Terms and Conditions for the Livency Account (Liv Multicurrency Account)

Livency Account (Liv Multicurrency Account)

These terms and conditions (herein referred to as the “Terms”) govern the opening, maintenance and use of the Livency Account (also referred to as the “Liv multicurrency account”) and are applicable to all Customers who choose to open and use the Livency Account, which is made available by Liv powered by Emirates NBD Bank (P.J.S.C) (the “Bank”). The Livency Account will be offered in conjunction with the Customer’s existing Liv CASA.

By opening and/or using the Livency Account, you agree to comply with and be bound by these Terms, and the Bank’s General Terms and Conditions for Consumer Banking Products (the "ENBD GTCs") available on the Bank’s website, as may be amended from time to time. These Terms shall be read and construed in line with the ENBD GTCs. If there is any conflict between these Terms and the ENBD GTCs, these Terms shall prevail, to the extent it relates to the services governed by these Terms and Conditions. Definitions used in these Terms have the meaning attributed to them in the ENBD GTCs (unless defined otherwise in these Terms).

By using the Livency Account, you agree to the following terms:

1. Definitions:

• Business Days: Any official working day in the United Arab Emirates (excluding Fridays, Saturdays, and public holidays), on which the Bank is open for general banking business.
• Customer (“You”/” Your”): Refers to the individual holding an active Liv CASA and Livency Account with the Bank.
• Dynamic Currency Conversion (DCC): A service that converts the transaction amount into AED when a foreign currency transaction is executed, and sufficient funds are unavailable in the Foreign Currency wallet.
• Exchange Rate: The rate at which one currency can be exchanged for another, as determined by the Bank, or any third-party provider approved by the Bank. The Exchange Rate may include additional fees or margins.
• Flexible Credential: A digital solution enabling dynamic transaction routing based on currency, and automatic fallback to the Customer’s Liv Current or Saving Account in “AED” in case of insufficient funds in the relevant foreign currency account.
• Foreign Currency (FCY): Any currency other than AED that you select for transactions through the LivencyAccount.
• Livency Account: Liv Multi-Currency account linked to Your Liv Current or Savings account, allowing you to hold and conduct Transactions in eligible Foreign Currencies.
• Liv CASA: Your active primary Liv account held in UAE Dirhams (AED).
• Transaction: Any debit or credit on the Livency Account or including purchases, transfers, or withdrawals in Foreign Currency.

2. Eligibility:

• You must be an existing customer of the Bank and have a valid Liv CASA (current or savings account) to be eligible for the Livency Account.
• You must meet all KYC and AML requirements as per the UAE Central Bank regulations and any foreign regulation for carrying out a transaction using the Livency Account.
• The Livency Account is only available to individual retail customers residing in the UAE and holding an active Liv CASA.
• The Livency Account can only be used for compatible Transactions as may be determined by the Bank from time to time.

3. Scope of Services:

The Bank shall enable customers (holding active Liv CASA) to open, operate and use the Livency Account, which holds multiple foreign currency balances alongside Your active Liv CASA. By opening or using the Livency Account, you agree to be bound by these Terms, as well as all applicable laws and regulations of the UAE and respective jurisdiction in which you may carry out a Transaction using the Livency Account. These Terms supplement and do not replace the ENBD GTC’s and/or any other card or account related agreements or terms that you hold with the Bank pertaining to your Liv CASA.

3. Operation of the Livency Account:

• You may transfer funds from your Liv CASA into your Livency Account in eligible Foreign Currency at the Exchange Rate offered at the time of transfer. Any funds transferred to your Livency Account will remain in the relevant Foreign Currency until you withdraw or convert them back to the currency held in your Liv CASA.
• To use the Livency Account to carry out Transactions, you must maintain balances in Foreign Currencies, which will be linked to your Liv CASA.
• The Bank supports the following currencies: [USD, GBP, EUR, CAD, AUD] (which may be updated from time to time at the Bank’s discretion).
• The Bank shall reserve the right to impose limits on the frequency or amounts of transfers in and out of your Livency Account (including on any Transaction).

4. Dynamic Transaction Routing.

• All Transactions made using your Livency Account will automatically route to the appropriate Foreign Currency held in your Livency Account.
• If there are insufficient funds in the relevant foreign currency sub-account, the transaction will automatically be fallback to your AED account

5. Insufficient Funds and Fallback Mechanism:

• In the event of insufficient funds in your Livency Account, the system will trigger a fallback to your Liv CASA Account to cover the full Transaction amount.
• Fallback transactions will incur a foreign currency fee, dynamic currency conversion, and/or a markup, as per the Bank’s Schedule of Charges.
• Any fees related to Foreign Currency conversions or fallbacks will be disclosed in the Transaction summary and will be reflected in your account statement.

6. Notifications:

• You will receive real-time notifications when the balance in any Livency Account falls below the preset threshold or when a fallback to your Liv CASA occurs.
• You are solely responsible for ensuring that your contact details are up to date to receive any such notifications (including real-time notifications). The Bank will not be liable howsoever for any failure to receive these notifications due to outdated/incorrect contact information.
• Any updates to fees and charges will be communicated through the Bank’s standard communication channels.

