These terms are the agreement between you and TransferCove (“TransferCove”, “we”, “us”) for using the TransferCove website, app and wallet (together, the “service”). Please read them. By creating an account or using the service, you agree to them. If you don’t agree, don’t use the service.
1. Who we are
TransferCove is operated by TransferCove, 333 Fremont Street, San Francisco, CA 94105, United States. You can reach us at support@transfercove.com.
2. What TransferCove is, and what it is not
TransferCove is a wallet service. It lets members hold a balance in US dollars, send and request money from each other, add money through the payment methods we offer, and withdraw to a payout account.
TransferCove is not a bank. Your balance is not a bank deposit, it does not earn interest, and it is not insured by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. Your balance represents what we owe you, as recorded in our ledger.
3. Eligibility
To open an account you must:
- be at least 18 years old and able to enter into a binding contract
- live in a place where we offer the service
- not be barred from using the service under the laws that apply to you, including sanctions laws
- use the service for yourself, not on behalf of someone else
You may hold one personal account. We may refuse to open an account, or close one, if we can’t confirm that you meet these requirements.
4. Your account and @handle
When you sign up, you give us your name, email address and country, and choose a @handle. The information you give us must be true and kept up to date.
Your @handle is public to other members so they can find and pay you. It must follow our handle rules and must not imitate TransferCove, our staff or another person. We may reserve, refuse or remove a handle that breaks these rules or our Acceptable Use Policy. You can change your handle in Settings, subject to a waiting period between changes.
5. Signing in, your PIN and keeping your account secure
You sign in with a one-time code sent to your email, or with a passkey. You can add two-step verification. Payments and withdrawals require your 6-digit transaction PIN.
You are responsible for:
- keeping your email account, devices, passkeys, PIN and recovery codes secure
- not sharing your PIN, sign-in codes or recovery codes with anyone, including anyone claiming to be from TransferCove
- every action taken in your account with your sign-in and PIN, unless you told us about a compromise before the action happened, or the action resulted from our error
- telling us straight away at support@transfercove.com if you think someone else has access to your account
We will never ask for your PIN, a sign-in code or a recovery code.
6. Sending and requesting money
You can send money to another member by @handle, email address or phone number, and request money from another member. You confirm each payment with your PIN after seeing the recipient, the amount and any fee.
Payments between members are instant and final. Once sent, a payment cannot be canceled, and we will not reverse it, except where it was caused by our error or where the law requires us to. Check the recipient before you confirm. If you send money to the wrong person, you will need to ask them to return it. We may help you contact them, but we can’t take money out of their balance without their consent.
We are not a party to any deal between you and another member. We don’t guarantee goods or services you pay for, and we don’t mediate disputes between members about them.
7. Adding money (deposits)
You add money by paying us through one of the deposit methods shown in the app, following the instructions and reference code shown for that deposit. Deposits are reviewed and matched by our team before your balance is credited. We usually review a submitted deposit within one business day on working days (Monday to Friday), but we don’t guarantee a time.
We credit a deposit only once we have received the funds and matched them to you. We may reject a deposit, or ask you for more information, if the payment can’t be matched, the amount or sender doesn’t match, it comes from an account that isn’t yours, it exceeds your limits, or we suspect fraud or a breach of these terms. If we receive funds we can’t credit, we will contact you about returning them, less any third-party costs, where the law allows.
A deposit you don’t mark as sent expires after the time shown in the app. Payment methods run by other companies have their own terms, timing and fees.
If funds we credited are later reversed, recalled or found to be fraudulent, we may debit your balance by that amount. If your balance isn’t enough, you owe us the difference.
8. Withdrawals
You can withdraw to a payout account in your own name that you have added to your account. When you confirm a withdrawal with your PIN, the amount is held from your balance straight away. Our team then processes and pays it and records a payout reference. We usually process withdrawals within minutes on working days, but we don’t guarantee a time, and the receiving method’s own timing applies after we pay.
You can cancel a withdrawal while it is pending, but not once it is processing. If we reject a withdrawal, the full amount is returned to your balance. You are responsible for giving us correct payout details. If we pay out to the details you provided, we are not responsible for losses caused by errors in those details, though we will make reasonable efforts to help you recover the funds.
9. Limits and verification
Accounts have sending, deposit and withdrawal limits that depend on your verification tier. You can see your limits and usage in the app. To raise your limits, you may need to verify your identity by giving us an identity document and a selfie, and possibly other information.
