Group Spending Terms and Conditions

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1. About these Terms

These Group Spending terms and conditions (“Terms”) are exclusive to customers who use our Group Spending service as detailed in these Terms. These Terms describe your rights and obligations, and ours, and form a legally binding contract between you and Wise when you use this service. The collection and use of personal data provided to us is governed by our Privacy Policy, and our Customer Agreement, Acceptable Use Policy and Fees and Pricing, and other agreements referred to still apply to your use of this service.

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2. What is our Group Spending feature and how does it work

1. Group Spending is a feature designed for Wise customers who wish to share and spend their finances with other Wise customers, such as friends and family, free of charge.
2. This feature is connected to your Wise Account and enables the legal owner of a Wise Account (the “Owner”) and the person to whom access is granted (the “Member”) to share a balance for expenditure purposes (“Group Spending” or “Group”).
3. Wise’s Group Spending service is currently available in the United Kingdom and Switzerland only to Wise customers. There may be additional countries where this service is available and we may add additional countries at any time, without notice to you.
4. Each Owner and Member must have a Wise Account in their own name before using Group Spending.
5. This Agreement allows the Owner and Member(s) to receive a virtual card in their own name linked to the Group (in accordance with our Wise Card Terms); link it to their wallet such as Google Pay or Apple Pay; make in-store or online payments and make ATM withdrawals.
6. Group Spending is not a joint account. The Owner remains the sole proprietor of the funds at all times. All transactions made through the Group will be deemed to have been made by the Owner. The Owner is fully responsible for all transactions carried out by Member(s) via the Group.
7. If the Owner’s account is suspended or closed in line with our Customer Agreement, the Member will not be able to access the Group.
8. Any spendings and withdrawals are subject to any limits referred to in the Customer Agreement.
9. The Owner and Member(s) can always see all the transactions from the Group.
10. The Owner is solely responsible for any form of misuse of the Group feature. The consequences of any form of misuse of the Group, including if either the Owner or Member engage in fraudulent activity, shall be as set out in the Customer Agreement. By using the Group feature, the Owner agrees that Wise will not be a party to, nor liable for, any claim or dispute that may arise between the Owner and the Member(s) in relation to the use of the Group feature.
11. Wise reserves the right to add or remove functionalities for Group Spending at any time. Notice will only be provided if the removal of a feature impacts the terms of the Customer Agreement, in accordance with the prescribed notice period.

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3. Owners’ Rights and Obligations

1. The Owner can create multiple Groups, but each one can only be shared with Member(s) who reside in the same country.
2. The Owner can open and close the Group at any time and without notice.
3. The Owner can terminate the Group at any time without providing notice. The Member cannot oppose this decision.
4. If the Member loses access to the Group for breaching these Terms, the Owner is free to invite a new Member.
5. The Owner must inform Wise of any event that could have a legal or financial impact on the Group. In the event of a court order or other legal processes such as insolvency procedures, seizures or garnishments, we may be required to take certain actions in line with our Customer Agreement. Such action may include, but is not limited to: placing a reserve or limitation on the Group or releasing the funds on it.
6. The Owner is responsible for any taxes which may be due by them resulting from the use of the Services, and it is the Owner’s responsibility to collect, report and pay the correct tax to the appropriate tax authority.

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4. Members’ Terms and Conditions

1. The Member joins the Group voluntarily and can leave it at any time. By leaving the Group, the Member terminates this Agreement, but any previous actions carried out will remain valid.
2. The Member can add funds to the Group; they are only permitted to make transfers from their own balance into the Group, but cannot make transfers out of the Group to their own balance.
3. The Member cannot share the Group with any other individual and cannot see the Owner’s other balances.
4. The Member must accept these Terms and is required to inform Wise of the Owner’s death or if the Owner loses their legal capacity, after which, this Agreement will expire.

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5. Our responsibility for loss or damage

1. Unforeseeable loss or damage. We are not responsible for any loss or damage that is not foreseeable. Loss or damage is foreseeable if either it is obvious that it will happen or if, at the time this agreement was entered into, both we and you knew it might happen. For example, a specific loss was discussed during a sign up process.
2. We do not exclude or limit in any way our liability to you where it would be unlawful to do so. This includes liability for fraud or fraudulent misrepresentation.
3. We are not liable for business losses. Group Spending is for personal use only and should not be used for any commercial or business purpose.
4. We are not liable for things which are outside of our control. We cannot be liable for our inability to deliver or delay because of things which are outside our (and our affiliates) control.
5. We are not liable for any payments made under this Agreement.

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6. Assets in Group Spending

1. If the Owner is eligible for the Wise “Assets” feature as set out in the Assets Customer Agreement, then the Group Spending balance can be held in “interest” and the Owner may, at their sole discretion, turn this feature on, and off, for Group Spending.
2. The Assets product in Group Spending is governed by the Assets Customer Agreement and shall be incorporated into these Terms, which the Owner is agreeing to by using this feature in Group Spending, and this is subject to the ongoing fees stated therein.
3. As set out in Section 2.6 above, the Owner is the sole beneficiary of the funds in the Group Spending balance at all times and all profit or income arising from the investment will belong to the Owner only.
4. Wise Assets Nominees Ltd, an entity within the Wise group, will hold legal title to the Shares (as defined in the Assets Customer Agreement and will be held by Wise Assets in custody on the Owner’s behalf. It will hold these Shares on trust for Wise Assets and the Owner shall retain an ownership interest in such Shares in addition to rights over any income or other entitlements accruing from the Shares.
5. The Member(s) will not have any legal claim to, or any title or participation rights in, the invested funds, but the Member(s) may spend the balance through their card as usual, as set out in Section 2.5 above.
6. The Owner and Member(s) acknowledge that the Group Spending balance may go up or down when held in Assets and understand that the risks associated with holding money in an invested product differ from those of holding money in cash.
7. Taxes. The Owner will be responsible for any tax (reporting) liabilities generated by the invested balance, which may include, but is not limited to, income tax and/or capital gains tax.

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7. Members Trading Authorisation (Assets)

1. The Owner hereby agrees that any spend by the Member(s) from the Group Spending balance using a card will be considered as authorisation from the Owner to sell and this will automatically initiate the Owner to submit a corresponding Sell Order on the invested balance for the same amount.
2. The Owner hereby agrees that when a Member adds funds to the Group Spending balance, this will be treated as an authority by the Owner to invest in line with the Assets Customer Agreement, thereby increasing the invested balance.
3. For the avoidance of doubt, the Owner retains the sole responsibility to instruct Buy and Sell Orders resulting from the Member(s) adding funds to, or spending on their virtual card from, the Group Spending balance respectively.

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8. Owner's Declaration when using Assets

1. By agreeing to these Terms, the Owner declares the following:

   i. they are not acting as an investment broker on behalf of the Member(s);

   ii. they are not using Group Spending for business purposes; and

   iii. they are not receiving any commercial benefits of this set-up.

2. If Wise suspects that the Owner has breached the declaration above, then Wise reserves the right to suspend the Group Spending balance immediately at its sole discretion.

9. General but important terms

1. No third party rights. These Terms are between you and us. No other person shall have any rights to enforce any of its terms.
2. Severability. Each of the paragraphs of these Terms operates separately. If any court or relevant authority decides that any of them are unlawful or unenforceable, the remaining paragraphs will remain in full force and effect.
3. Governing law. These Terms are governed by the laws of England and Wales. Any dispute between you and us in connection with the Group Spending service and/or these Terms shall be brought in the courts of England and Wales.