VaultsPay Key Facts Statement

Consolidated summary of features, fees, usage limits, and rights & responsibilities for VaultsPay Issuance (Cards and Digital Wallet).

INTRODUCTION

This Key Facts Statement (“KFS”) provides important information about the VaultsPay (VP) Issuance (Cards and Digital Wallet), including its features, fees, usage limits, and your rights and responsibilities as customers.

Please read this document carefully before applying for or using the VaultsPay Card.

DIGITAL WALLET

  1. Overview

Description This product is designed for Individuals meeting the onboarding criteria for UAE having valid Emirates ID providing access to a digital wallet with features like domestic transfers, bill payments, donations, and other value-added services for seamless day-to-day transactions.
Eligibility You must be 18 years of age or over and be a resident or citizen of the United Arab Emirates with a valid UAE number.
Currency United Arab Dirhams (AED)
Key Features
  • Peer to Peer transfers (Domestic) directly to bank account or wallet
  • Bill Payments
  • Cash Deposits
  • Domestic and International Purchases
  • Add funds using cash, card or bank transfer
Top-Up options

You can load funds into your VaultsPay wallet using one of the following payment options:

  • Cash deposit through self-service kiosk
  • Fund in through bank account & cards
Wallet Balance Maximum Limit of AED 40,000
Wallet Top up Limits
  • Maximum Bank Transfer: AED 15,000 daily
  • Maximum Bank Transfer Count: 5 Transactions daily
Cash Deposit Limits (Through Kiosk)

The cash deposit limits are governed by VaultsPay rules and controls:

  • Daily Limit: AED 5000
  • Maximum per Transaction Limit: AED 3000
  • Minimum per Transaction Limit: AED 10

  1. Key Fees and Charges

Wallet Top Up
  • Bank Account: NIL
  • Debit Card: 1.25% of value or AED 10 (whichever is higher)
  • Credit Card: 2.5% of value or AED 10 (whichever is higher)
  • Kiosk Cash Deposit: AED 5 per transaction
  • International Bank Account Transfer: NIL
  • International Debit Card: 3% of Transferred Amount or AED 10 (whichever is higher)
Withdrawal Charges
  • Domestic Bank Transfers: AED 2 per Transaction
  • Wallet to Wallet Transfer Fee (Between Own VaultsPay Accounts or to Another User’s VaultsPay Account): NIL

CARD

  1. Product Overview

Product Name

Prepaid Card

  • General Purpose (GP) Reloadable Prepaid Card
  • Credit Product with Zero Limit (Pre-funded model) (Mastercard World)
Product Type Virtual and Physical
Product Features
  • Purchases* (POS & E-com - Domestic and International Purchases)
  • ATM Withdrawal* - both for Domestic and International locations accepting Mastercard

*Subject to applicable limits and funds available in your account
Eligibility You must be 18 years of age or over and be a resident or citizen of the United Arab Emirates with a valid UAE number.
Currency United Arab Dirhams (AED)
Issuer The VP Card is issued by The Vault International Payments L.L.C.
Card Network Mastercard
Card Top up Limits
  • Maximum: AED 10,000 per Transaction
  • Minimum: AED 1 per Transaction
  • Daily Card Top up: AED 10,000 daily
  • Daily Top up count: 3 Transactions
Purchases / E-Com
  • Maximum Single Transaction: AED 10,000
  • Maximum Daily Spend: AED 10,000
  • Maximum Daily Count: 10 Transactions
ATM Cash Withdrawal (AED)
  • Maximum Single Transaction: AED 10,000
  • Minimum Single Transaction: AED 50
  • Maximum Daily Withdrawal: AED 10,000
  • Daily Withdrawal Count: 5 Transactions

For currencies other than AED, limits will be considered equivalent to AED

  1. Key Fees and Charges

Charge Type GP Prepaid Card Mastercard World
Virtual Card Issuance NIL AED 225
Physical Card Issuance# AED 30 AED 30
Card Replacement* AED 30 AED 30
Annual Fee NIL AED 225