7. Currency Exchange and Conversion:

• The Exchange Rate for all Foreign Currency Transactions will be determined by the Bank at the time of the Transaction and will be displayed at the time of Foreign Currency transfer to your Livency Account.
• You undertake any Foreign Currency conversion at your own risk and agree that the Bank shall not be liable for any losses related to the currency fluctuation or devaluation.
• Conversion rates are subject to fluctuations in the foreign exchange market and may include a conversion fee as per the bank’s Schedule of Charges.
• Liv. reserves the right to change or modify the Foreign Currency Exchange Rates without prior notice.

8. Fees and Charges:

• All fees and charges applicable to your Livency Account will be listed in the Bank’s Schedule of Charges which may be updated by the Bank from time to time.
• If a Transaction is declined because of insufficient funds held in your Livency Account, the Bank may charge Your Liv CASA to cover any such funds at the prevailing Exchange Rate and any other, foreign currency conversion fees,
• The Bank reserves the right to amend these fees at any time with prior notice to the Customer.
• You shall be responsible for any taxes, duties or levies that may be applicable in connection with the Livency Account or any Transaction in accordance with UAE law or other applicable jurisdictions.

9. Transaction Limits:

• The Bank may impose Transaction limits on the Livency Account, including but not limited to daily or monthly spending limits, balance limits, or withdrawal limits.
• The Customers will be notified of any such limits as per section 6 of these Terms, and the Bank reserves the right to modify these limits at its discretion from time to time.

10. Account Statements:

• You will receive an individual statement reflecting all transactions on your Liv CASA , including those related to your Livency Account.
• The statement will reflect any foreign currency transactions, fallbacks, conversion rates, and related fees.
• It is Your responsibility to review these statements promptly and report any discrepancies or unauthorized transactions within the timeframe specified in the ENBD GTCs.

11. Customer Responsibility:

• You are solely responsible for ensuring that there are sufficient funds in Your Livency Account to cover any Transactions.
• It is Your responsibility to monitor your balance held in the Livency Account and to make any necessary transfers or deposits for a Transaction to avoid fallbacks and the associated fees.
• You agree to use the Livency only for lawful purposes and in compliance with these Terms and all UAE and other applicable jurisdiction, laws and regulations.
• You agree to keep your Livency Account details and credentials secure and to promptly notify the Bank if you suspect any unauthorized access or Transactions.
• You agree to indemnify and hold the Bank harmless from any claims, damages, or expenses arising out of your misuse of the Livency Account or breach of these Terms and Conditions.

12. Liability and Indemnity:

• The Bank does not assume any liability and shall not be responsible for the actions or omissions of any network, merchant or third-party provider. The Bank disclaims all representations and warranties, express or implied, related to the services to be provided by any network, merchant or third-party.
• The Bank shall not be liable for any breach or leak of Your Livency Account details and credentials (including losses arising from any unauthorized Transaction) in cases where you have been negligent in safeguarding your account details and credentials and failed to notify the Bank with a reasonable timeframe for the same.
• The Bank shall not be liable for any losses or damages resulting from Foreign Exchange fluctuations, transaction failures, or any delay in notifications to You.
• You agree to indemnify the bank against any claims, losses, or damages arising from your use of the Livency Account.
• The Bank reserves the right to block or terminate your Livency Account if any misuse or fraudulent activity is detected.
• The Bank disclaims all liability for losses resulting from Your reliance on Exchange Rates.
• The Bank will not be liable for any losses, damages, or costs (including indirect, consequential, or special damages) that you may incur due to:
  • Exchange Rate fluctuations or Foreign Currency devaluation.
  • Unavailability of specific Foreign Currencies.
  • Refusal of a Transaction by any merchant, network or third-party.
  • Delays, interruptions, or errors in the processing of any Transaction.
  • Acts of God, force majeure events, or circumstances beyond the Bank’s reasonable control.

13. Amendments and Termination:

• The Bank reserves the right to amend these Terms at any time by providing prior notice to Customers.
• Continued use of the Livency Account after such amendments constitutes acceptance of the revised terms.
• You may terminate your Livency Account by providing written notice to the bank, subject to settlement of any outstanding Transactions and/or fees.
• In cases where you terminate/close your Livency Account, any remaining Foreign Currency balance in your Livency Account will be converted into AED at the prevailing Exchange Rate and credited to your Liv CASA, less any fees or charges due.
• The Bank may, at its sole discretion, suspend or close your Livency Account with prior notice if you breach these Terms, if required by law, or for any security or regulatory concerns.
• In cases where the Bank closes your Livency Account, the Bank will transfer any remaining balance to your Liv CASA in AED at the prevailing Exchange Rates, less any fees or charges due.

14. Governing Law and Jurisdiction:

• These Terms and Conditions shall be governed by and construed in accordance with the laws of the United Arab Emirates.
• Any disputes arising in connection with the Livency Account shall be subject to the exclusive jurisdiction of the courts of Dubai, UAE.

15. Contact Information:

• For any inquiries or issues related to the Livency Account, you may WhatsApp us or reach out to Liv customer service at +971 600521212 .

16. Cooling off Period/Customer Acknowledgment:

• By accepting these terms, customer acknowledges that customer has read and understood these terms and customer agrees to waive his right to a cooling-off period of 5 business days, so that customer's access to virtual asset brokerage services can be immediately processed and customer understands that by waiving the cooling-off period, these terms apply are binding on me with immediate effect.
• These Terms and Conditions apply in addition to Liv’s General Terms and Conditions for Accounts and Services, and by using the Livency Account, you acknowledge that you have read, understood, and agreed to these Terms.