We may ask for verification at any time, including before processing a particular deposit or withdrawal. If you don’t provide what we ask for, we may limit or refuse transactions. We may change limits, and we may set different limits for an individual account.
10. Holds, freezes, suspension and closing
We may delay or hold a transaction, freeze outgoing payments on your account, suspend sign-in, or close your account if we reasonably believe it is necessary to:
- protect you, other members or us from fraud, loss or unauthorized access
- comply with the law, a court order or a request from a government authority
- investigate a possible breach of these terms or our Acceptable Use Policy
- complete verification we have asked for
When outgoing payments are frozen, money can still come into your account. Where the law allows, we will tell you what is happening and what you can do.
You can close your account from Settings when your balance is zero and nothing is pending. We may close your account with notice for any reason, or without notice where we suspect fraud or are required to by law. If we close an account with a balance, we will return the remaining funds to you through a payout method in your name after any checks the law requires, unless the law requires us to hold them. We keep records after closure as described in our Privacy Policy.
11. Fees
Our current fees are shown in our Fee schedule. Any fee for a payment, deposit or withdrawal is shown in the app before you confirm. Payment providers outside TransferCove may charge their own fees. We may change our fees as described in section 17.
12. Prohibited uses
You must follow our Acceptable Use Policy. Among other things, you may not use the service for fraud, scams, illegal goods or services, money laundering, sanctions evasion, impersonation or harassment, and you may not use another person’s account or let someone else use yours.
13. Errors, unauthorized transactions and disputes
Check your activity regularly. If you see a transaction you didn’t authorize, an amount that looks wrong, or a deposit or withdrawal that hasn’t arrived when it should have, contact us at support@transfercove.com as soon as you can, and within 60 days of the date the transaction appears in your activity. Tell us your @handle, the date and amount of the transaction, the deposit reference code or payout reference if there is one, and why you think it’s wrong.
We will look into it and tell you what we found. If we made an error, we will correct it promptly. If a transaction was unauthorized and you reported it promptly and kept your sign-in details and PIN secure, we will work with you to resolve it. We may not be able to recover money sent to another member or to an outside account. Nothing in this section limits any rights you have under applicable law.
If we credit your account by mistake, we may correct the error by debiting your balance.
14. Our liability
We will provide the service with reasonable care and skill. Except where the law does not allow it:
- we provide the service “as is” and “as available” and don’t promise it will always be available or free of errors
- we are not liable for indirect, incidental, special or consequential losses, or for loss of profits, revenue or data
- we are not liable for losses caused by events outside our reasonable control, by other payment providers, or by your failure to keep your account secure or to follow these terms
- our total liability to you for any claim related to the service is limited to the amount of the transaction involved, or, if no transaction is involved, the fees you paid us in the 12 months before the claim
Nothing in these terms limits liability that cannot be limited by law, including liability for our fraud or willful misconduct.
15. Your responsibility to us
You agree to cover losses, costs and reasonable legal fees we incur because you broke these terms, broke the law, or used the service for fraud, to the extent the law allows.
16. Communications
We send notices about your account to your email address and your in-app inbox. Notices about money movements are always sent. You agree to receive these communications electronically. Keep your email address up to date.
17. Changes to these terms
We may update these terms. If a change affects you in a meaningful way, such as a new fee or reduced rights, we will tell you by email or in the app at least 30 days before it takes effect, unless the change is needed sooner for legal or security reasons. If you keep using the service after a change takes effect, you accept the updated terms. If you don’t accept them, you can close your account.
18. Governing law and disputes
These terms are governed by the laws of the State of California, United States and applicable US federal law, without regard to conflict-of-law rules. Before bringing a claim, please contact us at support@transfercove.com so we can try to resolve it informally. If we can’t, the dispute will be heard by the courts with jurisdiction under the laws of the State of California, United States, unless the law where you live gives you the right to bring it elsewhere.
19. General
If any part of these terms is found unenforceable, the rest stays in effect. If we don’t enforce a right straight away, we haven’t given it up. You may not transfer your rights under these terms without our consent. We may transfer ours to a company that takes over the service, and we will tell you if we do. These terms, together with the policies they link to, are the whole agreement between you and us about the service.
20. Contact
Questions about these terms can go to TransferCove, 333 Fremont Street, San Francisco, CA 94105, United States, or by email to support@transfercove.com.