#Additional fee for Physical plastic | *Not applicable for cases under fraud reasons

ATM Withdrawal Fee (Domestic/ International) AED 5 / AED 15
ATM Non-financial transactions (Balance Inquiry Fee/Mini statement) - (Domestic/ International) AED 2 / AED 10
ATM Cash Withdrawal Decline Fee (For Insufficient Funds) AED 1

*All Fees and Charges are VAT Exclusive

IMPORTANT INFORMATION

  • VaultsPay reserves the right to amend fees, transaction limits, product features, and Terms & Conditions in accordance with applicable laws and regulatory requirements. Customers will be provided with a minimum notice period of sixty (60) calendar days before material changes become effective, unless otherwise permitted under applicable laws or regulatory requirements.

  • Certain transactions may be irreversible once successfully processed.

  • Customers are responsible for maintaining the confidentiality and security of their account credentials, passwords, OTPs, card details, and registered devices.

  • Failure to provide required KYC, verification, or compliance documentation may result in restriction, suspension, or closure of the account and related services.

  • Transaction limits, withdrawal limits, and usage restrictions may apply depending on the product type, customer verification status, internal risk assessments, and regulatory requirements.

  • Additional fees or charges may be imposed by third-party service providers, payment schemes, correspondent banks, financial institutions, or foreign exchange providers involved in the transaction.

  • VaultsPay reserves the right to decline applications, suspend access, restrict transactions, or terminate services where fraudulent, suspicious, unauthorized, unlawful, or non-compliant activity is identified or suspected.

  • Inactive or dormant accounts may be restricted in accordance with applicable laws, regulatory requirements, and company policies.

  • Customer Data / Personal Data may be collected, processed, stored, and shared with authorized parties in accordance with applicable laws, regulatory requirements, and VaultsPay policies.

ADDITIONAL INFORMATION

  • VaultsPay is licensed and regulated by the Central Bank of the UAE to provide regulated financial services in accordance with applicable laws and regulatory requirements.

  • The General Terms & Conditions, Privacy Policy, Fee Schedule, and any associated documents must be read together with this Key Facts Statement.

  • VaultsPay reserves the right to amend, modify, suspend, or terminate any terms, features, fees, or services by providing Customers with a minimum notice period of sixty (60) calendar days, unless otherwise permitted under applicable laws or regulatory requirements.

  • All information provided by VaultsPay is intended solely to support informed decision-making and shall not be construed as financial, legal, tax, investment, or professional advice.

  • Customers are required to provide all documents and information requested by VaultsPay, including valid identification and verification documents such as Emirates ID, for onboarding, verification, and continued use of services.

  • Customers are responsible for maintaining updated contact details, including mobile number and email address, and for promptly notifying VaultsPay of any changes to previously provided information.

  • For inquiries, complaints, or support, customers may contact VaultsPay through the official customer support channels at support@vaultspay.ae

WARNING

Failure to safeguard your account credentials, OTPs, card details, or registered device may result in unauthorized access and transactions, which may lead to financial loss. Customers are responsible for always maintaining the confidentiality and security of their credentials, including protection against phishing or social engineering attempts.

Foreign exchange transactions are subject to currency conversion rates applicable at the time of execution and may involve exchange rate fluctuations, conversion margins, and additional charges imposed by relevant third parties.

Certain transactions, once successfully processed, may be final and cannot be cancelled, reversed, or recovered.

Service availability may be affected by system maintenance, technical failures, cyber incidents, network issues, or regulatory requirements, which may result in delays or temporary unavailability of services.

Failure to complete required identity verification, compliance checks, or due diligence requirements may result in restricted access to services, suspension of transactions, or account closure, in accordance with applicable regulations.

Customers are required to regularly monitor their account activity and must immediately report any unauthorized, suspicious, or fraudulent transactions to VaultsPay without delay.