the remaining provisions shall remain in effect and thus enforceable.
TAL and TML have entered into a security trust deed with an independent third-party security trustee (“Security Trustee”) pursuant to which TAL and TML has granted security to the Security Trustee in respect of its contractual arrangements with its gold vaulting service provider and gold bullion brokers (“Secured Contracts”). In the unlikely event that TML should cease trading, the Security Trustee would enforce its Security over the Secured Contracts and seek to realise the gold represented by Customers’ tally® and held by TAL/TML on behalf of Customers, and return the net proceeds to the relevant customers’ non-Tally GBP-denominated IBAN account as described in clause 4.4. The Security Trustee will deduct 1% of the total value of each Customer’s tally® balance to cover the costs of doing this (including its own costs) and by agreeing to these Terms you agree to the deduction of these costs. It is likely that if TML ceased trading that no further tally® would be issued.
Name of the account provider:
TallyMoney UK Ltd
Account name: TallyMoney Account
Date: 29th of May 2024
This document informs you about the fees, charges and limits related to using the TallyMoney Platform.
Service
Fee, Charge or Limit
Accessing the TallyMoney Platform
Account Activation Fee
£19 upfront
Using the TallyMoney Account and In-App Safes
Account Keeping Fee
0.9% p.a. of the TallyMoney Account balance, calculated daily and charged monthly, which covers all outgoing account transactions and transfer activity, security, storage, insurance and ongoing operational costs.
Payments In
Purchase of tally®
TallyMoney Debit Mastercard®
Ordering TallyMoney Debit Mastercard®
TallyMoney Debit Mastercard® included in Account Activation Fee
Replacement cards
Spending and sending
Paying with tally®
Daily spend limit
ATM withdrawals
Sending tally® from TallyMoney Account to TallyMoney Account
Sending tally® from your TallyMoney Account to another customer’s TallyMoney Account is free
Using tally® outside of the UK.
FX fees
ATM withdrawals
Value of tally in GBP fluctuates in line with the gold price. Tally and TallyMoney are registered trademarks with respect to the goods and services the marks are registered for. UK-incorporated TallyMoney UK Ltd and its Guernsey-incorporated parent entity Tally Central Ltd (together “Tally”) buy, hold and sell physical gold for customers and provide the TallyMoney Accounts and the tally currency (“TAG”). Each unit of TAG represents 1 milligram of insured allocated physical gold held in high security vaults for and on behalf of the customer by Tally.
Payment Accounts with sort code and account number used to receive GBP funds transfers are issued by Transact Payments Limited (TPL), a licensed electronic money institution authorised and regulated by the Gibraltar Financial Services Commission to issue electronic money and provide payment services. TPL is incorporated and registered in Gibraltar with company number 108217 and registered office is at 6.20 World Trade Center, 6 Bayside Road, Gibraltar, GX11 1AA. Whilst Electronic Money products are not covered by the Financial Services Compensation Scheme, any customer GBP will be held in one or more segregated accounts and safeguarded in line with Part 4 of the Financial Services (Electronic Money) Regulations 2020.
Your TallyMoney debit Mastercard is welcomed at millions of locations worldwide. This card is issued by Transact Payments Limited pursuant to licence by Mastercard International Incorporated. Mastercard is a registered trademark and the circles design is a trademark of Mastercard International Incorporated.
2024 TallyMoney
Value of tally in GBP fluctuates in line with the gold price. Tally and TallyMoney are registered trademarks with respect to the goods and services the marks are registered for. UK-incorporated TallyMoney UK Ltd and its Guernsey-incorporated parent entity Tally Central Ltd (together “Tally”) buy, hold and sell physical gold for customers and provide the TallyMoney Accounts and the tally currency (“TAG”). Each unit of TAG represents 1 milligram of insured allocated physical gold held in high security vaults for and on behalf of the customer by Tally.
Payment Accounts with sort code and account number used to receive GBP funds transfers are issued by Transact Payments Limited (TPL), a licensed electronic money institution authorised and regulated by the Gibraltar Financial Services Commission to issue electronic money and provide payment services. TPL is incorporated and registered in Gibraltar with company number 108217 and registered office is at 6.20 World Trade Center, 6 Bayside Road, Gibraltar, GX11 1AA. Whilst Electronic Money products are not covered by the Financial Services Compensation Scheme, any customer GBP will be held in one or more segregated accounts and safeguarded in line with Part 4 of the Financial Services (Electronic Money) Regulations 2020.
Your TallyMoney debit Mastercard is welcomed at millions of locations worldwide. This card is issued by Transact Payments Limited pursuant to licence by Mastercard International Incorporated. Mastercard is a registered trademark and the circles design is a trademark of Mastercard International Incorporated.
2024 TallyMoney