Terms & Conditions
Important: By registering for or using NUVOLUT services, you agree to these Terms & Conditions. Please read them carefully before using our services.
1. Introduction & Definitions
These Terms and Conditions ("Terms") govern your use of payment services provided by TRUSTPAY SP ZOO, operating under the trade name NUVOLUT ("we", "us", "our", "NUVOLUT").
Key Definitions:
- "Account" – Your NUVOLUT payment account
- "Services" – Payment services including money transfers, currency exchange, and multi-currency account management
- "User", "You" – Any individual or business entity using our Services
- "Transaction" – Any payment operation executed through your Account
- "Business Day" – Monday to Friday, excluding Polish public holidays
2. Regulatory Status
TRUSTPAY SP ZOO is authorized and regulated as a Small Payment Institution (Mała Instytucja Płatnicza – MIP) by the Polish Financial Supervision Authority (Komisja Nadzoru Finansowego – KNF).
Important Notice: NUVOLUT is NOT a bank. Funds held in your NUVOLUT account are NOT covered by the Bank Guarantee Fund (Bankowy Fundusz Gwarancyjny – BFG). We are a payment institution, not a deposit-taking institution.
Our services are provided under Polish jurisdiction in compliance with:
- Polish Payment Services Act (Ustawa o usługach płatniczych)
- EU Payment Services Directive (PSD2)
- EU Anti-Money Laundering Directives
- GDPR and Polish data protection laws
3. Eligibility & Account Opening
3.1 Personal Accounts
To open a personal NUVOLUT account, you must:
- Be at least 18 years old
- Be a resident of an eligible country (not subject to international sanctions or restrictions)
- Provide valid government-issued identification
- Complete our identity verification (KYC) process
- Provide accurate and truthful information
3.2 Business Accounts
For business accounts, additional requirements apply:
- Valid company registration documents
- Identification of beneficial owners (UBO)
- Proof of business address
- Description of business activities
3.3 Account Limits
Account limits may apply based on your verification level and regulatory requirements. These include:
- Transaction limits (daily, monthly)
- Balance limits
- Transfer limits
4. Services Provided
NUVOLUT offers the following payment services:
4.1 Payment Account Services
- Multi-currency payment accounts (EUR, PLN, GBP, USD, and others)
- Receiving payments via SEPA and SWIFT transfers
- Unique IBAN for your account
4.2 Money Transfer Services
- SEPA transfers (within EEA)
- SEPA Instant transfers (where available)
- Internal transfers between NUVOLUT users
- International transfers to supported countries
4.3 Currency Exchange
- Real-time currency exchange at competitive rates
- Exchange between supported currencies
4.4 Multi-Currency Accounts
- Internal accounts in multiple supported currencies
- Instant transfers between your currency accounts
- Account management features (balance overview, transaction history)
5. Fees & Charges (Fee Schedule)
The following Fee Schedule applies to all NUVOLUT services. All fees are inclusive of applicable taxes unless otherwise stated.
5.1 Account Fees
| Service | Fee |
|---|---|
| Account opening (Personal) | Free |
| Account opening (Business) | Free |
| Monthly account maintenance | Free |
| Opening additional currency accounts | Free |
| Account closure | Free |
| Monthly account statement | Free |
5.2 Transfer Fees
| Transfer Type | Fee | Processing Time |
|---|---|---|
| Internal transfer (between NUVOLUT users) | Free | Instant |
| SEPA transfer (outgoing) | €0.50 | Up to 1 Business Day |
| SEPA transfer (incoming) | Free | Same day |
| SEPA Instant (outgoing, where available) | €1.00 | Within seconds |
| SWIFT / International transfer (outgoing) | From €5.00 | 1–5 Business Days |
| SWIFT / International transfer (incoming) | Free | 1–3 Business Days |
5.3 Currency Exchange Fees
| Service | Fee |
|---|---|
| Currency exchange (major pairs: EUR, USD, GBP, PLN) | 0.5% markup on mid-market rate |
| Currency exchange (other supported currencies: CAD, AED) | 1.0% markup on mid-market rate |
| Transfer between own currency accounts | Exchange markup only (no additional fee) |
5.4 Supported Currencies for Internal Accounts
NUVOLUT supports internal accounts in the following currencies:
- EUR – Euro
- USD – US Dollar
- GBP – British Pound Sterling
- CAD – Canadian Dollar
- AED – UAE Dirham
- PLN – Polish Zloty
5.5 Other Fees
| Service | Fee |
|---|---|
| Transaction history export (CSV) | Free |
| Chargeback or dispute investigation | €15.00 (refundable if resolved in your favor) |
| Dormant account fee (after 12 months of inactivity) | €2.00/month |
| Urgent manual payment processing | €10.00 |
Note: Fees are subject to change with 30 days' prior notice. You may close your account without charge if you do not accept the new fees. The most current fee information is always available in your NUVOLUT account dashboard.
