Last Updated: 19 October 2023 Version: V4.0 in accordance with CleverDo Terms and Conditions
Including IBAN Terms and Conditions 22 November 2023 Version Number: V5.0
|Quarterly Subscription Fee||Free||6.00 EUR/GBP|
|Maximum Account Balance||€150.00||€3000.00|
|Loading Fee||2.00 EUR/GBP||1% min. 1.00 EUR/GBP|
|SEPA and FPS sending Fee (CleverEurope)||1.00 EUR/GBP|| 0.80c/p
|CHAPS/BACS loading fee||22.00 EUR/GBP||22.00 EUR/GBP|
| Send and receive payment between CleverDo users (CleverPay)
| Inactive account charges
(after 6 months of inactivity)
|2.00 EUR/GBP/month||2.00 EUR/GBP/month|
|Currency Exchange Fee||3%||2%|
|Reject Fee||1.00 EUR/GBP||1.00 EUR/GBP|
|Recall Fee (regardless the outcome)||25.00 EUR/GBP||25.00 EUR/GBP|
|Refund Fee SEPA/SEPA Instant||1.00 EUR/GBP||1.00 EUR/GBP|
|Return Fee||1.00 EUR/GBP||1.00 EUR/GBP|
CleverDo community; Other CleverDo users with a CleverDo account or wallet.
SEPA area: Single European Payment Area
SEPA: 27 EU countries, 3 European Economic Area (EEA) countries and 6 non-EEA countries using the SEPA transfer system.
Load account: Receiving funds (money) to your account from outside the CleverDo community.
CleverPay: Instant transfers between CleverDo users.
SEPA payment: Sending money from a SEPA area IBAN account to another SEPA area IBAN account.
SWIFT payment: Sending money through SWIFT to other bank accounts outside the SEPA area.
Quarterly subscription: Quarterly subscription fees are the administration charges for the account, the subscription fee can also be paid monthly or every 6 months.
Inactive account charges: If there is no movement of money in or out of the account for 6 months or more, then a monthly fee will be charged for inactivity. (Viewing the account balance DOES NOT count as activity).
Exchange fee outside account currency: If you are sending money to an account outside the currency of your own account, there will be an exchange fee, to cover the exchange from one currency to another. Exchange rates will be taken by the market rate and any quote will only be viable for 1 hour.
Reject Fee: This occurs when the payment transaction is not accepted for normal execution before settlement.
Recall: This occurs when the originator requests to cancel an outbound transfer after settlement.
Refund: This occurs when the client returns funds to the payer.
Return: This occurs when an outbound transfer is diverted from normal execution after settlement and is sent back by the beneficiary to the originator.
Velocity LIMITS: Velocity limits are set limits on the account; This can be the maximum amount of money that can be added to the account on a monthly basis. There may also be other limits, such as daily transaction limits or weekly limits etc. All limits will be shown in the structure connected to the account.
KYC (Know Your Customer) & AML: Due to the international regulations that CleverDo and our partners operate under, we are required to obtain some key information from our users, this normally includes:
- Proof of Identity
- Proof of Address
In some cases, we are also obligated to require Proof of Funds / Proof of Income.
CleverDo is entitled to unilaterally amend the Pricing and to change the amount, frequency or time frames for payment of any fees and/or charges relating to the Services provided. IBAN provider Satchel shall notify the Client of any changes 5 (five) Business Days before any new/amended Pricing takes effect unless the legislation in Canada stipulates another period of time.