SVF Wallet Terms and Conditions
These Terms and Conditions (“Terms”) govern the access and use of the LuLu Money Digital Wallet, the assigned International Bank Account Number (IBAN), and the co-branded Visa + Jaywan Card (collectively referred to as the “Services”) provided by LuLu Exchange (“Issuer”, “We”, “Us”).
Introduction & Acceptance
By registering for, activating, or using any component of the Services via the LuLu Money Mobile Application (“App”), you (“User”, “Cardholder”, “You”) agree to be legally bound by these Terms, as well as the rules and regulations set forth by the Central Bank of the UAE (CBUAE).
Eligibility & Account Registration
Age Requirement: The Services are available exclusively to natural persons aged 18 years or older.
Residency & Verification: Applicants must be valid residents of the United Arab Emirates (UAE) holding a valid, unexpired Emirates ID
KYC Compliance: Opening an account requires successful electronic Know Your Customer (eKYC) verification via the App or UAE PASS. The Issuer reserves the right to request additional documentation or reject any application at its discretion
Personal Use Only: The account, IBAN, and card are strictly for personal, non-commercial use. Business or corporate transactions are prohibited.
Wallet Funding & IBAN Services
Assigned IBAN: Each registered wallet is assigned a unique personal virtual account / IBAN under the UAE instant payment network for incoming/outgoing domestic and international transfers
Top-Up Methods: Funds may be loaded into the wallet via:
• UAE-issued Debit Cards via the LuLu Money App.
Balance Limit: No interest shall accrue on wallet balances, and overdrafts are strictly prohibited
Dual Payment Card (Visa + Jaywan)
Issuance & Activation: The digital and/or physical card is co-branded with Jaywan (for domestic UAE processing) and Visa (for international processing). Cards must be activated through the App before first use.
Transaction Processing:
Operating Limits & Controls
The following operational caps and constraints apply to all registered accounts:
Fees and Charges
All applicable fees, including local and international transfer charges, ATM withdrawal fees, and card issuance fees, are displayed in the App’s fee schedule and are subject to 5% UAE VAT where mandated
Foreign Exchange (FX) Conversion: Transactions performed in foreign currencies via the Visa network will incur FX conversion margins established by the Issuer.
Dynamic Currency Conversion (DCC): If an international ATM or overseas merchant offers payment in AED, selecting AED allows the merchant/ATM to apply their own conversion rates, which may result in higher charges. Users are advised to opt for local currency (e.g., INR in India).
Account Closure & Termination
Digital Account Closure: Users may request digital closure of their wallet at any time through the App settings, live support, or by calling the call center.
AED 0.00 Balance Requirement: Prior to initiating closure, the wallet balance must be brought to exactly AED 0.00 by:
Termination by Issuer: The Issuer reserves the right to freeze, suspend, or terminate any wallet without prior notice if suspicious activity, fraud, or AML/CFT regulatory violations are identified.
Security & Customer Obligations
You are strictly responsible for maintaining the confidentiality of your App PIN, card PIN, OTPs, and login credentials.
Lost or Stolen Cards: In the event of a lost/stolen physical card or compromised app, you must immediately lock the card inside the App and contact the Customer Service Call Center at 600 522204.
Liability: The Issuer is not liable for unauthorized transactions occurring prior to formal reporting if credentials were disclosed or device security was compromised.
Governing Law & Jurisdiction
These Terms shall be governed by and construed in accordance with the laws of the United Arab Emirates and the regulations of the Central Bank of the UAE
Any dispute arising out of or in connection with these Terms shall be subject to the exclusive jurisdiction of the competent courts of the UAE.