Frequently asked questions
General
Q: What services do you provide?
A: Zxtech can provide access to payment accounts and payment services for customers. The accounts can be used to send and receive GBP (UK domestic) and EUR payments (SEPA) and send or receive international payments. (Fees apply)
Premium Account: An account offered to individual persons (accounts used for personal use).
Business Account: An account offered to legal persons (accounts offered to registered companies).
Dedicated Client Relationship Team: Our experienced team of bilingual (Chinese & English speaking) client managers are dedicated to delivering personalised assistance and guidance. They will ensure that you receive the highest level of service, addressing any questions or concerns you may have.
Access to currency conversion: We can help you to convert between different currencies. Please contact our team for more details on which currencies are available to you.
Q: Which entity is responsible for various payment-related activities:
Q: Is the account a bank account?
A: No. Zxtech Ltd can help you open an e-money account and the associated payment services .
Q: How are my funds protected?
A: The funds are protected using a regulatory requirement named “safeguarding”.
One of the main differences between a bank and EMI is that banks are allowed to use the money they receive from customers for their own business including to make loans and pay interest. EMIs are not permitted to do this. With EMIs and safeguarding, customer funds are always held with a regulated bank. One of the regulator’s (FCA) strict requirements is that EMIs are not allowed to use customer e-money funds for their own businesses or to lend to other customers, and that all EMIs must protect and ring-fence all of their customers’ funds in a segregated bank account, which is referred to as ‘safeguarding’.
Q: What happens if Zxtech were to cease trading, am I FSCS protected?
A: Whilst Electronic Money products are not covered by the Financial Services Compensation Scheme (FSCS) your funds will be held in one or more segregated accounts and safeguarded in line with the Electronic Money Regulations 2011.
In the unlikely event that we cease to trade, an administrator will be appointed to oversee the refund of customer e-money funds. There may be a short delay to accommodate this process, and some monies could be used to pay the administration costs, however customers should get most, if not all, their money back. Unlike the Government guaranteed bank insurance scheme, FSCS, there is no upper limit to the funds being safeguarded with an EMI. Therefore this means all your money is being protected, subject to the detail outlined above.
Q: I would like to provide feedback to help improve the services and customer experience. How can I do this?
A: We always welcome useful feedback from our customers. You can do this via the app in settings and ‘Give feedback’. Alternatively, send us an email to support@zxtechuk.com with the subject line: Feedback.
Q: How to make a complaint?
A: We sincerely apologise for any unpleasant experience. Please contact your client manager, send email to support@zxtechuk.com, or send post to the following address for raising a complaint:
Zxtech Ltd, Berkeley Square House, Berkeley Square, London, United Kingdom, W1J 6BD.
To ensure this is correctly processed please clearly indicate by putting a prefix of “Complaint:” within the email subject matter line or on the letter.
- We normally respond to certain complaints within 15 business days. If we can't provide a final response, we will explain the reasons for the delay.
- We will provide a final response within 35 business days from the day when you first made the complaint.
Please note: If your complaint is related to an account or service that has been provided by our partner, we may need to contact them for further information, we shall let you know if this is applicable.
Account related
Account opening
Q: How can I open an Account?
A: Our premium service is tailored for our prestige clients. We only open accounts for the clients referred by our dedicated channels and existing clients. If you have been referred please contact your client manager who will assist you in opening your account.
Q: Can I deposit cash into my account?
A: We do not accept cash deposits. To add funds you must transfer money electronically, instructions can be found within the app.
Fees
Q: Are there any fees and minimum balance for opening an account?
A: For Premium accounts the setup fee for account opening is £80. The setup fee for additional services is £419. A minimum balance of £1000 is required at all times. There is also an ongoing monthly subscription fee of £10 per month that will be deducted from your account automatically each month.
A: For Business accounts the setup fee for account opening is £1000. The setup fee for additional services is £1000. A minimum balance of £1000 is required at all times. There is also an ongoing monthly subscription fee of £50 per month for general businesses that will be deducted from your account automatically each month.
Q: Can I pay the subscription fee in EURO?
A: No, we only accept British Pounds (GBP) for subscription payments for now.
Card related
Q: Do you offer debit card?
A: Currently, we do not offer this service but this service may become available in the future.
Security and Fraud
Q: I don’t recognise a payment / transaction, what can I do?
A: Please take the time to recall all your recent transactions. There may be some transactions that may show a merchant as a different name from their known trading name or some delayed transactions that have now been completed.
If you are certain that you do not recognise a transaction you can do the following: - If you believe the transaction has been in error, contact us on support@zxtechuk.com and we will assist you for unrecognised payments, incorrect or duplicate charges.
Q: How to report a fraudulent transaction?
A: If you think you are a victim of fraud, login to the app and freeze your account, then contact us on support@zxtechuk.com as soon as possible to report the fraud.
Account frozen
Q: What should I do if my account is frozen?
A: If you freeze your account on the app accidentally, please request unfrozen on the app. If it’s frozen for unknown reasons, please contact your client manager or email our support team via support@zxtechuk.com.
Q: When I make payment on the app or would like to add a new payee, it says ‘Subscription ended, please top up’. What does it mean?
A: It means your account did not have sufficient balance to successfully pay the monthly subscription fee due on your account. You will need to contact your client manager or support@zxtechuk.com and top up your balance by adding funds. Please note if you do not Top Up your account by the following month. Your account may be temporarily frozen until full payment of outstanding fees due.
Account closure
Q: How can I close my account?
A: You can submit a request on the app, contact your client manager or contact us on support@zxtechuk.com
Activity | Entity | Fee | Timeframe |
---|---|---|---|
Currency exchange | Zxtech | The rates, applicable fees are shown in the APP or communicated to you via your Client Manager prior to your confirmation. | up to 1 business day |
Inbound, Outbound International Payment (Non-EU/UK) | Zxtech | £50 (for any single transfer of less than £10,000).
0.5% of the transaction amount (for any single transfer of £10,000 or more). | up to 5 business days |
SEPA/FASTER Payment Inbound/Outbound on your behalf | Dependent on payment account. | Service fees may apply, dependent on account provider. Please check before confirming payment. | 1-2 business days |
Direct FASTER Payments (Inbound or outbound) | Dependent on payment account | Service fees may apply, dependent on account provider. Please check before confirming payment. | up to 2 hours |
Complaints handling | Zxtech and relevant account provider | within 1 business day | |
Support | Zxtech | up to 1 business day | |
E-money Account | Dependent on payment account |