What is a Unizest e-current account?

What is an e-current account compared to an online bank account?

An e-current account is an online current account that stores money in electronic form, known as e-money. E-money is a method of payment, like cash, rather than a deposit of money that is placed into a bank. E-current accounts can offer the same features and benefits as online bank accounts. A Unizest e-current account can be used in the same way as online bank accounts, with an app for management of your money and a Debit Mastercard for purchases, cash withdrawals and contactless payments.

Can I use a Unizest account the same as a UK online bank account?

Yes

  • Your Unizest e-current account can be used in the same way as online banking accounts.
  • Your Unizest Debit Mastercard can be used for purchases, cash withdrawals and contactless payments within the UK.
  • Once your card is activated and you have put funds into your account, you can use it anywhere that accepts Mastercard.
  • The card does not offer an overdraft facility.
  • There are no hidden charges and you can view all charges on our Pricing page.

Is Unizest a bank?

Unizest is not a bank. The Unizest Account is an electronic money product. Neofin Ventures Ltd, trading as Unizest (company no. 12632726), is an Electronic Money Directive (“EMD”) distributor on behalf of PayrNet Limited (company no. 09883437). The Unizest Debit Mastercard is issued by PayrNet Limited. PayrNet Limited is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 (reference no. 922901) for the issuing of electronic money.

The Unizest Account is not covered by the Financial Services Compensation Scheme, but is a product regulated by the Financial Conduct Authority. We ensure that any funds received by you are held in a segregated account so that in the unlikely event that PayrNet Limited becomes insolvent your funds will be protected against claims made by creditors.

What do I need to know before I open my account?

I would like to apply for a Unizest account - what do I need?

  • Download the Unizest App from the App Store. The app will soon be available on Google Play too.
  • Have your photographic ID available – either a driving license, passport or national ID card.
  • This will be scanned by the app and your identity confirmed.
  • If you have been referred to Unizest by your recruitment agency, this check will have already been done and you’ll only need your referral code to hand.
  • If you need a visa to come to the UK you will need to enter your Home Office Share Code
  • You don’t need a residence in the UK to open an account but you will need to confirm your UK address before your Debit Mastercard is issued to you.

Is there a charge to open a Unizest account and how do I pay?

No fees are charged to open an account, there will be a £4.99 monthly management fee that will be taken by direct debit from your Unizest account.

What is included in my Unizest account?

You can do the following on your account:

  • View and print statements
  • Pay bills
  • Transfer money to other accounts. International transfers are coming soon.
  • Set up direct debits – this function is coming soon.
  • Request another card if yours is lost or stolen
  • Group your spending into categories, e.g ‘transport’ or ‘entertainment’
  • Access exclusive discounts to use on everyday shopping and courses
  • Use the ATM finder
  • Access help & advice on living and working in the UK
  • Refer a friend
  • Update your personal details
  • Report your card lost or stolen

How old do I need to be to open a Unizest account?

Right now, you can open an account if you’re 18 years old or over. But don’t worry – we’re working hard to make Unizest available for anyone 16+ as soon as possible.

Do I need a UK phone number to open a Unizest account?

No, you can provide any valid phone number to open your account. If you later change your number, it is easy to update these details within the app.

If I have a bad credit history, can I still get a Unizest account?

Yes, you can get a Unizest e-current account and Debit Mastercard, regardless of your credit history. You can open a Unizest e-current account as long as you can pass our identity check via the app.

Do I need to sign an agreement?

By opening your Unizest e-current account you are agreeing to the terms and conditions of the account. The terms and conditions will be visible for you to read before agreeing to them. They can also be viewed on this website.

I have an Android phone, can I still open an account?

The app is currently available on iOS Apple devices (iPhone or iPad). We’re working really hard to bring the Unizest app to everyone and it will soon be available on Android devices too. We’ll let you know as soon as its ready.

How does my account work?

How do I sign into my account?

You can sign into your account via the Unizest app. Login using the username and password you used to open your account.

How do I add money?

You can add money to your account from anywhere in the world. Tap the ‘Add money’ icon in your App and your account details will be shown. Use or share these details to transfer money into your account today. Adding money via bank transfer is free.

Can I pay my utility bills using my account?

Yes, you can pay individual bills. If your utility provider accepts Direct Debits then you will soon be able to set this up to make regular payments from your account. We are working hard to bring this feature to you soon.

How do I receive offers and discounts?