6. Transaction Execution
6.1 Execution Times
- SEPA transfers: By end of next Business Day
- SEPA Instant: Within seconds (where available)
- Internal transfers: Instant
- International transfers: 1-5 Business Days
6.2 Cut-off Times
Orders received after the daily cut-off time (typically 16:00 CET) will be processed on the next Business Day.
6.3 Refusal of Transactions
We may refuse to execute a transaction if:
- Insufficient funds in your account
- Transaction exceeds your limits
- Suspected fraud or unauthorized access
- Violation of these Terms or applicable law
- Sanctions screening triggers
- Incomplete or incorrect payment information
7. Security & Your Responsibilities
7.1 Account Security
You must:
- Keep your login credentials confidential
- Enable two-factor authentication (2FA)
- Not share your account with others
- Use strong, unique passwords
- Keep your contact information up to date
7.2 Reporting Unauthorized Transactions
You must notify us immediately if you suspect:
- Unauthorized access to your account
- Lost or stolen credentials
- Unauthorized transactions
- Security breaches
Report issues to: support@nuvolut.com or through your account dashboard.
7.3 Liability for Unauthorized Transactions
In accordance with PSD2:
- Your maximum liability is €50 for unauthorized transactions before you notify us (unless caused by fraud or gross negligence on your part)
- You are not liable for unauthorized transactions after you notify us
- You are not liable if we failed to provide means to report loss/theft
8. Prohibited Activities
You may NOT use NUVOLUT services for:
- Money laundering or terrorist financing
- Fraud or illegal activities
- Transactions involving sanctioned countries or persons
- Illegal gambling or unlicensed gaming
- Purchase of illegal goods or services
- Circumventing transaction limits
- Operating an unlicensed money transmission business
- Any activity that violates applicable laws
9. Account Suspension & Termination
9.1 Suspension
We may suspend your account if:
- We suspect fraud or unauthorized use
- You violate these Terms
- Required by law or regulatory authorities
- Your verification documents expire
- Suspicious activity is detected
9.2 Termination
Either party may terminate the account relationship:
- By You: At any time, with immediate effect
- By Us: With 60 days' notice (or immediately for breach or legal reasons)
Upon termination, you must withdraw any remaining funds to an external account.
10. Complaints & Disputes
10.1 How to Complain
If you have a complaint, contact us:
- Email: support@nuvolut.com
- Online: Through the Support section in your account
- Post: TRUSTPAY SP ZOO, ul. HOŻA 86/210, 00-682 WARSZAWA
10.2 Response Times
We will:
- Acknowledge your complaint within 1 Business Day
- Provide a final response within 15 Business Days
- For complex cases, extend to 35 Business Days (with explanation)
10.3 External Resolution
If unsatisfied with our response, you may escalate to:
- Financial Ombudsman: Rzecznik Finansowy (rf.gov.pl)
- KNF: Polish Financial Supervision Authority
- Courts: Polish courts have jurisdiction
11. Limitation of Liability
To the maximum extent permitted by law:
- We are not liable for indirect, consequential, or punitive damages
- We are not liable for losses caused by circumstances beyond our control
- Our liability for direct losses is limited to fees paid in the preceding 12 months
- We are not liable for third-party services or external payment networks
Nothing in these Terms limits our liability for death or personal injury caused by negligence, fraud, or any liability that cannot be excluded by law.
12. Changes to Terms
We may modify these Terms with 60 days' prior notice via email or notification in your account. If you do not accept changes, you may close your account before the changes take effect.
Changes required by law or regulation may take immediate effect.
13. Governing Law
These Terms are governed by Polish law. Any disputes shall be resolved by Polish courts, without prejudice to your right to bring proceedings in your country of residence (if within the EU).
14. Contact Information
- Email: support@nuvolut.com
- Phone: +48 780 044 735
- Address: TRUSTPAY SP ZOO, ul. HOŻA 86/210, 00-682 WARSZAWA, Poland