It is simple to access and use your discounts on everyday spending. You can access your offers and discounts exclusively via the App. Redeem an offer by tapping on the green redeem button. Depending on the offer, you’ll either be sent directly to our partner’s website, or presented with a code to use online or in store. Terms and conditions for the individual discounts may vary.

How quickly are funds available in my account?

When receiving funds in the UK via Faster Payments, your money is usually available within seconds though sometimes this takes a little longer. When receiving funds via International Transfer (SWIFT), your money should be available within 24 hours. If you’re being paid via BACS, processing times are between 3-5 business days. Whatever way you receive funds, you’ll be sent a notification via the app once your money is ready to use.

How do I know when someone has put money into my account?

You will receive a notification via the app when someone has put money into your account. These alerts are instant, you will receive them as soon as funds are received and cleared.

How do I get cash out of my Unizest account?

You can withdraw cash from an ATM using your card and PIN. We will charge you 0.99p per withdrawal and some ATM operators may add an extra fee for each withdrawal. You can also get cashback, free of charge, at most supermarkets.

Will I receive interest if my account is in credit?

No, you will not earn interest on your account balance.

Do I need to inform you of changes to my personal details?

Yes, please let us know as soon as possible if you change your name, address, telephone number, mobile number or e-mail address. You can do this by logging into your e-current account and updating your personal details or by telephoning our customer services team. Evidence of a name change is required (e.g. marriage licence) and proof of address changes.

How do I get a card?

How do I order my card?

You can order your Debit Mastercard straight away via the Unizest app, even before you arrive in the UK. To receive your card, you will need to provide a UK residential address where your card will be delivered. Your card will cost you nothing although you will need to add £10 into your account before your card will be issued to you.

When can I start using my card?

You can start using your card as soon as it has been activated via the App and funds have been put into your Unizest e-current account.

How do I activate my card?

You can activate your card easily via the app. Login to your account with your username and password. Swipe onto the card section of your app and tap the ‘activate’ button then enter your 16 digit card number.

How do I retrieve my PIN?

Once you have activated your card via the App, select ‘reveal PIN’ to get the PIN for your card.

Can I use my card abroad?

Yes, your card can be used worldwide – wherever you see the Mastercard acceptance mark.

What if I need to return an item I bought using my card?

The retailer will use the same return policy they have for any Debit Mastercard – this could be crediting your card, providing a cash refund or offering a store credit.

What if my card is lost or stolen?

If you lose your card or it is stolen, or you suspect that your PIN or password is known to an unauthorised person, you must login to your Unizest account and notify us immediately. Alternatively you can call our lost and stolen line on +44 (0) 207 205 2500. Your card will immediately be cancelled and we will arrange for a new card to be sent to you. There is a £5.00 charge for reissuing a card and PIN. If you subsequently find the card, please don’t use it – cut it in half through the signature box, magnetic strip and CHIP.

Where can I use my card?

You can use your Unizest Debit Mastercard wherever you see the Mastercard acceptance mark, including shops, restaurants, online and for telephone or TV shopping. You can withdraw cash at ATMs and request cashback at most supermarkets. Please see our Pricing page for information on charges.

How long does it take to receive my card?

Once you have ordered your card in the app, it will take up to 2 weeks to arrive. You can order your card anytime before you arrive in the UK, provided you give a secure UK address where the card will be delivered.

Am I protected?

Is my money safe?

Your money is protected by Payrnet Limited. A Unizest e-current account is issued by Payrnet Limited and is protected by its EMI (e-money institute) license, meaning Payrnet is legally responsible for safeguarding your funds. In the event of failure by this institution, the FCA (Financial Conduct Authority) would step in to keep your money safe.

Is my account protected by the FSCS?

The Financial Services Compensation Scheme (FSCS) only protects deposits of money paid into a bank, building society or credit union. E-money is considered a method of payment rather than a deposit in a bank, and so e-money is not protected by the FSCS. However, your money is protected. A Unizest e-current account is issued by Payrnet Limited and is protected by its EMI (e-money institute) license, meaning Payrnet is legally responsible for safeguarding your funds. In the event of failure by this institution, the FCA (Financial Conduct Authority) would step in to keep your money safe.

Can I speak to someone?

How do I contact you?

You can contact us by email on info@unizest.co.uk or help@unizest.co.uk. Alternatively you can call our customer service team on +44 (0) 207 205 2500 between 9am and 5.30pm Monday to Friday, and between 9am and 1.30pm Saturday (excluding public holidays). You can also refer to our contact us page on this website.